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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Employee Benefit Plans [Abstract] |
Schedule of Employee Benefit Plans Recognized in Balance Sheet | 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 2024 and 2023.
|  | (In Thousands)
|  | Pension Plan |  | Other Benefits Plan
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Change in Projected Benefit Obligation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  | $ | 91,853 |  |  | $ | 87,788 |  |  | $ | 28,000 |  |  | $ | 32,909 |
Service Cost |  |  | 1,270 |  |  |  | 1,551 |  |  |  | 320 |  |  |  | 391 |
Interest Cost |  |  | 4,280 |  |  |  | 4,270 |  |  |  | 1,313 |  |  |  | 1,608 |
Actuarial (Gain) Loss |  |  | (5,478 | ) |  |  | 1,966 |  |  |  | (486 | ) |  |  | (5,968 | )
Benefits Paid |  |  | (4,424 | ) |  |  | (3,722 | ) |  |  | (946 | ) |  |  | (940 | )
Ending Balance |  | $ | 87,501 |  |  | $ | 91,853 |  |  | $ | 28,201 |  |  | $ | 28,000 |
Schedule of Change in Fair Value of Plan Assets |
|  | (In Thousands)
|  | Pension Plan |  | Other Benefits Plan
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Change in Fair Value of Plan Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  | $ | 92,346 |  |  | $ | 84,828 |  |  | $ | 48,352 |  |  | $ | 44,029 |
Actual Return on Plan Assets |  |  | 7,976 |  |  |  | 10,840 |  |  |  | 4,675 |  |  |  | 4,323 |
Employer Contributions |  |  | 2,750 |  |  |  | 400 |  |  |  | 946 |  |  |  | 940 |
Benefits Paid |  |  | (4,424 | ) |  |  | (3,722 | ) |  |  | (946 | ) |  |  | (940 | )
Ending Balance |  | $ | 98,648 |  |  | $ | 92,346 |  |  | $ | 53,027 |  |  | $ | 48,352 |
Funded Status |  | $ | 11,147 |  |  | $ | 494 |  |  | $ | 24,826 |  |  | $ | 20,352 |
Schedule of Employee Benefit Plans Recognized in Balance Sheet |
|  | (In Thousands)
|  | Pension Plan |  | Other Benefits Plan
|  | As of December 31,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Amounts Recognized in the Consolidated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance Sheets consist of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Liability |  | $ | 883 |  |  | $ | 933 |  |  | $ | — |  |  | $ | — |
Noncurrent Asset |  |  | (12,030 | ) |  |  | (1,427 | ) |  |  | (24,826 | ) |  |  | (20,352 | )
Net Asset Recognized |  | $ | (11,147 | ) |  | $ | (494 | ) |  | $ | (24,826 | ) |  | $ | (20,352 | )
Schedule of Components of Net Benefit Cost |
|  | (InThousands)
|  | Pension Plan |  | Other Benefits Plan
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Components of Net Periodic Benefit Cost |  |  |  |  |  |  |  |  |  |  |  |
Service Cost |  | $ | 1,270 |  |  | $ | 1,551 |  |  | $ | 2,362 |  |  | $ | 320 |  |  | $ | 391 |  |  | $ | 799 |
Interest Cost |  |  | 4,280 |  |  |  | 4,270 |  |  |  | 3,042 |  |  |  | 1,313 |  |  |  | 1,608 |  |  |  | 1,325 |
Expected Return on Plan Assets |  |  | (6,322 | ) |  |  | (5,865 | ) |  |  | (7,041 | ) |  |  | (3,384 | ) |  |  | (3,082 | ) |  |  | (3,547 | )
Amortization of Net Actuarial Loss (Gain) |  |  | 153 |  |  |  | 658 |  |  |  | 1,674 |  |  |  | (1,098 | ) |  |  | (191 | ) |  |  | — |
Net Periodic Benefit Cost* |  | $ | (619 | ) |  | $ | 614 |  |  | $ | 37 |  |  | $ | (2,849 | ) |  | $ | (1,274 | ) |  | $ | (1,423 | )
*Service cost is included in Operations and Maintenance expense on the consolidated statements of income; all other amounts are included in Other Income, 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 2025 are as follows:
|  | (In Thousands)
|  | Pension Plan |  | Other Benefits Plan
Actuarial Loss (Gain) |  | $ | 50 |  |  | $ | (1,127 | )
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, 2024, 2023 and 2022, respectively, are as follows:
|  | Pension Plan |  |  | Other Benefits Plan |
|  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2024 |  |  | 2023 |  |  | 2022 |
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 |  |  | 5.47% |  |  |  | 4.79% |  |  |  | 4.98% |  |  |  | 5.49% |  |  |  | 4.79% |  |  |  | 4.98% |
Benefit Cost |  |  | 4.79% |  |  |  | 4.98% |  |  |  | 2.72% |  |  |  | 4.79% |  |  |  | 4.98% |  |  |  | 2.72% |
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:
|  | (In Thousands)
|  | 1 Percentage Point
|  | Increase |  | Decrease
Effect on Current Year Service and Interest Costs |  | $ | 228 |  |  | $ | (184 | )
Effect on Projected Benefit Obligation |  | $ | 3,434 |  |  | $ | (2,824 | )
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, are expected to be paid:
|  | (In Thousands)
Year |  | Pension Plan |  | Other Benefits Plan
2025 |  | $ | 5,412 |  |  | $ | 1,303 |
2026 |  |  | 5,399 |  |  |  | 1,368 |
2027 |  |  | 5,479 |  |  |  | 1,410 |
2028 |  |  | 5,595 |  |  |  | 1,444 |
2029 |  |  | 5,581 |  |  |  | 1,541 |
2030-2034 |  |  | 29,746 |  |  |  | 8,682 |
Totals |  | $ | 57,212 |  |  | $ | 15,748 |
Schedule of Allocation of Plan Assets | The allocation of plan assets at December 31, 2024 and 2023 by asset category is as follows:
|  | Pension Plan |  |  | Other Benefits Plan |
Asset Category |  | 2024 |  |  | 2023 |  |  | Target |  |  | 2024 |  |  | 2023 |  |  | Target |
Equity Securities |  |  | 31.8% |  |  |  | 58.1% |  |  |  | 30% |  |  |  | 65.2% |  |  |  | 60.9% |  |  |  | 43% |
Debt Securities |  |  | 67.9% |  |  |  | 39.6% |  |  |  | 68% |  |  |  | 33.0% |  |  |  | 36.1% |  |  |  | 50% |
Cash |  |  | 0.3% |  |  |  | 0.7% |  |  |  | 2% |  |  |  | 1.8% |  |  |  | 3.0% |  |  |  | 2% |
Real Estate/Commodities |  |  | 0.0% |  |  |  | 1.6% |  |  |  | 0% |  |  |  | 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:
|  | (In Thousands) |
|  | As of December 31, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Mutual Funds |  | $ | 31,187 |  |  | $ | — |  |  | $ | — |  |  | $ | 31,187 |
Money Market Funds |  |  | 293 |  |  |  | — |  |  |  | — |  |  |  | 293 |
Common Equity Securities |  |  | 195 |  |  |  | — |  |  |  | — |  |  |  | 195 |
Corporate Bonds |  |  | 42,974 |  |  |  | — |  |  |  | — |  |  |  | 42,974 |
Agency/US Debt |  |  | 19,041 |  |  |  | — |  |  |  | — |  |  |  | 19,041 |
Sovereign/Non-US Debt |  |  | 4,958 |  |  |  | — |  |  |  | — |  |  |  | 4,958 |
Total Investments |  | $ | 98,648 |  |  | $ | — |  |  | $ | — |  |  | $ | 98,648 |
|  | (In Thousands) |
|  | As of December 31, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Mutual Funds |  | $ | 71,236 |  |  | $ | — |  |  | $ | — |  |  | $ | 71,236 |
Money Market Funds |  |  | 663 |  |  |  | — |  |  |  | — |  |  |  | 663 |
Common Equity Securities |  |  | 12,544 |  |  |  | — |  |  |  | — |  |  |  | 12,544 |
Corporate Bonds |  |  | 5,091 |  |  |  | — |  |  |  | — |  |  |  | 5,091 |
Agency/US Debt |  |  | 1,854 |  |  |  | — |  |  |  | — |  |  |  | 1,854 |
Sovereign/Non-US Debt |  |  | 958 |  |  |  | — |  |  |  | — |  |  |  | 958 |
Total Investments |  | $ | 92,346 |  |  | $ | — |  |  | $ | — |  |  | $ | 92,346 |
|  | (In Thousands) |
|  | As of December 31, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Mutual Funds |  | $ | 34,545 |  |  | $ | — |  |  | $ | — |  |  | $ | 34,545 |
Money Market Funds |  |  | 977 |  |  |  | — |  |  |  | — |  |  |  | 977 |
Agency/US/State/Municipal Debt |  |  | — |  |  |  | 17,505 |  |  |  | — |  |  |  | 17,505 |
Total Investments |  | $ | 35,522 |  |  | $ | 17,505 |  |  | $ | — |  |  | $ | 53,027 |
|  | (In Thousands) |
|  | As of December 31, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Mutual Funds |  | $ | 29,437 |  |  | $ | — |  |  | $ | — |  |  | $ | 29,437 |
Money Market Funds |  |  | 1,429 |  |  |  | — |  |  |  | — |  |  |  | 1,429 |
Agency/US/State/Municipal Debt |  |  | — |  |  |  | 17,486 |  |  |  | — |  |  |  | 17,486 |
Total Investments |  | $ | 30,866 |  |  | $ | 17,486 |  |  | $ | — |  |  | $ | 48,352 |
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, 2022 |  |  | 83 |  |  | $ | 1,931 |  |  |  |  |
Granted |  |  | 11 |  |  |  | 1,151 |  |  | $ | 105.17 |
Vested |  |  | (17 | ) |  |  |  |  |  |  |  |
Amortization of Compensation expense |  |  | — |  |  |  | (1,350 | ) |  |  |  |
Balance, December 31, 2022 |  |  | 77 |  |  |  | 1,732 |  |  |  |  |
Granted |  |  | 15 |  |  |  | 1,165 |  |  | $ | 77.63 |
Vested |  |  | (18 | ) |  |  | — |  |  |  |  |
Amortization of Compensation expense |  |  | — |  |  |  | (1,854 | ) |  |  |  |
Balance, December 31, 2023 |  |  | 74 |  |  |  | 1,043 |  |  |  |  |
Granted |  |  | 19 |  |  |  | 1,003 |  |  | $ | 52.50 |
Vested |  |  | (58 | ) |  |  | — |  |  |  |  |
Amortization of Compensation expense |  |  | — |  |  |  | (1,140 | ) |  |  |  |
Balance, December 31, 2024 |  |  | 35 |  |  | $ | 906 |  |  |  |  |

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