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Note 19 (Tables) | 12 Months Ended
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Dec. 31, 2023
Tax Assets And Liabilties [Abstract] |
Reconciliation of taxation at the Spanis corporation tax rate to the tax expense recorded for the year [Table Text Block] | The reconciliation of the Group’s corporate income tax expense resulting from the application of the Spanish corporation income tax rate and the income tax expense recognized in the consolidated income statements is as follows:
Reconciliation of taxation at the Spanish corporation tax rate to the tax expense recorded for the year (Millions of Euros)
|  | 2023 |  | 2022 ⁽¹⁾ |  | 2021
| Amount | Effective tax % | Amount | Effective tax % | Amount | Effective tax %
Profit or (-) loss before tax | 12,419 |  | 10,268 |  | 8,399 |
From continuing operations | 12,419 |  | 10,268 |  | 7,247 |
From discontinued operations | — |  | — |  | 1,152 |
Taxation at Spanish corporation tax rate 30% | 3,726 |  | 3,080 |  | 2,519 |
Lower/higher effective tax rate from foreign entities ⁽²⁾ | 2 |  | 317 |  | (332) |
Mexico | (194) | 27 | % | (203) | 26 | % | (109) | 27 | %
Chile | (4) | 11 | % | (8) | 13 | % | (5) | 22 | %
Colombia | (25) | 14 | % | 24 | 37 | % | — | 30 | %
Peru | (55) | 20 | % | (16) | 27 | % | 5 | 31 | %
Turkey | 314 | 57 | % | 621 | 70 | % | (125) | 23 | %
USA | 5 | 33 | % | 17 | 17 | % | (62) | 19 | %
Others | (39) |  | (118) |  | (36) |
Revenues with lower tax rate (dividends/capital gains) | (26) |  | (25) |  | (30) |
Equity accounted earnings | (8) |  | (6) |  | — |
USA Sale effect | — |  | — |  | 544 |
Other effects | 309 |  | 139 |  | 80 |
Income tax | 4,003 |  | 3,505 |  | 2,781 |
Of which: Continuing operations | 4,003 |  | 3,505 |  | 1,909 |
Of which: Discontinued operations |  |  | — |  | 872 |
(1) Balances corresponding to 2022 have been restated according to IFRS 17 (see Notes 1.3 and 2.3). (2) Calculated by applying the difference between the tax rate in force in Spain and the one applied to the Group’s earnings in each jurisdiction.
Effective tax rate [Table Text Block] | The effective income tax rate for the Group in the years ended December 31, 2023, 2022 and 2021 is as follows:
Effective tax rate (Millions of Euros)
| 2023 | 2022 ⁽¹⁾ | 2021
Income from: |  |  |
Consolidated tax group in Spain | 2,601 | 2,206 | 655
Other Spanish entities | 6 | (462) | 5
Foreign entities | 9,812 | 8,524 | 6,587
Gains (losses) before taxes from continuing operations | 12,419 | 10,268 | 7,247
Tax expense or income related to profit or loss from continuing operations | 4,003 | 3,505 | 1,909
Effective tax rate | 32.2 | % | 34.1 | % | 26.3 | %
(1) Balances corresponding to 2022 have been restated according to IFRS 17 (see Notes 1.3 and 2.3).
Tax recognized in total equity [Table Text Block] | In addition to the income tax expense recognized in the consolidated income statements, the Group has recognized the following income tax charges for these items in the consolidated total equity:
Tax recognized in total equity (Millions of Euros) |  |  |
| 2023 | 2022 ⁽¹⁾ | 2021
Charges/credits to total equity |  |  |
Debt securities and others | 217 | 801 | (174)
Equity instruments | 68 | (56) | (33)
Total | 285 | 745 | (207)
(1) Balances corresponding to 2022 have been restated according to IFRS 17 (see Notes 1.3 and 2.3).
Tax assets and liabilities [Table Text Block] | The balance under the heading "Tax assets" in the consolidated balance sheets includes the balances receivable from the tax authorities relating to current and deferred tax assets. The balance under the “Tax liabilities” heading includes the balances payable in respect of the Group’s various current and deferred tax liabilities. The details of the mentioned tax assets and liabilities are as follows:
Tax assets and liabilities (Millions of Euros)
| 2023 | 2022 ⁽¹⁾ | 2021
Tax assets |  |  |
Current tax assets (2) | 2,860 | 1,978 | 932
Deferred tax assets | 14,641 | 14,747 | 14,917
Pensions | 445 | 422 | 416
Financial Instruments | 1,069 | 1,478 | 1,408
Loss allowances | 2,127 | 1,834 | 1,676
Other | 1,467 | 1,261 | 1,101
Secured tax assets | 8,534 | 8,689 | 9,304
Tax losses | 999 | 1,063 | 1,012
Total | 17,501 | 16,725 | 15,850
Tax liabilities |  |  |
Current tax liabilities (2) | 878 | 1,415 | 644
Deferred tax liabilities | 1,677 | 1,520 | 1,769
Financial Instruments | 761 | 557 | 1,124
Other | 916 | 963 | 645
Total | 2,554 | 2,935 | 2,413
(1) Balances corresponding to 2022 have been restated according to IFRS 17 (see Notes 1.3 and 2.3). (2) The increase in current tax assets relates mainly to a higher tax receivable by the tax group in Spain for the refund of year 2023 corporate income tax as a result of the instalment payments made in the year. On the other hand, the decrease in current tax liabilities mainly corresponds to a lower tax payable in Mexico in relation to the estimated corporate income tax for the year 2023, due to the increase in its installment payments for the year.
Deferred tax assets and liabilities annual variations [Table Text Block] | The most significant variations of the deferred tax assets and liabilities in the years 2023, 2022 and 2021 were derived from the following items:
Deferred tax assets and liabilities. Annual variations (Millions of Euros)
|  | 2023 |  | 2022 ⁽¹⁾ |  | 2021
| Deferred assets | Deferred liabilities | Deferred assets | Deferred liabilities | Deferred assets | Deferred liabilities
Balance at the beginning | 14,747 | 1,520 | 14,917 | 1,769 | 15,327 | 1,809
Pensions | 23 | — | 6 | — | (23) | —
Financials instruments | (409) | 204 | 70 | (567) | 116 | 216
Loss allowances | 293 | — | 158 | — | (7) | —
Others | 206 | (47) | 160 | 318 | 32 | (256)
Secured tax assets | (155) | — | (615) | — | (57) | —
Tax losses | (64) | — | 51 | — | (471) | —
Balance at the end | 14,641 | 1,677 | 14,747 | 1,520 | 14,917 | 1,769
(1) Balances corresponding to 2022 have been restated according to IFRS 17 (see Notes 1.3 and 2.3).
Secured tax assets [Table Text Block] | Of the deferred tax assets contained in the above table, the detail of the items and amounts guaranteed by the Spanish government, broken down by the items that originated those assets is as follows:
Secured tax assets (Millions of Euros)
| 2023 | 2022 | 2021
Pensions | 1,622 | 1,622 | 1,759
Loss allowances | 6,912 | 7,067 | 7,545
Total | 8,534 | 8,689 | 9,304

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