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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Employee Benefit Plans [Abstract]  
Obligations and Funded Status
The following table sets forth the plans’ funded status as of December 31, 2024 and 2023.  The measurement of assets and obligations of the plans is as of December 31, 2024 and 2023.

Obligations and Funded Status
At December 31
  
2024
    
2023
  
             
Change in Benefit Obligation
            
Pension benefit obligation at beginning of year
  
$
40,198
    
$
38,717
  
Service cost
    
635
      
598
  
Interest cost
    
1,855
      
1,876
  
Actuarial (gain) loss
    
(2,997
)
    
974
  
Benefit payments
    
(2,135
)
    
(1,967
)
Pension benefit obligation at end of year
    
37,556
      
40,198
  
                 
Change in Plan Assets
                
Fair value of plan assets at beginning of year
    
63,578
      
55,807
  
Actual return on plan assets
    
1,011
      
8,058
  
Employer contributions
    
111
      
1,680
  
Benefits paid
    
(2,135
)
    
(1,967
)
Fair value of plan assets at end of year
    
62,565
      
63,578
  
                 
Funded Status of Plans at End of Year
  
$
25,009
    
$
23,380
  
Changes in Plan Assets and Benefit Obligations Recognized in Regulatory Assets
Changes in plan assets and benefit obligations recognized in regulatory liabilities are as follows:

 
2024
    
2023
  
Net gain arising during the year
  
$
(844
)
  
$
(3,472
)
Recognized prior service credit
    
13
      
13
  
Total changes in regulatory liability during the year
  
$
(831
)
  
$
(3,459
)
Amounts Recognized in Regulatory Assets That Have Not Yet Been Recognized as Components of Net Periodic Benefit Cost
Amounts recognized in regulatory liabilities that have not yet been recognized as components of net periodic benefit cost consist of the following at December 31:

 
2024
    
2023
  
Net loss
  
$
(1,370
)
  
$
(526
)
Prior service credit
    
(11
)
    
(24
)
Regulatory liability
  
$
(1,381
)
  
$
(550
)
Components of Net Periodic Benefit Cost
Components of net periodic benefit cost are as follows:

 
2024
    
2023
  
Service cost
  
$
635
    
$
598
  
Interest cost
    
1,855
      
1,876
  
Expected return on plan assets
    
(3,164
)
    
(3,612
)
Amortization of prior service credit
    
(13
)
    
(13
)
Rate-regulated adjustment
    
798
      
2,831
  
Net periodic benefit cost
  
$
111
    
$
1,680
  
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, 2024 balance sheet that will be amortized from regulatory liabilities into net periodic benefit cost over the next fiscal year are as follows:

Net loss
  
$
–
  
Net prior service credit
    
(11
)
    $
(11
)
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:

2025
  
2026
  
2027
  
2028
  
2029
  
2030–2034
$2,189
  
$2,281
  
$2,325
  
$2,563
  
$2,544
  
$13,981
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:

 
2024
    
2023
  
Projected benefit obligation
  
$
37,556
    
$
40,198
  
Fair value of plan assets
    
62,565
      
63,578
  
Accumulated Benefit Obligation and Fair Value of Plan Assets
 
2024
    
2023
  
Accumulated benefit obligation
  
$
36,195
    
$
38,510
  
Fair value of plan assets
    
62,565
      
63,578
  
Weighted-Average Assumptions Used
Weighted-average assumptions used to determine benefit obligations at December 31:

2024
  
2023
  
Discount rate
5.45%
  
4.75%
  
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:

2024
  
2023
  
Discount rate
4.75%
  
5.00%
  
Expected long-term return on plan assets
5.00%
  
5.00%
  
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, 2024 and 2023 by asset category and fair value hierarchy level are as follows.  The valuations are based on quoted prices on active markets (Level 1) or 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
  
2024
    
2023
    
2024
    
2023
    
2024
    
2023
  
Cash and Money Market Funds (a)
  
$
1,665
    
$
53,490
    
$
1,665
    
$
53,490
     $ –     $ –  
Equity Securities:
                                                
Equity Mutual Funds (b)
    
11,643
      
10,065
      
11,643
      
10,065
       –       –  
Fixed Income Securities:
                                                
U.S. Treasury Obligations
     11,609       –       –       –       11,609       –  
Corporate and Foreign Bonds (c)
     37,648       –       –       –       37,648       –  
Fixed Income Mutual Funds (d)
    
–
      
23
      
–
      
23
       –       –  
Total Plan Assets
  
$
62,565
    
$
63,578
    
$
13,308
    
$
63,578
       49,257       –  

(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, 2023 due to the timing of the change in the investment policy statements.

(b)
This category 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.

(c)
This category includes corporate bonds and notes widely distributed among consumer discretionary, consumer staples, healthcare, information technology, energy, transportation, and financial services.

(d)
This category included fixed income investments in mutual funds which include government and corporate securities of both the U.S. and other countries.