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"value": "1 Accounting policies Basis of presentation The consolidated financial statements are prepared in accordance with International Financial Reporting Stand- ards (IFRS) as adopted by the European Union (EU). Further more, the Group is in com pliance with the Swedish Financial Reporting Board\u2019s RFR 1, Supplementary Accounting Rules for Groups, as well as their inter pret- ations (UFR). The Annual Report of the Parent Company, AB SKF, has been signed by the Board of Directors on 4 March 2024. The income statement and balance sheet, and the consoli- dated income statement and consolidated balance sheets are subject to adoption at the Annual General Meeting on 26 March 2024. The consolidated financial statements are prepared on the historical cost basis except as disclosed in the accounting policies below or in respective note. Basis of consolidation The consolidated financial statements include the Parent Company, AB SKF and those companies in which it directly or indirectly exercises control, and hereafter is referred to as \u201cthe Group\u201d, \u201cSKF\u201d or \u201cthe SKF Group\u201d. Control exists when the Group has the right to direct the relevant activi- ties of a company, is exposed to variable returns and can use those rights to affect those returns. For the vast majority of the Group\u2019s subsidiaries control exists via 100% ownership. There is also a very limited number of sub sidiaries controlled by SKF where ownership is between 50\u2013100%. The largest of such companies is SKF India Ltd. that is a publicly listed company in India of which the Group has control via ownership of 52.6% of the voting rights. For the subsidiaries where less than 100% is owned, the non-controlling interests are shown separately within equity. Translation of foreign financial statements and items denominated in foreign currency AB SKF\u2019s functional currency is the Swedish krona (SEK), which is also the Group\u2019s reporting currency. All foreign subsidiaries report in their functional currency, being the currency of the primary economic environment in which the subsidiary operates. Upon consolidation, all balance sheet items are translated to SEK based on the year-end ex change rates. Income statement items are translated at average exchange rates, with an exception for those mentioned below in hyperinflation reporting. The accumulated exchange differences arising from these translations are recognized via other comprehensive in - come to the translation reserve in equity. Such translation differences are reclassified into the income statement upon the disposal of the foreign operation. Transactions in foreign currencies during the year have been translated at the exchange rate prevailing at the respective transaction date. Assets and liabilities denominated in a foreign currency, prim arily receivables, payables and loans, have been translated at the exchange rates prevailing at the balance sheet date. Exchange gains and losses related to trade receivables and payables, and other operating receivables and payables, are included in other operating income and other operating expenses. The exchange gains and losses relating to other financial assets and liabilities are in cluded in financial income and financial expenses. Exchange rates The following exchange rates have been used when trans- lating the financial statements of foreign sub sidiaries operating in the countries into SEK: Hyperinflation reporting Argentina is classified as a hyperinflation economy since 2018 and since 2022 Turkey is classified as a hyper- inflation economy. Since SKF has operations in these countries, the Group has applied IAS 29 Financial Report- ing in Hyperinflationary Economies and restated the finan- cial statements accordingly. The Argentinian index used in the restatement is the Argentinian Consumer Price Index published by the Argentinian Statistical Institute and amounted to 3,533.2 (1,134.6) as per 31 December 2023. The Turkish index used in the restatement is the Consumer Price Index published by the Turkish Statistical Institute and amounted to 1,859.4 (1,128.5) as per 31 December 2023. Revenue Revenue consists of sales of products or services to both end customers and distributors in the normal course of business. Service revenues are defined as business activities, billed to a customer, that do not include physical products or where the supply of any product is subsidiary to the fulfilment of the contract. Any products that are included in service contracts are reported as separate performance obligations and classified as revenue from products. Revenue is recognized when the control has been trans- ferred to the customer. Sales are recorded net of allow- ances for volume rebates, sales returns and other variable considerations if it is highly probable that they will occur. Revenues from products are recognized at a point in time. Revenues from service and/or maintenance con- tracts are either recognized at a point in time or over time. In those contracts where the service is delivered to the customer over time, the revenue is accounted for over the duration of the contract with the use of either the input or output methods. These are different methods to measure the progress towards a complete satisfaction of a perfor- mance obligation. Revenue from all other service contracts is accounted for at a point in time. Any anticipated losses on contracts are recognized in full in the period in which losses become probable and estimable. For revenue presented per customer industry, segment and geographic area, see Note 2. Critical accounting estimates and judgements Management believes that the following areas contain the most key judgements and the most significant sources of estimation uncertainty used in the preparation of the financial statements, where a different opinion or estimate could lead to significant changes to the Group\u2019s financial statements in the upcoming year. \u2022 Judgement on the realizability of deferred tax assets (Note 9). \u2022 Judgements in recoverability of the carrying value of internally developed software (Note 10). \u2022 Estimates and key assumptions used in impairment testing of intangible assets (Note 10). \u2022 Judgements used in determening extension options for right of use assets (Note 12). \u2022 Significant assumptions used in the calculation of the post-employment benefit obligations (Note 18). \u2022 Judgements used in the recognition and disclosure of provisions and contingent liabilities (Note 19). \u2022 Climate risks are taken into consideration in investing decisions and impairment testing. Average rates Year-end rates Country Unit Currency 2023 2022 2023 2022 Argentina 1 ARS 0.04 0.08 0.01 0.06 China 1 CNY 1.50 1.50 1.41 1.50 EMU countries 1 EUR 11.47 10.63 11.06 11.13 India 100 INR 12.84 12.86 12.02 12.61 Brazil 1 BRL 2.12 1.96 2.06 1.97 United Kingdom 1 GBP 13.20 12.46 12.74 12.58 USA 1 USD 10.61 10.10 10.00 10.43 1 Accounting policies, cont. Climate risk assessment SKF sees both risks and opportunities related to climate, but no known material climate related risks affecting the financial statements of 2023 for the SKF Group have been identified. SKF\u2019s core business is based on well-established technology and the Group is diversified in terms of prod- ucts, customers, geographic markets and industries. Based on this diversification, SKF does not anticipate that climate related business risks will have substantive financial or strategic impact on Group level. Some specific market sectors will be negatively affected, such as the demand for SKF products for diesel and gasoline engines. However, other sectors will be positively affected, such as the mar- ket demand for SKF products for electric motors. Overall, SKF believes that the climate-related business opportuni- ties outweigh the risks. New accounting principles New accounting principles 2023 IASB issued several amended accounting standards that were endorsed by EU, effective date 1 January 2023. None of these had a material effect on the SKF Group\u2019s financial statements. New accounting principles 2024 IASB issued several amended accounting standards that were endorsed by EU, effective date 1 January 2024. None of these are expected to have a material effect on the SKF Group\u2019s financial statements. The Group has applied the temporary exception issued by the IASB in May 2023 from the accounting requirements for deferred taxes in IAS 12. Accordingly, the Group neither recognizes nor discloses information about deferred tax assets and liabilities related to Pillar 2 income taxes. On 13 December 2023, the government in Sweden, where the parent company is incorporated, enacted the Pillar 2 income taxes legislation effective from 1 January, 2024. Under the legislation, the parent company will be required to pay top-up tax on profit of its subsidiaries that are taxed at an effective tax rate of less than 15 percent. SKF Group has analyzed the 2023 financial figures and concluded that the Group is not expecting any additional material top-up tax. The Group is continuing to assess the impact of Pillar 2 income taxes legislation on its future financial performance. For information regarding Pillar 2 see Note 1 Accounting policies. ",
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"value": "Basis of presentation The consolidated financial statements are prepared in accordance with International Financial Reporting Stand- ards (IFRS) as adopted by the European Union (EU). Further more, the Group is in com pliance with the Swedish Financial Reporting Board\u2019s RFR 1, Supplementary Accounting Rules for Groups, as well as their inter pret- ations (UFR). The Annual Report of the Parent Company, AB SKF, has been signed by the Board of Directors on 4 March 2024. The income statement and balance sheet, and the consoli- dated income statement and consolidated balance sheets are subject to adoption at the Annual General Meeting on 26 March 2024. The consolidated financial statements are prepared on the historical cost basis except as disclosed in the accounting policies below or in respective note. ",
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"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-289": {
"value": "The consolidated financial statements are prepared in accordance with International Financial Reporting Stand- ards (IFRS) as adopted by the European Union (EU). Further more, the Group is in com pliance with the Swedish Financial Reporting Board\u2019s RFR 1, Supplementary Accounting Rules for Groups, as well as their inter pret- ations (UFR). ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-290": {
"value": "Basis of consolidation The consolidated financial statements include the Parent Company, AB SKF and those companies in which it directly or indirectly exercises control, and hereafter is referred to as \u201cthe Group\u201d, \u201cSKF\u201d or \u201cthe SKF Group\u201d. Control exists when the Group has the right to direct the relevant activi- ties of a company, is exposed to variable returns and can use those rights to affect those returns. For the vast majority of the Group\u2019s subsidiaries control exists via 100% ownership. There is also a very limited number of sub sidiaries controlled by SKF where ownership is between 50\u2013100%. The largest of such companies is SKF India Ltd. that is a publicly listed company in India of which the Group has control via ownership of 52.6% of the voting rights. For the subsidiaries where less than 100% is owned, the non-controlling interests are shown separately within equity. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-291": {
"value": "Translation of foreign financial statements and items denominated in foreign currency AB SKF\u2019s functional currency is the Swedish krona (SEK), which is also the Group\u2019s reporting currency. All foreign subsidiaries report in their functional currency, being the currency of the primary economic environment in which the subsidiary operates. Upon consolidation, all balance sheet items are translated to SEK based on the year-end ex change rates. Income statement items are translated at average exchange rates, with an exception for those mentioned below in hyperinflation reporting. The accumulated exchange differences arising from these translations are recognized via other comprehensive in - come to the translation reserve in equity. Such translation differences are reclassified into the income statement upon the disposal of the foreign operation. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-292": {
"value": "Translation of foreign financial statements and items denominated in foreign currency AB SKF\u2019s functional currency is the Swedish krona (SEK), which is also the Group\u2019s reporting currency. All foreign subsidiaries report in their functional currency, being the currency of the primary economic environment in which the subsidiary operates. Upon consolidation, all balance sheet items are translated to SEK based on the year-end ex change rates. Income statement items are translated at average exchange rates, with an exception for those mentioned below in hyperinflation reporting. The accumulated exchange differences arising from these translations are recognized via other comprehensive in - come to the translation reserve in equity. Such translation differences are reclassified into the income statement upon the disposal of the foreign operation. Transactions in foreign currencies during the year have been translated at the exchange rate prevailing at the respective transaction date. Assets and liabilities denominated in a foreign currency, prim arily receivables, payables and loans, have been translated at the exchange rates prevailing at the balance sheet date. Exchange gains and losses related to trade receivables and payables, and other operating receivables and payables, are included in other operating income and other operating expenses. The exchange gains and losses relating to other financial assets and liabilities are in cluded in financial income and financial expenses. Exchange rates The following exchange rates have been used when trans- lating the financial statements of foreign sub sidiaries operating in the countries into SEK: Average rates Year-end rates Country Unit Currency 2023 2022 2023 2022 Argentina 1 ARS 0.04 0.08 0.01 0.06 China 1 CNY 1.50 1.50 1.41 1.50 EMU countries 1 EUR 11.47 10.63 11.06 11.13 India 100 INR 12.84 12.86 12.02 12.61 Brazil 1 BRL 2.12 1.96 2.06 1.97 United Kingdom 1 GBP 13.20 12.46 12.74 12.58 USA 1 USD 10.61 10.10 10.00 10.43 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-293": {
"value": "Hyperinflation reporting Argentina is classified as a hyperinflation economy since 2018 and since 2022 Turkey is classified as a hyper- inflation economy. Since SKF has operations in these countries, the Group has applied IAS 29 Financial Report- ing in Hyperinflationary Economies and restated the finan- cial statements accordingly. The Argentinian index used in the restatement is the Argentinian Consumer Price Index published by the Argentinian Statistical Institute and amounted to 3,533.2 (1,134.6) as per 31 December 2023. The Turkish index used in the restatement is the Consumer Price Index published by the Turkish Statistical Institute and amounted to 1,859.4 (1,128.5) as per 31 December 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-294": {
"value": "Revenue Revenue consists of sales of products or services to both end customers and distributors in the normal course of business. Service revenues are defined as business activities, billed to a customer, that do not include physical products or where the supply of any product is subsidiary to the fulfilment of the contract. Any products that are included in service contracts are reported as separate performance obligations and classified as revenue from products. Revenue is recognized when the control has been trans- ferred to the customer. Sales are recorded net of allow- ances for volume rebates, sales returns and other variable considerations if it is highly probable that they will occur. Revenues from products are recognized at a point in time. Revenues from service and/or maintenance con- tracts are either recognized at a point in time or over time. In those contracts where the service is delivered to the customer over time, the revenue is accounted for over the duration of the contract with the use of either the input or output methods. These are different methods to measure the progress towards a complete satisfaction of a perfor- mance obligation. Revenue from all other service contracts is accounted for at a point in time. Any anticipated losses on contracts are recognized in full in the period in which losses become probable and estimable. For revenue presented per customer industry, segment and geographic area, see Note 2. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-295": {
"value": "For revenue presented per customer industry, segment and geographic area, see Note 2. 2 Segment information Each operating segment is defined as those business activities that may earn revenues or incur expenses, whose operating results are regularly reviewed by the chief operating decision maker (CODM) and for which discrete financial information is available. In the case of SKF, the CODM is defined as Group Management which makes decisions about allocation of resources to the segments and also to assess their performance on a regular basis. The internal reporting package comprises two segments, Industrial and Automotive. This segment information includes sales and operating profit related to all significant industrial and automotive customers. Segment profit represents the business result generated by the capital employed of the segment and includes allocated corporate expenses and eliminations. Segment assets include all operating assets used and controlled by a segment and consists principally of prop- erty, plant and equipment, intangible assets, external trade receivables and inventories. Segment liabilities include all operating liabilities used and controlled by a segment and 2 Segment information, cont. consists principally of external trade payables, other provisions as well as accruals. Reconciling items to the Group\u2019s reported assets and liabilities include consolida- tion eliminations, all tax-related balances as well as items of a financial interest bearing nature, including post- employment benefit assets and provisions. Asymmetrical allocations affecting the segments relate primarily to post-employment benefits where non-financial expenses are allocated to the segments although the related provisions are not. Additionally, receivables and payables related to sales between segments are not allocated to the seg- ments. Such items are sold to and settled directly with SKF Treasury Centre, the Group\u2019s internal bank, thereby becoming financial in nature. Industrial is structured according to a regional approach and is managed as one segment comprising of four regions: Europe, Middle East and Africa, The Americas, China and Northeast Asia, India and Southeast Asia. Industrial sells to customers in the global industrial market, directly and indirectly through SKF\u2019s worldwide distributor network. Key customers are companies within industrial drives, heavy industry (such as metals, mining, cement, and pulp and paper), other industrial (such as automation and machine tool), railway, marine, energy (such as wind, solar) and aerospace. These customer industries are served both directly to OEMs and end- users as well as indirectly through SKF\u2019s network of industrial distributors. Automotive sells to customers in the global auto motive market, directly or indirectly through SKF\u2019s distributor net- work. Key customers are manufac turers of cars, light and heavy trucks, trailers, buses, two-wheelers and the vehicle aftermarket. For more information on the customer industries and related products, see page 6. Previously published segment figures for 2022 have been restated to reflect current organizational structure. Net sales are allocated according to the location of the respective customer. Of the Group\u2019s total net sales by customer location, 19% (19) were located in USA, 17% (18) in China, and 9% (9) in Germany. Non- current assets exclude financial assets, deferred tax assets and post-employment benefit assets. Non- current assets are allocated according to the location of the subsidiaries. Of the Group\u2019s total non-current assets as defined above, 27% (30) were located in USA, 13% (15) in Germany, and 13% (13) in China. Net sales Contribution to profit before tax MSEK 2023 2022 2023 2022 Industrial 73,651 69,517 9,819 7,874 Automotive 30,230 27,416 1,265 658 Subtotal operating segments 103,881 96,933 11,084 8,532 Financial net \u2014 \u2014 \u20131,903 \u20131,239 Total 103,881 96,933 9,181 7,293 Depreciation and amortization Impairments Additions to property, plant and equipment, intangible assets and right-of-use assets MSEK 2023 2022 2023 2022 2023 2022 Industrial 3,608 3,179 150 129 5,367 4,857 Automotive 539 476 \u2014 \u2014 932 923 Total 4,147 3,655 150 129 6,299 5,780 Assets Liabilities MSEK 2023 2022 2023 2022 Industrial 65,526 64,661 15,043 14,192 Automotive 20,166 21,012 5,618 5,835 Subtotal operating segments 85,692 85,673 20,661 20,027 Financial and tax items 19,596 16,577 30,996 30,575 Eliminations and other unallocated items 6,615 8,673 5,290 6,278 Total 111,903 110,923 56,947 56,880 Geographic disclosure MSEK Net sales by customer location Non-current assets 2023 2022 2023 2022 Sweden 2,440 2,130 3,615 3,868 Europe, Middle East and Africa excl. Sweden 39,859 35,531 16,716 16,406 The Americas 31,193 29,936 15,706 16,441 China and Northeast Asia 20,509 20,137 9,292 7,655 India and Southeast Asia 9,880 9,199 1,558 1,528 Eliminations \u2014 \u2014 603 706 Total 103,881 96,933 47,490 46,604",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-296": {
"value": "Critical accounting estimates and judgements Management believes that the following areas contain the most key judgements and the most significant sources of estimation uncertainty used in the preparation of the financial statements, where a different opinion or estimate could lead to significant changes to the Group\u2019s financial statements in the upcoming year. \u2022 Judgement on the realizability of deferred tax assets (Note 9). \u2022 Judgements in recoverability of the carrying value of internally developed software (Note 10). \u2022 Estimates and key assumptions used in impairment testing of intangible assets (Note 10). \u2022 Judgements used in determening extension options for right of use assets (Note 12). \u2022 Significant assumptions used in the calculation of the post-employment benefit obligations (Note 18). \u2022 Judgements used in the recognition and disclosure of provisions and contingent liabilities (Note 19). \u2022 Climate risks are taken into consideration in investing decisions and impairment testing. Accounting estimates and judgements Significant management judgment is required in deter- mining current tax liabilities and assets as well as deferred tax provisions and assets. The process involves estimating the current tax together with assessing tem- porary differences arising from differing treatment of items for tax and accounting purposes. The process also involves judgements when there is uncertainty over income tax treatments. In particular, management assesses the likelihood that deferred tax assets will be recoverable from future taxable income. Deferred tax assets are recorded to the extent that it is probable in management\u2019s opinion that sufficient future taxable income will be available to allow the re - cognition of such benefits. Realizability of net deferred tax assets are assessed by management based on the individual company\u2019s profita bility history, forecasts of taxable profits as well as length to expiry of the asset. The assessment regarding the possi- bility of utilizing deferred tax assets attributable to tax loss carry-forwards includes climate-related risks and its impact on future expected taxable profits. The SKF Group had total unrecognized deferred tax assets of MSEK 88 (205), whereof MSEK 33 (76) related to tax loss carry- forwards and MSEK 55 (129) related to other deductible temporary differences. These were not recog- nized due to the uncertainty of future profit streams. Unrecognized deferred tax assets of MSEK 6 (1) related to tax losses and will expire during the period 2024 to 2028. The remaining unrecognized assets will expire after 2028 and/or may be carried forward indefinitely. The change in the balance of unrecognized deferred tax assets that reduced current tax expense was MSEK 21 (41) mainly relating to the use of tax loss carry-forwards. The change in the balance of unrecognized deferred tax assets that impacted deferred tax expense was MSEK 96 (\u201363) which resulted from a revised judgement on the realiza- bility of certain tax assets in future years. Accounting estimates and judgements Significant management judgement is required in deter- mining if development expenditures should be capitalized. Such expenses are only capitalized when it is probable that they will result in future economic benefits for the Group and the expenditures during the development phase can be reliably measured. The Group applies stringent criteria before a development project results in the recording of an asset, which include the ability to complete the project, evidence of technical feasibility, intention and ability to use or sell the asset. When evaluating software for internal use, management specifically considers new functionality and/or increased standard of performance to be strong evidence that future economic benefits will be achieved. In evaluating product development projects, management considers the existence of a customer order as significant evidence of technological and economic feasibility. All other research expenditures as well as development expendi- tures not meeting the capitalization criteria are charged to research and development expenses in the income statement when incurred. When there is an indication that the carrying value may not be recoverable, the carrying amount of the asset is compared against its recoverable amount. The recoverable amount is the greater of the estimated fair value less costs to sell and value in use. In assessing value in use, a dis- counted cash flow model (DCF) is used. This assessment contains a key source of estimation uncertainty because the estimates and assumptions used in the DCF model encompass uncertainty about future events and market conditions. The actual outcomes may be significantly different. However, estimates and assumptions are re - viewed by management and are consistent with internal forecasts and business outlook. The DCF model involves the forecasting of future oper- ating cash flows over a five-year period and includes esti- mates of revenues, production costs and working capital requirements, as well as a number of assumptions, the most significant being the revenue growth rates and the discount rate. These forecasts of future operating cash flows are built up from business strategic plans re pres en- ting management\u2019s best estimates of future revenues and operating expenses using historical trends, general market conditions, industry trends and forecasts including climate related risks and other currently available informa- tion. Estimates are extrapolated using growth rates deter- mined on an individual CGU basis, reflecting a combina- tion of product, industry and country growth factors. A terminal value is then calculated based on the Gordon Growth model, which includes a terminal growth factor representing an outlook not exceeding the market growth for the industry. Forecasts of future operating cash flows are adjusted to present value by an appropriate discount rate derived from the Group\u2019s cost of capital, considering the long-term government bond rate, the corporate spread, the market risk premium, the country risk premium where applicable, and the systematic risk of the CGU at the date of evalua- tion. Management determines the discount rate to be used based on the risk inherent in the related activity\u2019s current business model and industry comparisons. Accounting estimates and judgments The useful lives are based upon estimates of the periods during which the assets will generate revenue and are based to a large extent on historical experience of usage and technological development. It also includes estimates related to investments connected to the green transition as part of SKF\u2019s strategy. Property, plant and equipment is tested for impairment whenever events or changes in circumstances indicates that the carrying value may not be recoverable. Accounting estimates and judgments Management judgement and assumptions are required to determine the value of the right-of-use assets and the present value of the lease liability. Such judgement and assumptions involve identifying a lease, defining the lease term and defining the discount rate. Lease expenses for short-term leases, low-value assets and variable lease payments amount to MSEK 408 (336). The lease expenses correspond in all material aspects to the cash flow for those leases. During 2023, total cash outflow related to leases amounted to MSEK 863 (809). Interest expenses related to leases amounted to MSEK 126 (119) .Accounting estimates and judgements Adjustments to the cost of inventory may be necessary when the cost exceeds net realisable value. Net realisable value is defined as selling price less costs to complete and costs to sell. The estimates used in determining net realis- able value are a source of estimation uncertainty. As future selling prices and selling costs are not known at the time of assessment, management\u2019s best estimates are used based on current price and cost levels. Adjustments to net realisable value also include estimates of technical and commercial obsolescence on an individual subsidiary basis. Commercial obsolescence is assessed by the rate of turnover and ageing as risk indicators. Accounting estimates and judgements An allowance for doubtful accounts for expected losses on trade receivables is maintained. When evaluating the need for an allowance, management considers the aging of trade receivable balances, and historical write-off experience of customer with similar characteristics. Management also makes an estimation of expected credit losses based on market conditions. Where discounted cash flow techniques are used the future cash flows are determined (if not stated explicit in the contract) based on the best assessment by manage- ment and discounted using the market interest rate for similar instruments. Accounting estimates and judgements Significant judgements and assumptions are required to determine the present value of all defined benefit obliga- tions and the related costs. Such assumptions vary according to the economic conditions of the country in which the plan is located and are adjusted to reflect mar- ket conditions at valuation point. However, the actual costs and obligations that in fact arise under the plans may be materially different from the estimates based on the assumptions due to changing market and economic conditions. The most significant assumptions can vary per plan but in general include discount rate, pension increase rate, salary growth rate and longevity. These assumptions are established for each plan separately. The discount rate for each plan is determined by reference to yields on high quality corporate bonds (AA- rated corporate bonds as well as mortgage bonds for the plans in Sweden) having matur- ities matching the duration of the obligation. The pension increase rate assumption is relevant mainly for retired plan members, and refers to the indexation of pension pay- ments tied primarily to inflation. The salary growth rate is relevant for active plan members and reflect the long-term actual experience, the near term outlook and assumed inflation. Longevity reflects the life expectancy of plan members and is established based on mortality tables used for each plan. Accounting estimates and judgements Significant management judgement is required in deter- mining the existence and amount of provisions. As the estimates may involve uncertainty about future events outside the control of the Group, the actual outcomes may be significantly different. Claims include both provisions for litigation and warran- ties, and represent management\u2019s best estimate of the future cash flows necessary to settle obligations, although the timing of the settlement is un certain. Provisions for liti- gation are based on the nature of the litigation, the legal process in the applicable jurisdiction, the progress of the cases, the opinions of internal and external legal counsel and advisers regarding the outcome of the case and expe- rience with similar cases. Tax claims in different countries and in different stages of the claim that do not meet the definition of tax liability are recognized as contingent liabilities. SKF is part of investigations regarding possible viola- tions of anti-trust rules, class action claims and lawsuits. SKF is subject to an investigation in Brazil by the General Superintendence of the Administrative Council for Eco- nomic Defense, regarding an alleged violation of antitrust rules by several companies active on the automotive after- market in Brazil. As per management judgement, these investigations did not qualify for recognition as other pro- visions or contingent liabilities. Warranty provisions involve estimates of the outcome of claims resulting from defective products, which include estimates for potential liability for damages caused by such defects to the Group\u2019s customers. Assumptions are required for anticipated returns and costs replacing defec- tive products and/or compensating customers for damage caused by the Group\u2019s products. These assumptions con- sider historical claims statistics, expected costs to remedy and the average time lag between faults occurring and claims against the Group. Restructuring provisions involve estimates of the timing and costs of the planned future activities where the most significant estimates relates to the costs necessary to settle employee severance/separation obligations, as well as the costs involved in contract cancellations and other exit costs. These estimates are based on historical experi- ence as well as the current status of negotiations with the affected parties and/or their representatives. Accounting estimates and judgements For disclosure purposes, fair values of financial liabilities have been calculated using valuation techniques, mainly discounted cash flow analyses based on observable market data. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-297": {
"value": "2 Segment information Each operating segment is defined as those business activities that may earn revenues or incur expenses, whose operating results are regularly reviewed by the chief operating decision maker (CODM) and for which discrete financial information is available. In the case of SKF, the CODM is defined as Group Management which makes decisions about allocation of resources to the segments and also to assess their performance on a regular basis. The internal reporting package comprises two segments, Industrial and Automotive. This segment information includes sales and operating profit related to all significant industrial and automotive customers. Segment profit represents the business result generated by the capital employed of the segment and includes allocated corporate expenses and eliminations. Segment assets include all operating assets used and controlled by a segment and consists principally of prop- erty, plant and equipment, intangible assets, external trade receivables and inventories. Segment liabilities include all operating liabilities used and controlled by a segment and consists principally of external trade payables, other provisions as well as accruals. Reconciling items to the Group\u2019s reported assets and liabilities include consolida- tion eliminations, all tax-related balances as well as items of a financial interest bearing nature, including post- employment benefit assets and provisions. Asymmetrical allocations affecting the segments relate primarily to post-employment benefits where non-financial expenses are allocated to the segments although the related provisions are not. Additionally, receivables and payables related to sales between segments are not allocated to the seg- ments. Such items are sold to and settled directly with SKF Treasury Centre, the Group\u2019s internal bank, thereby becoming financial in nature. Industrial is structured according to a regional approach and is managed as one segment comprising of four regions: Europe, Middle East and Africa, The Americas, China and Northeast Asia, India and Southeast Asia. Industrial sells to customers in the global industrial market, directly and indirectly through SKF\u2019s worldwide distributor network. Key customers are companies within industrial drives, heavy industry (such as metals, mining, cement, and pulp and paper), other industrial (such as automation and machine tool), railway, marine, energy (such as wind, solar) and aerospace. These customer industries are served both directly to OEMs and end- users as well as indirectly through SKF\u2019s network of industrial distributors. Automotive sells to customers in the global auto motive market, directly or indirectly through SKF\u2019s distributor net- work. Key customers are manufac turers of cars, light and heavy trucks, trailers, buses, two-wheelers and the vehicle aftermarket. For more information on the customer industries and related products, see page 6. Previously published segment figures for 2022 have been restated to reflect current organizational structure. Net sales are allocated according to the location of the respective customer. Of the Group\u2019s total net sales by customer location, 19% (19) were located in USA, 17% (18) in China, and 9% (9) in Germany. Non- current assets exclude financial assets, deferred tax assets and post-employment benefit assets. Non- current assets are allocated according to the location of the subsidiaries. Of the Group\u2019s total non-current assets as defined above, 27% (30) were located in USA, 13% (15) in Germany, and 13% (13) in China. Net sales Contribution to profit before tax MSEK 2023 2022 2023 2022 Industrial 73,651 69,517 9,819 7,874 Automotive 30,230 27,416 1,265 658 Subtotal operating segments 103,881 96,933 11,084 8,532 Financial net \u2014 \u2014 \u20131,903 \u20131,239 Total 103,881 96,933 9,181 7,293 Depreciation and amortization Impairments Additions to property, plant and equipment, intangible assets and right-of-use assets MSEK 2023 2022 2023 2022 2023 2022 Industrial 3,608 3,179 150 129 5,367 4,857 Automotive 539 476 \u2014 \u2014 932 923 Total 4,147 3,655 150 129 6,299 5,780 Assets Liabilities MSEK 2023 2022 2023 2022 Industrial 65,526 64,661 15,043 14,192 Automotive 20,166 21,012 5,618 5,835 Subtotal operating segments 85,692 85,673 20,661 20,027 Financial and tax items 19,596 16,577 30,996 30,575 Eliminations and other unallocated items 6,615 8,673 5,290 6,278 Total 111,903 110,923 56,947 56,880 Geographic disclosure MSEK Net sales by customer location Non-current assets 2023 2022 2023 2022 Sweden 2,440 2,130 3,615 3,868 Europe, Middle East and Africa excl. Sweden 39,859 35,531 16,716 16,406 The Americas 31,193 29,936 15,706 16,441 China and Northeast Asia 20,509 20,137 9,292 7,655 India and Southeast Asia 9,880 9,199 1,558 1,528 Eliminations \u2014 \u2014 603 706 Total 103,881 96,933 47,490 46,604",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-298": {
"value": "Each operating segment is defined as those business activities that may earn revenues or incur expenses, whose operating results are regularly reviewed by the chief operating decision maker (CODM) and for which discrete financial information is available. In the case of SKF, the CODM is defined as Group Management which makes decisions about allocation of resources to the segments and also to assess their performance on a regular basis. The internal reporting package comprises two segments, Industrial and Automotive. This segment information includes sales and operating profit related to all significant industrial and automotive customers. Segment profit represents the business result generated by the capital employed of the segment and includes allocated corporate expenses and eliminations. Segment assets include all operating assets used and controlled by a segment and consists principally of prop- erty, plant and equipment, intangible assets, external trade receivables and inventories. Segment liabilities include all operating liabilities used and controlled by a segment and consists principally of external trade payables, other provisions as well as accruals. Reconciling items to the Group\u2019s reported assets and liabilities include consolida- tion eliminations, all tax-related balances as well as items of a financial interest bearing nature, including post- employment benefit assets and provisions. Asymmetrical allocations affecting the segments relate primarily to post-employment benefits where non-financial expenses are allocated to the segments although the related provisions are not. Additionally, receivables and payables related to sales between segments are not allocated to the seg- ments. Such items are sold to and settled directly with SKF Treasury Centre, the Group\u2019s internal bank, thereby becoming financial in nature. Industrial is structured according to a regional approach and is managed as one segment comprising of four regions: Europe, Middle East and Africa, The Americas, China and Northeast Asia, India and Southeast Asia. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-299": {
"value": "Industrial sells to customers in the global industrial market, directly and indirectly through SKF\u2019s worldwide distributor network. Key customers are companies within industrial drives, heavy industry (such as metals, mining, cement, and pulp and paper), other industrial (such as automation and machine tool), railway, marine, energy (such as wind, solar) and aerospace. These customer industries are served both directly to OEMs and end- users as well as indirectly through SKF\u2019s network of industrial distributors. Automotive sells to customers in the global auto motive market, directly or indirectly through SKF\u2019s distributor net- work. Key customers are manufac turers of cars, light and heavy trucks, trailers, buses, two-wheelers and the vehicle aftermarket. For more information on the customer industries and related products, see page 6. Previously published segment figures for 2022 have been restated to reflect current organizational structure. Net sales are allocated according to the location of the respective customer. Of the Group\u2019s total net sales by customer location, 19% (19) were located in USA, 17% (18) in China, and 9% (9) in Germany. Non- current assets exclude financial assets, deferred tax assets and post-employment benefit assets. Non- current assets are allocated according to the location of the subsidiaries. Of the Group\u2019s total non-current assets as defined above, 27% (30) were located in USA, 13% (15) in Germany, and 13% (13) in China. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-300": {
"value": "3 Acquisitions Accounting policy All business combinations are accounted for in accord- ance with the purchase method. At the date of acquisition, when control is obtained, the acquired assets, liabilities and contingent liabilities (net identifiable assets) are measured at fair value. Any excess of the cost of acquisition over fair values of net ident ifi able assets of the acquired business is recognized as goodwill. Companies acquired during the year are included in the financial statements as of acquisition date. In 2023, SKF had no acquisition of businesses. In 2022, SKF had a cash outflow of MSEK 83 for the acquisition of two smaller businesses, Laser Cladding Venture n.v, an additive manufacturing company based in Belgium and Tenute, an Italian seals manufacturer. MSEK 2023 2022 Total fair value of net assets acquired Intangible assets, excluding goodwill \u2014 46 Property, plant and equipment \u2014 14 Current assets \u2014 59 Non-current liabilities \u2014 \u20135 Current liabilities \u2014 \u201340 Fair value net assets acquired \u2014 74 Goodwill \u2014 44 Total acquisition cost \u2014 118 Deferred consideration \u2014 \u201317 Cash and cash equivalents acquired \u2014 \u201318 Cash outflow \u2014 83 MSEK 2023 Closing balance Additions Businesses acquired/ sold Disposals Impair- ments Other1) Translation effects 2023 Opening balance Acquisition cost Goodwill 12,579 \u2014 \u2014 \u2014 \u2014 \u2014 \u2013420 12,999 Patents, tradenames and similar rights 3,281 4 \u2014 \u2014 \u2014 1 \u2013119 3,395 Internally developed software 2,679 3 \u2014 \u201316 \u2014 \u20136 \u20133 2,701 Customer relationships 5,039 \u2014 \u2014 \u20138 \u2014 \u201316 \u2013158 5,221 Leaseholds 85 \u2014 \u2014 \u2014 \u2014 2 \u20136 89 Product development 223 \u2014 \u2014 \u2014 \u2014 \u201379 \u20135 307 Technology 1,408 \u2014 \u2014 \u2014 \u2014 77 \u201340 1,371 Other intangible assets 200 4 \u2014 \u2014 \u2014 3 2 191 Total 25,494 11 \u2014 \u201324 \u2014 \u201318 \u2013749 26,274 MSEK 2023 Closing balance Amorti- zations Businesses acquired/ sold Disposals Impair- ments Other1) Translation effects 2023 Opening balance Accumulated amortization and impairments Goodwill 617 \u2014 \u2014 \u2014 \u2014 \u2014 \u201331 648 Patents, tradenames and similar rights 578 24 \u2014 \u2014 \u2014 \u201314 \u20135 573 Internally developed software 1,746 180 \u2014 \u201313 4 \u20138 \u20133 1,586 Customer relationships 4,055 302 \u2014 \u20138 \u2014 \u201325 \u2013129 3,915 Leaseholds 26 \u2014 \u2014 \u2014 \u2014 \u20131 \u20132 29 Product development 193 7 \u2014 \u2014 \u2014 \u201328 \u20133 217 Technology 1,109 105 \u2014 \u20133 \u2014 41 \u201336 1,002 Other intangible assets 163 39 \u2014 \u2014 \u2014 15 \u20132 111 Total 8,487 657 \u2014 \u201324 4 \u201320 \u2013211 8,081 Net book value 17,007 18,193 1) Includes reclassification between categories. MSEK 2022 Closing balance Additions Businesses acquired/ sold Disposals Impair- ments Other Translation effects 2022 Opening balance Acquisition cost Goodwill 12,999 \u2014 44 \u2014 \u2014 12 1,450 11,493 Patents, tradenames and similar rights 3,395 11 45 \u2014 \u2014 \u20134 401 2,942 Internally developed software 2,701 19 \u2014 \u2014 \u2014 2 14 2,666 Customer relationships 5,221 \u2014 1 \u2014 \u2014 \u201386 606 4,700 Leaseholds 89 126 \u2014 \u2014 \u2014 \u20133281) 12 279 Product development 307 \u2014 \u2014 \u2014 \u2014 \u201385 31 361 Technology 1,371 \u2014 \u2014 \u2014 \u2014 \u2014 157 1,214 Other intangible assets 191 27 \u2014 \u2014 \u2014 \u201377 9 232 Total 26,274 183 90 \u2014 \u2014 \u2013566 2,680 23,887 MSEK 2022 Closing balance Amorti- zations Businesses acquired/ sold Disposals Impair- ments Other Translation effects 2022 Opening balance Accumulated amortization and impairments Goodwill 648 \u2014 \u2014 \u2014 \u2014 \u20131 80 569 Patents, tradenames and similar rights 573 20 \u2014 \u2014 3 \u201314 35 529 Internally developed software 1,586 199 \u2014 \u2014 \u2014 \u20131 12 1,376 Customer relationships 3,915 295 \u2014 \u2014 \u2014 \u201386 423 3,283 Leaseholds 29 4 \u2014 \u2014 \u2014 \u2013911) 6 110 Product development 217 17 \u2014 \u2014 72 \u201385 16 197 Technology 1,002 99 \u2014 \u2014 \u2014 \u2014 107 796 Other intangible assets 111 7 \u2014 \u2014 \u2014 12 7 85 Total 8,081 641 \u2014 \u2014 75 \u2013266 686 6,945 Net book value 18,193 16,942 1) Includes reclassification from Intangible assets to Right-of-use assets. MSEK 2023 Closing balance Additions Businesses acquired/sold Disposals Impairments Other 1) Translation effects 2023 Opening balance Acquisition cost Buildings 12,161 809 \u2014 \u201341 \u2014 163 \u2013239 11,469 Land and land improvements 705 1 \u2014 \u201312 \u2014 26 \u2013342 1,032 Machinery and supply systems 40,261 2,243 \u201326 \u2013592 \u2014 \u201388 \u20131,140 39,864 Machine tooling and factory fittings 5,666 575 \u201312 \u201372 \u2014 \u2013181 \u2013137 5,493 Assets under construction including advances2) 6,952 2,121 \u20131 \u20131 \u2014 \u2013322 \u2013503 5,658 Total 65,745 5,749 \u201339 \u2013718 \u2014 \u2013402 \u20132,361 63,516 MSEK 2023 Closing balance Depre ciation Businesses sold Disposals Impairments Other1) Translation effects 2023 Opening balance Accumulated depreciation and impairments Buildings 5,999 299 \u2014 \u20137 96 \u201326 \u2013156 5,793 Land improvements 279 6 \u2014 \u20131 \u2014 \u20135 \u201311 290 Machinery and supply systems 28,463 1,985 \u201321 \u2013542 42 \u2013737 \u2013681 28,417 Machine tooling and factory fittings 4,184 363 \u201311 \u201381 7 49 \u2013262 4,119 Total 38,925 2,653 \u201332 \u2013631 145 \u2013719 \u20131,110 38,619 Net book value 26,820 24,897 MSEK 2022 Closing balance Additions Businesses acquired/sold Disposals Impairments Other 1) Translation effects 2022 Opening balance Acquisition cost Buildings 11,469 549 \u201365 \u201374 \u2014 241 758 10,060 Land and land improvements 1,032 6 \u201321 \u201329 \u2014 4 64 1,008 Machinery and supply systems 39,864 2,123 \u2013150 \u2013287 \u2014 356 2,954 34,868 Machine tooling and factory fittings 5,493 309 \u20132 \u201370 \u2014 207 418 4,631 Assets under construction including advances2) 5,658 2,043 \u201311 \u20132 \u2014 \u2013390 206 3,812 Total 63,516 5,030 \u2013249 \u2013462 \u2014 418 4,400 54,379 MSEK 2022 Closing balance Depre ciation Businesses sold Disposals Impairments Other1) Translation effects 2022 Opening balance Accumulated depreciation and impairments Buildings 5,793 344 \u201323 \u201342 16 138 413 4,947 Land improvements 290 5 \u20136 \u20132 \u2014 \u201326 22 297 Machinery and supply systems 28,417 1,601 \u201360 \u2013250 30 \u2013124 2,139 25,081 Machine tooling and factory fittings 4,119 338 \u20133 \u201366 7 214 298 3,331 Total 38,619 2,288 \u201392 \u2013360 53 202 2,872 33,656 Net book value 24,897 20,723 1) Includes reclassification between categories. 2) Contractual commitments for acquisition of property, plant and equipment not yet booked amounted to MSEK 0 (0) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-301": {
"value": "Accounting policy All business combinations are accounted for in accord- ance with the purchase method. At the date of acquisition, when control is obtained, the acquired assets, liabilities and contingent liabilities (net identifiable assets) are measured at fair value. Any excess of the cost of acquisition over fair values of net ident ifi able assets of the acquired business is recognized as goodwill. Companies acquired during the year are included in the financial statements as of acquisition date. In 2023, SKF had no acquisition of businesses. In 2022, SKF had a cash outflow of MSEK 83 for the acquisition of two smaller businesses, Laser Cladding Venture n.v, an additive manufacturing company based in Belgium and Tenute, an Italian seals manufacturer. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-302": {
"value": "Accounting policy All business combinations are accounted for in accord- ance with the purchase method. At the date of acquisition, when control is obtained, the acquired assets, liabilities and contingent liabilities (net identifiable assets) are measured at fair value. Any excess of the cost of acquisition over fair values of net ident ifi able assets of the acquired business is recognized as goodwill. Companies acquired during the year are included in the financial statements as of acquisition date. In 2023, SKF had no acquisition of businesses. In 2022, SKF had a cash outflow of MSEK 83 for the acquisition of two smaller businesses, Laser Cladding Venture n.v, an additive manufacturing company based in Belgium and Tenute, an Italian seals manufacturer. Accounting policy Intangible assets are stated at initial cost less any accu- mulated amortization and any impairment. Amortization is made on a straight line basis over the estimated useful lives and begins once the asset is ready for its intended use. The useful lives are based to a large extent on historical experience, the expected application, as well as other individual characteristics of the asset. The useful lives are: \u2022 Patents and similar rights up to 11 years. \u2022 Software in use 4\u201312 years. \u2022 Customer relationships 10\u201315 years. \u2022 Product development expenditures 3\u20137 years. \u2022 Technology acquired in business combinations 15\u201318 years. \u2022 Other intangibles 3\u20135 years. \u2022 Strategic tradenames indefinite. \u2022 Goodwill indefinite. Amortization and impairments are included in cost of goods sold, selling expenses or administrative expenses depending on where the assets have been used. Internally developed intangibles The Group\u2019s most significant internally developed intangi- bles are software in use, developed for internal purposes, and to a minor extent product development. The amortiza- tion plan for SKF ERP Programme (SEP) is a straight-line amortization for the rest of the useful life, with an amorti- zation rate of 10%. Intangible assets with definite useful lives Intangible assets with definite useful lives are tested for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The determination is usually performed at the cash gener- ating unit (CGU) level but could also be at the individual asset level. Factors that are considered important are: \u2022 Underperformance relative to historical and forecasted operating results; \u2022 Significant negative industry or economic trends; \u2022 Significant changes relative to the asset including plans to discontinue or restructure the operation to which the asset belongs. When there is an indication that the carrying value may not be recoverable based on the above indicators, the profita- bility of the CGU to which the asset belongs is analyzed to further confirm the nature and extent of the indication. If an indication is confirmed, an impairment loss is recog- nized to the extent that the carrying amount of the affected assets exceeds its recoverable amount. Intangible assets with indefinite useful lives Goodwill and other intangible assets with indefinite use- ful lives have been allocated to CGUs, and are tested for impairment annually and whenever an indication of impair- ment exists. The impairment test is carried out at the low- est level at which these assets are monitored by manage- ment. The lowest CGU level used for impairment test is the segment level, Industrial and Automotive. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-303": {
"value": "Accounting policy All business combinations are accounted for in accord- ance with the purchase method. At the date of acquisition, when control is obtained, the acquired assets, liabilities and contingent liabilities (net identifiable assets) are measured at fair value. Any excess of the cost of acquisition over fair values of net ident ifi able assets of the acquired business is recognized as goodwill. Companies acquired during the year are included in the financial statements as of acquisition date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"fact-304": {
"value": "MSEK 2023 2022 Total fair value of net assets acquired Intangible assets, excluding goodwill \u2014 46 Property, plant and equipment \u2014 14 Current assets \u2014 59 Non-current liabilities \u2014 \u20135 Current liabilities \u2014 \u201340 Fair value net assets acquired \u2014 74 Goodwill \u2014 44 Total acquisition cost \u2014 118 Deferred consideration \u2014 \u201317 Cash and cash equivalents acquired \u2014 \u201318 Cash outflow \u2014 83 MSEK 2023 2022 Goodwill \u2014 \u2014 Other intangible assets \u2014 \u2014 Property, plant and equipment 7 171 Deferred tax assets \u2014 25 Other non-current assets \u2014 172 Current assets \u2014 489 Deferred tax provisions \u2014 \u2014 Non-current liabilities \u2014 \u2014 Current liabilities \u2014 \u2013157 Non-controlling interest \u2014 \u2014 Net assets disposed of 7 700 Profit/loss 18 \u2013672 Total consideration 25 28 Cash and cash equivalents divested \u2014 \u2013161 Cash outflow for previous years divestments \u2014 \u2014 Total cashflow 25 \u2013133 10 Intangible assets Accounting policy Intangible assets are stated at initial cost less any accu- mulated amortization and any impairment. Amortization is made on a straight line basis over the estimated useful lives and begins once the asset is ready for its intended use. The useful lives are based to a large extent on historical experience, the expected application, as well as other individual characteristics of the asset. The useful lives are: \u2022 Patents and similar rights up to 11 years. \u2022 Software in use 4\u201312 years. \u2022 Customer relationships 10\u201315 years. \u2022 Product development expenditures 3\u20137 years. \u2022 Technology acquired in business combinations 15\u201318 years. \u2022 Other intangibles 3\u20135 years. \u2022 Strategic tradenames indefinite. \u2022 Goodwill indefinite. Amortization and impairments are included in cost of goods sold, selling expenses or administrative expenses depending on where the assets have been used. Internally developed intangibles The Group\u2019s most significant internally developed intangi- bles are software in use, developed for internal purposes, and to a minor extent product development. The amortiza- tion plan for SKF ERP Programme (SEP) is a straight-line amortization for the rest of the useful life, with an amorti- zation rate of 10%. Intangible assets with definite useful lives Intangible assets with definite useful lives are tested for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The determination is usually performed at the cash gener- ating unit (CGU) level but could also be at the individual asset level. Factors that are considered important are: \u2022 Underperformance relative to historical and forecasted operating results; \u2022 Significant negative industry or economic trends; \u2022 Significant changes relative to the asset including plans to discontinue or restructure the operation to which the asset belongs. When there is an indication that the carrying value may not be recoverable based on the above indicators, the profita- bility of the CGU to which the asset belongs is analyzed to further confirm the nature and extent of the indication. If an indication is confirmed, an impairment loss is recog- nized to the extent that the carrying amount of the affected assets exceeds its recoverable amount. Intangible assets with indefinite useful lives Goodwill and other intangible assets with indefinite use- ful lives have been allocated to CGUs, and are tested for impairment annually and whenever an indication of impair- ment exists. The impairment test is carried out at the low- est level at which these assets are monitored by manage- ment. The lowest CGU level used for impairment test is the segment level, Industrial and Automotive. Accounting estimates and judgements Significant management judgement is required in deter- mining if development expenditures should be capitalized. Such expenses are only capitalized when it is probable that they will result in future economic benefits for the Group and the expenditures during the development phase can be reliably measured. The Group applies stringent criteria before a development project results in the recording of an asset, which include the ability to complete the project, evidence of technical feasibility, intention and ability to use or sell the asset. When evaluating software for internal use, management specifically considers new functionality and/or increased standard of performance to be strong evidence that future economic benefits will be achieved. In evaluating product development projects, management considers the existence of a customer order as significant evidence of technological and economic feasibility. All other research expenditures as well as development expendi- tures not meeting the capitalization criteria are charged to research and development expenses in the income statement when incurred. When there is an indication that the carrying value may not be recoverable, the carrying amount of the asset is compared against its recoverable amount. The recoverable amount is the greater of the estimated fair value less costs to sell and value in use. In assessing value in use, a dis- counted cash flow model (DCF) is used. This assessment contains a key source of estimation uncertainty because the estimates and assumptions used in the DCF model encompass uncertainty about future events and market conditions. The actual outcomes may be significantly different. However, estimates and assumptions are re - viewed by management and are consistent with internal forecasts and business outlook. The DCF model involves the forecasting of future oper- ating cash flows over a five-year period and includes esti- mates of revenues, production costs and working capital requirements, as well as a number of assumptions, the most significant being the revenue growth rates and the discount rate. These forecasts of future operating cash flows are built up from business strategic plans re pres en- ting management\u2019s best estimates of future revenues and operating expenses using historical trends, general market conditions, industry trends and forecasts including climate related risks and other currently available informa- tion. Estimates are extrapolated using growth rates deter- mined on an individual CGU basis, reflecting a combina- tion of product, industry and country growth factors. A terminal value is then calculated based on the Gordon Growth model, which includes a terminal growth factor representing an outlook not exceeding the market growth for the industry. Forecasts of future operating cash flows are adjusted to present value by an appropriate discount rate derived from the Group\u2019s cost of capital, considering the long-term government bond rate, the corporate spread, the market risk premium, the country risk premium where applicable, and the systematic risk of the CGU at the date of evalua- tion. Management determines the discount rate to be used based on the risk inherent in the related activity\u2019s current business model and industry comparisons. 10 Intangible assets, cont. MSEK 2023 Closing balance Additions Businesses acquired/ sold Disposals Impair- ments Other1) Translation effects 2023 Opening balance Acquisition cost Goodwill 12,579 \u2014 \u2014 \u2014 \u2014 \u2014 \u2013420 12,999 Patents, tradenames and similar rights 3,281 4 \u2014 \u2014 \u2014 1 \u2013119 3,395 Internally developed software 2,679 3 \u2014 \u201316 \u2014 \u20136 \u20133 2,701 Customer relationships 5,039 \u2014 \u2014 \u20138 \u2014 \u201316 \u2013158 5,221 Leaseholds 85 \u2014 \u2014 \u2014 \u2014 2 \u20136 89 Product development 223 \u2014 \u2014 \u2014 \u2014 \u201379 \u20135 307 Technology 1,408 \u2014 \u2014 \u2014 \u2014 77 \u201340 1,371 Other intangible assets 200 4 \u2014 \u2014 \u2014 3 2 191 Total 25,494 11 \u2014 \u201324 \u2014 \u201318 \u2013749 26,274 MSEK 2023 Closing balance Amorti- zations Businesses acquired/ sold Disposals Impair- ments Other1) Translation effects 2023 Opening balance Accumulated amortization and impairments Goodwill 617 \u2014 \u2014 \u2014 \u2014 \u2014 \u201331 648 Patents, tradenames and similar rights 578 24 \u2014 \u2014 \u2014 \u201314 \u20135 573 Internally developed software 1,746 180 \u2014 \u201313 4 \u20138 \u20133 1,586 Customer relationships 4,055 302 \u2014 \u20138 \u2014 \u201325 \u2013129 3,915 Leaseholds 26 \u2014 \u2014 \u2014 \u2014 \u20131 \u20132 29 Product development 193 7 \u2014 \u2014 \u2014 \u201328 \u20133 217 Technology 1,109 105 \u2014 \u20133 \u2014 41 \u201336 1,002 Other intangible assets 163 39 \u2014 \u2014 \u2014 15 \u20132 111 Total 8,487 657 \u2014 \u201324 4 \u201320 \u2013211 8,081 Net book value 17,007 18,193 1) Includes reclassification between categories. MSEK 2022 Closing balance Additions Businesses acquired/ sold Disposals Impair- ments Other Translation effects 2022 Opening balance Acquisition cost Goodwill 12,999 \u2014 44 \u2014 \u2014 12 1,450 11,493 Patents, tradenames and similar rights 3,395 11 45 \u2014 \u2014 \u20134 401 2,942 Internally developed software 2,701 19 \u2014 \u2014 \u2014 2 14 2,666 Customer relationships 5,221 \u2014 1 \u2014 \u2014 \u201386 606 4,700 Leaseholds 89 126 \u2014 \u2014 \u2014 \u20133281) 12 279 Product development 307 \u2014 \u2014 \u2014 \u2014 \u201385 31 361 Technology 1,371 \u2014 \u2014 \u2014 \u2014 \u2014 157 1,214 Other intangible assets 191 27 \u2014 \u2014 \u2014 \u201377 9 232 Total 26,274 183 90 \u2014 \u2014 \u2013566 2,680 23,887 MSEK 2022 Closing balance Amorti- zations Businesses acquired/ sold Disposals Impair- ments Other Translation effects 2022 Opening balance Accumulated amortization and impairments Goodwill 648 \u2014 \u2014 \u2014 \u2014 \u20131 80 569 Patents, tradenames and similar rights 573 20 \u2014 \u2014 3 \u201314 35 529 Internally developed software 1,586 199 \u2014 \u2014 \u2014 \u20131 12 1,376 Customer relationships 3,915 295 \u2014 \u2014 \u2014 \u201386 423 3,283 Leaseholds 29 4 \u2014 \u2014 \u2014 \u2013911) 6 110 Product development 217 17 \u2014 \u2014 72 \u201385 16 197 Technology 1,002 99 \u2014 \u2014 \u2014 \u2014 107 796 Other intangible assets 111 7 \u2014 \u2014 \u2014 12 7 85 Total 8,081 641 \u2014 \u2014 75 \u2013266 686 6,945 Net book value 18,193 16,942 1) Includes reclassification from Intangible assets to Right-of-use assets. 10 Intangible assets, cont. Impairment losses Impairments amounted to MSEK \u20134 (\u201375) in 2023. Intangibles with indefinite useful lives Certain tradenames and trademarks are considered to have indefinite useful lives as the Group anticipates to continue to promote these brands in the foreseeable future. This includes the tradenames and trademarks in Lincoln MSEK 1,320 (1,377), Kaydon Friction MSEK 772 (805), Peer MSEK 215 (224), GBC MSEK 228 (238) and others MSEK 84 (96). Significant intangibles Internally generated software related primarily to the devel- opment of SEP to create and deploy improved processes and solutions across the Group. The balance of capitalized expenditures was MSEK 924 (1,096), including amortiza- tions of MSEK \u2013188 (\u2013184) made during 2023. Remaining useful life is five years. Other individual intangible assets that are material for the Group include the customer relationships for Lincoln amounting to MSEK 293 (438) having a remaining useful life of three years, and for Kaydon amounting to MSEK 488 (639) having a remaining useful life of five years. CGUs with significant intangibles The CGUs follow the segment reporting. The table shows goodwill and other intangibles with in definite useful lives allocated to the CGUs Industrial and Automotive, as well as some crucial rates that were used for the DCF calculation. 2023 2022 Industrial Auto- motive Industrial Auto- motive Goodwill, MSEK 11,571 391 11,907 444 Tradenames, MSEK 2,307 228 2,406 238 Average revenue growth rate, % 4.9 5.0 8.7 4.8 Discount rate, pre tax, % 12.7 13.3 10.2 11.0 Terminal growth factor, % 2.5 2.5 2.5 2.5 The recoverable amounts used in the testing of the CGUs have been calculated based on value in use using the DCF model as described in Accounting estimates and judgements. The most significant assumptions are the discount rate and the growth rates, being both the revenue growth rates and the terminal growth factor. Revenue growth rates are expressed in the above table as the average growth rate over the five-year forecast period. The same discount rate is applied to all cash flows in the five-year forecast period. Additional infor- mation on the forecast period as well as the discount rate and growth rates and how they are calculated is described in accounting estimates and judgements above. A number of sensitivity analyzes were performed to evaluate if any reasonable possible adverse changes in assumptions would lead to impairment. The analyzes focused around decreasing the revenue growth rates to zero, increasing the discount rate by two percentage points and decreasing the operating margin by two percentage points. Each taken individually and while holding all other assumptions constant. No impairment needs were indicated.",
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"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"fact-305": {
"value": "MSEK 2023 2022 Total fair value of net assets acquired Intangible assets, excluding goodwill \u2014 46 Property, plant and equipment \u2014 14 Current assets \u2014 59 Non-current liabilities \u2014 \u20135 Current liabilities \u2014 \u201340 Fair value net assets acquired \u2014 74 Goodwill \u2014 44 Total acquisition cost \u2014 118 Deferred consideration \u2014 \u201317 Cash and cash equivalents acquired \u2014 \u201318 Cash outflow \u2014 83 MSEK 2023 2022 Goodwill \u2014 \u2014 Other intangible assets \u2014 \u2014 Property, plant and equipment 7 171 Deferred tax assets \u2014 25 Other non-current assets \u2014 172 Current assets \u2014 489 Deferred tax provisions \u2014 \u2014 Non-current liabilities \u2014 \u2014 Current liabilities \u2014 \u2013157 Non-controlling interest \u2014 \u2014 Net assets disposed of 7 700 Profit/loss 18 \u2013672 Total consideration 25 28 Cash and cash equivalents divested \u2014 \u2013161 Cash outflow for previous years divestments \u2014 \u2014 Total cashflow 25 \u2013133 2023 2022 Gross deferred taxes per type (MSEK) Deferred tax assets Deferred tax liabilities Deferred tax assets Deferred tax liabilities Intangibles and other assets 151 1,322 33 1,519 Property, plant and equipment 72 1,209 30 1,083 Inventories 643 499 668 507 Trade receivables 71 3 107 2 Provisions for post-employment benefits 1,667 196 1,736 132 Other accruals and liabilities 1,310 99 1,060 10 Tax loss carry-forwards 828 \u2014 896 \u2014 Tax credit carry-forwards 349 \u2014 268 \u2014 Other 179 55 328 65 Gross deferred taxes 5,270 3,383 5,126 3,318 Net deferred taxes presented in the Consolidated balance sheet 3,107 1,220 3,173 1,365 10 Intangible assets Accounting policy Intangible assets are stated at initial cost less any accu- mulated amortization and any impairment. Amortization is made on a straight line basis over the estimated useful lives and begins once the asset is ready for its intended use. The useful lives are based to a large extent on historical experience, the expected application, as well as other individual characteristics of the asset. The useful lives are: \u2022 Patents and similar rights up to 11 years. \u2022 Software in use 4\u201312 years. \u2022 Customer relationships 10\u201315 years. \u2022 Product development expenditures 3\u20137 years. \u2022 Technology acquired in business combinations 15\u201318 years. \u2022 Other intangibles 3\u20135 years. \u2022 Strategic tradenames indefinite. \u2022 Goodwill indefinite. Amortization and impairments are included in cost of goods sold, selling expenses or administrative expenses depending on where the assets have been used. Internally developed intangibles The Group\u2019s most significant internally developed intangi- bles are software in use, developed for internal purposes, and to a minor extent product development. The amortiza- tion plan for SKF ERP Programme (SEP) is a straight-line amortization for the rest of the useful life, with an amorti- zation rate of 10%. Intangible assets with definite useful lives Intangible assets with definite useful lives are tested for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The determination is usually performed at the cash gener- ating unit (CGU) level but could also be at the individual asset level. Factors that are considered important are: \u2022 Underperformance relative to historical and forecasted operating results; \u2022 Significant negative industry or economic trends; \u2022 Significant changes relative to the asset including plans to discontinue or restructure the operation to which the asset belongs. When there is an indication that the carrying value may not be recoverable based on the above indicators, the profita- bility of the CGU to which the asset belongs is analyzed to further confirm the nature and extent of the indication. If an indication is confirmed, an impairment loss is recog- nized to the extent that the carrying amount of the affected assets exceeds its recoverable amount. Intangible assets with indefinite useful lives Goodwill and other intangible assets with indefinite use- ful lives have been allocated to CGUs, and are tested for impairment annually and whenever an indication of impair- ment exists. The impairment test is carried out at the low- est level at which these assets are monitored by manage- ment. The lowest CGU level used for impairment test is the segment level, Industrial and Automotive. Accounting estimates and judgements Significant management judgement is required in deter- mining if development expenditures should be capitalized. Such expenses are only capitalized when it is probable that they will result in future economic benefits for the Group and the expenditures during the development phase can be reliably measured. The Group applies stringent criteria before a development project results in the recording of an asset, which include the ability to complete the project, evidence of technical feasibility, intention and ability to use or sell the asset. When evaluating software for internal use, management specifically considers new functionality and/or increased standard of performance to be strong evidence that future economic benefits will be achieved. In evaluating product development projects, management considers the existence of a customer order as significant evidence of technological and economic feasibility. All other research expenditures as well as development expendi- tures not meeting the capitalization criteria are charged to research and development expenses in the income statement when incurred. When there is an indication that the carrying value may not be recoverable, the carrying amount of the asset is compared against its recoverable amount. The recoverable amount is the greater of the estimated fair value less costs to sell and value in use. In assessing value in use, a dis- counted cash flow model (DCF) is used. This assessment contains a key source of estimation uncertainty because the estimates and assumptions used in the DCF model encompass uncertainty about future events and market conditions. The actual outcomes may be significantly different. However, estimates and assumptions are re - viewed by management and are consistent with internal forecasts and business outlook. The DCF model involves the forecasting of future oper- ating cash flows over a five-year period and includes esti- mates of revenues, production costs and working capital requirements, as well as a number of assumptions, the most significant being the revenue growth rates and the discount rate. These forecasts of future operating cash flows are built up from business strategic plans re pres en- ting management\u2019s best estimates of future revenues and operating expenses using historical trends, general market conditions, industry trends and forecasts including climate related risks and other currently available informa- tion. Estimates are extrapolated using growth rates deter- mined on an individual CGU basis, reflecting a combina- tion of product, industry and country growth factors. A terminal value is then calculated based on the Gordon Growth model, which includes a terminal growth factor representing an outlook not exceeding the market growth for the industry. Forecasts of future operating cash flows are adjusted to present value by an appropriate discount rate derived from the Group\u2019s cost of capital, considering the long-term government bond rate, the corporate spread, the market risk premium, the country risk premium where applicable, and the systematic risk of the CGU at the date of evalua- tion. Management determines the discount rate to be used based on the risk inherent in the related activity\u2019s current business model and industry comparisons. 10 Intangible assets, cont. MSEK 2023 Closing balance Additions Businesses acquired/ sold Disposals Impair- ments Other1) Translation effects 2023 Opening balance Acquisition cost Goodwill 12,579 \u2014 \u2014 \u2014 \u2014 \u2014 \u2013420 12,999 Patents, tradenames and similar rights 3,281 4 \u2014 \u2014 \u2014 1 \u2013119 3,395 Internally developed software 2,679 3 \u2014 \u201316 \u2014 \u20136 \u20133 2,701 Customer relationships 5,039 \u2014 \u2014 \u20138 \u2014 \u201316 \u2013158 5,221 Leaseholds 85 \u2014 \u2014 \u2014 \u2014 2 \u20136 89 Product development 223 \u2014 \u2014 \u2014 \u2014 \u201379 \u20135 307 Technology 1,408 \u2014 \u2014 \u2014 \u2014 77 \u201340 1,371 Other intangible assets 200 4 \u2014 \u2014 \u2014 3 2 191 Total 25,494 11 \u2014 \u201324 \u2014 \u201318 \u2013749 26,274 MSEK 2023 Closing balance Amorti- zations Businesses acquired/ sold Disposals Impair- ments Other1) Translation effects 2023 Opening balance Accumulated amortization and impairments Goodwill 617 \u2014 \u2014 \u2014 \u2014 \u2014 \u201331 648 Patents, tradenames and similar rights 578 24 \u2014 \u2014 \u2014 \u201314 \u20135 573 Internally developed software 1,746 180 \u2014 \u201313 4 \u20138 \u20133 1,586 Customer relationships 4,055 302 \u2014 \u20138 \u2014 \u201325 \u2013129 3,915 Leaseholds 26 \u2014 \u2014 \u2014 \u2014 \u20131 \u20132 29 Product development 193 7 \u2014 \u2014 \u2014 \u201328 \u20133 217 Technology 1,109 105 \u2014 \u20133 \u2014 41 \u201336 1,002 Other intangible assets 163 39 \u2014 \u2014 \u2014 15 \u20132 111 Total 8,487 657 \u2014 \u201324 4 \u201320 \u2013211 8,081 Net book value 17,007 18,193 1) Includes reclassification between categories. MSEK 2022 Closing balance Additions Businesses acquired/ sold Disposals Impair- ments Other Translation effects 2022 Opening balance Acquisition cost Goodwill 12,999 \u2014 44 \u2014 \u2014 12 1,450 11,493 Patents, tradenames and similar rights 3,395 11 45 \u2014 \u2014 \u20134 401 2,942 Internally developed software 2,701 19 \u2014 \u2014 \u2014 2 14 2,666 Customer relationships 5,221 \u2014 1 \u2014 \u2014 \u201386 606 4,700 Leaseholds 89 126 \u2014 \u2014 \u2014 \u20133281) 12 279 Product development 307 \u2014 \u2014 \u2014 \u2014 \u201385 31 361 Technology 1,371 \u2014 \u2014 \u2014 \u2014 \u2014 157 1,214 Other intangible assets 191 27 \u2014 \u2014 \u2014 \u201377 9 232 Total 26,274 183 90 \u2014 \u2014 \u2013566 2,680 23,887 MSEK 2022 Closing balance Amorti- zations Businesses acquired/ sold Disposals Impair- ments Other Translation effects 2022 Opening balance Accumulated amortization and impairments Goodwill 648 \u2014 \u2014 \u2014 \u2014 \u20131 80 569 Patents, tradenames and similar rights 573 20 \u2014 \u2014 3 \u201314 35 529 Internally developed software 1,586 199 \u2014 \u2014 \u2014 \u20131 12 1,376 Customer relationships 3,915 295 \u2014 \u2014 \u2014 \u201386 423 3,283 Leaseholds 29 4 \u2014 \u2014 \u2014 \u2013911) 6 110 Product development 217 17 \u2014 \u2014 72 \u201385 16 197 Technology 1,002 99 \u2014 \u2014 \u2014 \u2014 107 796 Other intangible assets 111 7 \u2014 \u2014 \u2014 12 7 85 Total 8,081 641 \u2014 \u2014 75 \u2013266 686 6,945 Net book value 18,193 16,942 1) Includes reclassification from Intangible assets to Right-of-use assets. 10 Intangible assets, cont. Impairment losses Impairments amounted to MSEK \u20134 (\u201375) in 2023. Intangibles with indefinite useful lives Certain tradenames and trademarks are considered to have indefinite useful lives as the Group anticipates to continue to promote these brands in the foreseeable future. This includes the tradenames and trademarks in Lincoln MSEK 1,320 (1,377), Kaydon Friction MSEK 772 (805), Peer MSEK 215 (224), GBC MSEK 228 (238) and others MSEK 84 (96). Significant intangibles Internally generated software related primarily to the devel- opment of SEP to create and deploy improved processes and solutions across the Group. The balance of capitalized expenditures was MSEK 924 (1,096), including amortiza- tions of MSEK \u2013188 (\u2013184) made during 2023. Remaining useful life is five years. Other individual intangible assets that are material for the Group include the customer relationships for Lincoln amounting to MSEK 293 (438) having a remaining useful life of three years, and for Kaydon amounting to MSEK 488 (639) having a remaining useful life of five years. CGUs with significant intangibles The CGUs follow the segment reporting. The table shows goodwill and other intangibles with in definite useful lives allocated to the CGUs Industrial and Automotive, as well as some crucial rates that were used for the DCF calculation. 2023 2022 Industrial Auto- motive Industrial Auto- motive Goodwill, MSEK 11,571 391 11,907 444 Tradenames, MSEK 2,307 228 2,406 238 Average revenue growth rate, % 4.9 5.0 8.7 4.8 Discount rate, pre tax, % 12.7 13.3 10.2 11.0 Terminal growth factor, % 2.5 2.5 2.5 2.5 The recoverable amounts used in the testing of the CGUs have been calculated based on value in use using the DCF model as described in Accounting estimates and judgements. The most significant assumptions are the discount rate and the growth rates, being both the revenue growth rates and the terminal growth factor. Revenue growth rates are expressed in the above table as the average growth rate over the five-year forecast period. The same discount rate is applied to all cash flows in the five-year forecast period. Additional infor- mation on the forecast period as well as the discount rate and growth rates and how they are calculated is described in accounting estimates and judgements above. A number of sensitivity analyzes were performed to evaluate if any reasonable possible adverse changes in assumptions would lead to impairment. The analyzes focused around decreasing the revenue growth rates to zero, increasing the discount rate by two percentage points and decreasing the operating margin by two percentage points. Each taken individually and while holding all other assumptions constant. No impairment needs were indicated.",
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"fact-306": {
"value": "MSEK 2023 2022 Total fair value of net assets acquired Intangible assets, excluding goodwill \u2014 46 Property, plant and equipment \u2014 14 Current assets \u2014 59 Non-current liabilities \u2014 \u20135 Current liabilities \u2014 \u201340 Fair value net assets acquired \u2014 74 Goodwill \u2014 44 Total acquisition cost \u2014 118 Deferred consideration \u2014 \u201317 Cash and cash equivalents acquired \u2014 \u201318 Cash outflow \u2014 83 MSEK 2023 2022 Goodwill \u2014 \u2014 Other intangible assets \u2014 \u2014 Property, plant and equipment 7 171 Deferred tax assets \u2014 25 Other non-current assets \u2014 172 Current assets \u2014 489 Deferred tax provisions \u2014 \u2014 Non-current liabilities \u2014 \u2014 Current liabilities \u2014 \u2013157 Non-controlling interest \u2014 \u2014 Net assets disposed of 7 700 Profit/loss 18 \u2013672 Total consideration 25 28 Cash and cash equivalents divested \u2014 \u2013161 Cash outflow for previous years divestments \u2014 \u2014 Total cashflow 25 \u2013133 10 Intangible assets Accounting policy Intangible assets are stated at initial cost less any accu- mulated amortization and any impairment. Amortization is made on a straight line basis over the estimated useful lives and begins once the asset is ready for its intended use. The useful lives are based to a large extent on historical experience, the expected application, as well as other individual characteristics of the asset. The useful lives are: \u2022 Patents and similar rights up to 11 years. \u2022 Software in use 4\u201312 years. \u2022 Customer relationships 10\u201315 years. \u2022 Product development expenditures 3\u20137 years. \u2022 Technology acquired in business combinations 15\u201318 years. \u2022 Other intangibles 3\u20135 years. \u2022 Strategic tradenames indefinite. \u2022 Goodwill indefinite. Amortization and impairments are included in cost of goods sold, selling expenses or administrative expenses depending on where the assets have been used. Internally developed intangibles The Group\u2019s most significant internally developed intangi- bles are software in use, developed for internal purposes, and to a minor extent product development. The amortiza- tion plan for SKF ERP Programme (SEP) is a straight-line amortization for the rest of the useful life, with an amorti- zation rate of 10%. Intangible assets with definite useful lives Intangible assets with definite useful lives are tested for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The determination is usually performed at the cash gener- ating unit (CGU) level but could also be at the individual asset level. Factors that are considered important are: \u2022 Underperformance relative to historical and forecasted operating results; \u2022 Significant negative industry or economic trends; \u2022 Significant changes relative to the asset including plans to discontinue or restructure the operation to which the asset belongs. When there is an indication that the carrying value may not be recoverable based on the above indicators, the profita- bility of the CGU to which the asset belongs is analyzed to further confirm the nature and extent of the indication. If an indication is confirmed, an impairment loss is recog- nized to the extent that the carrying amount of the affected assets exceeds its recoverable amount. Intangible assets with indefinite useful lives Goodwill and other intangible assets with indefinite use- ful lives have been allocated to CGUs, and are tested for impairment annually and whenever an indication of impair- ment exists. The impairment test is carried out at the low- est level at which these assets are monitored by manage- ment. The lowest CGU level used for impairment test is the segment level, Industrial and Automotive. Accounting estimates and judgements Significant management judgement is required in deter- mining if development expenditures should be capitalized. Such expenses are only capitalized when it is probable that they will result in future economic benefits for the Group and the expenditures during the development phase can be reliably measured. The Group applies stringent criteria before a development project results in the recording of an asset, which include the ability to complete the project, evidence of technical feasibility, intention and ability to use or sell the asset. When evaluating software for internal use, management specifically considers new functionality and/or increased standard of performance to be strong evidence that future economic benefits will be achieved. In evaluating product development projects, management considers the existence of a customer order as significant evidence of technological and economic feasibility. All other research expenditures as well as development expendi- tures not meeting the capitalization criteria are charged to research and development expenses in the income statement when incurred. When there is an indication that the carrying value may not be recoverable, the carrying amount of the asset is compared against its recoverable amount. The recoverable amount is the greater of the estimated fair value less costs to sell and value in use. In assessing value in use, a dis- counted cash flow model (DCF) is used. This assessment contains a key source of estimation uncertainty because the estimates and assumptions used in the DCF model encompass uncertainty about future events and market conditions. The actual outcomes may be significantly different. However, estimates and assumptions are re - viewed by management and are consistent with internal forecasts and business outlook. The DCF model involves the forecasting of future oper- ating cash flows over a five-year period and includes esti- mates of revenues, production costs and working capital requirements, as well as a number of assumptions, the most significant being the revenue growth rates and the discount rate. These forecasts of future operating cash flows are built up from business strategic plans re pres en- ting management\u2019s best estimates of future revenues and operating expenses using historical trends, general market conditions, industry trends and forecasts including climate related risks and other currently available informa- tion. Estimates are extrapolated using growth rates deter- mined on an individual CGU basis, reflecting a combina- tion of product, industry and country growth factors. A terminal value is then calculated based on the Gordon Growth model, which includes a terminal growth factor representing an outlook not exceeding the market growth for the industry. Forecasts of future operating cash flows are adjusted to present value by an appropriate discount rate derived from the Group\u2019s cost of capital, considering the long-term government bond rate, the corporate spread, the market risk premium, the country risk premium where applicable, and the systematic risk of the CGU at the date of evalua- tion. Management determines the discount rate to be used based on the risk inherent in the related activity\u2019s current business model and industry comparisons. 10 Intangible assets, cont. MSEK 2023 Closing balance Additions Businesses acquired/ sold Disposals Impair- ments Other1) Translation effects 2023 Opening balance Acquisition cost Goodwill 12,579 \u2014 \u2014 \u2014 \u2014 \u2014 \u2013420 12,999 Patents, tradenames and similar rights 3,281 4 \u2014 \u2014 \u2014 1 \u2013119 3,395 Internally developed software 2,679 3 \u2014 \u201316 \u2014 \u20136 \u20133 2,701 Customer relationships 5,039 \u2014 \u2014 \u20138 \u2014 \u201316 \u2013158 5,221 Leaseholds 85 \u2014 \u2014 \u2014 \u2014 2 \u20136 89 Product development 223 \u2014 \u2014 \u2014 \u2014 \u201379 \u20135 307 Technology 1,408 \u2014 \u2014 \u2014 \u2014 77 \u201340 1,371 Other intangible assets 200 4 \u2014 \u2014 \u2014 3 2 191 Total 25,494 11 \u2014 \u201324 \u2014 \u201318 \u2013749 26,274 MSEK 2023 Closing balance Amorti- zations Businesses acquired/ sold Disposals Impair- ments Other1) Translation effects 2023 Opening balance Accumulated amortization and impairments Goodwill 617 \u2014 \u2014 \u2014 \u2014 \u2014 \u201331 648 Patents, tradenames and similar rights 578 24 \u2014 \u2014 \u2014 \u201314 \u20135 573 Internally developed software 1,746 180 \u2014 \u201313 4 \u20138 \u20133 1,586 Customer relationships 4,055 302 \u2014 \u20138 \u2014 \u201325 \u2013129 3,915 Leaseholds 26 \u2014 \u2014 \u2014 \u2014 \u20131 \u20132 29 Product development 193 7 \u2014 \u2014 \u2014 \u201328 \u20133 217 Technology 1,109 105 \u2014 \u20133 \u2014 41 \u201336 1,002 Other intangible assets 163 39 \u2014 \u2014 \u2014 15 \u20132 111 Total 8,487 657 \u2014 \u201324 4 \u201320 \u2013211 8,081 Net book value 17,007 18,193 1) Includes reclassification between categories. MSEK 2022 Closing balance Additions Businesses acquired/ sold Disposals Impair- ments Other Translation effects 2022 Opening balance Acquisition cost Goodwill 12,999 \u2014 44 \u2014 \u2014 12 1,450 11,493 Patents, tradenames and similar rights 3,395 11 45 \u2014 \u2014 \u20134 401 2,942 Internally developed software 2,701 19 \u2014 \u2014 \u2014 2 14 2,666 Customer relationships 5,221 \u2014 1 \u2014 \u2014 \u201386 606 4,700 Leaseholds 89 126 \u2014 \u2014 \u2014 \u20133281) 12 279 Product development 307 \u2014 \u2014 \u2014 \u2014 \u201385 31 361 Technology 1,371 \u2014 \u2014 \u2014 \u2014 \u2014 157 1,214 Other intangible assets 191 27 \u2014 \u2014 \u2014 \u201377 9 232 Total 26,274 183 90 \u2014 \u2014 \u2013566 2,680 23,887 MSEK 2022 Closing balance Amorti- zations Businesses acquired/ sold Disposals Impair- ments Other Translation effects 2022 Opening balance Accumulated amortization and impairments Goodwill 648 \u2014 \u2014 \u2014 \u2014 \u20131 80 569 Patents, tradenames and similar rights 573 20 \u2014 \u2014 3 \u201314 35 529 Internally developed software 1,586 199 \u2014 \u2014 \u2014 \u20131 12 1,376 Customer relationships 3,915 295 \u2014 \u2014 \u2014 \u201386 423 3,283 Leaseholds 29 4 \u2014 \u2014 \u2014 \u2013911) 6 110 Product development 217 17 \u2014 \u2014 72 \u201385 16 197 Technology 1,002 99 \u2014 \u2014 \u2014 \u2014 107 796 Other intangible assets 111 7 \u2014 \u2014 \u2014 12 7 85 Total 8,081 641 \u2014 \u2014 75 \u2013266 686 6,945 Net book value 18,193 16,942 1) Includes reclassification from Intangible assets to Right-of-use assets. 10 Intangible assets, cont. Impairment losses Impairments amounted to MSEK \u20134 (\u201375) in 2023. Intangibles with indefinite useful lives Certain tradenames and trademarks are considered to have indefinite useful lives as the Group anticipates to continue to promote these brands in the foreseeable future. This includes the tradenames and trademarks in Lincoln MSEK 1,320 (1,377), Kaydon Friction MSEK 772 (805), Peer MSEK 215 (224), GBC MSEK 228 (238) and others MSEK 84 (96). Significant intangibles Internally generated software related primarily to the devel- opment of SEP to create and deploy improved processes and solutions across the Group. The balance of capitalized expenditures was MSEK 924 (1,096), including amortiza- tions of MSEK \u2013188 (\u2013184) made during 2023. Remaining useful life is five years. Other individual intangible assets that are material for the Group include the customer relationships for Lincoln amounting to MSEK 293 (438) having a remaining useful life of three years, and for Kaydon amounting to MSEK 488 (639) having a remaining useful life of five years. CGUs with significant intangibles The CGUs follow the segment reporting. The table shows goodwill and other intangibles with in definite useful lives allocated to the CGUs Industrial and Automotive, as well as some crucial rates that were used for the DCF calculation. 2023 2022 Industrial Auto- motive Industrial Auto- motive Goodwill, MSEK 11,571 391 11,907 444 Tradenames, MSEK 2,307 228 2,406 238 Average revenue growth rate, % 4.9 5.0 8.7 4.8 Discount rate, pre tax, % 12.7 13.3 10.2 11.0 Terminal growth factor, % 2.5 2.5 2.5 2.5 The recoverable amounts used in the testing of the CGUs have been calculated based on value in use using the DCF model as described in Accounting estimates and judgements. The most significant assumptions are the discount rate and the growth rates, being both the revenue growth rates and the terminal growth factor. Revenue growth rates are expressed in the above table as the average growth rate over the five-year forecast period. The same discount rate is applied to all cash flows in the five-year forecast period. Additional infor- mation on the forecast period as well as the discount rate and growth rates and how they are calculated is described in accounting estimates and judgements above. A number of sensitivity analyzes were performed to evaluate if any reasonable possible adverse changes in assumptions would lead to impairment. The analyzes focused around decreasing the revenue growth rates to zero, increasing the discount rate by two percentage points and decreasing the operating margin by two percentage points. Each taken individually and while holding all other assumptions constant. No impairment needs were indicated.",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"fact-307": {
"value": "MSEK 2023 2022 Total fair value of net assets acquired Intangible assets, excluding goodwill \u2014 46 Property, plant and equipment \u2014 14 Current assets \u2014 59 Non-current liabilities \u2014 \u20135 Current liabilities \u2014 \u201340 Fair value net assets acquired \u2014 74 Goodwill \u2014 44 Total acquisition cost \u2014 118 Deferred consideration \u2014 \u201317 Cash and cash equivalents acquired \u2014 \u201318 Cash outflow \u2014 83 MSEK 2023 2022 Goodwill \u2014 \u2014 Other intangible assets \u2014 \u2014 Property, plant and equipment 7 171 Deferred tax assets \u2014 25 Other non-current assets \u2014 172 Current assets \u2014 489 Deferred tax provisions \u2014 \u2014 Non-current liabilities \u2014 \u2014 Current liabilities \u2014 \u2013157 Non-controlling interest \u2014 \u2014 Net assets disposed of 7 700 Profit/loss 18 \u2013672 Total consideration 25 28 Cash and cash equivalents divested \u2014 \u2013161 Cash outflow for previous years divestments \u2014 \u2014 Total cashflow 25 \u2013133 Financial assets per category 2023 Fair value through profit or loss MSEK Amortized cost Fair value through other comprehensive income At initial recognition Trading Total Of which cur rent Trade receivables 16,811 \u2014 \u2014 \u2014 16,811 16,811 Cash and cash equivalents 8,803 \u2014 4,508 \u2014 13,311 13,311 Equity securities \u2014 313 \u2014 \u2014 313 \u2014 Marketable securities \u2014 \u2014 \u2014 769 769 \u2014 Trading derivatives \u2014 \u2014 \u2014 333 333 333 Debt securities \u2014 30 \u2014 \u2014 30 6 Other loans and receivables 467 \u2014 \u2014 \u2014 467 403 Carrying amount 26,081 343 4,508 1,102 32,034 30,864 Fair value 26,081 343 4,508 1,102 Financial assets per category 2022 Fair value through profit or loss MSEK Amortized cost Fair value through other comprehensive income At initial recognition Trading Total Of which cur rent Trade receivables 16,905 \u2014 \u2014 \u2014 16,905 16,905 Cash and cash equivalents 8,169 \u2014 2,086 \u2014 10,255 10,255 Equity securities \u2014 395 \u2014 \u2014 395 \u2014 Marketable securities \u2014 \u2014 \u2014 746 746 \u2014 Trading derivatives \u2014 \u2014 \u2014 370 370 370 Debt securities \u2014 20 10 \u2014 30 10 Other loans and receivables 652 \u2014 \u2014 \u2014 652 589 Carrying amount 25,726 415 2,096 1,116 29,353 28,129 Fair value 25,726 415 2,096 1,116 Financial assets categorized as amortized cost are assets held to collect contractual cash flows. These include trade receivables, loans granted, funds held with banks and deposits comprising principally of funds held with land- lords and other service providers, for which substantially all initial investment is expected to be recovered. Debt securities and strategic investments in equity securities are categorised as FVOCI. The exception is debt securities held by SKF Treasury Centre which are cate gorised as FVPL. Financial instruments are at FVPL when the Group manages such investments and makes purchase and sale decisions based on their fair value. Derivatives are categorized as trading derivatives unless they are subject to hedge accounting. Cash and cash equivalents includes cash free and cash on time deposits at banks and debt securities maturing within three months at the the time of the investment. Cash and cash equivalents are measured at amortized cost and fair value through profit and loss. Cash and Cash equvialents (MSEK) 2023 2022 Cash 6,200 4,238 Cash Equivalents 7,110 6,017 13,311 10,255 ",
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"language": "en",
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},
"fact-308": {
"value": "MSEK 2023 2022 Total fair value of net assets acquired Intangible assets, excluding goodwill \u2014 46 Property, plant and equipment \u2014 14 Current assets \u2014 59 Non-current liabilities \u2014 \u20135 Current liabilities \u2014 \u201340 Fair value net assets acquired \u2014 74 Goodwill \u2014 44 Total acquisition cost \u2014 118 Deferred consideration \u2014 \u201317 Cash and cash equivalents acquired \u2014 \u201318 Cash outflow \u2014 83 MSEK 2023 2022 Goodwill \u2014 \u2014 Other intangible assets \u2014 \u2014 Property, plant and equipment 7 171 Deferred tax assets \u2014 25 Other non-current assets \u2014 172 Current assets \u2014 489 Deferred tax provisions \u2014 \u2014 Non-current liabilities \u2014 \u2014 Current liabilities \u2014 \u2013157 Non-controlling interest \u2014 \u2014 Net assets disposed of 7 700 Profit/loss 18 \u2013672 Total consideration 25 28 Cash and cash equivalents divested \u2014 \u2013161 Cash outflow for previous years divestments \u2014 \u2014 Total cashflow 25 \u2013133 2023 2022 Gross deferred taxes per type (MSEK) Deferred tax assets Deferred tax liabilities Deferred tax assets Deferred tax liabilities Intangibles and other assets 151 1,322 33 1,519 Property, plant and equipment 72 1,209 30 1,083 Inventories 643 499 668 507 Trade receivables 71 3 107 2 Provisions for post-employment benefits 1,667 196 1,736 132 Other accruals and liabilities 1,310 99 1,060 10 Tax loss carry-forwards 828 \u2014 896 \u2014 Tax credit carry-forwards 349 \u2014 268 \u2014 Other 179 55 328 65 Gross deferred taxes 5,270 3,383 5,126 3,318 Net deferred taxes presented in the Consolidated balance sheet 3,107 1,220 3,173 1,365 11 Property, plant and equipment Accounting policy Machinery and supply systems, land, buildings, tools, office equipment and vehicles are stated in the balance sheet at cost, less accumulated depreciation and any impairment loss. A component approach to depreciation is applied. This means that where items of property, plant and equipment are comprised of different components having a cost significant in relation to the total cost of the items, such components are depreciated separately. Depreciation is provided on a straight-line basis and is calculated based on cost. The rates of depreciation are based on the estimated useful lives of the assets, which are subject to annual review. The useful lives are: \u2022 33 years for buildings and installations. \u2022 10\u201320 years for machinery and supply systems. \u2022 10 years for control systems within machinery and supply systems. \u2022 4\u20135 years for tools, office equipment and vehicles. Depreciation and impairments are included in cost of goods sold, selling expenses or administrative expenses depending on where the assets have been used. Accounting estimates and judgments The useful lives are based upon estimates of the periods during which the assets will generate revenue and are based to a large extent on historical experience of usage and technological development. It also includes estimates related to investments connected to the green transition as part of SKF\u2019s strategy. Property, plant and equipment is tested for impairment whenever events or changes in circumstances indicates that the carrying value may not be recoverable. 11 Property, plant and equipment, cont. MSEK 2023 Closing balance Additions Businesses acquired/sold Disposals Impairments Other 1) Translation effects 2023 Opening balance Acquisition cost Buildings 12,161 809 \u2014 \u201341 \u2014 163 \u2013239 11,469 Land and land improvements 705 1 \u2014 \u201312 \u2014 26 \u2013342 1,032 Machinery and supply systems 40,261 2,243 \u201326 \u2013592 \u2014 \u201388 \u20131,140 39,864 Machine tooling and factory fittings 5,666 575 \u201312 \u201372 \u2014 \u2013181 \u2013137 5,493 Assets under construction including advances2) 6,952 2,121 \u20131 \u20131 \u2014 \u2013322 \u2013503 5,658 Total 65,745 5,749 \u201339 \u2013718 \u2014 \u2013402 \u20132,361 63,516 MSEK 2023 Closing balance Depre ciation Businesses sold Disposals Impairments Other1) Translation effects 2023 Opening balance Accumulated depreciation and impairments Buildings 5,999 299 \u2014 \u20137 96 \u201326 \u2013156 5,793 Land improvements 279 6 \u2014 \u20131 \u2014 \u20135 \u201311 290 Machinery and supply systems 28,463 1,985 \u201321 \u2013542 42 \u2013737 \u2013681 28,417 Machine tooling and factory fittings 4,184 363 \u201311 \u201381 7 49 \u2013262 4,119 Total 38,925 2,653 \u201332 \u2013631 145 \u2013719 \u20131,110 38,619 Net book value 26,820 24,897 MSEK 2022 Closing balance Additions Businesses acquired/sold Disposals Impairments Other 1) Translation effects 2022 Opening balance Acquisition cost Buildings 11,469 549 \u201365 \u201374 \u2014 241 758 10,060 Land and land improvements 1,032 6 \u201321 \u201329 \u2014 4 64 1,008 Machinery and supply systems 39,864 2,123 \u2013150 \u2013287 \u2014 356 2,954 34,868 Machine tooling and factory fittings 5,493 309 \u20132 \u201370 \u2014 207 418 4,631 Assets under construction including advances2) 5,658 2,043 \u201311 \u20132 \u2014 \u2013390 206 3,812 Total 63,516 5,030 \u2013249 \u2013462 \u2014 418 4,400 54,379 MSEK 2022 Closing balance Depre ciation Businesses sold Disposals Impairments Other1) Translation effects 2022 Opening balance Accumulated depreciation and impairments Buildings 5,793 344 \u201323 \u201342 16 138 413 4,947 Land improvements 290 5 \u20136 \u20132 \u2014 \u201326 22 297 Machinery and supply systems 28,417 1,601 \u201360 \u2013250 30 \u2013124 2,139 25,081 Machine tooling and factory fittings 4,119 338 \u20133 \u201366 7 214 298 3,331 Total 38,619 2,288 \u201392 \u2013360 53 202 2,872 33,656 Net book value 24,897 20,723 1) Includes reclassification between categories. 2) Contractual commitments for acquisition of property, plant and equipment not yet booked amounted to MSEK 0 (0) .",
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"fact-309": {
"value": "4 Divestment of businesses During 2023, the Group divested Spandau Pumpen, a smaller business within lubrication, resulting in a total cash in-flow of MSEK 25. During 2022, the Group divested its business in Russia and a smaller business in Mozambique, resulting in a total cash outflow of MSEK \u2013133 and a net loss of MSEK \u2013672. MSEK 2023 2022 Goodwill \u2014 \u2014 Other intangible assets \u2014 \u2014 Property, plant and equipment 7 171 Deferred tax assets \u2014 25 Other non-current assets \u2014 172 Current assets \u2014 489 Deferred tax provisions \u2014 \u2014 Non-current liabilities \u2014 \u2014 Current liabilities \u2014 \u2013157 Non-controlling interest \u2014 \u2014 Net assets disposed of 7 700 Profit/loss 18 \u2013672 Total consideration 25 28 Cash and cash equivalents divested \u2014 \u2013161 Cash outflow for previous years divestments \u2014 \u2014 Total cashflow 25 \u2013133 ",
"dimensions": {
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"fact-310": {
"value": "MSEK 2023 2022 Goodwill \u2014 \u2014 Other intangible assets \u2014 \u2014 Property, plant and equipment 7 171 Deferred tax assets \u2014 25 Other non-current assets \u2014 172 Current assets \u2014 489 Deferred tax provisions \u2014 \u2014 Non-current liabilities \u2014 \u2014 Current liabilities \u2014 \u2013157 Non-controlling interest \u2014 \u2014 Net assets disposed of 7 700 Profit/loss 18 \u2013672 Total consideration 25 28 Cash and cash equivalents divested \u2014 \u2013161 Cash outflow for previous years divestments \u2014 \u2014 Total cashflow 25 \u2013133 9 Taxe s Accounting policy Taxes include current taxes on profits, deferred taxes and other taxes such as taxes on capital, actual or potential withholding taxes on current and expected transfers of income from Group companies and tax adjustments relat- ing to prior years. Income taxes are recognized in the income statement, except to the extent that they relate to items directly taken to other comprehensive income or to equity, in which case they are recognized in other comprehensive income or directly in equity. All the companies within the Group calculate current income taxes in accordance with the tax rules and regula- tions of the countries where the income is taxable. The Group applies the required balance sheet approach for measuring deferred taxes, where deferred tax assets and provisions are recorded based on enacted tax rates for the expected future tax consequences when the asset is realized or debt regulated. These tax rates are applied on existing differences between accounting and tax reporting bases of assets and liabilities, as well as for tax loss and tax credit carry-forwards. Such tax loss and tax credit carry- forwards can be used to offset future income. For information regarding Pillar 2 see Note 1 Accounting policies. Accounting estimates and judgements Significant management judgment is required in deter- mining current tax liabilities and assets as well as deferred tax provisions and assets. The process involves estimating the current tax together with assessing tem- porary differences arising from differing treatment of items for tax and accounting purposes. The process also involves judgements when there is uncertainty over income tax treatments. In particular, management assesses the likelihood that deferred tax assets will be recoverable from future taxable income. Deferred tax assets are recorded to the extent that it is probable in management\u2019s opinion that sufficient future taxable income will be available to allow the re - cognition of such benefits. Realizability of net deferred tax assets are assessed by management based on the individual company\u2019s profita bility history, forecasts of taxable profits as well as length to expiry of the asset. The assessment regarding the possi- bility of utilizing deferred tax assets attributable to tax loss carry-forwards includes climate-related risks and its impact on future expected taxable profits. The SKF Group had total unrecognized deferred tax assets of MSEK 88 (205), whereof MSEK 33 (76) related to tax loss carry- forwards and MSEK 55 (129) related to other deductible temporary differences. These were not recog- nized due to the uncertainty of future profit streams. Unrecognized deferred tax assets of MSEK 6 (1) related to tax losses and will expire during the period 2024 to 2028. The remaining unrecognized assets will expire after 2028 and/or may be carried forward indefinitely. The change in the balance of unrecognized deferred tax assets that reduced current tax expense was MSEK 21 (41) mainly relating to the use of tax loss carry-forwards. The change in the balance of unrecognized deferred tax assets that impacted deferred tax expense was MSEK 96 (\u201363) which resulted from a revised judgement on the realiza- bility of certain tax assets in future years. Gross value of tax loss carry-forwards As of 31 December 2023, the Group had tax loss carry- forwards amounting to MSEK 4,088 (4,632), which are available for offset against taxable future profits. Such tax loss carry-forwards expire as follows: 2024\u20132028 409 2029 and thereafter 16 Never 3,663 2023 2022 Tax expense (MSEK) Income statement Other comprehensive income Total taxes Income statement Other comprehensive income Total taxes Current taxes \u20132,373 \u2014 \u20132,373 \u20132,429 \u2014 \u20132,429 Deferred taxes \u201331 83 52 \u20139 \u2013894 \u2013903 Total \u20132,404 83 \u20132,321 \u20132,438 \u2013894 \u20133,332 Taxes charged to other comprehensive income included MSEK 83 (\u2013898) related to remeasurements of post- employment benefits and MSEK 0 (4) related to net investment hedges. Reconciliation of the statutory tax in Sweden to the actual tax (MSEK) 2023 2022 Tax calculated using statutory tax rate in Sweden \u20131,891 \u20131,502 Difference between statutory tax rate in Sweden and foreign subsidiaries \u2013403 \u2013408 Other taxes \u201388 \u201364 Tax credits and similar items 34 42 Non-deductible/Non-taxable profit items 127 \u2013403 Changes in tax rates \u2014 \u201338 Tax loss carry-forwards \u201376 \u201312 Current tax referring to previous years 122 \u20135 Other \u2013229 \u201348 Tax expense Income Statement \u20132,404 \u20132,438 The corporate statutory income tax rate in Sweden was 20.6% (20.6). The actual tax rate on profit before taxes was 26.2% (33.4). 2023 2022 Gross deferred taxes per type (MSEK) Deferred tax assets Deferred tax liabilities Deferred tax assets Deferred tax liabilities Intangibles and other assets 151 1,322 33 1,519 Property, plant and equipment 72 1,209 30 1,083 Inventories 643 499 668 507 Trade receivables 71 3 107 2 Provisions for post-employment benefits 1,667 196 1,736 132 Other accruals and liabilities 1,310 99 1,060 10 Tax loss carry-forwards 828 \u2014 896 \u2014 Tax credit carry-forwards 349 \u2014 268 \u2014 Other 179 55 328 65 Gross deferred taxes 5,270 3,383 5,126 3,318 Net deferred taxes presented in the Consolidated balance sheet 3,107 1,220 3,173 1,365 ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"fact-311": {
"value": "5 Research and development Research and development expenditure, excluding developing IT solutions, totalled MSEK 3,303 (3,177), corresponding to 3.2% (3.3) of annual sales. ",
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"fact-312": {
"value": "6 Expenses by nature MSEK 2023 2022 Employee benefit expenses including social charges 29,242 26,702 Raw material and components consumed including traded products 36,446 33,244 Change in work in process and finished goods 880 \u20131,152 Depreciation, amortization and impairments 4,297 3,784 Other expenses, primarily purchased services, shop supplies and utilities 22,036 25,087 Total operating expenses 92,901 87,665 Depreciation, amortization and impairments are accounted for as (MSEK) 2023 2022 Depre ciation Amortization Impairments Total Depre ciation Amortization Impairments Total Cost of goods sold 3,037 97 146 3,280 2,551 105 127 2,783 Selling expenses 453 560 4 1,017 463 536 2 1,001 Total 3,490 657 150 4,297 3,014 641 129 3,784 ",
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"fact-313": {
"value": "MSEK 2023 2022 Employee benefit expenses including social charges 29,242 26,702 Raw material and components consumed including traded products 36,446 33,244 Change in work in process and finished goods 880 \u20131,152 Depreciation, amortization and impairments 4,297 3,784 Other expenses, primarily purchased services, shop supplies and utilities 22,036 25,087 Total operating expenses 92,901 87,665 Depreciation, amortization and impairments are accounted for as (MSEK) 2023 2022 Depre ciation Amortization Impairments Total Depre ciation Amortization Impairments Total Cost of goods sold 3,037 97 146 3,280 2,551 105 127 2,783 Selling expenses 453 560 4 1,017 463 536 2 1,001 Total 3,490 657 150 4,297 3,014 641 129 3,784 MSEK 2023 Closing balance Additions Businesses acquired/ sold Disposals Impair- ments Other1) Translation effects 2023 Opening balance Acquisition cost Goodwill 12,579 \u2014 \u2014 \u2014 \u2014 \u2014 \u2013420 12,999 Patents, tradenames and similar rights 3,281 4 \u2014 \u2014 \u2014 1 \u2013119 3,395 Internally developed software 2,679 3 \u2014 \u201316 \u2014 \u20136 \u20133 2,701 Customer relationships 5,039 \u2014 \u2014 \u20138 \u2014 \u201316 \u2013158 5,221 Leaseholds 85 \u2014 \u2014 \u2014 \u2014 2 \u20136 89 Product development 223 \u2014 \u2014 \u2014 \u2014 \u201379 \u20135 307 Technology 1,408 \u2014 \u2014 \u2014 \u2014 77 \u201340 1,371 Other intangible assets 200 4 \u2014 \u2014 \u2014 3 2 191 Total 25,494 11 \u2014 \u201324 \u2014 \u201318 \u2013749 26,274 MSEK 2023 Closing balance Amorti- zations Businesses acquired/ sold Disposals Impair- ments Other1) Translation effects 2023 Opening balance Accumulated amortization and impairments Goodwill 617 \u2014 \u2014 \u2014 \u2014 \u2014 \u201331 648 Patents, tradenames and similar rights 578 24 \u2014 \u2014 \u2014 \u201314 \u20135 573 Internally developed software 1,746 180 \u2014 \u201313 4 \u20138 \u20133 1,586 Customer relationships 4,055 302 \u2014 \u20138 \u2014 \u201325 \u2013129 3,915 Leaseholds 26 \u2014 \u2014 \u2014 \u2014 \u20131 \u20132 29 Product development 193 7 \u2014 \u2014 \u2014 \u201328 \u20133 217 Technology 1,109 105 \u2014 \u20133 \u2014 41 \u201336 1,002 Other intangible assets 163 39 \u2014 \u2014 \u2014 15 \u20132 111 Total 8,487 657 \u2014 \u201324 4 \u201320 \u2013211 8,081 Net book value 17,007 18,193 1) Includes reclassification between categories. MSEK 2022 Closing balance Additions Businesses acquired/ sold Disposals Impair- ments Other Translation effects 2022 Opening balance Acquisition cost Goodwill 12,999 \u2014 44 \u2014 \u2014 12 1,450 11,493 Patents, tradenames and similar rights 3,395 11 45 \u2014 \u2014 \u20134 401 2,942 Internally developed software 2,701 19 \u2014 \u2014 \u2014 2 14 2,666 Customer relationships 5,221 \u2014 1 \u2014 \u2014 \u201386 606 4,700 Leaseholds 89 126 \u2014 \u2014 \u2014 \u20133281) 12 279 Product development 307 \u2014 \u2014 \u2014 \u2014 \u201385 31 361 Technology 1,371 \u2014 \u2014 \u2014 \u2014 \u2014 157 1,214 Other intangible assets 191 27 \u2014 \u2014 \u2014 \u201377 9 232 Total 26,274 183 90 \u2014 \u2014 \u2013566 2,680 23,887 MSEK 2022 Closing balance Amorti- zations Businesses acquired/ sold Disposals Impair- ments Other Translation effects 2022 Opening balance Accumulated amortization and impairments Goodwill 648 \u2014 \u2014 \u2014 \u2014 \u20131 80 569 Patents, tradenames and similar rights 573 20 \u2014 \u2014 3 \u201314 35 529 Internally developed software 1,586 199 \u2014 \u2014 \u2014 \u20131 12 1,376 Customer relationships 3,915 295 \u2014 \u2014 \u2014 \u201386 423 3,283 Leaseholds 29 4 \u2014 \u2014 \u2014 \u2013911) 6 110 Product development 217 17 \u2014 \u2014 72 \u201385 16 197 Technology 1,002 99 \u2014 \u2014 \u2014 \u2014 107 796 Other intangible assets 111 7 \u2014 \u2014 \u2014 12 7 85 Total 8,081 641 \u2014 \u2014 75 \u2013266 686 6,945 Net book value 18,193 16,942 1) Includes reclassification from Intangible assets to Right-of-use assets. MSEK 2023 Closing balance Additions Businesses acquired/sold Disposals Impairments Other 1) Translation effects 2023 Opening balance Acquisition cost Buildings 12,161 809 \u2014 \u201341 \u2014 163 \u2013239 11,469 Land and land improvements 705 1 \u2014 \u201312 \u2014 26 \u2013342 1,032 Machinery and supply systems 40,261 2,243 \u201326 \u2013592 \u2014 \u201388 \u20131,140 39,864 Machine tooling and factory fittings 5,666 575 \u201312 \u201372 \u2014 \u2013181 \u2013137 5,493 Assets under construction including advances2) 6,952 2,121 \u20131 \u20131 \u2014 \u2013322 \u2013503 5,658 Total 65,745 5,749 \u201339 \u2013718 \u2014 \u2013402 \u20132,361 63,516 MSEK 2023 Closing balance Depre ciation Businesses sold Disposals Impairments Other1) Translation effects 2023 Opening balance Accumulated depreciation and impairments Buildings 5,999 299 \u2014 \u20137 96 \u201326 \u2013156 5,793 Land improvements 279 6 \u2014 \u20131 \u2014 \u20135 \u201311 290 Machinery and supply systems 28,463 1,985 \u201321 \u2013542 42 \u2013737 \u2013681 28,417 Machine tooling and factory fittings 4,184 363 \u201311 \u201381 7 49 \u2013262 4,119 Total 38,925 2,653 \u201332 \u2013631 145 \u2013719 \u20131,110 38,619 Net book value 26,820 24,897 MSEK 2022 Closing balance Additions Businesses acquired/sold Disposals Impairments Other 1) Translation effects 2022 Opening balance Acquisition cost Buildings 11,469 549 \u201365 \u201374 \u2014 241 758 10,060 Land and land improvements 1,032 6 \u201321 \u201329 \u2014 4 64 1,008 Machinery and supply systems 39,864 2,123 \u2013150 \u2013287 \u2014 356 2,954 34,868 Machine tooling and factory fittings 5,493 309 \u20132 \u201370 \u2014 207 418 4,631 Assets under construction including advances2) 5,658 2,043 \u201311 \u20132 \u2014 \u2013390 206 3,812 Total 63,516 5,030 \u2013249 \u2013462 \u2014 418 4,400 54,379 MSEK 2022 Closing balance Depre ciation Businesses sold Disposals Impairments Other1) Translation effects 2022 Opening balance Accumulated depreciation and impairments Buildings 5,793 344 \u201323 \u201342 16 138 413 4,947 Land improvements 290 5 \u20136 \u20132 \u2014 \u201326 22 297 Machinery and supply systems 28,417 1,601 \u201360 \u2013250 30 \u2013124 2,139 25,081 Machine tooling and factory fittings 4,119 338 \u20133 \u201366 7 214 298 3,331 Total 38,619 2,288 \u201392 \u2013360 53 202 2,872 33,656 Net book value 24,897 20,723 1) Includes reclassification between categories. 2) Contractual commitments for acquisition of property, plant and equipment not yet booked amounted to MSEK 0 (0) .MSEK 2023 Closing balance Depre ciation Modifications Impairments Reclassi- fication Translation effects 2023 Opening balance Accumulated depreciation and impairments Premises 1,774 576 \u2013132 \u2014 \u2013322 \u201354 1,706 Vehicles 568 159 \u20131 \u2014 \u201390 \u20132 502 Forklifts 203 51 \u2014 \u2014 \u201323 \u20139 184 Machinery 43 7 \u2014 \u2014 \u20132 \u2014 38 Office equipment 12 8 \u2014 \u2014 \u201312 \u2014 16 Other 93 36 \u2014 1 \u201315 6 65 Total 2,693 837 \u2013133 1 \u2013464 \u201359 2,511 Net book value 2,961 3,084 MSEK 2022 Closing balance Depre ciation Modifications Impairments Reclassi- fication Translation effects 2022 Opening balance Accumulated depreciation and impairments Premises 1,706 507 \u2013169 \u2014 \u2013 66 126 1,308 Vehicles 502 146 \u201317 \u2014 \u201349 35 387 Forklifts 184 62 \u20135 1 \u201323 11 138 Machinery 38 2 \u20132 \u2014 \u20133 3 38 Office equipment 16 4 \u20131 \u2014 \u20132 1 14 Other 65 5 23 \u2014 48 1) \u20133 \u20138 Total 2,511 726 \u2013171 1 \u201395 173 1,877 Net book value 3,084 2,661 1) Includes reclassifaction from Intangibles to Right-of-use asset. Financial assets per category 2023 Fair value through profit or loss MSEK Amortized cost Fair value through other comprehensive income At initial recognition Trading Total Of which cur rent Trade receivables 16,811 \u2014 \u2014 \u2014 16,811 16,811 Cash and cash equivalents 8,803 \u2014 4,508 \u2014 13,311 13,311 Equity securities \u2014 313 \u2014 \u2014 313 \u2014 Marketable securities \u2014 \u2014 \u2014 769 769 \u2014 Trading derivatives \u2014 \u2014 \u2014 333 333 333 Debt securities \u2014 30 \u2014 \u2014 30 6 Other loans and receivables 467 \u2014 \u2014 \u2014 467 403 Carrying amount 26,081 343 4,508 1,102 32,034 30,864 Fair value 26,081 343 4,508 1,102 Financial assets per category 2022 Fair value through profit or loss MSEK Amortized cost Fair value through other comprehensive income At initial recognition Trading Total Of which cur rent Trade receivables 16,905 \u2014 \u2014 \u2014 16,905 16,905 Cash and cash equivalents 8,169 \u2014 2,086 \u2014 10,255 10,255 Equity securities \u2014 395 \u2014 \u2014 395 \u2014 Marketable securities \u2014 \u2014 \u2014 746 746 \u2014 Trading derivatives \u2014 \u2014 \u2014 370 370 370 Debt securities \u2014 20 10 \u2014 30 10 Other loans and receivables 652 \u2014 \u2014 \u2014 652 589 Carrying amount 25,726 415 2,096 1,116 29,353 28,129 Fair value 25,726 415 2,096 1,116 Financial assets categorized as amortized cost are assets held to collect contractual cash flows. These include trade receivables, loans granted, funds held with banks and deposits comprising principally of funds held with land- lords and other service providers, for which substantially all initial investment is expected to be recovered. Debt securities and strategic investments in equity securities are categorised as FVOCI. The exception is debt securities held by SKF Treasury Centre which are cate gorised as FVPL. Financial instruments are at FVPL when the Group manages such investments and makes purchase and sale decisions based on their fair value. Derivatives are categorized as trading derivatives unless they are subject to hedge accounting. ",
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"fact-314": {
"value": "MSEK 2023 2022 Employee benefit expenses including social charges 29,242 26,702 Raw material and components consumed including traded products 36,446 33,244 Change in work in process and finished goods 880 \u20131,152 Depreciation, amortization and impairments 4,297 3,784 Other expenses, primarily purchased services, shop supplies and utilities 22,036 25,087 Total operating expenses 92,901 87,665 Depreciation, amortization and impairments are accounted for as (MSEK) 2023 2022 Depre ciation Amortization Impairments Total Depre ciation Amortization Impairments Total Cost of goods sold 3,037 97 146 3,280 2,551 105 127 2,783 Selling expenses 453 560 4 1,017 463 536 2 1,001 Total 3,490 657 150 4,297 3,014 641 129 3,784 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"fact-315": {
"value": "MSEK 2023 2022 Employee benefit expenses including social charges 29,242 26,702 Raw material and components consumed including traded products 36,446 33,244 Change in work in process and finished goods 880 \u20131,152 Depreciation, amortization and impairments 4,297 3,784 Other expenses, primarily purchased services, shop supplies and utilities 22,036 25,087 Total operating expenses 92,901 87,665 Depreciation, amortization and impairments are accounted for as (MSEK) 2023 2022 Depre ciation Amortization Impairments Total Depre ciation Amortization Impairments Total Cost of goods sold 3,037 97 146 3,280 2,551 105 127 2,783 Selling expenses 453 560 4 1,017 463 536 2 1,001 Total 3,490 657 150 4,297 3,014 641 129 3,784 18 Provisions for post-employment benefits Accounting policy The post-employment provisions and assets arise from defined benefit obligations in plans which are either unfunded or funded. For the unfunded plans, benefits paid out under these plans come from the all-purpose assets of the company sponsoring the plan. The related provisions carried in the balance sheet represent the present value of the defined benefit obligation. For funded defined benefit plans, the assets of the plans are held in trusts legally sep- arate from the Group. The related balance sheet provision or asset represents the deficit or excess of the fair value of plan assets over the present value of the defined benefit obligation. However, an asset is recognized only to the extent that it represents a future economic benefit which is actually available to the Group, for example in the form of reductions in future contributions or refunds from the plan. When such excess is not available it is not recog- nized, but it is disclosed in the note as an asset ceiling adjustment. The projected unit credit method is used to determine the present value of all defined benefit obligations and the related current service cost. Valuations are carried out quarterly for the most significant plans and annually for other plans. External actuarial experts are used for these valuations and estimating the obligations and costs involves the use of assumptions. Remeasurements arise from changes in actuarial assumptions and experience adjustments, being differences between actuarial assump- tions and what has actually occurred. They are recognized immediately in other comprehensive income and are never reclassified to the income statement. For all defined benefit plans the cost charged to the in - come statement consists of current service cost, net inter- est cost and when applicable past service cost, curtail- ments and settlements. Any past service cost is recog nized immediately. Net interest cost is classified as financial expense while all other expenses are allocated to the operations based on the employee\u2019s function as manu- facturing, selling or administrative. 18 Provisions for post-employment benefits, cont. The defined benefit accounting described before is applied only in the consolidated accounts. Subsidiaries, as well as the Parent Company, continue to use the local statutory pension calculations to determine pension costs, provisions and assets in the stand-alone statutory report- ing, and when applicable, funding requirements. Some post-employment benefits are also provided by defined contribution schemes, where the Group has no obligation to pay benefits after payment of an agreed-upon contribution to the third party respon sible for the plan. Such contributions are recognized as expense when incurred. Accounting estimates and judgements Significant judgements and assumptions are required to determine the present value of all defined benefit obliga- tions and the related costs. Such assumptions vary according to the economic conditions of the country in which the plan is located and are adjusted to reflect mar- ket conditions at valuation point. However, the actual costs and obligations that in fact arise under the plans may be materially different from the estimates based on the assumptions due to changing market and economic conditions. The most significant assumptions can vary per plan but in general include discount rate, pension increase rate, salary growth rate and longevity. These assumptions are established for each plan separately. The discount rate for each plan is determined by reference to yields on high quality corporate bonds (AA- rated corporate bonds as well as mortgage bonds for the plans in Sweden) having matur- ities matching the duration of the obligation. The pension increase rate assumption is relevant mainly for retired plan members, and refers to the indexation of pension pay- ments tied primarily to inflation. The salary growth rate is relevant for active plan members and reflect the long-term actual experience, the near term outlook and assumed inflation. Longevity reflects the life expectancy of plan members and is established based on mortality tables used for each plan. 2023 Amounts recognized in the consolidated balance sheet (MSEK) USA pension USA medical Germany pension United Kingdom pension Sweden pension Other Total Present value of unfunded defined benefit obligation 367 518 627 \u2014 288 733 2,533 Present value of funded defined benefit obligation 6,958 \u2014 9,039 3,205 2,431 1,547 23,180 Less: Fair value of plan assets \u20136,399 \u2014 \u20135,201 \u20133,378 \u2013772 \u20131,375 \u201317,125 Impact of asset ceiling \u2014 \u2014 \u2014 \u2014 \u2014 \u201310 \u201310 Total 926 518 4,465 \u2013173 1,947 895 8,578 Reflected as: Other long-term assets \u2014 \u2014 \u2014 \u2014 \u2014 \u2013219 \u2013219 Provisions for post-employment benefits 926 518 4,465 \u2013173 1,947 1,114 8,797 Total 926 518 4,465 \u2013173 1,947 895 8,578 2022 Amounts recognized in the consolidated balance sheet (MSEK) USA pension USA medical Germany pension United Kingdom pension Sweden pension Other Total Present value of unfunded defined benefit obligation 383 563 606 \u2014 252 798 2 602 Present value of funded defined benefit obligation 7,553 \u2014 8,565 3,257 2,099 1,643 23,117 \u20136,886 \u2014 \u20134,746 \u20133,114 \u2013761 \u20131,581 \u201317,088 Less: Fair value of plan assets \u2014 \u2014 \u2014 \u2014 \u2014 \u201310 \u201310 Total 1,050 563 4,425 143 1,590 850 8,621 Reflected as: Other long-term assets \u2014 \u2014 \u2014 \u2014 \u2014 \u2013127 \u2013127 Provisions for post-employment benefits 1,050 563 4,425 143 1,590 977 8,748 Total 1,050 563 4,425 143 1,590 850 8,621 The Group sponsors post-employment defined benefit plans in a number of subsidiaries. The most significant plans are the pension plans in USA, Germany, U.K., and Sweden, which supplement the social security pensions in these countries. USA The major USA pension plans represent around 89% of the total USA obligation. Benefits are based on length of service and average final salary, or a years of service multi plier. All these plans are closed for new entrants, who instead are covered by defined contribution pension solu- tions. The salary and non- Union defined benefit pension plans have been frozen as of December 2016 and in 2021 the remaining active accruing plans were frozen, hence no additional service cost will be accrued for these plans. Governance of the plans lies with a benefit board whose members are chosen by the board of directors of the USA subsidiary. The plans are subject to regulatory minimum funding requirements based on an adjusted statutory pen- sion formula, which in the case of funding deficits require contributions to achieve full funding in seven years. The USA subsidiary also sponsors post-retirement health care plans which are closed for new entrants. The plans provide health care and life insurance benefits for eligible retired employees. The company is entitled to receive a subsidy under the U.S. Medicare Program Part D, for prescription drug costs for certain plan partici pants. On 31 December 2023, this reimbursement right totalled MSEK 1 (1). Germany The major German pension plans represent around 91% of the total German obligation. Benefits are based on length of service and final salary, and are indexed when paid. The majority of entitlement conditions are determined in accord ance with a governmental pensions act. A plan change affecting around 75% of the participants of the major German pension plan occurred from 1 January 2018. For these participants defined contributions are made, and the value of the contributions is guaranteed to the participants as required by German law. Thus, this plan also qualifies as a defined benefit plan even if the benefit for the participants is equal to the contributions made into the plan. 18 Provisions for post-employment benefits, cont. United Kingdom The major plans in the U.K. represent around 91% of the total U.K. obligation. Benefits under these plans are based on length of service and a career average revalued earn- ings basis, and are indexed when paid. As of April 2012, these plans are closed to new entrants, who instead are entitled to defined contribution pension solutions. Responsibility for the governance of the plan lies jointly with the subsidiary and a board of trustees comprised of representatives of the subsidiary as well as plan partici- pants in accordance with the Plan constitution. The plan is subject to statutory funding objectives based on the local pension cal culation, which in the case of funding deficits have an agreed recovery plan to achieve full funding in ten years. Sweden The major plan in Sweden is the ITP plan and it represents around 90% of the total Swedish obligation. Benefits are based on final salary and are indexed when paid. Benefits are established in accordance with a collective agreement established between participating Swedish companies. The plan is closed for employees born after 1978, who instead are entitled to a defined contribution pension solu- tion. The Swedish subsidiaries are required to have credit insurance which covers all pension obligations in case of insolvency. For the Swedish subsidiaries, the portions of the ITP pension financed through insurance premiums to Alecta only cover family pension, health insurance and TGL and as such are immaterial. There are no regulatory funding requirements, however, voluntary funding has been provided for the plans through a foundation, which is governed jointly by the company and employee repre- sentatives. The foundation must comply with government regulations. Other The most significant plans include the funded pension plans in Switzerland, Canada and Belgium. Additionally, there are retire ment indemnity plans in France and termi- nation indemnity plans in Italy, where lump sum payments are made upon retirement and termination respectively. 2023 2022 MSEK Present value of obligation Fair value of plan assets Total Present value of obligation Fair value of plan assets Total Opening balance 1 January 25,719 \u201317,098 8,621 31,159 \u201319,448 11,711 Interest expense/(income) 1,092 \u2013735 357 583 \u2013401 182 Current service cost 460 \u2014 460 536 \u2014 536 Past service cost 42 \u2014 42 9 \u2014 9 Settlements \u20134 2 \u20132 \u20137 2 \u20135 Other 153 15 168 3 11 14 Subtotal expenses 1,743 \u2013718 1,025 1,124 \u2013388 736 Difference between actual return and interest (income)/expenses \u2014 \u2013336 \u2013336 \u2014 3,600 3,600 Actuarial (gains)/losses \u2013 demographic assumptions \u2013129 \u2014 \u2013129 \u201358 \u2014 \u201358 Actuarial (gains)/losses \u2013 financial assumptions 694 \u2014 694 \u20138,012 \u2014 \u20138,012 Experience adjustments (gains)/losses 74 \u2014 74 805 \u2014 805 Change in asset ceiling \u20136 \u20136 \u2014 \u20139 \u20139 Subtotal remeasurements in OCI 639 \u2013342 297 \u20137,265 3,591 \u20133,674 Employer contribution \u2014 \u2013578 \u2013578 \u2014 \u2013466 \u2013466 Employee contribution 21 4 25 25 \u20135 20 Benefit payments \u20132,005 1,286 \u2013719 \u20131 833 1 199 \u2013634 Subtotal cash flow1) \u20131,984 712 \u20131,272 \u20131,808 728 \u20131,080 Other\u2009 \u201334 51 17 7 2 9 Translation differences \u2013370 260 \u2013110 2,502 \u20131,583 919 Closing balance 31 December 25,713 \u201317,135 8,578 25,719 \u201317,098 8,621 1) Cash outflows for 2024 are expected to be some MSEK 878 which include contributions to funded plans as well as payments made directly by the companies under unfunded plans and partially funded plans. Components of total post-employment benefit expenses (MSEK) 2023 2022 Post-employment defined benefit expense 1,025 736 Post-employment defined contribution expense 555 682 Total post-employment benefit expenses 1,580 1,418 Whereof amounts charged to: Cost of goods sold 731 681 Selling expenses 394 489 Administrative expenses 98 66 Financial expenses 357 182 Total 1,580 1,418 18 Provisions for post-employment benefits, cont. 2023 2022 Plan asset composition (MSEK) Quoted Unquoted Total Quoted Unquoted Total Government bonds 1,535 \u2014 1,535 1,533 \u2014 1,533 Corporate bonds 6,193 \u2014 6,193 6,077 \u2014 6,077 Equity instruments 3,739 229 3,968 4,767 395 5,162 Real estate 205 2,497 2,702 254 1,861 2,115 Other, primarily cash and other financial receivables 1,600 1,127 2,727 1,115 1,086 2,201 Total 13,272 3,853 17,125 13,746 3,342 17,088 To enable consistent, proactive and effective management of the post-employment benefits in line with its business strategy and values, the SKF Group established a Global Pension Committee, a governance body who is responsible to align post-employment benefits to SKF Global Pension Policy. SKF Global Pension Policy sets out principles for managing SKF\u2019s pension and other long-term employee benefits within SKF globally. The SKF Group strives to balance risk in the invest- ments of plan assets by aiming for a range of 30\u201350% in equity instruments, with the remainder in lower risk/fixed income investments such as corporate and government bonds. The investment positions for the major pension plans are managed within the asset-liability matching frame- work. Within this framework, the Group\u2019s objective is to match plan assets to the pension obligations by investing in securities with maturities that align with the benefit payments as they fall due, and in the appropriate currency. SKF Treasury Centre regularly monitors how the duration and the expected yield of the investments are matching the expected cash outflows arising from the pension obligations. Final investment decisions are taken by the local subsidiary/trustee together with SKF Treasury Centre. 2023 Significant weighted-average assumptions at end of year USA pension USA medical Germany pension U.K. pension Sweden pension Other Discount rate 4.9 4.9 3.4 4.3 3.2 2.9 Pension increase rate1) n/a n/a 2.0 3.0 2.0 n/a Salary growth rate2) n/a n/a 2.3 3.0 3.4 6.6 Longevity male/female3) 20.7/22.6 20.6/22.6 20.7/24.1 21.9/23.9 20.0/25.0 18.9/22.3 Weighted average duration of the plan (in years)4) 8.7 7.5 15.1 16.0 18.4 5.9 2022 Significant weighted-average assumptions at end of year USA pension USA medical Germany pension U.K. pension Sweden pension Other Discount rate 5.2 5.1 3.8 4.5 3.5 3.5 Pension increase rate1) n/a n/a 2.0 2.9 2.0 n/a Salary growth rate2) n/a n/a 2.3 3.1 3.4 5.2 Longevity male/female3) 20.7/22.6 20.6/22.6 21.0/23.5 22.0/24.4 22.0/25.0 17.0/24.9 Weighted average duration of the plan (in years) 4) 8.7 7.4 15.4 16.1 18.5 8.0 1) Pension increase rate refers to indexation primarily tied to inflation. 2) Salary growth rate for the U.S. pension is n/a as no additional service cost will be accrued for these plans. 3) Longevity is expressed as the life expectancy of a current 65 year old in number of years. 4) Represents the average number of years remaining until the obligation is paid out. n/a = assumptions not applicable or not significant for the plan. Sensitivity analysis of significant assumptions Change in actuarial assumption Impact on defined benefit obligations, MSEK Discount rate +1% \u20132,572 \u20131% 3,222 Salary growth rate +0.5% 260 \u20130.5% \u2013235 Pension increase rate +0.5% 879 \u20130.5% \u2013800 Longevity +1 year 841 \u20131 year \u2013851 The sensitivity analysis is based on the change in one assumption while holding all other assumptions constant, see notes to previous table. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity analysis of the DBO to changes in assumptions the same method has been applied as when calculating the pension liability recognized within the obligation. The sensitivity analysis considers the most significant plans in USA, Germany, U.K. and Sweden, and it has been prepared consistently with prior years. MSEK 2023 Closing balance Provisions for the year Utilized amounts Reversal unutilized amounts Other Translation effect 2023 Opening balance Claims 253 123 \u201376 \u20136 \u201321 \u20135 238 Other employee benefits 756 420 \u2013325 57 34 \u201310 580 Restructuring 1,057 1,171 \u20131,020 \u201344 \u2014 \u20139 959 Other 518 151 \u201367 \u201362 \u201324 \u20138 528 Total 2,584 1,865 \u20131,488 \u201355 \u201311 \u201332 2,305 MSEK 2022 Closing balance Provisions for the year Utilized amounts Reversal unutilized amounts Other Translation effect 2022 Opening balance Claims 238 93 \u201375 \u201364 \u20134 25 263 Other employee benefits 580 202 \u2013401 \u201342 \u2013223 54 990 Restructuring 959 680 \u2013485 \u201343 \u201387 70 824 Other 528 214 \u201378 \u201346 \u201343 41 440 Total 2,305 1,189 \u20131,039 \u2013195 \u2013357 190 2,517 MSEK Of which current Claims 166 Other employee benefits 146 Restructuring 690 Other 243 Total 1,245 MSEK Of which current Claims 129 Other employee benefits 3 Restructuring 871 Other 236 Total 1,239 ",
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"value": "MSEK 2023 2022 Employee benefit expenses including social charges 29,242 26,702 Raw material and components consumed including traded products 36,446 33,244 Change in work in process and finished goods 880 \u20131,152 Depreciation, amortization and impairments 4,297 3,784 Other expenses, primarily purchased services, shop supplies and utilities 22,036 25,087 Total operating expenses 92,901 87,665 Depreciation, amortization and impairments are accounted for as (MSEK) 2023 2022 Depre ciation Amortization Impairments Total Depre ciation Amortization Impairments Total Cost of goods sold 3,037 97 146 3,280 2,551 105 127 2,783 Selling expenses 453 560 4 1,017 463 536 2 1,001 Total 3,490 657 150 4,297 3,014 641 129 3,784 MSEK 2023 Closing balance Additions Modifications Impairments Reclassi- fication Translation effects 2023 Opening balance Acquisition cost Premises 4,127 333 114 \u2014 \u2013356 \u2013118 4,154 Vehicles 819 138 40 \u2014 \u201398 \u20136 745 Forklifts 299 38 12 \u2014 \u201324 \u20137 280 Machinery 30 4 \u2014 \u2014 \u20132 \u2014 28 Office equipment 7 \u2014 \u2014 \u2014 \u201313 \u2014 20 Other 372 26 \u2014 \u2014 2 \u201324 368 Total 5,654 539 166 \u2014 \u2013491 \u2013155 5,595 MSEK 2023 Closing balance Depre ciation Modifications Impairments Reclassi- fication Translation effects 2023 Opening balance Accumulated depreciation and impairments Premises 1,774 576 \u2013132 \u2014 \u2013322 \u201354 1,706 Vehicles 568 159 \u20131 \u2014 \u201390 \u20132 502 Forklifts 203 51 \u2014 \u2014 \u201323 \u20139 184 Machinery 43 7 \u2014 \u2014 \u20132 \u2014 38 Office equipment 12 8 \u2014 \u2014 \u201312 \u2014 16 Other 93 36 \u2014 1 \u201315 6 65 Total 2,693 837 \u2013133 1 \u2013464 \u201359 2,511 Net book value 2,961 3,084 MSEK 2022 Closing balance Additions Modifications Impairments Reclassi- fication Translation effects 2022 Opening balance Acquisition cost Premises 4,154 379 \u2013187 \u2014 \u201366 371 3,657 Vehicles 745 134 12 \u2014 \u201349 39 609 Forklifts 280 53 \u20133 \u2014 \u201323 19 234 Machinery 28 \u2014 2 \u2014 \u20133 1 28 Office equipment 20 1 \u20131 \u2014 \u20132 2 20 Other 368 \u2014 20 \u2014 359 1) \u20131 \u201310 Total 5,595 567 \u2013157 \u2014 216 431 4,538 MSEK 2022 Closing balance Depre ciation Modifications Impairments Reclassi- fication Translation effects 2022 Opening balance Accumulated depreciation and impairments Premises 1,706 507 \u2013169 \u2014 \u2013 66 126 1,308 Vehicles 502 146 \u201317 \u2014 \u201349 35 387 Forklifts 184 62 \u20135 1 \u201323 11 138 Machinery 38 2 \u20132 \u2014 \u20133 3 38 Office equipment 16 4 \u20131 \u2014 \u20132 1 14 Other 65 5 23 \u2014 48 1) \u20133 \u20138 Total 2,511 726 \u2013171 1 \u201395 173 1,877 Net book value 3,084 2,661 1) Includes reclassifaction from Intangibles to Right-of-use asset. Financial assets and allowance for doubtful accounts are recognized with the use of a forward-looking \u2018expected- loss\u2019 impairment model which indicates when the asset may not be recovered. The forward- looking information should capture changes in the market that the customers operate in. ",
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"value": "7 Other operating income and expenses MSEK 2023 2022 Other operating income Exchange gains on trade receivables/payables 2,472 1,020 Profit from sale of property, plant and equipment 105 102 Profit from associated companies 60 24 Profit from divestment of businesses 18 3 Other 101 196 Total 2,756 1,345 Other operating expenses Exchange losses on trade receivables/payables \u20132,743 \u20131,277 Loss from divestment of businesses \u2014 \u2013675 Loss from sale of property, plant and equipment \u201380 \u201344 Other 171 \u201385 Total \u20132,652 \u20132,081 Other operating income and expenses, net 104 \u2013736 ",
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"value": "MSEK 2023 2022 Other operating income Exchange gains on trade receivables/payables 2,472 1,020 Profit from sale of property, plant and equipment 105 102 Profit from associated companies 60 24 Profit from divestment of businesses 18 3 Other 101 196 Total 2,756 1,345 ",
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"value": "MSEK 2023 2022 Other operating income Exchange gains on trade receivables/payables 2,472 1,020 Profit from sale of property, plant and equipment 105 102 Profit from associated companies 60 24 Profit from divestment of businesses 18 3 Other 101 196 Total 2,756 1,345 Other operating expenses Exchange losses on trade receivables/payables \u20132,743 \u20131,277 Loss from divestment of businesses \u2014 \u2013675 Loss from sale of property, plant and equipment \u201380 \u201344 Other 171 \u201385 Total \u20132,652 \u20132,081 Other operating income and expenses, net 104 \u2013736 MSEK 2023 2022 Interest income 562 135 Interest expense \u2013943 \u2013406 Net gains/losses: Net interest cost on post-employment benefits \u2013357 \u2013182 Exchange differences, net \u20131,088 \u2013753 Other financial income including dividends 56 147 Other financial expense 1) \u2013133 \u2013180 Financial net \u20131,903 \u20131,239 1) Includes costs for Treasury Function. Other financial expense includes costs related to unwind- ing the dis count on provisions, bank charges and other transactional related costs. The below table specifies which category of financial instru ment that gave rise to the financial income and expense as described above. For a specification of the underlying financial assets and financial liabilities to these categories, see Note 14 and Note 20. 2023 2022 Financial net specified by category of financial instruments (MSEK) Interest income Interest expense Net gains/ losses Interest income Interest expense Net gains/ losses Financial assets/liabilities at fair value through profit or loss Designated upon initial recognition 238 \u2014 \u2014 51 \u2014 \u2014 Derivatives held for trading \u2014 \u2013233 146 \u2014 \u201355 \u2013707 Derivatives held for hedge accounting \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 Financial assets classified as amortized cost 324 \u2014 \u2013445 84 \u2014 101 Financial assets classified as fair value through other comprehensive income \u2014 \u2014 2 \u2014 \u2014 1 Other financial liabilities, primarily loans \u2014 \u2013710 \u2013735 \u2014 \u2013351 \u20131 Other liabilities including post-employment benefits \u2014 \u2014 \u2013490 \u2014 \u2014 \u2013362 Total 562 \u2013943 \u20131,522 135 \u2013406 \u2013968 Derivatives classified as held for trading are mainly used for economic hedging, which mitigate the effect of certain items in the categories loans, receivables and other liabili- ties. Net gains/losses are mainly exchange differences and changes in fair value for all the categories except for other liabilities, which includes primarily net interest costs on post-employment benefits and other financial expenses. MSEK 2023 Closing balance Additions Businesses acquired/ sold Disposals Impair- ments Other1) Translation effects 2023 Opening balance Acquisition cost Goodwill 12,579 \u2014 \u2014 \u2014 \u2014 \u2014 \u2013420 12,999 Patents, tradenames and similar rights 3,281 4 \u2014 \u2014 \u2014 1 \u2013119 3,395 Internally developed software 2,679 3 \u2014 \u201316 \u2014 \u20136 \u20133 2,701 Customer relationships 5,039 \u2014 \u2014 \u20138 \u2014 \u201316 \u2013158 5,221 Leaseholds 85 \u2014 \u2014 \u2014 \u2014 2 \u20136 89 Product development 223 \u2014 \u2014 \u2014 \u2014 \u201379 \u20135 307 Technology 1,408 \u2014 \u2014 \u2014 \u2014 77 \u201340 1,371 Other intangible assets 200 4 \u2014 \u2014 \u2014 3 2 191 Total 25,494 11 \u2014 \u201324 \u2014 \u201318 \u2013749 26,274 MSEK 2023 Closing balance Amorti- zations Businesses acquired/ sold Disposals Impair- ments Other1) Translation effects 2023 Opening balance Accumulated amortization and impairments Goodwill 617 \u2014 \u2014 \u2014 \u2014 \u2014 \u201331 648 Patents, tradenames and similar rights 578 24 \u2014 \u2014 \u2014 \u201314 \u20135 573 Internally developed software 1,746 180 \u2014 \u201313 4 \u20138 \u20133 1,586 Customer relationships 4,055 302 \u2014 \u20138 \u2014 \u201325 \u2013129 3,915 Leaseholds 26 \u2014 \u2014 \u2014 \u2014 \u20131 \u20132 29 Product development 193 7 \u2014 \u2014 \u2014 \u201328 \u20133 217 Technology 1,109 105 \u2014 \u20133 \u2014 41 \u201336 1,002 Other intangible assets 163 39 \u2014 \u2014 \u2014 15 \u20132 111 Total 8,487 657 \u2014 \u201324 4 \u201320 \u2013211 8,081 Net book value 17,007 18,193 1) Includes reclassification between categories. MSEK 2022 Closing balance Additions Businesses acquired/ sold Disposals Impair- ments Other Translation effects 2022 Opening balance Acquisition cost Goodwill 12,999 \u2014 44 \u2014 \u2014 12 1,450 11,493 Patents, tradenames and similar rights 3,395 11 45 \u2014 \u2014 \u20134 401 2,942 Internally developed software 2,701 19 \u2014 \u2014 \u2014 2 14 2,666 Customer relationships 5,221 \u2014 1 \u2014 \u2014 \u201386 606 4,700 Leaseholds 89 126 \u2014 \u2014 \u2014 \u20133281) 12 279 Product development 307 \u2014 \u2014 \u2014 \u2014 \u201385 31 361 Technology 1,371 \u2014 \u2014 \u2014 \u2014 \u2014 157 1,214 Other intangible assets 191 27 \u2014 \u2014 \u2014 \u201377 9 232 Total 26,274 183 90 \u2014 \u2014 \u2013566 2,680 23,887 MSEK 2022 Closing balance Amorti- zations Businesses acquired/ sold Disposals Impair- ments Other Translation effects 2022 Opening balance Accumulated amortization and impairments Goodwill 648 \u2014 \u2014 \u2014 \u2014 \u20131 80 569 Patents, tradenames and similar rights 573 20 \u2014 \u2014 3 \u201314 35 529 Internally developed software 1,586 199 \u2014 \u2014 \u2014 \u20131 12 1,376 Customer relationships 3,915 295 \u2014 \u2014 \u2014 \u201386 423 3,283 Leaseholds 29 4 \u2014 \u2014 \u2014 \u2013911) 6 110 Product development 217 17 \u2014 \u2014 72 \u201385 16 197 Technology 1,002 99 \u2014 \u2014 \u2014 \u2014 107 796 Other intangible assets 111 7 \u2014 \u2014 \u2014 12 7 85 Total 8,081 641 \u2014 \u2014 75 \u2013266 686 6,945 Net book value 18,193 16,942 1) Includes reclassification from Intangible assets to Right-of-use assets. MSEK 2023 Closing balance Additions Businesses acquired/sold Disposals Impairments Other 1) Translation effects 2023 Opening balance Acquisition cost Buildings 12,161 809 \u2014 \u201341 \u2014 163 \u2013239 11,469 Land and land improvements 705 1 \u2014 \u201312 \u2014 26 \u2013342 1,032 Machinery and supply systems 40,261 2,243 \u201326 \u2013592 \u2014 \u201388 \u20131,140 39,864 Machine tooling and factory fittings 5,666 575 \u201312 \u201372 \u2014 \u2013181 \u2013137 5,493 Assets under construction including advances2) 6,952 2,121 \u20131 \u20131 \u2014 \u2013322 \u2013503 5,658 Total 65,745 5,749 \u201339 \u2013718 \u2014 \u2013402 \u20132,361 63,516 MSEK 2023 Closing balance Depre ciation Businesses sold Disposals Impairments Other1) Translation effects 2023 Opening balance Accumulated depreciation and impairments Buildings 5,999 299 \u2014 \u20137 96 \u201326 \u2013156 5,793 Land improvements 279 6 \u2014 \u20131 \u2014 \u20135 \u201311 290 Machinery and supply systems 28,463 1,985 \u201321 \u2013542 42 \u2013737 \u2013681 28,417 Machine tooling and factory fittings 4,184 363 \u201311 \u201381 7 49 \u2013262 4,119 Total 38,925 2,653 \u201332 \u2013631 145 \u2013719 \u20131,110 38,619 Net book value 26,820 24,897 MSEK 2022 Closing balance Additions Businesses acquired/sold Disposals Impairments Other 1) Translation effects 2022 Opening balance Acquisition cost Buildings 11,469 549 \u201365 \u201374 \u2014 241 758 10,060 Land and land improvements 1,032 6 \u201321 \u201329 \u2014 4 64 1,008 Machinery and supply systems 39,864 2,123 \u2013150 \u2013287 \u2014 356 2,954 34,868 Machine tooling and factory fittings 5,493 309 \u20132 \u201370 \u2014 207 418 4,631 Assets under construction including advances2) 5,658 2,043 \u201311 \u20132 \u2014 \u2013390 206 3,812 Total 63,516 5,030 \u2013249 \u2013462 \u2014 418 4,400 54,379 MSEK 2022 Closing balance Depre ciation Businesses sold Disposals Impairments Other1) Translation effects 2022 Opening balance Accumulated depreciation and impairments Buildings 5,793 344 \u201323 \u201342 16 138 413 4,947 Land improvements 290 5 \u20136 \u20132 \u2014 \u201326 22 297 Machinery and supply systems 28,417 1,601 \u201360 \u2013250 30 \u2013124 2,139 25,081 Machine tooling and factory fittings 4,119 338 \u20133 \u201366 7 214 298 3,331 Total 38,619 2,288 \u201392 \u2013360 53 202 2,872 33,656 Net book value 24,897 20,723 1) Includes reclassification between categories. 2) Contractual commitments for acquisition of property, plant and equipment not yet booked amounted to MSEK 0 (0) .MSEK 2023 Closing balance Additions Modifications Impairments Reclassi- fication Translation effects 2023 Opening balance Acquisition cost Premises 4,127 333 114 \u2014 \u2013356 \u2013118 4,154 Vehicles 819 138 40 \u2014 \u201398 \u20136 745 Forklifts 299 38 12 \u2014 \u201324 \u20137 280 Machinery 30 4 \u2014 \u2014 \u20132 \u2014 28 Office equipment 7 \u2014 \u2014 \u2014 \u201313 \u2014 20 Other 372 26 \u2014 \u2014 2 \u201324 368 Total 5,654 539 166 \u2014 \u2013491 \u2013155 5,595 MSEK 2023 Closing balance Depre ciation Modifications Impairments Reclassi- fication Translation effects 2023 Opening balance Accumulated depreciation and impairments Premises 1,774 576 \u2013132 \u2014 \u2013322 \u201354 1,706 Vehicles 568 159 \u20131 \u2014 \u201390 \u20132 502 Forklifts 203 51 \u2014 \u2014 \u201323 \u20139 184 Machinery 43 7 \u2014 \u2014 \u20132 \u2014 38 Office equipment 12 8 \u2014 \u2014 \u201312 \u2014 16 Other 93 36 \u2014 1 \u201315 6 65 Total 2,693 837 \u2013133 1 \u2013464 \u201359 2,511 Net book value 2,961 3,084 MSEK 2022 Closing balance Additions Modifications Impairments Reclassi- fication Translation effects 2022 Opening balance Acquisition cost Premises 4,154 379 \u2013187 \u2014 \u201366 371 3,657 Vehicles 745 134 12 \u2014 \u201349 39 609 Forklifts 280 53 \u20133 \u2014 \u201323 19 234 Machinery 28 \u2014 2 \u2014 \u20133 1 28 Office equipment 20 1 \u20131 \u2014 \u20132 2 20 Other 368 \u2014 20 \u2014 359 1) \u20131 \u201310 Total 5,595 567 \u2013157 \u2014 216 431 4,538 MSEK 2022 Closing balance Depre ciation Modifications Impairments Reclassi- fication Translation effects 2022 Opening balance Accumulated depreciation and impairments Premises 1,706 507 \u2013169 \u2014 \u2013 66 126 1,308 Vehicles 502 146 \u201317 \u2014 \u201349 35 387 Forklifts 184 62 \u20135 1 \u201323 11 138 Machinery 38 2 \u20132 \u2014 \u20133 3 38 Office equipment 16 4 \u20131 \u2014 \u20132 1 14 Other 65 5 23 \u2014 48 1) \u20133 \u20138 Total 2,511 726 \u2013171 1 \u201395 173 1,877 Net book value 3,084 2,661 1) Includes reclassifaction from Intangibles to Right-of-use asset. ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"fact-320": {
"value": "Other operating expenses Exchange losses on trade receivables/payables \u20132,743 \u20131,277 Loss from divestment of businesses \u2014 \u2013675 Loss from sale of property, plant and equipment \u201380 \u201344 Other 171 \u201385 Total \u20132,652 \u20132,081 Other operating income and expenses, net 104 \u2013736 ",
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},
"fact-321": {
"value": "8 Financial income and financial expenses MSEK 2023 2022 Interest income 562 135 Interest expense \u2013943 \u2013406 Net gains/losses: Net interest cost on post-employment benefits \u2013357 \u2013182 Exchange differences, net \u20131,088 \u2013753 Other financial income including dividends 56 147 Other financial expense 1) \u2013133 \u2013180 Financial net \u20131,903 \u20131,239 1) Includes costs for Treasury Function. Other financial expense includes costs related to unwind- ing the dis count on provisions, bank charges and other transactional related costs. The below table specifies which category of financial instru ment that gave rise to the financial income and expense as described above. For a specification of the underlying financial assets and financial liabilities to these categories, see Note 14 and Note 20. 2023 2022 Financial net specified by category of financial instruments (MSEK) Interest income Interest expense Net gains/ losses Interest income Interest expense Net gains/ losses Financial assets/liabilities at fair value through profit or loss Designated upon initial recognition 238 \u2014 \u2014 51 \u2014 \u2014 Derivatives held for trading \u2014 \u2013233 146 \u2014 \u201355 \u2013707 Derivatives held for hedge accounting \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 Financial assets classified as amortized cost 324 \u2014 \u2013445 84 \u2014 101 Financial assets classified as fair value through other comprehensive income \u2014 \u2014 2 \u2014 \u2014 1 Other financial liabilities, primarily loans \u2014 \u2013710 \u2013735 \u2014 \u2013351 \u20131 Other liabilities including post-employment benefits \u2014 \u2014 \u2013490 \u2014 \u2014 \u2013362 Total 562 \u2013943 \u20131,522 135 \u2013406 \u2013968 Derivatives classified as held for trading are mainly used for economic hedging, which mitigate the effect of certain items in the categories loans, receivables and other liabili- ties. Net gains/losses are mainly exchange differences and changes in fair value for all the categories except for other liabilities, which includes primarily net interest costs on post-employment benefits and other financial expenses. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"fact-322": {
"value": "8 Financial income and financial expenses MSEK 2023 2022 Interest income 562 135 Interest expense \u2013943 \u2013406 Net gains/losses: Net interest cost on post-employment benefits \u2013357 \u2013182 Exchange differences, net \u20131,088 \u2013753 Other financial income including dividends 56 147 Other financial expense 1) \u2013133 \u2013180 Financial net \u20131,903 \u20131,239 1) Includes costs for Treasury Function. Other financial expense includes costs related to unwind- ing the dis count on provisions, bank charges and other transactional related costs. The below table specifies which category of financial instru ment that gave rise to the financial income and expense as described above. For a specification of the underlying financial assets and financial liabilities to these categories, see Note 14 and Note 20. 2023 2022 Financial net specified by category of financial instruments (MSEK) Interest income Interest expense Net gains/ losses Interest income Interest expense Net gains/ losses Financial assets/liabilities at fair value through profit or loss Designated upon initial recognition 238 \u2014 \u2014 51 \u2014 \u2014 Derivatives held for trading \u2014 \u2013233 146 \u2014 \u201355 \u2013707 Derivatives held for hedge accounting \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 Financial assets classified as amortized cost 324 \u2014 \u2013445 84 \u2014 101 Financial assets classified as fair value through other comprehensive income \u2014 \u2014 2 \u2014 \u2014 1 Other financial liabilities, primarily loans \u2014 \u2013710 \u2013735 \u2014 \u2013351 \u20131 Other liabilities including post-employment benefits \u2014 \u2014 \u2013490 \u2014 \u2014 \u2013362 Total 562 \u2013943 \u20131,522 135 \u2013406 \u2013968 Derivatives classified as held for trading are mainly used for economic hedging, which mitigate the effect of certain items in the categories loans, receivables and other liabili- ties. Net gains/losses are mainly exchange differences and changes in fair value for all the categories except for other liabilities, which includes primarily net interest costs on post-employment benefits and other financial expenses. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-323": {
"value": "8 Financial income and financial expenses MSEK 2023 2022 Interest income 562 135 Interest expense \u2013943 \u2013406 Net gains/losses: Net interest cost on post-employment benefits \u2013357 \u2013182 Exchange differences, net \u20131,088 \u2013753 Other financial income including dividends 56 147 Other financial expense 1) \u2013133 \u2013180 Financial net \u20131,903 \u20131,239 1) Includes costs for Treasury Function. Other financial expense includes costs related to unwind- ing the dis count on provisions, bank charges and other transactional related costs. The below table specifies which category of financial instru ment that gave rise to the financial income and expense as described above. For a specification of the underlying financial assets and financial liabilities to these categories, see Note 14 and Note 20. 2023 2022 Financial net specified by category of financial instruments (MSEK) Interest income Interest expense Net gains/ losses Interest income Interest expense Net gains/ losses Financial assets/liabilities at fair value through profit or loss Designated upon initial recognition 238 \u2014 \u2014 51 \u2014 \u2014 Derivatives held for trading \u2014 \u2013233 146 \u2014 \u201355 \u2013707 Derivatives held for hedge accounting \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 Financial assets classified as amortized cost 324 \u2014 \u2013445 84 \u2014 101 Financial assets classified as fair value through other comprehensive income \u2014 \u2014 2 \u2014 \u2014 1 Other financial liabilities, primarily loans \u2014 \u2013710 \u2013735 \u2014 \u2013351 \u20131 Other liabilities including post-employment benefits \u2014 \u2014 \u2013490 \u2014 \u2014 \u2013362 Total 562 \u2013943 \u20131,522 135 \u2013406 \u2013968 Derivatives classified as held for trading are mainly used for economic hedging, which mitigate the effect of certain items in the categories loans, receivables and other liabili- ties. Net gains/losses are mainly exchange differences and changes in fair value for all the categories except for other liabilities, which includes primarily net interest costs on post-employment benefits and other financial expenses. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-324": {
"value": "MSEK 2023 2022 Interest income 562 135 Interest expense \u2013943 \u2013406 Net gains/losses: Net interest cost on post-employment benefits \u2013357 \u2013182 Exchange differences, net \u20131,088 \u2013753 Other financial income including dividends 56 147 Other financial expense 1) \u2013133 \u2013180 Financial net \u20131,903 \u20131,239 1) Includes costs for Treasury Function. Other financial expense includes costs related to unwind- ing the dis count on provisions, bank charges and other transactional related costs. The below table specifies which category of financial instru ment that gave rise to the financial income and expense as described above. For a specification of the underlying financial assets and financial liabilities to these categories, see Note 14 and Note 20. 2023 2022 Financial net specified by category of financial instruments (MSEK) Interest income Interest expense Net gains/ losses Interest income Interest expense Net gains/ losses Financial assets/liabilities at fair value through profit or loss Designated upon initial recognition 238 \u2014 \u2014 51 \u2014 \u2014 Derivatives held for trading \u2014 \u2013233 146 \u2014 \u201355 \u2013707 Derivatives held for hedge accounting \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 Financial assets classified as amortized cost 324 \u2014 \u2013445 84 \u2014 101 Financial assets classified as fair value through other comprehensive income \u2014 \u2014 2 \u2014 \u2014 1 Other financial liabilities, primarily loans \u2014 \u2013710 \u2013735 \u2014 \u2013351 \u20131 Other liabilities including post-employment benefits \u2014 \u2014 \u2013490 \u2014 \u2014 \u2013362 Total 562 \u2013943 \u20131,522 135 \u2013406 \u2013968 Derivatives classified as held for trading are mainly used for economic hedging, which mitigate the effect of certain items in the categories loans, receivables and other liabili- ties. Net gains/losses are mainly exchange differences and changes in fair value for all the categories except for other liabilities, which includes primarily net interest costs on post-employment benefits and other financial expenses. Interest expenses related to leases amounted to MSEK 126 (119) . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-325": {
"value": "MSEK 2023 2022 Interest income 562 135 Interest expense \u2013943 \u2013406 Net gains/losses: Net interest cost on post-employment benefits \u2013357 \u2013182 Exchange differences, net \u20131,088 \u2013753 Other financial income including dividends 56 147 Other financial expense 1) \u2013133 \u2013180 Financial net \u20131,903 \u20131,239 1) Includes costs for Treasury Function. Other financial expense includes costs related to unwind- ing the dis count on provisions, bank charges and other transactional related costs. The below table specifies which category of financial instru ment that gave rise to the financial income and expense as described above. For a specification of the underlying financial assets and financial liabilities to these categories, see Note 14 and Note 20. 2023 2022 Financial net specified by category of financial instruments (MSEK) Interest income Interest expense Net gains/ losses Interest income Interest expense Net gains/ losses Financial assets/liabilities at fair value through profit or loss Designated upon initial recognition 238 \u2014 \u2014 51 \u2014 \u2014 Derivatives held for trading \u2014 \u2013233 146 \u2014 \u201355 \u2013707 Derivatives held for hedge accounting \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 Financial assets classified as amortized cost 324 \u2014 \u2013445 84 \u2014 101 Financial assets classified as fair value through other comprehensive income \u2014 \u2014 2 \u2014 \u2014 1 Other financial liabilities, primarily loans \u2014 \u2013710 \u2013735 \u2014 \u2013351 \u20131 Other liabilities including post-employment benefits \u2014 \u2014 \u2013490 \u2014 \u2014 \u2013362 Total 562 \u2013943 \u20131,522 135 \u2013406 \u2013968 Derivatives classified as held for trading are mainly used for economic hedging, which mitigate the effect of certain items in the categories loans, receivables and other liabili- ties. Net gains/losses are mainly exchange differences and changes in fair value for all the categories except for other liabilities, which includes primarily net interest costs on post-employment benefits and other financial expenses. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-326": {
"value": "MSEK 2023 2022 Interest income 562 135 Interest expense \u2013943 \u2013406 Net gains/losses: Net interest cost on post-employment benefits \u2013357 \u2013182 Exchange differences, net \u20131,088 \u2013753 Other financial income including dividends 56 147 Other financial expense 1) \u2013133 \u2013180 Financial net \u20131,903 \u20131,239 1) Includes costs for Treasury Function. Other financial expense includes costs related to unwind- ing the dis count on provisions, bank charges and other transactional related costs. The below table specifies which category of financial instru ment that gave rise to the financial income and expense as described above. For a specification of the underlying financial assets and financial liabilities to these categories, see Note 14 and Note 20. 2023 2022 Financial net specified by category of financial instruments (MSEK) Interest income Interest expense Net gains/ losses Interest income Interest expense Net gains/ losses Financial assets/liabilities at fair value through profit or loss Designated upon initial recognition 238 \u2014 \u2014 51 \u2014 \u2014 Derivatives held for trading \u2014 \u2013233 146 \u2014 \u201355 \u2013707 Derivatives held for hedge accounting \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 Financial assets classified as amortized cost 324 \u2014 \u2013445 84 \u2014 101 Financial assets classified as fair value through other comprehensive income \u2014 \u2014 2 \u2014 \u2014 1 Other financial liabilities, primarily loans \u2014 \u2013710 \u2013735 \u2014 \u2013351 \u20131 Other liabilities including post-employment benefits \u2014 \u2014 \u2013490 \u2014 \u2014 \u2013362 Total 562 \u2013943 \u20131,522 135 \u2013406 \u2013968 Derivatives classified as held for trading are mainly used for economic hedging, which mitigate the effect of certain items in the categories loans, receivables and other liabili- ties. Net gains/losses are mainly exchange differences and changes in fair value for all the categories except for other liabilities, which includes primarily net interest costs on post-employment benefits and other financial expenses. Interest expenses related to leases amounted to MSEK 126 (119) ",
"dimensions": {
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},
"fact-327": {
"value": "For a specification of the underlying financial assets and financial liabilities to these categories, see Note 14 and Note 20. 2023 2022 Financial net specified by category of financial instruments (MSEK) Interest income Interest expense Net gains/ losses Interest income Interest expense Net gains/ losses Financial assets/liabilities at fair value through profit or loss Designated upon initial recognition 238 \u2014 \u2014 51 \u2014 \u2014 Derivatives held for trading \u2014 \u2013233 146 \u2014 \u201355 \u2013707 Derivatives held for hedge accounting \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 Financial assets classified as amortized cost 324 \u2014 \u2013445 84 \u2014 101 Financial assets classified as fair value through other comprehensive income \u2014 \u2014 2 \u2014 \u2014 1 Other financial liabilities, primarily loans \u2014 \u2013710 \u2013735 \u2014 \u2013351 \u20131 Other liabilities including post-employment benefits \u2014 \u2014 \u2013490 \u2014 \u2014 \u2013362 Total 562 \u2013943 \u20131,522 135 \u2013406 \u2013968 14 Financial assets Accounting policy Financial assets are classified in three categories and are based on the Groups business model for managing the asset and the asset\u2019s contractual cash flow characteris- tics. The assets can be measured at amortized cost, fair value through other comprehensive income (FVOCI) or fair value through profit or loss (FVPL). Financial assets are recognized in the balance sheet when the Group becomes a party to the contractual provi- sions of a financial instrument. Financial assets are ini- tially measured at fair value, which is normally equal to cost. Settlement day recognition is applied for purchases and sales of financial assets. Financial assets measured at amortized cost are calcu- lated using the effective interest method. For disclosure purpose, fair values have been calculated using valuation techniques, mainly discounted cash flow analysis based on observable market data. For current receivables, such as trade receivables, the carrying amount is considered to correspond to fair value. Equity securities are measured at fair value. The Group have elected to classify Equity securities at FVOCI since these investments are held as long-term strategic invest- ments. There is no reclassification of fair value gain or loss when the investments are derecognized and the dividends from those investments are recognized in profit or loss when the Group have the right to receive the payments. Debt securities are valued at fair value based on the current bid price for the securities and they are classified as either at FVPL or at FVOCI depending on the Group\u2019s model for managing those securities and on the character- istics of the cash flows. Derivatives are categorized as held for trading unless they are subject to hedge accounting. Derivatives classi- fied as held for trading are mainly derivatives used in eco- nomic hedges where the changes in fair value are taken directly through profit or loss. Financial assets and allowance for doubtful accounts are recognized with the use of a forward-looking \u2018expected- loss\u2019 impairment model which indicates when the asset may not be recovered. The forward- looking information should capture changes in the market that the customers operate in. Financial assets are derecognized when the contractual rights to the cash flow have expired or been transferred together with substantially all risks and rewards. Accounting estimates and judgements An allowance for doubtful accounts for expected losses on trade receivables is maintained. When evaluating the need for an allowance, management considers the aging of trade receivable balances, and historical write-off experience of customer with similar characteristics. Management also makes an estimation of expected credit losses based on market conditions. Where discounted cash flow techniques are used the future cash flows are determined (if not stated explicit in the contract) based on the best assessment by manage- ment and discounted using the market interest rate for similar instruments. Financial assets per category 2023 Fair value through profit or loss MSEK Amortized cost Fair value through other comprehensive income At initial recognition Trading Total Of which cur rent Trade receivables 16,811 \u2014 \u2014 \u2014 16,811 16,811 Cash and cash equivalents 8,803 \u2014 4,508 \u2014 13,311 13,311 Equity securities \u2014 313 \u2014 \u2014 313 \u2014 Marketable securities \u2014 \u2014 \u2014 769 769 \u2014 Trading derivatives \u2014 \u2014 \u2014 333 333 333 Debt securities \u2014 30 \u2014 \u2014 30 6 Other loans and receivables 467 \u2014 \u2014 \u2014 467 403 Carrying amount 26,081 343 4,508 1,102 32,034 30,864 Fair value 26,081 343 4,508 1,102 Financial assets per category 2022 Fair value through profit or loss MSEK Amortized cost Fair value through other comprehensive income At initial recognition Trading Total Of which cur rent Trade receivables 16,905 \u2014 \u2014 \u2014 16,905 16,905 Cash and cash equivalents 8,169 \u2014 2,086 \u2014 10,255 10,255 Equity securities \u2014 395 \u2014 \u2014 395 \u2014 Marketable securities \u2014 \u2014 \u2014 746 746 \u2014 Trading derivatives \u2014 \u2014 \u2014 370 370 370 Debt securities \u2014 20 10 \u2014 30 10 Other loans and receivables 652 \u2014 \u2014 \u2014 652 589 Carrying amount 25,726 415 2,096 1,116 29,353 28,129 Fair value 25,726 415 2,096 1,116 Financial assets categorized as amortized cost are assets held to collect contractual cash flows. These include trade receivables, loans granted, funds held with banks and deposits comprising principally of funds held with land- lords and other service providers, for which substantially all initial investment is expected to be recovered. Debt securities and strategic investments in equity securities are categorised as FVOCI. The exception is debt securities held by SKF Treasury Centre which are cate gorised as FVPL. Financial instruments are at FVPL when the Group manages such investments and makes purchase and sale decisions based on their fair value. Derivatives are categorized as trading derivatives unless they are subject to hedge accounting. 14 Financial assets, cont. Fair value hierarchy for financial assets at fair value (MSEK) Level 1 Level 2 Level 3 2023 Level 1 Level 2 Level 3 2022 Fair value through other comprehensive income Equity securities 313 \u2014 \u2014 313 328 \u2014 67 395 Debt securities 30 \u2014 \u2014 30 20 \u2014 \u2014 20 Fair value through profit or loss Debt securities \u2014 \u2014 \u2014 \u2014 10 \u2014 \u2014 10 Trading securities \u2014 \u2014 769 769 \u2014 \u2014 746 746 Cash and cash equivalents 4,508 \u2014 \u2014 4,508 2,086 \u2014 \u2014 2,086 Hedging derivatives \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 Trading derivatives \u2014 333 \u2014 333 \u2014 370 \u2014 370 Total 4,851 333 769 5,953 2,444 370 813 3,627 Financial assets recorded at fair value, which include the columns Fair value through other comprehensive income and Fair value through profit or loss, are disclosed above according to the hierarchy that shows the significance of the inputs used in the fair value measurements as defined in IFRS 13. The carrying amount is a reasonable approxi- mation of fair value. Level 1 includes financial instruments with a quoted price in an active market. Level 2 bases fair value on models that utilize observable data for the asset or liability other than the quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices). Such observable data may be market interest rates and yield curves. Level 3 bases fair value on a valuation model, whereby significant input is based on unobservable market data. Cash and cash equivalents includes cash free and cash on time deposits at banks and debt securities maturing within three months at the the time of the investment. Cash and cash equivalents are measured at amortized cost and fair value through profit and loss. Cash and Cash equvialents (MSEK) 2023 2022 Cash 6,200 4,238 Cash Equivalents 7,110 6,017 13,311 10,255 Past due, net of allowance Trade receivables by due date (MSEK) Carrying amount Not yet due 1\u201330 days 31\u201360 days 61\u201390 days >\u200991 days 2023 16,811 14,191 1,677 485 199 259 2022 16,905 14,574 1,613 435 222 61 The average days outstanding of trade receivables in 2023 were 64 days (64). Trade receivables as a percentage of annual net sales totalled 16.2% (17.4). Trade receivables included receivables sold with recourse amounting to MSEK 74 (109). The risk of customer default for these receivables has not been transferred in such a way that the financial assets qualify for derecognition. The table shows the development of the reserve for credit losses on trade receivables. Specification of reserve for credit losses (MSEK) 2023 2022 Opening balance 1 January 446 424 Additions 115 271 Reversals \u2013115 \u2013229 Changes through the income statement \u2014 42 Allowances used to cover write-offs \u201325 \u201349 Acquired/Divested companies 2 \u20134 Currency translation adjustments \u201320 33 Closing balance 31 December 403 44620 Financial liabilities Accounting policy Financial liabilities are recognized in the balance sheet when the Group becomes a party to the contractual provi- sions of a financial instrument. Financial liabilities are initially recorded at fair value, which is normally equal to acquisition cost. Transaction costs are included in the initial measurement of financial liabilities that are not subsequently measured at fair value through the income statement. Derivatives are recognized at trade date. Financial liabilities, excluding derivatives, are classified as Other financial liabilities measured at amortized cost. Amortized cost is measured using the effective interest method. The carrying amount of liabilities that are hedged items, for which fair value hedge accounting is applied, are adjusted for gains or losses attributable to the hedged risks. Derivatives are classified into the category Fair value through profit or loss. Financial liabilities are derecognized when they are extinguished. Accounting estimates and judgements For disclosure purposes, fair values of financial liabilities have been calculated using valuation techniques, mainly discounted cash flow analyses based on observable market data. Derivatives are measured at fair value and fall into Level 2 of the fair value hierarchy. See Note 14 for a description of the fair value hierarchy. The maturities for bonds and loans stated in the table below are based on the earliest date on which they can be required to be repaid. Two of the loans are subject to fair value hedging. The fixed EUR interest on the MEUR 300 loan, due in 2025, has been swapped into floating USD interest rate and the fixed EUR interest on the MEUR 400 loan has been swapped into floating EUR interest rate. More information regarding financial risk management and hedge accounting can be found in Note 26. Methods used for establishing fair value are described in Note 14. Interest rates for the loans are disclosed in Note 11 of the Parent Company. The Group does not have any pledged assets to secure financial liabilities. 2023 2022 MSEK Maturity Carrying amount Fair value Carrying amount Fair value Long-term financial liabilities MSEK 900 2024 \u2014 \u2014 899 875 MSEK 2,100 2024 \u2014 \u2014 2,098 2,134 MUSD 3 2025 3 3 \u2014 \u2014 MEUR 300 2025 3,177 3,192 3,095 3,113 MUSD 100 2027 1,000 1,033 1,042 1,076 MEUR 400 2028 4,363 4,422 4,213 4,273 MEUR 300 2029 3,307 3,051 3,326 2,881 MEUR 300 2031 3,275 2,865 3,290 2,666 Long-term lease liabilities 2024 and thereafter 2,207 2,207 2,286 2,286 Other long-term loans 2024\u20132030 200 201 212 227 Derivatives held for hedge accounting 362 362 758 758 Derivatives held for trading \u2014 \u2014 \u2014 \u2014 Subtotal long-term financial liabilities 17,894 17,336 21,219 20,289 Short-term financial liabilities MSEK 900 2024 900 894 \u2014 \u2014 MSEK 2,100 2024 2,100 2,116 \u2014 \u2014 MUSD 3 2024 13 13 \u2014 \u2014 Trade payables 2024 11,236 11,236 11,594 11,594 Short-term lease liabilities 2024 629 629 635 635 Short-term loans 2024 158 158 170 170 Derivatives held for hedge accounting 2024 \u2014 \u2014 \u2014 \u2014 Derivatives held for trading 2024 260 260 111 111 Subtotal short-term financial liabilities 15,296 15,306 12,510 12,510 Total 33,190 32,642 33,729 32,799The MEUR 300 loan with fixed interest payments, which is due in 2025, has been swapped into floating USD inter- est. In addition, the MEUR 400 bond, which is due in 2028, with fixed interest payments has been swapped into floating EUR interest. Maturity and carrying amount are disclosed in Note 20. Derivatives The table below shows the fair values of the various deriva- tives carried as of 31 December reflected as assets in Note 14 and liabilities in Note 20.",
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"value": "2023 2022 Financial net specified by category of financial instruments (MSEK) Interest income Interest expense Net gains/ losses Interest income Interest expense Net gains/ losses Financial assets/liabilities at fair value through profit or loss Designated upon initial recognition 238 \u2014 \u2014 51 \u2014 \u2014 Derivatives held for trading \u2014 \u2013233 146 \u2014 \u201355 \u2013707 Derivatives held for hedge accounting \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 Financial assets classified as amortized cost 324 \u2014 \u2013445 84 \u2014 101 Financial assets classified as fair value through other comprehensive income \u2014 \u2014 2 \u2014 \u2014 1 Other financial liabilities, primarily loans \u2014 \u2013710 \u2013735 \u2014 \u2013351 \u20131 Other liabilities including post-employment benefits \u2014 \u2014 \u2013490 \u2014 \u2014 \u2013362 Total 562 \u2013943 \u20131,522 135 \u2013406 \u2013968 Derivatives classified as held for trading are mainly used for economic hedging, which mitigate the effect of certain items in the categories loans, receivables and other liabili- ties. Net gains/losses are mainly exchange differences and changes in fair value for all the categories except for other liabilities, which includes primarily net interest costs on post-employment benefits and other financial expenses. Financial assets per category 2023 Fair value through profit or loss MSEK Amortized cost Fair value through other comprehensive income At initial recognition Trading Total Of which cur rent Trade receivables 16,811 \u2014 \u2014 \u2014 16,811 16,811 Cash and cash equivalents 8,803 \u2014 4,508 \u2014 13,311 13,311 Equity securities \u2014 313 \u2014 \u2014 313 \u2014 Marketable securities \u2014 \u2014 \u2014 769 769 \u2014 Trading derivatives \u2014 \u2014 \u2014 333 333 333 Debt securities \u2014 30 \u2014 \u2014 30 6 Other loans and receivables 467 \u2014 \u2014 \u2014 467 403 Carrying amount 26,081 343 4,508 1,102 32,034 30,864 Fair value 26,081 343 4,508 1,102 Financial assets per category 2022 Fair value through profit or loss MSEK Amortized cost Fair value through other comprehensive income At initial recognition Trading Total Of which cur rent Trade receivables 16,905 \u2014 \u2014 \u2014 16,905 16,905 Cash and cash equivalents 8,169 \u2014 2,086 \u2014 10,255 10,255 Equity securities \u2014 395 \u2014 \u2014 395 \u2014 Marketable securities \u2014 \u2014 \u2014 746 746 \u2014 Trading derivatives \u2014 \u2014 \u2014 370 370 370 Debt securities \u2014 20 10 \u2014 30 10 Other loans and receivables 652 \u2014 \u2014 \u2014 652 589 Carrying amount 25,726 415 2,096 1,116 29,353 28,129 Fair value 25,726 415 2,096 1,116 Financial assets categorized as amortized cost are assets held to collect contractual cash flows. These include trade receivables, loans granted, funds held with banks and deposits comprising principally of funds held with land- lords and other service providers, for which substantially all initial investment is expected to be recovered. Debt securities and strategic investments in equity securities are categorised as FVOCI. The exception is debt securities held by SKF Treasury Centre which are cate gorised as FVPL. Financial instruments are at FVPL when the Group manages such investments and makes purchase and sale decisions based on their fair value. Derivatives are categorized as trading derivatives unless they are subject to hedge accounting. Derivatives The table below shows the fair values of the various deriva- tives carried as of 31 December reflected as assets in Note 14 and liabilities in Note 20. A distinction is made depending on whether these are part of an effective hedging relationship or not. Derivative net (MSEK) Category 2023 2022 Interest rate and currency swaps Fair value hedges Hedge accounting \u2013349 \u2013758 Economic hedges Trading \u2014 \u2014 Currency forwards/ currency options Economic hedges Trading 57 260 Share swaps Economic hedges Trading 5 \u20131 \u2013287 \u2013499",
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"fact-329": {
"value": "2023 2022 Financial net specified by category of financial instruments (MSEK) Interest income Interest expense Net gains/ losses Interest income Interest expense Net gains/ losses Financial assets/liabilities at fair value through profit or loss Designated upon initial recognition 238 \u2014 \u2014 51 \u2014 \u2014 Derivatives held for trading \u2014 \u2013233 146 \u2014 \u201355 \u2013707 Derivatives held for hedge accounting \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 Financial assets classified as amortized cost 324 \u2014 \u2013445 84 \u2014 101 Financial assets classified as fair value through other comprehensive income \u2014 \u2014 2 \u2014 \u2014 1 Other financial liabilities, primarily loans \u2014 \u2013710 \u2013735 \u2014 \u2013351 \u20131 Other liabilities including post-employment benefits \u2014 \u2014 \u2013490 \u2014 \u2014 \u2013362 Total 562 \u2013943 \u20131,522 135 \u2013406 \u2013968 Derivatives classified as held for trading are mainly used for economic hedging, which mitigate the effect of certain items in the categories loans, receivables and other liabili- ties. Net gains/losses are mainly exchange differences and changes in fair value for all the categories except for other liabilities, which includes primarily net interest costs on post-employment benefits and other financial expenses. Financial assets per category 2023 Fair value through profit or loss MSEK Amortized cost Fair value through other comprehensive income At initial recognition Trading Total Of which cur rent Trade receivables 16,811 \u2014 \u2014 \u2014 16,811 16,811 Cash and cash equivalents 8,803 \u2014 4,508 \u2014 13,311 13,311 Equity securities \u2014 313 \u2014 \u2014 313 \u2014 Marketable securities \u2014 \u2014 \u2014 769 769 \u2014 Trading derivatives \u2014 \u2014 \u2014 333 333 333 Debt securities \u2014 30 \u2014 \u2014 30 6 Other loans and receivables 467 \u2014 \u2014 \u2014 467 403 Carrying amount 26,081 343 4,508 1,102 32,034 30,864 Fair value 26,081 343 4,508 1,102 Financial assets per category 2022 Fair value through profit or loss MSEK Amortized cost Fair value through other comprehensive income At initial recognition Trading Total Of which cur rent Trade receivables 16,905 \u2014 \u2014 \u2014 16,905 16,905 Cash and cash equivalents 8,169 \u2014 2,086 \u2014 10,255 10,255 Equity securities \u2014 395 \u2014 \u2014 395 \u2014 Marketable securities \u2014 \u2014 \u2014 746 746 \u2014 Trading derivatives \u2014 \u2014 \u2014 370 370 370 Debt securities \u2014 20 10 \u2014 30 10 Other loans and receivables 652 \u2014 \u2014 \u2014 652 589 Carrying amount 25,726 415 2,096 1,116 29,353 28,129 Fair value 25,726 415 2,096 1,116 Financial assets categorized as amortized cost are assets held to collect contractual cash flows. These include trade receivables, loans granted, funds held with banks and deposits comprising principally of funds held with land- lords and other service providers, for which substantially all initial investment is expected to be recovered. Debt securities and strategic investments in equity securities are categorised as FVOCI. The exception is debt securities held by SKF Treasury Centre which are cate gorised as FVPL. Financial instruments are at FVPL when the Group manages such investments and makes purchase and sale decisions based on their fair value. Derivatives are categorized as trading derivatives unless they are subject to hedge accounting. ",
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"value": "9 Taxe s Accounting policy Taxes include current taxes on profits, deferred taxes and other taxes such as taxes on capital, actual or potential withholding taxes on current and expected transfers of income from Group companies and tax adjustments relat- ing to prior years. Income taxes are recognized in the income statement, except to the extent that they relate to items directly taken to other comprehensive income or to equity, in which case they are recognized in other comprehensive income or directly in equity. All the companies within the Group calculate current income taxes in accordance with the tax rules and regula- tions of the countries where the income is taxable. The Group applies the required balance sheet approach for measuring deferred taxes, where deferred tax assets and provisions are recorded based on enacted tax rates for the expected future tax consequences when the asset is realized or debt regulated. These tax rates are applied on existing differences between accounting and tax reporting bases of assets and liabilities, as well as for tax loss and tax credit carry-forwards. Such tax loss and tax credit carry- forwards can be used to offset future income. For information regarding Pillar 2 see Note 1 Accounting policies. Accounting estimates and judgements Significant management judgment is required in deter- mining current tax liabilities and assets as well as deferred tax provisions and assets. The process involves estimating the current tax together with assessing tem- porary differences arising from differing treatment of items for tax and accounting purposes. The process also involves judgements when there is uncertainty over income tax treatments. In particular, management assesses the likelihood that deferred tax assets will be recoverable from future taxable income. Deferred tax assets are recorded to the extent that it is probable in management\u2019s opinion that sufficient future taxable income will be available to allow the re - cognition of such benefits. Realizability of net deferred tax assets are assessed by management based on the individual company\u2019s profita bility history, forecasts of taxable profits as well as length to expiry of the asset. The assessment regarding the possi- bility of utilizing deferred tax assets attributable to tax loss carry-forwards includes climate-related risks and its impact on future expected taxable profits. The SKF Group had total unrecognized deferred tax assets of MSEK 88 (205), whereof MSEK 33 (76) related to tax loss carry- forwards and MSEK 55 (129) related to other deductible temporary differences. These were not recog- nized due to the uncertainty of future profit streams. Unrecognized deferred tax assets of MSEK 6 (1) related to tax losses and will expire during the period 2024 to 2028. The remaining unrecognized assets will expire after 2028 and/or may be carried forward indefinitely. The change in the balance of unrecognized deferred tax assets that reduced current tax expense was MSEK 21 (41) mainly relating to the use of tax loss carry-forwards. The change in the balance of unrecognized deferred tax assets that impacted deferred tax expense was MSEK 96 (\u201363) which resulted from a revised judgement on the realiza- bility of certain tax assets in future years. Gross value of tax loss carry-forwards As of 31 December 2023, the Group had tax loss carry- forwards amounting to MSEK 4,088 (4,632), which are available for offset against taxable future profits. Such tax loss carry-forwards expire as follows: 2024\u20132028 409 2029 and thereafter 16 Never 3,663 2023 2022 Tax expense (MSEK) Income statement Other comprehensive income Total taxes Income statement Other comprehensive income Total taxes Current taxes \u20132,373 \u2014 \u20132,373 \u20132,429 \u2014 \u20132,429 Deferred taxes \u201331 83 52 \u20139 \u2013894 \u2013903 Total \u20132,404 83 \u20132,321 \u20132,438 \u2013894 \u20133,332 Taxes charged to other comprehensive income included MSEK 83 (\u2013898) related to remeasurements of post- employment benefits and MSEK 0 (4) related to net investment hedges. Reconciliation of the statutory tax in Sweden to the actual tax (MSEK) 2023 2022 Tax calculated using statutory tax rate in Sweden \u20131,891 \u20131,502 Difference between statutory tax rate in Sweden and foreign subsidiaries \u2013403 \u2013408 Other taxes \u201388 \u201364 Tax credits and similar items 34 42 Non-deductible/Non-taxable profit items 127 \u2013403 Changes in tax rates \u2014 \u201338 Tax loss carry-forwards \u201376 \u201312 Current tax referring to previous years 122 \u20135 Other \u2013229 \u201348 Tax expense Income Statement \u20132,404 \u20132,438 The corporate statutory income tax rate in Sweden was 20.6% (20.6). The actual tax rate on profit before taxes was 26.2% (33.4). 2023 2022 Gross deferred taxes per type (MSEK) Deferred tax assets Deferred tax liabilities Deferred tax assets Deferred tax liabilities Intangibles and other assets 151 1,322 33 1,519 Property, plant and equipment 72 1,209 30 1,083 Inventories 643 499 668 507 Trade receivables 71 3 107 2 Provisions for post-employment benefits 1,667 196 1,736 132 Other accruals and liabilities 1,310 99 1,060 10 Tax loss carry-forwards 828 \u2014 896 \u2014 Tax credit carry-forwards 349 \u2014 268 \u2014 Other 179 55 328 65 Gross deferred taxes 5,270 3,383 5,126 3,318 Net deferred taxes presented in the Consolidated balance sheet 3,107 1,220 3,173 1,365 ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"value": "Accounting policy Taxes include current taxes on profits, deferred taxes and other taxes such as taxes on capital, actual or potential withholding taxes on current and expected transfers of income from Group companies and tax adjustments relat- ing to prior years. Income taxes are recognized in the income statement, except to the extent that they relate to items directly taken to other comprehensive income or to equity, in which case they are recognized in other comprehensive income or directly in equity. All the companies within the Group calculate current income taxes in accordance with the tax rules and regula- tions of the countries where the income is taxable. The Group applies the required balance sheet approach for measuring deferred taxes, where deferred tax assets and provisions are recorded based on enacted tax rates for the expected future tax consequences when the asset is realized or debt regulated. These tax rates are applied on existing differences between accounting and tax reporting bases of assets and liabilities, as well as for tax loss and tax credit carry-forwards. Such tax loss and tax credit carry- forwards can be used to offset future income. For information regarding Pillar 2 see Note 1 Accounting policies. ",
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"fact-332": {
"value": "Accounting policy Taxes include current taxes on profits, deferred taxes and other taxes such as taxes on capital, actual or potential withholding taxes on current and expected transfers of income from Group companies and tax adjustments relat- ing to prior years. Income taxes are recognized in the income statement, except to the extent that they relate to items directly taken to other comprehensive income or to equity, in which case they are recognized in other comprehensive income or directly in equity. All the companies within the Group calculate current income taxes in accordance with the tax rules and regula- tions of the countries where the income is taxable. The Group applies the required balance sheet approach for measuring deferred taxes, where deferred tax assets and provisions are recorded based on enacted tax rates for the expected future tax consequences when the asset is realized or debt regulated. These tax rates are applied on existing differences between accounting and tax reporting bases of assets and liabilities, as well as for tax loss and tax credit carry-forwards. Such tax loss and tax credit carry- forwards can be used to offset future income. For information regarding Pillar 2 see Note 1 Accounting policies. ",
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"fact-333": {
"value": "2023 2022 Gross deferred taxes per type (MSEK) Deferred tax assets Deferred tax liabilities Deferred tax assets Deferred tax liabilities Intangibles and other assets 151 1,322 33 1,519 Property, plant and equipment 72 1,209 30 1,083 Inventories 643 499 668 507 Trade receivables 71 3 107 2 Provisions for post-employment benefits 1,667 196 1,736 132 Other accruals and liabilities 1,310 99 1,060 10 Tax loss carry-forwards 828 \u2014 896 \u2014 Tax credit carry-forwards 349 \u2014 268 \u2014 Other 179 55 328 65 Gross deferred taxes 5,270 3,383 5,126 3,318 Net deferred taxes presented in the Consolidated balance sheet 3,107 1,220 3,173 1,365 Financial assets per category 2023 Fair value through profit or loss MSEK Amortized cost Fair value through other comprehensive income At initial recognition Trading Total Of which cur rent Trade receivables 16,811 \u2014 \u2014 \u2014 16,811 16,811 Cash and cash equivalents 8,803 \u2014 4,508 \u2014 13,311 13,311 Equity securities \u2014 313 \u2014 \u2014 313 \u2014 Marketable securities \u2014 \u2014 \u2014 769 769 \u2014 Trading derivatives \u2014 \u2014 \u2014 333 333 333 Debt securities \u2014 30 \u2014 \u2014 30 6 Other loans and receivables 467 \u2014 \u2014 \u2014 467 403 Carrying amount 26,081 343 4,508 1,102 32,034 30,864 Fair value 26,081 343 4,508 1,102 Financial assets per category 2022 Fair value through profit or loss MSEK Amortized cost Fair value through other comprehensive income At initial recognition Trading Total Of which cur rent Trade receivables 16,905 \u2014 \u2014 \u2014 16,905 16,905 Cash and cash equivalents 8,169 \u2014 2,086 \u2014 10,255 10,255 Equity securities \u2014 395 \u2014 \u2014 395 \u2014 Marketable securities \u2014 \u2014 \u2014 746 746 \u2014 Trading derivatives \u2014 \u2014 \u2014 370 370 370 Debt securities \u2014 20 10 \u2014 30 10 Other loans and receivables 652 \u2014 \u2014 \u2014 652 589 Carrying amount 25,726 415 2,096 1,116 29,353 28,129 Fair value 25,726 415 2,096 1,116 Financial assets categorized as amortized cost are assets held to collect contractual cash flows. These include trade receivables, loans granted, funds held with banks and deposits comprising principally of funds held with land- lords and other service providers, for which substantially all initial investment is expected to be recovered. Debt securities and strategic investments in equity securities are categorised as FVOCI. The exception is debt securities held by SKF Treasury Centre which are cate gorised as FVPL. Financial instruments are at FVPL when the Group manages such investments and makes purchase and sale decisions based on their fair value. Derivatives are categorized as trading derivatives unless they are subject to hedge accounting. Past due, net of allowance Trade receivables by due date (MSEK) Carrying amount Not yet due 1\u201330 days 31\u201360 days 61\u201390 days >\u200991 days 2023 16,811 14,191 1,677 485 199 259 2022 16,905 14,574 1,613 435 222 61 The average days outstanding of trade receivables in 2023 were 64 days (64). Trade receivables as a percentage of annual net sales totalled 16.2% (17.4). Trade receivables included receivables sold with recourse amounting to MSEK 74 (109). The risk of customer default for these receivables has not been transferred in such a way that the financial assets qualify for derecognition. The table shows the development of the reserve for credit losses on trade receivables. Specification of reserve for credit losses (MSEK) 2023 2022 Opening balance 1 January 446 424 Additions 115 271 Reversals \u2013115 \u2013229 Changes through the income statement \u2014 42 Allowances used to cover write-offs \u201325 \u201349 Acquired/Divested companies 2 \u20134 Currency translation adjustments \u201320 33 Closing balance 31 December 403 446",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"fact-334": {
"value": "2023 2022 Gross deferred taxes per type (MSEK) Deferred tax assets Deferred tax liabilities Deferred tax assets Deferred tax liabilities Intangibles and other assets 151 1,322 33 1,519 Property, plant and equipment 72 1,209 30 1,083 Inventories 643 499 668 507 Trade receivables 71 3 107 2 Provisions for post-employment benefits 1,667 196 1,736 132 Other accruals and liabilities 1,310 99 1,060 10 Tax loss carry-forwards 828 \u2014 896 \u2014 Tax credit carry-forwards 349 \u2014 268 \u2014 Other 179 55 328 65 Gross deferred taxes 5,270 3,383 5,126 3,318 Net deferred taxes presented in the Consolidated balance sheet 3,107 1,220 3,173 1,365 13 Inventories Accounting policy Inventories are stated at the lower of cost (first-in, first-out basis) or market value (net realisable value). Initially raw materials and purchased finished goods are valued at actual purchase costs, and work in process and manufac- tured finished goods are valued at actual production costs. Production costs include direct costs such as material and labour, as well as manufacturing overhead as appropriate. Accounting estimates and judgements Adjustments to the cost of inventory may be necessary when the cost exceeds net realisable value. Net realisable value is defined as selling price less costs to complete and costs to sell. The estimates used in determining net realis- able value are a source of estimation uncertainty. As future selling prices and selling costs are not known at the time of assessment, management\u2019s best estimates are used based on current price and cost levels. Adjustments to net realisable value also include estimates of technical and commercial obsolescence on an individual subsidiary basis. Commercial obsolescence is assessed by the rate of turnover and ageing as risk indicators. MSEK 2023 2022 Finished goods 12,709 14,417 Raw materials and supplies 8,390 9,446 Work in process 2,095 2,189 Total 23,194 26,052 Inventory values are stated net of a provision for net realiz- able value of MSEK 1,599 (1,517). The amount charged to expense for net realizable provisions during the year was MSEK 207 (135). Reversals of net realizable provisions during the year were MSEK 86 (29).",
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"entity": "scheme:894500JU9WRAJQOVBI12",
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},
"fact-335": {
"value": "Accounting policy Intangible assets are stated at initial cost less any accu- mulated amortization and any impairment. Amortization is made on a straight line basis over the estimated useful lives and begins once the asset is ready for its intended use. The useful lives are based to a large extent on historical experience, the expected application, as well as other individual characteristics of the asset. The useful lives are: \u2022 Patents and similar rights up to 11 years. \u2022 Software in use 4\u201312 years. \u2022 Customer relationships 10\u201315 years. \u2022 Product development expenditures 3\u20137 years. \u2022 Technology acquired in business combinations 15\u201318 years. \u2022 Other intangibles 3\u20135 years. \u2022 Strategic tradenames indefinite. \u2022 Goodwill indefinite. Amortization and impairments are included in cost of goods sold, selling expenses or administrative expenses depending on where the assets have been used. Internally developed intangibles The Group\u2019s most significant internally developed intangi- bles are software in use, developed for internal purposes, and to a minor extent product development. The amortiza- tion plan for SKF ERP Programme (SEP) is a straight-line amortization for the rest of the useful life, with an amorti- zation rate of 10%. Intangible assets with definite useful lives Intangible assets with definite useful lives are tested for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The determination is usually performed at the cash gener- ating unit (CGU) level but could also be at the individual asset level. Factors that are considered important are: \u2022 Underperformance relative to historical and forecasted operating results; \u2022 Significant negative industry or economic trends; \u2022 Significant changes relative to the asset including plans to discontinue or restructure the operation to which the asset belongs. When there is an indication that the carrying value may not be recoverable based on the above indicators, the profita- bility of the CGU to which the asset belongs is analyzed to further confirm the nature and extent of the indication. If an indication is confirmed, an impairment loss is recog- nized to the extent that the carrying amount of the affected assets exceeds its recoverable amount. Intangible assets with indefinite useful lives Goodwill and other intangible assets with indefinite use- ful lives have been allocated to CGUs, and are tested for impairment annually and whenever an indication of impair- ment exists. The impairment test is carried out at the low- est level at which these assets are monitored by manage- ment. The lowest CGU level used for impairment test is the segment level, Industrial and Automotive. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-336": {
"value": "Accounting policy Intangible assets are stated at initial cost less any accu- mulated amortization and any impairment. Amortization is made on a straight line basis over the estimated useful lives and begins once the asset is ready for its intended use. The useful lives are based to a large extent on historical experience, the expected application, as well as other individual characteristics of the asset. The useful lives are: \u2022 Patents and similar rights up to 11 years. \u2022 Software in use 4\u201312 years. \u2022 Customer relationships 10\u201315 years. \u2022 Product development expenditures 3\u20137 years. \u2022 Technology acquired in business combinations 15\u201318 years. \u2022 Other intangibles 3\u20135 years. \u2022 Strategic tradenames indefinite. \u2022 Goodwill indefinite. Amortization and impairments are included in cost of goods sold, selling expenses or administrative expenses depending on where the assets have been used. Internally developed intangibles The Group\u2019s most significant internally developed intangi- bles are software in use, developed for internal purposes, and to a minor extent product development. The amortiza- tion plan for SKF ERP Programme (SEP) is a straight-line amortization for the rest of the useful life, with an amorti- zation rate of 10%. Intangible assets with definite useful lives Intangible assets with definite useful lives are tested for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The determination is usually performed at the cash gener- ating unit (CGU) level but could also be at the individual asset level. Factors that are considered important are: \u2022 Underperformance relative to historical and forecasted operating results; \u2022 Significant negative industry or economic trends; \u2022 Significant changes relative to the asset including plans to discontinue or restructure the operation to which the asset belongs. When there is an indication that the carrying value may not be recoverable based on the above indicators, the profita- bility of the CGU to which the asset belongs is analyzed to further confirm the nature and extent of the indication. If an indication is confirmed, an impairment loss is recog- nized to the extent that the carrying amount of the affected assets exceeds its recoverable amount. Intangible assets with indefinite useful lives Goodwill and other intangible assets with indefinite use- ful lives have been allocated to CGUs, and are tested for impairment annually and whenever an indication of impair- ment exists. The impairment test is carried out at the low- est level at which these assets are monitored by manage- ment. The lowest CGU level used for impairment test is the segment level, Industrial and Automotive. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-337": {
"value": "Accounting policy Intangible assets are stated at initial cost less any accu- mulated amortization and any impairment. Amortization is made on a straight line basis over the estimated useful lives and begins once the asset is ready for its intended use. The useful lives are based to a large extent on historical experience, the expected application, as well as other individual characteristics of the asset. The useful lives are: \u2022 Patents and similar rights up to 11 years. \u2022 Software in use 4\u201312 years. \u2022 Customer relationships 10\u201315 years. \u2022 Product development expenditures 3\u20137 years. \u2022 Technology acquired in business combinations 15\u201318 years. \u2022 Other intangibles 3\u20135 years. \u2022 Strategic tradenames indefinite. \u2022 Goodwill indefinite. Amortization and impairments are included in cost of goods sold, selling expenses or administrative expenses depending on where the assets have been used. Internally developed intangibles The Group\u2019s most significant internally developed intangi- bles are software in use, developed for internal purposes, and to a minor extent product development. The amortiza- tion plan for SKF ERP Programme (SEP) is a straight-line amortization for the rest of the useful life, with an amorti- zation rate of 10%. Intangible assets with definite useful lives Intangible assets with definite useful lives are tested for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The determination is usually performed at the cash gener- ating unit (CGU) level but could also be at the individual asset level. Factors that are considered important are: \u2022 Underperformance relative to historical and forecasted operating results; \u2022 Significant negative industry or economic trends; \u2022 Significant changes relative to the asset including plans to discontinue or restructure the operation to which the asset belongs. When there is an indication that the carrying value may not be recoverable based on the above indicators, the profita- bility of the CGU to which the asset belongs is analyzed to further confirm the nature and extent of the indication. If an indication is confirmed, an impairment loss is recog- nized to the extent that the carrying amount of the affected assets exceeds its recoverable amount. Intangible assets with indefinite useful lives Goodwill and other intangible assets with indefinite use- ful lives have been allocated to CGUs, and are tested for impairment annually and whenever an indication of impair- ment exists. The impairment test is carried out at the low- est level at which these assets are monitored by manage- ment. The lowest CGU level used for impairment test is the segment level, Industrial and Automotive. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-338": {
"value": "Intangible assets with definite useful lives Intangible assets with definite useful lives are tested for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The determination is usually performed at the cash gener- ating unit (CGU) level but could also be at the individual asset level. Factors that are considered important are: \u2022 Underperformance relative to historical and forecasted operating results; \u2022 Significant negative industry or economic trends; \u2022 Significant changes relative to the asset including plans to discontinue or restructure the operation to which the asset belongs. When there is an indication that the carrying value may not be recoverable based on the above indicators, the profita- bility of the CGU to which the asset belongs is analyzed to further confirm the nature and extent of the indication. If an indication is confirmed, an impairment loss is recog- nized to the extent that the carrying amount of the affected assets exceeds its recoverable amount. Intangible assets with indefinite useful lives Goodwill and other intangible assets with indefinite use- ful lives have been allocated to CGUs, and are tested for impairment annually and whenever an indication of impair- ment exists. The impairment test is carried out at the low- est level at which these assets are monitored by manage- ment. The lowest CGU level used for impairment test is the segment level, Industrial and Automotive. Financial assets and allowance for doubtful accounts are recognized with the use of a forward-looking \u2018expected- loss\u2019 impairment model which indicates when the asset may not be recovered. The forward- looking information should capture changes in the market that the customers operate in. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-339": {
"value": "Accounting policy Machinery and supply systems, land, buildings, tools, office equipment and vehicles are stated in the balance sheet at cost, less accumulated depreciation and any impairment loss. A component approach to depreciation is applied. This means that where items of property, plant and equipment are comprised of different components having a cost significant in relation to the total cost of the items, such components are depreciated separately. Depreciation is provided on a straight-line basis and is calculated based on cost. The rates of depreciation are based on the estimated useful lives of the assets, which are subject to annual review. The useful lives are: \u2022 33 years for buildings and installations. \u2022 10\u201320 years for machinery and supply systems. \u2022 10 years for control systems within machinery and supply systems. \u2022 4\u20135 years for tools, office equipment and vehicles. Depreciation and impairments are included in cost of goods sold, selling expenses or administrative expenses depending on where the assets have been used. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-340": {
"value": "12 Right-of-use assets Accounting policy All lease contracts are recognized in the balance sheet, at commencement date, as a right-of-use asset and a lease liability. A contract is or contains a lease if it conveys, to the Group, the right to control the use of an identified asset for a period of time in exchange for a consideration. A right-of-use asset and a lease liability is recognized for all leases with a term of more than 12 months unless the underlying asset is of low value. The right-of-use asset is sub sequently accounted for with the same regulations as Property, plant and equipment. The lease liability is discounted using the interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the incremental borrowing rate is used. The incremental borrowing rate is established by the Group\u2019s treasury centre based on cur- rency and maturity of lease contracts. The lease term is determined as the non-cancellable period of the lease, together with periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option, and periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option. The Group also applies the practical expedient for fixed non-lease components and includes them together with any lease component in the contract. Any future lease modification not registered as a sepa- rate contract, is recognized as a remeasurement of the lease liability and an adjustment to the right-of-use asset. For more information on lease liabilities, see Note 20. Accounting estimates and judgments Management judgement and assumptions are required to determine the value of the right-of-use assets and the present value of the lease liability. Such judgement and assumptions involve identifying a lease, defining the lease term and defining the discount rate. Lease expenses for short-term leases, low-value assets and variable lease payments amount to MSEK 408 (336). The lease expenses correspond in all material aspects to the cash flow for those leases. During 2023, total cash outflow related to leases amounted to MSEK 863 (809). Interest expenses related to leases amounted to MSEK 126 (119) . MSEK 2023 2022 Short-term lease expenses 329 248 Low-value asset lease expenses 68 62 Variable lease payments not included in lease liability 14 19 Other \u20133 7 Total 408 336 MSEK 2023 Closing balance Additions Modifications Impairments Reclassi- fication Translation effects 2023 Opening balance Acquisition cost Premises 4,127 333 114 \u2014 \u2013356 \u2013118 4,154 Vehicles 819 138 40 \u2014 \u201398 \u20136 745 Forklifts 299 38 12 \u2014 \u201324 \u20137 280 Machinery 30 4 \u2014 \u2014 \u20132 \u2014 28 Office equipment 7 \u2014 \u2014 \u2014 \u201313 \u2014 20 Other 372 26 \u2014 \u2014 2 \u201324 368 Total 5,654 539 166 \u2014 \u2013491 \u2013155 5,595 MSEK 2023 Closing balance Depre ciation Modifications Impairments Reclassi- fication Translation effects 2023 Opening balance Accumulated depreciation and impairments Premises 1,774 576 \u2013132 \u2014 \u2013322 \u201354 1,706 Vehicles 568 159 \u20131 \u2014 \u201390 \u20132 502 Forklifts 203 51 \u2014 \u2014 \u201323 \u20139 184 Machinery 43 7 \u2014 \u2014 \u20132 \u2014 38 Office equipment 12 8 \u2014 \u2014 \u201312 \u2014 16 Other 93 36 \u2014 1 \u201315 6 65 Total 2,693 837 \u2013133 1 \u2013464 \u201359 2,511 Net book value 2,961 3,084 12 Right-of-use assets, cont. MSEK 2022 Closing balance Additions Modifications Impairments Reclassi- fication Translation effects 2022 Opening balance Acquisition cost Premises 4,154 379 \u2013187 \u2014 \u201366 371 3,657 Vehicles 745 134 12 \u2014 \u201349 39 609 Forklifts 280 53 \u20133 \u2014 \u201323 19 234 Machinery 28 \u2014 2 \u2014 \u20133 1 28 Office equipment 20 1 \u20131 \u2014 \u20132 2 20 Other 368 \u2014 20 \u2014 359 1) \u20131 \u201310 Total 5,595 567 \u2013157 \u2014 216 431 4,538 MSEK 2022 Closing balance Depre ciation Modifications Impairments Reclassi- fication Translation effects 2022 Opening balance Accumulated depreciation and impairments Premises 1,706 507 \u2013169 \u2014 \u2013 66 126 1,308 Vehicles 502 146 \u201317 \u2014 \u201349 35 387 Forklifts 184 62 \u20135 1 \u201323 11 138 Machinery 38 2 \u20132 \u2014 \u20133 3 38 Office equipment 16 4 \u20131 \u2014 \u20132 1 14 Other 65 5 23 \u2014 48 1) \u20133 \u20138 Total 2,511 726 \u2013171 1 \u201395 173 1,877 Net book value 3,084 2,661 1) Includes reclassifaction from Intangibles to Right-of-use asset. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-341": {
"value": "Accounting policy All lease contracts are recognized in the balance sheet, at commencement date, as a right-of-use asset and a lease liability. A contract is or contains a lease if it conveys, to the Group, the right to control the use of an identified asset for a period of time in exchange for a consideration. A right-of-use asset and a lease liability is recognized for all leases with a term of more than 12 months unless the underlying asset is of low value. The right-of-use asset is sub sequently accounted for with the same regulations as Property, plant and equipment. The lease liability is discounted using the interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the incremental borrowing rate is used. The incremental borrowing rate is established by the Group\u2019s treasury centre based on cur- rency and maturity of lease contracts. The lease term is determined as the non-cancellable period of the lease, together with periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option, and periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option. The Group also applies the practical expedient for fixed non-lease components and includes them together with any lease component in the contract. Any future lease modification not registered as a sepa- rate contract, is recognized as a remeasurement of the lease liability and an adjustment to the right-of-use asset. For more information on lease liabilities, see Note 20. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-349": {
"value": "Accounting policy Inventories are stated at the lower of cost (first-in, first-out basis) or market value (net realisable value). Initially raw materials and purchased finished goods are valued at actual purchase costs, and work in process and manufac- tured finished goods are valued at actual production costs. Production costs include direct costs such as material and labour, as well as manufacturing overhead as appropriate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-351": {
"value": "Accounting policy Financial assets are classified in three categories and are based on the Groups business model for managing the asset and the asset\u2019s contractual cash flow characteris- tics. The assets can be measured at amortized cost, fair value through other comprehensive income (FVOCI) or fair value through profit or loss (FVPL). Financial assets are recognized in the balance sheet when the Group becomes a party to the contractual provi- sions of a financial instrument. Financial assets are ini- tially measured at fair value, which is normally equal to cost. Settlement day recognition is applied for purchases and sales of financial assets. Financial assets measured at amortized cost are calcu- lated using the effective interest method. For disclosure purpose, fair values have been calculated using valuation techniques, mainly discounted cash flow analysis based on observable market data. For current receivables, such as trade receivables, the carrying amount is considered to correspond to fair value. Equity securities are measured at fair value. The Group have elected to classify Equity securities at FVOCI since these investments are held as long-term strategic invest- ments. There is no reclassification of fair value gain or loss when the investments are derecognized and the dividends from those investments are recognized in profit or loss when the Group have the right to receive the payments. Debt securities are valued at fair value based on the current bid price for the securities and they are classified as either at FVPL or at FVOCI depending on the Group\u2019s model for managing those securities and on the character- istics of the cash flows. Derivatives are categorized as held for trading unless they are subject to hedge accounting. Derivatives classi- fied as held for trading are mainly derivatives used in eco- nomic hedges where the changes in fair value are taken directly through profit or loss. Financial assets and allowance for doubtful accounts are recognized with the use of a forward-looking \u2018expected- loss\u2019 impairment model which indicates when the asset may not be recovered. The forward- looking information should capture changes in the market that the customers operate in. Financial assets are derecognized when the contractual rights to the cash flow have expired or been transferred together with substantially all risks and rewards. Accounting policy Financial liabilities are recognized in the balance sheet when the Group becomes a party to the contractual provi- sions of a financial instrument. Financial liabilities are initially recorded at fair value, which is normally equal to acquisition cost. Transaction costs are included in the initial measurement of financial liabilities that are not subsequently measured at fair value through the income statement. Derivatives are recognized at trade date. Financial liabilities, excluding derivatives, are classified as Other financial liabilities measured at amortized cost. Amortized cost is measured using the effective interest method. The carrying amount of liabilities that are hedged items, for which fair value hedge accounting is applied, are adjusted for gains or losses attributable to the hedged risks. Derivatives are classified into the category Fair value through profit or loss. Financial liabilities are derecognized when they are extinguished. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-352": {
"value": "Accounting policy Financial assets are classified in three categories and are based on the Groups business model for managing the asset and the asset\u2019s contractual cash flow characteris- tics. The assets can be measured at amortized cost, fair value through other comprehensive income (FVOCI) or fair value through profit or loss (FVPL). Financial assets are recognized in the balance sheet when the Group becomes a party to the contractual provi- sions of a financial instrument. Financial assets are ini- tially measured at fair value, which is normally equal to cost. Settlement day recognition is applied for purchases and sales of financial assets. Financial assets measured at amortized cost are calcu- lated using the effective interest method. For disclosure purpose, fair values have been calculated using valuation techniques, mainly discounted cash flow analysis based on observable market data. For current receivables, such as trade receivables, the carrying amount is considered to correspond to fair value. Equity securities are measured at fair value. The Group have elected to classify Equity securities at FVOCI since these investments are held as long-term strategic invest- ments. There is no reclassification of fair value gain or loss when the investments are derecognized and the dividends from those investments are recognized in profit or loss when the Group have the right to receive the payments. Debt securities are valued at fair value based on the current bid price for the securities and they are classified as either at FVPL or at FVOCI depending on the Group\u2019s model for managing those securities and on the character- istics of the cash flows. Derivatives are categorized as held for trading unless they are subject to hedge accounting. Derivatives classi- fied as held for trading are mainly derivatives used in eco- nomic hedges where the changes in fair value are taken directly through profit or loss. Financial assets and allowance for doubtful accounts are recognized with the use of a forward-looking \u2018expected- loss\u2019 impairment model which indicates when the asset may not be recovered. The forward- looking information should capture changes in the market that the customers operate in. Financial assets are derecognized when the contractual rights to the cash flow have expired or been transferred together with substantially all risks and rewards. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-353": {
"value": "Equity securities are measured at fair value. The Group have elected to classify Equity securities at FVOCI since these investments are held as long-term strategic invest- ments. There is no reclassification of fair value gain or loss when the investments are derecognized and the dividends from those investments are recognized in profit or loss when the Group have the right to receive the payments. Debt securities are valued at fair value based on the current bid price for the securities and they are classified as either at FVPL or at FVOCI depending on the Group\u2019s model for managing those securities and on the character- istics of the cash flows. Derivatives are categorized as held for trading unless they are subject to hedge accounting. Derivatives classi- fied as held for trading are mainly derivatives used in eco- nomic hedges where the changes in fair value are taken directly through profit or loss. Financial assets and allowance for doubtful accounts are recognized with the use of a forward-looking \u2018expected- loss\u2019 impairment model which indicates when the asset may not be recovered. The forward- looking information should capture changes in the market that the customers operate in. Accounting policy Financial liabilities are recognized in the balance sheet when the Group becomes a party to the contractual provi- sions of a financial instrument. Financial liabilities are initially recorded at fair value, which is normally equal to acquisition cost. Transaction costs are included in the initial measurement of financial liabilities that are not subsequently measured at fair value through the income statement. Derivatives are recognized at trade date. Financial liabilities, excluding derivatives, are classified as Other financial liabilities measured at amortized cost. Amortized cost is measured using the effective interest method. The carrying amount of liabilities that are hedged items, for which fair value hedge accounting is applied, are adjusted for gains or losses attributable to the hedged risks. Derivatives are classified into the category Fair value through profit or loss. Financial liabilities are derecognized when they are extinguished.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-354": {
"value": "Derivatives are categorized as held for trading unless they are subject to hedge accounting. Derivatives classi- fied as held for trading are mainly derivatives used in eco- nomic hedges where the changes in fair value are taken directly through profit or loss. Accounting policy Financial liabilities are recognized in the balance sheet when the Group becomes a party to the contractual provi- sions of a financial instrument. Financial liabilities are initially recorded at fair value, which is normally equal to acquisition cost. Transaction costs are included in the initial measurement of financial liabilities that are not subsequently measured at fair value through the income statement. Derivatives are recognized at trade date. Financial liabilities, excluding derivatives, are classified as Other financial liabilities measured at amortized cost. Amortized cost is measured using the effective interest method. The carrying amount of liabilities that are hedged items, for which fair value hedge accounting is applied, are adjusted for gains or losses attributable to the hedged risks. Derivatives are classified into the category Fair value through profit or loss. Financial liabilities are derecognized when they are extinguished.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-355": {
"value": "Derivatives are categorized as held for trading unless they are subject to hedge accounting. Derivatives classi- fied as held for trading are mainly derivatives used in eco- nomic hedges where the changes in fair value are taken directly through profit or loss. Accounting policy Financial liabilities are recognized in the balance sheet when the Group becomes a party to the contractual provi- sions of a financial instrument. Financial liabilities are initially recorded at fair value, which is normally equal to acquisition cost. Transaction costs are included in the initial measurement of financial liabilities that are not subsequently measured at fair value through the income statement. Derivatives are recognized at trade date. Financial liabilities, excluding derivatives, are classified as Other financial liabilities measured at amortized cost. Amortized cost is measured using the effective interest method. The carrying amount of liabilities that are hedged items, for which fair value hedge accounting is applied, are adjusted for gains or losses attributable to the hedged risks. Derivatives are classified into the category Fair value through profit or loss. Financial liabilities are derecognized when they are extinguished.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-357": {
"value": "Financial assets and allowance for doubtful accounts are recognized with the use of a forward-looking \u2018expected- loss\u2019 impairment model which indicates when the asset may not be recovered. The forward- looking information should capture changes in the market that the customers operate in. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-359": {
"value": "Financial assets per category 2023 Fair value through profit or loss MSEK Amortized cost Fair value through other comprehensive income At initial recognition Trading Total Of which cur rent Trade receivables 16,811 \u2014 \u2014 \u2014 16,811 16,811 Cash and cash equivalents 8,803 \u2014 4,508 \u2014 13,311 13,311 Equity securities \u2014 313 \u2014 \u2014 313 \u2014 Marketable securities \u2014 \u2014 \u2014 769 769 \u2014 Trading derivatives \u2014 \u2014 \u2014 333 333 333 Debt securities \u2014 30 \u2014 \u2014 30 6 Other loans and receivables 467 \u2014 \u2014 \u2014 467 403 Carrying amount 26,081 343 4,508 1,102 32,034 30,864 Fair value 26,081 343 4,508 1,102 Financial assets per category 2022 Fair value through profit or loss MSEK Amortized cost Fair value through other comprehensive income At initial recognition Trading Total Of which cur rent Trade receivables 16,905 \u2014 \u2014 \u2014 16,905 16,905 Cash and cash equivalents 8,169 \u2014 2,086 \u2014 10,255 10,255 Equity securities \u2014 395 \u2014 \u2014 395 \u2014 Marketable securities \u2014 \u2014 \u2014 746 746 \u2014 Trading derivatives \u2014 \u2014 \u2014 370 370 370 Debt securities \u2014 20 10 \u2014 30 10 Other loans and receivables 652 \u2014 \u2014 \u2014 652 589 Carrying amount 25,726 415 2,096 1,116 29,353 28,129 Fair value 25,726 415 2,096 1,116 Financial assets categorized as amortized cost are assets held to collect contractual cash flows. These include trade receivables, loans granted, funds held with banks and deposits comprising principally of funds held with land- lords and other service providers, for which substantially all initial investment is expected to be recovered. Debt securities and strategic investments in equity securities are categorised as FVOCI. The exception is debt securities held by SKF Treasury Centre which are cate gorised as FVPL. Financial instruments are at FVPL when the Group manages such investments and makes purchase and sale decisions based on their fair value. Derivatives are categorized as trading derivatives unless they are subject to hedge accounting. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"fact-361": {
"value": "Financial assets per category 2023 Fair value through profit or loss MSEK Amortized cost Fair value through other comprehensive income At initial recognition Trading Total Of which cur rent Trade receivables 16,811 \u2014 \u2014 \u2014 16,811 16,811 Cash and cash equivalents 8,803 \u2014 4,508 \u2014 13,311 13,311 Equity securities \u2014 313 \u2014 \u2014 313 \u2014 Marketable securities \u2014 \u2014 \u2014 769 769 \u2014 Trading derivatives \u2014 \u2014 \u2014 333 333 333 Debt securities \u2014 30 \u2014 \u2014 30 6 Other loans and receivables 467 \u2014 \u2014 \u2014 467 403 Carrying amount 26,081 343 4,508 1,102 32,034 30,864 Fair value 26,081 343 4,508 1,102 Financial assets per category 2022 Fair value through profit or loss MSEK Amortized cost Fair value through other comprehensive income At initial recognition Trading Total Of which cur rent Trade receivables 16,905 \u2014 \u2014 \u2014 16,905 16,905 Cash and cash equivalents 8,169 \u2014 2,086 \u2014 10,255 10,255 Equity securities \u2014 395 \u2014 \u2014 395 \u2014 Marketable securities \u2014 \u2014 \u2014 746 746 \u2014 Trading derivatives \u2014 \u2014 \u2014 370 370 370 Debt securities \u2014 20 10 \u2014 30 10 Other loans and receivables 652 \u2014 \u2014 \u2014 652 589 Carrying amount 25,726 415 2,096 1,116 29,353 28,129 Fair value 25,726 415 2,096 1,116 Financial assets categorized as amortized cost are assets held to collect contractual cash flows. These include trade receivables, loans granted, funds held with banks and deposits comprising principally of funds held with land- lords and other service providers, for which substantially all initial investment is expected to be recovered. Debt securities and strategic investments in equity securities are categorised as FVOCI. The exception is debt securities held by SKF Treasury Centre which are cate gorised as FVPL. Financial instruments are at FVPL when the Group manages such investments and makes purchase and sale decisions based on their fair value. Derivatives are categorized as trading derivatives unless they are subject to hedge accounting. 2023 2022 MSEK Maturity Carrying amount Fair value Carrying amount Fair value Long-term financial liabilities MSEK 900 2024 \u2014 \u2014 899 875 MSEK 2,100 2024 \u2014 \u2014 2,098 2,134 MUSD 3 2025 3 3 \u2014 \u2014 MEUR 300 2025 3,177 3,192 3,095 3,113 MUSD 100 2027 1,000 1,033 1,042 1,076 MEUR 400 2028 4,363 4,422 4,213 4,273 MEUR 300 2029 3,307 3,051 3,326 2,881 MEUR 300 2031 3,275 2,865 3,290 2,666 Long-term lease liabilities 2024 and thereafter 2,207 2,207 2,286 2,286 Other long-term loans 2024\u20132030 200 201 212 227 Derivatives held for hedge accounting 362 362 758 758 Derivatives held for trading \u2014 \u2014 \u2014 \u2014 Subtotal long-term financial liabilities 17,894 17,336 21,219 20,289 Short-term financial liabilities MSEK 900 2024 900 894 \u2014 \u2014 MSEK 2,100 2024 2,100 2,116 \u2014 \u2014 MUSD 3 2024 13 13 \u2014 \u2014 Trade payables 2024 11,236 11,236 11,594 11,594 Short-term lease liabilities 2024 629 629 635 635 Short-term loans 2024 158 158 170 170 Derivatives held for hedge accounting 2024 \u2014 \u2014 \u2014 \u2014 Derivatives held for trading 2024 260 260 111 111 Subtotal short-term financial liabilities 15,296 15,306 12,510 12,510 Total 33,190 32,642 33,729 32,799",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-363": {
"value": "Financial assets per category 2023 Fair value through profit or loss MSEK Amortized cost Fair value through other comprehensive income At initial recognition Trading Total Of which cur rent Trade receivables 16,811 \u2014 \u2014 \u2014 16,811 16,811 Cash and cash equivalents 8,803 \u2014 4,508 \u2014 13,311 13,311 Equity securities \u2014 313 \u2014 \u2014 313 \u2014 Marketable securities \u2014 \u2014 \u2014 769 769 \u2014 Trading derivatives \u2014 \u2014 \u2014 333 333 333 Debt securities \u2014 30 \u2014 \u2014 30 6 Other loans and receivables 467 \u2014 \u2014 \u2014 467 403 Carrying amount 26,081 343 4,508 1,102 32,034 30,864 Fair value 26,081 343 4,508 1,102 Financial assets per category 2022 Fair value through profit or loss MSEK Amortized cost Fair value through other comprehensive income At initial recognition Trading Total Of which cur rent Trade receivables 16,905 \u2014 \u2014 \u2014 16,905 16,905 Cash and cash equivalents 8,169 \u2014 2,086 \u2014 10,255 10,255 Equity securities \u2014 395 \u2014 \u2014 395 \u2014 Marketable securities \u2014 \u2014 \u2014 746 746 \u2014 Trading derivatives \u2014 \u2014 \u2014 370 370 370 Debt securities \u2014 20 10 \u2014 30 10 Other loans and receivables 652 \u2014 \u2014 \u2014 652 589 Carrying amount 25,726 415 2,096 1,116 29,353 28,129 Fair value 25,726 415 2,096 1,116 Financial assets categorized as amortized cost are assets held to collect contractual cash flows. These include trade receivables, loans granted, funds held with banks and deposits comprising principally of funds held with land- lords and other service providers, for which substantially all initial investment is expected to be recovered. Debt securities and strategic investments in equity securities are categorised as FVOCI. The exception is debt securities held by SKF Treasury Centre which are cate gorised as FVPL. Financial instruments are at FVPL when the Group manages such investments and makes purchase and sale decisions based on their fair value. Derivatives are categorized as trading derivatives unless they are subject to hedge accounting. 2023 2022 MSEK Maturity Carrying amount Fair value Carrying amount Fair value Long-term financial liabilities MSEK 900 2024 \u2014 \u2014 899 875 MSEK 2,100 2024 \u2014 \u2014 2,098 2,134 MUSD 3 2025 3 3 \u2014 \u2014 MEUR 300 2025 3,177 3,192 3,095 3,113 MUSD 100 2027 1,000 1,033 1,042 1,076 MEUR 400 2028 4,363 4,422 4,213 4,273 MEUR 300 2029 3,307 3,051 3,326 2,881 MEUR 300 2031 3,275 2,865 3,290 2,666 Long-term lease liabilities 2024 and thereafter 2,207 2,207 2,286 2,286 Other long-term loans 2024\u20132030 200 201 212 227 Derivatives held for hedge accounting 362 362 758 758 Derivatives held for trading \u2014 \u2014 \u2014 \u2014 Subtotal long-term financial liabilities 17,894 17,336 21,219 20,289 Short-term financial liabilities MSEK 900 2024 900 894 \u2014 \u2014 MSEK 2,100 2024 2,100 2,116 \u2014 \u2014 MUSD 3 2024 13 13 \u2014 \u2014 Trade payables 2024 11,236 11,236 11,594 11,594 Short-term lease liabilities 2024 629 629 635 635 Short-term loans 2024 158 158 170 170 Derivatives held for hedge accounting 2024 \u2014 \u2014 \u2014 \u2014 Derivatives held for trading 2024 260 260 111 111 Subtotal short-term financial liabilities 15,296 15,306 12,510 12,510 Total 33,190 32,642 33,729 32,799",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-364": {
"value": "Financial assets per category 2023 Fair value through profit or loss MSEK Amortized cost Fair value through other comprehensive income At initial recognition Trading Total Of which cur rent Trade receivables 16,811 \u2014 \u2014 \u2014 16,811 16,811 Cash and cash equivalents 8,803 \u2014 4,508 \u2014 13,311 13,311 Equity securities \u2014 313 \u2014 \u2014 313 \u2014 Marketable securities \u2014 \u2014 \u2014 769 769 \u2014 Trading derivatives \u2014 \u2014 \u2014 333 333 333 Debt securities \u2014 30 \u2014 \u2014 30 6 Other loans and receivables 467 \u2014 \u2014 \u2014 467 403 Carrying amount 26,081 343 4,508 1,102 32,034 30,864 Fair value 26,081 343 4,508 1,102 Financial assets per category 2022 Fair value through profit or loss MSEK Amortized cost Fair value through other comprehensive income At initial recognition Trading Total Of which cur rent Trade receivables 16,905 \u2014 \u2014 \u2014 16,905 16,905 Cash and cash equivalents 8,169 \u2014 2,086 \u2014 10,255 10,255 Equity securities \u2014 395 \u2014 \u2014 395 \u2014 Marketable securities \u2014 \u2014 \u2014 746 746 \u2014 Trading derivatives \u2014 \u2014 \u2014 370 370 370 Debt securities \u2014 20 10 \u2014 30 10 Other loans and receivables 652 \u2014 \u2014 \u2014 652 589 Carrying amount 25,726 415 2,096 1,116 29,353 28,129 Fair value 25,726 415 2,096 1,116 Financial assets categorized as amortized cost are assets held to collect contractual cash flows. These include trade receivables, loans granted, funds held with banks and deposits comprising principally of funds held with land- lords and other service providers, for which substantially all initial investment is expected to be recovered. Debt securities and strategic investments in equity securities are categorised as FVOCI. The exception is debt securities held by SKF Treasury Centre which are cate gorised as FVPL. Financial instruments are at FVPL when the Group manages such investments and makes purchase and sale decisions based on their fair value. Derivatives are categorized as trading derivatives unless they are subject to hedge accounting. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-366": {
"value": "Fair value hierarchy for financial assets at fair value (MSEK) Level 1 Level 2 Level 3 2023 Level 1 Level 2 Level 3 2022 Fair value through other comprehensive income Equity securities 313 \u2014 \u2014 313 328 \u2014 67 395 Debt securities 30 \u2014 \u2014 30 20 \u2014 \u2014 20 Fair value through profit or loss Debt securities \u2014 \u2014 \u2014 \u2014 10 \u2014 \u2014 10 Trading securities \u2014 \u2014 769 769 \u2014 \u2014 746 746 Cash and cash equivalents 4,508 \u2014 \u2014 4,508 2,086 \u2014 \u2014 2,086 Hedging derivatives \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 Trading derivatives \u2014 333 \u2014 333 \u2014 370 \u2014 370 Total 4,851 333 769 5,953 2,444 370 813 3,627 The maturities for bonds and loans stated in the table below are based on the earliest date on which they can be required to be repaid. Two of the loans are subject to fair value hedging. The fixed EUR interest on the MEUR 300 loan, due in 2025, has been swapped into floating USD interest rate and the fixed EUR interest on the MEUR 400 loan has been swapped into floating EUR interest rate. Methods used for establishing fair value are described in Note 14. Interest rates for the loans are disclosed in Note 11 of the Parent Company. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-367": {
"value": "Financial assets recorded at fair value, which include the columns Fair value through other comprehensive income and Fair value through profit or loss, are disclosed above according to the hierarchy that shows the significance of the inputs used in the fair value measurements as defined in IFRS 13. The carrying amount is a reasonable approxi- mation of fair value. Level 1 includes financial instruments with a quoted price in an active market. Level 2 bases fair value on models that utilize observable data for the asset or liability other than the quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices). Such observable data may be market interest rates and yield curves. Level 3 bases fair value on a valuation model, whereby significant input is based on unobservable market data. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-368": {
"value": "Past due, net of allowance Trade receivables by due date (MSEK) Carrying amount Not yet due 1\u201330 days 31\u201360 days 61\u201390 days >\u200991 days 2023 16,811 14,191 1,677 485 199 259 2022 16,905 14,574 1,613 435 222 61 The average days outstanding of trade receivables in 2023 were 64 days (64). Trade receivables as a percentage of annual net sales totalled 16.2% (17.4). Trade receivables included receivables sold with recourse amounting to MSEK 74 (109). The risk of customer default for these receivables has not been transferred in such a way that the financial assets qualify for derecognition. The table shows the development of the reserve for credit losses on trade receivables. Specification of reserve for credit losses (MSEK) 2023 2022 Opening balance 1 January 446 424 Additions 115 271 Reversals \u2013115 \u2013229 Changes through the income statement \u2014 42 Allowances used to cover write-offs \u201325 \u201349 Acquired/Divested companies 2 \u20134 Currency translation adjustments \u201320 33 Closing balance 31 December 403 446",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-369": {
"value": "15 Other short-term assets MSEK 2023 2022 Value added tax receivables, net 2,326 2,620 Income tax receivables 1,265 866 Prepaid expenses 951 738 Accrued income 208 177 Advances to suppliers 467 236 Other current receivables 642 977 Total 5,859 5,614",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-370": {
"value": "MSEK 2023 2022 Value added tax receivables, net 2,326 2,620 Income tax receivables 1,265 866 Prepaid expenses 951 738 Accrued income 208 177 Advances to suppliers 467 236 Other current receivables 642 977 Total 5,859 5,614",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-371": {
"value": "MSEK 2023 2022 Value added tax receivables, net 2,326 2,620 Income tax receivables 1,265 866 Prepaid expenses 951 738 Accrued income 208 177 Advances to suppliers 467 236 Other current receivables 642 977 Total 5,859 5,614MSEK 2023 2022 Employee related accruals 4,144 3,792 Accrual for rebates 1,577 1,622 Income tax payable 965 735 Deferred income 368 340 Customer advances 434 430 Value added taxes payable, net 916 808 Other current liabilities 795 893 Other accrued expenses 1,874 2,071 Total 11,073 10,691",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-372": {
"value": "16 Share capital Number of shares authorized and outstanding A Shares B Shares Total Share capital (MSEK) Opening balance 1 January 2022 30,503,933 424,847,135 455,351,068 1,138 Conversion of A shares to B shares \u20131,100,000 1,100,000 \u2014 \u2014 Closing balance 31 December 2022 29,403,933 425,947,135 455,351,068 1,138 Conversion of A shares to B shares \u201397,000 97,000 \u2014 \u2014 Closing balance 31 December 2023 29,306,933 426,044,135 455,351,068 1,138 An A share has one vote and a B share has one-tenth of a vote. At the Annual General Meeting on 18 April 2002, it was decided to insert a share conversion clause in the Articles of Association which allows owners of A shares to convert those to B shares. Since the decision was taken, 197,629,814 A shares have been converted to B shares. The quota value for all shares is SEK 2.50. Dividend policy The SKF Group\u2019s dividend and distribution policy is based on the principle that the total dividend should be adapted to the trend for earnings and cash flow while taking account of the Group\u2019s development potential and finan- cial position. The Board of Directors\u2019 view is that the ordi- nary dividend should amount to around one half of the SKF Group\u2019s average net profit calculated over a business cycle. If the financial position of the SKF Group exceeds the target for capital structure, which is described in Note 26, an add itional distribution to the ordinary dividend could be made in the form of a higher dividend, a redemption scheme or as a repurchase of the company\u2019s own share. On the other hand, in periods of more uncertainty a lower dividend ratio could be appropriate. Dividend payments The total surplus of the Parent Company amounted to MSEK 23,198 (24,061), see page 91. The Board has decided to propose to the Annual General Meeting, on 26 March 2024, a dividend of SEK 7.50 per share to be paid to the shareholders. The proposed dividend for 2023 is payable to all shareholders on the Euroclear Sweden AB\u2019s public share register as of 28 March 2024. The total proposed dividend to be paid is MSEK 3,415 (3,187). The dividend is subject to approval by shareholders at the Annual General Meeting and has not been included as a liability in the balance sheet. On 30 March 2023, a dividend of SEK 7.00 per share was paid to the shareholders. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-373": {
"value": "Number of shares authorized and outstanding A Shares B Shares Total Share capital (MSEK) Opening balance 1 January 2022 30,503,933 424,847,135 455,351,068 1,138 Conversion of A shares to B shares \u20131,100,000 1,100,000 \u2014 \u2014 Closing balance 31 December 2022 29,403,933 425,947,135 455,351,068 1,138 Conversion of A shares to B shares \u201397,000 97,000 \u2014 \u2014 Closing balance 31 December 2023 29,306,933 426,044,135 455,351,068 1,138 An A share has one vote and a B share has one-tenth of a vote. At the Annual General Meeting on 18 April 2002, it was decided to insert a share conversion clause in the Articles of Association which allows owners of A shares to convert those to B shares. Since the decision was taken, 197,629,814 A shares have been converted to B shares. The quota value for all shares is SEK 2.50. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-374": {
"value": "Dividend policy The SKF Group\u2019s dividend and distribution policy is based on the principle that the total dividend should be adapted to the trend for earnings and cash flow while taking account of the Group\u2019s development potential and finan- cial position. The Board of Directors\u2019 view is that the ordi- nary dividend should amount to around one half of the SKF Group\u2019s average net profit calculated over a business cycle. If the financial position of the SKF Group exceeds the target for capital structure, which is described in Note 26, an add itional distribution to the ordinary dividend could be made in the form of a higher dividend, a redemption scheme or as a repurchase of the company\u2019s own share. On the other hand, in periods of more uncertainty a lower dividend ratio could be appropriate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-375": {
"value": "If the financial position of the SKF Group exceeds the target for capital structure, which is described in Note 26, More information regarding financial risk management and hedge accounting can be found in Note 26. Methods 26 Financial risk management The Group\u2019s overall financial objective is to create value for its shareholders. Over time, the return on the shareholders\u2019 invest ment in the SKF share should exceed the risk-free interest rate by around six percentage points. This is the basis for the Group\u2019s long-term financial objectives and the financial performance manage ment model. The SKF Group defines its managed capital as the capital employed. One of the Group\u2019s long term financial targets is to achieve a return on capital employed of 16%. The capital structure target of the Group is a net debt/ equity ratio, excluding pension liabilities of below 40%. Key figures 1) 2023 2022 Total equity, MSEK 54,956 54,043 Gearing, % 35.2 35.6 Equity/assets ratio, % 49.1 48.7 Net debt/equity ratio, excluding post- employment benefits, % 13.9 19.3 Adjusted Return on capital employed2) , % 15.4 12.6 1) Definition of these key figures is available on page 144. 2) Adjusted for items affecting comparability. This together with the self-funding principle in SKF\u2019s stra- tegic framework, operating cash flow to fund investments and shareholder distribution, underpins the Group\u2019s finan- cial flexibility and its ability to execute on the strategy while maintaining a strong credit rating. The Group\u2019s policy and structure of debt financing are presented below. The SKF Group\u2019s operations are exposed to various types of financial risks; market risks (being currency risk, interest rate risk and other price risks), liquidity risks and credit risks, each being discussed below. The Group\u2019s risk management incorporates a financial policy that establishes guidelines and definitions of currency, interest rate, credit and liquidity risks and establishes responsibility and authority for the manage- ment of these risks. The policy states that the objective is to eliminate or minimize risk and to contribute to a better return through the active management of risks. The management of the risks and the responsibility for all treasury operations are largely centralized at SKF Treasury Centre, the Group\u2019s internal bank. The responsibility includes ensuring the appropriate level of funding through loans and secured credit facilities while simultaneously over seeing and ensuring the liquidity level for the Group. The policy sets forth the financial risk mandates and the financial instruments authorized for use in the manage- ment of financial risks. Financial derivative instruments are used prim arily to manage the Group\u2019s exposure to fluctuations in foreign currency exchange rates and interest rates. Market risk \u2013 Currency risk The Group is exposed to changes in exchange rates in the future flows of payments related to firm commitments and forecasted transactions and to loans and investments in foreign currencies, i.e. transaction exposure. The Group\u2019s accounts are also affected by translating the results and net assets of foreign subsidiaries into SEK, i.e. translation exposure. SKF applies natural hedging as the leading principle for strategic currency risk mitigation. This is managed organically within operations without financial instruments by leveraging on inherent business acitivies and by considering currency risk in all strategic investment decisions. Transaction exposure Transaction exposure mainly arises as a result of intra- Group trans actions between the Group\u2019s manufacturing companies and the Group\u2019s sales companies, situated in other countries and selling the products to end-customers normally in local currency in their local market. In some countries, transaction exposure may arise from sales to external customers in a currency different from the local currency. The Group\u2019s principal commercial flows of for- eign currencies pertain to exports from Europe to North America and Asia and to flows of currencies within Europe. Currency rates and payment conditions to be applied to the internal trade between SKF companies are set by SKF Treasury Centre. Currency exposure and risk is primarily, and to a large extent, reduced by netting internal transac- tions. The Groups external exposure is mitigated by match- ing in- and outflows of the same currency. The currency flows between SKF companies managed by SKF Treasury Centre were reduced through netting from MSEK 81,935 (77,793) to MSEK 5,542 (6,206). This amount represented the Group\u2019s main transaction exposure excluding hedges. Furthermore, SKF Treasury centre is using financial instru- ments such as forwards, options or currency swaps match- ing the underlying foreacasted cashflow to hedge the transactional currency exposure. Net currency flows (MSEK) 2023 2022 CAD 1,021 949 CNY 1,998 2,249 DKK 547 622 EUR \u20138,816 \u20137,856 RUB \u2014 333 THB 604 567 TRY 1,543 1,395 USD 5,947 5,667 Other1) 2,106 2,280 SEK \u20135,542 \u20136,206 1) Other is a sum comprising 11 different currencies. Based on the assumption that the net currency flows will be the same as in 2023, the below graph represents a sen- sitivity analysis that shows the effect in SEK on operating profit of a 5% weaker SEK against all other currencies. The effect on equity is the below result after tax. The effects of fluctuations upon the translation of subsidiaries\u2019 financial statements into the Group\u2019s presentation currency are not considered. Translation exposure Translation exposure is defined as the Group\u2019s exposure to currency risk arising when translating the results and net assets of foreign subsidiaries to SEK. Moreover, SKF is miti- gating the translations risk through the optimization of the internal capital structure, which involves allocating distrib- utable funds in the financial statements to the ultimate parent company. Based on 2023 operating profits in local currencies, the below graph represents a sensitivity- analysis that shows the effect in SEK on the translation of operating profits of a 5% weaker SEK against all other currencies. 26 Financial risk management, cont. Interest rate risk The Group defines interest rate risk as the risk of negative fluctuations in the Group\u2019s cash flow caused by changes in the interest rates and does not encompass credit spread. At year-end, total interest bearing financial liabilities amounted to MSEK 29,910 (29,888) and total interest - bearing financial assets amounted to MSEK 14,576 (11,682). Liquidity management is concentrated to SKF Treasury Centre. To manage the interest rate risk and currency risk in the borrowing, the Group uses cross-currency interest rate swaps, where fixed EUR interest rates are swapped into floating USD and floating EUR. As of the balance sheet date, given the prevailing amount of net interest-bearing liabilities, an unfavorable change of the interest rates by 1% would have reduced pre-tax profit for the year, including the effect of deriva- tives, by around MSEK 39 (60). For details on interest rates of individual loans, see Note 11 of the Parent Company\u2019s financial statements. Market risk \u2013 Price risks Market risks also include other price risks, where the rele- vant risk variables for the Group are stock exchange prices or indexes. As of 31 December, the Group held investments in equity securities with quoted stock prices, amounting to MSEK 313 (395), which are categorized as fair value through other comprehensive income. If the market share prices had been 5% higher/lower at the balance sheet date, the available- for-sale reserve in equity would have been MSEK 16 (20) higher/lower. Liquidity risk Liquidity risk, also referred to as funding risk, is defined as the risk that the Group will encounter difficulties in raising funds to meet commitments. Group policy states that, in addition to current loan financing, the Group should have a payment capacity in the form of available liquidity and/or long-term committed credit facilities. As of the balance sheet date, in addition to its own liquidity, the Group had one un utilized committed credit facility of MEUR 800 syndicated with ten banks that will expire in 2028, with two 1-year extension options. A good rating is important in the management of liquid- ity risks. As of 31 December 2023 the long-term rating of the Group is Baa1 by Moody\u2019s Investors Service and BBB+ by Fitch Ratings, both with stable outlook. The table below shows the Group\u2019s contractually agreed and undiscounted interest payments and repayments of the non- derivative financial liabilities and derivatives with payment flows. All instruments held on 31 December 2023 for which payments were contractually agreed were included. Planning data for future, new liabilities was not included. Amounts in foreign currency were translated at closing rate. The variable interest payments arising from the financial instruments were calculated using the last interest rates fixed before 31 December 2023. Financial liabilities were assigned to the earliest possible time period when they can be required to be repaid. 2023 Cash flows MSEK 2024 2025 2026\u2013 2028 2029 and thereafter Loans \u20133,459 \u20133,429 \u20135,919 \u20136,588 Trade payables \u201311,236 \u2014 \u2014 \u2014 Derivatives, net \u201373 \u2013299 \u201350 \u2014 Lease liabilities \u2013632 \u2013566 \u20131,059 \u20131,101 Total \u201315,400 \u20134,294 \u20137,028 \u20137,689 Credit risk Credit risk is defined as the Group\u2019s exposure to losses in the event that one party to a financial instrument fails to discharge an obligation. The SKF Group is exposed to credit risk from its operating activities and certain financing activities. The maximum exposure to credit risk for the Group amounted to MSEK 31,722 (28,958) as of the balance sheet date. The exposure is represented by total financial assets that are carried on the balance sheet with the exception of equity securities. No granting of significant financial guarantees increasing the credit risk and no significant collateral agreements reducing the maximum exposure to credit risk existed as of the balance sheet date. Credit risk (MSEK) 2023 2022 Trade receivables 16,811 16,905 Other receivables 1,267 1,428 Derivatives 333 370 Cash and cash equivalent 13,311 10,255 Total 31,722 28,958 At operational level, the outstanding trade receivables are conti nuously monitored locally in each area. The Group\u2019s concentration of credit risk related to trade receivables is mitigated primarily due to its many geographically and industrially diverse customers. Trade receivables are sub- ject to credit limit control and approval procedures in all subsidiaries. With regard to treasury related activities, the Group\u2019s policy states that only well-established financial institu- tions are approved as counterparties. Transactions are made within fixed limits and credit exposure by counter- party is continiously monitored. For derivatives, the SKF Group has signed ISDA agreements (International Swaps and Derivatives Association, Inc.) with nearly all of these financial institutions. ISDA is classified as an enforceable netting arrangement. One feature of the ISDA agreement is that it enables the SKF Group to calculate its credit expo- sure on a net basis per counterpart, i.e. the difference between what the Group owes and is owed. The agreement between the Group and the counterparty allows for net settlement of derivatives when both elect to settle net. In the event of default of one of the counterparties the other counterpart of the netting agreement has the option to settle on a net basis. As of the balance sheet date the Group had derivative assets of around MSEK 333 (370) and derivative liabilities of around MSEK 605 (852) subject to enforceable master netting arrangements. Hedge accounting The Group manages risks related to the volatility of balance sheet items and future cash flows, which other- wise would affect the income statement, by hedging. A distinction is made between cash flow hedges, fair value hedges and hedges of net investment in foreign operations based on the nature of the hedged item. Derivative instruments which provide effective eco nomic hedges, but are not designated for hedge accounting by the Group, are accounted for as trading instruments. Changes in the fair value of these economic hedges are immediately recognized in the income statement as financial income or expense or in the operating result depending on the nature of the hedged item. Fair value hedges Hedge accounting is applied to derivative financial instru- ments which are effective in hedging the exposure to changes in fair value in foreign borrowing. Changes in the fair value of these derivative financial instruments designated as hedging instruments are recognized in the income statement under financial items. The carrying amount of the hedged item (the financial liability) is adjusted for the gain or loss attributable to the hedged risk. The gain or loss is recognized in the income state- ment under financial items. If a hedge relationship is dis- continued, the accumulated adjustment to the carrying amount is amortized over the duration of the life of the hedged item. The SKF Group hedges the fair value risk of financial liabilities on December 2023, by using cross- currency interest rate swaps. The MEUR 300 loan with fixed interest payments, which is due in 2025, has been swapped into floating USD inter- est. In addition, the MEUR 400 bond, which is due in 2028, with fixed interest payments has been swapped into floating EUR interest. Maturity and carrying amount are disclosed in Note 20. The effectiveness of the hedging relationship is measured at inception of the hedge relationship and prospectively to ensure that the economic relationship 26 Financial risk management, cont. between hedge item and hedging instrument remains. When the effectiveness was being measured, the change in the credit spread was not taken into account for calculating the change in the fair value of the hedged item. As the list of the fair values of derivatives shows (see table in the Derivatives section below), the Group had desig- nated interest rate derivatives for a net amount of MSEK \u2013349 (\u2013758) as fair value hedges as of 31 December 2023. The following table shows the changes in the fair value of the hedges recorded in interest expense during the year. MSEK Financial expense 2023 Financial expense 2022 Financial liabilities (hedged items) \u2013278 522 Cross-currency interest-rate swaps (hedging instruments) 275 \u2013531 Difference (inefficiency) \u20133 \u20139 Derivatives The table below shows the fair values of the various deriva- tives carried as of 31 December reflected as assets in Note 14 and liabilities in Note 20. A distinction is made depending on whether these are part of an effective hedging relationship or not. Derivative net (MSEK) Category 2023 2022 Interest rate and currency swaps Fair value hedges Hedge accounting \u2013349 \u2013758 Economic hedges Trading \u2014 \u2014 Currency forwards/ currency options Economic hedges Trading 57 260 Share swaps Economic hedges Trading 5 \u20131 \u2013287 \u2013499",
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"fact-376": {
"value": "Dividend payments The total surplus of the Parent Company amounted to MSEK 23,198 (24,061), see page 91. The Board has decided to propose to the Annual General Meeting, on 26 March 2024, a dividend of SEK 7.50 per share to be paid to the shareholders. The proposed dividend for 2023 is payable to all shareholders on the Euroclear Sweden AB\u2019s public share register as of 28 March 2024. The total proposed dividend to be paid is MSEK 3,415 (3,187). The dividend is subject to approval by shareholders at the Annual General Meeting and has not been included as a liability in the balance sheet. On 30 March 2023, a dividend of SEK 7.00 per share was paid to the shareholders. Proposed distribution of surplus Fair value reserve SEK 62,585,341 Retained earnings SEK 20,757,146,823 Net profit for the year SEK 2,378,188,769 Total surplus SEK 23,197,920,933 The Board of Directors recommend to the shareholders, a dividend of SEK 7.50 per share1) SEK 3,415,133,0102) to be carried forward: Fair value reserve SEK 62,585,341 Retained earnings SEK 19,720,202,582 SEK 23,197,920,933 1) Suggested record day for right to dividend, 28 March 2024. 2) Board Members\u2019 statement: The members of the Board are of the opinion that the proposed dividend is justifiable considering the demands on Company and Group equity imposed by the type, scope and risks of the business and with regards to the Company\u2019s and the Group\u2019s financial strength, liquidity and overall position. ",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"fact-377": {
"value": "17 Earnings per share 2023 2022 Net profit attributable to owners of AB SKF (MSEK) 6,395 4,469 Weighted average number of ordinary shares outstanding 455,351,068 455,351,068 Basic earnings per share (SEK) 14.04 9.81 Dilutive shares from Performance Share Programmes \u2014 \u2014 Weighted average diluted number of shares 455,351,068 455,351,068 Diluted earnings per share (SEK) 14.04 9.81 Basic earnings per share is calculated by dividing the net profit or loss attributable to shareholders of the Parent Company by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is calculated using the weighted average number of shares outstanding during the period adjusted for all potential dilutive ordinary shares. Performance shares are considered dilutive if vesting conditions are fulfilled on the balance sheet date. Shares from the Performance Share Programme are not con sidered dilutive.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"fact-378": {
"value": "Basic earnings per share is calculated by dividing the net profit or loss attributable to shareholders of the Parent Company by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is calculated using the weighted average number of shares outstanding during the period adjusted for all potential dilutive ordinary shares. Performance shares are considered dilutive if vesting conditions are fulfilled on the balance sheet date. Shares from the Performance Share Programme are not con sidered dilutive.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"fact-380": {
"value": "Accounting policy The post-employment provisions and assets arise from defined benefit obligations in plans which are either unfunded or funded. For the unfunded plans, benefits paid out under these plans come from the all-purpose assets of the company sponsoring the plan. The related provisions carried in the balance sheet represent the present value of the defined benefit obligation. For funded defined benefit plans, the assets of the plans are held in trusts legally sep- arate from the Group. The related balance sheet provision or asset represents the deficit or excess of the fair value of plan assets over the present value of the defined benefit obligation. However, an asset is recognized only to the extent that it represents a future economic benefit which is actually available to the Group, for example in the form of reductions in future contributions or refunds from the plan. When such excess is not available it is not recog- nized, but it is disclosed in the note as an asset ceiling adjustment. The projected unit credit method is used to determine the present value of all defined benefit obligations and the related current service cost. Valuations are carried out quarterly for the most significant plans and annually for other plans. External actuarial experts are used for these valuations and estimating the obligations and costs involves the use of assumptions. Remeasurements arise from changes in actuarial assumptions and experience adjustments, being differences between actuarial assump- tions and what has actually occurred. They are recognized immediately in other comprehensive income and are never reclassified to the income statement. For all defined benefit plans the cost charged to the in - come statement consists of current service cost, net inter- est cost and when applicable past service cost, curtail- ments and settlements. Any past service cost is recog nized immediately. Net interest cost is classified as financial expense while all other expenses are allocated to the operations based on the employee\u2019s function as manu- facturing, selling or administrative. The defined benefit accounting described before is applied only in the consolidated accounts. Subsidiaries, as well as the Parent Company, continue to use the local statutory pension calculations to determine pension costs, provisions and assets in the stand-alone statutory report- ing, and when applicable, funding requirements. Some post-employment benefits are also provided by defined contribution schemes, where the Group has no obligation to pay benefits after payment of an agreed-upon contribution to the third party respon sible for the plan. Such contributions are recognized as expense when incurred. ",
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"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"fact-382": {
"value": "19 Other provisions and contingent liabilities Accounting policy In general, a provision is recognized when there is a pres- ent obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obli- gation and a reliable estimate can be made of the amount of the obligation. The amount recognized as provisions is management\u2019s best estimate of the future cash flows nec- essary to settle the obligations at the balance sheet date, and the timing of settlement is uncertain. Claims include both provisions for litigation and warran- ties, and represent management\u2019s best estimate of the future cash flows necessary to settle obligations. Other long-term employee benefits refer to benefits earned and expected to be settled before employment ends. These provisions are calculated using the projected unit credit method and remeasurements (actuarial gains and losses) are recognized immediately in the income statement. Restructuring programmes are defined as activities that materially change the way a unit does business. Any related restructuring provisions are recognized when a detailed formal plan has been established and a public announce- ment of the plan has occurred thereby creating a valid expectation that the plan will be carried out. When an obligation does not meet the criteria for recog- nition it may be considered a contingent liability and dis- closed. Contingent liabilities represent possible obligations whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group. They also in - clude existing obligations where it is not probable that an outflow of resources is required, or the outflow cannot be reliably quantified. Accounting estimates and judgements Significant management judgement is required in deter- mining the existence and amount of provisions. As the estimates may involve uncertainty about future events outside the control of the Group, the actual outcomes may be significantly different. Claims include both provisions for litigation and warran- ties, and represent management\u2019s best estimate of the future cash flows necessary to settle obligations, although the timing of the settlement is un certain. Provisions for liti- gation are based on the nature of the litigation, the legal process in the applicable jurisdiction, the progress of the cases, the opinions of internal and external legal counsel and advisers regarding the outcome of the case and expe- rience with similar cases. Tax claims in different countries and in different stages of the claim that do not meet the definition of tax liability are recognized as contingent liabilities. SKF is part of investigations regarding possible viola- tions of anti-trust rules, class action claims and lawsuits. SKF is subject to an investigation in Brazil by the General Superintendence of the Administrative Council for Eco- nomic Defense, regarding an alleged violation of antitrust rules by several companies active on the automotive after- market in Brazil. As per management judgement, these investigations did not qualify for recognition as other pro- visions or contingent liabilities. Warranty provisions involve estimates of the outcome of claims resulting from defective products, which include estimates for potential liability for damages caused by such defects to the Group\u2019s customers. Assumptions are required for anticipated returns and costs replacing defec- tive products and/or compensating customers for damage caused by the Group\u2019s products. These assumptions con- sider historical claims statistics, expected costs to remedy and the average time lag between faults occurring and claims against the Group. Restructuring provisions involve estimates of the timing and costs of the planned future activities where the most significant estimates relates to the costs necessary to settle employee severance/separation obligations, as well as the costs involved in contract cancellations and other exit costs. These estimates are based on historical experi- ence as well as the current status of negotiations with the affected parties and/or their representatives. Claims increased during 2023 with MSEK 15, related to warranty claims. In 2023, the total restructuring cost amounted to MSEK 1,398, whereof MSEK 1,171 refers to provisions, and includes closure and consolidation of factories as well as a general reduction in headcount driven by new ways of working and simplified organizational structures. This cost includes voluntary and involuntary termination benefits spread over several countries. The majority of the remain- ing restructuring provisions are expected to be settled in 2024. The largest items in other employee benefits are jubilee bonus in Italy, part-time retirement program mes in Germany and special payroll tax in Sweden. Other provisions primarily include insurance and worker\u2019s compensation as well as environmental commit ments. MSEK 2023 Closing balance Provisions for the year Utilized amounts Reversal unutilized amounts Other Translation effect 2023 Opening balance Claims 253 123 \u201376 \u20136 \u201321 \u20135 238 Other employee benefits 756 420 \u2013325 57 34 \u201310 580 Restructuring 1,057 1,171 \u20131,020 \u201344 \u2014 \u20139 959 Other 518 151 \u201367 \u201362 \u201324 \u20138 528 Total 2,584 1,865 \u20131,488 \u201355 \u201311 \u201332 2,305 MSEK 2022 Closing balance Provisions for the year Utilized amounts Reversal unutilized amounts Other Translation effect 2022 Opening balance Claims 238 93 \u201375 \u201364 \u20134 25 263 Other employee benefits 580 202 \u2013401 \u201342 \u2013223 54 990 Restructuring 959 680 \u2013485 \u201343 \u201387 70 824 Other 528 214 \u201378 \u201346 \u201343 41 440 Total 2,305 1,189 \u20131,039 \u2013195 \u2013357 190 2,517 MSEK Of which current Claims 166 Other employee benefits 146 Restructuring 690 Other 243 Total 1,245 MSEK Of which current Claims 129 Other employee benefits 3 Restructuring 871 Other 236 Total 1,239 Contingent liabilities at nominal values (MSEK) 2023 2022 Guarantees 61 51 Tax claims 874 729 Other contingent liabilities 19 32 Total 954 812",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"fact-383": {
"value": "19 Other provisions and contingent liabilities Accounting policy In general, a provision is recognized when there is a pres- ent obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obli- gation and a reliable estimate can be made of the amount of the obligation. The amount recognized as provisions is management\u2019s best estimate of the future cash flows nec- essary to settle the obligations at the balance sheet date, and the timing of settlement is uncertain. Claims include both provisions for litigation and warran- ties, and represent management\u2019s best estimate of the future cash flows necessary to settle obligations. Other long-term employee benefits refer to benefits earned and expected to be settled before employment ends. These provisions are calculated using the projected unit credit method and remeasurements (actuarial gains and losses) are recognized immediately in the income statement. Restructuring programmes are defined as activities that materially change the way a unit does business. Any related restructuring provisions are recognized when a detailed formal plan has been established and a public announce- ment of the plan has occurred thereby creating a valid expectation that the plan will be carried out. When an obligation does not meet the criteria for recog- nition it may be considered a contingent liability and dis- closed. Contingent liabilities represent possible obligations whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group. They also in - clude existing obligations where it is not probable that an outflow of resources is required, or the outflow cannot be reliably quantified. Accounting estimates and judgements Significant management judgement is required in deter- mining the existence and amount of provisions. As the estimates may involve uncertainty about future events outside the control of the Group, the actual outcomes may be significantly different. Claims include both provisions for litigation and warran- ties, and represent management\u2019s best estimate of the future cash flows necessary to settle obligations, although the timing of the settlement is un certain. Provisions for liti- gation are based on the nature of the litigation, the legal process in the applicable jurisdiction, the progress of the cases, the opinions of internal and external legal counsel and advisers regarding the outcome of the case and expe- rience with similar cases. Tax claims in different countries and in different stages of the claim that do not meet the definition of tax liability are recognized as contingent liabilities. SKF is part of investigations regarding possible viola- tions of anti-trust rules, class action claims and lawsuits. SKF is subject to an investigation in Brazil by the General Superintendence of the Administrative Council for Eco- nomic Defense, regarding an alleged violation of antitrust rules by several companies active on the automotive after- market in Brazil. As per management judgement, these investigations did not qualify for recognition as other pro- visions or contingent liabilities. Warranty provisions involve estimates of the outcome of claims resulting from defective products, which include estimates for potential liability for damages caused by such defects to the Group\u2019s customers. Assumptions are required for anticipated returns and costs replacing defec- tive products and/or compensating customers for damage caused by the Group\u2019s products. These assumptions con- sider historical claims statistics, expected costs to remedy and the average time lag between faults occurring and claims against the Group. Restructuring provisions involve estimates of the timing and costs of the planned future activities where the most significant estimates relates to the costs necessary to settle employee severance/separation obligations, as well as the costs involved in contract cancellations and other exit costs. These estimates are based on historical experi- ence as well as the current status of negotiations with the affected parties and/or their representatives. Claims increased during 2023 with MSEK 15, related to warranty claims. In 2023, the total restructuring cost amounted to MSEK 1,398, whereof MSEK 1,171 refers to provisions, and includes closure and consolidation of factories as well as a general reduction in headcount driven by new ways of working and simplified organizational structures. This cost includes voluntary and involuntary termination benefits spread over several countries. The majority of the remain- ing restructuring provisions are expected to be settled in 2024. The largest items in other employee benefits are jubilee bonus in Italy, part-time retirement program mes in Germany and special payroll tax in Sweden. Other provisions primarily include insurance and worker\u2019s compensation as well as environmental commit ments. MSEK 2023 Closing balance Provisions for the year Utilized amounts Reversal unutilized amounts Other Translation effect 2023 Opening balance Claims 253 123 \u201376 \u20136 \u201321 \u20135 238 Other employee benefits 756 420 \u2013325 57 34 \u201310 580 Restructuring 1,057 1,171 \u20131,020 \u201344 \u2014 \u20139 959 Other 518 151 \u201367 \u201362 \u201324 \u20138 528 Total 2,584 1,865 \u20131,488 \u201355 \u201311 \u201332 2,305 MSEK 2022 Closing balance Provisions for the year Utilized amounts Reversal unutilized amounts Other Translation effect 2022 Opening balance Claims 238 93 \u201375 \u201364 \u20134 25 263 Other employee benefits 580 202 \u2013401 \u201342 \u2013223 54 990 Restructuring 959 680 \u2013485 \u201343 \u201387 70 824 Other 528 214 \u201378 \u201346 \u201343 41 440 Total 2,305 1,189 \u20131,039 \u2013195 \u2013357 190 2,517 MSEK Of which current Claims 166 Other employee benefits 146 Restructuring 690 Other 243 Total 1,245 MSEK Of which current Claims 129 Other employee benefits 3 Restructuring 871 Other 236 Total 1,239 Contingent liabilities at nominal values (MSEK) 2023 2022 Guarantees 61 51 Tax claims 874 729 Other contingent liabilities 19 32 Total 954 812",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"fact-384": {
"value": "19 Other provisions and contingent liabilities Accounting policy In general, a provision is recognized when there is a pres- ent obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obli- gation and a reliable estimate can be made of the amount of the obligation. The amount recognized as provisions is management\u2019s best estimate of the future cash flows nec- essary to settle the obligations at the balance sheet date, and the timing of settlement is uncertain. Claims include both provisions for litigation and warran- ties, and represent management\u2019s best estimate of the future cash flows necessary to settle obligations. Other long-term employee benefits refer to benefits earned and expected to be settled before employment ends. These provisions are calculated using the projected unit credit method and remeasurements (actuarial gains and losses) are recognized immediately in the income statement. Restructuring programmes are defined as activities that materially change the way a unit does business. Any related restructuring provisions are recognized when a detailed formal plan has been established and a public announce- ment of the plan has occurred thereby creating a valid expectation that the plan will be carried out. When an obligation does not meet the criteria for recog- nition it may be considered a contingent liability and dis- closed. Contingent liabilities represent possible obligations whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group. They also in - clude existing obligations where it is not probable that an outflow of resources is required, or the outflow cannot be reliably quantified. Accounting estimates and judgements Significant management judgement is required in deter- mining the existence and amount of provisions. As the estimates may involve uncertainty about future events outside the control of the Group, the actual outcomes may be significantly different. Claims include both provisions for litigation and warran- ties, and represent management\u2019s best estimate of the future cash flows necessary to settle obligations, although the timing of the settlement is un certain. Provisions for liti- gation are based on the nature of the litigation, the legal process in the applicable jurisdiction, the progress of the cases, the opinions of internal and external legal counsel and advisers regarding the outcome of the case and expe- rience with similar cases. Tax claims in different countries and in different stages of the claim that do not meet the definition of tax liability are recognized as contingent liabilities. SKF is part of investigations regarding possible viola- tions of anti-trust rules, class action claims and lawsuits. SKF is subject to an investigation in Brazil by the General Superintendence of the Administrative Council for Eco- nomic Defense, regarding an alleged violation of antitrust rules by several companies active on the automotive after- market in Brazil. As per management judgement, these investigations did not qualify for recognition as other pro- visions or contingent liabilities. Warranty provisions involve estimates of the outcome of claims resulting from defective products, which include estimates for potential liability for damages caused by such defects to the Group\u2019s customers. Assumptions are required for anticipated returns and costs replacing defec- tive products and/or compensating customers for damage caused by the Group\u2019s products. These assumptions con- sider historical claims statistics, expected costs to remedy and the average time lag between faults occurring and claims against the Group. Restructuring provisions involve estimates of the timing and costs of the planned future activities where the most significant estimates relates to the costs necessary to settle employee severance/separation obligations, as well as the costs involved in contract cancellations and other exit costs. These estimates are based on historical experi- ence as well as the current status of negotiations with the affected parties and/or their representatives. Claims increased during 2023 with MSEK 15, related to warranty claims. In 2023, the total restructuring cost amounted to MSEK 1,398, whereof MSEK 1,171 refers to provisions, and includes closure and consolidation of factories as well as a general reduction in headcount driven by new ways of working and simplified organizational structures. This cost includes voluntary and involuntary termination benefits spread over several countries. The majority of the remain- ing restructuring provisions are expected to be settled in 2024. The largest items in other employee benefits are jubilee bonus in Italy, part-time retirement program mes in Germany and special payroll tax in Sweden. Other provisions primarily include insurance and worker\u2019s compensation as well as environmental commit ments. MSEK 2023 Closing balance Provisions for the year Utilized amounts Reversal unutilized amounts Other Translation effect 2023 Opening balance Claims 253 123 \u201376 \u20136 \u201321 \u20135 238 Other employee benefits 756 420 \u2013325 57 34 \u201310 580 Restructuring 1,057 1,171 \u20131,020 \u201344 \u2014 \u20139 959 Other 518 151 \u201367 \u201362 \u201324 \u20138 528 Total 2,584 1,865 \u20131,488 \u201355 \u201311 \u201332 2,305 MSEK 2022 Closing balance Provisions for the year Utilized amounts Reversal unutilized amounts Other Translation effect 2022 Opening balance Claims 238 93 \u201375 \u201364 \u20134 25 263 Other employee benefits 580 202 \u2013401 \u201342 \u2013223 54 990 Restructuring 959 680 \u2013485 \u201343 \u201387 70 824 Other 528 214 \u201378 \u201346 \u201343 41 440 Total 2,305 1,189 \u20131,039 \u2013195 \u2013357 190 2,517 MSEK Of which current Claims 166 Other employee benefits 146 Restructuring 690 Other 243 Total 1,245 MSEK Of which current Claims 129 Other employee benefits 3 Restructuring 871 Other 236 Total 1,239 Contingent liabilities at nominal values (MSEK) 2023 2022 Guarantees 61 51 Tax claims 874 729 Other contingent liabilities 19 32 Total 954 812",
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"fact-385": {
"value": "Accounting policy In general, a provision is recognized when there is a pres- ent obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obli- gation and a reliable estimate can be made of the amount of the obligation. The amount recognized as provisions is management\u2019s best estimate of the future cash flows nec- essary to settle the obligations at the balance sheet date, and the timing of settlement is uncertain. Claims include both provisions for litigation and warran- ties, and represent management\u2019s best estimate of the future cash flows necessary to settle obligations. Other long-term employee benefits refer to benefits earned and expected to be settled before employment ends. These provisions are calculated using the projected unit credit method and remeasurements (actuarial gains and losses) are recognized immediately in the income statement. Restructuring programmes are defined as activities that materially change the way a unit does business. Any related restructuring provisions are recognized when a detailed formal plan has been established and a public announce- ment of the plan has occurred thereby creating a valid expectation that the plan will be carried out. When an obligation does not meet the criteria for recog- nition it may be considered a contingent liability and dis- closed. Contingent liabilities represent possible obligations whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group. They also in - clude existing obligations where it is not probable that an outflow of resources is required, or the outflow cannot be reliably quantified. ",
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"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"fact-386": {
"value": "Accounting policy In general, a provision is recognized when there is a pres- ent obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obli- gation and a reliable estimate can be made of the amount of the obligation. The amount recognized as provisions is management\u2019s best estimate of the future cash flows nec- essary to settle the obligations at the balance sheet date, and the timing of settlement is uncertain. Claims include both provisions for litigation and warran- ties, and represent management\u2019s best estimate of the future cash flows necessary to settle obligations. Other long-term employee benefits refer to benefits earned and expected to be settled before employment ends. These provisions are calculated using the projected unit credit method and remeasurements (actuarial gains and losses) are recognized immediately in the income statement. Restructuring programmes are defined as activities that materially change the way a unit does business. Any related restructuring provisions are recognized when a detailed formal plan has been established and a public announce- ment of the plan has occurred thereby creating a valid expectation that the plan will be carried out. When an obligation does not meet the criteria for recog- nition it may be considered a contingent liability and dis- closed. Contingent liabilities represent possible obligations whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group. They also in - clude existing obligations where it is not probable that an outflow of resources is required, or the outflow cannot be reliably quantified. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-387": {
"value": "Claims increased during 2023 with MSEK 15, related to warranty claims. In 2023, the total restructuring cost amounted to MSEK 1,398, whereof MSEK 1,171 refers to provisions, and includes closure and consolidation of factories as well as a general reduction in headcount driven by new ways of working and simplified organizational structures. This cost includes voluntary and involuntary termination benefits spread over several countries. The majority of the remain- ing restructuring provisions are expected to be settled in 2024. The largest items in other employee benefits are jubilee bonus in Italy, part-time retirement program mes in Germany and special payroll tax in Sweden. Other provisions primarily include insurance and worker\u2019s compensation as well as environmental commit ments. MSEK 2023 Closing balance Provisions for the year Utilized amounts Reversal unutilized amounts Other Translation effect 2023 Opening balance Claims 253 123 \u201376 \u20136 \u201321 \u20135 238 Other employee benefits 756 420 \u2013325 57 34 \u201310 580 Restructuring 1,057 1,171 \u20131,020 \u201344 \u2014 \u20139 959 Other 518 151 \u201367 \u201362 \u201324 \u20138 528 Total 2,584 1,865 \u20131,488 \u201355 \u201311 \u201332 2,305 MSEK 2022 Closing balance Provisions for the year Utilized amounts Reversal unutilized amounts Other Translation effect 2022 Opening balance Claims 238 93 \u201375 \u201364 \u20134 25 263 Other employee benefits 580 202 \u2013401 \u201342 \u2013223 54 990 Restructuring 959 680 \u2013485 \u201343 \u201387 70 824 Other 528 214 \u201378 \u201346 \u201343 41 440 Total 2,305 1,189 \u20131,039 \u2013195 \u2013357 190 2,517 MSEK Of which current Claims 166 Other employee benefits 146 Restructuring 690 Other 243 Total 1,245 MSEK Of which current Claims 129 Other employee benefits 3 Restructuring 871 Other 236 Total 1,239 Contingent liabilities at nominal values (MSEK) 2023 2022 Guarantees 61 51 Tax claims 874 729 Other contingent liabilities 19 32 Total 954 812",
"dimensions": {
"concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-392": {
"value": "Accounting policy Financial liabilities are recognized in the balance sheet when the Group becomes a party to the contractual provi- sions of a financial instrument. Financial liabilities are initially recorded at fair value, which is normally equal to acquisition cost. Transaction costs are included in the initial measurement of financial liabilities that are not subsequently measured at fair value through the income statement. Derivatives are recognized at trade date. Financial liabilities, excluding derivatives, are classified as Other financial liabilities measured at amortized cost. Amortized cost is measured using the effective interest method. The carrying amount of liabilities that are hedged items, for which fair value hedge accounting is applied, are adjusted for gains or losses attributable to the hedged risks. Derivatives are classified into the category Fair value through profit or loss. Financial liabilities are derecognized when they are extinguished.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-395": {
"value": "2023 2022 MSEK Maturity Carrying amount Fair value Carrying amount Fair value Long-term financial liabilities MSEK 900 2024 \u2014 \u2014 899 875 MSEK 2,100 2024 \u2014 \u2014 2,098 2,134 MUSD 3 2025 3 3 \u2014 \u2014 MEUR 300 2025 3,177 3,192 3,095 3,113 MUSD 100 2027 1,000 1,033 1,042 1,076 MEUR 400 2028 4,363 4,422 4,213 4,273 MEUR 300 2029 3,307 3,051 3,326 2,881 MEUR 300 2031 3,275 2,865 3,290 2,666 Long-term lease liabilities 2024 and thereafter 2,207 2,207 2,286 2,286 Other long-term loans 2024\u20132030 200 201 212 227 Derivatives held for hedge accounting 362 362 758 758 Derivatives held for trading \u2014 \u2014 \u2014 \u2014 Subtotal long-term financial liabilities 17,894 17,336 21,219 20,289 Short-term financial liabilities MSEK 900 2024 900 894 \u2014 \u2014 MSEK 2,100 2024 2,100 2,116 \u2014 \u2014 MUSD 3 2024 13 13 \u2014 \u2014 Trade payables 2024 11,236 11,236 11,594 11,594 Short-term lease liabilities 2024 629 629 635 635 Short-term loans 2024 158 158 170 170 Derivatives held for hedge accounting 2024 \u2014 \u2014 \u2014 \u2014 Derivatives held for trading 2024 260 260 111 111 Subtotal short-term financial liabilities 15,296 15,306 12,510 12,510 Total 33,190 32,642 33,729 32,799",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-397": {
"value": "2023 2022 MSEK Maturity Carrying amount Fair value Carrying amount Fair value Long-term financial liabilities MSEK 900 2024 \u2014 \u2014 899 875 MSEK 2,100 2024 \u2014 \u2014 2,098 2,134 MUSD 3 2025 3 3 \u2014 \u2014 MEUR 300 2025 3,177 3,192 3,095 3,113 MUSD 100 2027 1,000 1,033 1,042 1,076 MEUR 400 2028 4,363 4,422 4,213 4,273 MEUR 300 2029 3,307 3,051 3,326 2,881 MEUR 300 2031 3,275 2,865 3,290 2,666 Long-term lease liabilities 2024 and thereafter 2,207 2,207 2,286 2,286 Other long-term loans 2024\u20132030 200 201 212 227 Derivatives held for hedge accounting 362 362 758 758 Derivatives held for trading \u2014 \u2014 \u2014 \u2014 Subtotal long-term financial liabilities 17,894 17,336 21,219 20,289 Short-term financial liabilities MSEK 900 2024 900 894 \u2014 \u2014 MSEK 2,100 2024 2,100 2,116 \u2014 \u2014 MUSD 3 2024 13 13 \u2014 \u2014 Trade payables 2024 11,236 11,236 11,594 11,594 Short-term lease liabilities 2024 629 629 635 635 Short-term loans 2024 158 158 170 170 Derivatives held for hedge accounting 2024 \u2014 \u2014 \u2014 \u2014 Derivatives held for trading 2024 260 260 111 111 Subtotal short-term financial liabilities 15,296 15,306 12,510 12,510 Total 33,190 32,642 33,729 32,799",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-399": {
"value": "21 Other short-term liabilities MSEK 2023 2022 Employee related accruals 4,144 3,792 Accrual for rebates 1,577 1,622 Income tax payable 965 735 Deferred income 368 340 Customer advances 434 430 Value added taxes payable, net 916 808 Other current liabilities 795 893 Other accrued expenses 1,874 2,071 Total 11,073 10,691",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-400": {
"value": "MSEK 2023 2022 Employee related accruals 4,144 3,792 Accrual for rebates 1,577 1,622 Income tax payable 965 735 Deferred income 368 340 Customer advances 434 430 Value added taxes payable, net 916 808 Other current liabilities 795 893 Other accrued expenses 1,874 2,071 Total 11,073 10,691",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-401": {
"value": "MSEK 2023 2022 Employee related accruals 4,144 3,792 Accrual for rebates 1,577 1,622 Income tax payable 965 735 Deferred income 368 340 Customer advances 434 430 Value added taxes payable, net 916 808 Other current liabilities 795 893 Other accrued expenses 1,874 2,071 Total 11,073 10,691",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-403": {
"value": "MSEK 2023 2022 Employee related accruals 4,144 3,792 Accrual for rebates 1,577 1,622 Income tax payable 965 735 Deferred income 368 340 Customer advances 434 430 Value added taxes payable, net 916 808 Other current liabilities 795 893 Other accrued expenses 1,874 2,071 Total 11,073 10,691",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-404": {
"value": "22 Related parties including associated companies FAM is a privately owned holding company that manages assets as an active owner with a long-term ownership horizon. FAM is owned by Wallenberg Investments AB, which is owned by the three largest Wallenberg founda- tions \u2013 the Knut and Alice Wallenberg Foundation, the Marianne and Marcus Wallenberg Foundation and the Marcus and Amalia Wallenberg Foundation. The Founda- tions have, since 1917, granted funding to excellent researchers and research projects beneficial to Sweden, primarily to Swedish universities. The SKF Group has had no indication that FAM has obtained its ownership interest in the Group for other than investment purposes. No significant transactions have been identified between the parties with the exception of dividend paid during the year to FAM. At the end of 2023 FAM is the major shareholder of the Parent Company, hold- ing 29.0% (28.9) of the voting rights and 15.0% (15.0) of the share capital. Investments in associated companies include a 27% shareholding of Sunstrength Renewables Pvt. Ltd. in India, a 42% shareholding of Ningbo Hyatt Roller Co. Ltd. in China, a 20% shareholding of Colinx, LLC. in USA, a 50% shareholding of Wuhan Economos seals technology Co. Ltd. in China, and a 25% shareholding of Schwarz GmbH Technischer Gro\u00dfhandel in Germany. During 2023, a 26% shareholding has been obtained in Clean Max Taiyo Pvt. Ltd. in India and a shareholding of 30% has been obtained in Sinoma Precision Bearings Co. Ltd. in China. The share holding in Hunan SUND Technolo- gies Co. Ltd. in China decreased from 7% to 5%. Transactions with Associated companies (MSEK) 2023 2022 Sales of goods and services 39 64 Purchases of goods and services 511 550 Receivables as of 31 December 95 37 Liabilities as of 31 December 4 9 Other related party transactions include remuneration to key manage ment as specified in Note 23. For a list of significant sub sidiaries, see Note 8 to the financial state- ments of the Parent Company. No other significant trans- actions with related parties have occurred.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-405": {
"value": "22 Related parties including associated companies FAM is a privately owned holding company that manages assets as an active owner with a long-term ownership horizon. FAM is owned by Wallenberg Investments AB, which is owned by the three largest Wallenberg founda- tions \u2013 the Knut and Alice Wallenberg Foundation, the Marianne and Marcus Wallenberg Foundation and the Marcus and Amalia Wallenberg Foundation. The Founda- tions have, since 1917, granted funding to excellent researchers and research projects beneficial to Sweden, primarily to Swedish universities. The SKF Group has had no indication that FAM has obtained its ownership interest in the Group for other than investment purposes. No significant transactions have been identified between the parties with the exception of dividend paid during the year to FAM. At the end of 2023 FAM is the major shareholder of the Parent Company, hold- ing 29.0% (28.9) of the voting rights and 15.0% (15.0) of the share capital. Investments in associated companies include a 27% shareholding of Sunstrength Renewables Pvt. Ltd. in India, a 42% shareholding of Ningbo Hyatt Roller Co. Ltd. in China, a 20% shareholding of Colinx, LLC. in USA, a 50% shareholding of Wuhan Economos seals technology Co. Ltd. in China, and a 25% shareholding of Schwarz GmbH Technischer Gro\u00dfhandel in Germany. During 2023, a 26% shareholding has been obtained in Clean Max Taiyo Pvt. Ltd. in India and a shareholding of 30% has been obtained in Sinoma Precision Bearings Co. Ltd. in China. The share holding in Hunan SUND Technolo- gies Co. Ltd. in China decreased from 7% to 5%. Transactions with Associated companies (MSEK) 2023 2022 Sales of goods and services 39 64 Purchases of goods and services 511 550 Receivables as of 31 December 95 37 Liabilities as of 31 December 4 9 Other related party transactions include remuneration to key manage ment as specified in Note 23. For a list of significant sub sidiaries, see Note 8 to the financial state- ments of the Parent Company. No other significant trans- actions with related parties have occurred.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-406": {
"value": "22 Related parties including associated companies FAM is a privately owned holding company that manages assets as an active owner with a long-term ownership horizon. FAM is owned by Wallenberg Investments AB, which is owned by the three largest Wallenberg founda- tions \u2013 the Knut and Alice Wallenberg Foundation, the Marianne and Marcus Wallenberg Foundation and the Marcus and Amalia Wallenberg Foundation. The Founda- tions have, since 1917, granted funding to excellent researchers and research projects beneficial to Sweden, primarily to Swedish universities. The SKF Group has had no indication that FAM has obtained its ownership interest in the Group for other than investment purposes. No significant transactions have been identified between the parties with the exception of dividend paid during the year to FAM. At the end of 2023 FAM is the major shareholder of the Parent Company, hold- ing 29.0% (28.9) of the voting rights and 15.0% (15.0) of the share capital. Investments in associated companies include a 27% shareholding of Sunstrength Renewables Pvt. Ltd. in India, a 42% shareholding of Ningbo Hyatt Roller Co. Ltd. in China, a 20% shareholding of Colinx, LLC. in USA, a 50% shareholding of Wuhan Economos seals technology Co. Ltd. in China, and a 25% shareholding of Schwarz GmbH Technischer Gro\u00dfhandel in Germany. During 2023, a 26% shareholding has been obtained in Clean Max Taiyo Pvt. Ltd. in India and a shareholding of 30% has been obtained in Sinoma Precision Bearings Co. Ltd. in China. The share holding in Hunan SUND Technolo- gies Co. Ltd. in China decreased from 7% to 5%. Transactions with Associated companies (MSEK) 2023 2022 Sales of goods and services 39 64 Purchases of goods and services 511 550 Receivables as of 31 December 95 37 Liabilities as of 31 December 4 9 Other related party transactions include remuneration to key manage ment as specified in Note 23. For a list of significant sub sidiaries, see Note 8 to the financial state- ments of the Parent Company. No other significant trans- actions with related parties have occurred.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-407": {
"value": "22 Related parties including associated companies FAM is a privately owned holding company that manages assets as an active owner with a long-term ownership horizon. FAM is owned by Wallenberg Investments AB, which is owned by the three largest Wallenberg founda- tions \u2013 the Knut and Alice Wallenberg Foundation, the Marianne and Marcus Wallenberg Foundation and the Marcus and Amalia Wallenberg Foundation. The Founda- tions have, since 1917, granted funding to excellent researchers and research projects beneficial to Sweden, primarily to Swedish universities. The SKF Group has had no indication that FAM has obtained its ownership interest in the Group for other than investment purposes. No significant transactions have been identified between the parties with the exception of dividend paid during the year to FAM. At the end of 2023 FAM is the major shareholder of the Parent Company, hold- ing 29.0% (28.9) of the voting rights and 15.0% (15.0) of the share capital. Investments in associated companies include a 27% shareholding of Sunstrength Renewables Pvt. Ltd. in India, a 42% shareholding of Ningbo Hyatt Roller Co. Ltd. in China, a 20% shareholding of Colinx, LLC. in USA, a 50% shareholding of Wuhan Economos seals technology Co. Ltd. in China, and a 25% shareholding of Schwarz GmbH Technischer Gro\u00dfhandel in Germany. During 2023, a 26% shareholding has been obtained in Clean Max Taiyo Pvt. Ltd. in India and a shareholding of 30% has been obtained in Sinoma Precision Bearings Co. Ltd. in China. The share holding in Hunan SUND Technolo- gies Co. Ltd. in China decreased from 7% to 5%. Transactions with Associated companies (MSEK) 2023 2022 Sales of goods and services 39 64 Purchases of goods and services 511 550 Receivables as of 31 December 95 37 Liabilities as of 31 December 4 9 Other related party transactions include remuneration to key manage ment as specified in Note 23. For a list of significant sub sidiaries, see Note 8 to the financial state- ments of the Parent Company. No other significant trans- actions with related parties have occurred.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-408": {
"value": "Other related party transactions include remuneration to key manage ment as specified in Note 23.23
Remuneration to key management
Salaries and other remunerations for SKF Board of
Directors, President and Group Management
Principles of remuneration for Group Management
In March 2022, the Annual General Meeting adopted the
Board of Director\u2019s proposal for principles of remuneration
for Group Management, which are summarized below.
Group Management is defined as the President and the
other members of the management team. The principles
shall apply to remuneration agreed and amendments to
remuneration already agreed, after the adoption of the
principles by the Annual General Meeting 2022, and, in
other cases, to the extent permitted under existing agree-
ments.
The objective of the principles is to ensure that the SKF
Group can attract and retain the best people in order to
contribute to the SKF Group\u2019s mission and business strat-
egy, its long-term interests and sustainability. Remunera-
tion for Group Management shall be based on market com-
petitive conditions and at the same time support the
shareholders\u2019 best interests.
The total remuneration package for a Group Manage-
ment member shall consist of the following components:
fixed salary, variable salary, pension benefits, conditions
for notice of termination and severance pay, and other
benefits such as a company car. The components shall
create a well-balanced remuneration reflecting individual
performance and responsibility as well as the SKF Group\u2019s
overall performance.
Additionally, the Annual General Meeting 2023,
irrespective of the principles of remuneration for Group
Management, resolved on SKF\u2019s Performance Share Pro-
gramme 2023 for senior managers and key employees,
where Group Manage ment is included. For more informa-
tion on SKF\u2019s Performance Share Programme 2023,
see page 77.
Fixed salary
The fixed salary of a Group Management member shall
be at a market competitive level. It shall be based on
competence, responsibility, experience and performance.
The SKF Group shall use an internationally well-recognized
evaluation system in order to evaluate the scope and
responsibility of the position. Market benchmarks shall
be conducted on a yearly basis.
The performance of Group Management members shall
be continuously monitored during the year and shall be
used as a basis for annual reviews of fixed salaries.
Variable salary
The variable salary of a Group Management member
shall run according to a performance-based programme.
The purpose of the programme shall be to motivate and
compensate value-creating achievements in order to
support operational, financial and sustainability targets
and thereby promote the SKF Group\u2019s business strategy,
sustain ability and long-term interests.
The performance-based programme shall have pre-
determined and measurable criteria which can be both
financial and non-financial and which contribute to the
company\u2019s longterm and sustainable development. The
criteria shall primarily be based on the annual financial
performance of the SKF Group, such as financial result,
growth and capital efficiency, and shall promote sustaina-
bility targets of the SKF Group.
The satisfaction of criteria for awarding variable salary
shall be measured over a period of one year.
The maximum variable salary shall vary between 50%
to 70% of the accumulated annual fixed salary of Group
Management members.
Other benefits
The SKF Group may provide other benefits to Group
Manage ment members in accordance with local practice.
Premiums and other costs relating to such benefits shall
depend on and follow local conditions and local practice
but shall represent, as a general rule, a limited value and
may amount to not more than 10% of the accumulated
annual fixed salary of the members of Group Management.
Other benefits can for instance be a company car
or health and medical insurance.
23
Remuneration to key management, cont.
Pension
The SKF Group shall strive to establish pension plans
based on defined contribution models, which means that
a premium is paid amounting to a certain percentage of
the employee\u2019s annual salary. The commitment in these
cases is limited to the payment of an agreed premium to
an insurance company offering pension insurance.
A Group Management member shall normally be cov-
ered by, in addition to the basic pension (for Swedish
members usually the ITP pension plan), a supplementary
defined contribution pension plan. By offering this supple-
mentary defined contribution plan, it is ensured that Group
Management members are entitled to earn pension bene-
fits based on the fixed annual salary above the level of the
basic pension. The normal retirement age for Group
Management members shall be 65 years.
For employments governed by rules other than Swedish,
pension benefits and other benefits may be duly adjusted
for compliance with mandatory rules or established local
practice, taking into account, to the extent possible, the
overall purpose of the principles. For employments gov-
erned by Swedish rules, the premium for the supplemen-
tary pension plan shall be linked to age and amount to
a maximum of 40% of the accumulated annual fixed
salary not covered by any other pension plan.
Notice of termination and severance pay
A Group Management member may terminate his/her
employment by giving six months\u2019 notice. In the event of
termination of employment at the request of the company,
employment shall cease imme diately. The Group Manage-
ment member shall, however, receive a severance payment
related to the number of years\u2019 of service, provided that it
shall always be maximized to two years\u2019 fixed salary.
Salary and terms of employment for employees
When preparing the principles, the Board of Directors has
paid regard to the salary and terms of employment of the
employees of the company. Information about employees\u2019
total remuneration, the components of the remuneration
and the growth and growth rate over time have been part
of the basis for the Board of Director\u2019s and the Remunera-
tion Committee\u2019s evaluation of the fairness of the principles
of remuneration and the limitations which the principles
entail.
The decision-making process to determine, review and
implement the principles
The Board of Directors has established a Remuneration
Committee. The Committee consists of a maximum of four
Board members. The Remuneration Committee prepares
all matters relating to the prin ciples of remuneration for
Group Management, as well as the terms of employment
for the President.
The principles of remuneration for Group Management
are presented by the Remuneration Committee to the
Board of Directors that, at least every fourth year, submits
a proposal for such principles to the Annual General Meet-
ing for approval. The principles of remuneration shall be
valid until new principles have been adopted by the Annual
General Meeting. The Board of Directors must approve the
terms of employment for the President. The Remuneration
Committee shall also monitor and evaluate programmes
for variable remuneration for Group Manage ment, the
application of the principles of remuneration for Group
Management and applicable remuneration structures and
levels of the SKF Group.
The members of the Remuneration Committee are inde-
pendent of the SKF Group and Group Management. The
President and other members of Group Management shall
not be present when the Board of Directors process and
resolve on remuneration related matters in so far as they
are affected by such matters.
The Board of Directors\u2019 right to derogate from the
principles of remuneration
The Board of Directors may derogate from the principles of
remuneration decided by the Annual General Meeting, in
whole or in part, if in a specific case there is special cause
for the derogation and a derogation is necessary to serve
the SKF Group\u2019s long-term interests, including its sustaina-
bility, or to ensure the SKF Group\u2019s financial viability.
As set out above, the Remuneration Committee\u2019s tasks
include preparing the Board of Directors\u2019 resolutions in
remuneration related matters. This includes any resolu-
tions to derogate from the guidelines.
Board of Directors
The Chair of the Board and the Board members are remu-
nerated in accordance with the decision taken at the
Annual General Meeting. At the Annual General Meeting of
AB SKF held in 2023 it was decided that the Board should
be paid fees according to the following: \u2013 an allotment of
SEK 2,610,000 to the Chair of the Board, of SEK 1,305,000
to the Vice Chair of the Board and with SEK 850,000 to
each of the other Board members; and \u2013 an allotment of
SEK 295,000 to the Chair of the Audit Committee, with
SEK 217,000 to each of the other members of the Audit
Committee, with SEK 170,000 to the Chair of the Remuner-
ation Committee and with SEK 135,000 to each of the
other members of the Remuneration Committee, with
SEK 170,000 to the Chair of the Sustainability and Ethics
Committee and with SEK 135,000 to each of the other
members of the Sustainability and Ethics Committee.
A prerequisite for obtaining an allotment is that the Board
member is elected by the Annual General Meeting and
not employed by the company.
President and Chief Executive Officer
Rickard Gustafson, President and Chief Executive Officer
of AB SKF has received remuneration from the company
during 2023 governed by the remuneration principles
decided upon by the Annual General Meeting; salary and
other remunerations amounted to a total of 19,610,050 SEK
of which 15,242,533 SEK was fixed annual salary and other
benefits.
The pension arrangement for Rickard Gustafson is a
combination of the ITP scheme and a defined contribution
of 40% of the annual fixed salary above 30 income base
amounts. The retirement age for the President and Chief
Executive Officer is 65 years.
Rickard Gustafson\u2019s shareholdings (own and/or held by
related parties) in the company is listed in the Corporate
Governance Report.
Group Management
The SKF\u2019s Group Management, consisting of 13 people
at the end of the year, received in 2023 (exclusive of the
President) salary and other remunerations amounting to
a total of SEK 69,085,979 of which SEK 58,742,504 was
fixed annual salary, SEK 10,343,475 was variable salary
related to 2022 year\u2019s performance, and SEK 3,169,146
was alottment of shares under the Performance Share
Programme 2020.
The variable salary for Group Management was accord-
ing to a short-term performance-based programme primar-
ily based on the financial performance of the SKF Group
with criteria such as operating profit and cash flow.
SKF\u2019s Performance Share Programmes are further
described on page 77.
In the event of termination of employment at the request
of the company of a person in Group Management, that
person will receive a severance payment amounting to a
maximum of two years\u2019 salary.
For Group Management the Board has decided on a
defined contribution supplementary pension plan. The
plan entitles Group Management members covered to
receive an additional pension over and above the basic
pension (for Swedish members usually the ITP pension
plan). The contributions paid for Group Management mem-
bers covered by the defined contribution plan are based
on each individual\u2019s pensionable salary (normally the fixed
monthly salary excluding holiday pay, converted to yearly
salary) exceeding the level of the basic pension (for Swedish
members 30 income base amounts). Group Management
members are never covered by both defined benefit pen-
sion and defined contribution pension for the same part
of their pension entitlements. The normal retirement age
is 65 years.
23
Remuneration to key management, cont.
Fixed salary and other benefits
1)
/
fixed Board remuneration
Short-term
variable salary
Performance
Share Programmes
Remuneration for
committee work
Gross
pension costs
2)
Amounts in SEK
Amounts
paid
in 2023
3)
Amounts
expensed
in 2023
3)
Amounts paid
in 2023 related
to 2022
3)
Amounts
expensed
in 2023
3)
Amounts paid
in 2023 related
to prior years
3)
Amounts
expensed
in 2023
3)
Amounts
paid
in 2023
3)
Amounts
expensed
in 2023
3)
Amounts
expensed
in 2023
3)
Total
expensed
in 2023
Total
expensed
in 2022
Board of directors of AB SKF
Hans Str\u00e5berg 2,570,000 2,610,000 \u2014 \u2014 \u2014 \u2014 387,000 387,000 \u2014 2,997,000 2,905,000
H\u00e5kan Buskhe 1,065,000 1,305,000 \u2014 \u2014 \u2014 \u2014 600,000 600,000 \u2014 1,905,000 1,240,000
Hock Goh 837,500 850,000 \u2014 \u2014 \u2014 \u2014 135,000 135,000 \u2014 985,000 825,000
Geert Follens 837,500 850,000 \u2014 \u2014 \u2014 \u2014 352,000 352,000 \u2014 1,202,000 1,035,000
Susanna Schneeberger 837,500 850,000 \u2014 \u2014 \u2014 \u2014 135,000 135,000 \u2014 985,000 825,000
Beth Ferreira 425,000 850,000 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 850,000 \u2014
Therese Friberg 425,000 850,000 \u2014 \u2014 \u2014 \u2014 217,000 217,000 \u2014 1,067,000 \u2014
Richard Nilsson 425,000 850,000 \u2014 \u2014 \u2014 \u2014 217,000 217,000 \u2014 1,067,000 \u2014
Niko Pakal\u00e9n 425,000 850,000 \u2014 \u2014 \u2014 \u2014 270,000 270,000 \u2014 1,120,000 \u2014
Colleen Repplier 412,500 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 955,000
CEO 15,242,533 15,781,966 4,367,517 8,943,411 \u2014 4,790,022 \u2014 \u2014 5,572,609 35,088,009 31,009,230
Former CEO \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 4,011,309
Group Management
5)
58,742,504 61,028,167 10,343,475 20,802,164 3,169,146 12,818,494 \u2014 \u2014 12,151,528
4)
106,800,352 111,282,733
whereof AB SKF 32,718,290 35,003,953 7,161,439 13,622,910 3,169,146 10,777,071 \u2014 \u2014 10,662,939 70,066,872 69,397,063
Total 2023 82,245,037 86,675,133 14,710,992 29,745,575 3,169,146 17,608,516 2,313,000 2,313,000 17,724,137 154,066,361 \u2014
whereof AB SKF 56,220,823 60,650,919 11,528,956 22,566,321 3,169,146 15,567,093 2,313,000 2,313,000 16,235,548 117,332,881 \u2014
Total 2022 104,991,572 90,209,082 21,540,907 21,081,087 4,211,006 8,965,131 1,130,000 1,130,000 32,702,032 \u2014 154,088,332
whereof AB SKF 77,463,874 62,681,384 14,448,881 13,162,253 3,304,119 8,746,594 1,130,000 1,130,000 26,482,431 \u2014 112,202,662
1) Other benefits include for example company car and medical insurance.
2) Represents premiums paid under defined contribution plans as well as gross service costs under defined benefit plans.
3) Amounts paid represent the cash outflow and are amounts received by the individual during a specific calendar year. These amounts
include remuneration for services rendered during given calendar year such as salary, but can also in clude remuneration for services ren-
dered in a prior year where payment occurs subsequent to that year, for example the variable salary programmes. Amounts expensed refer
primarily to the costs for the Group for services rendered during a specific calendar year by the individual, but can also include adjustments
or reversals related to prior years. Consequently, differences between amounts paid and amounts expensed can arise as timing of the
expense can be occurring in a different calendar year than the cash outflow to the individual.
4) Total pension obligations, for SKF Group, related to Group Manage ment (including CEO) were MSEK 77.
5) Exclusive of CEO.
23 Remuneration to key management, cont. SKF\u2019s Performance Share Programme Performance Shares The Annual General Meeting 2023 decided on the intro- duction of SKF\u2019s Performance Share Programme 2023. The programme covers a maximum of 225 senior manag- ers and key employees in the SKF Group, including Group Management, with the opportunity of being allotted, free of charge, SKF shares of series B. Under the programme, no more than 1,000,000 SKF shares of series B may be allotted. The allotment of shares shall be related to the level of achievement of the total value added (TVA) target level, as defined by the Board of Directors, and the SKF Group\u2019s CDP Climate Change score. The TVA performance measure is weighted 80% and the CDP Climate Change score per- formance measure is weighted 20%. The performance period is three years (2023\u20132025). Over the three-year programme period, the TVA performance target range is set annually by the Board against the baseline of the actual TVA achieved in the previous year. In order for allocation of shares to take place the aver- age TVA development must exceed a certain minimum level (the threshold level). In addition to the threshold level a target level is set. Maximum allotment is awarded if the target level is reached or exceeded. The CDP Climate Change score performance achieve- ment is the weighted average of the annual performance achievement, based on the criteria in the below table. CDP Climate Change score Performance achievement A 100% A\u2013 75% B 50% <B 0% Provided that the performance measures of the pro- gramme are fully met, the partic ipants of the programme may be allotted the following maximum number of shares per person within the various key groups: \u2022 CEO and President: shares corresponding to a value of 75% of the fixed base salary \u2022 Other members of Group Management: shares corre- sponding to 55% of the fixed base salary, or 13,000 shares, whichever is higher \u2022 Managers of large business units and similar: 4,500 shares \u2022 Other senior managers: 3,000 shares \u2022 Other key persons: 1,250 shares Before the number of shares to be allotted is finally deter- mined, the Board shall examine whether the allotment is reasonable considering SKF\u2019s financial results and posi- tion, the conditions on the stock market as well as other circumstances, and if not, as determined by the Board, reduce the number of shares to be awarded to the lower number of shares deemed appropriate by the Board. If the total outcome of the programme exceeds the threshold level for allotment of shares but the final allot- ment is below 5% of the target level, payment will be made in cash instead of shares, whereupon the amount of the cash payment shall correspond to the value of the shares calculated on the basis of the closing price for SKF\u2019s B share the day before settlement. The share-based compensation programmes of the Group are mainly equity-settled through the SKF Group\u2019s Perform ance Share programmes. The fair value of the SKF B share at grant date is calcu- lated as the market value of the share excluding the present value of expected dividend payments for the next three years. The estimated cost for these programmes, which is based on the fair value of the SKF B share at grant date and the number of shares expected to vest, is recognized as an operating expense with a corresponding offset in equity. The fair value of the SKF shares of series B at grant date was determined as SEK 183 for SKF\u2019s Perfor mance Share Programme 2023. The dividend compensation amount is recognized as employee benefit expense separate from the share-based compensation expense. The cost for the programmes is adjusted annually for changes to the number of shares expected to vest and for the forfeitures of the participants\u2019 rights that no longer satisfy the programme conditions. Provisions for social costs to be paid by the employer in connection with share-based compensation programmes are calculated based on the fair value of the SKF B share at each reporting date and expensed over the vesting period. Allotment of shares under SKF\u2019s Performance Share Pro- gramme 2023 requires that the employment of a person covered by the programme is not terminated before the end of the programme period. SKF\u2019s Performance Share Programme 2020 Allotment of shares was made in February 2023. In total 225,779 SKF class B shares were allotted pursuant to the terms of the programme, based on the degree of achieve- ment of TVA during the three year period 2020\u20132022. SKF\u2019s Performance Share Programme 2021 Allotment of shares was made in February 2024: In total 561,145 SKF class B shares were allotted pursuant to the terms of the programme, based on the degree of achieve- ment of the TVA during the three year period 2021\u20132023. SKF\u2019s Performance Share Programme 2022 Allotment of shares may be made following the expiry of the three year calculation period, i.e. during 2025, if all the conditions of the programme are met and the allotment is approved by the Board. SKF\u2019s Performance Share Programme 2023 Allotment of shares may be made following the expiry of the the three year calculation period, i.e. during 2026, if all the conditions of the programme are met and the allotment is approved by the Board. Amounts expensed 2023 for all programmes were MSEK 77 (83) excluding social charges. 2023 2022 Men and women in Board of Directors and Group Management Number of persons Whereof men Number of persons Whereof men The Group Board of Directors of the Parent company incl. CEO 10 70% 7 71% Group Management incl. CEO 13 77% 12 83% Parent Company Board of Directors of the Parent company incl. CEO 10 78% 7 71% Group Management incl. CEO 9 67% 8 75%",
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}
},
"fact-409": {
"value": "SKF\u2019s Performance Share Programme
Performance Shares
The Annual General Meeting 2023 decided on the intro-
duction of SKF\u2019s Performance Share Programme 2023.
The programme covers a maximum of 225 senior manag-
ers and key employees in the SKF Group, including Group
Management, with the opportunity of being allotted, free
of charge, SKF shares of series B. Under the programme,
no more than 1,000,000 SKF shares of series B may be
allotted.
The allotment of shares shall be related to the level of
achievement of the total value added (TVA) target level,
as defined by the Board of Directors, and the SKF Group\u2019s
CDP Climate Change score. The TVA performance measure
is weighted 80% and the CDP Climate Change score per-
formance measure is weighted 20%. The performance
period is three years (2023\u20132025). Over the three-year
programme period, the TVA performance target range is
set annually by the Board against the baseline of the
actual TVA achieved in the previous year.
In order for allocation of shares to take place the aver-
age TVA development must exceed a certain minimum
level (the threshold level). In addition to the threshold level
a target level is set. Maximum allotment is awarded if the
target level is reached or exceeded.
The CDP Climate Change score performance achieve-
ment is the weighted average of the annual performance
achievement, based on the criteria in the below table.
CDP Climate Change score Performance achievement
A 100%
A\u2013 75%
B 50%
<B 0%
Provided that the performance measures of the pro-
gramme are fully met, the partic ipants of the programme
may be allotted the following maximum number of shares
per person within the various key groups:
\u2022 CEO and President: shares corresponding to a value
of 75% of the fixed base salary
\u2022 Other members of Group Management: shares corre-
sponding to 55% of the fixed base salary, or 13,000
shares, whichever is higher
\u2022 Managers of large business units and similar: 4,500
shares
\u2022 Other senior managers: 3,000 shares
\u2022 Other key persons: 1,250 shares
Before the number of shares to be allotted is finally deter-
mined, the Board shall examine whether the allotment is
reasonable considering SKF\u2019s financial results and posi-
tion, the conditions on the stock market as well as other
circumstances, and if not, as determined by the Board,
reduce the number of shares to be awarded to the lower
number of shares deemed appropriate by the Board.
If the total outcome of the programme exceeds the
threshold level for allotment of shares but the final allot-
ment is below 5% of the target level, payment will be made
in cash instead of shares, whereupon the amount of the
cash payment shall correspond to the value of the shares
calculated on the basis of the closing price for SKF\u2019s B
share the day before settlement.
The share-based compensation programmes of the
Group are mainly equity-settled through the SKF Group\u2019s
Perform ance Share programmes.
The fair value of the SKF B share at grant date is calcu-
lated as the market value of the share excluding the present
value of expected dividend payments for the next three
years.
The estimated cost for these programmes, which
is based on the fair value of the SKF B share at grant date
and the number of shares expected to vest, is recognized
as an operating expense with a corresponding offset in
equity. The fair value of the SKF shares of series B at grant
date was determined as SEK 183 for SKF\u2019s Perfor mance
Share Programme 2023.
The dividend compensation amount is recognized as
employee benefit expense separate from the share-based
compensation expense. The cost for the programmes is
adjusted annually for changes to the number of shares
expected to vest and for the forfeitures of the participants\u2019
rights that no longer satisfy the programme conditions.
Provisions for social costs to be paid by the employer in
connection with share-based compensation programmes
are calculated based on the fair value of the SKF B share at
each reporting date and expensed over the vesting period.
Allotment of shares under SKF\u2019s Performance Share Pro-
gramme 2023 requires that the employment of a person
covered by the programme is not terminated before the
end of the programme period.
SKF\u2019s Performance Share Programme 2020
Allotment of shares was made in February 2023. In total
225,779 SKF class B shares were allotted pursuant to the
terms of the programme, based on the degree of achieve-
ment of TVA during the three year period 2020\u20132022.
SKF\u2019s Performance Share Programme 2021
Allotment of shares was made in February 2024: In total
561,145 SKF class B shares were allotted pursuant to the
terms of the programme, based on the degree of achieve-
ment of the TVA during the three year period 2021\u20132023.
SKF\u2019s Performance Share Programme 2022
Allotment of shares may be made following the expiry of
the three year calculation period, i.e. during 2025, if all the
conditions of the programme are met and the allotment is
approved by the Board.
SKF\u2019s Performance Share Programme 2023
Allotment of shares may be made following the expiry
of the the three year calculation period, i.e. during 2026,
if all the conditions of the programme are met and the
allotment is approved by the Board.
Amounts expensed 2023 for all programmes were MSEK
77 (83) excluding social charges.
",
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"fact-410": {
"value": "SKF\u2019s Performance Share Programme Performance Shares The Annual General Meeting 2023 decided on the intro- duction of SKF\u2019s Performance Share Programme 2023. The programme covers a maximum of 225 senior manag- ers and key employees in the SKF Group, including Group Management, with the opportunity of being allotted, free of charge, SKF shares of series B. Under the programme, no more than 1,000,000 SKF shares of series B may be allotted. The allotment of shares shall be related to the level of achievement of the total value added (TVA) target level, as defined by the Board of Directors, and the SKF Group\u2019s CDP Climate Change score. The TVA performance measure is weighted 80% and the CDP Climate Change score per- formance measure is weighted 20%. The performance period is three years (2023\u20132025). Over the three-year programme period, the TVA performance target range is set annually by the Board against the baseline of the actual TVA achieved in the previous year. In order for allocation of shares to take place the aver- age TVA development must exceed a certain minimum level (the threshold level). In addition to the threshold level a target level is set. Maximum allotment is awarded if the target level is reached or exceeded. The CDP Climate Change score performance achieve- ment is the weighted average of the annual performance achievement, based on the criteria in the below table. CDP Climate Change score Performance achievement A 100% A\u2013 75% B 50% <B 0% Provided that the performance measures of the pro- gramme are fully met, the partic ipants of the programme may be allotted the following maximum number of shares per person within the various key groups: \u2022 CEO and President: shares corresponding to a value of 75% of the fixed base salary \u2022 Other members of Group Management: shares corre- sponding to 55% of the fixed base salary, or 13,000 shares, whichever is higher \u2022 Managers of large business units and similar: 4,500 shares \u2022 Other senior managers: 3,000 shares \u2022 Other key persons: 1,250 shares Before the number of shares to be allotted is finally deter- mined, the Board shall examine whether the allotment is reasonable considering SKF\u2019s financial results and posi- tion, the conditions on the stock market as well as other circumstances, and if not, as determined by the Board, reduce the number of shares to be awarded to the lower number of shares deemed appropriate by the Board. If the total outcome of the programme exceeds the threshold level for allotment of shares but the final allot- ment is below 5% of the target level, payment will be made in cash instead of shares, whereupon the amount of the cash payment shall correspond to the value of the shares calculated on the basis of the closing price for SKF\u2019s B share the day before settlement. The share-based compensation programmes of the Group are mainly equity-settled through the SKF Group\u2019s Perform ance Share programmes. The fair value of the SKF B share at grant date is calcu- lated as the market value of the share excluding the present value of expected dividend payments for the next three years. The estimated cost for these programmes, which is based on the fair value of the SKF B share at grant date and the number of shares expected to vest, is recognized as an operating expense with a corresponding offset in equity. The fair value of the SKF shares of series B at grant date was determined as SEK 183 for SKF\u2019s Perfor mance Share Programme 2023. The dividend compensation amount is recognized as employee benefit expense separate from the share-based compensation expense. The cost for the programmes is adjusted annually for changes to the number of shares expected to vest and for the forfeitures of the participants\u2019 rights that no longer satisfy the programme conditions. Provisions for social costs to be paid by the employer in connection with share-based compensation programmes are calculated based on the fair value of the SKF B share at each reporting date and expensed over the vesting period. Allotment of shares under SKF\u2019s Performance Share Pro- gramme 2023 requires that the employment of a person covered by the programme is not terminated before the end of the programme period. ",
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},
"fact-411": {
"value": "24 Fees to the auditors Fees to the SKF Group statutory auditors were split as follows (MSEK) 2023 2022 Deloitte Audit fees 64 57 Where of Deloitte AB 13 12 Audit related fees 2 2 Where of Deloitte AB 2 2 Tax fees \u2014 2 Where of Deloitte AB \u2014 \u2014 Other fees 2 2 Where of Deloitte AB 2 1 68 63 The Parent Company\u2019s share (MSEK) 2023 2022 Deloitte Audit fees 10 9 Audit related fees 2 2 Tax fees \u2014 \u2014 Other fees to auditors 2 1 14 12 Audit fees are related to examination of the Annual Report and financial reporting, the administration by the Board and the President as well as other tasks related to the duties of a company auditor. Audit related fees are mainly attributable to the review of the SKF\u2019s Sustainability Report. Tax fees are related to tax consultancy and tax compliance services. All other assignments are defined as other.",
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},
"fact-412": {
"value": "25 Average number of employees 2023 2022 Number of employees Whereof men, % Number of employees Whereof men, % Parent Company in Sweden 653 63 701 66 Subsidiaries in Sweden 1,920 79 1,949 81 Subsidiaries abroad 37,099 77 38,123 78 39,672 77 40,773 78 Geographic specification of average number of employees in subsidiaries abroad 2023 2022 Number of employees Whereof men, % Number of employees Whereof men, % France 2,289 80 2,215 82 Italy 3,261 78 2,854 78 Germany 4,666 87 4,949 87 Other Western Europe excluding Sweden 3,302 82 3,304 82 Central and Eastern Europe 3,320 63 4,047 62 USA 3,522 73 3,657 73 Canada 190 76 189 79 Mexico 1,984 67 1,837 70 Latin America 3,050 89 3,142 88 China 7,347 70 6,833 71 India 2,007 89 2,688 92 Other Asian countries/Pacific 1,818 82 2,025 82 Middle East and Africa 343 71 383 73 37,099 77 38,123 78",
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"language": "en",
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},
"fact-414": {
"value": "The Group\u2019s overall financial objective is to create value for its shareholders. Over time, the return on the shareholders\u2019 invest ment in the SKF share should exceed the risk-free interest rate by around six percentage points. This is the basis for the Group\u2019s long-term financial objectives and the financial performance manage ment model. The SKF Group defines its managed capital as the capital employed. One of the Group\u2019s long term financial targets is to achieve a return on capital employed of 16%. The capital structure target of the Group is a net debt/ equity ratio, excluding pension liabilities of below 40%. Key figures 1) 2023 2022 Total equity, MSEK 54,956 54,043 Gearing, % 35.2 35.6 Equity/assets ratio, % 49.1 48.7 Net debt/equity ratio, excluding post- employment benefits, % 13.9 19.3 Adjusted Return on capital employed2) , % 15.4 12.6 1) Definition of these key figures is available on page 144. 2) Adjusted for items affecting comparability. This together with the self-funding principle in SKF\u2019s stra- tegic framework, operating cash flow to fund investments and shareholder distribution, underpins the Group\u2019s finan- cial flexibility and its ability to execute on the strategy while maintaining a strong credit rating. The Group\u2019s policy and structure of debt financing are presented below. The SKF Group\u2019s operations are exposed to various types of financial risks; market risks (being currency risk, interest rate risk and other price risks), liquidity risks and credit risks, each being discussed below. The Group\u2019s risk management incorporates a financial policy that establishes guidelines and definitions of currency, interest rate, credit and liquidity risks and establishes responsibility and authority for the manage- ment of these risks. The policy states that the objective is to eliminate or minimize risk and to contribute to a better return through the active management of risks. The management of the risks and the responsibility for all treasury operations are largely centralized at SKF Treasury Centre, the Group\u2019s internal bank. The responsibility includes ensuring the appropriate level of funding through loans and secured credit facilities while simultaneously over seeing and ensuring the liquidity level for the Group. The policy sets forth the financial risk mandates and the financial instruments authorized for use in the manage- ment of financial risks. Financial derivative instruments are used prim arily to manage the Group\u2019s exposure to fluctuations in foreign currency exchange rates and interest rates. ",
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"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-415": {
"value": "Market risk \u2013 Currency risk The Group is exposed to changes in exchange rates in the future flows of payments related to firm commitments and forecasted transactions and to loans and investments in foreign currencies, i.e. transaction exposure. The Group\u2019s accounts are also affected by translating the results and net assets of foreign subsidiaries into SEK, i.e. translation exposure. SKF applies natural hedging as the leading principle for strategic currency risk mitigation. This is managed organically within operations without financial instruments by leveraging on inherent business acitivies and by considering currency risk in all strategic investment decisions. Transaction exposure Transaction exposure mainly arises as a result of intra- Group trans actions between the Group\u2019s manufacturing companies and the Group\u2019s sales companies, situated in other countries and selling the products to end-customers normally in local currency in their local market. In some countries, transaction exposure may arise from sales to external customers in a currency different from the local currency. The Group\u2019s principal commercial flows of for- eign currencies pertain to exports from Europe to North America and Asia and to flows of currencies within Europe. Currency rates and payment conditions to be applied to the internal trade between SKF companies are set by SKF Treasury Centre. Currency exposure and risk is primarily, and to a large extent, reduced by netting internal transac- tions. The Groups external exposure is mitigated by match- ing in- and outflows of the same currency. The currency flows between SKF companies managed by SKF Treasury Centre were reduced through netting from MSEK 81,935 (77,793) to MSEK 5,542 (6,206). This amount represented the Group\u2019s main transaction exposure excluding hedges. Furthermore, SKF Treasury centre is using financial instru- ments such as forwards, options or currency swaps match- ing the underlying foreacasted cashflow to hedge the transactional currency exposure. Net currency flows (MSEK) 2023 2022 CAD 1,021 949 CNY 1,998 2,249 DKK 547 622 EUR \u20138,816 \u20137,856 RUB \u2014 333 THB 604 567 TRY 1,543 1,395 USD 5,947 5,667 Other1) 2,106 2,280 SEK \u20135,542 \u20136,206 1) Other is a sum comprising 11 different currencies. Based on the assumption that the net currency flows will be the same as in 2023, the below graph represents a sen- sitivity analysis that shows the effect in SEK on operating profit of a 5% weaker SEK against all other currencies. The effect on equity is the below result after tax. The effects of fluctuations upon the translation of subsidiaries\u2019 financial statements into the Group\u2019s presentation currency are not considered. Translation exposure Translation exposure is defined as the Group\u2019s exposure to currency risk arising when translating the results and net assets of foreign subsidiaries to SEK. Moreover, SKF is miti- gating the translations risk through the optimization of the internal capital structure, which involves allocating distrib- utable funds in the financial statements to the ultimate parent company. Based on 2023 operating profits in local currencies, the below graph represents a sensitivity- analysis that shows the effect in SEK on the translation of operating profits of a 5% weaker SEK against all other currencies. Interest rate risk The Group defines interest rate risk as the risk of negative fluctuations in the Group\u2019s cash flow caused by changes in the interest rates and does not encompass credit spread. At year-end, total interest bearing financial liabilities amounted to MSEK 29,910 (29,888) and total interest - bearing financial assets amounted to MSEK 14,576 (11,682). Liquidity management is concentrated to SKF Treasury Centre. To manage the interest rate risk and currency risk in the borrowing, the Group uses cross-currency interest rate swaps, where fixed EUR interest rates are swapped into floating USD and floating EUR. As of the balance sheet date, given the prevailing amount of net interest-bearing liabilities, an unfavorable change of the interest rates by 1% would have reduced pre-tax profit for the year, including the effect of deriva- tives, by around MSEK 39 (60). For details on interest rates of individual loans, see Note 11 of the Parent Company\u2019s financial statements. Market risk \u2013 Price risks Market risks also include other price risks, where the rele- vant risk variables for the Group are stock exchange prices or indexes. As of 31 December, the Group held investments in equity securities with quoted stock prices, amounting to MSEK 313 (395), which are categorized as fair value through other comprehensive income. If the market share prices had been 5% higher/lower at the balance sheet date, the available- for-sale reserve in equity would have been MSEK 16 (20) higher/lower. ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-416": {
"value": "Liquidity risk Liquidity risk, also referred to as funding risk, is defined as the risk that the Group will encounter difficulties in raising funds to meet commitments. Group policy states that, in addition to current loan financing, the Group should have a payment capacity in the form of available liquidity and/or long-term committed credit facilities. As of the balance sheet date, in addition to its own liquidity, the Group had one un utilized committed credit facility of MEUR 800 syndicated with ten banks that will expire in 2028, with two 1-year extension options. A good rating is important in the management of liquid- ity risks. As of 31 December 2023 the long-term rating of the Group is Baa1 by Moody\u2019s Investors Service and BBB+ by Fitch Ratings, both with stable outlook. The table below shows the Group\u2019s contractually agreed and undiscounted interest payments and repayments of the non- derivative financial liabilities and derivatives with payment flows. All instruments held on 31 December 2023 for which payments were contractually agreed were included. Planning data for future, new liabilities was not included. Amounts in foreign currency were translated at closing rate. The variable interest payments arising from the financial instruments were calculated using the last interest rates fixed before 31 December 2023. Financial liabilities were assigned to the earliest possible time period when they can be required to be repaid. 2023 Cash flows MSEK 2024 2025 2026\u2013 2028 2029 and thereafter Loans \u20133,459 \u20133,429 \u20135,919 \u20136,588 Trade payables \u201311,236 \u2014 \u2014 \u2014 Derivatives, net \u201373 \u2013299 \u201350 \u2014 Lease liabilities \u2013632 \u2013566 \u20131,059 \u20131,101 Total \u201315,400 \u20134,294 \u20137,028 \u20137,689 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-417": {
"value": "Credit risk Credit risk is defined as the Group\u2019s exposure to losses in the event that one party to a financial instrument fails to discharge an obligation. The SKF Group is exposed to credit risk from its operating activities and certain financing activities. The maximum exposure to credit risk for the Group amounted to MSEK 31,722 (28,958) as of the balance sheet date. The exposure is represented by total financial assets that are carried on the balance sheet with the exception of equity securities. No granting of significant financial guarantees increasing the credit risk and no significant collateral agreements reducing the maximum exposure to credit risk existed as of the balance sheet date. Credit risk (MSEK) 2023 2022 Trade receivables 16,811 16,905 Other receivables 1,267 1,428 Derivatives 333 370 Cash and cash equivalent 13,311 10,255 Total 31,722 28,958 At operational level, the outstanding trade receivables are conti nuously monitored locally in each area. The Group\u2019s concentration of credit risk related to trade receivables is mitigated primarily due to its many geographically and industrially diverse customers. Trade receivables are sub- ject to credit limit control and approval procedures in all subsidiaries. With regard to treasury related activities, the Group\u2019s policy states that only well-established financial institu- tions are approved as counterparties. Transactions are made within fixed limits and credit exposure by counter- party is continiously monitored. For derivatives, the SKF Group has signed ISDA agreements (International Swaps and Derivatives Association, Inc.) with nearly all of these financial institutions. ISDA is classified as an enforceable netting arrangement. One feature of the ISDA agreement is that it enables the SKF Group to calculate its credit expo- sure on a net basis per counterpart, i.e. the difference between what the Group owes and is owed. The agreement between the Group and the counterparty allows for net settlement of derivatives when both elect to settle net. In the event of default of one of the counterparties the other counterpart of the netting agreement has the option to settle on a net basis. As of the balance sheet date the Group had derivative assets of around MSEK 333 (370) and derivative liabilities of around MSEK 605 (852) subject to enforceable master netting arrangements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-418": {
"value": "Hedge accounting The Group manages risks related to the volatility of balance sheet items and future cash flows, which other- wise would affect the income statement, by hedging. A distinction is made between cash flow hedges, fair value hedges and hedges of net investment in foreign operations based on the nature of the hedged item. Derivative instruments which provide effective eco nomic hedges, but are not designated for hedge accounting by the Group, are accounted for as trading instruments. Changes in the fair value of these economic hedges are immediately recognized in the income statement as financial income or expense or in the operating result depending on the nature of the hedged item. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-419": {
"value": "Hedge accounting The Group manages risks related to the volatility of balance sheet items and future cash flows, which other- wise would affect the income statement, by hedging. A distinction is made between cash flow hedges, fair value hedges and hedges of net investment in foreign operations based on the nature of the hedged item. Derivative instruments which provide effective eco nomic hedges, but are not designated for hedge accounting by the Group, are accounted for as trading instruments. Changes in the fair value of these economic hedges are immediately recognized in the income statement as financial income or expense or in the operating result depending on the nature of the hedged item. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-422": {
"value": "27 Non-controlling interests Accounting policy Subsidiaries that the Group controls, but owns less than 100% in, are consolidated into the Group\u2019s financial state- ments. The category \u201cnon-controlling interests (NCI)\u201d in the equity report accumulates the portion of a subsidiary\u2019s equity that is not attributable to the owners of AB SKF. Significant non-controlling interests During 2023, there has been no change in significant non-controlling interests. The largest non-controlling interest is SKF India Ltd. The non-controlling interests holds a 47.4% (47.4) share- holding in the company. This represents 2.6% (2.4) of the Group\u2019s total equity. The tables present the summarized financial information of SKF India Ltd. January\u2013December Summarized income statement (MSEK) 2023 2022 Net sales 5,640 5,378 Operating profit 920 1,027 Net income 636 672 Other comprehensive income \u2013154 72 Total comprehensive income 482 744 Profit allocated to NCI 302 319 Dividends paid to NCI \u2013122 \u201345 As of 31 December Summarized balance sheet (MSEK) 2023 2022 Non-current assets 787 741 Current assets 3,493 3,208 Total assets 4,280 3,949 Equity attributable to shareholders of AB SKF 1,584 1,465 Equity attributable to NCI 1,427 1,321 Non-current liabilites 36 54 Current liabilities 1,233 1,109 Total equity and liabilities 4,280 3,949",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-423": {
"value": "Accounting policy Subsidiaries that the Group controls, but owns less than 100% in, are consolidated into the Group\u2019s financial state- ments. The category \u201cnon-controlling interests (NCI)\u201d in the equity report accumulates the portion of a subsidiary\u2019s equity that is not attributable to the owners of AB SKF. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-424": {
"value": "AB SKF",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-425": {
"value": "SKF Group",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-426": {
"value": "Swedish limited liability company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-427": {
"value": "Gothenburg",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-428": {
"value": "AB SKF, SE-415 50 Gothenburg",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-429": {
"value": "Sweden",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-430": {
"value": "wide spread of markets, geographically as well as operationally",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-431": {
"value": "AB SKF",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-433": {
"value": "The results of operations and the financial position of the Parent Company, AB SKF, and the Group for the year 2023 are given in the income statements and in the balance sheets together with related notes. The Board of Directors and the President certify that the annual financial report has been pre- pared in accordance with generally accepted accounting principles in Sweden and that the con- solidated accounts have been prepared in accordance with the international set of accounting standards referred to in Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards, and give a true and fair view of the position and profit or loss of the Company and the Group, and that the manage- ment report for the Company and for the Group gives a fair review of the development and perfor- mance of the business, position and profit or loss of the Company and the Group, and describes the principal risks and uncertainties that the Company and the companies in the Group face. Gothenburg, March 4, 2024 Hans Str\u00e5berg, Chair H\u00e5kan Buskhe, Vice chair Hock Goh, Board member Geert Follens, Board member Susanna Schneeberger, Board member Rickard Gustafson, President and CEO, Board member Beth Ferreira, Board member Therese Friberg, Board member Richard Nilsson, Board member Niko Pakal\u00e9n, Board member Jonny Hilbert, Board member Zarko Djurovic, Board member Our auditors\u2019 report for this Annual Report and the consolidated Annual Report was issued March 4, 2024. Deloitte AB Hans War\u00e9n Authorized Public Accountant",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:894500JU9WRAJQOVBI12",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-434": {
"value": "7.5",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
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"decimals": 4,
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}
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}