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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2022
Employee Benefit Plans [Abstract] |
Obligations and Funded Status | The following table sets forth the plans’ funded status as of December 31, 2022 and 2021. The measurement of assets and obligations of the plans is as of December 31, 2022 and 2021.
Obligations and Funded Status At December 31 |  | 2022 |  |  | 2021 |
Change in Benefit Obligation |  |  |  |  |  |
Pension benefit obligation beginning of year |  | $ | 51,530 |  |  | $ | 54,106 |
Service cost |  |  | 1,025 |  |  |  | 1,086 |
Interest cost |  |  | 1,336 |  |  |  | 1,209 |
Actuarial gain |  |  | (13,431 | ) |  |  | (3,045 | )
Benefit payments |  |  | (1,743 | ) |  |  | (1,826 | )
Pension benefit obligation end of year |  |  | 38,717 |  |  |  | 51,530 |
Change in Plan Assets |  |  |  |  |  |  |  |
Fair value of plan assets beginning of year |  |  | 65,584 |  |  |  | 56,315 |
Actual return on plan assets |  |  | (10,334 | ) |  |  | 8,795 |
Employer contributions |  |  | 2,300 |  |  |  | 2,300 |
Benefits paid |  |  | (1,743 | ) |  |  | (1,826 | )
Fair value of plan assets end of year |  |  | 55,807 |  |  |  | 65,584 |
Funded Status of Plans at End of Year |  | $ | 17,090 |  |  | $ | 14,054 |
Changes in Plan Assets and Benefit Obligations Recognized in Regulatory Assets | Changes in plan assets and benefit obligations recognized in regulatory assets are as follows:
|  | 2022 |  |  | 2021 |
Net gain (loss) arising during the year |  | $ | 1,121 |  |  | $ | (8,189 | )
Recognized net actuarial loss |  |  | – |  |  |  | (483 | )
Recognized prior service credit |  |  | 13 |  |  |  | 13 |
Total changes in regulatory asset during the year |  | $ | 1,134 |  |  | $ | (8,659 | )
Amounts Recognized in Regulatory Assets That Have Not Yet Been Recognized as Components of Net Periodic Benefit Cost | Amounts recognized in regulatory assets that have not yet been recognized as components of net periodic benefit cost consist of the following at December 31:
|  | 2022 |  |  | 2021 |
Net loss |  | $ | 2,946 |  |  | $ | 1,825 |
Prior service credit |  |  | (37 | ) |  |  | (50 | )
Regulatory asset |  | $ | 2,909 |  |  | $ | 1,775 |
Components of Net Periodic Benefit Cost | Components of net periodic benefit cost are as follows:
|  | 2022 |  |  | 2021 |
Service cost |  | $ | 1,025 |  |  | $ | 1,086 |
Interest cost |  |  | 1,336 |  |  |  | 1,209 |
Expected return on plan assets |  |  | (4,218 | ) |  |  | (3,651 | )
Amortization of loss |  |  | – |  |  |  | 483 |
Amortization of prior service credit |  |  | (13 | ) |  |  | (13 | )
Rate-regulated adjustment |  |  | 4,170 |  |  |  | 3,186 |
Net periodic benefit cost |  | $ | 2,300 |  |  | $ | 2,300 |
Regulatory Assets to be Reclassified into Net Periodic Benefit Cost Over Next Fiscal Year | The estimated costs for the defined benefit pension plans relating to the December 31, 2022 balance sheet that will be amortized from regulatory assets into net periodic benefit cost over the next fiscal year are as follows:
Net loss |  | $ | – |
Net prior service credit |  |  | (13 | )
|  | $ | (13 | )
Benefit Payments Expected to be Paid | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid in each of the next five years and the subsequent five years in the aggregate:
2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  |  |  | 2028–2032 |
| $ | 2,090 |  |  | $ | 2,207 |  |  | $ | 2,200 |  |  | $ | 2,285 |  |  | $ | 2,358 |  |  | $ | 13,362 |
Projected Benefit Obligation and Fair Value of Plan Assets | The following tables show the projected benefit obligation, the accumulated benefit obligation, and the fair value of plan assets as of December 31:
|  | 2022 |  |  | 2021 |
Projected benefit obligation |  | $ | 38,717 |  |  | $ | 51,530 |
Fair value of plan assets |  |  | 55,807 |  |  |  | 65,584 |
Accumulated Benefit Obligation and Fair Value of Plan Assets |
|  | 2022 |  |  | 2021 |
Accumulated benefit obligation |  | $ | 37,040 |  |  | $ | 48,464 |
Fair value of plan assets |  |  | 55,807 |  |  |  | 65,584 |
Weighted-Average Assumptions Used | Weighted-average assumptions used to determine benefit obligations at December 31:
| 2022 |  | 2021
Discount rate | 5.00% |  | 2.65%
Rate of compensation increase | 2.50% – 3.00% |  | 2.50% – 3.00%
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31:
| 2022 |  | 2021
Discount rate | 2.65% |  | 2.30%
Expected long-term return on plan assets | 6.50% |  | 6.50%
Rate of compensation increase | 2.50% – 3.00% |  | 2.50% – 3.00%
Fair Values of Pension Plan Assets | The fair values of the Company’s pension plan assets at December 31, 2022 and 2021 by asset category and fair value hierarchy level are as follows. The majority of the valuations are based on quoted prices on active markets (Level 1), with the remaining valuations based on broker/dealer quotes, active market makers, models, and yield curves (Level 2).
|  | Total Fair Value |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |
Asset Category |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Cash and Money Market Funds (a) |  | $ | 6,108 |  |  | $ | 671 |  |  | $ | 6,108 |  |  | $ | 671 |  |  | $ | – |  |  | $ | – |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Equity Securities (b) |  |  | 17,792 |  |  |  | – |  |  |  | 17,792 |  |  |  | – |  |  |  | – |  |  |  | – |
Equity Mutual Funds (c) |  |  | 13,542 |  |  |  | 43,178 |  |  |  | 13,542 |  |  |  | 43,178 |  |  |  | – |  |  |  | – |
Fixed Income Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury Obligations |  |  | – |  |  |  | 621 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 621 |
Corporate and Foreign Bonds (d) |  |  | – |  |  |  | 4,580 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 4,580 |
Fixed Income Mutual Funds (e) |  |  | 18,365 |  |  |  | 16,534 |  |  |  | 18,365 |  |  |  | 16,534 |  |  |  | – |  |  |  | – |
Total Plan Assets |  | $ | 55,807 |  |  | $ | 65,584 |  |  | $ | 55,807 |  |  | $ | 60,383 |  |  | $ | – |  |  | $ | 5,201 |
(a) | The portfolios are designed to keep up to one year of distributions in immediately available funds. The Company was more heavily-weighted in cash as of December 31, 2022 due to the timing of employer contributions and market volatility.
(b) | This category currently includes investments in U.S. common stocks and foreign stocks trading in the U.S. widely distributed among consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, real estate, telecommunication, and utilities.
(c) | This category currently includes a majority of investments in exchange traded funds as well as domestic equity mutual funds and international mutual funds which give the portfolio exposure to mid and large cap index funds as well as international diversified index funds.
(d) | This category included only U.S. corporate bonds and notes widely distributed among consumer discretionary, consumer staples, healthcare, information technology, energy, transportation, and financial services.
(e) | This category includes fixed income investments in mutual funds which include government and corporate securities of both the U.S. and other countries. The non-U.S. corporate and sovereign investments add further diversity to the fixed income portion of the portfolio.

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- 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
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