XML 70 R56.htm IDEA: XBRL DOCUMENT v3.22.4
Pension plans (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Schedule of net periodic pension expense The components of our net periodic pension expense for each of the three years ending December 31, 2022 follow (in millions).

 

 

 

2022

 

 

2021

 

 

2020

 

Service cost

 

$

181

 

 

$

257

 

 

$

235

 

Interest cost

 

 

482

 

 

 

410

 

 

 

510

 

Expected return on plan assets

 

 

(975

)

 

 

(1,008

)

 

 

(955

)

Amortization of actuarial losses and other

 

 

156

 

 

 

203

 

 

 

171

 

Net periodic pension expense

 

$

(156

)

 

$

(138

)

 

$

(39

)
Schedule of changes in projected benefit obligations, changes in plan assets and net funded status

The funded status reflected in the Consolidated Balance Sheet at year end 2022 and 2021 and reconciliations of the changes in PBOs and plan assets related to BHE’s pension plans and all other pension plans for each of the two years ending December 31, 2022 follow (in millions).

 

 

 

2022

 

 

2021

 

 

 

BHE

 

 

Other

 

 

Total

 

 

BHE

 

 

Other

 

 

Total

 

Benefit obligations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PBO beginning of year

 

$

4,780

 

 

$

14,012

 

 

$

18,792

 

 

$

5,282

 

 

$

15,147

 

 

$

20,429

 

Service cost

 

 

36

 

 

 

145

 

 

 

181

 

 

 

46

 

 

 

211

 

 

 

257

 

Interest cost

 

 

118

 

 

 

364

 

 

 

482

 

 

 

109

 

 

 

301

 

 

 

410

 

Benefits paid

 

 

(250

)

 

 

(585

)

 

 

(835

)

 

 

(214

)

 

 

(795

)

 

 

(1,009

)

Settlements paid

 

 

(164

)

 

 

(678

)

 

 

(842

)

 

 

(185

)

 

 

(22

)

 

 

(207

)

Business acquisition

 

 

—

 

 

 

58

 

 

 

58

 

 

 

—

 

 

 

—

 

 

 

—

 

Actuarial gains and other

 

 

(1,305

)

 

 

(3,793

)

 

 

(5,098

)

 

 

(258

)

 

 

(830

)

 

 

(1,088

)

PBO end of year

 

$

3,215

 

 

$

9,523

 

 

$

12,738

 

 

$

4,780

 

 

$

14,012

 

 

$

18,792

 

Plan assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plan assets beginning of year

 

$

5,158

 

 

$

13,462

 

 

$

18,620

 

 

$

5,158

 

 

$

12,780

 

 

$

17,938

 

Employer contributions

 

 

29

 

 

 

133

 

 

 

162

 

 

 

41

 

 

 

124

 

 

 

165

 

Benefits paid

 

 

(250

)

 

 

(585

)

 

 

(835

)

 

 

(214

)

 

 

(795

)

 

 

(1,009

)

Settlements paid

 

 

(164

)

 

 

(678

)

 

 

(842

)

 

 

(185

)

 

 

(22

)

 

 

(207

)

Business acquisition

 

 

—

 

 

 

51

 

 

 

51

 

 

 

—

 

 

 

—

 

 

 

—

 

Actual return on plan assets

 

 

(1,162

)

 

 

(2,971

)

 

 

(4,133

)

 

 

382

 

 

 

1,401

 

 

 

1,783

 

Foreign currency translation and other

 

 

(235

)

 

 

(196

)

 

 

(431

)

 

 

(24

)

 

 

(26

)

 

 

(50

)

Plan assets end of year

 

$

3,376

 

 

$

9,216

 

 

$

12,592

 

 

$

5,158

 

 

$

13,462

 

 

$

18,620

 

Funded status – net (asset) liability

 

$

(161

)

 

$

307

 

 

$

146

 

 

$

(378

)

 

$

550

 

 

$

172

 
Schedule of information for plans with PBOs in excess of plan assets Information for plans with PBOs and ABOs in excess of plan assets as of December 31, 2022 and 2021 follows (in millions).

 

 

2022

 

2021

 

PBOs

$

6,422

 

$

9,643

 

Plan assets

 

4,766

 

 

7,518

 

 

 

 

 

 

ABOs

 

5,594

 

 

9,111

 

Plan assets

 

4,234

 

 

7,429

 
Schedule of information for plans with ABOs in excess of plan assets Information for plans with PBOs and ABOs in excess of plan assets as of December 31, 2022 and 2021 follows (in millions).

 

2022

 

2021

 

PBOs

$

6,422

 

$

9,643

 

Plan assets

 

4,766

 

 

7,518

 

 

 

 

 

 

ABOs

 

5,594

 

 

9,111

 

Plan assets

 

4,234

 

 

7,429

 
Schedule of weighted average assumptions

Weighted average assumptions used in determining PBOs and net periodic pension expense follow.

 

 

 

2022

 

 

2021

 

 

2020

 

Discount rate applicable to PBOs

 

 

5.2

%

 

 

2.7

%

 

 

2.3

%

Expected long-term rate of return on plan assets

 

5.9

 

 

6.1

 

 

6.2

 

Rate of compensation increase

 

2.5

 

 

2.6

 

 

2.6

 

Discount rate applicable to net periodic pension expense

 

 

2.9

 

 

 

2.4

 

 

 

3.1

 
Schedule of fair value measurements by major categories of plan assets

Fair value measurements of plan assets as of December 31, 2022 and 2021 follow (in millions).

 

 

 

Fair Value

 

 

Investments
carried at net

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

asset value

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

602

 

 

$

523

 

 

$

79

 

 

$

—

 

 

$

—

 

Equity securities

 

 

7,673

 

 

 

7,112

 

 

 

321

 

 

 

240

 

 

 

—

 

Fixed maturity securities

 

 

2,152

 

 

 

1,328

 

 

 

824

 

 

 

—

 

 

 

—

 

Investment funds and other

 

 

2,165

 

 

 

198

 

 

 

394

 

 

 

42

 

 

 

1,531

 

 

 

$

12,592

 

 

$

9,161

 

 

$

1,618

 

 

$

282

 

 

$

1,531

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

992

 

 

$

901

 

 

$

91

 

 

$

—

 

 

$

—

 

Equity securities

 

 

11,343

 

 

 

10,358

 

 

 

660

 

 

 

325

 

 

 

—

 

Fixed maturity securities

 

 

3,422

 

 

 

2,226

 

 

 

1,168

 

 

 

28

 

 

 

—

 

Investment funds and other

 

 

2,863

 

 

 

180

 

 

 

361

 

 

 

57

 

 

 

2,265

 

 

 

$

18,620

 

 

$

13,665

 

 

$

2,280

 

 

$

410

 

 

$

2,265

 
Schedule of pension plan amounts recognized In accumulated other comprehensive income

A reconciliation of the pre-tax accumulated other comprehensive income (loss) related to defined benefit pension plans for each of the two years ending December 31, 2022 follows (in millions).

 

 

 

2022

 

 

2021

 

Balance beginning of year

 

$

(485

)

 

$

(2,251

)

Amount included in net periodic pension expense

 

 

123

 

 

 

170

 

Actuarial gains (losses) and other

 

 

(376

)

 

 

1,596

 

Balance end of year

 

$

(738

)

 

$

(485

)