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Note 25 (Tables)
 12 Months Ended
Dec. 31, 2021
Post Employment And Other Employee Benefit Commitments [Abstract]  
Net defined benefit liability asset on the consolidated balance sheet [Table Text Block] The breakdown of the net defined benefit liability recorded on the balance sheet as of December 31, 2021, 2020 and 2019 is provided below:
Net defined benefit liability (asset) on the consolidated balance sheet (Millions of Euros)
Notes202120202019
Pension commitments4,2184,5395,050
Early retirement commitments9521,2471,486
Medical benefits commitments1,3771,5621,580
Other long term employee benefits6324961
Total commitments7,1807,3988,177
Pension plan assets1,4941,6081,961
Medical benefit plan assets1,4941,4841,532
Total plan assets (*)2,9883,0923,493
Total net liability / asset 4,1934,3054,684
Of which: Net asset on the consolidated balance sheet (**)(15)(16)(8)
Of which: Net liability on the consolidated balance sheet for provisions for pensions and similar obligations (***)243,5764,2724,631
Of which: Net liability on the consolidated balance sheet for other long term employee benefits (****)246324961
(*) In Turkey, the foundation responsible for managing the benefit commitments holds an additional asset of €165 million as of December 31, 2021 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.
(**) Recorded under the heading “Other Assets - Other” of the consolidated balance sheet (see Note 20).
(***) Recorded under the heading “Provisions - Provisions for pensions and similar obligations” of the consolidated balance sheet.
(****) Recorded under the heading “Provisions – Other long-term employee benefits” of the consolidated balance sheet. The variation is mainly explained by the collective layoff procedure that is being carried out at Banco Bilbao Vizcaya Argentaria, S.A.
Consolidated Income Statement Impact [Table Text Block] The impact relating to benefit commitments charged to consolidated income statement for the years 2021, 2020 and 2019 is as follows:
Consolidated income statement impact (Millions of Euros)
Notes202120202019
Interest and other expense374463
Interest expense257265293
Interest income(220)(220)(230)
Personnel expense120121143
Defined contribution plan expense44.1717295
Defined benefit plan expense44.1494949
Provisions or (reversal) of provisions4661210213
Early retirement expense100224190
Past service cost expense(28)(8)18
Remeasurements (*)(16)(11)7
Other provision expense64(1)
Total impact on consolidated income statement: expense (income)218375419
(*) 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 [Table Text Block]
The amounts relating to post-employment benefits charged to the consolidated balance sheet correspond to the actuarial gains (losses) on remeasurement of the net defined benefit liability relating to pension and medical commitments before income taxes as of December 31, 2021, 2020 and 2019 are as follows:
Equity impact (Millions of Euros)
202120202019
Defined benefit plans52161254
Post-employment medical benefits(257)3074
Total impact on equity: debit (credit)(206)191329
Defined benefits [Table Text Block]
Defined benefit commitments relate mainly to employees who have already retired or taken early retirement, certain closed groups of active employees still accruing defined benefit pensions, and in-service death and disability benefits provided to most active employees. For the latter, the Group pays the required premiums to fully insure the related liability. The change in these pension commitments during the years ended December 31, 2021, 2020 and 2019 is presented below:
Defined benefits (Millions of Euros)
202120202019
Defined benefit obligationPlan assetsNet liability (asset)Defined benefit obligationPlan assetsNet liability (asset)Defined benefit obligationPlan assetsNet liability (asset)
Balance at the beginning7,3483,0924,2568,1163,4934,6227,5852,8394,746
Current service cost53—5353—5352—52
Interest income/expense253220332612194229023060
Contributions by plan participants55—44—44—
Employer contributions—4(4)—124(124)—65(65)
Past service costs (*)75—75219—219210—210
Remeasurements:(406)(184)(223)364176187783454329
       Return on plan assets (**)—(184)184—176(176)—454(454)
From changes in demographic assumptions(121)—(121)57—57(15)—(15)
From changes in financial assumptions(259)—(259)276—276688—688
Other actuarial gains and losses(27)—(27)30—30110—110
Benefit payments(765)(158)(608)(839)(185)(654)(905)(187)(718)
Settlement payments(1)(1)———————
Business combinations and disposals (***)(2)1(3)(371)(327)(44)15123
Effect on changes in foreign exchange rates(24)8(32)(459)(409)(50)6369(6)
Conversions to defined contributions—————————
Other effects13—131(3)419613
Balance at the end6,5472,9883,5607,3483,0924,2568,1163,4934,622
Of which: Spain3,6702063,4644,2882494,0394,5922664,326
Of which: Mexico2,1502,14912,2192,122972,2312,124107
Of which: The United States——————37532352
Of which: Turkey272209633672828544435986
(*) Including gains and losses arising from settlements.
(**) Excluding interest, which is recorded under "Interest income or expense".
(***) The amount in 2020 in mainly due to the companies in the United States included in the USA Sale (see Notes 1.3, 3 and 21)
Actuarial assumptions percentage [Table Text Block] The following table sets out the key actuarial assumptions used in the valuation of these commitments as of December 31, 2021, 2020 and 2019:
Actuarial assumptions (%)
202120202019
SpainMexicoTurkeySpain MexicoTurkeySpainMexicoTurkey
Discount rate0.74 %9.68 %19.10 %0.53 %8.37 %13.00 %0.68 %9.04 %12.50 %
Rate of salary increase— %4.00 %16.60 %— %4.00 %11.20 %— %4.75 %9.70 %
Rate of pension increase— %2.95 %15.10 %— %1.94 %9.70 %— %2.47 %8.20 %
Medical cost trend rate— %7.00 %19.30 %— %7.00 %13.90 %— %7.00 %12.40 %
Mortality tablesPER 2020EMSSA09CSO2001PER 2020EMSSA09CSO2001PERM/F 2000PEMSSA09CSO2001
Sensitivity analysis [Table Text Block]
Changes in the main actuarial assumptions may affect the valuation of the commitments. The table below shows the sensitivity of the benefit obligations to changes in the key assumptions:
Sensitivity analysis (Millions of Euros)
Basis points change202120202019
IncreaseDecreaseIncreaseDecreaseIncreaseDecrease
Discount rate50(282)307(354)390(367)405
Rate of salary increase502(2)4(4)3(3)
Rate of pension increase5028(26)29(27)27(26)
Medical cost trend rate50109(98)145(129)169(133)
Change in obligation from each additional year of longevity170—211—137—
Post employment commitments 2021 [Table Text Block] The change in the benefit plan obligations and plan assets during the year ended December 31, 2021 was as follows:
Post-employment commitments 2021 (Millions of Euros)
SpainMexicoTurkeyRest of the world
Defined benefit obligation
Balance at the beginning4,287666367465
Current service cost55163
Interest income or expense2253406
Contributions by plan participants——32
Employer contributions————
Past service costs (*)75—22
Remeasurements:(106)7921(24)
Return on plan assets (**)————
From changes in demographic assumptions—(4)—(2)
From changes in financial assumptions(61)84(18)(7)
Other actuarial gains and losses(45)(2)39(15)
Benefit payments(625)(67)(13)(12)
Settlement payments———(1)
Business combinations and disposals———(2)
Effect on changes in foreign exchange rates—42(166)9
Conversions to defined contributions————
Other effects12———
Balance at the end3,670779272449
Of which: Vested benefit obligation relating to current employees3,596
Of which: Vested benefit obligation relating to retired employees74
Plan Assets
Balance at the beginning249638282439
Current service cost————
Interest income or expense252325
Contributions by plan participants——32
Employer contributions(11)2111
Past service costs (*)————
Remeasurements:(8)(49)11(19)
Return on plan assets (**)(8)(49)11(19)
From changes in demographic assumptions————
From changes in financial assumptions————
Other actuarial gains and losses————
Benefit payments(26)(65)(7)(11)
Settlement payments———(1)
Business combinations and disposals—40——
Effect on changes in foreign exchange rates—37(123)9
Conversions to defined contributions————
Other effects————
Balance at the end206655209424
Net liability (asset)
Balance at the beginning4,038288527
Current service cost55163
Interest income or expense20191
Contributions by plan participants————
Employer contributions11(2)(11)(1)
Past service costs (*)75—22
Remeasurements:(98)12810(5)
Return on plan assets (**)849(11)19
From changes in demographic assumptions—(4)—(2)
From changes in financial assumptions(61)84(18)(7)
Other actuarial gains and losses(45)(2)39(15)
Benefit payments(599)(1)(6)(1)
Settlement payments————
Business combinations and disposals—(40)—(2)
Effect on changes in foreign exchange rates—5(43)1
Conversions to defined contributions————
Other effects12———
Balance at the end3,4641246324
(*) Including gains and losses arising from settlements.
(**) Excluding interest, which is recorded under "Interest income or expense".
The change in net liabilities (assets) during the years ended 2020 and 2019 was as follows:
Post-employment commitments (Millions of Euros)
2020: Net liability (assets)2019: Net liability (assets)
SpainMexicoThe United StatesTurkeyRest of the worldSpainMexicoThe United StatesTurkeyRest of the world
Balance at the beginning4,326725286384,54771398336
Current service cost55118344—203
Interest income or expense286281429—113
Contributions by plan participants——————————
Employer contributions—(86)—(14)(1)—(47)(3)(14)(1)
Past service costs (*)224(1)—2319015—32
Remeasurements:9562(4)18(14)2319162(1)
Return on plan assets (**)(41)(31)(35)23(26)(67)(90)(28)5(50)
From changes in demographic assumptions60—(3)—————(13)(2)
From changes in financial assumptions79(19)3454172398742(41)52
Other actuarial gains and losses(3)112—(59)(5)5912251(1)
Benefit payments(643)(1)(2)(6)(1)(702)(1)(2)(11)(3)
Settlement payments——————————
Business combinations and disposals—(19)(44)———73——
Effect on changes in foreign exchange rates—(10)(5)(26)(4)—5—(9)1
Conversions to defined contributions——————————
Other effects3————14—(1)——
Balance at the end4,03828—85274,32672528638
(*) Includes gains and losses from settlements.
(**) Excludes interest which is reflected in the line item “Interest income and expense”.
Medical benefits commitments [Table Text Block]
The change in defined benefit obligations and plan assets during the years 2021, 2020 and 2019 was as follows:
Medical benefits commitments (Millions of Euros)
202120202019
Defined benefit obligationPlan assetsNet liability (asset)Defined benefit obligationPlan assetsNet liability (asset)Defined benefit obligationPlan assetsNet liability (asset)
Balance at the beginning1,5621,484771,5801,532481,1141,146(32)
Current service cost24—2421—2121—21
Interest income or expense1311292117120(3)119123(4)
Contributions by plan participants—————————
Employer contributions—1(1)—22(22)———
Past service costs (*)(5)—(5)(8)—(8)———
Remeasurements:(377)(119)(257)95663029822474
Return on plan assets (**)—(119)119—66(66)—224(224)
From changes in demographic assumptions(115)—(115)——————
From changes in financial assumptions(257)—(257)110—110311—311
Other actuarial gain and losses(4)—(4)(15)—(15)(13)—(13)
Benefit payments(49)(48)—(37)(37)—(39)(39)(1)
Settlement payments—————————
Business combinations and disposals—(39)39—(19)19—7(7)
Effect on changes in foreign exchange rates90864(207)(201)(6)6871(2)
Other effects——————(1)——
Balance at the end1,3771,494(116)1,5621,484771,5801,53248
(*) Including gains and losses arising from settlements.
(**) Excluding interest, which is recorded under "Interest income or expense".
Estimated benefit payments [Table Text Block]
As of December 31, 2021, the estimated benefit payments over the next ten years for all the entities in Spain, Mexico and Turkey are as follows:
Estimated benefit payments (Millions of Euros)
202220232024202520262027-2031
Commitments in Spain625477395332284920
Commitments in Mexico133139146155164941
Commitments in Turkey1611151723206
Total 7746275565054712,066
Plan assets breakdown [Table Text Block]
The table below shows the allocation of plan assets of the main companies of the BBVA Group as of December 31, 2021, 2020 and 2019:
Plan assets breakdown (Millions of Euros)
202120202019
Cash or cash equivalents243856
Debt securities (government bonds)2,3942,7072,668
Mutual funds112
Insurance contracts148140142
Total2,5662,8872,869
Of which: Bank account in BBVA344
Of which: Debt securities issued by BBVA———
Of which: Property occupied by BBVA———
Investments in listed markets [Table Text Block]
The following table provides details of investments in listed securities (Level 1) as of December 31, 2021, 2020 and 2019:
Investments in listed markets (Millions of Euros)
202120202019
Cash or cash equivalents243856
Debt securities (Government bonds)2,3942,7072,668
Mutual funds112
Total2,4182,7472,727
Of which: Bank account in BBVA344
Of which: Debt securities issued by BBVA———
Of which: Property occupied by BBVA———