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Note 25 - Post-employment and other employee benefit commitments (Tables) | 12 Months Ended
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Dec. 31, 2018
Post-employment and other employee benefit commitments |
Table Of Net Defined Benefit Liability Asset Explanatory |
Net Defined Benefit Liability (asset) on the Consolidated Balance Sheet (Millions of euros)
| 2018 | 2017 | 2016
Pension commitments | 4.678 | 4.969 | 5.277
Early retirement commitments | 1.793 | 2.210 | 2.559
Medical benefits commitments | 1.114 | 1.204 | 1.015
Other long term employee benefits | 62 | 67 | 69
Total commitments | 7.647 | 8.451 | 8.920
Pension plan assets | 1.694 | 1.892 | 1.909
Medical benefit plan assets | 1.146 | 1.114 | 1.113
Total plan assets (1) | 2.840 | 3.006 | 3.022
Total net liability / asset | 4.807 | 5.445 | 5.898
Of which: |  |  |
Net asset on the consolidated balance sheet (2) | (41) | (27) | (194)
Net liability on the consolidated balance sheet for provisions for pensions and similar obligations (3) | 4.787 | 5.407 | 6.025
Net liability on the consolidated balance sheet for other long term employee benefits (4) | 62 | 67 | 69
(1) In Turkey, the foundation responsible for managing the benefit commitments holds an additional asset of 181€ 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 | 2018 | 2017 | 2016
Interest and similar expenses |  | 78 | 71 | 96
Interest expense |  | 295 | 294 | 303
Interest income |  | (217) | (223) | (207)
Personnel expenses |  | 147 | 149 | 154
Defined contribution plan expense | 44.1 | 89 | 87 | 87
Defined benefit plan expense | 44.1 | 58 | 62 | 67
Provisions (net) | 46 | 125 | 343 | 332
Early retirement expense |  | 141 | 227 | 236
Past service cost expense |  | (33) | 3 | (2)
Remeasurements (*) |  | (10) | 31 | 3
Other provision expenses |  | 28 | 82 | 95
Total impact on Consolidated Income Statement: Debit (Credit) |  | 350 | 563 | 582
(*) 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).
Disclosure of equity impact explanatory |
Equity Impact (Millions of euros)
|  | 2018 | 2017 | 2016
Defined benefit plans |  | 81 | (40) | 237
Post-employment medical benefits |  | (47) | 179 | 119
Total impact on equity: Debit (Credit) |  | 34 | 140 | 356
Table Of Defined Benefit Plans |
Defined Benefits (Millions of euros)
|  | 2018 |  |  | 2017 |  |  | 2016 |
| 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 | 8.384 | 3.006 | 5.378 | 8.851 | 3.022 | 5.829 | 9.184 | 3.124 | 6.060
Current service cost | 61 | - | 61 | 64 | - | 64 | 67 | - | 67
Interest income or expense | 292 | 217 | 76 | 290 | 223 | 68 | 299 | 207 | 92
Contributions by plan participants | 4 | 3 | 1 | 4 | 4 | - | 5 | 5 | -
Employer contributions | - | 103 | (103) | - | 25 | (25) | - | 154 | (154)
Past service costs (1) | 109 | - | 109 | 231 | - | 231 | 235 | - | 235
Remeasurements: | (263) | (286) | 21 | 331 | 161 | 171 | 354 | (5) | 359
Return on plan assets (2) | - | (286) | 286 | - | 161 | (161) | - | (20) | 20
From changes in demographic assumptions | 14 | - | 14 | 100 | - | 100 | 107 | - | 107
From changes in financial assumptions | (274) | - | (274) | 220 | - | 220 | 106 | - | 106
Other actuarial gain and losses | (3) | - | (5) | 12 | - | 12 | 141 | 15 | 125
Benefit payments | (979) | (200) | (779) | (1.029) | (169) | (861) | (1.052) | (169) | (883)
Settlement payments | - | - | - | - | - | - | (43) | - | (43)
Effect on changes in foreign exchange rates | (31) | (9) | (22) | (278) | (258) | (19) | (282) | (293) | 11
Conversions to defined contributions | - | - | - | (82) | - | (82) | - | - | -
Other effects | 10 | 6 | 4 | (1) | (1) | - | 84 | - | 84
Balance at the end | 7.585 | 2.840 | 4.745 | 8.384 | 3.006 | 5.378 | 8.851 | 3.022 | 5.829
Of which |  |  |  |  |  |  |  |  |
Spain | 4.807 | 260 | 4.547 | 5.442 | 320 | 5.122 | 6.157 | 358 | 5.799
Mexico | 1.615 | 1.587 | 28 | 1.661 | 1.602 | 60 | 1.456 | 1.627 | (171)
The United States | 326 | 287 | 39 | 360 | 309 | 51 | 385 | 339 | 46
Turkey | 422 | 339 | 83 | 520 | 424 | 96 | 447 | 348 | 99
(1) In cluding gains and losses arising from settleme nts. (2) Excluding interest, which is recorded under "Interest income or expense".
Disclosure of actuarial assumptions Explanatory |
Actuarial Assumptions (Millions of euros)
|  | 2018 |  |  |  | 2017 |  |  |  | 2016 |  |
| Spain | Mexico | USA | Turkey | Spain | Mexico | USA | Turkey | Spain | Mexico | USA | Turkey
Discount rate | 1,28% | 10,45% | 4,23% | 16,30% | 1,24% | 9,48% | 3,57% | 11,60% | 1,50% | 9,95% | 4,04% | 11,50%
Rate of salary increase | - | 4,75% | - | 14,00% | - | 4,75% | - | 9,90% | 1,50% | 4,75% | 3,00% | 9,30%
Rate of pension increase | - | 2,51% | - | 12,50% | - | 2,13% | - | 8,40% | - | 2,13% | - | 7,80%
Medical cost trend rate | - | 7,00% | - | 16,70% | - | 7,00% | - | 12,60% | - | 6,75% | - | 10,92%
Mortality tables | PERM/F 2000P | EMSSA09 | RP 2014 | CSO2001 | PERM/F 2000P | EMSSA09 | RP 2014 | CSO2001 | PERM/F 2000P | EMSSA97 (adjustment EMSSA09) | RP 2014 | CSO2001
Disclosure of Sensitivity Analysis |
Sensitivity Analysis (Millions of euros)
| Basis points change | 2018 | 2017
| Increase | Decrease | Increase | Decrease
Discount rate | 50 | (298) | 332 | (352) | 386
Rate of salary increase | 50 | 3 | (3) | 5 | (5)
Rate of pension increase | 50 | 19 | (18) | 23 | (22)
Medical cost trend rate | 100 | 229 | (181) | 290 | (225)
Change in obligation from each additional year of longevity | - | 108 | - | 155 | -
Table Of Defined Benefit Plans By Geography |
Post-employment commitments 2018 (Millions of euros)
| Defined Benefit Obligation
| Spain | Mexico | USA | Turkey | Rest of the world
Balance at the beginning | 5.442 | 470 | 360 | 520 | 387
Current service cost | 4 | 5 | - | 21 | 4
Interest income or expense | 64 | 44 | 13 | 47 | 9
Contributions by plan participants | - | - | - | 3 | 1
Past service costs (1) | 148 | (1) | - | 2 | 2
Remeasurements: | (32) | 18 | (28) | (18) | 3
From changes in demographic assumptions | - | - | (1) | - | 15
From changes in financial assumptions | - | (9) | (28) | (45) | (12)
Other actuarial gain and losses | (32) | 27 | 1 | 29 | -
Benefit payments | (824) | (48) | (35) | (21) | (18)
Effect on changes in foreign exchange rates | - | 25 | 17 | (134) | (2)
Other effects | 5 | (2) | (1) | - | 17
Balance at the end | 4.807 | 512 | 326 | 422 | 402
Of which: |  |  |  |  |
Vested benefit obligation relating to current employees | 111 |  |  |  |
Vested benefit obligation relating to retired employees | 4.696 |  |  |  |
Post-employment commitments 2018 (Millions of euros)
| Plan Assets
| Spain | Mexico | USA | Turkey | Rest of the world
Balance at the beginning | 320 | 488 | 309 | 424 | 351
Interest income or expense | 5 | 46 | 11 | 39 | 7
Contributions by plan participants | - | - | - | 3 | 1
Employer contributions | - | - | 2 | 13 | 18
Remeasurements: | (4) | (70) | (17) | (21) | (11)
Return on plan assets (2) | (4) | (70) | (17) | (21) | (11)
Benefit payments | (61) | (47) | (33) | (10) | (15)
Effect on changes in foreign exchange rates | - | 26 | 15 | (108) | (1)
Other effects | - | (1) | - | - | 17
Balance at the end | 260 | 441 | 287 | 339 | 366
Post-employment commitments 2018 (Millions of euros)
| Net Liability (Asset)
| Spain | Mexico | USA | Turkey | Rest of the world
Balance at the beginning | 5.122 | (18) | 51 | 96 | 36
Current service cost | 4 | 5 | - | 21 | 4
Interest income or expense | 59 | (2) | 2 | 8 | 2
Contributions by plan participants | - | - | - | - | 1
Employer contributions | - | - | (2) | (13) | (18)
Past service costs (1) | 148 | (1) | - | 2 | 2
Remeasurements: | (28) | 88 | (11) | 3 | 14
Return on plan assets (2) | 4 | 70 | 17 | 21 | 11
From changes in demographic assumptions | - | - | (1) | - | 15
From changes in financial assumptions | - | (9) | (28) | (45) | (12)
Other actuarial gain and losses | (32) | 27 | 1 | 29 | -
Benefit payments | (763) | - | (2) | (11) | (3)
Effect on changes in foreign exchange rates | - | (1) | 2 | (26) | (1)
Other effects | 5 | - | (1) | - | -
Balance at the end | 4.547 | 71 | 39 | 83 | 35
(1) I ncluding gains and losses arising from settlements. (2) Excluding interest, which is recorded under "Interest income or expense".
Post-employment commitments (Millions of euros)
| 2017: Net liability (asset) | 2016: Net liability (asset)
| Spain | Mexico | USA | Turkey | Rest of the world | Spain | Mexico | USA | Turkey | Rest of the world
Balance at the beginning | 5.799 | (59) | 46 | 99 | 43 | 6.109 | (79) | 35 | 97 | 24
Current service cost | 4 | 5 | 3 | 21 | 5 | 10 | 6 | 4 | 22 | 5
Interest income or expense | 73 | (6) | 1 | 9 | 2 | 98 | (7) | 1 | 8 | 2
Employer contributions | - | (1) | - | (16) | (8) | - | (14) | (1) | (17) | (9)
Past service costs (1) | 235 | 1 | - | 4 | 3 | 240 | 1 | - | 4 | (4)
Remeasurements: | (67) | 38 | 9 | 12 | (1) | 188 | 23 | 10 | 8 | 11
Return on plan assets (2) | (21) | (10) | (11) | (101) | 2 | (35) | 23 | 3 | (23) | (8)
From changes in demographic assumptions | - | 22 | (2) | - | (3) | - | 2 | (5) | - | (1)
From changes in financial assumptions | (33) | 18 | 22 | 81 | 4 | 192 | (22) | 13 | (23) | 37
Other actuarial gain and losses | (13) | 7 | - | 32 | (4) | 31 | 19 | (1) | 54 | (17)
Benefit payments | (842) | (1) | (2) | (11) | (3) | (867) | - | (3) | (9) | (2)
Settlement payments | - | - | - | - | - | (43) | - | - | - | -
Effect on changes in foreign exchange rates | - | 5 | (5) | (21) | (5) | - | 10 | 2 | (15) | (4)
Conversions to defined contributions | (82) | - | - | - | - | - | - | - | - | -
Other effects | 2 | - | (1) | - | (1) | 63 | - | (3) | - | 20
Balance at the end | 5.122 | (18) | 51 | 96 | 36 | 5.799 | (59) | 46 | 99 | 42
(1) Includes gains and losses from settlements. (2) Excludes interest which is reflected in the line item “Interest income and expenses”.
Disclosure Of Medical Benefit Commitments |
Medical Benefits Commitments
| 2018 | 2017 | 2016
| 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 | 1.204 | 1.114 | 91 | 1.015 | 1.113 | (98) | 1.022 | 1.149 | (127)
Current service cost | 27 | - | 27 | 26 | - | 26 | 24 | - | 24
Interest income or expense | 116 | 109 | 8 | 101 | 112 | (11) | 86 | 97 | (11)
Employer contributions | - | 71 | (71) | - | - | - | - | 114 | (114)
Past service costs (1) | (42) | - | (42) | (11) | - | (11) | (5) | - | (5)
Remeasurements: | (210) | (164) | (47) | 200 | 21 | 179 | 59 | (60) | 119
Return on plan assets (2) | - | (164) | 164 | - | 21 | (21) | - | (60) | 60
From changes in demographic assumptions | - | - | - | 83 | - | 83 | 110 | - | 110
From changes in financial assumptions | (182) | - | (182) | 128 | - | 128 | (91) | - | (91)
Other actuarial gain and losses | (28) | - | (28) | (10) | - | (10) | 39 | - | 39
Benefit payments | (34) | (33) | (1) | (35) | (33) | (2) | (33) | (30) | (2)
Effect on changes in foreign exchange rates | 62 | 59 | 3 | (92) | (100) | 8 | (138) | (156) | 18
Other effects | (9) | (9) | - | - | - | - | - | - | -
Balance at the end | 1.114 | 1.146 | (32) | 1.204 | 1.114 | 91 | 1.015 | 1.113 | (98)
(1) I ncluding gains and losses arising from settlements. (2) Excluding interest, which is recorded under "Interest incom e or expense".
Disclosure Of Estimated Benefit Payments |
Estimated Benefit Payments (Millions of euros)
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024-2028
Commitments in Spain | 684 | 611 | 518 | 419 | 333 | 965
Commitments in Mexico | 91 | 92 | 99 | 106 | 112 | 680
Commitments in United States | 16 | 17 | 17 | 18 | 19 | 103
Commitments in Turkey | 24 | 14 | 18 | 20 | 25 | 231
Total | 815 | 734 | 652 | 563 | 489 | 1.979
Disclosure of Plan Assets Breakdown |
Plan Assets Breakdown (Millions of euros)
| 2018
Cash or cash equivalents | 26
Debt securities (Government bonds) | 2.080
Mutual funds | 2
Insurance contracts | 132
Total | 2.241
Of which: |
Bank account in BBVA | 3
Table of Investments in Listed Markets |
Investments in listed markets
| 2018
Cash or cash equivalents | 26
Debt securities (Government bonds) | 2.080
Mutual funds | 2
Total | 2.109
Of which: |
Bank account in BBVA | 3

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