XML 44 R26.htm IDEA: XBRL DOCUMENT
v3.6.0.2

Employee Benefit Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract] |
Change in projected benefit obligation and fair value of plan assets |
|  | (Thousands of Dollars)
|  | Pension Plan |  | Other Benefits Plan
|  | December 31,
|  | 2016 |  | 2015 |  | 2016 |  | 2015
Change in Projected Benefit Obligation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  | $ | 72,542 |  |  | $ | 75,043 |  |  | $ | 46,249 |  |  | $ | 49,578 |
Service Cost |  |  | 2,308 |  |  |  | 2,558 |  |  |  | 1,099 |  |  |  | 1,373 |
Interest Cost |  |  | 3,046 |  |  |  | 2,894 |  |  |  | 1,952 |  |  |  | 1,921 |
Actuarial (Gain) Loss |  |  | 2,810 |  |  |  | (5,915 | ) |  |  | 141 |  |  |  | (6,062 | )
Benefits Paid |  |  | (2,105 | ) |  |  | (2,038 | ) |  |  | (553 | ) |  |  | (561 | )
Ending Balance |  | $ | 78,601 |  |  | $ | 72,542 |  |  | $ | 48,888 |  |  | $ | 46,249 |
|  | (Thousands of Dollars)
|  | Pension Plan |  | Other Benefits Plan
|  | December 31,
|  | 2016 |  | 2015 |  | 2016 |  | 2015
Change in Fair Value of Plan Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  | $ | 52,931 |  |  | $ | 51,623 |  |  | $ | 29,018 |  |  | $ | 27,535 |
Actual Return on Plan Assets |  |  | 4,909 |  |  |  | 11 |  |  |  | 1,591 |  |  |  | 350 |
Employer Contributions |  |  | 3,635 |  |  |  | 3,335 |  |  |  | 1,551 |  |  |  | 1,694 |
Benefits Paid |  |  | (2,105 | ) |  |  | (2,038 | ) |  |  | (553 | ) |  |  | (561 | )
Ending Balance |  | $ | 59,370 |  |  | $ | 52,931 |  |  | $ | 31,607 |  |  | $ | 29,018 |
Funded Status |  | $ | (19,231 | ) |  | $ | (19,611 | ) |  | $ | (17,281 | ) |  | $ | (17,231 | )
Amounts recognized in balance sheet |
|  | (Thousands of Dollars)
|  | Pension Plan |  | Other Benefits Plan
|  | December 31,
|  | 2016 |  | 2015 |  | 2016 |  | 2015
Amounts Recognized in the Consolidated Balance Sheets consist of : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Liability |  |  | 373 |  |  |  | 327 |  |  |  | — |  |  |  | — |
Noncurrent Liability |  |  | 18,858 |  |  |  | 19,284 |  |  |  | 17,281 |  |  |  | 17,231 |
Net Liability Recognized |  | $ | 19,231 |  |  | $ | 19,611 |  |  | $ | 17,281 |  |  | $ | 17,231 |
Components of net benefit cost |
|  | (Thousands of Dollars)
|  | Pension Plan |  | Other Benefits Plan
|  | Years Ended December 31,
|  | 2016 |  | 2015 |  | 2014 |  | 2016 |  | 2015 |  | 2014
Components of Net Periodic Benefit Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service Cost |  | $ | 2,308 |  |  | $ | 2,558 |  |  | $ | 1,894 |  |  | $ | 1,099 |  |  | $ | 1,373 |  |  | $ | 1,032 |
Interest Cost |  |  | 3,046 |  |  |  | 2,894 |  |  |  | 2,682 |  |  |  | 1,952 |  |  |  | 1,921 |  |  |  | 1,792 |
Expected Return on Plan Assets |  |  | (4,014 | ) |  |  | (3,919 | ) |  |  | (3,534 | ) |  |  | (2,213 | ) |  |  | (2,107 | ) |  |  | (1,937 | )
Amortization of Net Actuarial Loss |  |  | 1,426 |  |  |  | 1,645 |  |  |  | 416 |  |  |  | 1,773 |  |  |  | 2,261 |  |  |  | 1,413 |
Amortization of Prior Service Cost/(Credit) |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | (1,728 | ) |  |  | (1,728 | ) |  |  | (1,728 | )
Net Periodic Benefit Cost |  | $ | 2,766 |  |  | $ | 3,178 |  |  | $ | 1,460 |  |  | $ | 883 |  |  | $ | 1,720 |  |  | $ | 572 |
Amounts expected to be amortized from regulatory assets |
|  | (Thousands of Dollars)
|  | Pension Plan |  | Other Benefits Plan
Actuarial Loss |  | $ | 1,566 |  |  | $ | 1,781 |
Prior Service Credit |  |  | — |  |  |  | (1,728 | )
Discount and compensation rates |
|  | Pension Plan |  |  | Other Benefits Plan |
|  | 2016 |  |  | 2015 |  |  | 2014 |  |  | 2016 |  |  | 2015 |  |  | 2014 |
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 |  |  | 4.06 | % |  |  | 4.26 | % |  |  | 3.91 | % |  |  | 4.06 | % |  |  | 4.26 | % |  |  | 3.91 | %
Benefit Cost |  |  | 4.26 | % |  |  | 3.91 | % |  |  | 4.87 | % |  |  | 4.26 | % |  |  | 3.91 | % |  |  | 4.87 | %
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 |  | $ | 673 |  |  | $ | (514 | )
Effect on Projected Benefit Obligation |  | $ | 8,410 |  |  | $ | (6,633 | )
Expected benefit payments |
|  | (Thousands of Dollars) |
Year |  | Pension Plan |  |  | Other Benefits Plan |
2017 |  | $ | 2,391 |  |  | $ | 1,030 |
2018 |  |  | 2,440 |  |  |  | 1,277 |
2019 |  |  | 2,455 |  |  |  | 1,497 |
2020 |  |  | 2,847 |  |  |  | 1,641 |
2021 |  |  | 3,046 |  |  |  | 1,851 |
2022-2026 |  |  | 22,178 |  |  |  | 11,278 |
Totals |  | $ | 35,357 |  |  | $ | 18,574 |
Allocation of plan assets |
|  | Pension Plan |  |  | Other Benefits Plan |
Asset Category |  | 2016 |  |  | 2015 |  |  | Target |  |  | 2016 |  |  | 2015 |  |  | Target |
Equity Securities |  |  | 59.7 | % |  |  | 59.1 | % |  |  | 55 | % |  |  | 54.1 | % |  |  | 50.0 | % |  |  | 43 | %
Debt Securities |  |  | 36.6 | % |  |  | 37.8 | % |  |  | 38 | % |  |  | 43.3 | % |  |  | 47.4 | % |  |  | 50 | %
Cash |  |  | 1.0 | % |  |  | 1.3 | % |  |  | 2 | % |  |  | 2.6 | % |  |  | 2.4 | % |  |  | 2 | %
Real Estate/Commodities |  |  | 2.7 | % |  |  | 1.8 | % |  |  | 5 | % |  |  | 0.0 | % |  |  | 0.2 | % |  |  | 5 | %
Total |  |  | 100.0 | % |  |  | 100.0 | % |  |  |  |  |  |  | 100.0 | % |  |  | 100.0 | % |  |  |  |
Fair value of plan assets | The following tables present Middlesex’s Pension Plan assets measured and recorded at fair value within the fair value hierarchy:
|  | (Thousands of Dollars)
|  | As of December 31, 2016
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Mutual Funds |  | $ | 49,439 |  |  | $ | — |  |  | $ | — |  |  | $ | 49,439 |
Money Market Funds |  |  | 648 |  |  |  | — |  |  |  | — |  |  |  | 648 |
Common Equity Securities |  |  | 9,283 |  |  |  | — |  |  |  | — |  |  |  | 9,283 |
Total Investments |  | $ | 59,370 |  |  | $ | — |  |  | $ | — |  |  | $ | 59,370 |
|  | (Thousands of Dollars)
|  | As of December 31, 2015
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Mutual Funds |  | $ | 43,623 |  |  | $ | — |  |  | $ | — |  |  | $ | 43,623 |
Money Market Funds |  |  | 652 |  |  |  | — |  |  |  | — |  |  |  | 652 |
Common Equity Securities |  |  | 8,656 |  |  |  | — |  |  |  | — |  |  |  | 8,656 |
Total Investments |  | $ | 52,931 |  |  | $ | — |  |  | $ | — |  |  | $ | 52,931 |
The following tables present Middlesex’s Other Benefits Plan assets measured and recorded at fair value within the fair value hierarchy:
|  | (Thousands of Dollars)
|  | As of December 31, 2016
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Mutual Funds |  | $ | 17,096 |  |  | $ | — |  |  | $ | — |  |  | $ | 17,096 |
Money Market Funds |  |  | 826 |  |  |  | — |  |  |  | — |  |  |  | 826 |
Preferred Equity Securities |  |  | 108 |  |  |  | — |  |  |  | — |  |  |  | 108 |
Agency/US/State/Municipal Debt |  |  | — |  |  |  | 13,577 |  |  |  | — |  |  |  | 13,577 |
Total Investments |  | $ | 18,030 |  |  | $ | 13,577 |  |  | $ | — |  |  | $ | 31,607 |
|  | (Thousands of Dollars)
|  | As of December 31, 2015
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Mutual Funds |  | $ | 14,572 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,572 |
Money Markey Funds |  |  | 688 |  |  |  | — |  |  |  | — |  |  |  | 688 |
Preferred Equity Securities |  |  | 224 |  |  |  | — |  |  |  | — |  |  |  | 224 |
Agency/US/State/Municipal Debt |  |  | — |  |  |  | 13,534 |  |  |  | — |  |  |  | 13,534 |
Total Investments |  | $ | 15,484 |  |  | $ | 13,534 |  |  | $ | — |  |  | $ | 29,018 |
Restricted stock plan |
|  | Shares (thousands) |  | Unearned Compensation (thousands) |  | Weighted Average Grant Price
Balance, January 1, 2014 |  |  | 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 |  |  |  |  |
Granted |  |  | 24 |  |  |  | 750 |  |  | $ | 30.85 |
Vested |  |  | (25 | ) |  |  | — |  |  |  |  |
Forfeited |  |  | — |  |  |  | — |  |  |  |  |
Amortization of Compensation Expense |  |  | — |  |  |  | (682 | ) |  |  |  |
Balance, December 31, 2016 |  |  | 147 |  |  | $ | 1,764 |  |  |  |  |

X
- Definition Allocation of plan assets + References No definition available. + Details
Name: | msex_AllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | msex_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Amounts expected to be amortized from regulatory assets + References No definition available. + Details
Name: | msex_AmountsExpectedToBeAmortizedFromRegulatoryAssetsTableTextBlock
Namespace Prefix: | msex_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfChangesInProjectedBenefitObligationsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the effect of a one-percentage-point increase and the effect of a one-percentage-point decrease in the assumed health care cost trend rates on the aggregate of the service and interest cost components of net periodic postretirement health care benefit costs and the accumulated postretirement benefit obligation for health care benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (m) -URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfEffectOfOnePercentagePointChangeInAssumedHealthCareCostTrendRatesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
Name: | us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration