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Note 25 (Tables)
 12 Months Ended
Dec. 31, 2022
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, 2022, 2021 and 2020 is provided below:
Net defined benefit liability (asset) on the consolidated balance sheet (Millions of Euros)
Notes202220212020
Pension commitments3,6614,2184,539
Early retirement commitments6069521,247
Medical benefits commitments1,4481,3771,562
Other long term employee benefits46663249
Total commitments6,1817,1807,398
Pension plan assets1,6081,4941,608
Medical benefit plan assets1,4761,4941,484
Total plan assets (1)
3,0842,9883,092
Total net liability / asset 3,0974,1934,305
Of which: Net asset on the consolidated balance sheet (2)
(1)(15)(16)
Of which: Net liability on the consolidated balance sheet for provisions for pensions and similar obligations (3)
242,6323,5764,272
Of which: Net liability on the consolidated balance sheet for other long term employee benefits (4)
2446663249
(1) In Turkey, the foundation responsible for managing the benefit commitments holds an additional asset of €188 million as of December 31, 2022 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.
(4) 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 was 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 2022, 2021 and 2020 is as follows:
Consolidated income statement impact (Millions of Euros)
Notes202220212020
Interest and other expense753744
Interest expense342257265
Interest income(267)(220)(220)
Personnel expense130120121
Defined contribution plan expense44.1877172
Defined benefit plan expense44.1434949
Provisions or (reversal) of provisions46(89)61210
Early retirement expense—100224
Past service cost expense34(28)(8)
Remeasurements (1)
(126)(16)(11)
Other provision expense364
Total impact on consolidated income statement: expense (income)116218375
(1) 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, 2022, 2021 and 2020 are as follows:
Equity impact (Millions of Euros)
202220212020
Defined benefit plans(363)52161
Post-employment medical benefits(71)(257)30
Total impact on equity: debit (credit)(433)(206)191
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, 2022, 2021 and 2020 is presented below:
Defined benefits (Millions of Euros)
202220212020
Defined benefit obligationPlan assetsNet liability (asset)Defined benefit obligationPlan assetsNet liability (asset)Defined benefit obligationPlan assetsNet liability (asset)
Balance at the beginning6,5472,9883,5607,3483,0924,2568,1163,4934,622
Current service cost45—4553—5353—53
Interest income/expense333267652532203326121942
Contributions by plan participants1010—55—44—
Employer contributions—67(67)—4(4)—124(124)
Past service costs (1)
34—3475—75219—219
Remeasurements:(741)(240)(501)(406)(184)(223)364176187
       Return on plan assets (2)
—(240)240—(184)184—176(176)
From changes in demographic assumptions(29)—(29)(121)—(121)57—57
From changes in financial assumptions(812)—(812)(259)—(259)276—276
Other actuarial gains and losses100—100(27)—(27)30—30
Benefit payments(676)(184)(492)(765)(158)(608)(839)(185)(654)
Settlement payments(4)(4)—(1)(1)————
Business combinations and disposals (3)
———(2)1(3)(371)(327)(44)
Effect on changes in foreign exchange rates161180(20)(24)8(32)(459)(409)(50)
Conversions to defined contributions—————————
Other effects7—713—131(3)4
Balance at the end5,7153,0842,6316,5472,9883,5607,3483,0924,256
Of which: Spain2,5461472,3993,6702063,4644,2882494,039
Of which: Mexico2,4262,329972,1502,14912,2192,12297
Of which: The United States—————————
Of which: Turkey4183151032722096336728285
(1) Including gains and losses arising from settlements.
(2) Excluding interest, which is recorded under "Interest income or expense".
(3) The amount in 2020 in mainly due to the companies in the United States included in the USA Sale (see Notes 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, 2022, 2021 and 2020:
Actuarial assumptions (%)
202220212020
SpainMexicoTurkeySpain MexicoTurkeySpainMexicoTurkey
Discount rate3.91  %10.68  %17.79  %0.74  %9.68  %19.10  %0.53  %8.37  %13.00  %
Rate of salary increase— 4.50  %15.86  %— 4.00  %16.60  %— 4.00  %11.20  %
Rate of pension increase— 4.41  %14.36  %— 2.95  %15.10  %— 1.94  %9.70  %
Medical cost trend rate— 8.04  %18.56  %— 7.00  %19.30  %— 7.00  %13.90  %
Mortality tablesPER 2020EMSSA09TUIK 2019PER 2020EMSSA09CSO2001PER 2020EMSSA09CSO2001
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 change202220212020
IncreaseDecreaseIncreaseDecreaseIncreaseDecrease
Discount rate50(321)350(282)307(354)390
Rate of salary increase501(1)2(2)4(4)
Rate of pension increase5032(39)28(26)29(27)
Medical cost trend rate50119(106)109(98)145(129)
Change in obligation from each additional year of longevity113—170—211—
Post employment commitments [Table Text Block]
The change in the benefit plan obligations and plan assets during the year ended December 31, 2022 was as follows:
Post-employment commitments 2022 (Millions of Euros)
SpainMexicoTurkeyRest of the world
Defined benefit obligation
Balance at the beginning3,670779272449
Current service cost47133
Interest income or expense53844210
Contributions by plan participants——81
Employer contributions————
Past service costs (1)
—123
Remeasurements:(677)107166(122)
Return on plan assets (2)
————
From changes in demographic assumptions——(37)8
From changes in financial assumptions(643)7382(132)
Other actuarial gains and losses(34)341222
Benefit payments(511)(77)(15)(13)
Settlement payments—(1)—(3)
Business combinations and disposals————
Effect on changes in foreign exchange rates—85(70)(9)
Conversions to defined contributions————
Other effects7———
Balance at the end2,546985418318
Of which: Vested benefit obligation relating to current employees2,491
Of which: Vested benefit obligation relating to retired employees55
Plan Assets
Balance at the beginning206655209424
Current service cost————
Interest income or expense269336
Contributions by plan participants——81
Employer contributions—41223
Past service costs (1)
————
Remeasurements:(34)(45)104(121)
Return on plan assets (2)
(34)(45)104(121)
From changes in demographic assumptions————
From changes in financial assumptions————
Other actuarial gains and losses————
Benefit payments(27)(77)(9)(12)
Settlement payments—(1)—(3)
Business combinations and disposals—139——
Effect on changes in foreign exchange rates—72(52)(6)
Conversions to defined contributions————
Other effects————
Balance at the end147853315293
Net liability (asset)
Balance at the beginning3,4641246324
Current service cost47133
Interest income or expense5114104
Contributions by plan participants————
Employer contributions—(41)(22)(3)
Past service costs (1)
—123
Remeasurements:(643)15262(1)
Return on plan assets (2)
3445(104)121
From changes in demographic assumptions——(37)8
From changes in financial assumptions(643)7382(132)
Other actuarial gains and losses(34)341222
Benefit payments(484)—(6)(1)
Settlement payments————
Business combinations and disposals—(139)——
Effect on changes in foreign exchange rates—13(18)(3)
Conversions to defined contributions————
Other effects7———
Balance at the end2,39913210325
(1) Including gains and losses arising from settlements.
(2) Excluding interest, which is recorded under "Interest income or expense".
The change in net liabilities (assets) during the years ended December 31, 2021 and 2020 was as follows:
Post-employment commitments (Millions of Euros)
2021: Net liability (assets)2020: Net liability (assets)
SpainMexicoTurkeyRest of the worldSpainMexicoThe United StatesTurkeyRest of the world
Balance at the beginning4,0392885274,32672528638
Current service cost55163551183
Interest income or expense20191286281
Contributions by plan participants—————————
Employer contributions11(2)(11)(1)—(86)—(14)(1)
Past service costs (1)
75—22224(1)—23
Remeasurements:(98)12810(5)9562(4)18(14)
Return on plan assets (2)
849(11)19(41)(31)(35)23(26)
From changes in demographic assumptions—(4)—(2)60—(3)——
From changes in financial assumptions(61)84(18)(7)79(19)345417
Other actuarial gains and losses(45)(2)39(15)(3)112—(59)(5)
Benefit payments(599)(1)(6)(1)(643)(1)(2)(6)(1)
Settlement payments—————————
Business combinations and disposals—(40)—(2)—(19)(44)——
Effect on changes in foreign exchange rates—5(43)1—(10)(5)(26)(4)
Conversions to defined contributions—————————
Other effects12———3————
Balance at the end3,46412463244,03928—8527
(1) Includes gains and losses from settlements.
(2) 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 2022, 2021 and 2020 was as follows:
Medical benefits commitments (Millions of Euros)
202220212020
Defined benefit obligationPlan assetsNet liability (asset)Defined benefit obligationPlan assetsNet liability (asset)Defined benefit obligationPlan assetsNet liability (asset)
Balance at the beginning1,3771,494(116)1,5621,484771,5801,53248
Current service cost19—1924—2421—21
Interest income or expense144157(14)1311292117120(3)
Contributions by plan participants—————————
Employer contributions————1(1)—22(22)
Past service costs (1)
28—28(5)—(5)(8)—(8)
Remeasurements:(215)(144)(71)(377)(119)(257)956630
Return on plan assets (2)
—(144)144—(119)119—66(66)
From changes in demographic assumptions———(115)—(115)———
From changes in financial assumptions(191)—(191)(257)—(257)110—110
Other actuarial gain and losses(23)—(23)(4)—(4)(15)—(15)
Benefit payments(60)(60)—(49)(48)—(37)(37)—
Settlement payments—————————
Business combinations and disposals—(139)139—(39)39—(19)19
Effect on changes in foreign exchange rates155167(11)90864(207)(201)(6)
Other effects—————————
Balance at the end1,4481,476(28)1,3771,494(116)1,5621,48477
(1) Including gains and losses arising from settlements.
(2) Excluding interest, which is recorded under "Interest income or expense".
Estimated benefit payments [Table Text Block]
As of December 31, 2022, 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)
202320242025202620272028 - 2032
Commitments in Spain522384326279242794
Commitments in Mexico1591711801891981,148
Commitments in Turkey1916202431265
Total 7005715264934712,208
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, 2022, 2021 and 2020:
Plan assets breakdown (Millions of Euros)
202220212020
Cash or cash equivalents1692438
Debt securities (government bonds)2,2702,3942,707
Mutual funds—11
Asset-backed securities———
Structured debt———
Insurance contracts183148140
Total2,6222,5662,887
Of which: Bank account in BBVA734
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, 2022, 2021 and 2020:
Investments in listed markets (Millions of Euros)
202220212020
Cash or cash equivalents1692438
Debt securities (Government bonds)2,2702,3942,707
Mutual funds—11
Total2,4392,4182,747
Of which: Bank account in BBVA734
Of which: Debt securities issued by BBVA———
Of which: Property occupied by BBVA———