| Accumulated other comprehensive income The breakdown of the balance under this heading in the condensed consolidated balance sheet is as follows: | | | | | | | | | | | | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS). BREAKDOWN BY CONCEPTS (MILLIONS OF EUROS) | | | | | | Notes | June 2026 | December 2025 | | Items that will not be reclassified to profit or loss | | (1,941) | (2,505) | Actuarial gains (losses) on defined benefit pension plans | | (1,686) | (1,396) | Non-current assets and disposal groups classified as held for sale | | 1 | — | | | | | Fair value changes of equity instruments measured at fair value through other comprehensive income | 12.2 | (216) | (983) | | | | | | | | | | | | | Fair value changes of financial liabilities at fair value through profit or loss attributable to changes in their credit risk | | (41) | (127) | | Items that may be reclassified to profit or loss | | (14,720) | (16,366) | Hedge of net investments in foreign operations (effective portion) | | (3,561) | (3,117) | Mexican peso | | (4,024) | (3,454) | Turkish lira | | 502 | 368 | Other exchanges | | (39) | (31) | Foreign currency translation | | (10,965) | (13,340) | Mexican peso | | (1,701) | (3,139) | Turkish lira | | (6,385) | (6,625) | Argentine peso | | (556) | (832) | Venezuelan Bolívar | | (1,901) | (1,910) | Other exchanges | | (422) | (834) | Hedging derivatives. Cash flow hedges (effective portion) | | 315 | 311 | Fair value changes of debt instruments measured at fair value through other comprehensive income | 12.2 | (476) | (209) | Hedging instruments (non-designated items) | | (2) | (4) | Non-current assets and disposal groups classified as held for sale | | (35) | — | Share of other recognized income and expense of investments in joint ventures and associates | | 3 | (7) | | Total | | (16,661) | (18,871) |
The balances recognized under these headings are presented net of tax.
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