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Provisions (Tables) | 12 Months Ended
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Dec. 31, 2024
Employee Benefits [Abstract] |
Schedule of Amounts of Provisions | The amounts of provisions in 2024 and 2023 are as follows:
| 12/31/2024 | 12/31/2023
Millions of euros | Current | Non-current | Total | Current | Non-current | Total
Employee benefits | 1,073 |  | 4,020 |  | 5,093 |  | 1,005 |  | 4,949 |  | 5,954 |
Termination plans | 357 |  | 1,222 |  | 1,579 |  | 282 |  | 1,461 |  | 1,743 |
Post-employment defined benefit plans | 10 |  | 329 |  | 339 |  | 12 |  | 428 |  | 440 |
Other benefits | 706 |  | 2,469 |  | 3,175 |  | 711 |  | 3,060 |  | 3,771 |
Dismantling of assets | 16 |  | 519 |  | 535 |  | 17 |  | 505 |  | 522 |
Other provisions | 576 |  | 1,613 |  | 2,189 |  | 574 |  | 2,000 |  | 2,574 |
Total | 1,665 |  | 6,152 |  | 7,817 |  | 1,596 |  | 7,454 |  | 9,050 |
Schedule of Distribution by Segment of Restructuring Costs | The distribution by segment of the restructuring costs, in terms of their impact on operating income, is as follows:
Millions of euros | 2024 | 2023
Telefónica Spain | 27 |  | 1,320 |
Telefónica Germany | (1) |  | 11 |
Telefónica Hispam | 61 |  | 128 |
Other companies | 17 |  | 79 |
Total | 104 |  | 1,538 |
Schedule of Movement in Provisions for Post-Employment Plans | The movement in provisions for termination plans in 2024 and 2023 is as follows:
Millions of euros | Total
Provisions for termination plans at 12/31/2022 | 376 |
Additions | 1,520 |
Retirements/amount applied | (133) |
Translation differences, inflation adjustments and accretion | (20) |
Provisions for termination plans at 12/31/2023 | 1,743 |
Additions | 79 |
Retirements/amount applied | (311) |
Translation differences, inflation adjustments and accretion | 68 |
Provisions for termination plans at 12/31/2024 | 1,579 |
Schedule of Main Data of Defined Benefit Plans | The Group has a number of defined benefit plans in the countries where it operates. The following tables present the main data of these plans:
12/31/2024
Millions of euros |  | Germany | Brazil | Hispam | Others | Total
Obligation |  | 226 |  | 544 |  | 75 |  | 17 |  | 862 |
Assets |  | (106) |  | (628) |  | — |  | (17) |  | (751) |
Net provision before asset ceiling |  | 120 |  | (84) |  | 75 |  | — |  | 111 |
Asset ceiling |  | — |  | 173 |  | — |  | — |  | 173 |
Total |  | 120 |  | 89 |  | 75 |  | — |  | 284 |
Net provision |  | 130 |  | 113 |  | 90 |  | 6 |  | 339 |
Net assets |  | 10 |  | 24 |  | 15 |  | 6 |  | 55 |
12/31/2023
Millions of euros |  | Germany | Brazil | Hispam | Others | Total
Obligation |  | 236 |  | 764 |  | 74 |  | 15 |  | 1,089 |
Assets |  | (103) |  | (777) |  | — |  | (14) |  | (894) |
Net provision before asset ceiling |  | 133 |  | (13) |  | 74 |  | 1 |  | 195 |
Asset ceiling |  | — |  | 200 |  | — |  | — |  | 200 |
Total |  | 133 |  | 187 |  | 74 |  | 1 |  | 395 |
Net provision |  | 143 |  | 201 |  | 86 |  | 10 |  | 440 |
Net assets |  | 10 |  | 14 |  | 12 |  | 9 |  | 45 |
Schedule of Movement in the Present Value of Obligations | The movement in the present value of obligations in 2024 and 2023 is as follows:
Millions of euros |  | Germany | Brazil | Hispam | Other | Total
Present value of obligation at 12/31/2022 |  | 208 |  | 622 |  | 64 |  | 19 |  | 913 |
Translation differences |  | — |  | 27 |  | 4 |  | — |  | 31 |
Current service cost |  | 11 |  | 2 |  | 5 |  | 1 |  | 19 |
Interest cost |  | 8 |  | 61 |  | 8 |  | 1 |  | 78 |
Actuarial losses and gains |  | 15 |  | 101 |  | 2 |  | — |  | 118 |
Benefits paid |  | (6) |  | (49) |  | (5) |  | (1) |  | (61) |
Plan curtailments |  | — |  | — |  | (3) |  | — |  | (3) |
Other movements |  | — |  | — |  | (1) |  | (5) |  | (6) |
Present value of obligation at 12/31/2023 |  | 236 |  | 764 |  | 74 |  | 15 |  | 1,089 |
First application of IAS 21 |  | — |  | — |  | 6 |  | — |  | 6 |
Translation differences |  | — |  | (119) |  | (10) |  | 1 |  | (128) |
Current service cost |  | 11 |  | 3 |  | 8 |  | 1 |  | 23 |
Interest cost |  | 8 |  | 62 |  | 18 |  | 1 |  | 89 |
Actuarial losses and gains |  | (23) |  | (118) |  | (10) |  | — |  | (151) |
Benefits paid |  | (6) |  | (48) |  | (6) |  | (1) |  | (61) |
Plan curtailments |  | — |  | — |  | (3) |  | — |  | (3) |
Other movements |  | — |  | — |  | (2) |  | — |  | (2) |
Present value of obligation at 12/31/2024 |  | 226 |  | 544 |  | 75 |  | 17 |  | 862 |
Schedule of Movement in the Fair Value of Plan Assets | Movements in the fair value of plan assets in 2024 and 2023 are as follows:
Millions of euros |  | Germany | Brazil | Other | Total
Fair value of plan assets at 12/31/2022 |  | 101 |  | 751 |  | 18 |  | 870 |
Translation differences |  | — |  | 31 |  | — |  | 31 |
Interest income |  | 3 |  | 74 |  | — |  | 77 |
Actuarial losses and gains |  | — |  | (30) |  | — |  | (30) |
Company contributions |  | 2 |  | — |  | — |  | 2 |
Benefits paid |  | (3) |  | (45) |  | — |  | (48) |
Transfers |  | — |  | — |  | (4) |  | (4) |
Other movements |  | — |  | (4) |  | — |  | (4) |
Fair value of plan assets at 12/31/2023 |  | 103 |  | 777 |  | 14 |  | 894 |
Translation differences |  | — |  | (129) |  | 1 |  | (128) |
Interest income |  | 4 |  | 63 |  | — |  | 67 |
Actuarial losses and gains |  | — |  | (31) |  | — |  | (31) |
Company contributions |  | 2 |  | — |  | — |  | 2 |
Benefits paid |  | (3) |  | (44) |  | — |  | (47) |
Transfers |  | (1) |  | — |  | 1 |  | — |
Other movements |  | 1 |  | (8) |  | 1 |  | (6) |
Fair value of plan assets at 12/31/2024 |  | 106 |  | 628 |  | 17 |  | 751 |
Schedule of post-employment benefit plans | Telefónica Brazil sponsors the following post-employment benefit plans:
Plans | Management entity | Sponsor
Health plans |  |
Plano de Assistência Médica ao Aposentado y Programa de Coberturas Especiais (PAMA/PCE) | Fundação Sistel de Seguridade Social | Telefônica Brasil, jointly and severally with other companies resulting from the privatization of Telebrás (Telecomunicações Brasileiras, S.A.)
Assistencia médica – Lei 9.656/98 | Telefônica Brasil | Telefônica Brasil, Terra Networks, TGLog, TIS, IoTCo Brasil and CloudCo Brasil
Pension plans |  |
PBS Assistidos (PBS-A) | Fundação Sistel de Seguridade Social | Telefônica Brasil, jointly and severally with other companies resulting from the privatization of Telebrás (Telecomunicações Brasileiras, S.A.)
CTB | Telefônica Brasil | Telefônica Brasil
Telefônica BD | Visão Prev | Telefônica Brasil
Planes VISAO | Visão Prev | Telefônica Brasil, Terra Networks, TGLog, TIS, IoTCo Brasil and CloudCo Brasil
Schedule of Main Actuarial Assumptions Used in Valuing Plans | The main actuarial assumptions used in valuing these plans are as follows:
| 12/31/2024 | 12/31/2023
Discount rate | 11.07% - 11.67% | 8.90% - 9.18%
Nominal rate of salary increase | 4.57% - 6.60% | 4.57% - 6.60%
Long-term inflation rate | 3.50 | % | 3.50 | %
Growth rate for medical costs | 6.61 | % | 6.61 | %
Mortality tables | AT 2000 M/F | AT 2000 M/F
Schedule of Sensitivity to Changes in Actuarial Assumptions | The discount rate and growth rate for medical costs are considered to be the most significant actuarial assumptions with a reasonable possibility of fluctuations depending on demographic and economic changes and may significantly change the amount of the post-employment benefit obligation. The sensitivity to changes in these assumptions is shown below:
| Present value of the discounted obligation at the current discount rate | Present value of the obligation by increasing the discount rate by 0.5% | Present value of the obligation by reducing the discount rate by 0.5%
Pension plans | 304 |  | 295 |  | 313 |
Health plans | 241 |  | 228 |  | 254 |
Total obligation | 545 |  | 523 |  | 567 |
| Present value of the obligation at the current growth rate for medical costs | Present value of the obligation by increasing the rate by 1% | Present value of the obligation by reducing the rate by 1%
Pension plans | 304 |  | 304 |  | 304 |
Health plans | 241 |  | 269 |  | 217 |
Total obligation | 545 |  | 573 |  | 521 |
The table below shows the sensitivity of the value of termination, post-employment and other obligations, including the Individual Suspension Plans of Telefónica Group companies in Spain to changes in the discount rate:
-100 bps | +100 bps
Impact on value | Impact on income statement | Impact on value | Impact on income statement
(127) |  | (127) |  | 120 |  | 120 |
Schedule of Movement in Other Provisions | The movement of provision for dismantling of assets in 2024 and 2023 is as follows:
| Millions of euros
Dismantling of assets at December 31, 2022 | 528 |
Additions | 54 |
Accretion | 23 |
Retirements/amount applied | (67) |
Transfers | 14 |
Translation differences and other | (30) |
Dismantling of assets at December 31, 2023 | 522 |
Additions | 38 |
Accretion | 43 |
Retirements/amount applied | (48) |
Transfers | 4 |
Business combinations | 1 |
Translation differences and other | (25) |
Dismantling of assets at December 31, 2024 | 535 |
The detail by segments of provision for dismantling of assets in 2024 and 2023 is as follows:
Millions of euros | 12/31/2024 | 12/31/2023
Telefónica Spain | 14 |  | 16 |
Telefónica Germany | 360 |  | 354 |
Telefónica Brazil | 64 |  | 76 |
Telefónica Hispam | 97 |  | 76 |
Total | 535 |  | 522 |
The movement in “Other provisions” in 2024 and 2023 is as follows:
| Millions of euros
Other provisions at December 31, 2022 | 2,630 |
Additions and accretion | 809 |
Retirements/amount applied | (805) |
Transfers | (16) |
Translation differences and other | (44) |
Other provisions at December 31, 2023 | 2,574 |
Additions and accretion | 611 |
Retirements/amount applied | (702) |
Transfers | (60) |
Translation differences and other | (234) |
Other provisions at December 31, 2024 | 2,189 |
Disclosure of Provisions for Tax Proceedings | The balance of these provisions at December 31, 2024 and December 31, 2023 is shown in the following table:
Millions of euros | 12/31/2024 | 12/31/2023
Tax proceedings | 314 |  | 515 |
Regulatory proceedings | 179 |  | 329 |
Labor claims | 145 |  | 130 |
Civil proceedings | 219 |  | 229 |
Amounts to be refunded to customers | 14 |  | 18 |
Provision for fines for canceling lease agreements | 6 |  | 8 |
Total | 877 |  | 1,229 |
The detail of provisions for tax proceedings by nature of risk is as follows:
Millions of euros | 12/31/2024 | 12/31/2023
Federal taxes | 126 |  | 149 |
State taxes | 72 |  | 248 |
Municipal taxes | 21 |  | 9 |
FUST | 95 |  | 109 |
Total | 314 |  | 515 |
The breakdown of changes in provisions for tax proceedings in 2024 and 2023 is as follows:
| Millions of euros
Balance at 12/31/2022 | 446 |
Movements with a corresponding entry under operating income | 16 |
Write-offs due to payment | (3) |
Monetary updating | 38 |
Translation differences | 18 |
Balance at 12/31/2023 | 515 |
Movements with a corresponding entry under operating income | 7 |
Other additions/reversal | (84) |
Write-offs due to payment | (12) |
Business combination | 9 |
Monetary updating | (46) |
Translation differences | (75) |
Balance at 12/31/2024 | 314 |
Disclosure of Provisions for Judicial Deposits | In some situations, in connection with a legal requirement or presentation of guarantees, judicial deposits are made to secure the continuance of the claims under discussion. The judicial deposits by nature of risk at December 31, 2024 and December 31, 2023 are as follows:
Millions of euros | 12/31/2024 | 12/31/2023
Tax proceedings | 264 |  | 304 |
Labor claims | 11 |  | 17 |
Civil proceedings | 139 |  | 161 |
Regulatory proceedings | 51 |  | 58 |
Garnishments | 2 |  | 4 |
Total | 467 |  | 544 |
Current | 24 |  | 14 |
Non-current (see Note 12) | 443 |  | 530 |

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