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Employee Benefit Plans (Tables)

12 Months Ended

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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