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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

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 2021 and 2020.

		(Thousands of Dollars)
		Pension Plan								Other Benefits Plan
		December 31,
		2021				2020				2021				2020
Change in Projected Benefit Obligation:
Beginning Balance		$	115,861			$	100,891			$	52,776			$	55,166
Service Cost			2,696				2,434				917				993
Interest Cost			2,706				3,099				1,236				1,699
Actuarial (Gain) Loss			(4,185	)			12,585				(4,705	)			(4,279	)
Benefits Paid			(3,368	)			(3,148	)			(828	)			(803	)
Ending Balance		$	113,710			$	115,861			$	49,396			$	52,776

61

Index

		Pension Plan								Other Benefits Plan
		December 31,
		2021				2020				2021				2020
Change in Fair Value of Plan Assets:
Beginning Balance		$	88,921			$	80,380			$	44,892			$	40,613
Actual Return on Plan Assets			11,798				8,289				5,776				3,988
Employer Contributions			3,400				3,400				828				1,094
Benefits Paid			(3,369	)			(3,148	)			(828	)			(803	)
Ending Balance		$	100,750			$	88,921			$	50,668			$	44,892
Funded Status		$	(12,960	)		$	(26,940	)		$	1,272			$	(7,884	)

Amounts recognized in balance sheet

		Pension Plan								Other Benefits Plan
		December 31,
		2021				2020				2021				2020
Amounts Recognized in the Consolidated Balance Sheets consist of:
Current Liability		$	398			$	398			$	-			$	-
Noncurrent Liability			12,562				26,542				(1,272	)			7,884
Net Liability Recognized		$	12,960			$	26,940			$	(1,272	)		$	7,884

Components of net benefit cost

		(Thousands of Dollars)
		Pension Plan												Other Benefits Plan
		Years Ended December 31,
		2021				2020				2019				2021				2020				2019
Components of Net Periodic Benefit Cost
Service Cost		$	2,696			$	2,434			$	2,171			$	917			$	993			$	839
Interest Cost			2,706				3,099				3,426				1,236				1,699				1,984
Expected Return on Plan Assets			(6,225	)			(5,635	)			(4,694	)			(3,142	)			(2,853	)			(2,451	)
Amortization of Net Actuarial Loss			2,868				2,059				1,618				527				1,352				1,319
Net Periodic Benefit Cost*		$	2,045			$	1,957			$	2,521			$	(462	)		$	1,191			$	1,691

*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 2022 are as follows:

		(Thousands of Dollars)
		Pension Plan			Other Benefits Plan
Actuarial Loss		$	1,673		$	-

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, 2021, 2020 and 2019, respectively, are as follows:

		Pension Plan									Other Benefits Plan
		2021			2020			2019			2021			2020			2019
Weighted Average Assumptions:
Expected Return on Plan Assets		7.00	%		7.00	%		7.00	%		7.00	%		7.00	%		7.00	%
Discount Rate for:
Benefit Obligation		2.72	%		2.37	%		3.12	%		2.72	%		2.37	%		3.12	%
Benefit Cost		2.37	%		3.12	%		4.15	%		2.37	%		3.12	%		4.15	%
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		$	472		$	(359	)
Effect on Projected Benefit Obligation		$	7,882		$	(6,228	)

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
2022		$	3,735			$	1,345
2023			3,985				1,462
2024			4,771				1,573
2025			5,179				1,675
2026			5,183				1,782
2027-2031			27,539				9,803
Totals		$	50,392			$	17,640

Allocation of plan assets

The allocation of plan assets at December 31, 2021 and 2020 by asset category is as follows:

		Pension Plan												Other Benefits Plan
Asset Category		2021				2020				Target				2021				2020				Target
Equity Securities			59.6	%			60.6	%			55	%			66.8	%			62.3	%			43	%
Debt Securities			37.9	%			37.5	%			38	%			30.7	%			31.0	%			50	%
Cash			1.0	%			1.2	%			2	%			2.5	%			6.7	%			2	%
Real Estate/Commodities			1.5	%			0.7	%			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, 2021
		Level 1				Level 2				Level 3				Total
Mutual Funds		$	87,687			$	-			$	-			$	87,687
Money Market Funds			1,057				-				-				1,057
Common Equity Securities			12,006				-				-				12,006
Total Investments		$	100,750			$	-			$	-			$	100,750

		(Thousands of Dollars)
		As of December 31, 2020
		Level 1				Level 2				Level 3				Total
Mutual Funds		$	76,026			$	-			$	-			$	76,026
Money Market Funds			1,086				-				-				1,086
Common Equity Securities			11,809				-				-				11,809
Total Investments		$	88,921			$	-			$	-			$	88,921

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, 2021
		Level 1				Level 2				Level 3				Total
Mutual Funds		$	33,844			$	-			$	-			$	33,844
Money Market Funds			1,291				-				-				1,291
Agency/US/State/Municipal Debt			-				15,533				-				15,533
Total Investments		$	35,135			$	15,533			$	-			$	50,668

		(Thousands of Dollars)
		As of December 31, 2020
		Level 1				Level 2				Level 3				Total
Mutual Funds		$	27,408			$	-			$	-			$	27,408
Money Market Funds			3,696				-				-				3,696
Agency/US/State/Municipal Debt			-				13,788				-				13,788
Total Investments		$	31,104			$	13,788			$	-			$	44,892

Restricted stock plan

The following table presents awarded but not yet vested share information for the plan:

		Shares (thousands)				Unearned Compensation (thousands)				Weighted Average Grant Price
Balance, January 1, 2019			125			$	1,638
Granted			18				975			$	55.99
Vested			(28	)			-
Forfeited			(18	)			-
Amortization of Compensation Expense			-				(907	)
Balance, December 31, 2019			97			$	1,706
Granted			16				982			$	60.12
Vested			(27	)			-
Amortization of Compensation Expense			-				(851	)
Balance, December 31, 2020			86			$	1,837
Granted			15				1,151			$	79.02
Vested			(18	)			-
Amortization of Compensation Expense			-				(1,057	)
Balance, December 31, 2021			83			$	1,931

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