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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2018
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 2018 and 2017.
|  | (Thousands of Dollars)
|  | Pension Plan |  | Other Benefits Plan
|  | December 31,
|  | 2018 |  | 2017 |  | 2018 |  | 2017
Change in Projected Benefit Obligation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  | $ | 88,013 |  |  | $ | 78,601 |  |  | $ | 54,345 |  |  | $ | 48,888 |
Service Cost |  |  | 2,426 |  |  |  | 2,399 |  |  |  | 1,135 |  |  |  | 1,089 |
Interest Cost |  |  | 3,061 |  |  |  | 3,143 |  |  |  | 1,898 |  |  |  | 1,964 |
Actuarial (Gain) Loss |  |  | (7,018 | ) |  |  | 6,203 |  |  |  | (8,160 | ) |  |  | 3,052 |
Benefits Paid |  |  | (2,555 | ) |  |  | (2,333 | ) |  |  | (744 | ) |  |  | (648 | )
Ending Balance |  | $ | 83,927 |  |  | $ | 88,013 |  |  | $ | 48,474 |  |  | $ | 54,345 |
|  | (Thousands of Dollars)
|  | Pension Plan |  | Other Benefits Plan
|  | December 31,
|  | 2018 |  | 2017 |  | 2018 |  | 2017
Change in Fair Value of Plan Assets: |  |  |  |  |  |  |  |
Beginning Balance |  | $ | 69,215 |  |  | $ | 59,370 |  |  | $ | 36,083 |  |  | $ | 31,607 |
Actual Return on Plan Assets |  |  | (3,524 | ) |  |  | 8,543 |  |  |  | (2,161 | ) |  |  | 3,521 |
Employer Contributions |  |  | 3,635 |  |  |  | 3,635 |  |  |  | 1,444 |  |  |  | 1,603 |
Benefits Paid |  |  | (2,555 | ) |  |  | (2,333 | ) |  |  | (744 | ) |  |  | (648 | )
Ending Balance |  | $ | 66,771 |  |  | $ | 69,215 |  |  | $ | 34,622 |  |  | $ | 36,083 |
Funded Status |  | $ | (17,156 | ) |  | $ | (18,798 | ) |  | $ | (13,852 | ) |  | $ | (18,262 | )
Amounts recognized in balance sheet |
|  | (Thousands of Dollars)
|  | Pension Plan |  | Other Benefits Plan
|  | December 31,
|  | 2018 |  | 2017 |  | 2018 |  | 2017
Amounts Recognized in the Consolidated Balance Sheets consist of : |  |  |  |  |  |  |  |
Current Liability |  |  | 347 |  |  |  | 374 |  |  |  | — |  |  |  | — |
Noncurrent Liability |  |  | 16,809 |  |  |  | 18,424 |  |  |  | 13,852 |  |  |  | 18,262 |
Net Liability Recognized |  | $ | 17,156 |  |  | $ | 18,798 |  |  | $ | 13,852 |  |  | $ | 18,262 |
Components of net benefit cost |
|  | (Thousands of Dollars)
|  | Pension Plan |  | Other Benefits Plan
|  | Years Ended December 31,
|  | 2018 |  | 2017 |  | 2016 |  | 2018 |  | 2017 |  | 2016
Components of Net Periodic Benefit Cost |  |  |  |  |  |  |  |  |  |  |  |
Service Cost |  | $ | 2,426 |  |  | $ | 2,399 |  |  | $ | 2,308 |  |  | $ | 1,135 |  |  | $ | 1,089 |  |  | $ | 1,099 |
Interest Cost |  |  | 3,061 |  |  |  | 3,143 |  |  |  | 3,046 |  |  |  | 1,898 |  |  |  | 1,964 |  |  |  | 1,952 |
Expected Return on Plan Assets |  |  | (4,871 | ) |  |  | (4,489 | ) |  |  | (4,014 | ) |  |  | (2,550 | ) |  |  | (2,406 | ) |  |  | (2,213 | )
Amortization of Net Actuarial Loss |  |  | 1,658 |  |  |  | 1,566 |  |  |  | 1,426 |  |  |  | 1,787 |  |  |  | 1,781 |  |  |  | 1,773 |
Amortization of Prior Service Credit |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,607 | ) |  |  | (1,728 | ) |  |  | (1,728 | )
Net Periodic Benefit Cost* |  | $ | 2,274 |  |  | $ | 2,619 |  |  | $ | 2,766 |  |  | $ | 663 |  |  | $ | 700 |  |  | $ | 883 |
*Service cost is included in Operations and Maintenance expense on the consolidated statements of income; all other amounts are included in Other Income (Expense), net.
Amounts expected to be amortized from regulatory assets | Amounts that are expected to be amortized from Regulatory Assets into Net Periodic Benefit Cost in 2019 are as follows:
|  | (Thousands of Dollars)
|  | Pension Plan |  | Other Benefits Plan
Actuarial Loss |  | $ | 1,618 |  |  | $ | 1,319 |
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, 2018, 2017 and 2016, respectively, are as follows:
|  | Pension Plan |  |  | Other Benefits Plan |
|  | 2018 |  |  | 2017 |  |  | 2016 |  |  | 2018 |  |  | 2017 |  |  | 2016 |
Weighted Average Assumptions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expected Return on Plan Assets |  |  | 7.00 | % |  |  | 7.50 | % |  |  | 7.50 | % |  |  | 7.00 | % |  |  | 7.50 | % |  |  | 7.50 | %
Discount Rate for: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Benefit Obligation |  |  | 4.15 | % |  |  | 3.53 | % |  |  | 4.06 | % |  |  | 4.15 | % |  |  | 3.53 | % |  |  | 4.06 | %
Benefit Cost |  |  | 3.53 | % |  |  | 4.06 | % |  |  | 4.26 | % |  |  | 3.53 | % |  |  | 4.06 | % |  |  | 4.26 | %
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 |  | $ | 658 |  |  | $ | (504 | )
Effect on Projected Benefit Obligation |  | $ | 7,593 |  |  | $ | (6,054 | )
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
2019 |  | $ | 2,771 |  |  | $ | 1,353 |
2020 |  |  | 2,983 |  |  |  | 1,614 |
2021 |  |  | 2,976 |  |  |  | 1,800 |
2022 |  |  | 3,376 |  |  |  | 2,032 |
2023 |  |  | 3,778 |  |  |  | 2,103 |
2024-2028 |  |  | 26,037 |  |  |  | 11,817 |
Totals |  | $ | 41,921 |  |  | $ | 20,719 |
Allocation of plan assets | The allocation of plan assets at December 31, 2018 and 2017 by asset category is as follows:
|  | Pension Plan |  |  | Other Benefits Plan |
Asset Category |  | 2018 |  |  | 2017 |  |  | Target |  |  | 2018 |  |  | 2017 |  |  | Target |
Equity Securities |  |  | 59.5 | % |  |  | 62.8 | % |  |  | 55 | % |  |  | 54.7 | % |  |  | 57.7 | % |  |  | 43 | %
Debt Securities |  |  | 36.5 | % |  |  | 33.6 | % |  |  | 38 | % |  |  | 37.3 | % |  |  | 32.9 | % |  |  | 50 | %
Cash |  |  | 1.6 | % |  |  | 1.0 | % |  |  | 2 | % |  |  | 8.0 | % |  |  | 9.4 | % |  |  | 2 | %
Real Estate/Commodities |  |  | 2.4 | % |  |  | 2.6 | % |  |  | 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, 2018
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Mutual Funds |  | $ | 57,014 |  |  | $ | — |  |  | $ | — |  |  | $ | 57,014 |
Money Market Funds |  |  | 1,074 |  |  |  | — |  |  |  | — |  |  |  | 1,074 |
Common Equity Securities |  |  | 8,683 |  |  |  | — |  |  |  | — |  |  |  | 8,683 |
Total Investments |  | $ | 66,771 |  |  | $ | — |  |  | $ | — |  |  | $ | 66,771 |
|  | (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 |
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, 2018
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Mutual Funds |  | $ | 18,924 |  |  | $ | — |  |  | $ | — |  |  | $ | 18,924 |
Money Market Funds |  |  | 2,769 |  |  |  | — |  |  |  | — |  |  |  | 2,769 |
Agency/US/State/Municipal Debt |  |  | — |  |  |  | 12,929 |  |  |  | — |  |  |  | 12,929 |
Total Investments |  | $ | 21,693 |  |  | $ | 12,929 |  |  | $ | — |  |  | $ | 34,622 |
|  | (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 |
Restricted stock plan | The following table presents information on the 2018 Restricted Stock Plan:
|  | Shares (thousands) |  | Unearned Compensation (thousands) |  | Weighted Average Grant Price
Balance, January 1, 2016 |  |  | 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 |  |  |  |  |
Granted |  |  | 22 |  |  |  | 827 |  |  | $ | 36.53 |
Vested |  |  | (27 | ) |  |  | — |  |  |  |  |
Forfeited |  |  | (2 | ) |  |  | (18 | ) |  |  |  |
Amortization of Compensation Expense |  |  | — |  |  |  | (956 | ) |  |  |  |
Balance, December 31, 2018 |  |  | 140 |  |  | $ | 1,638 |  |  |  |  |

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