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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2015

Employee Benefit Plans [Abstract]

Change in projected benefit obligation and fair value of plan assets

		(Thousands of Dollars)
		Pension Plan								Other Benefits Plan
		December 31,
		2015				2014				2015				2014
Change in Projected Benefit Obligation:
Beginning Balance		$	75,043			$	56,041			$	49,578			$	37,212
Service Cost			2,558				1,894				1,373				1,032
Interest Cost			2,894				2,682				1,921				1,792
Actuarial (Gain) Loss			(5,915	)			16,429				(6,062	)			10,092
Benefits Paid			(2,038	)			(2,003	)			(561	)			(550	)
Ending Balance		$	72,542			$	75,043			$	46,249			$	49,578

		(Thousands of Dollars)
		Pension Plan								Other Benefits Plan
		December 31,
		2015				2014				2015				2014
Change in Fair Value of Plan Assets:
Beginning Balance		$	51,623			$	46,443			$	27,535			$	25,145
Actual Return on Plan Assets			11				3,603				350				1,243
Employer Contributions			3,335				3,580				1,694				1,697
Benefits Paid			(2,038	)			(2,003	)			(561	)			(550	)
Ending Balance		$	52,931			$	51,623			$	29,018			$	27,535
Funded Status		$	(19,611	)		$	(23,420	)		$	(17,231	)		$	(22,043	)

Amounts recognized in balance sheet

		(Thousands of Dollars)
		Pension Plan								Other Benefits Plan
		December 31,
		2015				2014				2015				2014
Amounts Recognized in the Consolidated Balance Sheets consist of :
Current Liability			327				328				—				—
Noncurrent Liability			19,284				23,092				17,231				22,043
Net Liability Recognized		$	19,611			$	23,420			$	17,231			$	22,043

Components of net benefit cost

		(Thousands of Dollars)
		Pension Plan												Other Benefits Plan
		Years Ended December 31,
		2015				2014				2013				2015				2014				2013
Components of Net Periodic Benefit Cost
Service Cost		$	2,558			$	1,894			$	2,300			$	1,373			$	1,032			$	1,338
Interest Cost			2,894				2,682				2,468				1,921				1,792				1,594
Expected Return on Plan Assets			(3,919	)			(3,534	)			(2,894	)			(2,107	)			(1,937	)			(1,622	)
Amortization of Net Actuarial Loss			1,645				416				1,632				2,261				1,413				2,066
Amortization of Prior Service Cost/(Credit)			—				2				10				(1,728	)			(1,728	)			(1,728	)
Net Periodic Benefit Cost		$	3,178			$	1,460			$	3,516			$	1,720			$	572			$	1,648

Amounts expected to be amortized from regulatory assets

		(Thousands of Dollars)
		Pension Plan				Other Benefits Plan
Actuarial Loss		$	1,426			$	1,773
Prior Service Credit			—				(1,728	)

Discount and compensation rates

		Pension Plan												Other Benefits Plan
		2015				2014				2013				2015				2014				2013
Weighted Average Assumptions:
Expected Return on Plan Assets			7.50	%			7.50	%			7.50	%			7.50	%			7.50	%			7.50	%
Discount Rate for:
Benefit Obligation			4.26	%			3.91	%			4.87	%			4.26	%			3.91	%			4.87	%
Benefit Cost			3.91	%			4.87	%			3.99	%			3.91	%			4.87	%			3.99	%
Compensation Increase for:
Benefit Obligation			3.00	%			3.00	%			3.00	%			3.00	%			3.00	%			3.00	%
Benefit Cost			3.00	%			3.00	%			3.00	%			3.00	%			3.00	%			3.00	%

Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates

		(Thousands of Dollars)
		1 Percentage Point
		Increase				Decrease
Effect on Current Year's Service and Interest Cost		$	781			$	(589	)
Effect on Projected Benefit Obligation		$	8,267			$	(6,482	)

Expected benefit payments

		(Thousands of Dollars)
Year		Pension Plan				Other Benefits Plan
2016		$	2,123			$	876
2017			2,342				1,119
2018			2,393				1,315
2019			2,411				1,512
2020			2,795				1,645
2021-2025			19,641				10,473
Totals		$	31,705			$	16,940

Allocation of plan assets

		Pension Plan												Other Benefits Plan
Asset Category		2015				2014				Target				2015				2014				Target
Equity Securities			59.1	%			60.7	%			55	%			50.0	%			49.5	%			43	%
Debt Securities			37.8	%			35.8	%			38	%			47.4	%			47.5	%			50	%
Cash			1.3	%			1.2	%			2	%			2.4	%			2.8	%			2	%
Real Estate/Commodities			1.8	%			2.3	%			5	%			0.2	%			0.2	%			5	%
Total			100.0	%			100.0	%							100.0	%			100.0	%

Fair value of plan assets

The following table presents Middlesex's Pension Plan assets measured and recorded at fair value within the fair value hierarchy as of December 31, 2015 (amounts in thousands):

		Level 1				Level 2				Level 3				Total
Mutual Funds:
Small Cap Core		$	251			$	—			$	—				251
Small Cap Growth			217				—				—				217
Small Cap Value			1,107				—				—				1,107
Mid Cap Core			998				—				—				998
Mid Cap Value			606				—				—				606
Large Cap Blend			955				—				—				955
Large Cap Core			15,432				—				—				15,432
Foreign Large Core			284				—				—				284
Foreign Large Blend			3,775				—				—				3,775
Intermediate Term Bond			8,707				—				—				8,707
World Bond			11,291				—				—				11,291
Money Market Funds:
Cash and Cash Equivalents			652				—				—				652
Common Equity Securities:
Non-Financial Services			202				—				—				202
Financial Services			1,704				—				—				1,704
Utilities			1,754				—				—				1,754
Consumer Growth			1,191				—				—				1,191
Consumer Staples			553				—				—				553
Consumer Cyclicals			946				—				—				946
Industrial Resources			284				—				—				284
Capital Equipment			527				—				—				527
Technology			1,118				—				—				1,118
Energy			377				—				—				377
Total Investments		$	52,931			$	—			$	—			$	52,931

The following table presents Middlesex's Pension Plan assets measured and recorded at fair value within the fair value hierarchy as of December 31, 2014 (amounts in thousands):

		Level 1				Level 2				Level 3				Total
Mutual Funds:
Small Cap Core		$	261			$	—			$	—				261
Small Cap Value			876				—				—				876
Mid Cap Core			1,013				—				—				1,013
Mid Cap Value			627				—				—				627
Large Cap Blend			1,187				—				—				1,187
Large Cap Core			15,321				—				—				15,321
Foreign Large Core			989				—				—				989
Foreign Large Growth			449				—				—				449
Foreign Large Blend			2,566				—				—				2,566
Diversified Emerging Markets			737				—				—				737
Intermediate Term Bond			9,824				—				—				9,824
World Bond			8,668				—				—				8,668
Money Market Funds:
Cash and Cash Equivalents			127				386				—				513
Common Equity Securities:
Non-Financial Services			280				—				—				280
Financial Services			1,656				—				—				1,656
Utilities			1,504				—				—				1,504
Consumer Growth			1,123				—				—				1,123
Consumer Staples			459				—				—				459
Consumer Cyclicals			922				—				—				922
Industrial Resources			155				—				—				155
Capital Equipment			453				—				—				453
Technology			1,328				—				—				1,328
Energy			712				—				—				712
Total Investments		$	51,237			$	386			$	—			$	51,623

The following table presents Middlesex's Other Benefits Plan assets measured and recorded at fair value within the fair value hierarchy as of December 31, 2015 (amounts in thousands):

		Level 1				Level 2				Level 3				Total
Mutual Funds:
Small Cap Core			594			$	—			$	—			$	594
Small Cap Growth			40				—				—				40
Small Cap Value			101												101
Mid Cap Core			295				—				—				295
Mid Cap Growth			135				—				—				135
Mid Cap Value			762				—				—				762
Large Cap Core			10,912				—				—				10,912
Foreign Small Mid Growth			116				—				—				116
Foreign Large Blend			413												413
Foreign Large Core			666				—				—				666
Foreign Large Growth			138				—				—				138
Diversified Emerging Markets			339				—				—				339
Real Estate Index			61				—				—				61
Money Market Funds:
Cash and Cash Equivalents			688								—				688
Preferred Equity Securities			224				—				—				224
Agency/US/State/Municipal Debt							13,534				—				13,534
Total Investments		$	15,484			$	13,534			$	—			$	29,018

The following table presents Middlesex's Other Benefits Plan assets measured and recorded at fair value within the fair value hierarchy as of December 31, 2014 (amounts in thousands):

		Level 1				Level 2				Level 3				Total
Mutual Funds:
Small Cap Core		$	491			$	—			$	—			$	491
Small Cap Growth			82				—				—				82
Mid Cap Core			292				—				—				292
Mid Cap Growth			121				—				—				121
Mid Cap Value			768				—				—				768
Large Cap Core			10,516				—				—				10,516
Foreign Small Mid Growth			119				—				—				119
Foreign Large Core			735				—				—				735
Foreign Large Value			113				—				—				113
Diversified Emerging Markets			371				—				—				371
Real Estate Index			62				—				—				62
Money Market Funds:
Cash and Cash Equivalents			450				332				—				782
Preferred Equity Securities			221				—				—				221
Agency/US/State/Municipal Debt			—				12,862				—				12,862
Total Investments		$	14,341			$	13,194			$	—			$	27,535

Restricted stock plan

		Shares (thousands)				Unearned Compensation (thousands)				Weighted Average Grant Price
Balance, January 1, 2013			114			$	1,039
Granted			28				589			$	21.20
Vested			(24	)			—
Forfeited			(1	)			(12	)
Amortization of Compensation Expense			—				(400	)
Balance, December 31, 2013			117			$	1,216
Granted			33				711			$	21.46
Vested			(22	)			—
Forfeited			(1	)			(10	)
Amortization of Compensation Expense			—				(434	)
Balance, December 31, 2014			127			$	1,483
Granted			33				741			$	22.65
Vested			(12	)			—
Forfeited			—				—
Amortization of Compensation Expense			—				(528	)
Balance, December 31, 2015			148			$	1,696

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Allocation of plan assets

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Amounts expected to be amortized from regulatory assets

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Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
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Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets.

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Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits.

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Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

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