Pension plans (Tables)

12 Months Ended

Dec. 31, 2020

Compensation And Retirement Disclosure [Abstract]

Schedule of net periodic pension expense

The components of our net periodic pension expense for each of the three years ending December 31, 2020 follow (in millions).

	2020			2019			2018
Service cost	$	235		$	224		$	271
Interest cost		510			618			593
Expected return on plan assets		(955	)		(936	)		(988	)
Amortization of actuarial losses and other		171			26			188
Net periodic pension expense	$	(39	)	$	(68	)	$	64

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

The funded status at year end 2020 and 2019 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, 2020 follow (in millions).

	2020									2019
	BHE			Other			Total			BHE			Other			Total
Benefit obligations
PBO beginning of year	$	4,898		$	13,808		$	18,706		$	4,551		$	12,371		$	16,922
Service cost		33			202			235			32			192			224
Interest cost		133			377			510			161			457			618
Benefits paid		(285	)		(709	)		(994	)		(257	)		(776	)		(1,033	)
Settlements		(63	)		(12	)		(75	)		(121	)		(46	)		(167	)
Actuarial (gains) or losses and other		566			1,481			2,047			532			1,610			2,142
PBO end of year	$	5,282		$	15,147		$	20,429		$	4,898		$	13,808		$	18,706
Plan assets
Plan assets beginning of year	$	4,808		$	11,688		$	16,496		$	4,385		$	10,574		$	14,959
Employer contributions		69			127			196			68			131			199
Benefits paid		(285	)		(709	)		(994	)		(257	)		(776	)		(1,033	)
Actual return on plan assets		554			1,820			2,374			650			1,764			2,414
Settlements		(63	)		(12	)		(75	)		(121	)		(46	)		(167	)
Other		75			(134	)		(59	)		83			41			124
Plan assets end of year	$	5,158		$	12,780		$	17,938		$	4,808		$	11,688		$	16,496
Funded status – net liability	$	124		$	2,367		$	2,491		$	90		$	2,120		$	2,210

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, 2020 and 2019 follows (in millions)

	2020		2019
PBOs	$	12,775	$	12,625
Plan assets		9,018		9,627
ABOs		10,875		10,617
Plan assets		7,820		8,367

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, 2020 and 2019 follows (in millions)

	2020		2019
PBOs	$	12,775	$	12,625
Plan assets		9,018		9,627
ABOs		10,875		10,617
Plan assets		7,820		8,367

Schedule of weighted average assumptions

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

	2020			2019			2018
Discount rate applicable to pension benefit obligations		2.3	%		3.1	%		3.9	%
Expected long-term rate of return on plan assets	6.2			6.4				6.4
Rate of compensation increase	2.6			2.5				2.6
Discount rate applicable to net periodic pension expense		3.1			4.0			3.4

Schedule of fair value measurements by major categories of plan assets

Fair value measurements of plan assets as of December 31, 2020 and 2019 follow (in millions).

	Fair Value								Investment funds and partnerships
	Total		Level 1		Level 2		Level 3		at net asset value
December 31, 2020
Cash and cash equivalents	$	383	$	243	$	140	$	—	$	—
Equity securities		11,383		10,123		851		409		—
Fixed maturity securities		3,173		2,214		926		33		—
Investment funds and other		2,999		198		398		56		2,347
	$	17,938	$	12,778	$	2,315	$	498	$	2,347
December 31, 2019
Cash and cash equivalents	$	412	$	309	$	103	$	—	$	—
Equity securities		11,105		9,860		836		409		—
Fixed maturity securities		2,328		1,593		704		31		—
Investment funds and other		2,651		143		358		40		2,110
	$	16,496	$	11,905	$	2,001	$	480	$	2,110

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, 2020 follows (in millions).

	2020			2019
Balance beginning of year	$	(1,896	)	$	(1,184	)
Amount included in net periodic pension expense		141			94
Actuarial gains (losses) and other		(496	)		(806	)
Balance end of year	$	(2,251	)	$	(1,896	)