Pension plans (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019 were as follows (in millions).

	2019			2018			2017
Service cost	$	224		$	271		$	273
Interest cost		618			593			635
Expected return on plan assets		(936	)		(988	)		(939	)
Amortization of actuarial losses and other		26			188			157
Net periodic pension expense	$	(68	)	$	64		$	126

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

Reconciliations of the changes in plan assets and PBOs related to BHE’s pension plans and all other pension plans for each of the two years ending December 31, 2019 are in the following tables (in millions). The costs of pension plans covering employees of certain regulated subsidiaries of BHE are generally recoverable through the regulated rate making process.

	2019									2018
	BHE			All other			Consolidated			BHE			All other			Consolidated
Benefit obligations
Accumulated benefit obligation end of year	$	4,653		$	12,889		$	17,542		$	4,346		$	11,540		$	15,886
PBO beginning of year	$	4,551		$	12,371		$	16,922		$	5,207		$	13,617		$	18,824
Service cost		32			192			224			40			231			271
Interest cost		161			457			618			161			432			593
Benefits paid		(257	)		(776	)		(1,033	)		(208	)		(633	)		(841	)
Settlements		(121	)		(46	)		(167	)		(301	)		(133	)		(434	)
Actuarial (gains) or losses and other		532			1,610			2,142			(348	)		(1,143	)		(1,491	)
PBO end of year	$	4,898		$	13,808		$	18,706		$	4,551		$	12,371		$	16,922
Plan assets
Plan assets beginning of year	$	4,385		$	10,574		$	14,959		$	5,129		$	11,885		$	17,014
Employer contributions		68			131			199			98			495			593
Benefits paid		(257	)		(776	)		(1,033	)		(208	)		(633	)		(841	)
Actual return on plan assets		650			1,764			2,414			(191	)		(949	)		(1,140	)
Settlements		(121	)		(46	)		(167	)		(324	)		(132	)		(456	)
Other		83			41			124			(119	)		(92	)		(211	)
Plan assets end of year	$	4,808		$	11,688		$	16,496		$	4,385		$	10,574		$	14,959
Funded status – net liability	$	90		$	2,120		$	2,210		$	166		$	1,797		$	1,963

Schedule of weighted average assumptions

Weighted average assumptions used in determining PBOs and net periodic pension expense were as follows.

	2019			2018			2017
Discount rate applicable to pension benefit obligations		3.1	%		3.9	%		3.3	%
Expected long-term rate of return on plan assets	6.4				6.4			6.4
Rate of compensation increase	2.5				2.6			2.8
Discount rate applicable to net periodic pension expense		4.0			3.4			3.9

Schedule of fair value measurements by major categories of plan assets

Fair value measurements of plan assets as of December 31, 2019 and 2018 follow (in millions).

	Fair Value								Investment funds and partnerships
	Total		Level 1		Level 2		Level 3		at net asset value
December 31, 2019
Cash and cash equivalents	$	412	$	309	$	103	$	—	$	—
Equity securities		11,105		9,860		836		409		—
Government obligations		1,537		1,433		104		—		—
Other fixed maturity securities		791		160		600		31		—
Investment funds and other		2,651		143		358		40		2,110
	$	16,496	$	11,905	$	2,001	$	480	$	2,110
December 31, 2018
Cash and cash equivalents	$	1,328	$	1,197	$	131	$	—	$	—
Equity securities		7,671		7,499		22		150		—
Government obligations		1,727		1,654		73		—		—
Other fixed maturity securities		836		172		631		33		—
Investment funds and other		3,397		170		1,042		273		1,912
	$	14,959	$	10,692	$	1,899	$	456	$	1,912

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, 2019 follows (in millions).

	2019			2018
Balance beginning of year	$	(1,184	)	$	(614	)
Amount included in net periodic pension expense		94			116
Actuarial gains (losses) and other		(806	)		(686	)
Balance end of year	$	(1,896	)	$	(1,184	)