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Other comprehensive income
 12 Months Ended
Dec. 31, 2022
Other comprehensive income  
Other comprehensive income

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19. Other comprehensive income

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2022

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2021

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2020

EURm

    

Gross

    

Tax

    

Net

    

Gross

    

Tax

    

Net

    

Gross

    

Tax

    

Net

Pension remeasurements(1)

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Remeasurements of defined benefit plans

 

(424)

 

77

 

(347)

 

3 040

 

(755)

 

2 285

 

624

 

(140)

 

484

Net change during the year

 

(424)

 

77

 

(347)

 

3 040

 

(755)

 

2 285

 

624

 

(140)

 

484

Translation differences

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Exchange differences on translating foreign operations

 

696

 

1

 

697

 

1 160

 

2

 

1 162

 

(1 232)

 

1

 

(1 231)

Transfer to income statement

 

14

 

–

 

14

 

(7)

 

–

 

(7)

 

–

 

–

 

–

Net change during the year

 

710

 

1

 

711

 

1 153

 

2

 

1 155

 

(1 232)

 

1

 

(1 231)

Net investment hedges(2)

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Net investment hedging (losses)/gains

 

(127)

 

(20)

 

(147)

 

(249)

 

–

 

(249)

 

266

 

42

 

308

Net change during the year

 

(127)

 

(20)

​

(147)

 

(249)

 

–

​

(249)

 

266

 

42

 

308

Cash flow and other hedges(3)

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Net fair value (losses)/gains

 

(15)

 

12

 

(3)

 

(10)

 

–

 

(10)

 

1

 

(1)

 

–

Transfer to income statement

 

98

 

(27)

 

71

 

10

 

–

 

10

 

14

 

(3)

 

11

Net change during the year

 

83

 

(15)

 

68

 

–

 

–

 

–

 

15

 

(4)

 

11

Financial assets at fair value through other comprehensive income

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Net fair value losses

 

(264)

 

56

 

(208)

 

(25)

 

–

 

(25)

 

(213)

 

38

 

(175)

Transfer to income statement on loss allowance

 

172

 

(34)

 

138

 

19

 

–

 

19

 

229

 

(46)

 

183

Transfer to income statement on disposal

 

46

 

(9)

 

37

 

13

 

–

 

13

 

31

 

(6)

 

25

Net change during the year

 

(46)

 

13

 

(33)

 

7

 

–

 

7

 

47

 

(14)

 

33

Other (decrease)/increase

 

(3)

 

–

 

(3)

 

–

 

–

 

–

 

3

 

–

 

3

Total

 

193

 

56

 

249

 

3 951

 

(753)

 

3 198

 

(277)

 

(115)

 

(392)

(1)

In 2021, remeasurement of defined benefit plans includes the impact of the modification of the terms of the US defined benefit pension plans. For more information, refer to Note 24, Pensions and other post-employment benefits. 

(2)

In 2020, income tax related to net investment hedging gains includes EUR 94 million related to the derecognition of deferred tax assets in Finland. For more information, refer to Note 11, Income taxes.

(3)

Includes movements in cash flow hedging reserve and related cost of hedging reserve.