0001174947-19-001153.txt : 20191101 0001174947-19-001153.hdr.sgml : 20191101 20191101120500 ACCESSION NUMBER: 0001174947-19-001153 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 60 CONFORMED PERIOD OF REPORT: 20190930 FILED AS OF DATE: 20191101 DATE AS OF CHANGE: 20191101 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MIDDLESEX WATER CO CENTRAL INDEX KEY: 0000066004 STANDARD INDUSTRIAL CLASSIFICATION: WATER SUPPLY [4941] IRS NUMBER: 221114430 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-00422 FILM NUMBER: 191185958 BUSINESS ADDRESS: STREET 1: 1500 RONSON RD STREET 2: P O BOX 1500 CITY: ISELIN STATE: NJ ZIP: 08830 BUSINESS PHONE: 7326341500 MAIL ADDRESS: STREET 1: 1500 RONON ROAD CITY: ISELIN STATE: NJ ZIP: 08830 10-Q 1 form10q-22960_msx.htm 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)
þ	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019

¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________________ to______________________

Commission File Number 0-422

MIDDLESEX WATER COMPANY

(Exact name of registrant as specified in its charter)

New Jersey

(State of incorporation)

22-1114430

(IRS employer identification no.)

485C Route One South, Iselin, New Jersey 08830

(Address of principal executive offices, including zip code)

(732) 634-1500

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	MSEX	NASDAQ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes þ No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or such shorter period that the registrant was required to submit and post files).

Yes þ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, non-accelerated filer, smaller reporting company and emerging growth company in Rule 12b-2 of the Exchange Act.

Large accelerated filer ¨ Accelerated filer þ Non-accelerated filer ¨

Smaller reporting company ¨ Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes ¨ No þ

The number of shares outstanding of each of the registrant's classes of common stock, as of October 31, 2019: Common Stock, No Par Value: 16,669,540 shares outstanding.

INDEX

PART I.	FINANCIAL INFORMATION	PAGE

Item 1.	Financial Statements (Unaudited):

	Condensed Consolidated Statements of Income	1

	Condensed Consolidated Balance Sheets	2

	Condensed Consolidated Statements of Cash Flows	3

	Condensed Consolidated Statements of Capital Stock and Long-Term Debt	4

	Condensed Consolidated Statements of Common Stockholders’ Equity	5

	Notes to Unaudited Condensed Consolidated Financial Statements	6

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	17

Item 3.	Quantitative and Qualitative Disclosures of Market Risk	26

Item 4.	Controls and Procedures	27

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	28

Item 1A.	Risk Factors	28

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	28

Item 3.	Defaults upon Senior Securities	28

Item 4.	Mine Safety Disclosures	28

Item 5.	Other Information	28

Item 6.	Exhibits	28

SIGNATURES		29

Index

MIDDLESEX WATER COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands except per share amounts)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018

Operating Revenues	$	37,769		$	38,713		$	101,859		$	104,809

Operating Expenses:
Operations and Maintenance		17,669			18,114			50,569			52,773
Depreciation		4,246			3,792			12,415			11,137
Other Taxes		3,871			3,889			10,913			10,910

Total Operating Expenses		25,786			25,795			73,897			74,820

Operating Income		11,983			12,918			27,962			29,989

Other Income (Expense):
Allowance for Funds Used During Construction		871			424			2,030			805
Other Income (Expense), net		(4	)		409			(142	)		1,277

Total Other Income, net		867			833			1,888			2,082

Interest Charges		1,996			1,723			4,984			4,929

Income before Income Taxes		10,854			12,028			24,866			27,142

Income Taxes		(265	)		(262	)		(952	)		1,683

Net Income		11,119			12,290			25,818			25,459

Preferred Stock Dividend Requirements		30			36			102			108

Earnings Applicable to Common Stock	$	11,089		$	12,254		$	25,716		$	25,351

Earnings per share of Common Stock:
Basic	$	0.67		$	0.75		$	1.56		$	1.55
Diluted	$	0.66		$	0.74		$	1.55		$	1.54

Average Number of
Common Shares Outstanding:
Basic		16,610			16,394			16,520			16,379
Diluted		16,757			16,550			16,673			16,535

Index

MIDDLESEX WATER COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

		September 30,		December 31,
ASSETS		2019		2018
UTILITY PLANT:	Water Production	$	157,970	$	156,423
	Transmission and Distribution		536,367		512,202
	General		80,635		74,371
	Construction Work in Progress		69,651		32,878
	TOTAL		844,623		775,874
	Less Accumulated Depreciation		166,873		157,387
	UTILITY PLANT - NET		677,750		618,487

CURRENT ASSETS:	Cash and Cash Equivalents		3,151		3,705
	Accounts Receivable, net		13,407		11,762
	Unbilled Revenues		9,417		7,293
	Materials and Supplies (at average cost)		5,159		5,411
	Prepayments		3,577		2,644
	TOTAL CURRENT ASSETS		34,711		30,815

DEFERRED CHARGES	Operating Lease Right of Use Asset		6,133		—
AND OTHER ASSETS:	Preliminary Survey and Investigation Charges		2,252		5,254
	Regulatory Assets		100,320		99,236
	Restricted Cash		53,927		1,956
	Non-utility Assets - Net		10,306		9,989
	Other		1,954		2,093
	TOTAL DEFERRED CHARGES AND OTHER ASSETS		174,892		118,528
	TOTAL ASSETS	$	887,353	$	767,830

CAPITALIZATION AND LIABILITIES
CAPITALIZATION:	Common Stock, No Par Value	$	170,562	$	157,354
	Retained Earnings		105,233		91,433
	TOTAL COMMON EQUITY		275,795		248,787
	Preferred Stock		2,084		2,433
	Long-term Debt		228,272		152,851
	TOTAL CAPITALIZATION		506,151		404,071

CURRENT	Current Portion of Long-term Debt		7,161		7,343
LIABILITIES:	Notes Payable		58,500		48,500
	Accounts Payable		20,178		19,325
	Accrued Taxes		12,132		14,230
	Accrued Interest		799		1,289
	Unearned Revenues and Advanced Service Fees		1,048		1,036
	Other		3,657		2,640
	TOTAL CURRENT LIABILITIES		103,475		94,363

COMMITMENTS AND CONTINGENT LIABILITIES (Note 7)

DEFERRED CREDITS	Customer Advances for Construction		22,682		22,572
AND OTHER LIABILITIES:	Operating Lease Obligation		5,908		—
	Accumulated Deferred Income Taxes		50,947		47,270
	Employee Benefit Plans		27,826		30,661
	Regulatory Liabilities		72,000		79,112
	Other		2,567		2,730
	TOTAL DEFERRED CREDITS AND OTHER LIABILITIES		181,930		182,345

CONTRIBUTIONS IN AID OF CONSTRUCTION			95,797		87,051
	TOTAL CAPITALIZATION AND LIABILITIES	$	887,353	$	767,830

See Notes to Condensed Consolidate Financial Statements.

Index

MIDDLESEX WATER COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

	Nine Months Ended September 30,
	2019			2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$	25,818		$	25,459
Adjustments to Reconcile Net Income to
Net Cash Provided by Operating Activities:
Depreciation and Amortization		12,858			11,743
Provision for Deferred Income Taxes		(8,379	)		(5,975	)
Equity Portion of Allowance for Funds Used During Construction (AFUDC)		(1,330	)		(538	)
Cash Surrender Value of Life Insurance		(187	)		(119	)
Stock Compensation Expense		409			757
Changes in Assets and Liabilities:
Accounts Receivable		(1,645	)		(2,759	)
Unbilled Revenues		(2,124	)		(2,098	)
Materials and Supplies		252			(1,515	)
Prepayments		(933	)		(1,111	)
Accounts Payable		853			5,606
Accrued Taxes		(2,098	)		3,400
Accrued Interest		(490	)		(545	)
Employee Benefit Plans		(640	)		(1,426	)
Unearned Revenue & Advanced Service Fees		12			85
Other Assets and Liabilities		972			1,899

NET CASH PROVIDED BY OPERATING ACTIVITIES		23,348			32,863
CASH FLOWS FROM INVESTING ACTIVITIES:
Utility Plant Expenditures, Including AFUDC of $700 in 2019 and $267 in 2018		(61,220	)		(49,518	)

NET CASH USED IN INVESTING ACTIVITIES		(61,220	)		(49,518	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Redemption of Long-term Debt		(6,315	)		(6,013	)
Proceeds from Issuance of Long-term Debt		82,446			9,265
Net Short-term Bank Borrowings		10,000			20,500
Deferred Debt Issuance Expense		(754	)		(862	)
Common Stock Issuance Expense		(22	)		—
Proceeds from Issuance of Common Stock		12,449			864
Payment of Common Dividends		(11,893	)		(10,993	)
Payment of Preferred Dividends		(102	)		(108	)
Construction Advances and Contributions-Net		3,480			3,140

NET CASH PROVIDED BY FINANCING ACTIVITIES		89,289			15,793
NET CHANGES IN CASH AND CASH EQUIVALENTS		51,417			(862	)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD		5,661			6,397
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$	57,078		$	5,535


SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY:
Utility Plant received as Construction Advances and Contributions	$	5,375		$	3,028
Long-term Debt Deobligation	$	130		$	—

SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
Cash Paid During the Year for:
Interest	$	5,929		$	5,090
Interest Capitalized	$	700		$	267
Income Taxes	$	6,752		$	3,191

See Notes to Condensed Consolidated Financial Statements.

Index

MIDDLESEX WATER COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT

(Unaudited)

(In thousands

	September 30,			December 31,
	2019			2018
Common Stock, No Par Value
Shares Authorized - 40,000
Shares Outstanding - 2019 - 16,670; 2018 - 16,403	$	170,562		$	157,354

Retained Earnings		105,233			91,433
TOTAL COMMON EQUITY	$	275,795		$	248,787

Cumulative Preferred Stock, No Par Value:
Shares Authorized - 2019 - 123; 2018 - 126
Shares Outstanding - 2019 - 20; 2018 - 23
Convertible:
Shares Outstanding, $7.00 Series - 10		1,005			1,005
Shares Outstanding, $8.00 Series - 2019 - 0; 2018 - 3		—			349
Nonredeemable:
Shares Outstanding, $7.00 Series - 1		79			79
Shares Outstanding, $4.75 Series - 10		1,000			1,000
TOTAL PREFERRED STOCK	$	2,084		$	2,433

Long-term Debt:
8.05%, Amortizing Secured Note, due December 20, 2021	$	715		$	924
6.25%, Amortizing Secured Note, due May 19, 2028		3,640			3,955
6.44%, Amortizing Secured Note, due August 25, 2030		3,057			3,267
6.46%, Amortizing Secured Note, due September 19, 2031		3,337			3,547
4.22%, State Revolving Trust Note, due December 31, 2022		202			228
3.60%, State Revolving Trust Note, due May 1, 2025		1,519			1,632
3.30% State Revolving Trust Note, due March 1, 2026		309			351
3.49%, State Revolving Trust Note, due January 25, 2027		349			389
4.03%, State Revolving Trust Note, due December 1, 2026		474			501
4.00% to 5.00%, State Revolving Trust Bond, due August 1, 2021		60			111
0.00%, State Revolving Fund Bond, due August 1, 2021		50			88
3.64%, State Revolving Trust Note, due July 1, 2028		225			235
3.64%, State Revolving Trust Note, due January 1, 2028		73			77
3.45%, State Revolving Trust Note, due August 1, 2031		851			907
6.59%, Amortizing Secured Note, due April 20, 2029		3,343			3,604
7.05%, Amortizing Secured Note, due January 20, 2030		2,583			2,771
5.69%, Amortizing Secured Note, due January 20, 2030		5,299			5,684
4.45%, Amortizing Secured Note, due April 20, 2040		9,057			9,387
4.47%, Amortizing Secured Note, due April 20, 2040		3,361			3,483
3.75%, State Revolving Trust Note, due July 1, 2031		1,892			1,954
2.00%, State Revolving Trust Note, due February 1, 2036		1,013			1,064
3.75%, State Revolving Trust Note, due November 30, 2030		990			1,024
0.00% Construction Loans		38,171			16,509
First Mortgage Bonds:
0.00%, Series Z, due August 1, 2019		—			113
5.25% to 5.75%, Series AA, due August 1, 2019		—			155
0.00%, Series BB, due August 1, 2021		241			362
4.00% to 5.00%, Series CC, due August 1, 2021		331			489
0.00%, Series EE, due August 1, 2023		1,455			1,876
3.00% to 5.50%, Series FF, due August 1, 2024		2,440			2,980
0.00%, Series GG, due August 1, 2026		633			723
4.00% to 5.00%, Series HH, due August 1, 2026		710			795
0.00%, Series II, due August 1, 2024		429			520
3.40% to 5.00%, Series JJ, due August 1, 2027		588			671
0.00%, Series KK, due August 1, 2028		807			898
5.00% to 5.50%, Series LL, due August 1, 2028		928			1,010
0.00%, Series MM, due August 1, 2030		1,037			1,137
3.00% to 4.375%, Series NN, due August 1, 2030		1,190			1,415
0.00%, Series OO, due August 1, 2031		1,806			1,956
2.00% to 5.00%, Series PP, due August 1, 2031		660			700
5.00%, Series QQ, due October 1, 2023		9,915			9,915
3.80%, Series RR, due October 1, 2038		22,500			22,500
4.25%, Series SS, due October 1, 2047		23,000			23,000
0.00%, Series TT, due August 1, 2032		1,957			2,107
3.00% to 3.25%, Series UU, due August 1, 2032		755			800
0.00%, Series VV, due August 1, 2033		2,003			2,147
3.00% to 5.00%, Series WW, due August 1, 2033		755			795
0.00%, Series XX, due August 1, 2047		10,627			11,006
3.00% to 5.00%, Series YY, due August 1, 2047		3,785			3,860
0.00%, Series 2018A, due August 1, 2047		6,678			6,917
3.00%-5.00%, Series 2018B, due August 1, 2047		2,320			2,365
4.00%, Series 2019A, due August 1, 2059		32,500			—
5.00%, Series 2019B, due August 1, 2059		21,200			—
SUBTOTAL LONG-TERM DEBT		231,820			162,904
Add: Premium on Issuance of Long-term Debt		8,164			1,259
Less: Unamortized Debt Expense		(4,551	)		(3,969	)
Less: Current Portion of Long-term Debt		(7,161	)		(7,343	)
TOTAL LONG-TERM DEBT	$	228,272		$	152,851

See Notes to Condensed Consolidated Financial Statements.

Index

MIDDLESEX WATER COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS' EQUITY

(Unaudited)

(In thousands)

	Common			Common
	Stock			Stock			Retained
	Shares			Amount			Earnings			Total

For the Three Months Ended September 30, 2018
Balance at July 1, 2018		16,392			156,251			79,826		$	236,077
Net Income		—			—			12,290			12,290
Dividend Reinvestment & Common Stock Purchase Plan		8			266			—			266
Restricted Stock Award, Net - Employees		—			242			—			242
Shares Forfeited		(2	)		(18	)		—			(18	)
Cash Dividends on Common Stock ($0.2238 per share)		—			—			(3,667	)		(3,667	)
Cash Dividends on Preferred Stock		—			—			(36	)		(36	)
Balance at September 30, 2018		16,398		$	156,741		$	88,413		$	245,154

For the Nine Months Ended September 30, 2018
Balance at January 1, 2018		16,352		$	155,120		$	74,055		$	229,175
Net Income		—			—			25,459			25,459
Dividend Reinvestment & Common Stock Purchase Plan		21			864			—			864
Restricted Stock Award, Net - Employees		23			628			—			628
Stock Award - Board Of Directors		4			147			—			147
Shares Forfeited		(2	)		(18	)		—			(18	)
Cash Dividends on Common Stock ($0.6713 per share)		—			—			(10,993	)		(10,993	)
Cash Dividends on Preferred Stock		—			—			(108	)		(108	)
Balance at September 30, 2018		16,398		$	156,741		$	88,413		$	245,154

For the Three Months Ended September 30, 2019
Balance at July 1, 2019		16,554		$	165,138		$	98,146		$	263,284
Net Income		—			—			11,119			11,119
Dividend Reinvestment & Common Stock Purchase Plan		92			5,368			—			5,368
Restricted Stock Award, Net - Employees		1			172			—			172
Shares Forefeited		(18	)		(466	)		—			(466	)
Conversion of $8.00 Convertible Preferred Stock		41			350			—			350
Cash Dividends on Common Stock ($0.2400 per share)		—			—			(3,987	)		(3,987	)
Cash Dividends on Preferred Stock		—			—			(30	)		(30	)
Common Stock Expenses		—			—			(15	)		(15	)
Balance at September 30, 2019		16,670		$	170,562		$	105,233		$	275,795

For the Nine Months Ended September 30, 2019
Balance at January 1, 2019		16,403		$	157,354		$	91,433		$	248,787
Net Income		—			—			25,818			25,818
Dividend Reinvestment & Common Stock Purchase Plan		222			12,449			—			12,449
Restricted Stock Award, Net - Employees		18			679			—			679
Stock Award - Board Of Directors		4			196			—			196
Shares Forefeited		(18	)		(466	)		—			(466	)
Conversion of $8.00 Convertible Preferred Stock		41			350			—			350
Cash Dividends on Common Stock ($0.7200 per share)		—			—			(11,893	)		(11,893	)
Cash Dividends on Preferred Stock		—			—			(102	)		(102	)
Common Stock Expenses		—			—			(23	)		(23	)
Balance at September 30, 2019		16,670		$	170,562		$	105,233		$	275,795

See Notes to Condensed Consolidated Financial Statements.

Index

MIDDLESEX WATER COMPANY

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 – Basis of Presentation and Recent Developments

Middlesex Water Company (Middlesex or the Company) is the parent company and sole shareholder of Tidewater Utilities, Inc. (Tidewater), Tidewater Environmental Services, Inc. (TESI), Pinelands Water Company (Pinelands Water) and Pinelands Wastewater Company (Pinelands Wastewater) (collectively, Pinelands), Utility Service Affiliates, Inc. (USA), Utility Service Affiliates (Perth Amboy) Inc. (USA-PA), and Twin Lakes Utilities, Inc. (Twin Lakes). Southern Shores Water Company, LLC (Southern Shores) and White Marsh Environmental Systems, Inc. (White Marsh) are wholly-owned subsidiaries of Tidewater. The financial statements for Middlesex and its wholly-owned subsidiaries (the Company) are reported on a consolidated basis. All significant intercompany accounts and transactions have been eliminated.

The consolidated notes within the 2018 Annual Report on Form 10-K (2018 Form 10-K) are applicable to these financial statements and, in the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary (including normal recurring accruals) to present fairly the financial position as of September 30, 2019 and the results of operations and cash flows for the three month and nine month periods ended September 30, 2019 and 2018. Information included in the Condensed Consolidated Balance Sheet as of December 31, 2018, has been derived from the Company’s audited financial statements for the year ended December 31, 2018 included in the 2018 Form 10-K.

Recent Developments

Tidewater to Acquire Water Systems - On October 8, 2019, the Delaware Public Service Commission (DEPSC) approved Tidewater’s request to purchase the water utility assets of J.H. Wilkerson and Son, Inc. and transfer the Certificate of Public Convenience and Necessity in order for Tidewater to serve the approximate 1,000 customers currently connected to eight community water systems located mostly in eastern Sussex County, Delaware. The DEPSC also authorized Tidewater to maintain the existing rates that these customers currently pay. The transaction is expected to close in the fourth quarter of 2019.

Recently Adopted Accounting Guidance

Leases - On January 1, 2019, the Company adopted Financial Accounting Standards Board (FASB) issued guidance related to leases which required lessees to recognize a lease liability and a right-of-use asset. The Company elected the optional transition method of adoption option to apply the requirements of the standard in the period of adoption with no restatement of prior periods. The Company utilized the package of transition practical expedients provided by the new guidance, including carrying forward prior conclusions related to contracts that contain leases and lease classification. The Company also utilized the transition practical expedient permitting entities to forgo the evaluation of existing land easement arrangements to determine if they contain a lease. Land easement arrangements, or modifications to existing arrangements, entered into after adoption of this guidance will need to be evaluated to determine if they meet the definition of a lease. The adoption of this guidance resulted in the recording of a $6.7 million right-of-use asset, a $7.1 million lease liability and a $0.4 million regulatory asset on the Company’s consolidated balance sheet as of January 1, 2019. For further discussion, see “Leases” in Note 7 – Commitments and Contingent Liabilities.

There are no other new adopted or proposed accounting guidance that the Company is aware of that could have a material impact on the Company’s financial statements.

Index

Note 2 – Rate and Regulatory Matters

Middlesex – In December 2018, the New Jersey Board of Public Utilities (NJBPU) approved Middlesex’s petition to establish its Purchased Water Adjustment Clause (PWAC) tariff rate to recover additional annual costs of less than $0.1 million, primarily for the purchase of treated water from a non-affiliated water utility regulated by the NJBPU. A PWAC is a rate mechanism that allows for recovery of increased purchased water costs between base rate case filings. The PWAC is reset to zero once those increased costs are included in base rates. The PWAC tariff rate became effective on January 1, 2019.

Tidewater - Effective July 1, 2019, Tidewater reset its DEPSC approved Distribution System Improvement Charge rate, which is expected to generate revenues of approximately $0.5 million annually.

In February 2019, Tidewater received approval from the DEPSC to reduce its rates, effective March 1, 2019, to reflect the lower corporate income tax rate enacted by the Tax Cuts and Jobs Act of 2017 (Tax Act), resulting in an overall rate decrease of 3.35%, or $1.0 million of revenues, on an annual basis. The DEPSC also approved a one-time credit of $0.7 million to customers’ accounts related to the lower corporate income tax rate.

Pinelands - On October 25, 2019, Pinelands Water and Pinelands Wastewater concluded their base rate case matters when the NJBPU approved a $0.5 million increase in annual base rates, effective November 4, 2019. In March 2019, Pinelands Water and Pinelands Wastewater had filed petitions with the NJBPU seeking permission to increase base rates by approximately $0.7 million per year. The requests were necessitated by capital infrastructure investments both companies had made, and increased operations and maintenance costs.

Twin Lakes - In July 2019, Twin Lakes filed a petition with the Pennsylvania Public Utilities Commission (PAPUC) seeking permission to increase base rates by approximately $0.2 million per year. This request was necessitated by capital infrastructure investments Twin Lakes has made and increased operations and maintenance costs. We cannot predict whether the PAPUC will ultimately approve, deny, or reduce the amount of the request. A decision by the PAPUC is not expected before the first quarter of 2020.

Note 3 – Capitalization

Common Stock - During the nine months ended September 30, 2019 and 2018, there were 221,558 common shares ($12.4 million) and 21,001 common shares (approximately $0.9 million), respectively, issued under the Middlesex Water Company Investment Plan (Investment Plan). On January 2, 2019, the Company began offering shares of its common stock for purchase at a 5% discount to participants in the Investment Plan. In August 2019, the 200,000 share purchase limit established for the 5% discount program was reached and the program was concluded.

In October 2019, the Company’s Board of Directors approved a plan to voluntarily offer a right of rescission (Rescission Offer) to Investment Plan participants who purchased shares of the Company’s common stock during the Eligible Period. During the Eligible Period, Investment Plan participants purchased 232,643 shares at an average price of $55.79 per share.

On October 11, 2019, the Company filed a supplement to the Investment Plan prospectus (Prospectus Supplement) with the United States Securities and Exchange Commission registering both the Rescission Offer and the 232,643 shares sold during the Eligible Period and notifying eligible Investment Plan participants of the specific details of the Rescission Offer. Investment Plan participants have thirty (30) days from the notification date to decide to accept or reject the Rescission Offer. Based on the current market price of the Company’s common stock, the Company does not expect that the exercise of any applicable rescission rights under the Rescission Offer by participants will have a material impact on its results of operations, financial condition or liquidity.

Index

For the nine months ended September 30, 2019, 3,000 shares (approximately $0.3 million) of the Company’s no par $8.00 Series Cumulative and Convertible Preferred Stock were converted into 41,142 shares of common stock.

In May 2019, Middlesex received approval from the NJBPU to issue and sell up to 1,500,000 shares of its common stock in one or more transactions through December 31, 2022. Sales of additional shares of common stock are part of the Company’s comprehensive financing plan to fund its multi-year utility plant infrastructure investment program. As described below in “Long-term Debt”, the NJBPU approved the New Jersey Economic Development Authority (NJEDA) debt funding component of the financing plan.

Long-term Debt - Subject to regulatory approval, the Company periodically issues long-term debt to fund its investments in utility plant and other assets. To the extent possible, 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 that are 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 current interest rate on 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 current term of the long-term loans offered through the NJIB is up to thirty years. The current portion of the principal balance having a stated interest rate of zero percent (0%) is 75% with the remaining portion of 25% having a market based interest rate.

The NJIB generally schedules its long-term debt financings in May and November. Middlesex currently has two projects that are in the construction loan phase of 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 large-diameter transmission pipeline from the CJO water treatment plant and interconnect with our distribution system. Middlesex closed on a $43.5 million NJIB interest-free construction loan in August 2018. Through September 30, 2019, Middlesex has drawn a total of $30.2 million and expects to draw down the remaining proceeds through the first quarter of 2020.

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 eliminate all unlined water distribution mains in the Middlesex system. Middlesex closed on an $8.7 million NJIB construction loan in September 2018. Through September 30, 2019, Middlesex has drawn a total of $8.0 million and drew the remaining proceeds in October 2019.

The Company expects that the large-diameter transmission pipeline and the 2018 RENEW construction loans will be included in the NJIB May 2020 long-term debt financing program.

In May 2018, Middlesex repaid its RENEW 2017 interest-free construction loan by issuing to the NJIB first mortgage bonds in the amount of $9.5 million designated as Series 2018A ($7.1 million) and Series 2018B ($2.4 million). The interest rate on the Series 2018A bond is zero and the interest rate on the Series 2018B bond ranges between 3.0% and 5.0%. The final maturity date for both bonds is August 1, 2047, with scheduled debt service payments over the life of the loans.

Index

In 2019, the NJIB de-obligated principal payments of $0.1 million on Series NN of the Company’s First Mortgage Bonds.

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 First Mortgage Bonds (FMB) through the 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, are being 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, is held in escrow by a bond trustee and are drawn down by requisition for the qualifying projects. Through September 30, 2019, Middlesex has drawn a total of $7.6 million and currently expects to draw the remaining $53.2 million of proceeds, currently included in Restricted Cash, through the third quarter of 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 immediately began drawing on the combined loan amount with expected draws continuing through the first quarter of 2020.

Fair Value of Financial Instruments - The following methods and assumptions were used by the Company in estimating its fair value disclosure for financial instruments for which it is practicable to estimate that value. The carrying amounts reflected in the condensed consolidated balance sheets for cash and cash equivalents, trade receivables, accounts payable and notes payable approximate their respective fair values due to the short-term maturities of these instruments. The fair value of FMB and State Revolving Fund Bonds (collectively, the Bonds) issued by Middlesex is based on quoted market prices for similar issues. Under the fair value hierarchy, the fair value of cash and cash equivalents is classified as a Level 1 measurement and the fair value of notes payable and the Bonds in the table below are classified as Level 2 measurements. The carrying amount and fair value of the Bonds were as follows:

	September 30, 2019		December 31, 2018
	Carrying	Fair	Carrying	Fair
	Amount	Value	Amount	Value
Bonds	$151,361	$154,355	$101,411	$102,789

For other long-term debt for which there was no quoted market price and there is not an active trading market, it was not practicable to estimate their fair value (for details, including carrying value, interest rate and due date on these series of long-term debt, please refer to those series noted as “Amortizing Secured Note”, “State Revolving Trust Note” and “Construction Loans” on the Condensed Consolidated Statements of Capital Stock and Long-Term Debt). The carrying amount of these instruments was $80.5 million and $61.5 million at September 30, 2019 and December 31, 2018, respectively. Customer advances for construction have carrying amounts of $22.7 million and $22.6 million at September 30, 2019 and December 31, 2018, 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.

Index

Note 4 – Earnings Per Share

Basic earnings per share (EPS) are computed on the basis of the weighted average number of shares outstanding during the period presented. Diluted EPS assumes the conversion of both the Convertible Preferred Stock $7.00 Series and the Convertible Preferred Stock $8.00 Series.

	(In Thousands Except per Share Amounts)
	Three Months Ended September 30,
	2019					2018
Basic:	Income			Shares		Income			Shares
Net Income	$	11,119			16,610	$	12,290			16,394
Preferred Dividend		(30	)				(36	)
Earnings Applicable to Common Stock	$	11,089			16,610	$	12,254			16,394

Basic EPS	$	0.67				$	0.75

Diluted:
Earnings Applicable to Common Stock	$	11,089			16,610	$	12,254			16,394
$7.00 Series Preferred Dividend		17			115		17			115
$8.00 Series Preferred Dividend		—			32		6			41
Adjusted Earnings Applicable to Common Stock	$	11,106			16,757	$	12,277			16,550

Diluted EPS	$	0.66				$	0.74

	(In Thousands Except per Share Amounts)
	Nine Months Ended September 30,
	2019					2018
Basic:	Income			Shares		Income			Shares
Net Income	$	25,818			16,520	$	25,459			16,379
Preferred Dividend		(102	)				(108	)
Earnings Applicable to Common Stock	$	25,716			16,520	$	25,351			16,379

Basic EPS	$	1.56				$	1.55

Diluted:
Earnings Applicable to Common Stock	$	25,716			16,520	$	25,351			16,379
$7.00 Series Preferred Dividend		50			115		50			115
$8.00 Series Preferred Dividend		12			38		18			41
Adjusted Earnings Applicable to Common Stock	$	25,778			16,673	$	25,419			16,535

Diluted EPS	$	1.55				$	1.54

Note 5 – Business Segment Data

The Company has identified two reportable segments. One is the regulated business of collecting, treating and distributing water on a retail and wholesale basis to residential, commercial, industrial and fire protection customers in parts of New Jersey, Delaware and Pennsylvania. This segment also includes regulated wastewater systems in New Jersey and Delaware. The Company is subject to regulations as to its rates, services and other matters by New Jersey, Delaware and Pennsylvania with respect to utility services within these states. The other segment is primarily comprised of non-regulated contract services for the operation and maintenance of municipal and private water and wastewater systems in New Jersey and Delaware. Inter-segment transactions relating to operational costs are treated as pass-through expenses. Finance charges on inter-segment loan activities are based on interest rates that are below what would normally be charged by a third party lender.

Index

	(In Thousands)
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Operations by Segments:	2019			2018			2019			2018
Revenues:
Regulated	$	35,000		$	34,628		$	93,342		$	93,002
Non – Regulated		3,020			4,304			9,032			12,286
Inter-segment Elimination		(251	)		(219	)		(515	)		(479	)
Consolidated Revenues	$	37,769		$	38,713		$	101,859		$	104,809

Operating Income:
Regulated	$	11,001		$	12,214		$	24,937		$	27,827
Non – Regulated		982			704			3,025			2,162
Consolidated Operating Income	$	11,983		$	12,918		$	27,962		$	29,989

Net Income:
Regulated	$	10,409		$	11,770		$	23,700		$	23,904
Non – Regulated		710			520			2,118			1,555
Consolidated Net Income	$	11,119		$	12,290		$	25,818		$	25,459

Capital Expenditures:
Regulated	$	25,437		$	21,141		$	60,998		$	49,469
Non – Regulated		85			—			222			49
Total Capital Expenditures	$	25,522		$	21,141		$	61,220		$	49,518

	As of			As of
	September 30,			December 31,
	2019			2018
Assets:
Regulated	$	886,280		$	764,749
Non – Regulated		9,593			8,994
Inter-segment Elimination		(8,520	)		(5,913	)
Consolidated Assets	$	887,353		$	767,830

Note 6 – Short-term Borrowings

As of September 30, 2019, the Company retained lines of credit aggregating $120.0 million, an increase of $20.0 million from June 30, 2019. In October 2019, the Company increased its lines of credit to $140.0 million. At September 30, 2019, the outstanding borrowings under these credit lines were $58.5 million at a weighted average interest rate of 3.06%.

Index

The weighted average daily amounts of borrowings outstanding under the Company’s credit lines and the weighted average interest rates on those amounts were as follows:

	(In Thousands)
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Average Daily Amounts Outstanding	$	58,259	$	43,402	$	56,881	$	34,332
Weighted Average Interest Rates		3.26%		3.24%		3.45%		3.09%

The maturity dates for the $58.5 million outstanding as of September 30, 2019 are in October 2019 through December 2019 and are extendable at the discretion of the Company.

Interest rates for short-term borrowings under the lines of credit are below the prime rate with no requirement for compensating balances.

Note 7 – Commitments and Contingent Liabilities

Water Supply - Middlesex has an agreement with the New Jersey Water Supply Authority (NJWSA) for the purchase of untreated water through November 30, 2023, which provides for an average purchase of 27.0 million gallons a day (mgd). Pricing is set annually by the NJWSA through a public rate making process. The agreement has provisions for additional pricing in the event Middlesex overdrafts or exceeds certain monthly and annual thresholds.

Middlesex also has an agreement with a non-affiliated regulated water utility for the purchase of treated water. This agreement, which expires February 27, 2021, provides for the minimum purchase of 3.0 mgd of treated water with provisions for additional purchases.

Tidewater contracts with the City of Dover, Delaware to purchase 15.0 million gallons of treated water annually.

Purchased water costs are shown below:

	(In Thousands)
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018

Treated	$	818	$	836	$	2,415	$	2,427
Untreated		878		948		2,521		2,728
Total Costs	$	1,696	$	1,784	$	4,936	$	5,155

Guarantees - As part of an agreement with the County of Monmouth, New Jersey (County), Middlesex serves as guarantor of the performance of Applied Water Management, Inc. (AWM), an unaffiliated wastewater contractor, to operate a County-owned leachate pretreatment facility at the Monmouth County Reclamation Center in Tinton Falls, New Jersey. The performance guaranty is effective through 2028 unless another guarantor, acceptable to the County, replaces Middlesex before such date. Under agreements with AWM and Natural Systems Utilities, LLC (NSU), the parent company of AWM, Middlesex earns a fee for providing the performance guaranty. In addition, Middlesex may provide operational support to the facility, as needed, and AWM and NSU, serving as guarantor to Middlesex with respect to the performance of AWM, have indemnified Middlesex against any claims that may arise under the Middlesex guaranty to the County.

If required to perform under the guaranty to the County and, if AWM and NSU, as guarantor to Middlesex, do not fulfill their obligations to indemnify Middlesex against any claims that may arise under the Middlesex guaranty to the County, Middlesex would be required to fulfill the remaining operational commitment of AWM. As of September 30, 2019 and December 31, 2018, the liability recognized in Other Non-Current Liabilities on the balance sheet for the guaranty is approximately $1.4 million and $1.5 million, respectively.

Index

Leases - The Company determines if an arrangement is a lease at inception. Generally, a lease agreement exists if the Company determines that the arrangement gives the Company control over the use of an identified asset and obtains substantially all of the benefits from the identified asset.

The Company has entered into an operating lease of office space for administrative purposes, expiring in 2030. The Company has not entered into any finance leases. The exercise of a lease renewal option for the Company’s administrative offices is solely at the discretion of the Company.

The right-of-use (ROU) asset recorded represents the Company’s right to use an underlying asset for the lease term and lease liability represents the Company’s obligation to make lease payments arising from the lease. Lease ROU assets and liabilities are recognized at 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 $0.2 million for each of the three months ended September 30, 2019 and 2018, respectively, and $0.5 million and $0.3 million for the nine months ended September 30, 2019 and 2018, respectively.

Information related to operating lease ROU assets and lease liabilities is as follows:

	(In Millions)
	September 30, 2019
ROU Asset at Lease Inception	$	7.3
Accumulated Amortization		(1.2	)
Current ROU Asset	$	6.1

The Company’s future minimum operating lease commitments as of September 30, 2019 are as follows:

	(In Millions)
	September 30, 2019
2019	$	0.2
2020		0.8
2021		0.8
2022		0.8
2023		0.8
Thereafter		5.2
Total Lease Payments	$	8.6
Imputed Interest		(2.0	)
Present Value of Lease Payments		6.6
Less Current Portion*		(0.7	)
Non-Current Lease Liability	$	5.9

*Included in Other Current Liabilities

Index

Construction - The Company has forecasted to spend approximately $105 million for its construction program in 2019. The Company has entered into several contractual construction agreements that, in the aggregate, obligate it to expend an estimated $68 million in the future. The timing and amount of capital expenditures is dependent on project scheduling and refinement of engineering estimates for certain projects.

Litigation - The Company is a defendant in lawsuits in the normal course of business. We believe the resolution of pending claims and legal proceedings will not have a material adverse effect on the Company’s consolidated financial statements.

Change in Control Agreements - The Company has Change in Control Agreements with certain of its officers that provide compensation and benefits in the event of termination of employment in connection with a change in control of the Company.

Note 8 – Employee Benefit Plans

Pension Benefits - The Company’s Pension Plan covers all active employees hired prior to April 1, 2007. Employees hired after March 31, 2007 are not eligible to participate in this plan, but participate in a defined contribution plan that provides for a potential annual contribution in an amount that is at the discretion of the Company. In order to be eligible for a contribution, the participant must be employed by the Company on December 31st of the year to which the contribution relates. For the three months ended September 30, 2019 and 2018, the Company made Pension Plan cash contributions of $1.3 million and $1.1 million, respectively. For each of the nine months ended September 30, 2019 and 2018, the Company made Pension Plan cash contributions of $2.3 million, respectively. The Company expects to make Pension Plan cash contributions of approximately $1.3 million over the remainder of the current year. The Company also maintains an unfunded supplemental retirement benefit plan for certain active and retired Company officers and currently pays $0.4 million in annual benefits to the retired participants.

Other Postretirement Benefits - The Company’s retirement plan other than pensions (Other Benefits Plan) covers substantially all of its current retired employees. Employees hired after March 31, 2007 are not eligible to participate in this plan. Coverage includes healthcare and life insurance. For each of the three months ended September 30, 2019 and 2018, the Company made Other Benefits Plan cash contributions of $0.2 million, respectively. For the nine months ended September 30, 2019 and 2018, the Company made Other Benefits Plan cash contributions of $0.6 million and $0.5 million, respectively. The Company expects to make Other Benefits Plan cash contributions of approximately $0.8 million over the remainder of the current year.

The following tables set forth information relating to the Company’s periodic costs for its employee retirement benefit plans:

	(In Thousands)
	Pension Benefits						Other Benefits
	Three Months Ended September 30,
	2019			2018			2019			2018

Service Cost	$	543		$	607		$	210		$	284
Interest Cost		857			765			496			474
Expected Return on Assets		(1,173	)		(1,218	)		(613	)		(637	)
Amortization of Unrecognized Losses		404			415			330			447
Amortization of Unrecognized Prior Service Cost (Credit)		—			—			—			(402	)
Net Periodic Benefit Cost*	$	631		$	569		$	423		$	166

Index

	(In Thousands)
	Pension Benefits						Other Benefits
	Nine Months Ended September 30,
	2019			2018			2019			2018

Service Cost	$	1,628		$	1,820		$	630		$	851
Interest Cost		2,570			2,296			1,488			1,423
Expected Return on Assets		(3,520	)		(3,653	)		(1,838	)		(1,912	)
Amortization of Unrecognized Losses		1,213			1,244			989			1,340
Amortization of Unrecognized Prior Service Cost (Credit)		—			—			—			(1,205	)
Net Periodic Benefit Cost*	$	1,891		$	1,707		$	1,269		$	497

*Service cost is included in Operations and Maintenance expense on Consolidated Statements of Income; all other amounts are included in Other Income/Expense, net.

Note 9 – Revenue Recognition from Contracts with Customers

The Company’s revenues are primarily generated from regulated tariff-based sales of water and wastewater services and non-regulated operation and maintenance contracts for services on water and wastewater systems owned by others. Revenue from contracts with customers is recognized when control of a promised good or service is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services.

The Company’s regulated revenue from contracts with customers is derived from tariff-based sales that result from the obligation to provide water and wastewater services to residential, industrial, commercial, fire-protection and wholesale customers. The Company’s residential customers are billed quarterly while most of the Company’s industrial, commercial, fire-protection and wholesale customers are billed monthly. Payments by customers are due between 15 and 30 days after the invoice date. The Company recognizes revenue as the water and wastewater services are delivered to customers and records 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 its service territories. Unearned Revenues and Advance Service Fees include fixed service charge billings in advance of service provided to Tidewater customers and are recognized as service is provided.

Non-regulated service contract revenues consist of base service fees, as well as fees for additional billable services provided to customers, 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. Certain of these contracts continue through 2022 and thus contain remaining performance obligations for which the Company expects to recognize revenue in the future. These contracts also contain termination provisions.

Substantially all operating revenues and accounts receivable are from contracts with customers. The Company records an 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.

Index

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

	(In Thousands)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Regulated Tariff Sales
Residential	$	20,693		$	19,788		$	54,453		$	53,303
Commercial		4,487			4,418			11,539			11,298
Industrial		2,723			2,868			7,242			7,869
Fire Protection		3,100			3,084			9,211			9,045
Wholesale		3,813			4,319			10,582			11,211
Non-Regulated Contract Operations		2,919			4,203			8,729			11,983
Total Revenue from Contracts with Customers	$	37,735		$	38,680		$	101,756		$	104,709
Other Regulated Revenues		184			151			315			276
Other Non-Regulated Revenues		101			101			303			303
Inter-segment Elimination		(251	)		(219	)		(515	)		(479	)
Total Revenue	$	37,769		$	38,713		$	101,859		$	104,809

Note 10 – Income Taxes

As part of its 2014 Federal income tax return, the Company adopted the final Internal Revenue Service (IRS) tangible property regulations and changed its accounting method for the tax treatment of expenditures that qualified as deductible repairs. The adoption resulted in a net reduction of $17.6 million in taxes previously remitted to the IRS, for which the Company has already sought and received the tax refunds. A reserve provision against refunded taxes of $2.3 million was recorded in 2015 at the time of filing its change in accounting method based on a possible challenge by the IRS during an audit examination. The Company’s 2014 federal income tax return was subsequently selected for examination by the IRS. In 2018, the Company increased its income tax reserve provision to $4.1 million. During the first quarter of 2019, the Company agreed to certain modifications of its accounting method for expenditures that qualify as deductible repairs and the IRS concluded its audit of the Company’s 2014 federal income tax return. The modifications also impacted the Company’s filed 2015, 2016 and 2017 federal income tax returns. In March 2019 and June 2019, the Company paid $0.8 million in income taxes and $0.1 million in interest, respectively, in connection with the conclusion and closing of the 2014 and 2015 tax return audits. As of September 30, 2019, the Company has reduced its income tax reserve provision and interest expense liability to $2.4 million and $0.1 million, respectively. In October 2019, the Company paid $1.9 million in income taxes in connection with the conclusion and closing of the 2016 and 2017 tax return audits.

Index

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with the unaudited condensed consolidated financial statements of Middlesex Water Company (Middlesex or the Company) included elsewhere herein and with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018.

Forward-Looking Statements

Certain statements contained in this periodic report and in the documents incorporated by reference constitute “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. The Company intends that these statements be covered by the safe harbors created under those laws. They include, but are not limited to statements as to:

expected financial condition, performance, prospects and earnings of the Company;

strategic plans for growth;

the amount and timing of rate increases and other regulatory matters, including the recovery of certain costs recorded as regulatory assets;

the Company’s expected liquidity needs during the upcoming fiscal year and beyond and the sources and availability of funds to meet its liquidity needs;

expected customer rates, consumption volumes, service fees, revenues, margins, expenses and operating results;

financial projections;

the expected amount of cash contributions to fund the Company’s retirement benefit plans, anticipated discount rates and rates of return on retirement benefit plan assets;

the ability of the Company to pay dividends;

the Company’s compliance with environmental laws and regulations and estimations of the materiality of any related costs;

the safety and reliability of the Company’s equipment, facilities and operations;

trends; and

the availability and quality of our water supply.

These forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by the forward-looking statements. Important factors that could cause actual results to differ materially from anticipated results and outcomes include, but are not limited to:

effects of general economic conditions;

competition for growth in non-franchised markets to be potentially served by the Company;

ability of the Company to adequately control selected operating expenses which are necessary to maintain safe and proper utility services, and which may be beyond the Company’s control;

availability of adequate supplies of water;

ability to maintain compliance with all regulatory requirements with respect to water and wastewater treatment, distribution and collection;

actions taken by government regulators, including decisions on rate increase requests;

ability to meet new or modified water and wastewater quality standards;

weather variations and other natural phenomena impacting utility operations;

financial and operating risks associated with acquisitions and/or privatizations;

acts of war or terrorism;

changes in the pace of residential housing development;

actions against the company that could be brought by third parties;

availability and cost of capital resources; and

other factors discussed elsewhere in this quarterly report.

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Many of these factors are beyond the Company’s ability to control or predict. Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements, which only speak to the Company’s understanding as of the date of this report. The Company does not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this report or, to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

For an additional discussion of factors that may affect the Company’s business and results of operations, see Item 1A. - Risk Factors in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018.

Overview

Middlesex Water Company (Middlesex) has operated as a water utility in New Jersey since 1897, in Delaware through our wholly-owned subsidiary, Tidewater Utilities, Inc. (Tidewater), since 1992 and in Pennsylvania through our wholly-owned subsidiary, Twin Lakes Utilities, Inc. (Twin Lakes), since 2009. We are in the business of collecting, treating and distributing water for domestic, commercial, municipal, industrial and fire protection purposes. We also operate two New Jersey municipal water and wastewater systems under contract and provide regulated wastewater services in New Jersey and Delaware through four of our other subsidiaries. We are regulated as to rates charged to customers for water and wastewater services, as to the quality of water service we provide and as to certain other matters in New Jersey, Delaware and Pennsylvania. Only our Utility Service Affiliates, Inc. (USA), Utility Service Affiliates (Perth Amboy), Inc. (USA-PA) and White Marsh Environmental Services, Inc. (White Marsh) subsidiaries are not regulated utilities.

Our New Jersey water utility system (the Middlesex System) provides water services to approximately 61,000 retail customers, primarily in central New Jersey. The Middlesex System also provides water service under contract to municipalities in central New Jersey with a total population of approximately 219,000. Our Bayview subsidiary provides water services in Downe Township, New Jersey. Our other New Jersey subsidiaries, Pinelands Water Company (Pinelands Water) and Pinelands Wastewater Company (Pinelands Wastewater) (collectively, Pinelands), provide water and wastewater services to approximately 2,500 customers in Southampton Township, New Jersey.

Our Delaware subsidiaries, Tidewater and Southern Shores Water Company, LLC (Southern Shores), provide water services to approximately 47,000 retail customers in New Castle, Kent and Sussex Counties, Delaware. Tidewater’s subsidiary, White Marsh, services approximately 4,000 customers in Delaware and Maryland through various operations and maintenance contracts.

Our Tidewater Environmental Services, Inc. (TESI) subsidiary provides wastewater services to approximately 3,600 residential retail customers in Sussex Counties, Delaware.

USA-PA operates the water and wastewater systems for the City of Perth Amboy, New Jersey (Perth Amboy) under a 10-year operations and maintenance contract expiring in 2028. In addition to performing day-to day operations, USA-PA is also responsible for emergency responses and management of capital projects funded by Perth Amboy. USA-PA does not manage the billing, collections and customer service functions of Perth Amboy.

USA operates the Borough of Avalon, New Jersey’s (Avalon) water utility, sewer utility and storm water system under a ten-year operations and maintenance contract expiring in 2022. In addition to performing day to day operations, USA is responsible for billing, collections, customer service, emergency responses and management of capital projects funded by Avalon.

Under a marketing agreement with HomeServe USA (HomeServe), USA offers residential customers in New Jersey and Delaware a menu of water and wastewater related home maintenance programs. HomeServe is a leading national provider of such home maintenance service programs. USA receives a service fee for the billing, cash collection and other administrative matters associated with HomeServe’s service contracts. USA also provides unregulated water and wastewater services under contract with several New Jersey municipalities.

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Our Pennsylvania subsidiary, Twin Lakes, provides water services to approximately 120 retail customers in the Township of Shohola, Pike County, Pennsylvania.

Recent Developments

Capital Construction Program - The Company’s multi-year capital construction program, Water for Tomorrow, encompasses numerous projects designed to upgrade and replace utility infrastructure as well as enhance the integrity and reliability of assets to better serve the current and future generations of water and wastewater customers. The Company plans to invest approximately $105 million in 2019 in connection with this plan for projects that include, but are not limited to;

Construction of a 4.6 mile water transmission pipeline to provide critical resiliency and redundancy to the Company’s water transmission system in New Jersey;

Replacement of four miles of water mains including service lines, valves, fire hydrants and meters in Carteret, New Jersey;

Enhanced treatment process at the Company’s largest water plant in Edison Township, New Jersey, to mitigate the formation of disinfection by-products that can develop during treatment;

Relocation of water meters from inside customers’ premises to exterior meter pits to allow quicker access by crews in emergencies, to enhance customer safety and convenience and to reduce unmetered water; and

Additional standby emergency power generation.

Pinelands’ Base Rate Increases Approved – On October 25, 2019, Pinelands Water and Pinelands Wastewater concluded their base rate matters when the New Jersey Board of Public Utilities (NJBPU) approved a $0.5 million increase in annual base rates, effective November 4, 2019. In March 2019, Pinelands Water and Pinelands Wastewater had filed petitions with the NJBPU seeking permission to increase base rates by approximately $0.7 million per year. The requests were necessitated by capital infrastructure investments both companies had made and increased operations and maintenance costs.

Middlesex Issues $53.7 Million of First Mortgage Bonds - As part of the Company’s comprehensive financing plan to fund its Water for Tomorrow capital construction program, in August 2019, Middlesex priced and closed on a New Jersey Economic Development Authority debt financing transaction of $53.7 million by issuing First Mortgage Bonds 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, are being used to finance several projects, including certain of the projects noted above. Through September 30, 2019, Middlesex has drawn a total of $7.6 million from the proceeds and expects to draw the remaining $53.2 million through the third quarter of 2021.

Twin Lakes Files for Rate Increase - In July 2019, Twin Lakes filed a petition with the Pennsylvania Public Utilities Commission (PAPUC) seeking permission to increase base rates by approximately $0.2 million per year. This request was necessitated by capital infrastructure investments Twin Lakes has made and increased operations and maintenance costs. We cannot predict whether the PAPUC will ultimately approve, deny, or reduce the amount of the request. A decision by the PAPUC is not expected before the first quarter of 2020.

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Middlesex Receives Financing Approval - In May 2019, the NJBPU approved Middlesex’s petition with the NJBPU seeking approval to issue and sell up to 1,500,000 shares of its common stock in one or more transactions through December 31, 2022. Sales of additional shares of common stock are also part of the Company’s comprehensive financing plan to fund its multi-year utility plant infrastructure investment plan.

Outlook

Our ability to increase operating income and net income is based significantly on four factors: weather, adequate and timely rate relief, effective cost management and customer growth (which are evident in comparison discussions in the Results of Operations section below). Revenues in the first quarter of 2019 were favorably impacted by Middlesex’s April 2018 base water rate increase. Weather patterns experienced in 2017 and 2018, which resulted in lower customer demand for water, have continued to occur in 2019 and have impacted revenues and net income. Actuarially-determined non-service retirement benefit plan costs are expected to increase in 2019. We continue to implement plans to further streamline operations and further reduce, and mitigate increases in, operating costs. Changes in customer water usage habits, as well as increases in capital expenditures and operating costs, are significant factors in determining the timing and extent of rate increase requests.

Organic residential customer growth through September 2019 has been consistent with that experienced in recent years.

Our strategy for profitable growth is focused on the following key areas:

Timely and adequate recovery of infrastructure investments and other costs to maintain service quality;

Prudent acquisitions of investor and municipally-owned water and wastewater utilities;

Operation of municipal and industrial water and wastewater systems on a contract basis; and

Invest in projects, products and services that complement our core water and wastewater competencies.

Operating Results by Segment

The discussion of the Company’s operating results is on a consolidated basis and includes significant factors by subsidiary. The Company has two operating segments, Regulated and Non-Regulated. The operations of the Regulated segment are subject to regulations promulgated by state public utility commissions as to rates and levels of service. Rates and levels of service in the Non-Regulated segment are subject to the terms of individually-negotiated and executed contracts with municipal, industrial and other clients. Both segments are subject to federal and state environmental, water and wastewater quality and other associated legal and regulatory requirements.

The segments in the tables included below consist of the following companies: Regulated-Middlesex, Tidewater, Pinelands, Southern Shores, TESI and Twin Lakes; Non-Regulated-USA, USA-PA, and White Marsh.

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Results of Operations – Three Months Ended September 30, 2019

	(In Thousands)
	Three Months Ended September 30,
	2019								2018
	Regulated			Non- Regulated		Total			Regulated			Non- Regulated		Total
Revenues	$	34,850		$	2,919	$	37,769		$	34,510		$	4,203	$	38,713
Operations and maintenance expenses		15,859			1,810		17,669			14,764			3,350		18,114
Depreciation expense		4,182			64		4,246			3,745			47		3,792
Other taxes		3,808			63		3,871			3,787			102		3,889
Operating income		11,001			982		11,983			12,214			704		12,918

Other income, net		824			43		867			772			61		833
Interest expense		1,996			—		1,996			1,723			—		1,723
Income taxes		(580	)		315		(265	)		(507	)		245		(262	)
Net income	$	10,409		$	710	$	11,119		$	11,770		$	520	$	12,290

Operating Revenues

Operating revenues for the three months ended September 30, 2019 decreased $0.9 million from the same period in 2018. This decrease was related to the following factors:

Middlesex System revenues decreased $0.6 million due to reduced water consumption across all classes of customers as a result of weather. A reduction in water consumption by wholesale contract customers accounted for $0.5 million of this decrease;

Tidewater System revenues increased $0.9 million due to additional customers, somewhat offset by reduced base tariff rates. The reduction in base tariff rates, which was approved by the DEPSC, became effective March 1, 2019, and was prompted by the lower corporate income tax rate enacted under the Tax Cuts and Jobs Act of 2017 (Tax Act). There is a corresponding decrease in income tax expense;

Non-regulated revenues decreased $1.3 million primarily due to changes resulting from USA-PA’s 10-year contract with Perth Amboy. Under the new contract effective January 1, 2019, USA-PA has direct management control for wastewater services, for which USA-PA is compensated. Under the prior contract, USA-PA utilized, and was compensated for, subcontracted wastewater services. This results in a related decrease in operations and maintenance expense; and

All other revenue categories increased $0.1 million.

Operation and Maintenance Expense

Operation and maintenance expenses for the three months ended September 30, 2019 decreased $0.4 million from the same period in 2018, primarily related to the following factors:

Non-regulated operation and maintenance expenses decreased $1.5 million, primarily due to our new Perth Amboy operating contract, effective January 1, 2019, under which USA-PA no longer incurs sub-contractor fees for wastewater services. This results in a related decrease in operating revenues;

Retirement benefit plan expenses decreased $0.1 million due to lower actuarially-determined postretirement benefit plan service expense;

Labor costs in our regulated subsidiaries increased $1.4 million due to increased headcount, increased average labor rates and payments relative to certain retiring employees; and

All other operation and maintenance expense categories decreased $0.2 million.

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Depreciation

Depreciation expense for the three months ended September 30, 2019 increased $0.5 million from the same period in 2018 due to a higher level of utility plant in service.

Other Taxes

Other taxes for the three months ended September 30, 2019 remained consistent with the same period in 2018 primarily due to lower revenue related taxes on lower revenues in our Middlesex system offset by higher payroll taxes.

Other Income, net

Other Income, net for the three months ended September 30, 2019 remained consistent with the same period in 2018, primarily due to higher Allowance for Funds Used During Construction resulting from a higher level of capital construction projects in progress offset by higher actuarially-determined postretirement benefit plan non-service expense.

Interest Charges

Interest charges for the three months ended September 30, 2019 increased $0.3 million from the same period in 2018 due to higher average short-term and long-term debt outstanding partially offset by lower interest related to Internal Revenue Service (IRS) examinations of the Company’s federal income tax returns.

Income Taxes

Income taxes for the three months ended September 30, 2019 remained consistent with the same period in 2018, primarily due to lower-pre-tax income and a decrease in Tidewater’s effective income tax rate in March 2019, reflecting the rate reduction approved by the DEPSC to reflect the lower corporate income tax rate resulting from implementation of the Tax Act. The decrease in Tidewater’s effective tax rate has also resulted in a corresponding decrease in operating revenues. Offsetting the decreases above were lower tax deductible repair and maintenance expenses, which results in higher tax expense.

Net Income and Earnings Per Share

Net income for the three months ended September 30, 2019 decreased $1.2 million as compared with the same period in 2018. Basic earnings per share were $0.67 and $0.75 for the three months ended September 30, 2019 and 2018, respectively. Diluted earnings per share were $0.66 and $0.74 for the three months ended September 30, 2019 and 2018, respectively.

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Results of Operations – Nine Months Ended September 30, 2019

	(In Thousands)
	Nine Months Ended September 30,
	2019								2018
	Regulated			Non- Regulated		Total			Regulated		Non- Regulated		Total
Revenues	$	93,130		$	8,729	$	101,859		$	92,826	$	11,983	$	104,809
Operations and maintenance expenses		45,233			5,336		50,569			43,390		9,383		52,773
Depreciation expense		12,229			186		12,415			10,999		138		11,137
Other taxes		10,731			182		10,913			10,610		300		10,910
Operating income		24,937			3,025		27,962			27,827		2,162		29,989

Other income, net		1,835			53		1,888			1,985		97		2,082
Interest expense		4,984			—		4,984			4,929		—		4,929
Income taxes		(1,912	)		960		(952	)		979		704		1,683
Net income	$	23,700		$	2,118	$	25,818		$	23,904	$	1,555	$	25,459

Operating Revenues

Operating revenues for the nine months ended September 30, 2019 decreased $3.0 million from the same period in 2018. This decrease was related to the following factors:

Middlesex System revenues decreased $0.7 million due to the following:

Reduced water consumption related to weather across all classes of customers, resulting in reduced revenues of $1.9 million; and

Effective April 1, 2018, a NJBPU-approved base rate increase resulted in higher revenues of $1.2 million;

Tidewater System revenues increased $0.9 million primarily due to additional customers, which was mitigated by reduced base tariff rates. The reduction in base rates was approved by the DEPSC and became effective March 1, 2019, and was prompted by the lower corporate income tax rate enacted under the Tax Act. There is a corresponding decrease in income tax expense; and

Non-regulated revenues decreased $3.3 million, primarily due to changes resulting from USA-PA’s new 10-year contract with Perth Amboy. Under the new contract, effective January 1, 2019, USA-PA has direct management control for wastewater services, for which USA-PA is compensated. Under the prior contract, USA-PA utilized, and was compensated for, subcontracted wastewater services. This results in a related decrease in operations and maintenance expense; and

All other operating revenue categories increased $0.1 million.

Operation and Maintenance Expense

Operation and maintenance expenses for the nine months ended September 30, 2019 decreased $2.2 million from the same period in 2018, primarily related to the following factors:

Operation and maintenance expenses in our non-regulated subsidiaries decreased $4.0 million, primarily due to our new Perth Amboy operating contract, effective January 1, 2019, under which USA-PA no longer incurs sub-contractor fees for wastewater services. This results in a related decrease in operating revenues;

Retirement benefit plan expenses decreased $0.2 million due to lower actuarially-determined postretirement benefit plan service expense;

Labor costs in our regulated subsidiaries increased $1.7 million due to increased headcount, increased average labor rates and payments relative to certain retiring employees;

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Rent costs increased $0.2 million due to the January 2019 commencement of our lease of new corporate administrative office space;

Health insurance costs increased $0.2 million due to increased premiums and headcount; and

All other operation and maintenance expense categories decreased $0.1 million.

Depreciation

Depreciation expense for the nine months ended September 30, 2019 increased $1.3 million from the same period in 2018 due to a higher level of utility plant in service.

Other Taxes

Other taxes for the nine months ended September 30, 2019 remained consistent with the same period in 2018 primarily due to lower revenue related taxes on lower revenues in our Middlesex system offset by higher payroll taxes.

Other Income, net

Other Income, net for the nine months ended September 30, 2019 decreased $0.2 million from the same period in 2018, primarily due to higher actuarially-determined postretirement benefit plan non-service expense and the sale of wastewater franchise rights by our TESI subsidiary in the second quarter of 2018. This decrease was partially offset by higher Allowance for Funds Used During Construction resulting from a higher level of capital construction projects in progress.

Interest Charges

Interest charges for the nine months ended September 30, 2019 increased $0.1 million from the same period in 2018 due to higher average short-term and long-term debt outstanding in 2019 as compared to 2018 partially offset by lower interest associated with IRS examinations of the Company’s federal income tax returns.

Income Taxes

Income taxes for the nine months ended September 30, 2019 decreased $2.6 million from the same period in 2018, primarily due to lower pre-tax income and the regulatory accounting treatment of tax benefits associated with the adoption of the tangible property regulations, prescribed by the IRS, which was approved in Middlesex’s 2018 base rate case decision. In addition, Tidewater’s effective income tax rate was decreased in March 2019, reflecting the rate reduction approved by the DEPSC to reflect the lower corporate income tax rate resulting from implementation of the Tax Act. This has resulted in a corresponding decrease in operating revenues.

Net Income and Earnings Per Share

Net income for the nine months ended September 30, 2019 increased $0.4 million as compared with the same period in 2018. Basic earnings per share were $1.56 and $1.55 for the nine months ended September 30, 2019 and 2018, respectively. Diluted earnings per share were $1.55 and $1.54 for the nine months ended September 30, 2019 and 2018, respectively.

Liquidity and Capital Resources

Operating Cash Flows

Cash flows from operations are largely based on four factors: weather, adequate and timely rate increases, effective cost management and growth. The effect of those factors on net income is discussed in “Results of Operations.”

For the nine months September 30, 2019, cash flows from operating activities decreased $9.5 million to $23.3 million from the same period in 2018. The decrease in cash flows from operating activities primarily resulted from the timing of payments to vendors and increased income tax payments. Utility plant expenditures for the period were primarily funded by financing activities.

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Investing Cash Flows

For the nine months ended September 30, 2019, cash flows used in investing activities increased $11.7 million to $61.2 million from the same period in 2018. The increase in cash flows used in investing activities resulted from increased utility plant expenditures.

For further discussion on the Company’s future capital expenditures and expected funding sources, see “Capital Expenditures and Commitments” below.

Financing Cash Flows

For the nine months ended September 30, 2019, cash flows from financing activities increased $73.5 million to $89.3 million from the same period in 2018. The majority of the increase in cash flows provided by financing activities is due to the net increase in long-term and short-term debt funding and increased proceeds from the issuance of common stock under the Middlesex Water Company Investment Plan (the Investment Plan).

In September 2019, the Company determined it had inadvertently sold shares of its common stock through the Investment Plan from August 1, 2018 through September 3, 2019 (Eligible Period) after the registration statement covering sales through the Investment Plan had expired and therefore was no longer effective. In October 2019, the Company’s Board of Directors approved a plan to voluntarily offer a right of rescission (Rescission Offer) to Investment Plan participants who purchased shares of the Company’s common stock during the Eligible Period. During the Eligible Period, Investment Plan participants purchased 232,643 shares of Company common stock at an average price of $55.79 per share. The Rescission Offer ends in November 2019. Based on the current market price of the Company’s common stock, the Company does not expect that the exercise of any applicable rescission rights will have a material impact on its results of operations, financial condition or liquidity. For more information, see discussion under “Common Stock” in Note 3 – Capitalization.

Capital Expenditures and Commitments

To fund our capital program, we may use internally generated funds, short-term and long-term debt borrowings, proceeds from sales of common stock under the Investment Plan and proceeds from new offerings to the public of our common stock. See below for a more detailed discussion regarding the funding of our capital program.

The capital investment program for 2019 is currently estimated to be approximately $105 million. Through September 30, 2019, we have expended $61 million and expect to incur approximately $44 million for capital projects for the remainder of 2019.

We currently project that we may expend approximately $220 million for capital projects in 2020 and 2021. The actual amount and timing of capital expenditures is dependent on project scheduling and refinement of engineering estimates for certain capital projects.

To pay for our capital program for the remainder of 2019, we plan on utilizing:

Internally generated funds;

Proceeds from the Investment Plan;

Proceeds from the New Jersey and Delaware State Revolving Fund (SRF). SRF programs provide low cost financing for projects that meet certain water quality and system improvement benchmarks (see discussion under “Long-term Debt” in Note 3 - Capitalization);

Proceeds from the issuance of First Mortgage Bonds through the New Jersey Economic Development Authority (see discussion under “Middlesex Issues $53.7 Million of First Mortgage Bonds” in Recent Developments above);

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If necessary, proceeds from a common stock offering (see discussion under “Middlesex Receives Financing Approval” in Recent Developments above); and

Short-term borrowings through $140.0 million of active lines of credit with several financial institutions. As of September 30, 2019, there remains $81.5 million of available credit under these lines.

Recent Accounting Pronouncements – See Note 1 of the Notes to Unaudited Condensed Consolidated Financial Statements for a discussion of recent accounting pronouncements and guidance.

Item 3. Quantitative and Qualitative Disclosures of Market Risk

We are exposed to market risk associated with changes in interest rates and commodity prices. The Company is subject to the risk of fluctuating interest rates in the normal course of business. Our policy is to manage interest rates through the use of fixed rate long-term debt and, to a lesser extent, short-term debt. The Company’s interest rate risk related to existing fixed rate, long-term debt is not material due to the term of the majority of our First Mortgage Bonds, which have final maturity dates ranging from 2021 to 2059. Over the next twelve months, approximately $7.2 million of the current portion of existing long-term debt instruments will mature. Applying a hypothetical change in the rate of interest charged by 10% on those borrowings, would not have a material effect on our earnings.

Our risks associated with commodity price increases for chemicals, electricity and other commodities are reduced through contractual arrangements and the ability to recover price increases through rates. Non-performance by these commodity suppliers could have a material adverse impact on our results of operations, financial position and cash flows.

We are exposed to credit risk for both our Regulated and Non-Regulated business segments. Our Regulated operations serve residential, commercial, industrial and municipal customers while our Non-Regulated operations engage in business activities with developers, government entities and other customers. Our primary credit risk is exposure to customer default on contractual obligations and the associated loss that may be incurred due to the non-payment of customer accounts receivable balances. Our credit risk is managed through established credit and collection policies which are in compliance with applicable regulatory requirements and involve monitoring of customer exposure and the use of credit risk mitigation measures such as letters of credit or prepayment arrangements. Our credit portfolio is diversified with no significant customer or industry concentrations. In addition, our Regulated businesses are generally able to recover all prudently incurred costs including uncollectible customer accounts receivable expenses and collection costs through rates.

The Company's retirement benefit plan assets are exposed to fluctuating market prices of debt and equity securities. Changes to the Company's retirement benefit plan asset values can impact the Company's retirement benefit plan expense, funded status and future minimum funding requirements. Our risk is mitigated by our ability to recover retirement benefit plan costs through rates for regulated utility services charged to our customers.

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Item 4. Controls and Procedures

Disclosure Controls and Procedures

As required by Rule 13a-15 under the Securities and Exchange Act of 1934 (the Exchange Act), an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures was conducted by the Company’s Chief Executive Officer along with the Company’s Chief Financial Officer. Based upon that evaluation, the Company’s Chief Executive Officer and the Company’s Chief Financial Officer concluded that the Company’s disclosure controls and procedures are effective as of the end of the period covered by this Report. There were no changes in our internal control over financial reporting that occurred during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in Company reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in Company reports filed under the Exchange Act is accumulated and communicated to management, including the Company’s Chief Executive Officer and Chief Financial Officer as appropriate, to allow timely decisions regarding disclosure.

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PART II. OTHER INFORMATION

Item 1.

Legal Proceedings

None.

Item 1A.

Risk Factors

The information about risk factors does not differ materially from those set forth in Part I, Item 1A. of the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3.

Defaults Upon Senior Securities

None.

Item 4.

Mine Safety Disclosures

Not applicable.

Item 5.

Other Information

None.

Item 6.	Exhibits

10.32	Amended and Restated Line of Credit Note between registrant, registrant’s subsidiaries and PNC Bank, N.A.
10.32(a)	Amendment to the Line of Credit included in Amended and Restated Line of Credit Note between registrant, registrant’s subsidiaries and PNC Bank, N.A., filed as Exhibit 10.32.
31.1	Section 302 Certification by Dennis W. Doll pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.

31.2	Section 302 Certification by A. Bruce O’Connor pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934.

32.1	Section 906 Certification by Dennis W. Doll pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.2	Section 906 Certification by A. Bruce O’Connor pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

101.INS

XBRL Instance Document

101.SCH

XBRL Schema Document

101.CAL

XBRL Calculation Linkbase Document

101.LAB

XBRL Labels Linkbase Document

101.PRE

XBRL Presentation Linkbase Document

101.DEF

XBRL Definition Linkbase Document

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	MIDDLESEX WATER COMPANY

	By:	/s/A. Bruce O’Connor
		A. Bruce O’Connor
		Senior Vice President, Treasurer and
		Chief Financial Officer
		(Principal Accounting Officer)

Date: November 1, 2019

EX-10.32 2 ex10-32.htm EX-10.32

Exhibit 10.32

Amended and Restated

Committed Line Of Credit Note

(Multi-Rate Options)

$68,000,000.00

October 22, 2019

FOR VALUE RECEIVED, MIDDLESEX WATER COMPANY, PINELANDS WASTEWATER COMPANY, PINELANDS WATER COMPANY, TIDEWATER ENVIRONMENTAL SERVICES, INC., TIDEWATER UTILITIES, INC., UTILITY SERVICE AFFILIATES (PERTH AMBOY) INC., UTILITY SERVICE AFFILIATES INC., and WHITE MARSH ENVIRONMENTAL SYSTEMS, INC. (individually and collectively, the “Borrower”), with an address at 1500 Ronson Road, Iselin, NJ 08830-3049, jointly and severally, promise to pay to the order of PNC BANK, NATIONAL ASSOCIATION (the “Bank”), in lawful money of the United States of America in immediately available funds at its offices located at Two Tower Center Boulevard, East Brunswick, New Jersey 08816, or at such other location as the Bank may designate from time to time, the principal sum of SIXTY EIGHT MILLION AND 00/100 DOLLARS ($68,000,000.00) (the “Facility”) or such lesser amount as may be advanced to or for the benefit of the Borrower hereunder, together with interest accruing on the outstanding principal balance from the date hereof, all as provided below.

1. Advances. The Borrower may request advances, repay and request additional advances hereunder until the Expiration Date, subject to the terms and conditions of this Note and the Loan Documents (as hereinafter defined). The “Expiration Date” shall mean January 31, 2021, or such later date as may be designated by the Bank by written notice from the Bank to the Borrower. The Borrower acknowledges and agrees that in no event will the Bank be under any obligation to extend or renew the Facility or this Note beyond the Expiration Date. The Borrower may request advances hereunder upon giving oral or written notice to the Bank by 11:00 a.m. (Eastern, Standard time) East Brunswick, New Jersey (a) on the day of the proposed advance, in the case of advances to bear interest under the Base Rate Option (as hereinafter defined) and (b) three (3) Business Days prior to the proposed advance, in the case of advances to bear interest under the LIBOR Option (as hereinafter defined), followed promptly thereafter by the Borrower’s written confirmation to the Bank of any oral notice. The aggregate unpaid principal amount of advances under this Note shall not exceed the face amount of this Note.

2. Rate of Interest. Each advance outstanding under this Note will bear interest at a rate or rates per annum as may be selected by the Borrower from the interest rate options set forth below (each, an “Option”):

(i) Base Rate Option. A rate of interest per annum which is at all times equal to the Base Rate. If and when the Base Rate (or any component thereof) changes, the rate of interest with respect to any advance to which the Base Rate Option applies will change automatically without notice to the Borrower, effective on the date of any such change. There are no required minimum interest periods for advances bearing interest under the Base Rate Option.

(ii) LIBOR Option. A rate per annum equal to (A) LIBOR plus (B) ninety (90) basis points (0.90%), for the applicable LIBOR Interest Period.

For purposes hereof, the following terms shall have the following meanings:

“Base Rate” shall mean the highest of (A) the Prime Rate, and (B) the sum of the Overnight Bank Funding Rate plus fifty (50) basis points (0.50%), and (C) the sum of the Daily LIBOR Rate plus one hundred (100) basis points (1.0%), so long as a Daily LIBOR Rate is offered, ascertainable and not unlawful.

“Business Day” shall mean any day other than a Saturday or Sunday or a legal holiday on which commercial banks are authorized or required by law to be closed for business in East Brunswick, New Jersey.

“Daily LIBOR Rate” shall mean, for any day, the rate per annum determined by the Bank by dividing (x) the Published Rate by (y) a number equal to 1.00 minus the LIBOR Reserve Percentage; provided, however, if the Daily LIBOR Rate determined as provided above would be less than zero, then such rate shall be deemed to be zero.

“LIBOR” shall mean, with respect to any advance to which the LIBOR Option applies for the applicable LIBOR Interest Period, the interest rate per annum determined by the Bank by dividing (the resulting quotient rounded upwards, at the Bank’s discretion, to the nearest 1/100th of 1%) (i) the rate of interest determined by the Bank in accordance with its usual procedures (which determination shall be conclusive absent manifest error) to be the eurodollar rate two (2) Business Days prior to the first day of such LIBOR Interest Period for an amount comparable to such advance and having a borrowing date and a maturity comparable to such LIBOR Interest Period by (ii) a number equal to 1.00 minus the LIBOR Reserve Percentage; provided, however, if LIBOR, determined as provided above, would be less than zero, then LIBOR shall be deemed to be zero.

“LIBOR Interest Period” shall mean, as to any advance to which the LIBOR Option applies, the period of one (1), two (2), or three (3) months as selected by the Borrower in its notice of borrowing or notice of conversion, as the case may be, commencing on the date of disbursement of an advance (or the date of conversion of an advance to the LIBOR Option, as the case may be) and each successive period selected by the Borrower thereafter; provided that, (i) if a LIBOR Interest Period would end on a day which is not a Business Day, it shall end on the next succeeding Business Day unless such day falls in the next succeeding calendar month in which case the LIBOR Interest Period shall end on the next preceding Business Day, (ii) the Borrower may not select a LIBOR Interest Period that would end on a day after the Expiration Date, and (iii) any LIBOR Interest Period that begins on the last Business Day of a calendar month (or a day for which there is no numerically corresponding day in the last calendar month of such LIBOR Interest Period) shall end on the last Business Day of the last calendar month of such LIBOR Interest Period.

“LIBOR Reserve Percentage” shall mean the maximum effective percentage in effect on such day as prescribed by the Board of Governors of the Federal Reserve System (or any successor) for determining the reserve requirements (including, without limitation, supplemental, marginal and emergency reserve requirements) with respect to eurocurrency funding (currently referred to as “Eurocurrency liabilities”).

“Overnight Bank Funding Rate” shall mean, for any day, the rate comprised of both overnight federal funds and overnight Eurocurrency borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the Federal Reserve Bank of New York (“NYFRB”), as set forth on its public website from time to time, and as published on the next succeeding Business Day as the overnight bank funding rate by the NYFRB (or by such other recognized electronic source (such as Bloomberg) selected by the Bank for the purpose of displaying such rate); provided, that if such day is not a Business Day, the Overnight Bank Funding Rate for such day shall be such rate on the immediately preceding Business Day; provided, further, that if such rate shall at any time, for any reason, no longer exist, a comparable replacement rate determined by the Bank at such time (which determination shall be conclusive absent manifest error). If the Overnight Bank Funding Rate determined as above would be less than zero, then such rate shall be deemed to be zero. The rate of interest charged shall be adjusted as of each Business Day based on changes in the Overnight Bank Funding Rate without notice to the Borrower.

“Prime Rate” shall mean the rate publicly announced by the Bank from time to time as its prime rate. The Prime Rate is determined from time to time by the Bank as a means of pricing some loans to its borrowers. The Prime Rate is not tied to any external rate of interest or index, and does not necessarily reflect the lowest rate of interest actually charged by the Bank to any particular class or category of customers.

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“Published Rate” shall mean the rate of interest published each Business Day in the Wall Street Journal “Money Rates” listing under the caption “London Interbank Offered Rates” for a one month period (or, if no such rate is published therein for any reason, then the Published Rate shall be the eurodollar rate for a one month period as published in another publication selected by the Bank).

LIBOR and the Daily LIBOR Rate shall be adjusted with respect to any advance to which the LIBOR Option or Base Rate Option applies, as applicable, on and as of the effective date of any change in the LIBOR Reserve Percentage. The Bank shall give prompt notice to the Borrower of LIBOR or the Daily LIBOR Rate as determined or adjusted in accordance herewith, which determination shall be conclusive absent manifest error.

If the Bank determines (which determination shall be final and conclusive) that, by reason of circumstances affecting the eurodollar market generally, deposits in dollars (in the applicable amounts) are not being offered to banks in the eurodollar market for the selected term, or adequate means do not exist for ascertaining LIBOR, then the Bank shall give notice thereof to the Borrower. Thereafter, until the Bank notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (a) the availability of the LIBOR Option shall be suspended, and (b) the interest rate for all advances then bearing interest under the LIBOR Option shall be converted at the expiration of the then current LIBOR Interest Period(s) to the Base Rate Option.

In addition, if, after the date of this Note, the Bank shall determine (which determination shall be final and conclusive) that any enactment, promulgation or adoption of or any change in any applicable law, rule or regulation, or any change in the interpretation or administration thereof by a governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by the Bank with any guideline, request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency shall make it unlawful or impossible for the Bank to make or maintain or fund loans based on LIBOR, the Bank shall notify the Borrower. Upon receipt of such notice, until the Bank notifies the Borrower that the circumstances giving rise to such determination no longer apply, (a) the availability of the LIBOR Option shall be suspended, and (b) the interest rate on all advances then bearing interest under the LIBOR Option shall be converted to the Base Rate Option either (i) on the last day of the then current LIBOR Interest Period(s) if the Bank may lawfully continue to maintain advances based on LIBOR to such day, or (ii) immediately if the Bank may not lawfully continue to maintain advances based on LIBOR.

The foregoing notwithstanding, it is understood that the Borrower may select different Options to apply simultaneously to different portions of the advances and may select up to three (3) different interest periods to apply simultaneously to different portions of the advances bearing interest under the LIBOR Option. Interest hereunder will be calculated based on the actual number of days that principal is outstanding over a year of 360 days. In no event will the rate of interest hereunder exceed the maximum rate allowed by law.

3. Interest Rate Election. Subject to the terms and conditions of this Note, at the end of each interest period applicable to any advance, the Borrower may renew the Option applicable to such advance or convert such advance to a different Option; provided that, during any period in which any Event of Default (as hereinafter defined) has occurred and is continuing, any advances bearing interest under the LIBOR Option shall, at the Bank’s sole discretion, be converted at the end of the applicable LIBOR Interest Period to the Base Rate Option and the LIBOR Option will not be available to Borrower with respect to any new advances (or with respect to the conversion or renewal of any existing advances) until such Event of Default has been cured by the Borrower or waived by the Bank. The Borrower shall notify the Bank of each election of an Option, each conversion from one Option to another, the amount of the advances then outstanding to be allocated to each Option and where relevant the interest periods therefor. In the case of converting to the LIBOR Option, such notice shall be given at least three (3) Business Days prior to the commencement of any LIBOR Interest Period. If no interest period is specified in any such notice for which the resulting advance is to bear interest under the LIBOR Option, the Borrower shall be deemed to have selected a LIBOR Interest Period of one month’s duration. If no notice of election, conversion or renewal is timely received by the Bank with respect to any advance, the Borrower shall be deemed to have elected the Base Rate Option. Any such election shall be promptly confirmed in writing by such method as the Bank may require.

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4. Advance Procedures. If permitted by the Bank, a request for advance may be made by telephone or electronic mail, with such confirmation or verification (if any) as the Bank may require in its discretion from time to time. A request for advance by any Borrower shall be binding upon Borrower, jointly and severally. The Borrower authorizes the Bank to accept telephonic and electronic requests for advances, and the Bank shall be entitled to rely upon the authority of any person providing such instructions. The Borrower hereby indemnifies and holds the Bank harmless from and against any and all damages, losses, liabilities, costs and expenses (including reasonable attorneys’ fees and expenses) which may arise or be created by the acceptance of such telephonic and electronic requests or by the making of such advances. The Bank will enter on its books and records, which entry when made will be presumed correct, the date and amount of each advance, as well as the date and amount of each payment made by the Borrower.

5. Payment Terms. The Borrower shall pay accrued interest on the unpaid principal balance of this Note in arrears: (a) for the portion of advances bearing interest under the Base Rate Option, on the first day of each month during the term hereof, (b) for the portion of advances bearing interest under the LIBOR Option, on the last day of the respective LIBOR Interest Period for such advance, (c) if any LIBOR Interest Period is longer than three (3) months, then also on the three (3) month anniversary of such interest period and every three (3) months thereafter, and (d) for all advances, at maturity, whether by acceleration of this Note or otherwise, and after maturity, on demand until paid in full. All outstanding principal and accrued interest hereunder shall be due and payable in full on the Expiration Date.

If any payment under this Note shall become due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day and such extension of time shall be included in computing interest in connection with such payment. The Borrower hereby authorizes the Bank to charge the Borrower’s deposit account at the Bank for any payment when due hereunder. Payments received will be applied to charges, fees and expenses (including attorneys’ fees), accrued interest and principal in any order the Bank may choose, in its sole discretion.

6. Late Payments; Default Rate. If the Borrower fails to make any payment of principal, interest or other amount coming due pursuant to the provisions of this Note within fifteen (15) calendar days of the date due and payable, the Borrower also shall pay to the Bank a late charge equal to the lesser of five percent (5%) of the amount of such payment or $100.00 (the “Late Charge”). Such fifteen (15) day period shall not be construed in any way to extend the due date of any such payment. Upon maturity, whether by acceleration, demand or otherwise, and at the Bank’s option upon the occurrence of any Event of Default (as hereinafter defined) and during the continuance thereof, each advance outstanding under this Note shall bear interest at a rate per annum (based on the actual number of days that principal is outstanding over a year of 360 days) which shall be three percentage points (3%) in excess of the interest rate in effect from time to time under this Note but not more than the maximum rate allowed by law (the “Default Rate”). The Default Rate shall continue to apply whether or not judgment shall be entered on this Note. Both the Late Charge and the Default Rate are imposed as liquidated damages for the purpose of defraying the Bank’s expenses incident to the handling of delinquent payments, but are in addition to, and not in lieu of, the Bank’s exercise of any rights and remedies hereunder, under the other Loan Documents or under applicable law, and any fees and expenses of any agents or attorneys which the Bank may employ. In addition, the Default Rate reflects the increased credit risk to the Bank of carrying a loan that is in default. The Borrower agrees that the Late Charge and Default Rate are reasonable forecasts of just compensation for anticipated and actual harm incurred by the Bank, and that the actual harm incurred by the Bank cannot be estimated with certainty and without difficulty.

7. Prepayment. The Borrower shall have the right to prepay any advance hereunder at any time and from time to time, in whole or in part; subject, however, to payment of any break funding indemnification amounts owing pursuant to paragraph 9 below.

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8. Increased Costs; Yield Protection. On written demand, together with written evidence of the justification therefor, the Borrower agrees to pay the Bank all direct costs incurred, any losses suffered or payments made by the Bank as a result of any Change in Law (hereinafter defined), imposing any reserve, deposit, allocation of capital or similar requirement (including without limitation, Regulation D of the Board of Governors of the Federal Reserve System) on the Bank, its holding company or any of their respective assets relative to the Facility. “Change in Law” means the occurrence, after the date of this Note, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any governmental authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any governmental authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.

9. Break Funding Indemnification. The Borrower agrees to indemnify the Bank against any liabilities, losses or expenses (including, without limitation, loss of margin, any loss or expense sustained or incurred in liquidating or employing deposits from third parties, and any loss or expense incurred in connection with funds acquired to effect, fund or maintain any advance (or any part thereof) bearing interest under the LIBOR Option) which the Bank sustains or incurs as a consequence of either (i) the Borrower’s failure to make a payment on the due date thereof, (ii) the Borrower’s revocation (expressly, by later inconsistent notices or otherwise) in whole or in part of any notice given to Bank to request, convert, renew or prepay any advance bearing interest under the LIBOR Option, or (iii) the Borrower’s payment or prepayment (whether voluntary, after acceleration of the maturity of this Note or otherwise) or conversion of any advance bearing interest under the LIBOR Option on a day other than the last day of the applicable LIBOR Interest Period. A notice as to any amounts payable pursuant to this paragraph given to the Borrower by the Bank shall, in the absence of manifest error, be conclusive and shall be payable upon demand. The Borrower’s indemnification obligations hereunder shall survive the payment in full of the advances and all other amounts payable hereunder.

10. Other Loan Documents. This Note is issued in connection with a letter agreement or loan agreement between the Borrower and the Bank, dated April 29, 2015, and the other agreements and documents executed and/or delivered in connection therewith or referred to therein, the terms of which are incorporated herein by reference (as amended, modified or renewed from time to time, collectively the “Loan Documents”), and is secured by the property (if any) described in the Loan Documents and by such other collateral as previously may have been or may in the future be granted to the Bank to secure this Note.

11. Events of Default. The occurrence of any of the following events will be deemed to be an “Event of Default” under this Note: (i) the nonpayment of any principal, interest or other indebtedness under this Note when due; (ii) the occurrence of any event of default or any default and the lapse of any notice or cure period, or any Obligor’s failure to observe or perform any covenant or other agreement, under or contained in any Loan Document or any other document now or in the future evidencing or securing any debt, liability or obligation of any Obligor to the Bank; (iii) the filing by or against any Obligor of any proceeding in bankruptcy, receivership, insolvency, reorganization, liquidation, conservatorship or similar proceeding (and, in the case of any such proceeding instituted against any Obligor, such proceeding is not dismissed or stayed within 30 days of the commencement thereof, provided that the Bank shall not be obligated to advance additional funds hereunder during such period); (iv) any assignment by any Obligor for the benefit of creditors, or any levy, garnishment, attachment or similar proceeding is instituted against any property of any Obligor held by or deposited with the Bank; (v) a default with respect to any other indebtedness of any Obligor for borrowed money, if the effect of such default is to cause or permit the acceleration of such debt; (vi) the commencement of any foreclosure or forfeiture proceeding, execution or attachment against any collateral securing the obligations of any Obligor to the Bank; (vii) the entry of a final judgment against any Obligor and the failure of such Obligor to discharge the judgment within ten (10) days of the entry thereof; (viii) any change in any Obligor’s business, assets, operations, financial condition or results of operations that has or could reasonably be expected to have any material adverse effect on any Obligor; (ix) any Obligor ceases doing business as a going concern; (x) any representation or warranty made by any Obligor to the Bank in any Loan Document or any other documents now or in the future evidencing or securing the obligations of any Obligor to the Bank, is false, erroneous or misleading in any material respect; (xi) if this Note or any guarantee executed by any Obligor is secured, the failure of any Obligor to provide the Bank with additional collateral if in the Bank’s opinion at any time or times, the market value of any of the collateral securing this Note or any guarantee has depreciated below that required pursuant to the Loan Documents or, if no specific value is so required, then in an amount deemed material by the Bank; (xii) the revocation or attempted revocation, in whole or in part, of any guarantee by any Obligor; or (xiii) the death, incarceration, indictment or legal incompetency of any individual Obligor or, if any Obligor is a partnership or limited liability company, the death, incarceration, indictment or legal incompetency of any individual general partner or member. As used herein, the term “Obligor” means any Borrower and any guarantor of, or any pledgor, mortgagor or other person or entity providing collateral support for, the Borrower’s obligations to the Bank existing on the date of this Note or arising in the future.

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Upon the occurrence of an Event of Default: (a) the Bank shall be under no further obligation to make advances hereunder; (b) if an Event of Default specified in clause (iii) or (iv) above shall occur, the outstanding principal balance and accrued interest hereunder together with any additional amounts payable hereunder shall be immediately due and payable without demand or notice of any kind; (c) if any other Event of Default shall occur, the outstanding principal balance and accrued interest hereunder together with any additional amounts payable hereunder, at the Bank’s option and without demand or notice of any kind, may be accelerated and become immediately due and payable; (d) at the Bank’s option, this Note will bear interest at the Default Rate from the date of the occurrence of the Event of Default; and (e) the Bank may exercise from time to time any of the rights and remedies available under the Loan Documents or under applicable law.

12. Right of Setoff. In addition to all liens upon and rights of setoff against the Borrower’s money, securities or other property given to the Bank by law, the Bank shall have, with respect to the Borrower’s obligations to the Bank under this Note and to the extent permitted by law, a contractual possessory security interest in and a contractual right of setoff against, and the Borrower hereby grants the Bank a security interest in, and hereby assigns, conveys, delivers, pledges and transfers to the Bank, all of the Borrower’s right, title and interest in and to, all of the Borrower’s deposits, moneys, securities and other property now or hereafter in the possession of or on deposit with, or in transit to, the Bank or any other direct or indirect subsidiary of The PNC Financial Services Group, Inc., whether held in a general or special account or deposit, whether held jointly with someone else, or whether held for safekeeping or otherwise, excluding, however, all IRA, Keogh, and trust accounts. Every such security interest and right of setoff may be exercised without demand upon or notice to the Borrower. Every such right of setoff shall be deemed to have been exercised immediately upon the occurrence of an Event of Default hereunder without any action of the Bank, although the Bank may enter such setoff on its books and records at a later time.

13. Anti-Money Laundering/International Trade Law Compliance. The Borrower represents and warrants to the Bank, as of the date of this Note, the date of each advance of proceeds under the Facility, the date of any renewal, extension or modification of the Facility, and at all times until the Facility has been terminated and all amounts thereunder have been indefeasibly paid in full, that: (a) no Covered Entity (i) is a Sanctioned Person; (ii) has any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person; or (iii) does business in or with, or derives any of its operating income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any law, regulation, order or directive enforced by any Compliance Authority; (b) the proceeds of the Facility will not be used to fund any operations in, finance any investments or activities in, or, make any payments to, a Sanctioned Country or Sanctioned Person in violation of any law, regulation, order or directive enforced by any Compliance Authority; (c) the funds used to repay the Facility are not derived from any unlawful activity; and (d) each Covered Entity is in compliance with, and no Covered Entity engages in any dealings or transactions prohibited by, any laws of the United States, including but not limited to any Anti-Terrorism Laws. Borrower covenants and agrees that it shall immediately notify the Bank in writing upon the occurrence of a Reportable Compliance Event.

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As used herein: “Anti-Terrorism Laws” means any laws relating to terrorism, trade sanctions programs and embargoes, import/export licensing, money laundering, or bribery, all as amended, supplemented or replaced from time to time; “Compliance Authority” means each and all of the (a) U.S. Treasury Department/Office of Foreign Assets Control, (b) U.S. Treasury Department/Financial Crimes Enforcement Network, (c) U.S. State Department/Directorate of Defense Trade Controls, (d) U.S. Commerce Department/Bureau of Industry and Security, (e) U.S. Internal Revenue Service, (f) U.S. Justice Department, and (g) U.S. Securities and Exchange Commission; “Covered Entity” means the Borrower, its affiliates and subsidiaries, all guarantors, pledgors of collateral, all owners of the foregoing, and all brokers or other agents of the Borrower acting in any capacity in connection with the Facility; “Reportable Compliance Event” means that any Covered Entity becomes a Sanctioned Person, or is indicted, arraigned, investigated or custodially detained, or receives an inquiry from regulatory or law enforcement officials, in connection with any Anti-Terrorism Law or any predicate crime to any Anti-Terrorism Law, or self-discovers facts or circumstances implicating any aspect of its operations with the actual or possible violation of any Anti-Terrorism Law; “Sanctioned Country” means a country subject to a sanctions program maintained by any Compliance Authority; and “Sanctioned Person” means any individual person, group, regime, entity or thing listed or otherwise recognized as a specially designated, prohibited, sanctioned or debarred person or entity, or subject to any limitations or prohibitions (including but not limited to the blocking of property or rejection of transactions), under any order or directive of any Compliance Authority or otherwise subject to, or specially designated under, any sanctions program maintained by any Compliance Authority.

14. Indemnity. The Borrower agrees to indemnify each of the Bank, each legal entity, if any, who controls, is controlled by or is under common control with the Bank, and each of their respective directors, officers and employees (the “Indemnified Parties”), and to defend and hold each Indemnified Party harmless from and against any and all claims, damages, losses, liabilities and expenses (including all fees and charges of internal or external counsel with whom any Indemnified Party may consult and all expenses of litigation and preparation therefor) which any Indemnified Party may incur or which may be asserted against any Indemnified Party by any person, entity or governmental authority (including any person or entity claiming derivatively on behalf of the Borrower), in connection with or arising out of or relating to the matters referred to in this Note or in the other Loan Documents or the use of any advance hereunder, whether (a) arising from or incurred in connection with any breach of a representation, warranty or covenant by the Borrower, or (b) arising out of or resulting from any suit, action, claim, proceeding or governmental investigation, pending or threatened, whether based on statute, regulation or order, or tort, or contract or otherwise, before any court or governmental authority; provided, however, that the foregoing indemnity agreement shall not apply to any claims, damages, losses, liabilities and expenses solely attributable to an Indemnified Party's gross negligence or willful misconduct. The indemnity agreement contained in this Section shall survive the termination of this Note, payment of any advance hereunder and the assignment of any rights hereunder. The Borrower may participate at its expense in the defense of any such action or claim.

15. Miscellaneous. All notices, demands, requests, consents, approvals and other communications required or permitted hereunder (“Notices”) must be in writing (except as may be agreed otherwise above with respect to borrowing requests or as otherwise provided in this Note) and will be effective upon receipt. Notices may be given in any manner to which the parties may agree. Without limiting the foregoing, first-class mail, postage prepaid, facsimile transmission and commercial courier service are hereby agreed to as acceptable methods for giving Notices. In addition, the parties agree that Notices may be sent electronically to any electronic address provided by a party from time to time. Notices may be sent to a party’s address as set forth above or to such other address as any party may give to the other for such purpose in accordance with this paragraph. No delay or omission on the Bank’s part to exercise any right or power arising hereunder will impair any such right or power or be considered a waiver of any such right or power, nor will the Bank’s action or inaction impair any such right or power. The Bank’s rights and remedies hereunder are cumulative and not exclusive of any other rights or remedies which the Bank may have under other agreements, at law or in equity. No modification, amendment or waiver of, or consent to any departure by the Borrower from, any provision of this Note will be effective unless made in a writing signed by the Bank, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Notwithstanding the foregoing, the Bank may modify this Note for the purposes of completing missing content or correcting erroneous content, without the need for a written amendment, provided that the Bank shall send a copy of any such modification to the Borrower (which notice may be given by electronic mail). The Borrower agrees to pay on demand, to the extent permitted by law, all costs and expenses incurred by the Bank in the enforcement of its rights in this Note and in any security therefor, including without limitation reasonable fees and expenses of the Bank’s counsel. If any provision of this Note is found to be invalid, illegal or unenforceable in any respect by a court, all the other provisions of this Note will remain in full force and effect. The Borrower and all other makers and indorsers of this Note hereby forever waive presentment, protest, notice of dishonor and notice of non-payment. The Borrower also waives all defenses based on suretyship or impairment of collateral. If this Note is executed by more than one Borrower, the obligations of such persons or entities hereunder will be joint and several. This Note shall bind the Borrower and its heirs, executors, administrators, successors and assigns, and the benefits hereof shall inure to the benefit of the Bank and its successors and assigns; provided, however, that the Borrower may not assign this Note in whole or in part without the Bank’s written consent and the Bank at any time may assign this Note in whole or in part.

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This Note has been delivered to and accepted by the Bank and will be deemed to be made in the State where the Bank’s office indicated above is located. This Note will be interpreted and the rights and liabilities of the Bank and the Borrower determined in accordance with the laws of the state where the Bank’s office indicated above is located, excluding its conflict of laws rules, including without limitation the Electronic Transactions Act (or equivalent) in effect in the state where the Bank’s office indicated above is located (or, to the extent controlling, the laws of the United States Of America, including without limitation the Electronic Signatures in Global and National Commerce Act). The Borrower hereby irrevocably consents to the exclusive jurisdiction of any state or federal court in the county or judicial district where the Bank’s office indicated above is located; provided that nothing contained in this Note will prevent the Bank from bringing any action, enforcing any award or judgment or exercising any rights against the Borrower individually, against any security or against any property of the Borrower within any other county, state or other foreign or domestic jurisdiction. The Borrower acknowledges and agrees that the venue provided above is the most convenient forum for both the Bank and the Borrower. The Borrower waives any objection to venue and any objection based on a more convenient forum in any action instituted under this Note.

16. Amendment and Restatement. This Note amends and restates, and is in substitution for, that certain Amended and Restated Committed Line of Credit Note in the original principal amount of $48,000,000.00 payable to the order of the Bank and dated February 19, 2019 (the “Existing Note”). However, without duplication, this Note shall in no way extinguish, cancel or satisfy Borrower’s unconditional obligation to repay all indebtedness evidenced by the Existing Note or constitute a novation of the Existing Note. Nothing herein is intended to extinguish, cancel or impair the lien priority or effect of any security agreement, pledge agreement or mortgage with respect to any Obligor’s obligations hereunder and under any other document relating hereto.

17. Commercial Purpose. The Borrower represents that the indebtedness evidenced by this Note is being incurred by the Borrower solely for the purpose of acquiring or carrying on a business, professional or commercial activity, and not for personal, family or household purposes.

18. USA PATRIOT Act Notice. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each Borrower that opens an account. What this means: when the Borrower opens an account, the Bank will ask for the business name, business address, taxpayer identifying number and other information that will allow the Bank to identify the Borrower, such as organizational documents. For some businesses and organizations, the Bank may also need to ask for identifying information and documentation relating to certain individuals associated with the business or organization.

19. Authorization to Obtain Credit Reports. By signing below, each Borrower who is an individual provides written authorization to the Bank or its designee (and any assignee or potential assignee hereof) to obtain the Borrower’s personal credit profile from one or more national credit bureaus. Such authorization shall extend to obtaining a credit profile in considering this Note and subsequently for the purposes of update, renewal or extension of such credit or additional credit and for reviewing or collecting the resulting account.

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20. Electronic Signatures and Records. Notwithstanding any other provision herein, the Borrower agrees that this Note, the Loan Documents, any amendments thereto, and any other information, notice, signature card, agreement or authorization related thereto (each, a “Communication”) may, at the Bank’s option, be in the form of an electronic record. Any Communication may, at the Bank’s option, be signed or executed using electronic signatures. For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the Bank of a manually signed paper Communication which has been converted into electronic form (such as scanned into PDF format) for transmission, delivery and/or retention.

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

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21. WAIVER OF JURY TRIAL. The Borrower irrevocably waives any and all rights the Borrower may have to a trial by jury in any action, proceeding or claim of any nature relating to this Note, any documents executed in connection with this Note or any transaction contemplated in any of such documents. The Borrower acknowledges that the foregoing waiver is knowing and voluntary.

The Borrower acknowledges that it has read and understands all the provisions of this Note, including the waiver of jury trial, and has been advised by counsel as necessary or appropriate.

WITNESS the due execution hereof as a document under seal, as of the date first written above, with the intent to be legally bound hereby.

	MIDDLESEX WATER COMPANY

	By:	/s/ A. Bruce O’Connor
		(SEAL)
		A. Bruce O’Connor
		Senior Vice President & Treasurer

	PINELANDS WASTEWATER COMPANY

	By:	/s/ A. Bruce O’Connor
		(SEAL)
		A. Bruce O’Connor
		Vice President & Treasurer

	PINELANDS WATER COMPANY

	By:	/s/ A. Bruce O’Connor
		(SEAL)
		A. Bruce O’Connor
		Vice President & Treasurer
	TIDEWATER UTILITIES, INC.

	By:	/s/ A. Bruce O’Connor
		(SEAL)
		A. Bruce O’Connor
		President

[SIGNATURES CONTINUE ON NEXT PAGE]

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	UTILITY SERVICE AFFILIATES (PERTH AMBOY) INC.

	By:	/s/ A. Bruce O’Connor
		(SEAL)
		A. Bruce O’Connor
		Vice President & Treasurer

	UTILITY SERVICE AFFILIATES INC.

	By:	/s/ A. Bruce O’Connor
		(SEAL)
		A. Bruce O’Connor
		Treasurer
	TIDEWATER ENVIRONMENTAL SERVICES, INC.
	By:	/s/ A. Bruce O’Connor
		(SEAL)
		A. Bruce O’Connor
		President
	WHITE MARSH ENVIRONMENTAL SYSTEMS, INC.
	By:	/s/ A. Bruce O’Connor
		(SEAL)
		A. Bruce O’Connor
		President

-11-

EX-10.32A 3 ex10-32a.htm EX-10.32A

Exhibit 10.32(a)

Amendment to Loan Documents

THIS AMENDMENT TO LOAN DOCUMENTS (this “Amendment”) is made as of October 22, 2019, by and between MIDDLESEX WATER COMPANY, PINELANDS WASTEWATER COMPANY, PINELANDS WATER COMPANY, TIDEWATER ENVIRONMENTAL SERVICES, INC., TIDEWATER UTILITIES, INC., UTILITY SERVICE AFFILIATES (PERTH AMBOY) INC., UTILITY SERVICE AFFILIATES INC. and WHITE MARSH ENVIRONMENTAL SYSTEMS, INC. (individually and collectively, the “Borrower”), and PNC BANK, NATIONAL ASSOCIATION (the “Bank”).

BACKGROUND

A. The Borrower or another obligor has executed and delivered to the Bank (or a predecessor which is now known by the Bank’s name as set forth above), one or more promissory notes, letter agreements, loan agreements, security agreements, mortgages, pledge agreements, collateral assignments, and other agreements, instruments, certificates and documents, some or all of which are more fully described on attached Exhibit A, which is made a part of this Amendment (collectively as amended from time to time, the “Loan Documents”) which evidence or secure some or all of the indebtedness and other obligations of the Borrower to the Bank for one or more loans or other extensions of credit (as used herein, collectively, together with the Obligations, if and as defined in the Loan Documents, the “Obligations”). Any initially capitalized terms used in this Amendment without definition shall have the meanings assigned to those terms in the Loan Documents.

B. The Borrower and the Bank desire to amend the Loan Documents as provided for in this Amendment.

NOW, THEREFORE, in consideration of the mutual covenants herein contained and intending to be legally bound hereby, the parties hereto agree as follows:

1. Certain of the Loan Documents are amended as set forth in Exhibit A. Any and all references to any Loan Document in any other Loan Document shall be deemed to refer to such Loan Document as amended by this Amendment. This Amendment is deemed incorporated into each of the Loan Documents. To the extent that any term or provision of this Amendment is or may be inconsistent with any term or provision in any Loan Document, the terms and provisions of this Amendment shall control.

2. The Borrower hereby certifies that: (a) all of its representations and warranties in the Loan Documents, as amended by this Amendment, are, except as may otherwise be stated in this Amendment: (i) true and correct as of the date of this Amendment, (ii) ratified and confirmed without condition as if made anew, and (iii) incorporated into this Amendment by reference, (b) no Event of Default or event which, with the passage of time or the giving of notice or both, would constitute an Event of Default, exists under any Loan Document which will not be cured by the execution and effectiveness of this Amendment, (c) no consent, approval, order or authorization of, or registration or filing with, any third party is required in connection with the execution, delivery and carrying out of this Amendment or, if required, has been obtained, and (d) this Amendment has been duly authorized, executed and delivered so that it constitutes the legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms. The Borrower confirms that the Obligations remain outstanding without defense, set off, counterclaim, discount or charge of any kind as of the date of this Amendment.

3. The Borrower hereby confirms that any collateral for the Obligations, including liens, security interests, mortgages, and pledges granted by the Borrower or third parties (if applicable), shall continue unimpaired and in full force and effect, and shall cover and secure all of the Borrower’s existing and future Obligations to the Bank, as modified by this Amendment.

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4. As a condition precedent to the effectiveness of this Amendment, the Borrower shall comply with the terms and conditions (if any) specified in Exhibit A.

5. To induce the Bank to enter into this Amendment, the Borrower waives and releases and forever discharges the Bank and its officers, directors, attorneys, agents, and employees from any liability, damage, claim, loss or expense of any kind that it may have against the Bank or any of them arising out of or relating to the Obligations. The Borrower further agrees to indemnify and hold the Bank and its officers, directors, attorneys, agents and employees harmless from any loss, damage, judgment, liability or expense (including attorneys’ fees) suffered by or rendered against the Bank or any of them on account of any claims arising out of or relating to the Obligations. The Borrower further states that it has carefully read the foregoing release and indemnity, knows the contents thereof and grants the same as its own free act and deed.

6. This Amendment may be signed in any number of counterpart copies and by the parties to this Amendment on separate counterparts, but all such copies shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment by facsimile transmission shall be effective as delivery of a manually executed counterpart. Upon written request by the other party (which may be made by electronic mail), any party so executing this Amendment by facsimile transmission shall promptly deliver a manually executed counterpart, provided that any failure to do so shall not affect the validity of the counterpart executed by facsimile transmission.

7. Notwithstanding any other provision herein or in the other Loan Documents, the Borrower agrees that this Amendment, the Note, the other Loan Documents, any other amendments thereto and any other information, notice, signature card, agreement or authorization related thereto (each, a “Communication”) may, at the Bank’s option, be in the form of an electronic record. Any Communication may, at the Bank’s option, be signed or executed using electronic signatures. For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the Bank of a manually signed paper Communication which has been converted into electronic form (such as scanned into PDF format) for transmission, delivery and/or retention. The Borrower and the Bank acknowledge and agree that the methods for delivering Communications, including notices, under the Loan Documents include electronic transmittal to any electronic address provided by either party to the other party from time to time.

8. The Bank may modify this Amendment for the purposes of completing missing content or correcting erroneous content, without the need for a written amendment, provided that the Bank shall send a copy of any such modification to the Borrower (which notice may be given by electronic mail).

9. This Amendment will be binding upon and inure to the benefit of the Borrower and the Bank and their respective heirs, executors, administrators, successors and assigns.

10. This Amendment has been delivered to and accepted by the Bank and will be deemed to be made in the State where the Bank’s office indicated in the Loan Documents is located. This Amendment will be interpreted and the rights and liabilities of the parties hereto determined in accordance with the laws of the State where the Bank’s office indicated in the Loan Documents is located, excluding its conflict of laws rules, including without limitation the Electronic Transactions Act (or equivalent) in such State (or, to the extent controlling, the laws of the United States of America, including without limitation the Electronic Signatures in Global and National Commerce Act).

11. Except as amended hereby, the terms and provisions of the Loan Documents remain unchanged, are and shall remain in full force and effect unless and until modified or amended in writing in accordance with their terms, and are hereby ratified and confirmed. Except as expressly provided herein, this Amendment shall not constitute an amendment, waiver, consent or release with respect to any provision of any Loan Document, a waiver of any default or Event of Default under any Loan Document, or a waiver or release of any of the Bank’s rights and remedies (all of which are hereby reserved). The Borrower expressly ratifies and confirms the confession of judgment (if applicable) and waiver of jury trial or arbitration provisions contained in the Loan Documents, all of which are incorporated herein by reference.

-2-

WITNESS the due execution of this Amendment as a document under seal as of the date first written above.

	MIDDLESEX WATER COMPANY

	By:	/s/ A. Bruce O’Connor
		(SEAL)
		A. Bruce O’Connor
		Senior Vice President & Treasurer

	PINELANDS WASTEWATER COMPANY

	By:	/s/ A. Bruce O’Connor
		(SEAL)
		A. Bruce O’Connor
		Vice President & Treasurer

	PINELANDS WATER COMPANY

	By:	/s/ A. Bruce O’Connor
		(SEAL)
		A. Bruce O’Connor
		Vice President & Treasurer
	TIDEWATER UTILITIES, INC.

	By:	/s/ A. Bruce O’Connor
		(SEAL)
		A. Bruce O’Connor
		President
	UTILITY SERVICE AFFILIATES (PERTH AMBOY) INC.

	By:	/s/ A. Bruce O’Connor
		(SEAL)
		A. Bruce O’Connor
		Vice President & Treasurer

[SIGNATURES CONTINUE ON NEXT PAGE]

-3-

UTILITY SERVICE AFFILIATES INC.

By: /s/ A. Bruce O’Connor

(SEAL)

A. Bruce O’Connor

Treasurer

TIDEWATER ENVIRONMENTAL SERVICES, INC.

By: /s/ A. Bruce O’Connor

(SEAL)

A. Bruce O’Connor

President

WHITE MARSH ENVIRONMENTAL SYSTEMS, INC.

By: /s/ A. Bruce O’Connor

(SEAL)

A. Bruce O’Connor

President

PNC BANK, NATIONAL ASSOCIATION

By: /s/ Virginia Alling

Print Name: Virginia Alling

Title: Senior Vice President

-4-

EXHIBIT A TO

AMENDMENT TO LOAN DOCUMENTS

DATED AS OF OCTOBER 22, 2019

The “Loan Documents” that are the subject of this Amendment include the following (as each of such documents has been amended, modified or otherwise supplemented previously):

Amended and Restated Loan Agreement between the Borrower and the Bank dated April 29, 2015 between the Borrower and the Bank (the “Agreement”)

$48,000,000.00 Amended and Restated Committed Line of Credit Note dated February 19, 2019 executed and delivered by the Borrower to the Bank (“Existing Note”)

Amendment to Loan Documents dated June 30, 2015 between the Borrower and the Bank

Amendment to Loan Documents dated September 26, 2017 between the Borrower and the Bank

Amendment to Loan Documents dated May 4, 2018 between the Borrower and the Bank

Amendment to Loan Documents dated February 19, 2019 between the Borrower and the Bank

All other documents, instruments, agreements, and certificates executed and delivered in connection with the Loan Documents listed in this Section A.

B. The Loan Documents are amended as follows:

Section 1.1 of the Agreement is hereby amended and restated to read in its entirety as follows:

“1.1. Line of Credit. One of the Loans governed by this Agreement is a committed revolving line of credit under which the Borrower may request and the Bank, subject to the terms and conditions of this Agreement, will make advances to the Borrower from time to time until the Expiration Date, in an aggregate amount outstanding at any time not to exceed $68,000,000.00 (the “Line of Credit”). The “Expiration Date” shall have the meaning set forth in the note evidencing the Line of Credit. The Borrower acknowledges and agrees that in no event will the Bank be under any obligation to extend or renew the Line of Credit beyond the Expiration Date. In no event shall the aggregate unpaid principal amount of advances under the Line of Credit exceed the face amount of the Line of Credit. Advances under the Line of Credit will be used for working capital or other general business purposes of the Borrower.”

Restated Note. Concurrently with the execution and delivery of this Amendment, the Borrower shall execute and deliver to the Bank an amended and restated note (the "Restated Note") evidencing the line of credit in the original principal amount of $68,000,000.00, in form and substance satisfactory to the Bank. Upon receipt by the Bank of the Restated Note, the Existing Note shall be canceled; the loan evidenced by the Existing Note (the "Existing Loan") and all accrued and unpaid interest on the Existing Loan shall thereafter be evidenced by the Restated Note; and all references to the promissory note evidencing the Existing Loan in any documents relating thereto, howsoever named, shall thereafter be deemed to refer to the Restated Note. Without duplication, the Restated Note shall not constitute a novation and shall in no way extinguish the Borrower's unconditional obligation to repay all indebtedness, including accrued and unpaid interest, evidenced by the Existing Note.

-5-

Conditions to Effectiveness of Amendment: The Bank’s willingness to agree to the amendments set forth in this Amendment is subject to the prior satisfaction of the following conditions:

Execution by all parties and delivery to the Bank of this Amendment and the Restated Note.

-6-

EX-31.1 4 ex31-1.htm EX-31.1

Exhibit 31.1

SECTION 302 CERTIFICATION PURSUANT TO RULES 13a-14

AND 15d-14 OF THE SECURITIES EXCHANGE ACT OF 1934

I, Dennis W. Doll, certify that:

I have reviewed this quarterly report on Form 10-Q of Middlesex Water Company;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have;

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any changes in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	/s/ Dennis W. Doll
	Dennis W. Doll
	Chief Executive Officer

Date: November 1, 2019

EX-31.2 5 ex31-2.htm EX-31.2

Exhibit 31.2

SECTION 302 CERTIFICATION PURSUANT TO RULES 13a-14

AND 15d-14 OF THE SECURITIES EXCHANGE ACT OF 1934

I, A. Bruce O’Connor, certify that:

I have reviewed this quarterly report on Form 10-Q of Middlesex Water Company;

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	/s/ A. Bruce O’Connor
	A. Bruce O’Connor
	Chief Financial Officer

Date: November 1, 2019

EX-32.1 6 ex32-1.htm EX-32.1

Exhibit 32.1

SECTION 906 CERTIFICATION PURSUANT TO 18 U.S.C. §1350

I, Dennis W. Doll, hereby certify that, to the best of my knowledge, the periodic report being filed herewith containing financial statements fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)) and that information contained in said periodic report fairly presents, in all material respects, the financial condition and results of operations of Middlesex Water Company for the period covered by said periodic report.

	/s/ Dennis W. Doll
	Dennis W. Doll
	Chief Executive Officer

Date: November 1, 2019

A signed original of this written statement required by Section 906 has been provided to Middlesex Water Company and will be retained by Middlesex Water Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2 7 ex32-2.htm EX-32.2

Exhibit 32.2

SECTION 906 CERTIFICATION PURSUANT TO 18 U.S.C. §1350

I, A. Bruce O’Connor, hereby certify that, to the best of my knowledge, the periodic report being filed herewith containing financial statements fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)) and that information contained in said periodic report fairly presents, in all material respects, the financial condition and results of operations of Middlesex Water Company for the period covered by said periodic report.

	/s/ A. Bruce O’Connor
	A. Bruce O’Connor
	Chief Financial Officer

Date: November 1, 2019

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30815000 3577000 2644000 5159000 5411000 9417000 7293000 13407000 11762000 3151000 3705000 677750000 618487000 166873000 157387000 844623000 775874000 69651000 32878000 80635000 74371000 536367000 512202000 157970000 156423000 6700000 7100000 400000 500000 200000 500000 700000 0.0335 1000000 700000 100000 17600000 Note 1 – Basis of Presentation and Recent Developments   Middlesex Water Company (Middlesex or the Company) is the parent company and sole shareholder of Tidewater Utilities, Inc. (Tidewater), Tidewater Environmental Services, Inc. (TESI), Pinelands Water Company (Pinelands Water) and Pinelands Wastewater Company (Pinelands Wastewater) (collectively, Pinelands), Utility Service Affiliates, Inc. (USA), Utility Service Affiliates  (Perth Amboy) Inc. (USA-PA), and Twin Lakes Utilities, Inc. (Twin Lakes). Southern Shores Water Company, LLC (Southern Shores) and White Marsh Environmental Systems, Inc. (White Marsh) are wholly-owned subsidiaries of Tidewater. The financial statements for Middlesex and its wholly-owned subsidiaries (the Company) are reported on a consolidated basis. All significant intercompany accounts and transactions have been eliminated.   The consolidated notes within the 2018 Annual Report on Form 10-K (2018 Form 10-K) are applicable to these financial statements and, in the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary (including normal recurring accruals) to present fairly the financial position as of September 30, 2019 and the results of operations and cash flows for the three month and nine month periods ended September 30, 2019 and 2018. Information included in the Condensed Consolidated Balance Sheet as of December 31, 2018, has been derived from the Company’s audited financial statements for the year ended December 31, 2018 included in the 2018 Form 10-K.   Recent Developments   Tidewater to Acquire Water Systems - On October 8, 2019, the Delaware Public Service Commission (DEPSC) approved Tidewater’s request to purchase the water utility assets of J.H. Wilkerson and Son, Inc. and transfer the Certificate of Public Convenience and Necessity in order for Tidewater to serve the approximate 1,000 customers currently connected to eight community water systems located mostly in eastern Sussex County, Delaware. The DEPSC also authorized Tidewater to maintain the existing rates that these customers currently pay. The transaction is expected to close in the fourth quarter of 2019.   Recently Adopted Accounting Guidance   Leases - On January 1, 2019, the Company adopted Financial Accounting Standards Board (FASB) issued guidance related to leases which required lessees to recognize a lease liability and a right-of-use asset. The Company elected the optional transition method of adoption option to apply the requirements of the standard in the period of adoption with no restatement of prior periods. The Company utilized the package of transition practical expedients provided by the new guidance, including carrying forward prior conclusions related to contracts that contain leases and lease classification. The Company also utilized the transition practical expedient permitting entities to forgo the evaluation of existing land easement arrangements to determine if they contain a lease. Land easement arrangements, or modifications to existing arrangements, entered into after adoption of this guidance will need to be evaluated to determine if they meet the definition of a lease. The adoption of this guidance resulted in the recording of a $6.7 million right-of-use asset, a $7.1 million lease liability and a $0.4 million regulatory asset on the Company’s consolidated balance sheet as of January 1, 2019. For further discussion, see “Leases” in Note 7 – Commitments and Contingent Liabilities.   There are no other new adopted or proposed accounting guidance that the Company is aware of that could have a material impact on the Company’s financial statements. Note 2 – Rate and Regulatory Matters   Middlesex – In December 2018, the New Jersey Board of Public Utilities (NJBPU) approved Middlesex’s petition to establish its Purchased Water Adjustment Clause (PWAC) tariff rate to recover additional annual costs of less than $0.1 million, primarily for the purchase of treated water from a non-affiliated water utility regulated by the NJBPU. A PWAC is a rate mechanism that allows for recovery of increased purchased water costs between base rate case filings. The PWAC is reset to zero once those increased costs are included in base rates. The PWAC tariff rate became effective on January 1, 2019.   Tidewater - Effective July 1, 2019, Tidewater reset its DEPSC approved Distribution System Improvement Charge rate, which is expected to generate revenues of approximately $0.5 million annually.   In February 2019, Tidewater received approval from the DEPSC to reduce its rates, effective March 1, 2019, to reflect the lower corporate income tax rate enacted by the Tax Cuts and Jobs Act of 2017 (Tax Act), resulting in an overall rate decrease of 3.35%, or $1.0 million of revenues, on an annual basis. The DEPSC also approved a one-time credit of $0.7 million to customers’ accounts related to the lower corporate income tax rate.   Pinelands - On October 25, 2019, Pinelands Water and Pinelands Wastewater concluded their base rate case matters when the NJBPU approved a $0.5 million increase in annual base rates, effective November 4, 2019. In March 2019, Pinelands Water and Pinelands Wastewater had filed petitions with the NJBPU seeking permission to increase base rates by approximately $0.7 million per year. The requests were necessitated by capital infrastructure investments both companies had made, and increased operations and maintenance costs.   Twin Lakes - In July 2019, Twin Lakes filed a petition with the Pennsylvania Public Utilities Commission (PAPUC) seeking permission to increase base rates by approximately $0.2 million per year. This request was necessitated by capital infrastructure investments Twin Lakes has made and increased operations and maintenance costs. We cannot predict whether the PAPUC will ultimately approve, deny, or reduce the amount of the request. A decision by the PAPUC is not expected before the first quarter of 2020. Note 10 – Income Taxes   As part of its 2014 Federal income tax return, the Company adopted the final Internal Revenue Service (IRS) tangible property regulations and changed its accounting method for the tax treatment of expenditures that qualified as deductible repairs. The adoption resulted in a net reduction of $17.6 million in taxes previously remitted to the IRS, for which the Company has already sought and received the tax refunds. A reserve provision against refunded taxes of $2.3 million was recorded in 2015 at the time of filing its change in accounting method based on a possible challenge by the IRS during an audit examination. The Company’s 2014 federal income tax return was subsequently selected for examination by the IRS. In 2018, the Company increased its income tax reserve provision to $4.1 million. During the first quarter of 2019, the Company agreed to certain modifications of its accounting method for expenditures that qualify as deductible repairs and the IRS concluded its audit of the Company’s 2014 federal income tax return. The modifications also impacted the Company’s filed 2015, 2016 and 2017 federal income tax returns. In March 2019 and June 2019, the Company paid $0.8 million in income taxes and $0.1 million in interest, respectively, in connection with the conclusion and closing of the 2014 and 2015 tax return audits. As of September 30, 2019, the Company has reduced its income tax reserve provision and interest expense liability to $2.4 million and $0.1 million, respectively. In October 2019, the Company paid $1.9 million in income taxes in connection with the conclusion and closing of the 2016 and 2017 tax return audits. Note 3 – Capitalization   Common Stock - During the nine months ended September 30, 2019 and 2018, there were 221,558 common shares ($12.4 million) and 21,001 common shares (approximately $0.9 million), respectively, issued under the Middlesex Water Company Investment Plan (Investment Plan). On January 2, 2019, the Company began offering shares of its common stock for purchase at a 5% discount to participants in the Investment Plan. In August 2019, the 200,000 share purchase limit established for the 5% discount program was reached and the program was concluded.   In September 2019, the Company determined it had inadvertently sold shares of its common stock through the Investment Plan from August 1, 2018 through September 3, 2019 (Eligible Period) after the registration statement covering sales through the Investment Plan had expired and therefore was no longer effective. Under applicable federal securities laws, participants in the Investment Plan who purchased shares of common stock have a right to rescind their Eligible Period purchases and require the Company to repurchase these shares for an amount equal to the price paid by the participant, less any dividends paid on the purchased shares, plus interest.   In October 2019, the Company’s Board of Directors approved a plan to voluntarily offer a right of rescission (Rescission Offer) to Investment Plan participants who purchased shares of the Company’s common stock during the Eligible Period. During the Eligible Period, Investment Plan participants purchased 232,643 shares at an average price of $55.79 per share.   On October 11, 2019, the Company filed a supplement to the Investment Plan prospectus (Prospectus Supplement) with the United States Securities and Exchange Commission registering the Rescission Offer and notifying eligible Investment Plan participants of the specific details of the Rescission Offer. By filing the Prospectus Supplement the 232,643 previously unregistered shares are deemed registered. Investment Plan participants have thirty (30) days from the notification date to decide to accept or reject the Rescission Offer. Based on the current market price of the Company’s common stock, the Company does not expect that the exercise of any applicable rescission rights under the Rescission Offer by participants will have a material impact on its results of operations, financial condition or liquidity.   For the nine months ended September 30, 2019, 3,000 shares (approximately $0.3 million) of the Company’s no par $8.00 Series Cumulative and Convertible Preferred Stock were converted into 41,142 shares of common stock.   In May 2019, Middlesex received approval from the NJBPU to issue and sell up to 1,500,000 shares of its common stock in one or more transactions through December 31, 2022. Sales of additional shares of common stock are part of the Company’s comprehensive financing plan to fund its multi-year utility plant infrastructure investment program. As described below in “Long-term Debt”, the NJBPU approved the New Jersey Economic Development Authority (NJEDA) debt funding component of the financing plan.   Long-term Debt - Subject to regulatory approval, the Company periodically issues long-term debt to fund its investments in utility plant and other assets. To the extent possible, 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 that are 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 current interest rate on 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 current term of the long-term loans offered through the NJIB is up to thirty years. The current portion of the principal balance having a stated interest rate of zero percent (0%) is 75% with the remaining portion of 25% having a market based interest rate.   The NJIB generally schedules its long-term debt financings in May and November. Middlesex currently has two projects that are in the construction loan phase of New Jersey SRF program:   <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">1)</td><td style="text-align: justify">In April 2018, the NJBPU approved Middlesex’s request to participate in the NJIB loan program to fund the construction of a large-diameter transmission pipeline from the CJO water treatment plant and interconnect with our distribution system. Middlesex closed on a $43.5 million NJIB interest-free construction loan in August 2018. Through September 30, 2019, Middlesex has drawn a total of $30.2 million and expects to draw down the remaining proceeds through the first quarter of 2020.</td></tr></table>   <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">2)</td><td style="text-align: justify">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 eliminate all unlined water distribution mains in the Middlesex system. Middlesex closed on an $8.7 million NJIB construction loan in September 2018. Through September 30, 2019, Middlesex has drawn a total of $8.0 million and drew the remaining proceeds in October 2019.</td></tr></table>   The Company expects that the large-diameter transmission pipeline and the 2018 RENEW construction loans will be included in the NJIB May 2020 long-term debt financing program.   In May 2018, Middlesex repaid its RENEW 2017 interest-free construction loan by issuing to the NJIB first mortgage bonds in the amount of $9.5 million designated as Series 2018A ($7.1 million) and Series 2018B ($2.4 million). The interest rate on the Series 2018A bond is zero and the interest rate on the Series 2018B bond ranges between 3.0% and 5.0%. The final maturity date for both bonds is August 1, 2047, with scheduled debt service payments over the life of the loans.   In 2019, the NJIB de-obligated principal payments of $0.1 million on Series NN of the Company’s First Mortgage Bonds.   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 First Mortgage Bonds (FMB) through the 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, are being 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, is held in escrow by a bond trustee and are drawn down by requisition for the qualifying projects. Through September 30, 2019, Middlesex has drawn a total of $7.6 million and currently expects to draw the remaining $53.2 million of proceeds, currently included in Restricted Cash, through the third quarter of 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 immediately began drawing on the combined loan amount with expected draws continuing through the first quarter of 2020.   Fair Value of Financial Instruments - The following methods and assumptions were used by the Company in estimating its fair value disclosure for financial instruments for which it is practicable to estimate that value. The carrying amounts reflected in the condensed consolidated balance sheets for cash and cash equivalents, trade receivables, accounts payable and notes payable approximate their respective fair values due to the short-term maturities of these instruments. The fair value of FMB and State Revolving Fund Bonds (collectively, the Bonds) issued by Middlesex is based on quoted market prices for similar issues. Under the fair value hierarchy, the fair value of cash and cash equivalents is classified as a Level 1 measurement and the fair value of notes payable and the Bonds in the table below are classified as Level 2 measurements. The carrying amount and fair value of the Bonds were as follows:     <table cellspacing="0" cellpadding="0" align="center" style="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">September 30, 2019</td> <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">December 31, 2018</td></tr> <tr style="vertical-align: top"> <td style="width: 31%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">Carrying</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">Fair</td> <td style="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">Carrying</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">Fair </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">Amount</td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">Value</td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">Amount</td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">Value</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Bonds</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"> $151,361</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"> $154,355</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"> $101,411</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"> $102,789</td></tr> </table>   For other long-term debt for which there was no quoted market price and there is not an active trading market, it was not practicable to estimate their fair value (for details, including carrying value, interest rate and due date on these series of long-term debt, please refer to those series noted as “Amortizing Secured Note”, “State Revolving Trust Note” and “Construction Loans” on the Condensed Consolidated Statements of Capital Stock and Long-Term Debt). The carrying amount of these instruments was $80.5 million and $61.5 million at September 30, 2019 and December 31, 2018, respectively. Customer advances for construction have carrying amounts of $22.7 million and $22.6 million at September 30, 2019 and December 31, 2018, 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. Note 4 – Earnings Per Share   Basic earnings per share (EPS) are computed on the basis of the weighted average number of shares outstanding during the period presented. Diluted EPS assumes the conversion of both the Convertible Preferred Stock $7.00 Series and the Convertible Preferred Stock $8.00 Series.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="15" style="text-align: center">(In Thousands Except per Share Amounts)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="15" style="text-align: center">Three Months Ended September 30,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="7" style="text-align: center">2019</td><td> </td> <td colspan="7" style="text-align: center">2018</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: 400; font-style: normal; text-align: justify; border-bottom: Black 1pt solid">Basic:  </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Shares</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Net Income</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">11,119</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,610</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">12,290</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,394</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(30</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(36</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">11,089</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,610</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">12,254</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,394</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-left: 54px"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Basic EPS</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.67</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.75</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; border-bottom: Black 1pt solid">Diluted:</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">11,089</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,610</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">12,254</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,394</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">$7.00 Series Preferred Dividend</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">$8.00 Series Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">32</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">41</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Adjusted Earnings Applicable to  Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">11,106</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,757</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">12,277</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,550</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Diluted EPS</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.66</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.74</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table>   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="15" style="text-align: center">(In Thousands Except per Share Amounts)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="15" style="text-align: center">Nine Months Ended September 30,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="7" style="text-align: center">2019</td><td> </td> <td colspan="7" style="text-align: center">2018</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: 400; font-style: normal; text-align: justify; border-bottom: Black 1pt solid">Basic: </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Shares</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Net Income</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">25,818</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,520</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">25,459</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,379</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(102</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(108</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">25,716</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,520</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">25,351</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,379</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-left: 54px"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Basic EPS</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.56</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.55</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; border-bottom: Black 1pt solid">Diluted:</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">25,716</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,520</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">25,351</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,379</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">$7.00 Series Preferred Dividend</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">$8.00 Series Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">38</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">18</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">41</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Adjusted Earnings Applicable to  Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">25,778</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,673</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">25,419</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,535</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Diluted EPS</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.55</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.54</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr></table> Note 5 – Business Segment Data   The Company has identified two reportable segments. One is the regulated business of collecting, treating and distributing water on a retail and wholesale basis to residential, commercial, industrial and fire protection customers in parts of New Jersey, Delaware and Pennsylvania. This segment also includes regulated wastewater systems in New Jersey and Delaware. The Company is subject to regulations as to its rates, services and other matters by New Jersey, Delaware and Pennsylvania with respect to utility services within these states. The other segment is primarily comprised of non-regulated contract services for the operation and maintenance of municipal and private water and wastewater systems in New Jersey and Delaware. Inter-segment transactions relating to operational costs are treated as pass-through expenses. Finance charges on inter-segment loan activities are based on interest rates that are below what would normally be charged by a third party lender.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="15" style="text-align: center; white-space: nowrap">(In Thousands)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="7" style="text-align: center; white-space: nowrap">Three Months Ended</td><td style="white-space: nowrap"> </td> <td colspan="7" style="text-align: center; white-space: nowrap">Nine Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">September 30,</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">September 30,</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap">Operations by Segments:</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">Revenues:</td><td style="white-space: nowrap"> </td> <td colspan="3" style="text-align: right; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="3" style="text-align: right; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="3" style="text-align: right; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="3" style="text-align: right; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; white-space: nowrap">   Regulated</td><td style="width: 1%; white-space: nowrap"> </td> <td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">35,000</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td> <td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">34,628</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td> <td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">93,342</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td> <td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">93,002</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; white-space: nowrap">   Non – Regulated</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3,020</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">4,304</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">9,032</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">12,286</td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; white-space: nowrap">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(251</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(219</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(515</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(479</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; white-space: nowrap">Consolidated Revenues</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">37,769</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">38,713</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">101,859</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">104,809</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; white-space: nowrap">Operating Income:</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap">   Regulated</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">11,001</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">12,214</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">24,937</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">27,827</td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; white-space: nowrap">   Non – Regulated</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">982</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">704</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">3,025</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">2,162</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; white-space: nowrap">Consolidated Operating Income</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">11,983</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">12,918</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">27,962</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">29,989</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; white-space: nowrap">Net Income:</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap">   Regulated</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">10,409</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">11,770</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">23,700</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">23,904</td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; white-space: nowrap">   Non – Regulated</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">710</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">520</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">2,118</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">1,555</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; white-space: nowrap">Consolidated Net Income</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">11,119</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">12,290</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">25,818</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">25,459</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; white-space: nowrap">Capital Expenditures:</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap">  Regulated</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">25,437</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">21,141</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">60,998</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">49,469</td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; white-space: nowrap">   Non – Regulated</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">85</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">—</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">222</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">49</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; white-space: nowrap">Total Capital Expenditures</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">25,522</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">21,141</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">61,220</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">49,518</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr> </table>   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 0; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="3" style="text-align: center; white-space: nowrap">As of</td><td style="white-space: nowrap"> </td> <td colspan="3" style="text-align: center; white-space: nowrap">As of</td> <td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="3" style="text-align: center; white-space: nowrap">September 30,</td><td style="white-space: nowrap"> </td> <td colspan="3" style="text-align: center; white-space: nowrap">December 31,</td> <td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td> <td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0">Assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td> <td style="background-color: White"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 52%; padding-left: 0">   Regulated</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">886,280</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">764,749</td><td style="width: 1%; text-align: left"> </td> <td style="width: 24%; background-color: White"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0">   Non – Regulated</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,593</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,994</td><td style="text-align: left"> </td> <td style="background-color: White"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(8,520</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,913</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="background-color: White"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0">Consolidated Assets</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">887,353</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">767,830</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="background-color: White"> </td></tr></table> Note 6 – Short-term Borrowings   As of September 30, 2019, the Company retained lines of credit aggregating $120.0 million, an increase of $20.0 million from June 30, 2019. In October 2019, the Company increased its lines of credit to $140.0 million. At September 30, 2019, the outstanding borrowings under these credit lines were $58.5 million at a weighted average interest rate of 3.06%.   The weighted average daily amounts of borrowings outstanding under the Company’s credit lines and the weighted average interest rates on those amounts were as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="15" style="text-align: center; white-space: nowrap">(In Thousands)</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="7" style="text-align: center; white-space: nowrap">Three Months Ended</td><td style="white-space: nowrap"> </td> <td colspan="7" style="text-align: center; white-space: nowrap">Nine Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="7" style="text-align: center; white-space: nowrap">September 30,</td><td style="white-space: nowrap"> </td> <td colspan="7" style="text-align: center; white-space: nowrap">September 30,</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; white-space: nowrap">Average Daily Amounts Outstanding</td><td style="width: 1%; white-space: nowrap"> </td> <td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">58,259</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td> <td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">43,402</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td> <td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">56,881</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td> <td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">34,332</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap">Weighted Average Interest Rates</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3.26%</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3.24%</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3.45%</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3.09%</td><td style="text-align: left; white-space: nowrap"> </td></tr> </table>   The maturity dates for the $58.5 million outstanding as of September 30, 2019 are in October 2019 through December 2019 and are extendable at the discretion of the Company.   Interest rates for short-term borrowings under the lines of credit are below the prime rate with no requirement for compensating balances. Note 7 – Commitments and Contingent Liabilities   Water Supply - Middlesex has an agreement with the New Jersey Water Supply Authority (NJWSA) for the purchase of untreated water through November 30, 2023, which provides for an average purchase of 27.0 million gallons a day (mgd). Pricing is set annually by the NJWSA through a public rate making process. The agreement has provisions for additional pricing in the event Middlesex overdrafts or exceeds certain monthly and annual thresholds.   Middlesex also has an agreement with a non-affiliated regulated water utility for the purchase of treated water. This agreement, which expires February 27, 2021, provides for the minimum purchase of 3.0 mgd of treated water with provisions for additional purchases.   Tidewater contracts with the City of Dover, Delaware to purchase 15.0 million gallons of treated water annually.   Purchased water costs are shown below:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="15" style="text-align: center">(In Thousands)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="7" style="text-align: center">Three Months Ended</td><td> </td> <td colspan="7" style="text-align: center">Nine Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="7" style="text-align: center">September 30,</td><td> </td> <td colspan="7" style="text-align: center">September 30,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="3" style="text-align: justify"> </td><td> </td> <td colspan="3" style="text-align: justify"> </td><td> </td> <td colspan="3" style="text-align: justify"> </td><td> </td> <td colspan="3" style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Treated</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">818</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">836</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,415</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,427</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Untreated</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">878</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">948</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,521</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,728</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total Costs</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,696</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,784</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">4,936</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">5,155</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> </table>   Guarantees - As part of an agreement with the County of Monmouth, New Jersey (County), Middlesex serves as guarantor of the performance of Applied Water Management, Inc. (AWM), an unaffiliated wastewater contractor, to operate a County-owned leachate pretreatment facility at the Monmouth County Reclamation Center in Tinton Falls, New Jersey. The performance guaranty is effective through 2028 unless another guarantor, acceptable to the County, replaces Middlesex before such date. Under agreements with AWM and Natural Systems Utilities, LLC (NSU), the parent company of AWM, Middlesex earns a fee for providing the performance guaranty. In addition, Middlesex may provide operational support to the facility, as needed, and AWM and NSU, serving as guarantor to Middlesex with respect to the performance of AWM, have indemnified Middlesex against any claims that may arise under the Middlesex guaranty to the County.   If required to perform under the guaranty to the County and, if AWM and NSU, as guarantor to Middlesex, do not fulfill their obligations to indemnify Middlesex against any claims that may arise under the Middlesex guaranty to the County, Middlesex would be required to fulfill the remaining operational commitment of AWM. As of September 30, 2019 and December 31, 2018, the liability recognized in Other Non-Current Liabilities on the balance sheet for the guaranty is approximately $1.4 million and $1.5 million, respectively.   Leases - The Company determines if an arrangement is a lease at inception. Generally, a lease agreement exists if the Company determines that the arrangement gives the Company control over the use of an identified asset and obtains substantially all of the benefits from the identified asset.   The Company has entered into an operating lease of office space for administrative purposes, expiring in 2030. The Company has not entered into any finance leases. The exercise of a lease renewal option for the Company’s administrative offices is solely at the discretion of the Company.   The right-of-use (ROU) asset recorded represents the Company’s right to use an underlying asset for the lease term and lease liability represents the Company’s obligation to make lease payments arising from the lease. Lease ROU assets and liabilities are recognized at 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 $0.2 million for each of the three months ended September 30, 2019 and 2018, respectively, and $0.5 million and $0.3 million for the nine months ended September 30, 2019 and 2018, respectively.   Information related to operating lease ROU assets and lease liabilities is as follows:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="3" style="text-align: center; white-space: nowrap">(In Millions)</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="3" style="text-align: center; white-space: nowrap; vertical-align: middle">September 30, 2019</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; white-space: nowrap">ROU Asset at Lease Inception</td><td style="width: 1%; white-space: nowrap"> </td> <td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">7.3</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">Accumulated Amortization</td><td style="padding-bottom: 1pt; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(1.2</td><td style="padding-bottom: 1pt; text-align: left; white-space: nowrap">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">Current ROU Asset</td><td style="padding-bottom: 1pt; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">6.1</td><td style="padding-bottom: 1pt; text-align: left; white-space: nowrap"> </td></tr> </table>   The Company’s future minimum operating lease commitments as of September 30, 2019 are as follows:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3" style="text-align: center">(In Millions)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3" style="text-align: right">September 30, 2019</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 77%; text-align: right">2019</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 20%; text-align: right">0.2</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right">2020</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.8</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right">2021</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.8</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right">2022</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.8</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right">2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.8</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right; padding-bottom: 1pt">Thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5.2</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right">Total Lease Payments</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8.6</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right; padding-bottom: 1pt">Imputed Interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2.0</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right">Present Value of Lease Payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.6</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right; padding-bottom: 1pt">Less Current Portion*</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(0.7</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right; padding-bottom: 1pt">Non-Current Lease Liability</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">5.9</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right; vertical-align: bottom">*Included in Other Current Liabilities</td> <td colspan="4"> </td></tr> </table>   Construction - The Company has forecasted to spend approximately $105 million for its construction program in 2019. The Company has entered into several contractual construction agreements that, in the aggregate, obligate it to expend an estimated $68 million in the future. The timing and amount of capital expenditures is dependent on project scheduling and refinement of engineering estimates for certain projects.   Litigation - The Company is a defendant in lawsuits in the normal course of business. We believe the resolution of pending claims and legal proceedings will not have a material adverse effect on the Company’s consolidated financial statements.   Change in Control Agreements - The Company has Change in Control Agreements with certain of its officers that provide compensation and benefits in the event of termination of employment in connection with a change in control of the Company. Note 8 – Employee Benefit Plans   Pension Benefits - The Company’s Pension Plan covers all active employees hired prior to April 1, 2007. Employees hired after March 31, 2007 are not eligible to participate in this plan, but participate in a defined contribution plan that provides for a potential annual contribution in an amount that is at the discretion of the Company. In order to be eligible for a contribution, the participant must be employed by the Company on December 31st of the year to which the contribution relates. For the three months ended September 30, 2019 and 2018, the Company made Pension Plan cash contributions of $1.3 million and $1.1 million, respectively. For each of the nine months ended September 30, 2019 and 2018, the Company made Pension Plan cash contributions of $2.3 million, respectively. The Company expects to make Pension Plan cash contributions of approximately $1.3 million over the remainder of the current year. The Company also maintains an unfunded supplemental retirement benefit plan for certain active and retired Company officers and currently pays $0.4 million in annual benefits to the retired participants.   Other Postretirement Benefits - The Company’s retirement plan other than pensions (Other Benefits Plan) covers substantially all of its current retired employees. Employees hired after March 31, 2007 are not eligible to participate in this plan. Coverage includes healthcare and life insurance. For each of the three months ended September 30, 2019 and 2018, the Company made Other Benefits Plan cash contributions of $0.2 million, respectively. For the nine months ended September 30, 2019 and 2018, the Company made Other Benefits Plan cash contributions of $0.6 million and $0.5 million, respectively. The Company expects to make Other Benefits Plan cash contributions of approximately $0.8 million over the remainder of the current year.   The following tables set forth information relating to the Company’s periodic costs for its employee retirement benefit plans:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="15" style="text-align: center; white-space: nowrap">(In Thousands)</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; white-space: nowrap"> </td><td style="padding-bottom: 1pt; white-space: nowrap"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Pension Benefits</td><td style="padding-bottom: 1pt; white-space: nowrap"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Other Benefits</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="15" style="text-align: center; white-space: nowrap">Three Months Ended September 30,</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="3" style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="3" style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="3" style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="3" style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; white-space: nowrap">Service Cost</td><td style="width: 1%; white-space: nowrap"> </td> <td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">543</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td> <td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">607</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td> <td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">210</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td> <td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">284</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; white-space: nowrap">Interest Cost</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">857</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">765</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">496</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">474</td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; white-space: nowrap">Expected Return on Assets</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">(1,173</td><td style="text-align: left; white-space: nowrap">)</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">(1,218</td><td style="text-align: left; white-space: nowrap">)</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">(613</td><td style="text-align: left; white-space: nowrap">)</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">(637</td><td style="text-align: left; white-space: nowrap">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; white-space: nowrap">Amortization of Unrecognized Losses</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">404</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">415</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">330</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">447</td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">Amortization of Unrecognized Prior Service Cost (Credit)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">—</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">—</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">—</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(402</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">Net Periodic Benefit Cost*</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">631</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">569</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">423</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">166</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr> </table>   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="15" style="text-align: center">(In Thousands)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">Pension Benefits</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">Other Benefits</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="15" style="text-align: center">Nine Months Ended September 30,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Service Cost</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,628</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,820</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">630</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">851</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest Cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,570</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,296</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,488</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,423</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected Return on Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,520</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,653</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,838</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,912</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amortization of Unrecognized Losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,213</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,244</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">989</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,340</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Amortization of Unrecognized Prior Service Cost (Credit)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,205</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Net Periodic Benefit Cost*</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,891</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,707</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,269</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">497</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> </table>   *Service cost is included in Operations and Maintenance expense on Consolidated Statements of Income; all other amounts are included in Other Income/Expense, net. Note 9 – Revenue Recognition from Contracts with Customers   The Company’s revenues are primarily generated from regulated tariff-based sales of water and wastewater services and non-regulated operation and maintenance contracts for services on water and wastewater systems owned by others. Revenue from contracts with customers is recognized when control of a promised good or service is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services.   The Company’s regulated revenue from contracts with customers is derived from tariff-based sales that result from the obligation to provide water and wastewater services to residential, industrial, commercial, fire-protection and wholesale customers. The Company’s residential customers are billed quarterly while most of the Company’s industrial, commercial, fire-protection and wholesale customers are billed monthly. Payments by customers are due between 15 and 30 days after the invoice date. The Company recognizes revenue as the water and wastewater services are delivered to customers and records 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 its service territories. Unearned Revenues and Advance Service Fees include fixed service charge billings in advance of service provided to Tidewater customers and are recognized as service is provided.   Non-regulated service contract revenues consist of base service fees, as well as fees for additional billable services provided to customers, 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. Certain of these contracts continue through 2022 and thus contain remaining performance obligations for which the Company expects to recognize revenue in the future. These contracts also contain termination provisions.   Substantially all operating revenues and accounts receivable are from contracts with customers. The Company records an allowance for doubtful accounts based on historical write-offs combined with an evaluation of current economic conditions within its service territories.   The Company’s contracts do not contain any significant financing components.   The Company’s operating revenues are comprised of the following:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="15" style="text-align: center; white-space: nowrap">(In Thousands)</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="7" style="text-align: center; white-space: nowrap">Three Months Ended September 30,</td><td style="white-space: nowrap"> </td> <td colspan="7" style="text-align: center; white-space: nowrap">Nine Months Ended September 30,</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; white-space: nowrap">Regulated Tariff Sales</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 52%; text-align: left; padding-left: 9px; white-space: nowrap">Residential</td><td style="width: 1%; white-space: nowrap"> </td> <td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">20,693</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td> <td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">19,788</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td> <td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">54,453</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td> <td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">53,303</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9px; white-space: nowrap">Commercial</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">4,487</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">4,418</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">11,539</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">11,298</td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9px; white-space: nowrap">Industrial</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">2,723</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">2,868</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">7,242</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">7,869</td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9px; white-space: nowrap">Fire Protection</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3,100</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3,084</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">9,211</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">9,045</td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9px; white-space: nowrap">Wholesale</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3,813</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">4,319</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">10,582</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">11,211</td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; white-space: nowrap">Non-Regulated Contract Operations</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">2,919</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">4,203</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">8,729</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">11,983</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; white-space: nowrap">Total Revenue from Contracts with Customers</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">37,735</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">38,680</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">101,756</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">104,709</td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; white-space: nowrap">Other Regulated Revenues</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">184</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">151</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">315</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">276</td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; white-space: nowrap">Other Non-Regulated Revenues</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">101</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">101</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">303</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">303</td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(251</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(219</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(515</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(479</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; white-space: nowrap">Total Revenue</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">37,769</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">38,713</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">101,859</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">104,809</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr></table> The Company’s operating revenues are comprised of the following:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="15" style="text-align: center; white-space: nowrap">(In Thousands)</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="7" style="text-align: center; white-space: nowrap">Three Months Ended September 30,</td><td style="white-space: nowrap"> </td> <td colspan="7" style="text-align: center; white-space: nowrap">Nine Months Ended September 30,</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; white-space: nowrap">Regulated Tariff Sales</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 52%; text-align: left; padding-left: 9px; white-space: nowrap">Residential</td><td style="width: 1%; white-space: nowrap"> </td> <td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">20,693</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td> <td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">19,788</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td> <td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">54,453</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td> <td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">53,303</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9px; white-space: nowrap">Commercial</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">4,487</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">4,418</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">11,539</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">11,298</td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9px; white-space: nowrap">Industrial</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">2,723</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">2,868</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">7,242</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">7,869</td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9px; white-space: nowrap">Fire Protection</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3,100</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3,084</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">9,211</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">9,045</td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 9px; white-space: nowrap">Wholesale</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3,813</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">4,319</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">10,582</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">11,211</td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; white-space: nowrap">Non-Regulated Contract Operations</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">2,919</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">4,203</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">8,729</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">11,983</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; white-space: nowrap">Total Revenue from Contracts with Customers</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">37,735</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">38,680</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">101,756</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">104,709</td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; white-space: nowrap">Other Regulated Revenues</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">184</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">151</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">315</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">276</td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; white-space: nowrap">Other Non-Regulated Revenues</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">101</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">101</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">303</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">303</td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(251</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(219</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(515</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(479</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt; white-space: nowrap">Total Revenue</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">37,769</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">38,713</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">101,859</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">104,809</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr></table> The following tables set forth information relating to the Company’s periodic costs for its employee retirement benefit plans:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="15" style="text-align: center; white-space: nowrap">(In Thousands)</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; white-space: nowrap"> </td><td style="padding-bottom: 1pt; white-space: nowrap"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Pension Benefits</td><td style="padding-bottom: 1pt; white-space: nowrap"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Other Benefits</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="15" style="text-align: center; white-space: nowrap">Three Months Ended September 30,</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="3" style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="3" style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="3" style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="3" style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; white-space: nowrap">Service Cost</td><td style="width: 1%; white-space: nowrap"> </td> <td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">543</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td> <td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">607</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td> <td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">210</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td> <td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">284</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; white-space: nowrap">Interest Cost</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">857</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">765</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">496</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">474</td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; white-space: nowrap">Expected Return on Assets</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">(1,173</td><td style="text-align: left; white-space: nowrap">)</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">(1,218</td><td style="text-align: left; white-space: nowrap">)</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">(613</td><td style="text-align: left; white-space: nowrap">)</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">(637</td><td style="text-align: left; white-space: nowrap">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; white-space: nowrap">Amortization of Unrecognized Losses</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">404</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">415</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">330</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">447</td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">Amortization of Unrecognized Prior Service Cost (Credit)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">—</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">—</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">—</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(402</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">Net Periodic Benefit Cost*</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">631</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">569</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">423</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">166</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr> </table>   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="15" style="text-align: center">(In Thousands)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">Pension Benefits</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">Other Benefits</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="15" style="text-align: center">Nine Months Ended September 30,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Service Cost</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,628</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,820</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">630</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">851</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest Cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,570</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,296</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,488</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,423</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected Return on Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,520</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,653</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,838</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,912</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Amortization of Unrecognized Losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,213</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,244</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">989</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,340</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Amortization of Unrecognized Prior Service Cost (Credit)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,205</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Net Periodic Benefit Cost*</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,891</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,707</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,269</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">497</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> </table>   *Service cost is included in Operations and Maintenance expense on Consolidated Statements of Income; all other amounts are included in Other Income/Expense, net. Purchased water costs are shown below:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="15" style="text-align: center">(In Thousands)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="7" style="text-align: center">Three Months Ended</td><td> </td> <td colspan="7" style="text-align: center">Nine Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="7" style="text-align: center">September 30,</td><td> </td> <td colspan="7" style="text-align: center">September 30,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2019</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2018</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="3" style="text-align: justify"> </td><td> </td> <td colspan="3" style="text-align: justify"> </td><td> </td> <td colspan="3" style="text-align: justify"> </td><td> </td> <td colspan="3" style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Treated</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">818</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">836</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,415</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,427</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Untreated</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">878</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">948</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,521</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,728</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total Costs</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,696</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,784</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">4,936</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">5,155</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr></table> Information related to operating lease ROU assets and lease liabilities is as follows:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="3" style="text-align: center; white-space: nowrap">(In Millions)</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="3" style="text-align: center; white-space: nowrap; vertical-align: middle">September 30, 2019</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; white-space: nowrap">ROU Asset at Lease Inception</td><td style="width: 1%; white-space: nowrap"> </td> <td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">7.3</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">Accumulated Amortization</td><td style="padding-bottom: 1pt; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(1.2</td><td style="padding-bottom: 1pt; text-align: left; white-space: nowrap">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; white-space: nowrap">Current ROU Asset</td><td style="padding-bottom: 1pt; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">6.1</td><td style="padding-bottom: 1pt; text-align: left; white-space: nowrap"> </td></tr></table> The Company’s future minimum operating lease commitments as of September 30, 2019 are as follows:   <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3" style="text-align: center">(In Millions)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3" style="text-align: right">September 30, 2019</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 77%; text-align: right">2019</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 20%; text-align: right">0.2</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right">2020</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.8</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right">2021</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.8</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right">2022</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.8</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right">2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0.8</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right; padding-bottom: 1pt">Thereafter</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5.2</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right">Total Lease Payments</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8.6</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right; padding-bottom: 1pt">Imputed Interest</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2.0</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right">Present Value of Lease Payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.6</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right; padding-bottom: 1pt">Less Current Portion*</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(0.7</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right; padding-bottom: 1pt">Non-Current Lease Liability</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">5.9</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right; vertical-align: bottom">*Included in Other Current Liabilities</td> <td colspan="4"> </td></tr></table> The weighted average daily amounts of borrowings outstanding under the Company’s credit lines and the weighted average interest rates on those amounts were as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="15" style="text-align: center; white-space: nowrap">(In Thousands)</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="7" style="text-align: center; white-space: nowrap">Three Months Ended</td><td style="white-space: nowrap"> </td> <td colspan="7" style="text-align: center; white-space: nowrap">Nine Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="7" style="text-align: center; white-space: nowrap">September 30,</td><td style="white-space: nowrap"> </td> <td colspan="7" style="text-align: center; white-space: nowrap">September 30,</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; white-space: nowrap">Average Daily Amounts Outstanding</td><td style="width: 1%; white-space: nowrap"> </td> <td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">58,259</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td> <td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">43,402</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td> <td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">56,881</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td> <td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">34,332</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap">Weighted Average Interest Rates</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3.26%</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3.24%</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3.45%</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3.09%</td><td style="text-align: left; white-space: nowrap"> </td></tr></table>   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="15" style="text-align: center; white-space: nowrap">(In Thousands)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="7" style="text-align: center; white-space: nowrap">Three Months Ended</td><td style="white-space: nowrap"> </td> <td colspan="7" style="text-align: center; white-space: nowrap">Nine Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">September 30,</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">September 30,</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; white-space: nowrap">Operations by Segments:</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">Revenues:</td><td style="white-space: nowrap"> </td> <td colspan="3" style="text-align: right; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="3" style="text-align: right; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="3" style="text-align: right; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="3" style="text-align: right; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; white-space: nowrap">   Regulated</td><td style="width: 1%; white-space: nowrap"> </td> <td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">35,000</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td> <td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">34,628</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td> <td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">93,342</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td><td style="width: 1%; white-space: nowrap"> </td> <td style="width: 1%; text-align: left; white-space: nowrap">$</td><td style="width: 9%; text-align: right; white-space: nowrap">93,002</td><td style="width: 1%; text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; white-space: nowrap">   Non – Regulated</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">3,020</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">4,304</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">9,032</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap">12,286</td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; white-space: nowrap">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(251</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(219</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(515</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">(479</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; white-space: nowrap">Consolidated Revenues</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">37,769</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">38,713</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">101,859</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">104,809</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; white-space: nowrap">Operating Income:</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap">   Regulated</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">11,001</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">12,214</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">24,937</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">27,827</td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; white-space: nowrap">   Non – Regulated</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">982</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">704</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">3,025</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">2,162</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; white-space: nowrap">Consolidated Operating Income</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">11,983</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">12,918</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">27,962</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">29,989</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; white-space: nowrap">Net Income:</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap">   Regulated</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">10,409</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">11,770</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">23,700</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">23,904</td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; white-space: nowrap">   Non – Regulated</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">710</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">520</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">2,118</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">1,555</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; white-space: nowrap">Consolidated Net Income</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">11,119</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">12,290</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">25,818</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">25,459</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; white-space: nowrap">Capital Expenditures:</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap">  Regulated</td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">25,437</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">21,141</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">60,998</td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap">$</td><td style="text-align: right; white-space: nowrap">49,469</td><td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; white-space: nowrap">   Non – Regulated</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">85</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">—</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">222</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">49</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; white-space: nowrap">Total Capital Expenditures</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">25,522</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">21,141</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">61,220</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap">$</td><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">49,518</td><td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="text-align: left; white-space: nowrap"> </td><td style="text-align: right; white-space: nowrap"> </td><td style="text-align: left; white-space: nowrap"> </td></tr> </table>   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="padding-left: 0; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="3" style="text-align: center; white-space: nowrap">As of</td><td style="white-space: nowrap"> </td> <td colspan="3" style="text-align: center; white-space: nowrap">As of</td> <td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0; white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="3" style="text-align: center; white-space: nowrap">September 30,</td><td style="white-space: nowrap"> </td> <td colspan="3" style="text-align: center; white-space: nowrap">December 31,</td> <td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0; white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2019</td><td style="border-bottom: Black 1pt solid; white-space: nowrap"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">2018</td> <td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0">Assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td> <td style="background-color: White"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 52%; padding-left: 0">   Regulated</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">886,280</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">764,749</td><td style="width: 1%; text-align: left"> </td> <td style="width: 24%; background-color: White"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0">   Non – Regulated</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,593</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,994</td><td style="text-align: left"> </td> <td style="background-color: White"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(8,520</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,913</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="background-color: White"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0">Consolidated Assets</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">887,353</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">767,830</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="background-color: White"> </td></tr></table> Basic earnings per share (EPS) are computed on the basis of the weighted average number of shares outstanding during the period presented. Diluted EPS assumes the conversion of both the Convertible Preferred Stock $7.00 Series and the Convertible Preferred Stock $8.00 Series.   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="15" style="text-align: center">(In Thousands Except per Share Amounts)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="15" style="text-align: center">Three Months Ended September 30,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="7" style="text-align: center">2019</td><td> </td> <td colspan="7" style="text-align: center">2018</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: 400; font-style: normal; text-align: justify; border-bottom: Black 1pt solid">Basic:  </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Shares</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Net Income</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">11,119</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,610</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">12,290</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,394</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(30</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(36</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">11,089</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,610</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">12,254</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,394</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-left: 54px"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Basic EPS</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.67</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.75</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; border-bottom: Black 1pt solid">Diluted:</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">11,089</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,610</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">12,254</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,394</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">$7.00 Series Preferred Dividend</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">$8.00 Series Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">32</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">41</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Adjusted Earnings Applicable to  Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">11,106</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,757</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">12,277</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,550</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Diluted EPS</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.66</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.74</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table>   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="15" style="text-align: center">(In Thousands Except per Share Amounts)</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="15" style="text-align: center">Nine Months Ended September 30,</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="7" style="text-align: center">2019</td><td> </td> <td colspan="7" style="text-align: center">2018</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: 400; font-style: normal; text-align: justify; border-bottom: Black 1pt solid">Basic: </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Shares</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left">Net Income</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">25,818</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,520</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">25,459</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">16,379</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(102</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(108</td><td style="border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">25,716</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,520</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">25,351</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,379</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-left: 54px"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Basic EPS</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.56</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.55</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; border-bottom: Black 1pt solid">Diluted:</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">25,716</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,520</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">25,351</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,379</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">$7.00 Series Preferred Dividend</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">115</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">$8.00 Series Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">38</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">18</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">41</td><td style="border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Adjusted Earnings Applicable to  Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">25,778</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,673</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">25,419</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,535</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Diluted EPS</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.55</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.54</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr></table> The carrying amount and fair value of the Bonds were as follows:     <table cellspacing="0" cellpadding="0" align="center" style="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">September 30, 2019</td> <td colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">December 31, 2018</td></tr> <tr style="vertical-align: top"> <td style="width: 31%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">Carrying</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">Fair</td> <td style="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">Carrying</td> <td style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">Fair </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">Amount</td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">Value</td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">Amount</td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">Value</td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Bonds</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"> $151,361</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"> $154,355</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"> $101,411</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"> $102,789</td></tr></table> 100000 600000 2300000 500000 2300000 1300000 1100000 200000 200000 1300000 800000 400000 6752000 3191000 700000 267000 5929000 5090000 5375000 3028000 57078000 6397000 5661000 5535000 51417000 -862000 89289000 15793000 3480000 3140000 102000 108000 11893000 10993000 12449000 864000 22000 754000 862000 10000000 20500000 82446000 9265000 7600000 6315000 6013000 -61220000 -49518000 23348000 32863000 -972000 -1899000 12000 85000 -640000 -1426000 -490000 -545000 -2098000 3400000 853000 5606000 933000 1111000 -252000 1515000 2124000 2098000 1645000 2759000 409000 757000 187000 119000 1330000 538000 -8379000 -5975000 12858000 11743000 0.7200 0.6713 0.2400 0.2238 350000 350000 350000 350000 41000 41000 20000000 140000000 41142 55.79 300000000 232643 3000 8.00 7100000 8000000 53200000 8.00 8.00 false Included in Other Current Liabilities Service cost is included in Operations and Maintenance expense on Consolidated Statements of Income; 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Basis of Presentation and Recent Developments (Details)
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(In Thousands)

Three Months Ended Nine Months Ended

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Dec. 31, 2018

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands

Sep. 30, 2019

Dec. 31, 2018

UTILITY PLANT:

Water Production $ 157,970 $ 156,423

Transmission and Distribution 536,367 512,202

General 80,635 74,371

Construction Work in Progress 69,651 32,878

TOTAL 844,623 775,874

Less Accumulated Depreciation 166,873 157,387

UTILITY PLANT - NET 677,750 618,487

CURRENT ASSETS:

Cash and Cash Equivalents 3,151 3,705

Accounts Receivable, net 13,407 11,762

Unbilled Revenues 9,417 7,293

Materials and Supplies (at average cost) 5,159 5,411

Prepayments 3,577 2,644

TOTAL CURRENT ASSETS 34,711 30,815

DEFERRED CHARGES AND OTHER ASSETS:

Operating Lease Right of Use Asset 6,133

Preliminary Survey and Investigation Charges 2,252 5,254

Regulatory Assets 100,320 99,236

Restricted Cash 53,927 1,956

Non-utility Assets - Net 10,306 9,989

Other 1,954 2,093

TOTAL DEFERRED CHARGES AND OTHER ASSETS 174,892 118,528

TOTAL ASSETS 887,353 767,830

CAPITALIZATION:

Common Stock, No Par Value 170,562 157,354

Retained Earnings 105,233 91,433

TOTAL COMMON EQUITY 275,795 248,787

Preferred Stock 2,084 2,433

Long-term Debt 228,272 152,851

TOTAL CAPITALIZATION 506,151 404,071

CURRENT LIABILITIES:

Current Portion of Long-term Debt 7,161 7,343

Notes Payable 58,500 48,500

Accounts Payable 20,178 19,325

Accrued Taxes 12,132 14,230

Accrued Interest 799 1,289

Unearned Revenues and Advanced Service Fees 1,048 1,036

Other 3,657 2,640

TOTAL CURRENT LIABILITIES 103,475 94,363

COMMITMENTS AND CONTINGENT LIABILITIES

DEFERRED CREDITS AND OTHER LIABILITIES:

Customer Advances for Construction 22,682 22,572

Operating Lease Obligation 5,908

Accumulated Deferred Income Taxes 50,947 47,270

Employee Benefit Plans 27,826 30,661

Regulatory Liabilities 72,000 79,112

Other 2,567 2,730

TOTAL DEFERRED CREDITS AND OTHER LIABILITIES 181,930 182,345

CONTRIBUTIONS IN AID OF CONSTRUCTION 95,797 87,051

TOTAL CAPITALIZATION AND LIABILITIES $ 887,353 $ 767,830

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Income Taxes
9 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

Income Taxes
Note 10 – Income Taxes

As part of its 2014 Federal income tax return, the Company adopted the final Internal Revenue Service (IRS) tangible property regulations and changed its accounting method for the tax treatment of expenditures that qualified as deductible repairs. The adoption resulted in a net reduction of $17.6 million in taxes previously remitted to the IRS, for which the Company has already sought and received the tax refunds. A reserve provision against refunded taxes of $2.3 million was recorded in 2015 at the time of filing its change in accounting method based on a possible challenge by the IRS during an audit examination. The Company’s 2014 federal income tax return was subsequently selected for examination by the IRS. In 2018, the Company increased its income tax reserve provision to $4.1 million. During the first quarter of 2019, the Company agreed to certain modifications of its accounting method for expenditures that qualify as deductible repairs and the IRS concluded its audit of the Company’s 2014 federal income tax return. The modifications also impacted the Company’s filed 2015, 2016 and 2017 federal income tax returns. In March 2019 and June 2019, the Company paid $0.8 million in income taxes and $0.1 million in interest, respectively, in connection with the conclusion and closing of the 2014 and 2015 tax return audits. As of September 30, 2019, the Company has reduced its income tax reserve provision and interest expense liability to $2.4 million and $0.1 million, respectively. In October 2019, the Company paid $1.9 million in income taxes in connection with the conclusion and closing of the 2016 and 2017 tax return audits.

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Short-term Borrowings
9 Months Ended

Sep. 30, 2019

Short-term Debt [Abstract]

Short-term Borrowings
Note 6 – Short-term Borrowings

As of September 30, 2019, the Company retained lines of credit aggregating $120.0 million, an increase of $20.0 million from June 30, 2019. In October 2019, the Company increased its lines of credit to $140.0 million. At September 30, 2019, the outstanding borrowings under these credit lines were $58.5 million at a weighted average interest rate of 3.06%.

The weighted average daily amounts of borrowings outstanding under the Company’s credit lines and the weighted average interest rates on those amounts were as follows:

(In Thousands)

Three Months Ended Nine Months Ended

September 30, September 30,

2019 2018 2019 2018

Average Daily Amounts Outstanding $ 58,259 $ 43,402 $ 56,881 $ 34,332

Weighted Average Interest Rates 3.26% 3.24% 3.45% 3.09%

The maturity dates for the $58.5 million outstanding as of September 30, 2019 are in October 2019 through December 2019 and are extendable at the discretion of the Company.

Interest rates for short-term borrowings under the lines of credit are below the prime rate with no requirement for compensating balances.

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Rate and Regulatory Matters
9 Months Ended

Sep. 30, 2019

Regulated Operations [Abstract]

Rate and Regulatory Matters
Note 2 – Rate and Regulatory Matters

Middlesex – In December 2018, the New Jersey Board of Public Utilities (NJBPU) approved Middlesex’s petition to establish its Purchased Water Adjustment Clause (PWAC) tariff rate to recover additional annual costs of less than $0.1 million, primarily for the purchase of treated water from a non-affiliated water utility regulated by the NJBPU. A PWAC is a rate mechanism that allows for recovery of increased purchased water costs between base rate case filings. The PWAC is reset to zero once those increased costs are included in base rates. The PWAC tariff rate became effective on January 1, 2019.

Tidewater - Effective July 1, 2019, Tidewater reset its DEPSC approved Distribution System Improvement Charge rate, which is expected to generate revenues of approximately $0.5 million annually.

In February 2019, Tidewater received approval from the DEPSC to reduce its rates, effective March 1, 2019, to reflect the lower corporate income tax rate enacted by the Tax Cuts and Jobs Act of 2017 (Tax Act), resulting in an overall rate decrease of 3.35%, or $1.0 million of revenues, on an annual basis. The DEPSC also approved a one-time credit of $0.7 million to customers’ accounts related to the lower corporate income tax rate.

Pinelands - On October 25, 2019, Pinelands Water and Pinelands Wastewater concluded their base rate case matters when the NJBPU approved a $0.5 million increase in annual base rates, effective November 4, 2019. In March 2019, Pinelands Water and Pinelands Wastewater had filed petitions with the NJBPU seeking permission to increase base rates by approximately $0.7 million per year. The requests were necessitated by capital infrastructure investments both companies had made, and increased operations and maintenance costs.

Twin Lakes - In July 2019, Twin Lakes filed a petition with the Pennsylvania Public Utilities Commission (PAPUC) seeking permission to increase base rates by approximately $0.2 million per year. This request was necessitated by capital infrastructure investments Twin Lakes has made and increased operations and maintenance costs. We cannot predict whether the PAPUC will ultimately approve, deny, or reduce the amount of the request. A decision by the PAPUC is not expected before the first quarter of 2020.

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Business Segment Data (Details)
$ in Thousands
3 Months Ended 9 Months Ended

Sep. 30, 2019

USD ($)

Sep. 30, 2018

USD ($)

Sep. 30, 2019

USD ($)

Sep. 30, 2018

USD ($)

Dec. 31, 2018

USD ($)

Segment Reporting Information [Line Items]

Number of Reportable Segments 2 2 2 2

Operating Revenues $ 37,769 $ 38,713 $ 101,859 $ 104,809

Operating Income 11,983 12,918 27,962 29,989

Net Income 11,119 12,290 25,818 25,459

Capital Expenditures 25,522 21,141 61,220 49,518

Assets 887,353 887,353 $ 767,830

Regulated [Member]

Segment Reporting Information [Line Items]

Operating Revenues 35,000 34,628 93,342 93,002

Operating Income 11,001 12,214 24,937 27,827

Net Income 10,409 11,770 23,700 23,904

Capital Expenditures 25,437 21,141 60,998 49,469

Assets 886,280 886,280 764,749

Non - Regulated [Member]

Segment Reporting Information [Line Items]

Operating Revenues 3,020 4,304 9,032 12,286

Operating Income 982 704 3,025 2,162

Net Income 710 520 2,118 1,555

Capital Expenditures 85 222 49

Assets 9,593 9,593 8,994

Inter-segment Elimination [Member]

Segment Reporting Information [Line Items]

Operating Revenues (251) $ (219) (515) $ (479)

Assets $ (8,520) $ (8,520) $ (5,913)

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Commitments and Contingent Liabilities (Schedule of Operating Lease ROU Assets and Lease Liabilities) (Details)
$ in Thousands

Sep. 30, 2019

USD ($)

Commitments and Contingencies Disclosure [Abstract]

ROU Asset at Lease Inception $ 7,300

Accumulated Amortization (1,200)

Current ROU Asset $ 6,100

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Business Segment Data
9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Business Segment Data
Note 5 – Business Segment Data

The Company has identified two reportable segments. One is the regulated business of collecting, treating and distributing water on a retail and wholesale basis to residential, commercial, industrial and fire protection customers in parts of New Jersey, Delaware and Pennsylvania. This segment also includes regulated wastewater systems in New Jersey and Delaware. The Company is subject to regulations as to its rates, services and other matters by New Jersey, Delaware and Pennsylvania with respect to utility services within these states. The other segment is primarily comprised of non-regulated contract services for the operation and maintenance of municipal and private water and wastewater systems in New Jersey and Delaware. Inter-segment transactions relating to operational costs are treated as pass-through expenses. Finance charges on inter-segment loan activities are based on interest rates that are below what would normally be charged by a third party lender.

(In Thousands)

Three Months Ended Nine Months Ended

September 30, September 30,

Operations by Segments: 2019 2018 2019 2018

Revenues:

 Regulated $ 35,000 $ 34,628 $ 93,342 $ 93,002

 Non – Regulated 3,020 4,304 9,032 12,286

Inter-segment Elimination (251 ) (219 ) (515 ) (479 )

Consolidated Revenues $ 37,769 $ 38,713 $ 101,859 $ 104,809

Operating Income:

 Regulated $ 11,001 $ 12,214 $ 24,937 $ 27,827

 Non – Regulated 982 704 3,025 2,162

Consolidated Operating Income $ 11,983 $ 12,918 $ 27,962 $ 29,989

Net Income:

 Regulated $ 10,409 $ 11,770 $ 23,700 $ 23,904

 Non – Regulated 710 520 2,118 1,555

Consolidated Net Income $ 11,119 $ 12,290 $ 25,818 $ 25,459

Capital Expenditures:

 Regulated $ 25,437 $ 21,141 $ 60,998 $ 49,469

 Non – Regulated 85 — 222 49

Total Capital Expenditures $ 25,522 $ 21,141 $ 61,220 $ 49,518

As of As of

September 30, December 31,

2019 2018

Assets:

 Regulated $ 886,280 $ 764,749

 Non – Regulated 9,593 8,994

Inter-segment Elimination (8,520 ) (5,913 )

Consolidated Assets $ 887,353 $ 767,830

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Basis of Presentation and Recent Developments
9 Months Ended

Sep. 30, 2019

Basis of Presentation and Recent Developments [Abstract]

Basis of Presentation and Recent Developments
Note 1 – Basis of Presentation and Recent Developments

Middlesex Water Company (Middlesex or the Company) is the parent company and sole shareholder of Tidewater Utilities, Inc. (Tidewater), Tidewater Environmental Services, Inc. (TESI), Pinelands Water Company (Pinelands Water) and Pinelands Wastewater Company (Pinelands Wastewater) (collectively, Pinelands), Utility Service Affiliates, Inc. (USA), Utility Service Affiliates (Perth Amboy) Inc. (USA-PA), and Twin Lakes Utilities, Inc. (Twin Lakes). Southern Shores Water Company, LLC (Southern Shores) and White Marsh Environmental Systems, Inc. (White Marsh) are wholly-owned subsidiaries of Tidewater. The financial statements for Middlesex and its wholly-owned subsidiaries (the Company) are reported on a consolidated basis. All significant intercompany accounts and transactions have been eliminated.

The consolidated notes within the 2018 Annual Report on Form 10-K (2018 Form 10-K) are applicable to these financial statements and, in the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary (including normal recurring accruals) to present fairly the financial position as of September 30, 2019 and the results of operations and cash flows for the three month and nine month periods ended September 30, 2019 and 2018. Information included in the Condensed Consolidated Balance Sheet as of December 31, 2018, has been derived from the Company’s audited financial statements for the year ended December 31, 2018 included in the 2018 Form 10-K.

Recent Developments

Tidewater to Acquire Water Systems - On October 8, 2019, the Delaware Public Service Commission (DEPSC) approved Tidewater’s request to purchase the water utility assets of J.H. Wilkerson and Son, Inc. and transfer the Certificate of Public Convenience and Necessity in order for Tidewater to serve the approximate 1,000 customers currently connected to eight community water systems located mostly in eastern Sussex County, Delaware. The DEPSC also authorized Tidewater to maintain the existing rates that these customers currently pay. The transaction is expected to close in the fourth quarter of 2019.

Recently Adopted Accounting Guidance

Leases - On January 1, 2019, the Company adopted Financial Accounting Standards Board (FASB) issued guidance related to leases which required lessees to recognize a lease liability and a right-of-use asset. The Company elected the optional transition method of adoption option to apply the requirements of the standard in the period of adoption with no restatement of prior periods. The Company utilized the package of transition practical expedients provided by the new guidance, including carrying forward prior conclusions related to contracts that contain leases and lease classification. The Company also utilized the transition practical expedient permitting entities to forgo the evaluation of existing land easement arrangements to determine if they contain a lease. Land easement arrangements, or modifications to existing arrangements, entered into after adoption of this guidance will need to be evaluated to determine if they meet the definition of a lease. The adoption of this guidance resulted in the recording of a $6.7 million right-of-use asset, a $7.1 million lease liability and a $0.4 million regulatory asset on the Company’s consolidated balance sheet as of January 1, 2019. For further discussion, see “Leases” in Note 7 – Commitments and Contingent Liabilities.

There are no other new adopted or proposed accounting guidance that the Company is aware of that could have a material impact on the Company’s financial statements.

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Revenue Recognition from Contracts with Customers
9 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

Revenue Recognition from Contracts with Customers
Note 9 – Revenue Recognition from Contracts with Customers

The Company’s revenues are primarily generated from regulated tariff-based sales of water and wastewater services and non-regulated operation and maintenance contracts for services on water and wastewater systems owned by others. Revenue from contracts with customers is recognized when control of a promised good or service is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services.

The Company’s regulated revenue from contracts with customers is derived from tariff-based sales that result from the obligation to provide water and wastewater services to residential, industrial, commercial, fire-protection and wholesale customers. The Company’s residential customers are billed quarterly while most of the Company’s industrial, commercial, fire-protection and wholesale customers are billed monthly. Payments by customers are due between 15 and 30 days after the invoice date. The Company recognizes revenue as the water and wastewater services are delivered to customers and records 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 its service territories. Unearned Revenues and Advance Service Fees include fixed service charge billings in advance of service provided to Tidewater customers and are recognized as service is provided.

Non-regulated service contract revenues consist of base service fees, as well as fees for additional billable services provided to customers, 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. Certain of these contracts continue through 2022 and thus contain remaining performance obligations for which the Company expects to recognize revenue in the future. These contracts also contain termination provisions.

Substantially all operating revenues and accounts receivable are from contracts with customers. The Company records an allowance for doubtful accounts based on historical write-offs combined with an evaluation of current economic conditions within its service territories.

The Company’s contracts do not contain any significant financing components.

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

(In Thousands)

Three Months Ended September 30, Nine Months Ended September 30,

2019 2018 2019 2018

Regulated Tariff Sales

Residential $ 20,693 $ 19,788 $ 54,453 $ 53,303

Commercial 4,487 4,418 11,539 11,298

Industrial 2,723 2,868 7,242 7,869

Fire Protection 3,100 3,084 9,211 9,045

Wholesale 3,813 4,319 10,582 11,211

Non-Regulated Contract Operations 2,919 4,203 8,729 11,983

Total Revenue from Contracts with Customers $ 37,735 $ 38,680 $ 101,756 $ 104,709

Other Regulated Revenues 184 151 315 276

Other Non-Regulated Revenues 101 101 303 303

Inter-segment Elimination (251 ) (219 ) (515 ) (479 )

Total Revenue $ 37,769 $ 38,713 $ 101,859 $ 104,809

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Short-term Borrowings (Details) - USD ($)
$ in Thousands
1 Months Ended 3 Months Ended 9 Months Ended

Oct. 31, 2019

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Lines Of Credit Facility

Established lines of credit $ 120,000 $ 120,000

Increase in lines of credit 20,000

Established lines of credit, amount outstanding $ 58,500 $ 58,500

Weighted average interest rate at period end 3.06% 3.06%

Average Daily Amounts Outstanding $ 58,259 $ 43,402 $ 56,881 $ 34,332

Weighted Average Interest Rates 3.26% 3.24% 3.45% 3.09%

Maturity date Sep. 30, 2019

Subsequent Event [Member]

Lines Of Credit Facility

Increase in lines of credit $ 140,000

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Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format.
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Commitments and Contingent Liabilities (Schedule of Future Minimum Operating Lease) (Details) - USD ($)
$ in Thousands

Sep. 30, 2019

Dec. 31, 2018

Minimum Lease Payments, Sale Leaseback Transactions, Fiscal Year Maturity [Abstract]

2019 $ 200

2020 800

2021 800

2022 800

2023 800

Thereafter 5,200

Total Lease Payments 8,600

Imputed Interest (2,000)

Present Value of Lease Payments 6,600

Less Current Portion ^[1] (700)

Non-Current Lease Liability $ 5,908

[1] Included in Other Current Liabilities

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Revenue Recognition from Contracts with Customers (Tables)
9 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

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

(In Thousands)

Three Months Ended September 30, Nine Months Ended September 30,

2019 2018 2019 2018

Regulated Tariff Sales

Residential $ 20,693 $ 19,788 $ 54,453 $ 53,303

Commercial 4,487 4,418 11,539 11,298

Industrial 2,723 2,868 7,242 7,869

Fire Protection 3,100 3,084 9,211 9,045

Wholesale 3,813 4,319 10,582 11,211

Non-Regulated Contract Operations 2,919 4,203 8,729 11,983

Total Revenue from Contracts with Customers $ 37,735 $ 38,680 $ 101,756 $ 104,709

Other Regulated Revenues 184 151 315 276

Other Non-Regulated Revenues 101 101 303 303

Inter-segment Elimination (251 ) (219 ) (515 ) (479 )

Total Revenue $ 37,769 $ 38,713 $ 101,859 $ 104,809

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Business Segment Data (Tables)
9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Schedule of segment reporting information, by segment

(In Thousands)

Three Months Ended Nine Months Ended

September 30, September 30,

Operations by Segments: 2019 2018 2019 2018

Revenues:

 Regulated $ 35,000 $ 34,628 $ 93,342 $ 93,002

 Non – Regulated 3,020 4,304 9,032 12,286

Inter-segment Elimination (251 ) (219 ) (515 ) (479 )

Consolidated Revenues $ 37,769 $ 38,713 $ 101,859 $ 104,809

Operating Income:

 Regulated $ 11,001 $ 12,214 $ 24,937 $ 27,827

 Non – Regulated 982 704 3,025 2,162

Consolidated Operating Income $ 11,983 $ 12,918 $ 27,962 $ 29,989

Net Income:

 Regulated $ 10,409 $ 11,770 $ 23,700 $ 23,904

 Non – Regulated 710 520 2,118 1,555

Consolidated Net Income $ 11,119 $ 12,290 $ 25,818 $ 25,459

Capital Expenditures:

 Regulated $ 25,437 $ 21,141 $ 60,998 $ 49,469

 Non – Regulated 85 — 222 49

Total Capital Expenditures $ 25,522 $ 21,141 $ 61,220 $ 49,518

As of As of

September 30, December 31,

2019 2018

Assets:

 Regulated $ 886,280 $ 764,749

 Non – Regulated 9,593 8,994

Inter-segment Elimination (8,520 ) (5,913 )

Consolidated Assets $ 887,353 $ 767,830

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CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT (Unaudited) - USD ($)
$ in Thousands

Sep. 30, 2019

Dec. 31, 2018

Common Stock, No Par Value $ 170,562 $ 157,354

Retained Earnings 105,233 91,433

TOTAL COMMON EQUITY 275,795 248,787

TOTAL PREFERRED STOCK 2,084 2,433

SUBTOTAL LONG-TERM DEBT 231,820 162,904

Add: Premium on Issuance of Long-term Debt 8,164 1,259

Less: Unamortized Debt Expense (4,551) (3,969)

Less: Current Portion of Long-term Debt (7,161) (7,343)

TOTAL LONG-TERM DEBT 228,272 152,851

Amortizing Secured Note, due December 20, 2021 [Member]

SUBTOTAL LONG-TERM DEBT 715 924

Amortizing Secured Note, due May 19, 2028 [Member]

SUBTOTAL LONG-TERM DEBT 3,640 3,955

Amortizing Secured Note, due August 25, 2030 [Member]

SUBTOTAL LONG-TERM DEBT 3,057 3,267

Amortizing Secured Note, due September 19, 2031 [Member]

SUBTOTAL LONG-TERM DEBT 3,337 3,547

State Revolving Trust Note, due December 31, 2022 [Member]

SUBTOTAL LONG-TERM DEBT 202 228

State Revolving Trust Note, due May 1, 2025 [Member]

SUBTOTAL LONG-TERM DEBT 1,519 1,632

State Revolving Trust Note, due March 1, 2026 [Member]

SUBTOTAL LONG-TERM DEBT 309 351

State Revolving Trust Note, due January 25, 2027 [Member]

SUBTOTAL LONG-TERM DEBT 349 389

State Revolving Trust Note, due December 1, 2026 [Member]

SUBTOTAL LONG-TERM DEBT 474 501

State Revolving Trust Bond 4.00% to 5.00%, due August 1, 2021 [Member]

SUBTOTAL LONG-TERM DEBT 60 111

State Revolving Trust Bond 0.00%, due August 1, 2021 [Member]

SUBTOTAL LONG-TERM DEBT 50 88

State Revolving Trust Note, due July 1, 2028 [Member]

SUBTOTAL LONG-TERM DEBT 225 235

State Revolving Trust Note, due January 1, 2028 [Member]

SUBTOTAL LONG-TERM DEBT 73 77

State Revolving Trust Note, due August 1, 2031 [Member]

SUBTOTAL LONG-TERM DEBT 851 907

Amortizing Secured Note, due April 20, 2029 [Member]

SUBTOTAL LONG-TERM DEBT 3,343 3,604

Amortizing Secured Note 7.05%, due January 20, 2030 [Member]

SUBTOTAL LONG-TERM DEBT 2,583 2,771

Amortizing Secured Note 5.69%, due January 20, 2030 [Member]

SUBTOTAL LONG-TERM DEBT 5,299 5,684

Amortizing Secured Note, due April 20, 2040 [Member]

SUBTOTAL LONG-TERM DEBT 9,057 9,387

Amortizing Secured Note, due April 20, 2040 [Member]

SUBTOTAL LONG-TERM DEBT 3,361 3,483

State Revolving Trust Note, due July 1, 2031 [Member]

SUBTOTAL LONG-TERM DEBT 1,892 1,954

State Revolving Trust Note, due February 1, 2036 [Member]

SUBTOTAL LONG-TERM DEBT 1,013 1,064

State Revolving Trust Note, due November 30, 2030 [Member]

SUBTOTAL LONG-TERM DEBT 990 1,024

Construction Loans [Member]

SUBTOTAL LONG-TERM DEBT 38,171 16,509

First Mortgage Bonds - Series Z [Member]

SUBTOTAL LONG-TERM DEBT 113

First Mortgage Bonds - Series AA [Member]

SUBTOTAL LONG-TERM DEBT 155

First Mortgage Bonds - Series BB [Member]

SUBTOTAL LONG-TERM DEBT 241 362

First Mortgage Bonds - Series CC [Member]

SUBTOTAL LONG-TERM DEBT 331 489

First Mortgage Bonds - Series EE [Member]

SUBTOTAL LONG-TERM DEBT 1,455 1,876

First Mortgage Bonds - Series FF [Member]

SUBTOTAL LONG-TERM DEBT 2,440 2,980

First Mortgage Bonds - Series GG [Member]

SUBTOTAL LONG-TERM DEBT 633 723

First Mortgage Bonds - Series HH [Member]

SUBTOTAL LONG-TERM DEBT 710 795

First Mortgage Bonds - Series II [Member]

SUBTOTAL LONG-TERM DEBT 429 520

First Mortgage Bonds - Series JJ [Member]

SUBTOTAL LONG-TERM DEBT 588 671

First Mortgage Bonds - Series KK [Member]

SUBTOTAL LONG-TERM DEBT 807 898

First Mortgage Bonds - Series LL [Member]

SUBTOTAL LONG-TERM DEBT 928 1,010

First Mortgage Bonds - Series MM [Member]

SUBTOTAL LONG-TERM DEBT 1,037 1,137

First Mortgage Bonds - Series NN [Member]

SUBTOTAL LONG-TERM DEBT 1,190 1,415

First Mortgage Bonds - Series OO [Member]

SUBTOTAL LONG-TERM DEBT 1,806 1,956

First Mortgage Bonds - Series PP [Member]

SUBTOTAL LONG-TERM DEBT 660 700

First Mortgage Bonds - Series QQ [Member]

SUBTOTAL LONG-TERM DEBT 9,915 9,915

First Mortgage Bonds - Series RR [Member]

SUBTOTAL LONG-TERM DEBT 22,500 22,500

First Mortgage Bonds - Series SS [Member]

SUBTOTAL LONG-TERM DEBT 23,000 23,000

First Mortgage Bonds - Series TT [Member]

SUBTOTAL LONG-TERM DEBT 1,957 2,107

First Mortgage Bonds - Series UU [Member]

SUBTOTAL LONG-TERM DEBT 755 800

First Mortgage Bonds - Series VV [Member]

SUBTOTAL LONG-TERM DEBT 2,003 2,147

First Mortgage Bonds - Series WW [Member]

SUBTOTAL LONG-TERM DEBT 755 795

First Mortgage Bonds - Series XX [Member]

SUBTOTAL LONG-TERM DEBT 10,627 11,006

First Mortgage Bonds - Series YY [Member]

SUBTOTAL LONG-TERM DEBT 3,785 3,860

0.00%, Series 2018A, due August 1, 2047 [Member]

SUBTOTAL LONG-TERM DEBT 6,678 6,917

3.00%-5.00%, Series 2018B, due August 1, 2047 [Member]

SUBTOTAL LONG-TERM DEBT 2,320 2,365

4.00%, Series 2019A, due August 1, 2059 [Member]

SUBTOTAL LONG-TERM DEBT 32,500

5.00%, Series 2019B, due August 1, 2059 [Member]

SUBTOTAL LONG-TERM DEBT 21,200

Convertible Preferred Stock $7.00 Series [Member]

TOTAL PREFERRED STOCK 1,005 1,005

Convertible Preferred Stock $8.00 Series [Member]

TOTAL PREFERRED STOCK 349

Nonredeemable Preferred Stock $7.00 Series [Member]

TOTAL PREFERRED STOCK 79 79

Nonredeemable Preferred Stock $4.75 Series [Member]

TOTAL PREFERRED STOCK $ 1,000 $ 1,000

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Income Statement [Abstract]

Operating Revenues $ 37,769 $ 38,713 $ 101,859 $ 104,809

Operating Expenses:

Operations and Maintenance 17,669 18,114 50,569 52,773

Depreciation 4,246 3,792 12,415 11,137

Other Taxes 3,871 3,889 10,913 10,910

Total Operating Expenses 25,786 25,795 73,897 74,820

Operating Income 11,983 12,918 27,962 29,989

Other Income (Expense):

Allowance for Funds Used During Construction 871 424 2,030 805

Other Income (Expense), net (4) 409 (142) 1,277

Total Other Income, net 867 833 1,888 2,082

Interest Charges 1,996 1,723 4,984 4,929

Income before Income Taxes 10,854 12,028 24,866 27,142

Income Taxes (265) (262) (952) 1,683

Net Income 11,119 12,290 25,818 25,459

Preferred Stock Dividend Requirements 30 36 102 108

Earnings Applicable to Common Stock $ 11,089 $ 12,254 $ 25,716 $ 25,351

Earnings per share of Common Stock:

Basic $ 0.67 $ 0.75 $ 1.56 $ 1.55

Diluted $ 0.66 $ 0.74 $ 1.55 $ 1.54

Average Number of Common Shares Outstanding:

Basic 16,610 16,394 16,520 16,379

Diluted 16,757 16,550 16,673 16,535

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Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Basic:

Net Income $ 11,119 $ 12,290 $ 25,818 $ 25,459

Preferred Dividend (30) (36) (102) (108)

Earnings Applicable to Common Stock $ 11,089 $ 12,254 $ 25,716 $ 25,351

Basic EPS $ 0.67 $ 0.75 $ 1.56 $ 1.55

Weighted average number of basic shares outstanding 16,610 16,394 16,520 16,379

Diluted:

Adjusted Earnings Applicable to Common Stock $ 11,106 $ 12,277 $ 25,778 $ 25,419

Diluted EPS $ 0.66 $ 0.74 $ 1.55 $ 1.54

Weighted average number of diluted shares outstanding 16,757 16,550 16,673 16,535

Convertible Preferred Stock $7.00 Series [Member]

Diluted:

Preferred Dividend $ 17 $ 17 $ 50 $ 50

Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock (in shares) 115 115 115 115

Convertible Preferred Stock $8.00 Series [Member]

Diluted:

Preferred Dividend $ 6 $ 12 $ 18

Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock (in shares) 32 41 38 41

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Commitments and Contingent Liabilities (Schedule of Purchased Water Costs) (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Purchased Water

Treated $ 818 $ 836 $ 2,415 $ 2,427

Untreated 878 948 2,521 2,728

Total Costs $ 1,696 $ 1,784 $ 4,936 $ 5,155

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Employee Benefit Plans (Schedule of Benefits Plans) (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Pension Benefit Plan [Member]

Periodic costs for employee retirement benefit plans

Service Cost $ 543 $ 607 $ 1,628 $ 1,820

Interest Cost 857 765 2,570 2,296

Expected Return on Assets (1,173) (1,218) (3,520) (3,653)

Amortization of Unrecognized Losses 404 415 1,213 1,244

Amortization of Unrecognized Prior Service Cost (Credit)

Net Periodic Benefit Cost ^[1] 631 569 1,891 1,707

Other Benefits Plan [Member]

Periodic costs for employee retirement benefit plans

Service Cost 210 284 630 851

Interest Cost 496 474 1,488 1,423

Expected Return on Assets (613) (637) (1,838) (1,912)

Amortization of Unrecognized Losses 330 447 989 1,340

Amortization of Unrecognized Prior Service Cost (Credit) (402) (1,205)

Net Periodic Benefit Cost ^[1] $ 423 $ 166 $ 1,269 $ 497

[1] Service cost is included in Operations and Maintenance expense on Consolidated Statements of Income; all other amounts are included in Other Income/Expense, net.

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Commitments and Contingent Liabilities
9 Months Ended

Sep. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities
Note 7 – Commitments and Contingent Liabilities

Water Supply - Middlesex has an agreement with the New Jersey Water Supply Authority (NJWSA) for the purchase of untreated water through November 30, 2023, which provides for an average purchase of 27.0 million gallons a day (mgd). Pricing is set annually by the NJWSA through a public rate making process. The agreement has provisions for additional pricing in the event Middlesex overdrafts or exceeds certain monthly and annual thresholds.

Middlesex also has an agreement with a non-affiliated regulated water utility for the purchase of treated water. This agreement, which expires February 27, 2021, provides for the minimum purchase of 3.0 mgd of treated water with provisions for additional purchases.

Tidewater contracts with the City of Dover, Delaware to purchase 15.0 million gallons of treated water annually.

Purchased water costs are shown below:

(In Thousands)

Three Months Ended Nine Months Ended

September 30, September 30,

2019 2018 2019 2018

Treated $ 818 $ 836 $ 2,415 $ 2,427

Untreated 878 948 2,521 2,728

Total Costs $ 1,696 $ 1,784 $ 4,936 $ 5,155

Guarantees - As part of an agreement with the County of Monmouth, New Jersey (County), Middlesex serves as guarantor of the performance of Applied Water Management, Inc. (AWM), an unaffiliated wastewater contractor, to operate a County-owned leachate pretreatment facility at the Monmouth County Reclamation Center in Tinton Falls, New Jersey. The performance guaranty is effective through 2028 unless another guarantor, acceptable to the County, replaces Middlesex before such date. Under agreements with AWM and Natural Systems Utilities, LLC (NSU), the parent company of AWM, Middlesex earns a fee for providing the performance guaranty. In addition, Middlesex may provide operational support to the facility, as needed, and AWM and NSU, serving as guarantor to Middlesex with respect to the performance of AWM, have indemnified Middlesex against any claims that may arise under the Middlesex guaranty to the County.

If required to perform under the guaranty to the County and, if AWM and NSU, as guarantor to Middlesex, do not fulfill their obligations to indemnify Middlesex against any claims that may arise under the Middlesex guaranty to the County, Middlesex would be required to fulfill the remaining operational commitment of AWM. As of September 30, 2019 and December 31, 2018, the liability recognized in Other Non-Current Liabilities on the balance sheet for the guaranty is approximately $1.4 million and $1.5 million, respectively.

Leases - The Company determines if an arrangement is a lease at inception. Generally, a lease agreement exists if the Company determines that the arrangement gives the Company control over the use of an identified asset and obtains substantially all of the benefits from the identified asset.

The Company has entered into an operating lease of office space for administrative purposes, expiring in 2030. The Company has not entered into any finance leases. The exercise of a lease renewal option for the Company’s administrative offices is solely at the discretion of the Company.

The right-of-use (ROU) asset recorded represents the Company’s right to use an underlying asset for the lease term and lease liability represents the Company’s obligation to make lease payments arising from the lease. Lease ROU assets and liabilities are recognized at 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 $0.2 million for each of the three months ended September 30, 2019 and 2018, respectively, and $0.5 million and $0.3 million for the nine months ended September 30, 2019 and 2018, respectively.

Information related to operating lease ROU assets and lease liabilities is as follows:

(In Millions)

September 30, 2019

ROU Asset at Lease Inception $ 7.3

Accumulated Amortization (1.2 )

Current ROU Asset $ 6.1

The Company’s future minimum operating lease commitments as of September 30, 2019 are as follows:

(In Millions)

September 30, 2019

2019 $ 0.2

2020 0.8

2021 0.8

2022 0.8

2023 0.8

Thereafter 5.2

Total Lease Payments $ 8.6

Imputed Interest (2.0 )

Present Value of Lease Payments 6.6

Less Current Portion* (0.7 )

Non-Current Lease Liability $ 5.9

*Included in Other Current Liabilities

Construction - The Company has forecasted to spend approximately $105 million for its construction program in 2019. The Company has entered into several contractual construction agreements that, in the aggregate, obligate it to expend an estimated $68 million in the future. The timing and amount of capital expenditures is dependent on project scheduling and refinement of engineering estimates for certain projects.

Litigation - The Company is a defendant in lawsuits in the normal course of business. We believe the resolution of pending claims and legal proceedings will not have a material adverse effect on the Company’s consolidated financial statements.

Change in Control Agreements - The Company has Change in Control Agreements with certain of its officers that provide compensation and benefits in the event of termination of employment in connection with a change in control of the Company.

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Capitalization
9 Months Ended

Sep. 30, 2019

CAPITALIZATION:

Capitalization
Note 3 – Capitalization

Common Stock - During the nine months ended September 30, 2019 and 2018, there were 221,558 common shares ($12.4 million) and 21,001 common shares (approximately $0.9 million), respectively, issued under the Middlesex Water Company Investment Plan (Investment Plan). On January 2, 2019, the Company began offering shares of its common stock for purchase at a 5% discount to participants in the Investment Plan. In August 2019, the 200,000 share purchase limit established for the 5% discount program was reached and the program was concluded.

In September 2019, the Company determined it had inadvertently sold shares of its common stock through the Investment Plan from August 1, 2018 through September 3, 2019 (Eligible Period) after the registration statement covering sales through the Investment Plan had expired and therefore was no longer effective. Under applicable federal securities laws, participants in the Investment Plan who purchased shares of common stock have a right to rescind their Eligible Period purchases and require the Company to repurchase these shares for an amount equal to the price paid by the participant, less any dividends paid on the purchased shares, plus interest.

In October 2019, the Company’s Board of Directors approved a plan to voluntarily offer a right of rescission (Rescission Offer) to Investment Plan participants who purchased shares of the Company’s common stock during the Eligible Period. During the Eligible Period, Investment Plan participants purchased 232,643 shares at an average price of $55.79 per share.

On October 11, 2019, the Company filed a supplement to the Investment Plan prospectus (Prospectus Supplement) with the United States Securities and Exchange Commission registering the Rescission Offer and notifying eligible Investment Plan participants of the specific details of the Rescission Offer. By filing the Prospectus Supplement the 232,643 previously unregistered shares are deemed registered. Investment Plan participants have thirty (30) days from the notification date to decide to accept or reject the Rescission Offer. Based on the current market price of the Company’s common stock, the Company does not expect that the exercise of any applicable rescission rights under the Rescission Offer by participants will have a material impact on its results of operations, financial condition or liquidity.

For the nine months ended September 30, 2019, 3,000 shares (approximately $0.3 million) of the Company’s no par $8.00 Series Cumulative and Convertible Preferred Stock were converted into 41,142 shares of common stock.

In May 2019, Middlesex received approval from the NJBPU to issue and sell up to 1,500,000 shares of its common stock in one or more transactions through December 31, 2022. Sales of additional shares of common stock are part of the Company’s comprehensive financing plan to fund its multi-year utility plant infrastructure investment program. As described below in “Long-term Debt”, the NJBPU approved the New Jersey Economic Development Authority (NJEDA) debt funding component of the financing plan.

Long-term Debt - Subject to regulatory approval, the Company periodically issues long-term debt to fund its investments in utility plant and other assets. To the extent possible, 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 that are 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 current interest rate on 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 current term of the long-term loans offered through the NJIB is up to thirty years. The current portion of the principal balance having a stated interest rate of zero percent (0%) is 75% with the remaining portion of 25% having a market based interest rate.

The NJIB generally schedules its long-term debt financings in May and November. Middlesex currently has two projects that are in the construction loan phase of New Jersey SRF program:

1) In April 2018, the NJBPU approved Middlesex’s request to participate in the NJIB loan program to fund the construction of a large-diameter transmission pipeline from the CJO water treatment plant and interconnect with our distribution system. Middlesex closed on a $43.5 million NJIB interest-free construction loan in August 2018. Through September 30, 2019, Middlesex has drawn a total of $30.2 million and expects to draw down the remaining proceeds through the first quarter of 2020.

2) 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 eliminate all unlined water distribution mains in the Middlesex system. Middlesex closed on an $8.7 million NJIB construction loan in September 2018. Through September 30, 2019, Middlesex has drawn a total of $8.0 million and drew the remaining proceeds in October 2019.

The Company expects that the large-diameter transmission pipeline and the 2018 RENEW construction loans will be included in the NJIB May 2020 long-term debt financing program.

In May 2018, Middlesex repaid its RENEW 2017 interest-free construction loan by issuing to the NJIB first mortgage bonds in the amount of $9.5 million designated as Series 2018A ($7.1 million) and Series 2018B ($2.4 million). The interest rate on the Series 2018A bond is zero and the interest rate on the Series 2018B bond ranges between 3.0% and 5.0%. The final maturity date for both bonds is August 1, 2047, with scheduled debt service payments over the life of the loans.

In 2019, the NJIB de-obligated principal payments of $0.1 million on Series NN of the Company’s First Mortgage Bonds.

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 First Mortgage Bonds (FMB) through the 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, are being 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, is held in escrow by a bond trustee and are drawn down by requisition for the qualifying projects. Through September 30, 2019, Middlesex has drawn a total of $7.6 million and currently expects to draw the remaining $53.2 million of proceeds, currently included in Restricted Cash, through the third quarter of 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 immediately began drawing on the combined loan amount with expected draws continuing through the first quarter of 2020.

Fair Value of Financial Instruments - The following methods and assumptions were used by the Company in estimating its fair value disclosure for financial instruments for which it is practicable to estimate that value. The carrying amounts reflected in the condensed consolidated balance sheets for cash and cash equivalents, trade receivables, accounts payable and notes payable approximate their respective fair values due to the short-term maturities of these instruments. The fair value of FMB and State Revolving Fund Bonds (collectively, the Bonds) issued by Middlesex is based on quoted market prices for similar issues. Under the fair value hierarchy, the fair value of cash and cash equivalents is classified as a Level 1 measurement and the fair value of notes payable and the Bonds in the table below are classified as Level 2 measurements. The carrying amount and fair value of the Bonds were as follows:

September 30, 2019 December 31, 2018

Carrying Fair Carrying Fair

Amount Value Amount Value

Bonds $151,361 $154,355 $101,411 $102,789

For other long-term debt for which there was no quoted market price and there is not an active trading market, it was not practicable to estimate their fair value (for details, including carrying value, interest rate and due date on these series of long-term debt, please refer to those series noted as “Amortizing Secured Note”, “State Revolving Trust Note” and “Construction Loans” on the Condensed Consolidated Statements of Capital Stock and Long-Term Debt). The carrying amount of these instruments was $80.5 million and $61.5 million at September 30, 2019 and December 31, 2018, respectively. Customer advances for construction have carrying amounts of $22.7 million and $22.6 million at September 30, 2019 and December 31, 2018, 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.

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Rate and Regulatory Matters (Details) - USD ($)
$ in Thousands
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Sep. 30, 2019

Sep. 30, 2018

Regulatory Liabilities [Line Items]

Deferred income tax benefits $ (8,379) $ (5,975)

Middlesex [Member] | New Jersey Board Of Public Utilities [Member]

Regulatory Liabilities [Line Items]

Additional annual costs 100

Tidewater [Member] | Delaware Public Service Commission Member

Regulatory Liabilities [Line Items]

Approved increase in annual operating revenues $ 500

Corporate tax rate 3.35%

Base rate amount $ 1,000

Line of credit 700

Pinelands Water Company [Member] | New Jersey Board Of Public Utilities [Member]

Regulatory Liabilities [Line Items]

Approved increase in annual operating revenues 500

Pinelands Wastewater [Member] | New Jersey Board Of Public Utilities [Member]

Regulatory Liabilities [Line Items]

Approved increase in annual operating revenues 700

Twin Lakes [Member] | Pennsylvania Public Utilities Commissio [Member]

Regulatory Liabilities [Line Items]

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Commitments and Contingent Liabilities (Tables)
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Sep. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Schedule of purchased water cost
Purchased water costs are shown below:

(In Thousands)

Three Months Ended Nine Months Ended

September 30, September 30,

2019 2018 2019 2018

Treated $ 818 $ 836 $ 2,415 $ 2,427

Untreated 878 948 2,521 2,728

Total Costs $ 1,696 $ 1,784 $ 4,936 $ 5,155

Schedule of operating lease ROU assets and lease liabilities
Information related to operating lease ROU assets and lease liabilities is as follows:

(In Millions)

September 30, 2019

ROU Asset at Lease Inception $ 7.3

Accumulated Amortization (1.2 )

Current ROU Asset $ 6.1

Schedule of future minimum operating lease
The Company’s future minimum operating lease commitments as of September 30, 2019 are as follows:

(In Millions)

September 30, 2019

2019 $ 0.2

2020 0.8

2021 0.8

2022 0.8

2023 0.8

Thereafter 5.2

Total Lease Payments $ 8.6

Imputed Interest (2.0 )

Present Value of Lease Payments 6.6

Less Current Portion* (0.7 )

Non-Current Lease Liability $ 5.9

*Included in Other Current Liabilities

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Capitalization (Tables)
9 Months Ended

Sep. 30, 2019

CAPITALIZATION:

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September 30, 2019 December 31, 2018

Carrying Fair Carrying Fair

Amount Value Amount Value

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

CASH FLOWS FROM OPERATING ACTIVITIES:

Net Income $ 25,818 $ 25,459

Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:

Depreciation and Amortization 12,858 11,743

Provision for Deferred Income Taxes (8,379) (5,975)

Equity Portion of Allowance for Funds Used During Construction (AFUDC) (1,330) (538)

Cash Surrender Value of Life Insurance (187) (119)

Stock Compensation Expense 409 757

Changes in Assets and Liabilities:

Accounts Receivable (1,645) (2,759)

Unbilled Revenues (2,124) (2,098)

Materials and Supplies 252 (1,515)

Prepayments (933) (1,111)

Accounts Payable 853 5,606

Accrued Taxes (2,098) 3,400

Accrued Interest (490) (545)

Employee Benefit Plans (640) (1,426)

Unearned Revenue & Advanced Service Fees 12 85

Other Assets and Liabilities 972 1,899

NET CASH PROVIDED BY OPERATING ACTIVITIES 23,348 32,863

CASH FLOWS FROM INVESTING ACTIVITIES:

Utility Plant Expenditures, Including AFUDC of $700 in 2019 and $267 in 2018 (61,220) (49,518)

NET CASH USED IN INVESTING ACTIVITIES (61,220) (49,518)

CASH FLOWS FROM FINANCING ACTIVITIES:

Redemption of Long-term Debt (6,315) (6,013)

Proceeds from Issuance of Long-term Debt 82,446 9,265

Net Short-term Bank Borrowings 10,000 20,500

Deferred Debt Issuance Expense (754) (862)

Common Stock Issuance Expense (22)

Proceeds from Issuance of Common Stock 12,449 864

Payment of Common Dividends (11,893) (10,993)

Payment of Preferred Dividends (102) (108)

Construction Advances and Contributions-Net 3,480 3,140

NET CASH PROVIDED BY FINANCING ACTIVITIES 89,289 15,793

NET CHANGES IN CASH AND CASH EQUIVALENTS 51,417 (862)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 5,661 6,397

CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 57,078 5,535

SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY:

Utility Plant received as Construction Advances and Contributions 5,375 3,028

Long-term Debt Deobligation 130

Cash Paid During the Year for:

Interest 5,929 5,090

Interest Capitalized 700 267

Income Taxes $ 6,752 $ 3,191

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Income Taxes (Details) - USD ($)
$ in Thousands
1 Months Ended 3 Months Ended 6 Months Ended 9 Months Ended

Oct. 31, 2019

Sep. 30, 2019

Mar. 31, 2019

Sep. 30, 2018

Jun. 30, 2019

Sep. 30, 2019

Sep. 30, 2018

Dec. 31, 2018

Dec. 31, 2015

Operating Loss Carryforwards [Line Items]

Income taxes Paid $ (265) $ (262) $ (952) $ 1,683

Tax Year 2014 [Member]

Operating Loss Carryforwards [Line Items]

Net reduction in taxes due to the federal government 17,600

Income tax refund receivable $ 2,300

Redused reserve provision 2,400 2,400 $ 4,100

Income taxes Paid $ 800

Interest expense liability $ 100 $ 100

Tax Year 2015 [Member]

Operating Loss Carryforwards [Line Items]

Income taxes Paid $ 100

Tax Year 2016 [Member]

Operating Loss Carryforwards [Line Items]

Income taxes Paid $ 1,900

Tax Year 2017 [Member]

Operating Loss Carryforwards [Line Items]

Income taxes Paid $ 1,900

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CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS' EQUITY (Unaudited) - USD ($)
$ in Thousands

Common Stock [Member]

Retained Earnings [Member]

Total

Balance at Dec. 31, 2017 $ 155,120 $ 74,055 $ 229,175

Balance, shares at Dec. 31, 2017 16,352,000

Net Income 25,459 25,459

Dividend Reinvestment & Common Stock Purchase Plan $ 864 $ 864

Dividend Reinvestment & Common Stock Purchase Plan, shares 21,000 21,001

Restricted Stock Award, Net - Employees $ 628 $ 628

Restricted Stock Award, Net - Employees, shares 23,000

Stock Award - Board Of Directors $ 147 147

Stock Award - Board Of Directors, shares 4,000

Shares Forfeited $ (18) (18)

Shares Forfeited, shares (2,000)

Cash Dividends on Common Stock (10,993) (10,993)

Cash Dividends on Common Stock, shares

Cash Dividends on Preferred Stock (108) (108)

Cash Dividends on Preferred Stock, shares

Balance at Sep. 30, 2018 $ 156,741 88,413 245,154

Balance, shares at Sep. 30, 2018 16,398,000

Balance at Jun. 30, 2018 $ 156,251 79,828 236,077

Balance, shares at Jun. 30, 2018 16,392,000

Net Income 12,290 12,290

Dividend Reinvestment & Common Stock Purchase Plan $ 266 266

Dividend Reinvestment & Common Stock Purchase Plan, shares 8,000

Restricted Stock Award, Net - Employees $ 242 242

Restricted Stock Award, Net - Employees, shares

Shares Forfeited $ (18) (18)

Shares Forfeited, shares (2,000)

Cash Dividends on Common Stock (3,667) (3,667)

Cash Dividends on Common Stock, shares

Cash Dividends on Preferred Stock (36) (36)

Cash Dividends on Preferred Stock, shares

Balance at Sep. 30, 2018 $ 156,741 88,413 245,154

Balance, shares at Sep. 30, 2018 16,398,000

Balance at Dec. 31, 2018 $ 157,354 91,433 248,787

Balance, shares at Dec. 31, 2018 16,403,000

Net Income 25,818 25,818

Dividend Reinvestment & Common Stock Purchase Plan $ 12,449 $ 12,449

Dividend Reinvestment & Common Stock Purchase Plan, shares 222,000 221,558

Restricted Stock Award, Net - Employees $ 679 $ 679

Restricted Stock Award, Net - Employees, shares 18,000

Stock Award - Board Of Directors $ 196 196

Stock Award - Board Of Directors, shares 4,000

Shares Forfeited $ (466) (466)

Shares Forfeited, shares (18,000)

Conversion of $8.00 Convertible Preferred Stock $ 350 350

Conversion of $8.00 Convertible Preferred Stock, shares 41,000

Cash Dividends on Common Stock (11,893) (11,893)

Cash Dividends on Common Stock, shares

Cash Dividends on Preferred Stock (102) (102)

Cash Dividends on Preferred Stock, shares

Common Stock Expenses (23) (23)

Common Stock Expenses, shares

Balance at Sep. 30, 2019 $ 170,562 105,233 275,795

Balance, shares at Sep. 30, 2019 16,670,000

Balance at Jun. 30, 2019 $ 165,138 98,146 263,284

Balance, shares at Jun. 30, 2019 16,554,000

Net Income 11,119 11,119

Dividend Reinvestment & Common Stock Purchase Plan $ 5,368 5,368

Dividend Reinvestment & Common Stock Purchase Plan, shares 92,000

Restricted Stock Award, Net - Employees $ 172 172

Restricted Stock Award, Net - Employees, shares 1,000

Shares Forfeited $ (466) (466)

Shares Forfeited, shares (18,000)

Conversion of $8.00 Convertible Preferred Stock $ 350 350

Conversion of $8.00 Convertible Preferred Stock, shares 41,000

Cash Dividends on Common Stock (3,987) (3,987)

Cash Dividends on Common Stock, shares

Cash Dividends on Preferred Stock (30) (30)

Cash Dividends on Preferred Stock, shares

Common Stock Expenses (15) (15)

Common Stock Expenses, shares

Balance at Sep. 30, 2019 $ 170,562 $ 105,233 $ 275,795

Balance, shares at Sep. 30, 2019 16,670,000

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Employee Benefit Plans (Tables)
9 Months Ended

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Retirement Benefits [Abstract]

Schedule of periodic costs for employee retirement benefit plan
The following tables set forth information relating to the Company’s periodic costs for its employee retirement benefit plans:

(In Thousands)

Pension Benefits Other Benefits

Three Months Ended September 30,

2019 2018 2019 2018

Service Cost $ 543 $ 607 $ 210 $ 284

Interest Cost 857 765 496 474

Expected Return on Assets (1,173 ) (1,218 ) (613 ) (637 )

Amortization of Unrecognized Losses 404 415 330 447

Amortization of Unrecognized Prior Service Cost (Credit) — — — (402 )

Net Periodic Benefit Cost* $ 631 $ 569 $ 423 $ 166

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Pension Benefits Other Benefits

Nine Months Ended September 30,

2019 2018 2019 2018

Service Cost $ 1,628 $ 1,820 $ 630 $ 851

Interest Cost 2,570 2,296 1,488 1,423

Expected Return on Assets (3,520 ) (3,653 ) (1,838 ) (1,912 )

Amortization of Unrecognized Losses 1,213 1,244 989 1,340

Amortization of Unrecognized Prior Service Cost (Credit) — — — (1,205 )

Net Periodic Benefit Cost* $ 1,891 $ 1,707 $ 1,269 $ 497

*Service cost is included in Operations and Maintenance expense on Consolidated Statements of Income; all other amounts are included in Other Income/Expense, net.

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Earnings Per Share (Tables)
9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Schedule of earnings per share
Basic earnings per share (EPS) are computed on the basis of the weighted average number of shares outstanding during the period presented. Diluted EPS assumes the conversion of both the Convertible Preferred Stock $7.00 Series and the Convertible Preferred Stock $8.00 Series.

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Basic: Income Shares Income Shares

Net Income $ 11,119 16,610 $ 12,290 16,394

Preferred Dividend (30 ) (36 )

Earnings Applicable to Common Stock $ 11,089 16,610 $ 12,254 16,394

Basic EPS $ 0.67 $ 0.75

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$7.00 Series Preferred Dividend 17 115 17 115

$8.00 Series Preferred Dividend — 32 6 41

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Diluted EPS $ 0.66 $ 0.74

(In Thousands Except per Share Amounts)

Nine Months Ended September 30,

2019 2018

Basic: Income Shares Income Shares

Net Income $ 25,818 16,520 $ 25,459 16,379

Preferred Dividend (102 ) (108 )

Earnings Applicable to Common Stock $ 25,716 16,520 $ 25,351 16,379

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$8.00 Series Preferred Dividend 12 38 18 41

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Capitalization (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Thousands
1 Months Ended 3 Months Ended 9 Months Ended

Oct. 31, 2019

Aug. 31, 2019

May 31, 2018

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

May 31, 2019

Apr. 30, 2019

Feb. 28, 2019

Dec. 31, 2018

Aug. 31, 2018

Mar. 31, 2018

Schedule of Capitalization [Line Items]

Issuance of shares under the DRP, shares 221,558 21,001

Issuance of shares under the DRP $ 5,368 $ 266 $ 12,449 $ 864

Common stock granted and issued under plan 200,000

Percentage of offering shares on discount to participants 5.00%

Convertible Preferred Stock Converted 41,142 41,142

Due date of debt Sep. 30, 2019

Other long term debt $ 80,500 $ 80,500 $ 61,500

Customer advances $ 22,682 22,682 $ 22,572

Amount drawn 82,446 9,265

Deobligated principal payments $ 130

Subsequent Event [Member]

Schedule of Capitalization [Line Items]

Number of shares purchased 232,643

Average price per share $ 55.79

Series Cumulative Preferred Stock [Member]

Schedule of Capitalization [Line Items]

Number of shares purchased 3,000

Number of shares purchased value $ 300,000

No par value $ 8.00 $ 8.00

New Jersey NJIB Program [Member]

Schedule of Capitalization [Line Items]

Maximum borrowing capacity, construction loan $ 8,700 $ 8,700

Delaware State Revolving Fund [Member]

Schedule of Capitalization [Line Items]

Maximum borrowing amount $ 900

Maximum borrowing capacity, construction loan $ 1,700

Series 2018A [Member]

Schedule of Capitalization [Line Items]

Proceeds from issuance of first mortgage bond $ 7,100

Interest rate 0.00%

Due date of debt Aug. 01, 2047

Series 2018B [Member]

Schedule of Capitalization [Line Items]

Proceeds from issuance of first mortgage bond $ 2,400

Due date of debt Aug. 01, 2047

Series 2019A [Member]

Schedule of Capitalization [Line Items]

Maximum borrowing capacity, construction loan $ 32,500

Interest rate 4.00%

Series 2019B [Member]

Schedule of Capitalization [Line Items]

Maximum borrowing capacity, construction loan $ 21,200

Interest rate 5.00%

New Jersey Infrastructure Bank [Member]

Schedule of Capitalization [Line Items]

Maximum borrowing capacity, construction loan $ 9,500 $ 140,000 $ 43,500

Interest rate 0.00% 0.00%

Percentage of principal with stated interest rate 75.00%

Percentage of principal with market interest rate 25.00%

Deobligated principal payments $ 100

Amount of drawn expected remaining 8,000

Middlesex [Member]

Schedule of Capitalization [Line Items]

Maximum borrowing capacity, construction loan $ 30,200 30,200

First Mortgage Bonds [Member]

Schedule of Capitalization [Line Items]

Maximum borrowing capacity, construction loan $ 53,700 $ 60,800 60,800

Amount drawn 7,600

Proceeds from issuance premium $ 7,100

Amount of drawn expected remaining $ 53,200

Maximum [Member]

Schedule of Capitalization [Line Items]

Percentage of offering shares on discount to participants 5.00%

Maximum [Member] | Series 2018B [Member]

Schedule of Capitalization [Line Items]

Interest rate 5.00%

Minimum [Member] | Series 2018B [Member]

Schedule of Capitalization [Line Items]

Interest rate 3.00%

New Jersey Board Of Public Utilities [Member]

Schedule of Capitalization [Line Items]

Authorized shares under plan 1,500,000

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XML 59 R17.htm IDEA: XBRL DOCUMENT v3.19.3

Employee Benefit Plans
9 Months Ended

Sep. 30, 2019

Retirement Benefits [Abstract]

Employee Benefit Plans
Note 8 – Employee Benefit Plans

Pension Benefits - The Company’s Pension Plan covers all active employees hired prior to April 1, 2007. Employees hired after March 31, 2007 are not eligible to participate in this plan, but participate in a defined contribution plan that provides for a potential annual contribution in an amount that is at the discretion of the Company. In order to be eligible for a contribution, the participant must be employed by the Company on December 31st of the year to which the contribution relates. For the three months ended September 30, 2019 and 2018, the Company made Pension Plan cash contributions of $1.3 million and $1.1 million, respectively. For each of the nine months ended September 30, 2019 and 2018, the Company made Pension Plan cash contributions of $2.3 million, respectively. The Company expects to make Pension Plan cash contributions of approximately $1.3 million over the remainder of the current year. The Company also maintains an unfunded supplemental retirement benefit plan for certain active and retired Company officers and currently pays $0.4 million in annual benefits to the retired participants.

Other Postretirement Benefits - The Company’s retirement plan other than pensions (Other Benefits Plan) covers substantially all of its current retired employees. Employees hired after March 31, 2007 are not eligible to participate in this plan. Coverage includes healthcare and life insurance. For each of the three months ended September 30, 2019 and 2018, the Company made Other Benefits Plan cash contributions of $0.2 million, respectively. For the nine months ended September 30, 2019 and 2018, the Company made Other Benefits Plan cash contributions of $0.6 million and $0.5 million, respectively. The Company expects to make Other Benefits Plan cash contributions of approximately $0.8 million over the remainder of the current year.

The following tables set forth information relating to the Company’s periodic costs for its employee retirement benefit plans:

(In Thousands)

Pension Benefits Other Benefits

Three Months Ended September 30,

2019 2018 2019 2018

Service Cost $ 543 $ 607 $ 210 $ 284

Interest Cost 857 765 496 474

Expected Return on Assets (1,173 ) (1,218 ) (613 ) (637 )

Amortization of Unrecognized Losses 404 415 330 447

Amortization of Unrecognized Prior Service Cost (Credit) — — — (402 )

Net Periodic Benefit Cost* $ 631 $ 569 $ 423 $ 166

(In Thousands)

Pension Benefits Other Benefits

Nine Months Ended September 30,

2019 2018 2019 2018

Service Cost $ 1,628 $ 1,820 $ 630 $ 851

Interest Cost 2,570 2,296 1,488 1,423

Expected Return on Assets (3,520 ) (3,653 ) (1,838 ) (1,912 )

Amortization of Unrecognized Losses 1,213 1,244 989 1,340

Amortization of Unrecognized Prior Service Cost (Credit) — — — (1,205 )

Net Periodic Benefit Cost* $ 1,891 $ 1,707 $ 1,269 $ 497

*Service cost is included in Operations and Maintenance expense on Consolidated Statements of Income; all other amounts are included in Other Income/Expense, net.

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Basis of Presentation and Recent Developments (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019 USD ($)
Basis of Presentation and Recent Developments [Abstract]
Right-of-use asset	$ 6,700
Lease liability	7,100
Regulatory assets	$ 400

CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT (Unaudited) (Parenthetical) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Common Stock, Shares Authorized	40,000	40,000
Common Stock, Shares Outstanding	16,670	16,403
Preferred Stock, Shares Authorized	123	126
Preferred Stock, Shares Outstanding	20	23
Due date of debt	Sep. 30, 2019
Convertible Preferred Stock $7.00 Series [Member]
Preferred Stock, Shares Outstanding	10	10
Convertible Preferred Stock $8.00 Series [Member]
Preferred Stock, Shares Outstanding	0	3
Nonredeemable Preferred Stock $7.00 Series [Member]
Preferred Stock, Shares Outstanding	1	1
Nonredeemable Preferred Stock $4.75 Series [Member]
Preferred Stock, Shares Outstanding	10	10
Amortizing Secured Note, due December 20, 2021 [Member]
Interest rate	8.05%
Due date of debt	Dec. 20, 2021
Amortizing Secured Note, due May 19, 2028 [Member]
Interest rate	6.25%
Due date of debt	May 19, 2028
Amortizing Secured Note, due August 25, 2030 [Member]
Interest rate	6.44%
Due date of debt	Aug. 25, 2030
Amortizing Secured Note, due September 19, 2031 [Member]
Interest rate	6.46%
Due date of debt	Sep. 19, 2031
State Revolving Trust Note, due December 31, 2022 [Member]
Interest rate	4.22%
Due date of debt	Dec. 31, 2022
State Revolving Trust Note, due May 1, 2025 [Member]
Interest rate	3.60%
Due date of debt	May 01, 2025
State Revolving Trust Note, due March 1, 2026 [Member]
Interest rate	3.30%
Due date of debt	Mar. 01, 2026
State Revolving Trust Note, due January 25, 2027 [Member]
Interest rate	3.49%
Due date of debt	Jan. 25, 2027
State Revolving Trust Note, due December 1, 2026 [Member]
Interest rate	4.03%
Due date of debt	Dec. 01, 2026
State Revolving Trust Bond 4.00% to 5.00%, due August 1, 2021 [Member]
Due date of debt	Aug. 01, 2021
State Revolving Trust Bond 4.00% to 5.00%, due August 1, 2021 [Member] \| Minimum [Member]
Interest rate	4.00%
State Revolving Trust Bond 4.00% to 5.00%, due August 1, 2021 [Member] \| Maximum [Member]
Interest rate	5.00%
State Revolving Fund Bond 0.00%, due August 1, 2021 [Member]
Interest rate	0.00%
Due date of debt	Aug. 01, 2021
State Revolving Trust Note, due July 1, 2028 [Member]
Interest rate	3.64%
Due date of debt	Jul. 01, 2028
State Revolving Trust Note, due January 1, 2028 [Member]
Interest rate	3.64%
Due date of debt	Jan. 01, 2028
State Revolving Trust Note, due August 1, 2031 [Member]
Interest rate	3.45%
Due date of debt	Aug. 01, 2031
Amortizing Secured Note, due April 20, 2029 [Member]
Interest rate	6.59%
Due date of debt	Apr. 20, 2029
Amortizing Secured Note 7.05%, due January 20, 2030 [Member]
Interest rate	7.05%
Due date of debt	Jan. 20, 2030
Amortizing Secured Note 5.69%, due January 20, 2030 [Member]
Interest rate	5.69%
Due date of debt	Jan. 20, 2030
Amortizing Secured Note, due April 20, 2040 [Member]
Interest rate	4.45%
Due date of debt	Apr. 20, 2040
Amortizing Secured Note, due April 20, 2040 [Member]
Interest rate	4.47%
Due date of debt	Apr. 20, 2040
State Revolving Trust Note, due July 1, 2031 [Member]
Interest rate	3.75%
Due date of debt	Jul. 01, 2031
State Revolving Trust Note, due February 1, 2036 [Member]
Interest rate	2.00%
Due date of debt	Feb. 01, 2036
State Revolving Trust Note, due November 30, 2030 [Member]
Interest rate	3.75%
Due date of debt	Nov. 30, 2030
First Mortgage Bonds - Series Z [Member]
Interest rate	0.00%
Due date of debt	Aug. 01, 2019
First Mortgage Bonds - Series AA [Member]
Due date of debt	Aug. 01, 2019
First Mortgage Bonds - Series AA [Member] \| Minimum [Member]
Interest rate	5.25%
First Mortgage Bonds - Series AA [Member] \| Maximum [Member]
Interest rate	5.75%
First Mortgage Bonds - Series BB [Member]
Interest rate	0.00%
Due date of debt	Aug. 01, 2021
First Mortgage Bonds - Series CC [Member]
Due date of debt	Aug. 01, 2021
First Mortgage Bonds - Series CC [Member] \| Minimum [Member]
Interest rate	4.00%
First Mortgage Bonds - Series CC [Member] \| Maximum [Member]
Interest rate	5.00%
First Mortgage Bonds - Series EE [Member]
Interest rate	0.00%
Due date of debt	Aug. 01, 2023
First Mortgage Bonds - Series FF [Member]
Due date of debt	Aug. 01, 2024
First Mortgage Bonds - Series FF [Member] \| Minimum [Member]
Interest rate	3.00%
First Mortgage Bonds - Series FF [Member] \| Maximum [Member]
Interest rate	5.50%
First Mortgage Bonds - Series GG [Member]
Interest rate	0.00%
Due date of debt	Aug. 01, 2026
First Mortgage Bonds - Series HH [Member]
Due date of debt	Aug. 01, 2026
First Mortgage Bonds - Series HH [Member] \| Minimum [Member]
Interest rate	4.00%
First Mortgage Bonds - Series HH [Member] \| Maximum [Member]
Interest rate	5.00%
First Mortgage Bonds - Series II [Member]
Interest rate	0.00%
Due date of debt	Aug. 01, 2024
First Mortgage Bonds - Series JJ [Member]
Due date of debt	Aug. 01, 2027
First Mortgage Bonds - Series JJ [Member] \| Minimum [Member]
Interest rate	3.40%
First Mortgage Bonds - Series JJ [Member] \| Maximum [Member]
Interest rate	5.00%
First Mortgage Bonds - Series KK [Member]
Interest rate	0.00%
Due date of debt	Aug. 01, 2028
First Mortgage Bonds - Series LL [Member]
Due date of debt	Aug. 01, 2028
First Mortgage Bonds - Series LL [Member] \| Minimum [Member]
Interest rate	5.00%
First Mortgage Bonds - Series LL [Member] \| Maximum [Member]
Interest rate	5.50%
First Mortgage Bonds - Series MM [Member]
Interest rate	0.00%
Due date of debt	Aug. 01, 2030
First Mortgage Bonds - Series NN [Member]
Due date of debt	Aug. 01, 2030
First Mortgage Bonds - Series NN [Member] \| Minimum [Member]
Interest rate	3.00%
First Mortgage Bonds - Series NN [Member] \| Maximum [Member]
Interest rate	4.375%
First Mortgage Bonds - Series OO [Member]
Interest rate	0.00%
Due date of debt	Aug. 01, 2031
First Mortgage Bonds - Series PP [Member]
Due date of debt	Aug. 01, 2031
First Mortgage Bonds - Series PP [Member] \| Minimum [Member]
Interest rate	2.00%
First Mortgage Bonds - Series PP [Member] \| Maximum [Member]
Interest rate	5.00%
First Mortgage Bonds - Series QQ [Member]
Interest rate	5.00%
Due date of debt	Oct. 01, 2023
First Mortgage Bonds - Series RR [Member]
Interest rate	3.80%
Due date of debt	Oct. 01, 2038
First Mortgage Bonds - Series SS [Member]
Interest rate	4.25%
Due date of debt	Oct. 01, 2047
First Mortgage Bonds - Series TT [Member]
Interest rate	0.00%
Due date of debt	Aug. 01, 2032
First Mortgage Bonds - Series UU [Member]
Due date of debt	Aug. 01, 2032
First Mortgage Bonds - Series UU [Member] \| Minimum [Member]
Interest rate	3.00%
First Mortgage Bonds - Series UU [Member] \| Maximum [Member]
Interest rate	3.25%
First Mortgage Bonds - Series VV [Member]
Interest rate	0.00%
Due date of debt	Aug. 01, 2033
First Mortgage Bonds - Series WW [Member]
Due date of debt	Aug. 01, 2033
First Mortgage Bonds - Series WW [Member] \| Minimum [Member]
Interest rate	3.00%
First Mortgage Bonds - Series WW [Member] \| Maximum [Member]
Interest rate	5.00%
First Mortgage Bonds - Series XX [Member]
Interest rate	0.00%
Due date of debt	Aug. 01, 2047
First Mortgage Bonds - Series YY [Member]
Due date of debt	Aug. 01, 2047
First Mortgage Bonds - Series YY [Member] \| Minimum [Member]
Interest rate	3.00%
First Mortgage Bonds - Series YY [Member] \| Maximum [Member]
Interest rate	5.00%
0.00%, Series 2018A, due August 1, 2047 [Member]
Interest rate	0.00%
Due date of debt	Aug. 01, 2047
3.00%-5.00%, Series 2018B, due August 1, 2047 [Member]
Due date of debt	Aug. 01, 2047
3.00%-5.00%, Series 2018B, due August 1, 2047 [Member] \| Minimum [Member]
Interest rate	3.00%
3.00%-5.00%, Series 2018B, due August 1, 2047 [Member] \| Maximum [Member]
Interest rate	5.00%
4.00%, Series 2019A, due August 1, 2059 [Member]
Interest rate	4.00%
Due date of debt	Aug. 01, 2059
5.00%, Series 2019B, due August 1, 2059 [Member]
Interest rate	5.00%
Due date of debt	Aug. 01, 2059
Construction Loans [Member]
Interest rate	0.00%

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
UTILITY PLANT:
Water Production	$ 157,970	$ 156,423
Transmission and Distribution	536,367	512,202
General	80,635	74,371
Construction Work in Progress	69,651	32,878
TOTAL	844,623	775,874
Less Accumulated Depreciation	166,873	157,387
UTILITY PLANT - NET	677,750	618,487
CURRENT ASSETS:
Cash and Cash Equivalents	3,151	3,705
Accounts Receivable, net	13,407	11,762
Unbilled Revenues	9,417	7,293
Materials and Supplies (at average cost)	5,159	5,411
Prepayments	3,577	2,644
TOTAL CURRENT ASSETS	34,711	30,815
DEFERRED CHARGES AND OTHER ASSETS:
Operating Lease Right of Use Asset	6,133
Preliminary Survey and Investigation Charges	2,252	5,254
Regulatory Assets	100,320	99,236
Restricted Cash	53,927	1,956
Non-utility Assets - Net	10,306	9,989
Other	1,954	2,093
TOTAL DEFERRED CHARGES AND OTHER ASSETS	174,892	118,528
TOTAL ASSETS	887,353	767,830
CAPITALIZATION:
Common Stock, No Par Value	170,562	157,354
Retained Earnings	105,233	91,433
TOTAL COMMON EQUITY	275,795	248,787
Preferred Stock	2,084	2,433
Long-term Debt	228,272	152,851
TOTAL CAPITALIZATION	506,151	404,071
CURRENT LIABILITIES:
Current Portion of Long-term Debt	7,161	7,343
Notes Payable	58,500	48,500
Accounts Payable	20,178	19,325
Accrued Taxes	12,132	14,230
Accrued Interest	799	1,289
Unearned Revenues and Advanced Service Fees	1,048	1,036
Other	3,657	2,640
TOTAL CURRENT LIABILITIES	103,475	94,363
COMMITMENTS AND CONTINGENT LIABILITIES
DEFERRED CREDITS AND OTHER LIABILITIES:
Customer Advances for Construction	22,682	22,572
Operating Lease Obligation	5,908
Accumulated Deferred Income Taxes	50,947	47,270
Employee Benefit Plans	27,826	30,661
Regulatory Liabilities	72,000	79,112
Other	2,567	2,730
TOTAL DEFERRED CREDITS AND OTHER LIABILITIES	181,930	182,345
CONTRIBUTIONS IN AID OF CONSTRUCTION	95,797	87,051
TOTAL CAPITALIZATION AND LIABILITIES	$ 887,353	$ 767,830

Business Segment Data (Details) $ in Thousands	3 Months Ended		9 Months Ended
Business Segment Data (Details) $ in Thousands	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Segments	2	2	2	2
Operating Revenues	$ 37,769	$ 38,713	$ 101,859	$ 104,809
Operating Income	11,983	12,918	27,962	29,989
Net Income	11,119	12,290	25,818	25,459
Capital Expenditures	25,522	21,141	61,220	49,518
Assets	887,353		887,353		$ 767,830
Regulated [Member]
Segment Reporting Information [Line Items]
Operating Revenues	35,000	34,628	93,342	93,002
Operating Income	11,001	12,214	24,937	27,827
Net Income	10,409	11,770	23,700	23,904
Capital Expenditures	25,437	21,141	60,998	49,469
Assets	886,280		886,280		764,749
Non - Regulated [Member]
Segment Reporting Information [Line Items]
Operating Revenues	3,020	4,304	9,032	12,286
Operating Income	982	704	3,025	2,162
Net Income	710	520	2,118	1,555
Capital Expenditures	85		222	49
Assets	9,593		9,593		8,994
Inter-segment Elimination [Member]
Segment Reporting Information [Line Items]
Operating Revenues	(251)	$ (219)	(515)	$ (479)
Assets	$ (8,520)		$ (8,520)		$ (5,913)

Commitments and Contingent Liabilities (Schedule of Operating Lease ROU Assets and Lease Liabilities) (Details) $ in Thousands	Sep. 30, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
ROU Asset at Lease Inception	$ 7,300
Accumulated Amortization	(1,200)
Current ROU Asset	$ 6,100

Short-term Borrowings (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
Short-term Borrowings (Details) - USD ($) $ in Thousands	Oct. 31, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Lines Of Credit Facility
Established lines of credit		$ 120,000		$ 120,000
Increase in lines of credit				20,000
Established lines of credit, amount outstanding		$ 58,500		$ 58,500
Weighted average interest rate at period end		3.06%		3.06%
Average Daily Amounts Outstanding		$ 58,259	$ 43,402	$ 56,881	$ 34,332
Weighted Average Interest Rates		3.26%	3.24%	3.45%	3.09%
Maturity date				Sep. 30, 2019
Subsequent Event [Member]
Lines Of Credit Facility
Increase in lines of credit	$ 140,000

CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Common Stock, No Par Value	$ 170,562	$ 157,354
Retained Earnings	105,233	91,433
TOTAL COMMON EQUITY	275,795	248,787
TOTAL PREFERRED STOCK	2,084	2,433
SUBTOTAL LONG-TERM DEBT	231,820	162,904
Add: Premium on Issuance of Long-term Debt	8,164	1,259
Less: Unamortized Debt Expense	(4,551)	(3,969)
Less: Current Portion of Long-term Debt	(7,161)	(7,343)
TOTAL LONG-TERM DEBT	228,272	152,851
Amortizing Secured Note, due December 20, 2021 [Member]
SUBTOTAL LONG-TERM DEBT	715	924
Amortizing Secured Note, due May 19, 2028 [Member]
SUBTOTAL LONG-TERM DEBT	3,640	3,955
Amortizing Secured Note, due August 25, 2030 [Member]
SUBTOTAL LONG-TERM DEBT	3,057	3,267
Amortizing Secured Note, due September 19, 2031 [Member]
SUBTOTAL LONG-TERM DEBT	3,337	3,547
State Revolving Trust Note, due December 31, 2022 [Member]
SUBTOTAL LONG-TERM DEBT	202	228
State Revolving Trust Note, due May 1, 2025 [Member]
SUBTOTAL LONG-TERM DEBT	1,519	1,632
State Revolving Trust Note, due March 1, 2026 [Member]
SUBTOTAL LONG-TERM DEBT	309	351
State Revolving Trust Note, due January 25, 2027 [Member]
SUBTOTAL LONG-TERM DEBT	349	389
State Revolving Trust Note, due December 1, 2026 [Member]
SUBTOTAL LONG-TERM DEBT	474	501
State Revolving Trust Bond 4.00% to 5.00%, due August 1, 2021 [Member]
SUBTOTAL LONG-TERM DEBT	60	111
State Revolving Trust Bond 0.00%, due August 1, 2021 [Member]
SUBTOTAL LONG-TERM DEBT	50	88
State Revolving Trust Note, due July 1, 2028 [Member]
SUBTOTAL LONG-TERM DEBT	225	235
State Revolving Trust Note, due January 1, 2028 [Member]
SUBTOTAL LONG-TERM DEBT	73	77
State Revolving Trust Note, due August 1, 2031 [Member]
SUBTOTAL LONG-TERM DEBT	851	907
Amortizing Secured Note, due April 20, 2029 [Member]
SUBTOTAL LONG-TERM DEBT	3,343	3,604
Amortizing Secured Note 7.05%, due January 20, 2030 [Member]
SUBTOTAL LONG-TERM DEBT	2,583	2,771
Amortizing Secured Note 5.69%, due January 20, 2030 [Member]
SUBTOTAL LONG-TERM DEBT	5,299	5,684
Amortizing Secured Note, due April 20, 2040 [Member]
SUBTOTAL LONG-TERM DEBT	9,057	9,387
Amortizing Secured Note, due April 20, 2040 [Member]
SUBTOTAL LONG-TERM DEBT	3,361	3,483
State Revolving Trust Note, due July 1, 2031 [Member]
SUBTOTAL LONG-TERM DEBT	1,892	1,954
State Revolving Trust Note, due February 1, 2036 [Member]
SUBTOTAL LONG-TERM DEBT	1,013	1,064
State Revolving Trust Note, due November 30, 2030 [Member]
SUBTOTAL LONG-TERM DEBT	990	1,024
Construction Loans [Member]
SUBTOTAL LONG-TERM DEBT	38,171	16,509
First Mortgage Bonds - Series Z [Member]
SUBTOTAL LONG-TERM DEBT		113
First Mortgage Bonds - Series AA [Member]
SUBTOTAL LONG-TERM DEBT		155
First Mortgage Bonds - Series BB [Member]
SUBTOTAL LONG-TERM DEBT	241	362
First Mortgage Bonds - Series CC [Member]
SUBTOTAL LONG-TERM DEBT	331	489
First Mortgage Bonds - Series EE [Member]
SUBTOTAL LONG-TERM DEBT	1,455	1,876
First Mortgage Bonds - Series FF [Member]
SUBTOTAL LONG-TERM DEBT	2,440	2,980
First Mortgage Bonds - Series GG [Member]
SUBTOTAL LONG-TERM DEBT	633	723
First Mortgage Bonds - Series HH [Member]
SUBTOTAL LONG-TERM DEBT	710	795
First Mortgage Bonds - Series II [Member]
SUBTOTAL LONG-TERM DEBT	429	520
First Mortgage Bonds - Series JJ [Member]
SUBTOTAL LONG-TERM DEBT	588	671
First Mortgage Bonds - Series KK [Member]
SUBTOTAL LONG-TERM DEBT	807	898
First Mortgage Bonds - Series LL [Member]
SUBTOTAL LONG-TERM DEBT	928	1,010
First Mortgage Bonds - Series MM [Member]
SUBTOTAL LONG-TERM DEBT	1,037	1,137
First Mortgage Bonds - Series NN [Member]
SUBTOTAL LONG-TERM DEBT	1,190	1,415
First Mortgage Bonds - Series OO [Member]
SUBTOTAL LONG-TERM DEBT	1,806	1,956
First Mortgage Bonds - Series PP [Member]
SUBTOTAL LONG-TERM DEBT	660	700
First Mortgage Bonds - Series QQ [Member]
SUBTOTAL LONG-TERM DEBT	9,915	9,915
First Mortgage Bonds - Series RR [Member]
SUBTOTAL LONG-TERM DEBT	22,500	22,500
First Mortgage Bonds - Series SS [Member]
SUBTOTAL LONG-TERM DEBT	23,000	23,000
First Mortgage Bonds - Series TT [Member]
SUBTOTAL LONG-TERM DEBT	1,957	2,107
First Mortgage Bonds - Series UU [Member]
SUBTOTAL LONG-TERM DEBT	755	800
First Mortgage Bonds - Series VV [Member]
SUBTOTAL LONG-TERM DEBT	2,003	2,147
First Mortgage Bonds - Series WW [Member]
SUBTOTAL LONG-TERM DEBT	755	795
First Mortgage Bonds - Series XX [Member]
SUBTOTAL LONG-TERM DEBT	10,627	11,006
First Mortgage Bonds - Series YY [Member]
SUBTOTAL LONG-TERM DEBT	3,785	3,860
0.00%, Series 2018A, due August 1, 2047 [Member]
SUBTOTAL LONG-TERM DEBT	6,678	6,917
3.00%-5.00%, Series 2018B, due August 1, 2047 [Member]
SUBTOTAL LONG-TERM DEBT	2,320	2,365
4.00%, Series 2019A, due August 1, 2059 [Member]
SUBTOTAL LONG-TERM DEBT	32,500
5.00%, Series 2019B, due August 1, 2059 [Member]
SUBTOTAL LONG-TERM DEBT	21,200
Convertible Preferred Stock $7.00 Series [Member]
TOTAL PREFERRED STOCK	1,005	1,005
Convertible Preferred Stock $8.00 Series [Member]
TOTAL PREFERRED STOCK		349
Nonredeemable Preferred Stock $7.00 Series [Member]
TOTAL PREFERRED STOCK	79	79
Nonredeemable Preferred Stock $4.75 Series [Member]
TOTAL PREFERRED STOCK	$ 1,000	$ 1,000

Rate and Regulatory Matters (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Regulatory Liabilities [Line Items]
Deferred income tax benefits	$ (8,379)	$ (5,975)
Middlesex [Member] \| New Jersey Board Of Public Utilities [Member]
Regulatory Liabilities [Line Items]
Additional annual costs	100
Tidewater [Member] \| Delaware Public Service Commission Member
Regulatory Liabilities [Line Items]
Approved increase in annual operating revenues	$ 500
Corporate tax rate	3.35%
Base rate amount	$ 1,000
Line of credit	700
Pinelands Water Company [Member] \| New Jersey Board Of Public Utilities [Member]
Regulatory Liabilities [Line Items]
Approved increase in annual operating revenues	500
Pinelands Wastewater [Member] \| New Jersey Board Of Public Utilities [Member]
Regulatory Liabilities [Line Items]
Approved increase in annual operating revenues	700
Twin Lakes [Member] \| Pennsylvania Public Utilities Commissio [Member]
Regulatory Liabilities [Line Items]
Approved increase in annual operating revenues	$ 200

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 25,818	$ 25,459
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization	12,858	11,743
Provision for Deferred Income Taxes	(8,379)	(5,975)
Equity Portion of Allowance for Funds Used During Construction (AFUDC)	(1,330)	(538)
Cash Surrender Value of Life Insurance	(187)	(119)
Stock Compensation Expense	409	757
Changes in Assets and Liabilities:
Accounts Receivable	(1,645)	(2,759)
Unbilled Revenues	(2,124)	(2,098)
Materials and Supplies	252	(1,515)
Prepayments	(933)	(1,111)
Accounts Payable	853	5,606
Accrued Taxes	(2,098)	3,400
Accrued Interest	(490)	(545)
Employee Benefit Plans	(640)	(1,426)
Unearned Revenue & Advanced Service Fees	12	85
Other Assets and Liabilities	972	1,899
NET CASH PROVIDED BY OPERATING ACTIVITIES	23,348	32,863
CASH FLOWS FROM INVESTING ACTIVITIES:
Utility Plant Expenditures, Including AFUDC of $700 in 2019 and $267 in 2018	(61,220)	(49,518)
NET CASH USED IN INVESTING ACTIVITIES	(61,220)	(49,518)
CASH FLOWS FROM FINANCING ACTIVITIES:
Redemption of Long-term Debt	(6,315)	(6,013)
Proceeds from Issuance of Long-term Debt	82,446	9,265
Net Short-term Bank Borrowings	10,000	20,500
Deferred Debt Issuance Expense	(754)	(862)
Common Stock Issuance Expense	(22)
Proceeds from Issuance of Common Stock	12,449	864
Payment of Common Dividends	(11,893)	(10,993)
Payment of Preferred Dividends	(102)	(108)
Construction Advances and Contributions-Net	3,480	3,140
NET CASH PROVIDED BY FINANCING ACTIVITIES	89,289	15,793
NET CHANGES IN CASH AND CASH EQUIVALENTS	51,417	(862)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	5,661	6,397
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	57,078	5,535
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY:
Utility Plant received as Construction Advances and Contributions	5,375	3,028
Long-term Debt Deobligation	130
Cash Paid During the Year for:
Interest	5,929	5,090
Interest Capitalized	700	267
Income Taxes	$ 6,752	$ 3,191

Income Taxes (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended			6 Months Ended	9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Oct. 31, 2019	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2019	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2015
Operating Loss Carryforwards [Line Items]
Income taxes Paid		$ (265)		$ (262)		$ (952)	$ 1,683
Tax Year 2014 [Member]
Operating Loss Carryforwards [Line Items]
Net reduction in taxes due to the federal government						17,600
Income tax refund receivable									$ 2,300
Redused reserve provision		2,400				2,400		$ 4,100
Income taxes Paid			$ 800
Interest expense liability		$ 100				$ 100
Tax Year 2015 [Member]
Operating Loss Carryforwards [Line Items]
Income taxes Paid					$ 100
Tax Year 2016 [Member]
Operating Loss Carryforwards [Line Items]
Income taxes Paid	$ 1,900
Tax Year 2017 [Member]
Operating Loss Carryforwards [Line Items]
Income taxes Paid	$ 1,900

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2017	$ 155,120	$ 74,055	$ 229,175
Balance, shares at Dec. 31, 2017	16,352,000
Net Income		25,459	25,459
Dividend Reinvestment & Common Stock Purchase Plan	$ 864		$ 864
Dividend Reinvestment & Common Stock Purchase Plan, shares	21,000		21,001
Restricted Stock Award, Net - Employees	$ 628		$ 628
Restricted Stock Award, Net - Employees, shares	23,000
Stock Award - Board Of Directors	$ 147		147
Stock Award - Board Of Directors, shares	4,000
Shares Forfeited	$ (18)		(18)
Shares Forfeited, shares	(2,000)
Cash Dividends on Common Stock		(10,993)	(10,993)
Cash Dividends on Common Stock, shares
Cash Dividends on Preferred Stock		(108)	(108)
Cash Dividends on Preferred Stock, shares
Balance at Sep. 30, 2018	$ 156,741	88,413	245,154
Balance, shares at Sep. 30, 2018	16,398,000
Balance at Jun. 30, 2018	$ 156,251	79,828	236,077
Balance, shares at Jun. 30, 2018	16,392,000
Net Income		12,290	12,290
Dividend Reinvestment & Common Stock Purchase Plan	$ 266		266
Dividend Reinvestment & Common Stock Purchase Plan, shares	8,000
Restricted Stock Award, Net - Employees	$ 242		242
Restricted Stock Award, Net - Employees, shares
Shares Forfeited	$ (18)		(18)
Shares Forfeited, shares	(2,000)
Cash Dividends on Common Stock		(3,667)	(3,667)
Cash Dividends on Common Stock, shares
Cash Dividends on Preferred Stock		(36)	(36)
Cash Dividends on Preferred Stock, shares
Balance at Sep. 30, 2018	$ 156,741	88,413	245,154
Balance, shares at Sep. 30, 2018	16,398,000
Balance at Dec. 31, 2018	$ 157,354	91,433	248,787
Balance, shares at Dec. 31, 2018	16,403,000
Net Income		25,818	25,818
Dividend Reinvestment & Common Stock Purchase Plan	$ 12,449		$ 12,449
Dividend Reinvestment & Common Stock Purchase Plan, shares	222,000		221,558
Restricted Stock Award, Net - Employees	$ 679		$ 679
Restricted Stock Award, Net - Employees, shares	18,000
Stock Award - Board Of Directors	$ 196		196
Stock Award - Board Of Directors, shares	4,000
Shares Forfeited	$ (466)		(466)
Shares Forfeited, shares	(18,000)
Conversion of $8.00 Convertible Preferred Stock	$ 350		350
Conversion of $8.00 Convertible Preferred Stock, shares	41,000
Cash Dividends on Common Stock		(11,893)	(11,893)
Cash Dividends on Common Stock, shares
Cash Dividends on Preferred Stock		(102)	(102)
Cash Dividends on Preferred Stock, shares
Common Stock Expenses		(23)	(23)
Common Stock Expenses, shares
Balance at Sep. 30, 2019	$ 170,562	105,233	275,795
Balance, shares at Sep. 30, 2019	16,670,000
Balance at Jun. 30, 2019	$ 165,138	98,146	263,284
Balance, shares at Jun. 30, 2019	16,554,000
Net Income		11,119	11,119
Dividend Reinvestment & Common Stock Purchase Plan	$ 5,368		5,368
Dividend Reinvestment & Common Stock Purchase Plan, shares	92,000
Restricted Stock Award, Net - Employees	$ 172		172
Restricted Stock Award, Net - Employees, shares	1,000
Shares Forfeited	$ (466)		(466)
Shares Forfeited, shares	(18,000)
Conversion of $8.00 Convertible Preferred Stock	$ 350		350
Conversion of $8.00 Convertible Preferred Stock, shares	41,000
Cash Dividends on Common Stock		(3,987)	(3,987)
Cash Dividends on Common Stock, shares
Cash Dividends on Preferred Stock		(30)	(30)
Cash Dividends on Preferred Stock, shares
Common Stock Expenses		(15)	(15)
Common Stock Expenses, shares
Balance at Sep. 30, 2019	$ 170,562	$ 105,233	$ 275,795
Balance, shares at Sep. 30, 2019	16,670,000

Capitalization (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended		9 Months Ended
	Oct. 31, 2019	Aug. 31, 2019	May 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	May 31, 2019	Apr. 30, 2019	Feb. 28, 2019	Dec. 31, 2018	Aug. 31, 2018	Mar. 31, 2018
Schedule of Capitalization [Line Items]
Issuance of shares under the DRP, shares						221,558	21,001
Issuance of shares under the DRP				$ 5,368	$ 266	$ 12,449	$ 864
Common stock granted and issued under plan		200,000
Percentage of offering shares on discount to participants		5.00%
Convertible Preferred Stock Converted				41,142		41,142
Due date of debt						Sep. 30, 2019
Other long term debt				$ 80,500		$ 80,500					$ 61,500
Customer advances				$ 22,682		22,682					$ 22,572
Amount drawn						82,446	9,265
Deobligated principal payments						$ 130
Subsequent Event [Member]
Schedule of Capitalization [Line Items]
Number of shares purchased	232,643
Average price per share	$ 55.79
Series Cumulative Preferred Stock [Member]
Schedule of Capitalization [Line Items]
Number of shares purchased						3,000
Number of shares purchased value						$ 300,000
No par value				$ 8.00		$ 8.00
New Jersey NJIB Program [Member]
Schedule of Capitalization [Line Items]
Maximum borrowing capacity, construction loan					$ 8,700		$ 8,700
Delaware State Revolving Fund [Member]
Schedule of Capitalization [Line Items]
Maximum borrowing amount													$ 900
Maximum borrowing capacity, construction loan									$ 1,700
Series 2018A [Member]
Schedule of Capitalization [Line Items]
Proceeds from issuance of first mortgage bond			$ 7,100
Interest rate			0.00%
Due date of debt			Aug. 01, 2047
Series 2018B [Member]
Schedule of Capitalization [Line Items]
Proceeds from issuance of first mortgage bond			$ 2,400
Due date of debt			Aug. 01, 2047
Series 2019A [Member]
Schedule of Capitalization [Line Items]
Maximum borrowing capacity, construction loan		$ 32,500
Interest rate		4.00%
Series 2019B [Member]
Schedule of Capitalization [Line Items]
Maximum borrowing capacity, construction loan		$ 21,200
Interest rate		5.00%
New Jersey Infrastructure Bank [Member]
Schedule of Capitalization [Line Items]
Maximum borrowing capacity, construction loan			$ 9,500							$ 140,000		$ 43,500
Interest rate				0.00%		0.00%
Percentage of principal with stated interest rate						75.00%
Percentage of principal with market interest rate						25.00%
Deobligated principal payments						$ 100
Amount of drawn expected remaining						8,000
Middlesex [Member]
Schedule of Capitalization [Line Items]
Maximum borrowing capacity, construction loan				$ 30,200		30,200
First Mortgage Bonds [Member]
Schedule of Capitalization [Line Items]
Maximum borrowing capacity, construction loan		$ 53,700		$ 60,800		60,800
Amount drawn						7,600
Proceeds from issuance premium		$ 7,100
Amount of drawn expected remaining						$ 53,200
Maximum [Member]
Schedule of Capitalization [Line Items]
Percentage of offering shares on discount to participants						5.00%
Maximum [Member] \| Series 2018B [Member]
Schedule of Capitalization [Line Items]
Interest rate			5.00%
Minimum [Member] \| Series 2018B [Member]
Schedule of Capitalization [Line Items]
Interest rate			3.00%
New Jersey Board Of Public Utilities [Member]
Schedule of Capitalization [Line Items]
Authorized shares under plan								1,500,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Statement of Cash Flows [Abstract]
Allowance for funds used during construction	$ 700	$ 267

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2019	Oct. 31, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	MIDDLESEX WATER CO
Entity Central Index Key	0000066004
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		16,669,540
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2019
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity File Number	0-422
Entity Incorporation State or Country Code	NJ
Document Quarterly Report	true
Document Transition Report	false

Capitalization (Schedule of Carrying Amount and Fair Value of Bonds) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Carrying Amount [Member]
First Mortgage Bonds	$ 151,361	$ 101,411
Fair Value [Member]
First Mortgage Bonds	$ 154,355	$ 102,789

Commitments and Contingent Liabilities (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($) gal	Sep. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Guaranty liabilty for AWM's performance	$ 1,400		$ 1,400		$ 1,500
Budgeted construction cost for construction program, 2019			105,000
Contractual construction agreements			68,000
Rental expenses under operating leases	$ 200	$ 200	$ 500	$ 300
Estimated incremental borrowing rate	4.03%		4.03%
Lease maturity date			2030
NJ Water Supply Authority [Member]
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Purchase commitment expiration date of contract			Nov. 30, 2023
Water purchase per commitment \| gal			27,000,000
Regulated Water Authority [Member]
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Purchase commitment expiration date of contract			Feb. 27, 2021
Water purchase per commitment \| gal			3,000,000
City of Dover [Member]
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Water purchase per commitment \| gal			15,000,000