XML 40 R25.htm IDEA: XBRL DOCUMENT
v3.22.4

Retirement Benefit Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Key Weighted Average Assumptions Used in Determining Benefit Plan Costs and Obligations | The following table includes the key assumptions used in determining the Company’s benefit plan costs and obligations:
|  | 2022 |  |  | 2021 |  |  | 2020 |
Used to Determine Plan costs for years ended December 31: |  |  |  |  |  |  |  |  |
Discount Rate |  |  | 2.85 | % |  |  | 2.50 | % |  |  | 3.25 | %
Rate of Compensation Increase |  |  | 3.00 | % |  |  | 3.00 | % |  |  | 3.00 | %
Expected Long-term rate of return on plan assets |  |  | 7.50 | % |  |  | 7.50 | % |  |  | 7.40 | %
Health Care Cost Trend Rate Assumed for Next Year |  |  | 6.20 | % |  |  | 6.60 | % |  |  | 7.00 | %
Ultimate Health Care Cost Trend Rate |  |  | 4.50 | % |  |  | 4.50 | % |  |  | 4.50 | %
Year that Ultimate Health Care Cost Trend Rate is reached |  | 2029 |  |  | 2029 |  |  | 2029 |
Used to Determine Benefit Obligations at December 31: |  |  |  |  |  |  |  |  |
Discount Rate |  |  | 5.25 | % |  |  | 2.85 | % |  |  | 2.50 | %
Rate of Compensation Increase |  |  | 3.00 | % |  |  | 3.00 | % |  |  | 3.00 | %
Components of Retirement Plan Costs | The following table provides the components of the Company’s Retirement plan costs (000’s):
|  | Pension Plan |  |  | PBOP Plan |  |  | SERP |
|  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2022 |  |  | 2021 |  |  | 2020 |
Service Cost |  | $ | 3,165 |  |  | $ | 3,472 |  |  | $ | 3,322 |  |  | $ | 2,890 |  |  | $ | 3,034 |  |  | $ | 2,698 |  |  | $ | 273 |  |  | $ | 354 |  |  | $ | 283 |
Interest Cost |  |  | 5,486 |  |  |  | 5,003 |  |  |  | 5,776 |  |  |  | 3,194 |  |  |  | 2,740 |  |  |  | 3,121 |  |  |  | 472 |  |  |  | 458 |  |  |  | 549 |
Expected Return on Plan Assets |  |  | (10,883 | ) |  |  | (9,693 | ) |  |  | (9,019 | ) |  |  | (3,415 | ) |  |  | (2,508 | ) |  |  | (2,063 | ) |  |  | — |  |  |  | — |  |  |  | — |
Prior Service Cost Amortization |  |  | 356 |  |  |  | 301 |  |  |  | 320 |  |  |  | 1,092 |  |  |  | 1,208 |  |  |  | 1,210 |  |  |  | 55 |  |  |  | 56 |  |  |  | 57 |
Actuarial Loss Amortization |  |  | 5,507 |  |  |  | 8,089 |  |  |  | 6,472 |  |  |  | 1,020 |  |  |  | 1,045 |  |  |  | 744 |  |  |  | 794 |  |  |  | 1,489 |  |  |  | 1,036 |
Sub-total |  |  | 3,631 |  |  |  | 7,172 |  |  |  | 6,871 |  |  |  | 4,781 |  |  |  | 5,519 |  |  |  | 5,710 |  |  |  | 1,594 |  |  |  | 2,357 |  |  |  | 1,925 |
Amounts Capitalized or Deferred |  |  | (1,085 | ) |  |  | (3,384 | ) |  |  | (3,083 | ) |  |  | (2,388 | ) |  |  | (3,136 | ) |  |  | (2,865 | ) |  |  | (472 | ) |  |  | (712 | ) |  |  | (579 | )
NPBC Recognized |  | $ | 2,546 |  |  | $ | 3,788 |  |  | $ | 3,788 |  |  | $ | 2,393 |  |  | $ | 2,383 |  |  | $ | 2,845 |  |  | $ | 1,122 |  |  | $ | 1,645 |  |  | $ | 1,346 |
Plans' Assets, Projected Benefit Obligations (PBO), and Funded Status | The following table represents information on the plans’ assets, projected benefit obligations (PBO), and funded status (000’s):
|  | Pension Plan |  |  | PBOP Plan |  |  | SERP |
Change in Plan Assets: |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Plan Assets at Beginning of Year |  | $ | 152,006 |  |  | $ | 137,406 |  |  | $ | 42,651 |  |  | $ | 32,847 |  |  | $ | — |  |  | $ | — |
Actual Return on Plan Assets |  |  | (19,984 | ) |  |  | 16,989 |  |  |  | (6,810 | ) |  |  | 3,586 |  |  |  | — |  |  |  | — |
Employer Contributions |  |  | 3,800 |  |  |  | 4,100 |  |  |  | 12,153 |  |  |  | 8,903 |  |  |  | 637 |  |  |  | 637 |
Participant Contributions |  |  | — |  |  |  | — |  |  |  | 279 |  |  |  | 220 |  |  |  | — |  |  |  | — |
Benefits Paid |  |  | (9,724 | ) |  |  | (6,489 | ) |  |  | (3,503 | ) |  |  | (2,905 | ) |  |  | (637 | ) |  |  | (637 | )
Plan Assets at End of Year |  | $ | 126,098 |  |  | $ | 152,006 |  |  | $ | 44,770 |  |  | $ | 42,651 |  |  | $ | — |  |  | $ | — |
Change in PBO: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PBO at Beginning of Year |  | $ | 199,418 |  |  | $ | 206,092 |  |  | $ | 112,087 |  |  | $ | 106,831 |  |  | $ | 17,714 |  |  | $ | 20,225 |
Service Cost |  |  | 3,165 |  |  |  | 3,472 |  |  |  | 2,890 |  |  |  | 3,034 |  |  |  | 273 |  |  |  | 354 |
Interest Cost |  |  | 5,486 |  |  |  | 5,003 |  |  |  | 3,194 |  |  |  | 2,740 |  |  |  | 472 |  |  |  | 458 |
Participant Contributions |  |  | — |  |  |  | — |  |  |  | 279 |  |  |  | 220 |  |  |  | — |  |  |  | — |
Plan Amendments |  |  | — |  |  |  | 674 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Benefits Paid |  |  | (9,724 | ) |  |  | (6,489 | ) |  |  | (3,503 | ) |  |  | (2,905 | ) |  |  | (637 | ) |  |  | (637 | )
Actuarial (Gain) or Loss |  |  | (51,392 | ) |  |  | (9,334 | ) |  |  | (58,437 | ) |  |  | 2,167 |  |  |  | (3,012 | ) |  |  | (2,686 | )
PBO at End of Year |  | $ | 146,953 |  |  | $ | 199,418 |  |  | $ | 56,510 |  |  | $ | 112,087 |  |  | $ | 14,810 |  |  | $ | 17,714 |
Funded Status: Assets vs PBO |  | $ | (20,855 | ) |  | $ | (47,412 | ) |  | $ | (11,740 | ) |  | $ | (69,436 | ) |  | $ | (14,810 | ) |  | $ | (17,714 | )
Employer Contributions, Participant Contributions and Benefit Payments | The following table represents employer contributions, participant contributions and benefit payments (000’s).
|  | Pension Plan |  |  | PBOP Plan |  |  | SERP |
|  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2022 |  |  | 2021 |  |  | 2020 |
Employer Contributions |  | $ | 3,800 |  |  | $ | 4,100 |  |  | $ | 4,665 |  |  | $ | 12,153 |  |  | $ | 8,903 |  |  | $ | 4,156 |  |  | $ | 637 |  |  | $ | 637 |  |  | $ | 654 |
Participant Contributions |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 279 |  |  | $ | 220 |  |  | $ | 240 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Benefit Payments |  | $ | 9,724 |  |  | $ | 6,489 |  |  | $ | 6,038 |  |  | $ | 3,503 |  |  | $ | 2,905 |  |  | $ | 2,568 |  |  | $ | 637 |  |  | $ | 637 |  |  | $ | 654 |
Estimated Future Benefit Payments | The following table represents estimated future benefit payments (000’s).
Estimated Future Benefit Payments |
|  | Pension |  |  | PBOP |  |  | SERP |
2023 |  | $ | 7,952 |  |  | $ | 2,624 |  |  | $ | 637 |
2024 |  |  | 8,458 |  |  |  | 2,752 |  |  |  | 636 |
2025 |  |  | 8,569 |  |  |  | 2,935 |  |  |  | 1,167 |
2026 |  |  | 9,608 |  |  |  | 3,170 |  |  |  | 1,241 |
2027 |  |  | 10,317 |  |  |  | 3,317 |  |  |  | 1,233 |
2028-2032 |  |  | 55,402 |  |  |  | 18,141 |  |  |  | 6,006 |
Pension Plans |
Schedule of Allocation of Plan Assets | The actual investment allocations are shown in the following tables.
Pension Plan |  | Target Allocation |  |  | Actual Allocation at December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |
Equity Funds |  |  | 56 | % |  |  | 53 | % |  |  | 57 | % |  |  | 58 | %
Debt Funds |  |  | 39 | % |  |  | 38 | % |  |  | 38 | % |  |  | 37 | %
Real Estate Fund |  |  | 5 | % |  |  | 7 | % |  |  | 4 | % |  |  | 4 | %
Other(1) |  |  | — |  |  |  | 2 | % |  |  | 1 | % |  |  | 1 | %
Total |  |  |  |  |  | 100 | % |  |  | 100 | % |  |  | 100 | %
Represents investments being held in cash equivalents as of December 31, 2022, December 31, 2021 and December 31, 2020 pending payment of benefits. Assets measured at fair value on a recurring basis for the Pension Plan as of December 31, 2022 and 2021 are as follows (000’s):
|  | Fair Value Measurements at Reporting Date Using |
Description |  | Balance as of December 31, |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
2022 |  |  |  |  |  |  |  |  |  |  |  |
Pension Plan Assets: |  |  |  |  |  |  |  |  |  |  |  |
Mutual Funds: |  |  |  |  |  |  |  |  |  |  |  |
Equity Funds |  | $ | 67,332 |  |  | $ | 67,332 |  |  | $ | — |  |  | $ | — |
Fixed Income Funds |  |  | 47,646 |  |  |  | 47,646 |  |  |  | — |  |  |  | — |
Total Mutual Funds |  |  | 114,978 |  |  |  | 114,978 |  |  |  | — |  |  |  | — |
Cash Equivalents |  |  | 2,598 |  |  |  | 2,598 |  |  |  |  |  |  |
Total Assets in the Fair Value Hierarchy |  | $ | 117,576 |  |  | $ | 117,576 |  |  | $ | — |  |  | $ | — |
Real Estate Fund–Measured at Net Asset Value |  |  | 8,522 |  |  |  |  |  |  |  |  |  |
Total Assets |  | $ | 126,098 |  |  |  |  |  |  |  |  |  |
2021 |  |  |  |  |  |  |  |  |  |  |  |
Pension Plan Assets: |  |  |  |  |  |  |  |  |  |  |  |
Mutual Funds: |  |  |  |  |  |  |  |  |  |  |  |
Equity Funds |  | $ | 86,356 |  |  | $ | 86,356 |  |  | $ | — |  |  | $ | — |
Fixed Income Funds |  |  | 57,883 |  |  |  | 57,883 |  |  |  | — |  |  |  | — |
Total Mutual Funds |  |  | 144,239 |  |  |  | 144,239 |  |  |  | — |  |  |  | — |
Cash Equivalents |  |  | 912 |  |  |  | 912 |  |  |  |  |  |  |
Total Assets in the Fair Value Hierarchy |  | $ | 145,151 |  |  | $ | 145,151 |  |  | $ | — |  |  | $ | — |
Real Estate Fund–Measured at Net Asset Value |  |  | 6,855 |  |  |  |  |  |  |  |  |  |
Total Assets |  | $ | 152,006 |  |  |  |  |  |  |  |  |  |
Other Postretirement Benefit Plans, Defined Benefit |
Schedule of Allocation of Plan Assets | The actual investment allocations are shown in the following tables.
PBOP Plan |  | Target Allocation |  |  | Actual Allocation at December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |
Equity Funds |  |  | 55 | % |  |  | 55 | % |  |  | 56 | % |  |  | 55 | %
Debt Funds |  |  | 45 | % |  |  | 45 | % |  |  | 44 | % |  |  | 45 | %
Total |  |  |  |  |  | 100 | % |  |  | 100 | % |  |  | 100 | %
Assets measured at fair value on a recurring basis for the PBOP Plan as of December 31, 2022 and 2021 are as follows (000’s):
|  | Fair Value Measurements at Reporting Date Using |
Description |  | Balance as of December 31, |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
2022 |  |  |  |  |  |  |  |  |  |  |  |
PBOP Plan Assets: |  |  |  |  |  |  |  |  |  |  |  |
Mutual Funds: |  |  |  |  |  |  |  |  |  |  |  |
Fixed Income Funds |  | $ | 20,156 |  |  | $ | 20,156 |  |  | $ | — |  |  | $ | — |
Equity Funds |  |  | 24,614 |  |  |  | 24,614 |  |  |  | — |  |  |  | — |
Total Assets |  | $ | 44,770 |  |  | $ | 44,770 |  |  | $ | — |  |  | $ | — |
2021 |  |  |  |  |  |  |  |  |  |  |  |
PBOP Plan Assets: |  |  |  |  |  |  |  |  |  |  |  |
Mutual Funds: |  |  |  |  |  |  |  |  |  |  |  |
Fixed Income Funds |  | $ | 18,882 |  |  | $ | 18,882 |  |  | $ | — |  |  | $ | — |
Equity Funds |  |  | 23,769 |  |  |  | 23,769 |  |  |  | — |  |  |  | — |
Total Assets |  | $ | 42,651 |  |  | $ | 42,651 |  |  | $ | — |  |  | $ | — |

X
- Definition Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a)(b)(c) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the costs related to the various types of retirement plans including defined benefit pension plan cost, defined contribution plan cost, other postretirement benefit plan cost, and net periodic benefit cost. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfCostsOfRetirementPlansTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule Of Contributions Defined Benefit Pension And Other Postretirement Plan [Table Text Block] + References No definition available. + Details
Name: | utl_ScheduleOfContributionsDefinedBenefitPensionAndOtherPostretirementPlanTableTextBlock
Namespace Prefix: | utl_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_RetirementPlanTypeAxis=us-gaap_PensionPlansDefinedBenefitMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_RetirementPlanTypeAxis=us-gaap_OtherPostretirementBenefitPlansDefinedBenefitMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |