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Employment Benefits (Tables)

12 Months Ended

Dec. 31, 2018

Employment Benefits [Abstract]

Employment Benefits

Employment benefit obligations as of December 31, 2017 and 2018 are as follows:

						2017				2018
						In millions of won
Net defined benefit obligations		￦					1,476,201				1,638,785
Other long-term employee benefit obligations							6,868				6,284
		￦					1,483,069				1,645,069

Principal assumptions on actuarial valuation

Principal assumptions on actuarial valuation as of December 31, 2017 and 2018 are as follows:

		2017				2018
Discount rate			2.75%~2.90%				2.24%~2.90%
Future salary and benefit levels			4.88%				4.88%
Weighted average duration			13.40 years				13.71 years

Details of expense relating to defined benefit plans

Details of expense relating to defined benefit plans for the years ended December 31, 2016, 2017 and 2018 are as follows:

						2016				2017				2018
						In millions of won
Current service cost		￦					378,930				392,820				369,899
Interest cost							67,104				79,524				87,687
Expected return on plan assets							(23,612	)			(31,307	)			(42,135	)
Loss from settlement							(706	)			(1,055	)			(767	)
		￦					421,716				439,982				414,684

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

						2016				2017				2018
						In millions of won
Cost of sales		￦					312,391				332,249				308,672
Selling and administrative expenses							61,362				59,111				51,903
Others (Construction-in-progress and others)							47,963				48,622				54,109
		￦					421,716				439,982				414,684

In addition, for the years ended December 31, 2016, 2017 and 2018, employee benefit obligations expenses of ￦62,435 million, ￦65,603 million and ￦66,833 million, respectively, are recognized as cost of sales, and ￦11,450 million, ￦11,983 million and ￦13,204 million, respectively, are recognized as selling and administrative expenses, and ￦14,024 million, ￦13,332 million and ￦14,189 million, respectively, are recognized asconstruction-in-progress and others, relates to the Company’s defined contribution plans.

Details of defined benefits

Details of defined benefit obligations as of December 31, 2017 and 2018 are as follows:

						2017				2018
						In millions of won
Present value of defined benefit obligation from funded plans		￦					2,951,842				3,414,116
Fair value of plan assets							(1,475,641	)			(1,775,331	)
							1,476,201				1,638,785
Present value of defined benefit obligation from unfunded plans							—				—
Net liabilities incurred from defined benefit plans		￦					1,476,201				1,638,785

Changes in the present value of defined benefits

Changes in the present value of defined benefit obligations for the years ended December 31, 2017 and 2018 are as follows:

						2017				2018
						In millions of won
Beginning balance		￦					2,867,377				2,951,842
Current service cost							392,820				369,899
Interest cost(*)							79,524				87,687
Remeasurement component							(258,223	)			154,939
Loss from settlement							(1,055	)			(767	)
Actual payments							(128,707	)			(149,454	)
Others							106				(30	)
Ending balance		￦					2,951,842				3,414,116

(*) 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, 2017 and 2018 are as follows:

						2017				2018
						In millions of won
Beginning balance		￦					1,188,907				1,475,641
Expected return							31,307				42,135
Remeasurement component							(10,435	)			(12,308	)
Contributions by the employers							325,080				330,064
Actual payments							(59,218	)			(60,201	)
Ending balance		￦					1,475,641				1,775,331

In addition, loss on accumulated remeasurement component amounting to ￦43,513 million and ￦219,381 million has been recognized as other comprehensive income or loss for the years ended December 31, 2017 and 2018, respectively.

Details of the fair value of plan assets

Details of the fair value of plan assets as of December 31, 2017 and 2018 are as follows:

						2017				2018
						In millions of won
Equity instruments		￦					79,204				96,823
Debt instruments							517,040				510,184
Bank deposit							293,477				275,518
Others							585,920				892,806
		￦					1,475,641				1,775,331

For the years ended December 31, 2017 and 2018, actual returns on plan assets amounted to ￦20,782 million and ￦29,827 million, respectively.

Remeasurement component recognized in other comprehensive income (loss)

Remeasurement component recognized in other comprehensive income (loss) for the years ended December 31, 2017 and 2018 are as follows:

						2017				2018
						In millions of won
Actuarial gain from changes in financial assumptions		￦					(300,058	)			186,428
Experience adjustments, etc.							41,835				(31,489	)
Expected return							10,435				12,308
		￦					(247,788	)			167,247

Remeasurement component recognized as other comprehensive income or loss is recorded in retained earnings.

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- Definition

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

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