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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2017

Retirement Benefits [Abstract]

Change in projected benefit obligation and fair value of plan assets

The Company uses a December 31 measurement date for all of its employee benefit plans. The tables below set forth information relating to the Company’s Pension Plan and Other Benefits Plan for 2017 and 2016.

		(Thousands of Dollars)
		Pension Plan								Other Benefits Plan
		December 31,
		2017				2016				2017				2016
Change in Projected Benefit Obligation:
Beginning Balance		$	78,601			$	72,542			$	48,888			$	46,249
Service Cost			2,399				2,308				1,089				1,099
Interest Cost			3,143				3,046				1,964				1,952
Actuarial Loss			6,203				2,810				3,052				141
Benefits Paid			(2,333	)			(2,105	)			(648	)			(553	)
Ending Balance		$	88,013			$	78,601			$	54,345			$	48,888

		December 31,
		2017				2016				2017				2016
Change in Fair Value of Plan Assets:
Beginning Balance		$	59,370			$	52,931			$	31,607			$	29,018
Actual Return on Plan Assets			8,543				4,909				3,521				1,591
Employer Contributions			3,635				3,635				1,603				1,551
Benefits Paid			(2,333	)			(2,105	)			(648	)			(553	)
Ending Balance		$	69,215			$	59,370			$	36,083			$	31,607
Funded Status		$	(18,798	)		$	(19,231	)		$	(18,262	)		$	(17,281	)

Amounts recognized in balance sheet

		(Thousands of Dollars)
		Pension Plan								Other Benefits Plan
		December 31,
		2017				2016				2017				2016
Amounts Recognized in the Consolidated Balance Sheets consist of :
Current Liability			374				373				—				—
Noncurrent Liability			18,424				18,858				18,262				17,281
Net Liability Recognized		$	18,798			$	19,231			$	18,262			$	17,281

Components of net benefit cost

		(Thousands of Dollars)
		Pension Plan												Other Benefits Plan
		Years Ended December 31,
		2017				2016				2015				2017				2016				2015
Components of Net Periodic Benefit Cost
Service Cost		$	2,399			$	2,308			$	2,558			$	1,089			$	1,099			$	1,373
Interest Cost			3,143				3,046				2,894				1,964				1,952				1,921
Expected Return on Plan Assets			(4,489	)			(4,014	)			(3,919	)			(2,406	)			(2,213	)			(2,107	)
Amortization of Net Actuarial Loss			1,566				1,426				1,645				1,781				1,773				2,261
Amortization of Prior Service Credit			—				—				—				(1,728	)			(1,728	)			(1,728	)
Net Periodic Benefit Cost		$	2,619			$	2,766			$	3,178			$	700			$	883			$	1,720

Amounts expected to be amortized from regulatory assets

Amounts that are expected to be amortized from Regulatory Assets into Net Periodic Benefit Cost in 2018 are as follows:

		(Thousands of Dollars)
		Pension Plan				Other Benefits Plan
Actuarial Loss		$	1,658			$	1,787
Prior Service Credit			—				(1,607	)

Discount and compensation rates

The discount rate and compensation increase rate for determining our postretirement benefit plans’ benefit obligations and costs as of and for the years ended December 31, 2017, 2016 and 2015, respectively, are as follows:

		Pension Plan						Other Benefits Plan
		2017		2016		2015		2017		2016		2015
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		3.53%		4.06%		4.26%		3.53%		4.06%		4.26%
Benefit Cost		4.06%		4.26%		3.91%		4.06%		4.26%		3.91%
Compensation Increase for:
Benefit Obligation		3.00%		3.00%		3.00%		3.00%		3.00%		3.00%
Benefit Cost		3.00%		3.00%		3.00%		3.00%		3.00%		3.00%

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

A one-percentage point change in assumed healthcare cost trend rates would have the following effects on the Other Benefits Plan:

		(Thousands of Dollars)
		1 Percentage Point
		Increase				Decrease
Effect on Current Year Service and Interest Costs		$	649			$	(499	)
Effect on Projected Benefit Obligation		$	9,412			$	(7,403	)

Expected benefit payments

The following benefit payments, which reflect expected future service, are expected to be paid:

		(Thousands of Dollars)
Year		Pension Plan				Other Benefits Plan
2018		$	2,639			$	1,174
2019			2,653				1,414
2020			2,875				1,614
2021			2,971				1,816
2022			3,360				2,027
2023-2027			23,789				11,674
Totals		$	38,287			$	19,719

Allocation of plan assets

The allocation of plan assets at December 31, 2017 and 2016 by asset category is as follows:

		Pension Plan												Other Benefits Plan
Asset Category		2017				2016				Target				2017				2016				Target
Equity Securities			62.8%				59.7%				55%				57.7%				54.1%				43%
Debt Securities			33.6%				36.6%				38%				32.9%				43.3%				50%
Cash			1.0%				1.0%				2%				9.4%				2.6%				2%
Real Estate/Commodities			2.6%				2.7%				5%				0.0%				0.0%				5%
Total			100.0%				100.0%								100.0%				100.0%

Fair value of plan assets

The following tables present Middlesex’s Pension Plan assets measured and recorded at fair value within the fair value hierarchy:

		(Thousands of Dollars)
		As of December 31, 2017
		Level 1				Level 2				Level 3				Total
Mutual Funds		$	57,608			$	—			$	—			$	57,608
Money Market Funds			677				—				—				677
Common Equity Securities			10,930				—				—				10,930
Total Investments		$	69,215			$	—			$	—			$	69,215

		(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

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, 2017
		Level 1				Level 2				Level 3				Total
Mutual Funds		$	20,819			$	—			$	—			$	20,819
Money Market Funds			3,388				—				—				3,388
Preferred Equity Securities			115				—				—				115
Agency/US/State/Municipal Debt			—				11,761				—				11,761
Total Investments		$	24,322			$	11,761			$	—			$	36,083

		(Thousands of Dollars)
		As of December 31, 2016
		Level 1				Level 2				Level 3				Total
Mutual Funds		$	17,096			$	—			$	—			$	17,096
Money Markey 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

Restricted stock plan

The following table presents information on the 2008 Restricted Stock Plan:

		Shares (thousands)				Unearned Compensation (thousands)				Weighted Average Grant Price
Balance, January 1, 2015			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
Granted			22				799			$	36.95
Vested			(20	)			—
Forfeited			(2	)			(54	)
Amortization of Compensation Expense			—				(724	)
Balance, December 31, 2017			147			$	1,785

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