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Employee Benefit Plans (Tables)

12 Months Ended

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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