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Note 25 - Post-employment and other employee benefit commitments (Tables) | 12 Months Ended
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Dec. 31, 2017
Post-employment and other employee benefit commitments |
Net Defined Benefit Liability (asset) on the Balance Sheet |
Net Defined Benefit Liability (asset) on the Consolidated Balance Sheet (Millions of euros)
| 2017 | 2016 | 2015
Pension commitments | 4,969 | 5,277 | 5,306
Early retirement commitments | 2,210 | 2,559 | 2,855
Medical benefits commitments | 1,204 | 1,015 | 1,023
Other long term employee benefits | 67 | 69 | 68
Total commitments | 8,451 | 8,920 | 9,252
Pension plan assets | 1,892 | 1,909 | 1,974
Medical benefit plan assets | 1,114 | 1,113 | 1,149
Total plan assets (1) | 3,006 | 3,022 | 3,124
Total net liability / asset on the consolidated balance sheet | 5,445 | 5,898 | 6,128
Of which: |  |  |
Net asset on the consolidated balance sheet (2) | (27) | (194) | (238)
Net liability on the consolidated balance sheet for provisions for pensions and similar obligations (3) | 5,407 | 6,025 | 6,299
Net liability on the consolidated balance sheet for other long term employee benefits (4) | 67 | 69 | 68
(1) In Turkey, the foundation responsible for managing the benefit commitments holds an additional asset of 142€ million which, in accordance with IFRS regarding the asset ceiling, has not been recognized in the Consolidated Financial Statements, because although it could be used to reduce future pension contributions it could not be immediately refunded to the employer. (2) Recorded under the heading “Other Assets - Other” of the consolidated balance sheet (see Note 20). (3) Recorded under the heading “Provisions - Provisions for pensions and similar obligations” of the consolidated balance sheet (see Note 24). (4) Recorded under the heading “Provisions – Other long-term employee benefits” of the consolidated balance sheet.
Consolidated Income Statement Impact |
Consolidated Income Statement Impact (Millions of euros)
| Notes | 2017 | 2016 | 2015
Interest and similar expenses |  | 71 | 96 | 108
Interest expense |  | 294 | 303 | 309
Interest income |  | (223) | (207) | (201)
Personnel expenses |  | 149 | 154 | 141
Defined contribution plan expense | 44.1 | 87 | 87 | 84
Defined benefit plan expense | 44.1 | 62 | 67 | 57
Provisions (net) | 46 | 343 | 332 | 592
Early retirement expense |  | 227 | 236 | 502
Past service cost expense |  | 3 | (2) | 26
Remeasurements (*) |  | 31 | 3 | 20
Other provision expenses |  | 82 | 95 | 44
Total impact on Consolidated Income Statement: Debit (Credit) |  | 563 | 582 | 841
(*) Actuarial losses (gains) on remeasurement of the net defined benefit liability relating to early retirements in Spain and other long-term employee benefits that are charged to the income statements (see Note 2.2.12).
Equity Impact |
Equity Impact (Millions of euros)
|  | 2017 | 2016 | 2015
Defined benefit plans |  | (40) | 237 | 128
Post-employment medical benefits |  | 179 | 119 | 7
Total impact on equity: Debit (Credit) (*) |  | 140 | 356 | 135
Table of Defined Benefit Plans |
Defined Benefits (Millions of euros)
| 2017 | 2016 | 2015
| Defined Benefit Obligation | Plan Assets | Net Liability (asset) | Defined Benefit Obligation | Plan Assets | Net Liability (asset) | Defined Benefit Obligation | Plan Assets | Net Liability (asset)
Balance at the beginning | 8,851 | 3,022 | 5,829 | 9,184 | 3,124 | 6,060 | 8,622 | 2,937 | 5,685
Current service cost | 64 | - | 64 | 67 | - | 67 | 57 | - | 57
Interest income or expense | 290 | 223 | 68 | 299 | 207 | 92 | 309 | 201 | 108
Contributions by plan participants | 4 | 4 | - | 5 | 5 | - | 2 | 2 | -
Employer contributions | - | 25 | (25) | - | 154 | (154) | - | 8 | (8)
Past service costs (1) | 231 | - | 231 | 235 | - | 235 | 530 | - | 530
Remeasurements: | 331 | 161 | 171 | 354 | (5) | 359 | 42 | (113) | 155
Return on plan assets (2) | - | 161 | (161) | - | (20) | 20 | - | (106) | 106
From changes in demographic assumptions | 100 | - | 100 | 107 | - | 107 | 8 | - | 8
From changes in financial assumptions | 220 | - | 220 | 106 | - | 106 | (53) | - | (53)
Other actuarial gain and losses | 12 | - | 12 | 141 | 15 | 125 | 88 | (7) | 94
Benefit payments | (1,029) | (169) | (861) | (1,052) | (169) | (883) | (1,086) | (146) | (940)
Settlement payments | - | - | - | (43) | - | (43) | (2) | (17) | 15
Business combinations and disposals | - | - | - | - | - | - | 795 | 321 | 474
Effect on changes in foreign exchange rates | (278) | (258) | (19) | (282) | (293) | 11 | (136) | (98) | (38)
Conversions to defined contributions | (82) | - | (82) | - | - | - | - | - | -
Other effects | (1) | (1) | - | 84 | - | 84 | 50 | 28 | 22
Balance at the end | 8,384 | 3,006 | 5,378 | 8,851 | 3,022 | 5,829 | 9,184 | 3,124 | 6,060
Of which |  |  |  |  |  |  |  |  |
Spain | 5,442 | 320 | 5,122 | 6,157 | 358 | 5,799 | 6,491 | 380 | 6,111
Mexico | 1,661 | 1,602 | 60 | 1,456 | 1,627 | (171) | 1,527 | 1,745 | (219)
The United States | 360 | 309 | 51 | 385 | 339 | 46 | 362 | 329 | 33
Turkey | 520 | 424 | 96 | 447 | 348 | 99 | 435 | 337 | 98
(1) Including gains and losses arising from settlements. (2) Excluding interest, w hich is recorded under "Interest income or expense".
Actuarial Assumptions |
Actuarial Assumptions (Millions of euros)
|  | 2017 |  |  |  | 2016 |  |  |  | 2015 |  |
| Spain | Mexico | USA | Turkey | Spain | Mexico | USA | Turkey | Spain | Mexico | USA | Turkey
Discount rate | 1.24% | 9.48% | 3.57% | 11.60% | 1.50% | 9.95% | 4.04% | 11.50% | 2.00% | 9.30% | 4.30% | 10.30%
Rate of salary increase | - | 4.75% | - | 9.90% | 1.50% | 4.75% | 3.00% | 9.30% | 2.00% | 4.75% | 3.00% | 8.60%
Rate of pension increase | - | 2.13% | - | 8.40% | - | 2.13% | - | 7.80% | - | 2.13% | - | 7.10%
Medical cost trend rate | - | 7.00% | - | 12.60% | - | 6.75% | - | 10.92% | - | 6.75% | - | 9.94%
Mortality tables | PERM/F 2000P | EMSSA09 | RP 2014 | CSO2001 | PERM/F 2000P | EMSSA97 (adjustment EMSSA09) | RP 2014 | CSO2001 | PERM/F 2000P | EMSSA 97 | RP 2014 | CSO2001
Sensitivity Analysis |
Sensitivity Analysis (Millions of euros)
| Basis points change | 2017 | 2016
| Increase | Decrease | Increase | Decrease
Discount rate | 50 | (352) | 386 | (367) | 401
Rate of salary increase | 50 | 5 | (5) | 9 | (9)
Rate of pension increase | 50 | 23 | (22) | 28 | (27)
Medical cost trend rate | 100 | 290 | (225) | 263 | (204)
Change in obligation from each additional year of longevity | - | 155 | - | 121 | -
Defined Benefits Explanatory |
Post-employment commitments 2017 (Millions of euros)
| Defined Benefit Obligation
| Spain | Mexico | USA | Turkey | Rest of the world
Balance at the beginning | 6,157 | 455 | 385 | 447 | 392
Current service cost | 4 | 5 | 3 | 21 | 5
Interest income or expense | 78 | 44 | 14 | 45 | 9
Contributions by plan participants | - | - | - | 3 | 1
Past service costs (1) | 235 | 1 | - | 4 | 3
Remeasurements: | (46) | 48 | 20 | 113 | (3)
From changes in demographic assumptions | - | 22 | (2) | - | (3)
From changes in financial assumptions | (33) | 18 | 22 | 81 | 4
Other actuarial gain and losses | (13) | 7 | - | 32 | (4)
Benefit payments | (906) | (41) | (14) | (24) | (10)
Effect on changes in foreign exchange rates | - | (41) | (47) | (89) | (9)
Conversions to defined contributions | (82) | - | - | - | -
Other effects | 2 | - | (2) | - | (1)
Balance at the end | 5,442 | 470 | 360 | 520 | 387
Of which: |  |  |  |  |
Vested benefit obligation relating to current employees | 111 |  |  |  |
Vested benefit obligation relating to retired employees | 5,331 |  |  |  |
Post-employment commitments 2017 (Millions of euros)
| Plan Assets
| Spain | Mexico | USA | Turkey | Rest of the world
Balance at the beginning | 358 | 514 | 339 | 348 | 349
Current service cost | - | - | - | - | 1
Interest income or expense | 5 | 50 | 13 | 36 | 7
Contributions by plan participants | - | - | - | 3 | 1
Employer contributions | - | 1 | - | 16 | 8
Past service costs (1) | - | - | - | - | 1
Remeasurements: | 21 | 10 | 11 | 101 | (2)
Return on plan assets (2) | 21 | 10 | 11 | 101 | (2)
Benefit payments | (64) | (40) | (12) | (12) | (7)
Effect on changes in foreign exchange rates | - | (46) | (41) | (68) | (4)
Other effects | - | - | (1) | - | -
Balance at the end | 320 | 488 | 309 | 424 | 351
Post-employment commitments 2017 (Millions of euros)
| Net Liability (Asset)
| Spain | Mexico | USA | Turkey | Rest of the world
Balance at the beginning | 5,799 | (59) | 46 | 99 | 43
Current service cost | 4 | 5 | 3 | 21 | 5
Interest income or expense | 73 | (6) | 1 | 9 | 2
Employer contributions | - | (1) | - | (16) | (8)
Past service costs (1) | 235 | 1 | - | 4 | 3
Remeasurements: | (67) | 38 | 9 | 12 | (1)
Return on plan assets (2) | (21) | (10) | (11) | (101) | 2
From changes in demographic assumptions | - | 22 | (2) | - | (3)
From changes in financial assumptions | (33) | 18 | 22 | 81 | 4
Other actuarial gain and losses | (13) | 7 | - | 32 | (4)
Benefit payments | (842) | (1) | (2) | (11) | (3)
Effect on changes in foreign exchange rates | - | 5 | (5) | (21) | (5)
Conversions to defined contributions | (82) | - | - | - | -
Other effects | 2 | - | (1) | - | (1)
Balance at the end | 5,122 | (18) | 51 | 96 | 36
(1) Including gains and losses arising from settlements. (2) Excluding interest, w hich is recorded under "Interest income or expense".
Post-employment commitments (Millions of euros)
| 2016: Net liability (asset) | 2015: Net liability (asset)
| Spain | Mexico | USA | Turkey | Rest of the world | Spain | Mexico | USA | Turkey | Rest of the world
Balance at the beginning | 6,109 | (79) | 35 | 97 | 24 | 5,830 | (94) | 38 | - | 69
Current service cost | 10 | 6 | 4 | 22 | 5 | 9 | 8 | 3 | 2 | 4
Interest income or expense | 98 | (7) | 1 | 8 | 2 | 123 | (10) | 1 | 4 | 3
Employer contributions | - | (14) | (1) | (17) | (9) | - | (1) | - | - | (7)
Past service costs (1) | 240 | 1 | - | 4 | (4) | 550 | (15) | - | 2 | -
Remeasurements: | 188 | 23 | 10 | 8 | 11 | 112 | 29 | (9) | 10 | 7
Return on plan assets (2) | (35) | 23 | 3 | (23) | (8) | - | 50 | 19 | (54) | (3)
From changes in demographic assumptions | - | 2 | (5) | - | (1) | - | - | (7) | 15 | -
From changes in financial assumptions | 192 | (22) | 13 | (23) | 37 | 101 | (23) | (18) | (25) | 3
Other actuarial gain and losses | 31 | 19 | (1) | 54 | (17) | 11 | 2 | (3) | 74 | 7
Benefit payments | (867) | - | (3) | (9) | (2) | (913) | - | (20) | (4) | (3)
Settlement payments | (43) | - | - | - | - | - | - | 17 | - | -
Business combinations and disposals | - | - | - | - | - | 378 | - | - | 96 | -
Effect on changes in foreign exchange rates | - | 10 | 2 | (15) | (4) | 1 | 5 | 4 | (11) | (45)
Other effects | 63 | - | (3) | - | 20 | 23 | 1 | (1) | - | (1)
Balance at the end | 5,799 | (59) | 46 | 99 | 42 | 6,109 | (78) | 33 | 98 | 23
(1) Including gains and losses arising from settlements. (2)Excluding interest, which is recorded under "Interest income or expense".
Medical Benefit Commitments |
Medical Benefits Commitments
| 2017 | 2016 | 2015
| Defined Benefit Obligation | Plan assets | Net liability (asset) | Defined Benefit Obligation | Plan assets | Net liability (asset) | Defined Benefit Obligation | Plan assets | Net liability (asset)
Balance at the beginning | 1,015 | 1,113 | (98) | 1,022 | 1,149 | (127) | 1,083 | 1,240 | (157)
Current service cost | 26 | - | 26 | 24 | - | 24 | 31 | - | 31
Interest income or expense | 101 | 112 | (11) | 86 | 97 | (11) | 95 | 109 | (14)
Employer contributions | - | - | - | - | 114 | (114) | - | - | -
Past service costs (1) | (11) | - | (11) | (5) | - | (5) | 1 | - | 1
Remeasurements: | 200 | 21 | 179 | 59 | (60) | 119 | (87) | (94) | 7
Return on plan assets (2) | - | 21 | (21) | - | (60) | 60 | - | (94) | 94
From changes in demographic assumptions | 83 | - | 83 | 110 | - | 110 | - | - | -
From changes in financial assumptions | 128 | - | 128 | (91) | - | (91) | (91) | - | (91)
Other actuarial gain and losses | (10) | - | (10) | 39 | - | 39 | 4 | - | 4
Benefit payments | (35) | (33) | (2) | (33) | (30) | (2) | (30) | (30) | -
Settlement payments | - | - | - | - | - | - | (2) | - | (2)
Effect on changes in foreign exchange rates | (92) | (100) | 8 | (138) | (156) | 18 | (69) | (76) | 8
Balance at the end | 1,204 | 1,114 | 91 | 1,015 | 1,113 | (98) | 1,022 | 1,149 | (127)
(1) Including gains and losses arising from settlements. (2)Excluding interest, which is recorded under "Interest income or expense".
Estimated Benefit Payments |
Estimated Benefit Payments (Millions of euros)
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023-2027
Commitments in Spain | 753 | 681 | 596 | 500 | 402 | 1,101
Commitments in Mexico | 78 | 79 | 83 | 90 | 95 | 591
Commitments in United States | 15 | 16 | 17 | 18 | 18 | 101
Commitments in Turkey | 25 | 15 | 17 | 20 | 22 | 189
Total | 871 | 791 | 713 | 628 | 537 | 1,982
Breakdown of Defined Benefit Plans |
Plan Assets Breakdown (Millions of euros)
| 2017
Cash or cash equivalents | 68
Debt securities (Government bonds) | 2,178
Property | 1
Mutual funds | 1
Insurance contracts | 4
Other investments | 10
Total | 2,261
Of which: |
Bank account in BBVA | 5
Debt securities issued by BBVA | 3
Investment In Listed Markets |
Investments in listed markets
| 2017
Cash or cash equivalents | 68
Debt securities (Government bonds) | 2,178
Mutual funds | 1
Total | 2,247
Of which: |
Bank account in BBVA | 5
Debt securities issued by BBVA | 3

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