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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2022
Retirement Benefits [Abstract] |
Schedule of pension plan and other benefits plan | 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 2022 and 2021.
|  | (Thousands of Dollars)
|  | Pension Plan |  | Other Benefits Plan
|  | December 31,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Change in Projected Benefit Obligation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  | $ | 113,710 |  |  | $ | 115,861 |  |  | $ | 49,396 |  |  | $ | 52,776 |
Service Cost |  |  | 2,362 |  |  |  | 2,696 |  |  |  | 799 |  |  |  | 917 |
Interest Cost |  |  | 3,042 |  |  |  | 2,706 |  |  |  | 1,325 |  |  |  | 1,236 |
Actuarial (Gain) Loss |  |  | (27,850 | ) |  |  | (4,185 | ) |  |  | (17,761 | ) |  |  | (4,705 | )
Benefits Paid |  |  | (3,476 | ) |  |  | (3,368 | ) |  |  | (850 | ) |  |  | (828 | )
Ending Balance |  | $ | 87,788 |  |  | $ | 113,710 |  |  | $ | 32,909 |  |  | $ | 49,396 |
Schedule of change in fair value of plan assets |
|  | (Thousands of Dollars)
|  | Pension Plan |  | Other Benefits Plan
|  | December 31,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Change in Fair Value of Plan Assets: |  |  |  |  |  |  |  |
Beginning Balance |  | $ | 100,750 |  |  | $ | 88,921 |  |  | $ | 50,668 |  |  | $ | 44,892 |
Actual Return on Plan Assets |  |  | (14,346 | ) |  |  | 11,798 |  |  |  | (6,639 | ) |  |  | 5,776 |
Employer Contributions |  |  | 1,900 |  |  |  | 3,400 |  |  |  | 850 |  |  |  | 828 |
Benefits Paid |  |  | (3,476 | ) |  |  | (3,369 | ) |  |  | (850 | ) |  |  | (828 | )
Ending Balance |  | $ | 84,828 |  |  | $ | 100,750 |  |  | $ | 44,029 |  |  | $ | 50,668 |
Funded Status |  | $ | (2,960 | ) |  | $ | (12,960 | ) |  | $ | 11,120 |  |  | $ | 1,272 |
Schedule of employee benefit plans recognized in balance sheet |
|  | (Thousands of Dollars)
|  | Pension Plan |  | Other Benefits Plan
|  | December 31,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Amounts Recognized in the Consolidated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance Sheets consist of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Liability |  | $ | 529 |  |  | $ | 398 |  |  | $ | - |  |  | $ | - |
Noncurrent Liability (Asset) |  |  | 2,431 |  |  |  | 12,562 |  |  |  | (11,120 | ) |  |  | (1,272 | )
Net Liability (Asset) Recognized |  | $ | 2,960 |  |  | $ | 12,960 |  |  | $ | (11,120 | ) |  | $ | (1,272 | )
Schedule of components of net benefit cost |
|  | (Thousands of Dollars)
|  | Pension Plan |  | Other Benefits Plan
|  | Years Ended December 31,
|  | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Components of Net Periodic Benefit Cost |  |  |  |  |  |  |  |  |  |  |  |
Service Cost |  | $ | 2,363 |  |  | $ | 2,696 |  |  | $ | 2,434 |  |  | $ | 799 |  |  | $ | 917 |  |  | $ | 993 |
Interest Cost |  |  | 3,042 |  |  |  | 2,706 |  |  |  | 3,099 |  |  |  | 1,325 |  |  |  | 1,236 |  |  |  | 1,699 |
Expected Return on Plan Assets |  |  | (7,041 | ) |  |  | (6,225 | ) |  |  | (5,635 | ) |  |  | (3,547 | ) |  |  | (3,142 | ) |  |  | (2,853 | )
Amortization of Net Actuarial Loss |  |  | 1,673 |  |  |  | 2,868 |  |  |  | 2,059 |  |  |  | - |  |  |  | 527 |  |  |  | 1,352 |
Net Periodic Benefit Cost* |  | $ | 37 |  |  | $ | 2,045 |  |  | $ | 1,957 |  |  | $ | (1,423 | ) |  | $ | (462 | ) |  | $ | 1,191 |
*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.
Schedule of regulatory assets into net periodic benefit cost | Amounts that are expected to be amortized from Regulatory Assets into Net Periodic Benefit Cost in 2023 are as follows:
|  | (Thousands of Dollars)
|  | Pension Plan |  | Other Benefits Plan
Actuarial Loss (Gain) |  | $ | 658 |  |  | $ | (191 | )
Schedule of 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, 2022, 2021 and 2020, respectively, are as follows:
|  | Pension Plan |  | Other Benefits Plan
|  | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
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 |  |  | 4.98 | % |  |  | 2.72 | % |  |  | 2.37 | % |  |  | 4.98 | % |  |  | 2.72 | % |  |  | 2.37 | %
Benefit Cost |  |  | 2.72 | % |  |  | 2.37 | % |  |  | 3.12 | % |  |  | 2.72 | % |  |  | 2.37 | % |  |  | 3.12 | %
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 | %
Schedule of 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 |  | $ | 435 |  |  | $ | (334 | )
Effect on Projected Benefit Obligation |  | $ | 4,239 |  |  | $ | (3,448 | )
Schedule of 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
2023 |  | $ | 4,153 |  |  | $ | 1,262 |
2024 |  |  | 4,961 |  |  |  | 1,423 |
2025 |  |  | 5,349 |  |  |  | 1,550 |
2026 |  |  | 5,344 |  |  |  | 1,645 |
2027 |  |  | 5,437 |  |  |  | 1,699 |
2028-2032 |  |  | 28,483 |  |  |  | 9,363 |
Totals |  | $ | 53,727 |  |  | $ | 16,942 |
Schedule of allocation of plan assets | The allocation of plan assets at December 31, 2022 and 2021 by asset category is as follows:
|  | Pension Plan |  | Other Benefits Plan
Asset Category |  | 2022 |  | 2021 |  | Target |  | 2022 |  | 2021 |  | Target
Equity Securities |  |  | 53.6 | % |  |  | 59.6 | % |  |  | 55 | % |  |  | 55.2 | % |  |  | 66.8 | % |  |  | 43 | %
Debt Securities |  |  | 40.9 | % |  |  | 37.9 | % |  |  | 38 | % |  |  | 24.7 | % |  |  | 30.7 | % |  |  | 50 | %
Cash |  |  | 3.9 | % |  |  | 1.0 | % |  |  | 2 | % |  |  | 20.1 | % |  |  | 2.5 | % |  |  | 2 | %
Real Estate/Commodities |  |  | 1.6 | % |  |  | 1.5 | % |  |  | 5 | % |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 5 | %
Total |  |  | 100.0 | % |  |  | 100.0 | % |  |  |  |  |  |  | 100.0 | % |  |  | 100.0 | % |  |  |  |
Schedule of 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, 2022
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Mutual Funds |  | $ | 71,559 |  |  | $ | - |  |  | $ | - |  |  | $ | 71,559 |
Money Market Funds |  |  | 3,271 |  |  |  | - |  |  |  | - |  |  |  | 3,271 |
Common Equity Securities |  |  | 9,998 |  |  |  | - |  |  |  | - |  |  |  | 9,998 |
Total Investments |  | $ | 84,828 |  |  | $ | - |  |  | $ | - |  |  | $ | 84,828 |
|  | (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, 2022
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Mutual Funds |  | $ | 23,660 |  |  | $ | - |  |  | $ | - |  |  | $ | 23,660 |
Money Market Funds |  |  | 8,623 |  |  |  | - |  |  |  | - |  |  |  | 8,623 |
Agency/US/State/Municipal Debt |  |  | - |  |  |  | 10,592 |  |  |  | - |  |  |  | 10,592 |
Other |  |  | 1,154 |  |  |  | - |  |  |  | - |  |  |  | 1,154 |
Total Investments |  | $ | 33,437 |  |  | $ | 10,592 |  |  | $ | - |  |  | $ | 44,029 |
|  | (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 |
Schedule of table presents awarded but not yet vested share | The following table presents awarded but not yet vested share information for the plan:
|  | Shares(thousands) |  |  | Unearned Compensation (thousands) |  |  | Weighted Average Granted Price |
Balance, January 1, 2020 |  |  | 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 |  |  |  |  |
Granted |  |  | 11 |  |  |  | 1,151 |  |  | $ | 105.17 |
Vested |  |  | (17 | ) |  |  | - |  |  |  |  |
Amortization of Compensation expense |  |  | - |  |  |  | (1,350 | ) |  |  |  |
Balance, December 31, 2022 |  |  | 77 |  |  | $ | 1,732 |  |  |  |  |

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