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Employee Benefit Plans (Tables)
 12 Months Ended
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.