XML 72 R61.htm IDEA: XBRL DOCUMENT v3.24.0.1
Pension plans (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of net periodic pension expense Our net periodic pension expense for each of the three years ending December 31, 2023 was as follows (in millions).

 

 

 

2023

 

 

2022

 

 

2021

 

Service cost

 

$

111

 

 

$

181

 

 

$

257

 

Interest cost

 

 

640

 

 

 

482

 

 

 

410

 

Expected return on plan assets

 

 

(785

)

 

 

(975

)

 

 

(1,008

)

Other

 

 

2

 

 

 

156

 

 

 

203

 

Net periodic pension expense

 

$

(32

)

 

$

(156

)

 

$

(138

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

The funded status reflected in the Consolidated Balance Sheets at year end 2023 and 2022 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, 2023 follow (in millions).

 

 

 

2023

 

 

2022

 

 

 

BHE

 

 

Other

 

 

Total

 

 

BHE

 

 

Other

 

 

Total

 

PBOs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at the beginning of the year

 

$

3,215

 

 

$

9,523

 

 

$

12,738

 

 

$

4,780

 

 

$

14,012

 

 

$

18,792

 

Service cost

 

 

21

 

 

 

90

 

 

 

111

 

 

 

36

 

 

 

145

 

 

 

181

 

Interest cost

 

 

167

 

 

 

473

 

 

 

640

 

 

 

118

 

 

 

364

 

 

 

482

 

Benefits paid

 

 

(274

)

 

 

(578

)

 

 

(852

)

 

 

(250

)

 

 

(585

)

 

 

(835

)

Settlements paid

 

 

—

 

 

 

(448

)

 

 

(448

)

 

 

(164

)

 

 

(678

)

 

 

(842

)

Actuarial (gains) losses and other

 

 

140

 

 

 

438

 

 

 

578

 

 

 

(1,305

)

 

 

(3,735

)

 

 

(5,040

)

Balance at the end of the year

 

$

3,269

 

 

$

9,498

 

 

$

12,767

 

 

$

3,215

 

 

$

9,523

 

 

$

12,738

 

Plan assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at the beginning of the year

 

$

3,376

 

 

$

9,216

 

 

$

12,592

 

 

$

5,158

 

 

$

13,462

 

 

$

18,620

 

Employer contributions

 

 

27

 

 

 

118

 

 

 

145

 

 

 

29

 

 

 

133

 

 

 

162

 

Benefits paid

 

 

(274

)

 

 

(578

)

 

 

(852

)

 

 

(250

)

 

 

(585

)

 

 

(835

)

Settlements paid

 

 

—

 

 

 

(448

)

 

 

(448

)

 

 

(164

)

 

 

(678

)

 

 

(842

)

Actual return on plan assets

 

 

271

 

 

 

1,512

 

 

 

1,783

 

 

 

(1,162

)

 

 

(2,971

)

 

 

(4,133

)

Other

 

 

71

 

 

 

88

 

 

 

159

 

 

 

(235

)

 

 

(145

)

 

 

(380

)

Balance at the end of the year

 

$

3,471

 

 

$

9,908

 

 

$

13,379

 

 

$

3,376

 

 

$

9,216

 

 

$

12,592

 

Funded status – net (asset) liability

 

$

(202

)

 

$

(410

)

 

$

(612

)

 

$

(161

)

 

$

307

 

 

$

146

 
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, 2023 and 2022 follows (in millions).

 

 

2023

 

2022

 

PBOs

$

5,679

 

$

6,422

 

Plan assets

 

4,469

 

 

4,766

 

 

 

 

 

 

ABOs

 

1,246

 

 

5,594

 

Plan assets

 

222

 

 

4,234

 
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, 2023 and 2022 follows (in millions).

 

2023

 

2022

 

PBOs

$

5,679

 

$

6,422

 

Plan assets

 

4,469

 

 

4,766

 

 

 

 

 

 

ABOs

 

1,246

 

 

5,594

 

Plan assets

 

222

 

 

4,234

 
Schedule of weighted average assumptions

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

 

 

2023

 

2022

 

2021

 

Discount rate applicable to PBOs

 

5.0

%

 

5.2

%

 

2.7

%

Expected long-term rate of return on plan assets

 

6.0

 

5.9

 

6.1

 

Rate of compensation increase

2.6

 

2.5

 

2.6

 

Discount rate applicable to net periodic pension expense

 

5.3

 

 

2.9

 

 

2.4

 
Schedule of fair value measurements by major categories of plan assets

Fair value measurements of plan assets as of December 31, 2023 and 2022 follow (in millions).

 

 

 

Fair Value

 

 

Investments
carried at net

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

asset value

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

449

 

 

$

370

 

 

$

79

 

 

$

—

 

 

$

—

 

Equity securities

 

 

8,487

 

 

 

7,808

 

 

 

543

 

 

 

136

 

 

 

—

 

Fixed maturity securities

 

 

2,138

 

 

 

1,277

 

 

 

851

 

 

 

10

 

 

 

—

 

Investment funds and other

 

 

2,305

 

 

 

342

 

 

 

272

 

 

 

42

 

 

 

1,649

 

 

$

13,379

 

 

$

9,797

 

 

$

1,745

 

 

$

188

 

 

$

1,649

 

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

 
Schedule of pension plan amounts recognized In accumulated other comprehensive income

A reconciliation of the pre-tax accumulated other comprehensive income (loss) of our defined benefit pension plans for each of the two years ending December 31, 2023 follows (in millions).

 

 

 

2023

 

 

2022

 

Balance at the beginning of the year

 

$

(738

)

 

$

(485

)

Amount included in net periodic pension expense

 

 

(12

)

 

 

123

 

Actuarial gains (losses) and other

 

 

589

 

 

 

(376

)

Balance at the end of the year

 

$

(161

)

 

$

(738

)