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Note 13 | 12 Months Ended
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Dec. 31, 2022
Financial assets at fair value through other comprehensive income [abstract] |
Disclosure of Financial Assets At Fair Value Through Other Comprehensive Income [Text Block] | Financial assets at fair value through other comprehensive incomeBreakdown of the balance The breakdown of the balance by the main financial instruments in the consolidated balance sheets is as follows:
Financial assets at fair value through other comprehensive income (Millions of Euros)
| Notes | 2022 | 2021 | 2020
Equity instruments | 7.2.2 | 1,198 | 1,320 | 1,100
Debt securities (1) |  | 57,755 | 59,074 | 68,308
Loans and advances to credit institutions | 7.2.2 | 26 | 27 | 33
Total | 8.1 | 58,980 | 60,421 | 69,440
Of which: loss allowances of debt securities |  | (121) | (74) | (97)
(1) The variation, in 2021 corresponds mainly to changes in the portfolio of financial assets issued by governments in BBVA, S.A. During financial years 2022, 2021 and 2020, there have been no significant reclassifications from the heading “Financial assets at fair value through other comprehensive income” to other headings or from other headings to “Financial assets at fair value through other comprehensive income”. Equity instruments The breakdown of the balance under the heading "Equity instruments" of the consolidated financial statements as of December 31, 2022, 2021 and 2020 is as follows:
Financial assets at fair value through other comprehensive income. Equity instruments (Millions of Euros)
| 2022 | 2021 | 2020
| Cost | Unrealized gains | Unrealized losses | Fair value | Cost | Unrealized gains | Unrealized losses | Fair value | Cost | Unrealized gains | Unrealized losses | Fair value
Listed equity instruments |  |  |  |  |  |  |  |  |  |  |  |
Spanish companies shares | 2,235 | — | (1,274) | 960 | 2,235 | — | (1,146) | 1,088 | 2,182 | — | (1,309) | 873
Foreign companies shares | 102 | 44 | (8) | 138 | 98 | 35 | (8) | 125 | 100 | 38 | (17) | 121
The United States | 43 | — | — | 44 | 29 | — | — | 29 | 27 | — | — | 27
Mexico | 1 | 30 | — | 31 | 1 | 28 | — | 29 | 1 | 33 | — | 34
Turkey | — | 7 | — | 7 | — | 4 | — | 5 | 2 | 4 | — | 6
Other countries | 57 | 7 | (8) | 56 | 69 | 2 | (8) | 63 | 70 | 1 | (17) | 54
Subtotal listed equity instruments | 2,336 | 44 | (1,282) | 1,098 | 2,333 | 35 | (1,154) | 1,214 | 2,282 | 38 | (1,326) | 995
Unlisted equity instruments |  |  |  |  |  |  |  |  |  |  |  |
Spanish companies shares | 6 | 7 | — | 12 | 5 | 7 | — | 11 | 5 | 1 | — | 5
Foreign companies shares | 25 | 64 | (2) | 87 | 55 | 41 | (1) | 95 | 58 | 43 | (1) | 100
The United States | — | — | — | — | — | — | — | — | — | — | — | —
Mexico | 1 | — | — | 1 | — | — | — | 1 | — | — | — | 1
Turkey | 6 | — | — | 6 | 3 | — | — | 3 | 5 | — | — | 5
Other countries | 19 | 64 | (2) | 81 | 51 | 41 | (1) | 91 | 52 | 43 | (1) | 94
Subtotal unlisted equity instruments | 31 | 71 | (2) | 100 | 60 | 48 | (1) | 107 | 62 | 44 | (1) | 105
Total | 2,367 | 115 | (1,284) | 1,198 | 2,393 | 83 | (1,155) | 1,320 | 2,344 | 82 | (1,327) | 1,100
Debt securities The breakdown of the balance under the heading “Debt securities” of the consolidated financial statements as of December 31, 2022, 2021 and 2020, broken down by issuers, is as follows:
Financial assets at fair value through other comprehensive income. Debt securities (Millions of Euros)
| 2022 | 2021 | 2020
| Amortized cost | Unrealized gains | Unrealized losses | Fair value | Amortized cost | Unrealized gains | Unrealized losses | Fair value | Amortized cost | Unrealized gains | Unrealized losses | Fair value
Domestic debt securities |  |  |  |  |  |  |  |  |  |  |  |
Government and other government agency | 17,799 | 154 | (524) | 17,429 | 15,889 | 656 | — | 16,544 | 28,582 | 801 | (16) | 29,367
Central banks | — | — | — | — | — | — | — | — | — | — | — | —
Credit institutions | 865 | 10 | (20) | 854 | 1,125 | 51 | — | 1,176 | 1,363 | 76 | — | 1,439
Other issuers | 500 | 5 | (10) | 495 | 612 | 24 | (1) | 635 | 867 | 40 | (1) | 906
Subtotal | 19,164 | 169 | (555) | 18,779 | 17,625 | 731 | (2) | 18,355 | 30,811 | 917 | (17) | 31,712
Foreign debt securities |  |  |  |  |  |  |  |  |  |  |  |
Mexico | 11,566 | 3 | (759) | 10,810 | 11,097 | 32 | (359) | 10,769 | 9,107 | 291 | (3) | 9,395
Government and other government agency | 11,013 | 2 | (736) | 10,278 | 10,467 | 21 | (348) | 10,141 | 8,309 | 271 | (1) | 8,579
Central banks | — | — | — | — | — | — | — | — | — | — | — | —
Credit institutions | 130 | — | (10) | 119 | 120 | 3 | (6) | 118 | 113 | 5 | — | 118
Other issuers | 423 | 2 | (12) | 413 | 509 | 7 | (6) | 510 | 685 | 15 | (2) | 698
Italy | 4,568 | 53 | (106) | 4,515 | 7,407 | 213 | (12) | 7,608 | 3,897 | 367 | — | 4,263
Government and other government agency | 4,402 | 52 | (104) | 4,349 | 7,274 | 212 | (12) | 7,474 | 3,789 | 366 | — | 4,154
Central banks | — | — | — | — | — | — | — | — | — | — | — | —
Credit institutions | 39 | — | — | 39 | 47 | — | — | 47 | 48 | — | — | 48
Other issuers | 127 | 1 | (1) | 126 | 86 | 1 | — | 87 | 60 | 1 | — | 61
Japan | 2,920 | 7 | (1) | 2,926 | 4,961 | 7 | — | 4,968 | 4,551 | 1 | (3) | 4,549
Government and other government agency | 2,824 | 6 | — | 2,830 | 4,906 | 7 | — | 4,913 | 4,492 | — | (3) | 4,489
Central banks | — | — | — | — | — | — | — | — | — | — | — | —
Credit institutions | 14 | — | (1) | 13 | 18 | — | — | 18 | — | — | — | —
Other issuers | 82 | 1 | — | 83 | 36 | 1 | — | 37 | 59 | 1 | — | 60
The United States | 5,245 | 39 | (263) | 5,020 | 3,900 | 44 | (18) | 3,926 | 4,642 | 52 | (3) | 4,691
Government and other government agency | 2,956 | 17 | (257) | 2,716 | 1,754 | 7 | (17) | 1,744 | 2,307 | 9 | (1) | 2,315
Central banks | — | — | — | — | — | — | — | — | — | — | — | —
Credit institutions | 89 | 1 | — | 89 | 114 | 2 | — | 116 | 186 | 3 | — | 188
Other issuers | 2,200 | 21 | (6) | 2,215 | 2,032 | 35 | (1) | 2,065 | 2,149 | 40 | (2) | 2,187
Turkey | 3,213 | 700 | (56) | 3,858 | 2,888 | 199 | (168) | 2,920 | 3,456 | 90 | (73) | 3,473
Government and other government agency | 3,213 | 700 | (56) | 3,858 | 2,888 | 199 | (168) | 2,920 | 3,456 | 90 | (73) | 3,473
Central banks | — | — | — | — | — | — | — | — | — | — | — | —
Credit institutions | — | — | — | — | — | — | — | — | — | — | — | —
Other issuers | — | — | — | — | — | — | — | — | — | — | — | —
Other countries | 11,928 | 194 | (274) | 11,848 | 10,298 | 286 | (55) | 10,529 | 9,892 | 372 | (39) | 10,225
Other foreign governments and government agency | 3,093 | 120 | (154) | 3,059 | 2,488 | 115 | (29) | 2,574 | 2,177 | 136 | (14) | 2,300
Central banks | 3,098 | 8 | (12) | 3,094 | 1,698 | 3 | (5) | 1,696 | 1,599 | 21 | (8) | 1,611
Credit institutions | 2,087 | 40 | (59) | 2,068 | 2,306 | 92 | (16) | 2,382 | 2,468 | 116 | (8) | 2,576
Other issuers | 3,649 | 27 | (49) | 3,627 | 3,807 | 76 | (6) | 3,877 | 3,648 | 99 | (8) | 3,738
Subtotal | 39,440 | 996 | (1,459) | 38,977 | 40,551 | 780 | (612) | 40,719 | 35,545 | 1,172 | (120) | 36,596
Total | 58,605 | 1,165 | (2,014) | 57,755 | 58,176 | 1,511 | (614) | 59,074 | 66,356 | 2,089 | (137) | 68,308
The credit ratings of the issuers of debt securities as of December 31, 2022, 2021 and 2020 are as follows:
Debt securities by rating
| 2022 | 2021 | 2020
| Fair value (Millions of Euros) | % | Fair value (Millions of Euros) | % | Fair value (Millions of euros) | %
AAA | 3,339 | 5.8 | % | 2,413 | 4.1 | % | 4,345 | 6.4 | %
AA+ | 490 | 0.8 | % | 586 | 1.0 | % | 595 | 0.9 | %
AA | 416 | 0.7 | % | 646 | 1.1 | % | 449 | 0.7 | %
AA- | 472 | 0.8 | % | 327 | 0.6 | % | 406 | 0.6 | %
A+ | 3,866 | 6.7 | % | 6,179 | 10.5 | % | 5,912 | 8.7 | %
A | 1,663 | 2.9 | % | 1,676 | 2.8 | % | 2,112 | 3.1 | %
A- | 20,350 | 35.2 | % | 18,760 | 31.8 | % | 31,614 | 46.3 | %
BBB+ | 11,423 | 19.8 | % | 11,465 | 19.4 | % | 8,629 | 12.6 | %
BBB | 7,328 | 12.7 | % | 10,961 | 18.6 | % | 4,054 | 5.9 | %
BBB- | 964 | 1.7 | % | 1,310 | 2.2 | % | 5,116 | 7.5 | %
BB+ or below | 7,202 | 12.5 | % | 4,379 | 7.4 | % | 4,731 | 6.9 | %
Unclassified | 241 | 0.4 | % | 372 | 0.6 | % | 345 | 0.5 | %
Total | 57,755 | 100.0 | % | 59,074 | 100.0 | % | 68,308 | 100.0 | %
Gains/losses The changes in the gains/losses (net of taxes) in 2022, 2021 and 2020 of debt securities recognized under the equity heading “Accumulated other comprehensive income (loss) – Items that may be reclassified to profit or loss – Fair value changes of debt instruments measured at fair value through other comprehensive income” and equity instruments recognized under the equity heading “Accumulated other comprehensive income (loss) – Items that will not be reclassified to profit or loss –Fair value changes of equity instruments measured at fair value through other comprehensive income” in the consolidated balance sheets are as follows:
Other comprehensive income - Changes in gains (losses) (Millions of Euros)
|  | Debt securities | Equity instruments
| Notes | 2022 | 2021 | 2020 | 2022 | 2021 | 2020
Balance at the beginning |  | 1,274 | 2,069 | 1,760 | (1,079) | (1,256) | (403)
Valuation gains and losses |  | (2,694) | (1,058) | 489 | (167) | 183 | (803)
Amounts transferred to income |  | 20 | (63) | (72) |  |  |
Amounts transferred to Reserves |  |  |  |  | (2) | — | (73)
Income tax and other |  | 838 | 325 | (107) | 54 | (7) | 23
Balance at the end | 30 | (562) | 1,274 | 2,069 | (1,194) | (1,079) | (1,256)
In 2022, 2021 and 2020, equity instruments presented a decrease of €167 million, an increase of €183 million and a decrease of €803 million, respectively, in the heading “Gains and losses from valuation - Accumulated other comprehensive income - Items that will not be reclassified to profit and loss - Fair value changes of equity instruments measured at fair value through other comprehensive income”, mainly due to changes in Telefonica’s share price.

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