| Compensation and Retirement Disclosure [Abstract] | Period [Axis] |
|---|
2016-01-01 - 2016-12-31 |
|---|
Compensation and Retirement Disclosure [Abstract] | |
Schedule of net periodic pension expense |
The components
of net periodic pension expense for each of the three years ending
December 31, 2016 are as follows (in millions).
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| |
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2016 |
|
|
2015 |
|
|
2014 |
|
|
Service cost
|
|
$ |
282 |
|
|
$ |
266 |
|
|
$ |
230 |
|
|
Interest cost
|
|
|
691 |
|
|
|
591 |
|
|
|
629 |
|
|
Expected return on plan
assets
|
|
|
(908 |
) |
|
|
(782 |
) |
|
|
(772 |
) |
|
Amortization of actuarial
losses and other
|
|
|
148 |
|
|
|
179 |
|
|
|
102 |
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|
|
|
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|
|
|
|
|
|
|
|
|
|
Net periodic pension
expense
|
|
$ |
213 |
|
|
$ |
254 |
|
|
$ |
189 |
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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, 2016 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.
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2016 |
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|
2015 |
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| |
|
BHE |
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|
All other |
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Consolidated |
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|
BHE |
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|
All other |
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|
Consolidated |
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|
Benefit obligations
|
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Accumulated benefit obligation end of year
|
|
$ |
4,787 |
|
|
$ |
11,912 |
|
|
$ |
16,699 |
|
|
$ |
4,797 |
|
|
$ |
9,264 |
|
|
$ |
14,061 |
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|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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PBO beginning of year
|
|
$ |
5,076 |
|
|
$ |
10,183 |
|
|
$ |
15,259 |
|
|
$ |
5,398 |
|
|
$ |
10,489 |
|
|
$ |
15,887 |
|
|
Service cost
|
|
|
49 |
|
|
|
233 |
|
|
|
282 |
|
|
|
57 |
|
|
|
209 |
|
|
|
266 |
|
|
Interest cost
|
|
|
198 |
|
|
|
493 |
|
|
|
691 |
|
|
|
200 |
|
|
|
391 |
|
|
|
591 |
|
|
Benefits paid
|
|
|
(309 |
) |
|
|
(705 |
) |
|
|
(1,014 |
) |
|
|
(316 |
) |
|
|
(518 |
) |
|
|
(834 |
) |
|
Business acquisitions
|
|
|
— |
|
|
|
2,684 |
|
|
|
2,684 |
|
|
|
— |
|
|
|
165 |
|
|
|
165 |
|
|
Actuarial (gains) or losses and other
|
|
|
63 |
|
|
|
(215 |
) |
|
|
(152 |
) |
|
|
(263 |
) |
|
|
(553 |
) |
|
|
(816 |
) |
|
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|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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PBO end of year
|
|
$ |
5,077 |
|
|
$ |
12,673 |
|
|
$ |
17,750 |
|
|
$ |
5,076 |
|
|
$ |
10,183 |
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|
$ |
15,259 |
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Plan assets
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|
Plan assets beginning of year
|
|
$ |
4,765 |
|
|
$ |
8,066 |
|
|
$ |
12,831 |
|
|
$ |
5,086 |
|
|
$ |
8,280 |
|
|
$ |
13,366 |
|
|
Employer contributions
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|
133 |
|
|
|
214 |
|
|
|
347 |
|
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|
90 |
|
|
|
116 |
|
|
|
206 |
|
|
Benefits paid
|
|
|
(309 |
) |
|
|
(705 |
) |
|
|
(1,014 |
) |
|
|
(316 |
) |
|
|
(518 |
) |
|
|
(834 |
) |
|
Actual return on plan assets
|
|
|
512 |
|
|
|
1,083 |
|
|
|
1,595 |
|
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|
31 |
|
|
|
80 |
|
|
|
111 |
|
|
Business acquisitions
|
|
|
— |
|
|
|
2,314 |
|
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|
2,314 |
|
|
|
— |
|
|
|
167 |
|
|
|
167 |
|
|
Other
|
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|
(407 |
) |
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|
(269 |
) |
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|
(676 |
) |
|
|
(126 |
) |
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|
(59 |
) |
|
|
(185 |
) |
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Plan assets end of year
|
|
$ |
4,694 |
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|
$ |
10,703 |
|
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$ |
15,397 |
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$ |
4,765 |
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$ |
8,066 |
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|
$ |
12,831 |
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|
Funded status – net liability
|
|
$ |
383 |
|
|
$ |
1,970 |
|
|
$ |
2,353 |
|
|
$ |
311 |
|
|
$ |
2,117 |
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|
$ |
2,428 |
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|
Schedule of weighted average interest rate assumptions |
Weighted
average interest rate assumptions used in determining PBOs and net
periodic pension expense were as follows.
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| |
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2016 |
|
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2015 |
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2014 |
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Applicable to pension
benefit obligations:
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Discount rate
|
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|
3.8 |
% |
|
|
4.1 |
% |
|
|
3.8 |
% |
|
Expected long-term rate
of return on plan assets
|
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|
6.1 |
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|
6.5 |
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|
6.7 |
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|
Rate of compensation
increase
|
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|
3.0 |
|
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|
3.4 |
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|
3.4 |
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|
Discount rate applicable
to net periodic pension expense
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|
4.2 |
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|
3.8 |
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|
4.6 |
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|
Schedule of fair value measurements by major categories of plan assets |
Fair value measurements of plan assets as of December 31, 2016
and 2015 follow (in millions).
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Fair Value |
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Investment funds
and partnerships at
net asset value |
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Total |
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|
Level 1 |
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Level 2 |
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Level 3 |
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|
December 31, 2016
|
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|
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|
|
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|
Cash and equivalents
|
|
$ |
847 |
|
|
$ |
637 |
|
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$ |
210 |
|
|
$ |
— |
|
|
$ |
— |
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|
Equity securities
|
|
|
8,645 |
|
|
|
8,476 |
|
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|
27 |
|
|
|
142 |
|
|
|
— |
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|
Government obligations
|
|
|
1,291 |
|
|
|
1,076 |
|
|
|
215 |
|
|
|
— |
|
|
|
— |
|
|
Other fixed maturity securities
|
|
|
770 |
|
|
|
144 |
|
|
|
595 |
|
|
|
31 |
|
|
|
— |
|
|
Investment funds and other
|
|
|
3,844 |
|
|
|
233 |
|
|
|
1,434 |
|
|
|
153 |
|
|
|
2,024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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$ |
15,397 |
|
|
$ |
10,566 |
|
|
$ |
2,481 |
|
|
$ |
326 |
|
|
$ |
2,024 |
|
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|
|
|
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|
December 31, 2015
|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Cash and equivalents
|
|
$ |
839 |
|
|
$ |
544 |
|
|
$ |
295 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Equity securities
|
|
|
7,319 |
|
|
|
7,305 |
|
|
|
14 |
|
|
|
— |
|
|
|
— |
|
|
Government obligations
|
|
|
786 |
|
|
|
726 |
|
|
|
60 |
|
|
|
— |
|
|
|
— |
|
|
Other fixed maturity securities
|
|
|
990 |
|
|
|
87 |
|
|
|
903 |
|
|
|
— |
|
|
|
— |
|
|
Investment funds and other
|
|
|
2,897 |
|
|
|
272 |
|
|
|
1,446 |
|
|
|
228 |
|
|
|
951 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
12,831 |
|
|
$ |
8,934 |
|
|
$ |
2,718 |
|
|
$ |
228 |
|
|
$ |
951 |
|
|
|
|
|
|
|
|
|
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|
|
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|
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, 2016
follows (in millions).
|
|
|
|
|
|
|
|
|
| |
|
2016 |
|
|
2015 |
|
|
Balance beginning of
year
|
|
$ |
(1,193 |
) |
|
$ |
(1,617 |
) |
|
Amount included in net
periodic pension expense
|
|
|
101 |
|
|
|
129 |
|
|
Actuarial gains and
other
|
|
|
253 |
|
|
|
295 |
|
|
|
|
|
|
|
|
|
|
|
Balance end of
year
|
|
$ |
(839 |
) |
|
$ |
(1,193 |
) |
|
|
|
|
|
|
|
|
|
|