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Employment Benefits (Tables)

12 Months Ended

Dec. 31, 2017

Employment Benefits [Abstract]

Employment Benefits

Employment benefit obligations as of December 31, 2016 and 2017 are as follows:

						2016				2017
						In millions of won
Net defined benefit obligations		￦					1,678,470				1,476,201
Other long-term employee benefit obligations							7,788				6,868
		￦					1,686,258				1,483,069

Principal assumptions on actuarial valuation

Principal assumptions on actuarial valuation as of December 31, 2016 and 2017 are as follows:

		2016				2017
Discount rate			2.45%~2.64%				2.75%~2.90%
Future salary and benefit levels			5.23%				4.88%
Weighted average duration			13.34 years				13.40 years

Details of expense relating to defined benefit plans

Details of expense relating to defined benefit plans for the years ended December 31, 2016 and 2017 are as follows:

						2015				2016				2017
						In millions of won
Current service cost		￦					315,811				378,930				392,820
Interest cost							63,808				67,104				79,524
Expected return on plan assets							(22,557	)			(23,612	)			(31,307	)
Loss from settlement							(641	)			(706	)			(1,055	)
		￦					356,421				421,716				439,982

Expenses as described above are recognized in those items below in the financial statements.

						2015				2016				2017
						In millions of won
Cost of sales		￦					262,760				312,391				332,249
Selling and administrative expenses							51,932				61,362				59,111
Others (Construction-in-progress and others)							41,729				47,963				48,622
		￦					356,421				421,716				439,982

Details of defined benefits

Details of defined benefit obligations as of December 31, 2016 and 2017 are as follows:

						2016				2017
						In millions of won
Present value of defined benefit obligation from funded plans		￦					2,867,377				2,951,842
Fair value of plan assets							(1,188,907	)			(1,475,641	)
							1,678,470				1,476,201
Present value of defined benefit obligation from unfunded plans							—				—
Net liabilities incurred from defined benefit plans		￦					1,678,470				1,476,201

Changes in the present value of defined benefits

Changes in the present value of defined benefit obligations for the years ended December 31, 2016 and 2017 are as follows:

						2016				2017
						In millions of won
Beginning balance		￦					2,426,414				2,867,377
Current service cost							378,930				392,820
Interest cost(*)							67,104				79,524
Remeasurement component							120,993				(258,223	)
Loss from settlement							(707	)			(1,055	)
Actual payments							(125,233	)			(128,707	)
Others							(124	)			106
Ending balance		￦					2,867,377				2,951,842

(*) Corporate bond (AAA rated) yield at year-end is applied to measure the interest cost on employee benefit obligations.

Changes in the fair value of plan assets

Changes in the fair value of plan assets for the years ended December 31, 2016 and 2017 are as follows:

						2016				2017
						In millions of won
Beginning balance		￦					930,632				1,188,907
Expected return							23,612				31,307
Remeasurement component							(5,706	)			(10,435	)
Contributions by the employers							312,125				325,080
Actual payments							(71,756	)			(59,218	)
Ending balance		￦					1,188,907				1,475,641

Details of the fair value of plan assets

Details of the fair value of plan assets as of December 31, 2016 and 2017 are as follows:

						2016				2017
						In millions of won
Equity instruments		￦					86,054				79,204
Debt instruments							383,654				517,040
Bank deposit							305,670				293,477
Others							413,529				585,920
		￦					1,188,907				1,475

Remeasurement component recognized in other comprehensive income (loss)

Remeasurement component recognized in other comprehensive income (loss) for the years ended December 31, 2016 and 2017 are as follows:

						2016				2017
						In millions of won
Actuarial gain from changes in financial assumptions		￦					(27,792	)			(300,058	)
Experience adjustments							148,785				41,835
Expected return							5,706				10,435
		￦					126,699				(247,788	)

X

- Definition

The disclosure of the fair value of defined benefit plan assets. [Refer: Plan assets [member]; Defined benefit plans [member]]

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The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

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The entire disclosure for postemployment benefits, which may include supplemental unemployment benefits, obligations recognized for all types of benefits provided to former or inactive employees, their beneficiaries, and covered dependents after employment but before retirement. Disclosure may also include discussion that an obligation for postemployment benefits is not accrued in accordance with regulation only because the amount cannot be reasonably estimated.

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Tabular disclosure of the change in the accumulated postemployment benefit obligation from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits.

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