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Employment Benefits | 12 Months Ended
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Dec. 31, 2019
Employment Benefits [Abstract] |
Employment Benefits |
25. | Employment Benefits
(1) | Employment benefit obligations as of December 31, 2018 and 2019 are as follows:
|  |  |  |  | 2018 |  |  | 2019 |
|  |  |  |  | In millions of won |
Net defined benefit asset |  | ￦ |  |  |  |  | — |  |  |  | (1,047 | )
Net defined benefit obligations |  |  |  |  |  |  | 1,638,785 |  |  |  | 1,925,134 |
Other long-term employee benefit obligations |  |  |  |  |  |  | 6,284 |  |  |  | 4,720 |
|  | ￦ |  |  |  |  | 1,645,069 |  |  |  | 1,928,807 |
(2) | Principal assumptions on actuarial valuation as of December 31, 2018 and 2019 are as follows:
|  | 2018 |  |  | 2019 |
Discount rate |  |  | 2.24%~2.90% |  |  |  | 1.92%~2.05% |
Future salary and benefit levels |  |  | 4.88% |  |  |  | 4.39% |
Weighted average duration |  |  | 13.71 years |  |  |  | 13.23 years |
(3) | Details of expense relating to defined benefit plans for the years ended December 31, 2017, 2018 and 2019 are as follows:
|  |  |  |  | 2017 |  |  | 2018 |  |  | 2019 |
|  |  |  |  | In millions of won |
Current service cost |  | ￦ |  |  |  |  | 392,820 |  |  |  | 369,899 |  |  |  | 440,300 |
Interest cost |  |  |  |  |  |  | 79,524 |  |  |  | 87,687 |  |  |  | 83,619 |
Expected return on plan assets |  |  |  |  |  |  | (31,307 | ) |  |  | (42,135 | ) |  |  | (41,597 | )
Past service cost |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 301,442 |
Loss from settlement |  |  |  |  |  |  | (1,055 | ) |  |  | (767 | ) |  |  | (2,017 | )
|  | ￦ |  |  |  |  | 439,982 |  |  |  | 414,684 |  |  |  | 781,747 |
Expenses as described above are recognized in those items below in the financial statements.
|  |  |  |  | 2017 |  |  | 2018 |  |  | 2019 |
|  |  |  |  | In millions of won |
Cost of sales |  | ￦ |  |  |  |  | 332,249 |  |  |  | 308,672 |  |  |  | 580,623 |
Selling and administrative expenses |  |  |  |  |  |  | 59,111 |  |  |  | 51,903 |  |  |  | 120,455 |
Others (Construction-in-progress and others) |  |  |  |  |  |  | 48,622 |  |  |  | 54,109 |  |  |  | 80,669 |
|  | ￦ |  |  |  |  | 439,982 |  |  |  | 414,684 |  |  |  | 781,747 |
In addition, for the years ended December 31, 2017, 2018 and 2019, employee benefit obligations expenses of ￦65,603 million, ￦66,833 million and ￦71,844 million, respectively, are recognized as cost of sales, and ￦11,983 million, ￦13,204 million and ￦12,775 million, respectively, are recognized as selling and administrative expenses, and ￦13,332 million, ￦14,189 million and ￦13,893 million, respectively, are recognized as construction-in-progress and others, relates to the Company’s defined contribution plans.
(4) | Details of defined benefit obligations as of December 31, 2018 and 2019 are as follows:
|  |  |  |  | 2018 |  |  | 2019 |
|  |  |  |  | In millions of won |
Present value of defined benefit obligation from funded plans |  | ￦ |  |  |  |  | 3,414,116 |  |  |  | 4,035,400 |
Fair value of plan assets |  |  |  |  |  |  | (1,775,331 | ) |  |  | (2,111,313 | )
|  |  |  |  |  |  | 1,638,785 |  |  |  | 1,924,087 |
Present value of defined benefit obligation from unfunded plans |  |  |  |  |  |  | — |  |  |  | — |
Net liabilities incurred from defined benefit plans |  | ￦ |  |  |  |  | 1,638,785 |  |  |  | 1,924,087 |
(5) | Changes in the present value of defined benefit obligations for the years ended December 31, 2018 and 2019 are as follows:
|  |  |  |  | 2018 |  |  | 2019 |
|  |  |  |  | In millions of won |
Beginning balance |  | ￦ |  |  |  |  | 2,951,842 |  |  |  | 3,414,116 |
Current service cost |  |  |  |  |  |  | 369,899 |  |  |  | 440,300 |
Interest cost(*) |  |  |  |  |  |  | 87,687 |  |  |  | 83,619 |
Remeasurement component |  |  |  |  |  |  | 154,939 |  |  |  | (93,736 | )
Past service cost |  |  |  |  |  |  | — |  |  |  | 301,442 |
Loss from settlement |  |  |  |  |  |  | (767 | ) |  |  | (2,018 | )
Actual payments |  |  |  |  |  |  | (149,454 | ) |  |  | (108,057 | )
Others |  |  |  |  |  |  | (30 | ) |  |  | (266 | )
Ending balance |  | ￦ |  |  |  |  | 3,414,116 |  |  |  | 4,035,400 |
| (*) | Corporate bond (AAA rated) yield at year-end is applied to measure the interest cost on employee benefit obligations.
(6) | Changes in the fair value of plan assets for the years ended December 31, 2018 and 2019 are as follows:
|  |  |  |  | 2018 |  |  | 2019 |
|  |  |  |  | In millions of won |
Beginning balance |  | ￦ |  |  |  |  | 1,475,641 |  |  |  | 1,775,331 |
Expected return |  |  |  |  |  |  | 42,135 |  |  |  | 41,597 |
Remeasurement component |  |  |  |  |  |  | (12,308 | ) |  |  | (11,186 | )
Contributions by the employers |  |  |  |  |  |  | 330,064 |  |  |  | 348,386 |
Actual payments |  |  |  |  |  |  | (60,201 | ) |  |  | (42,815 | )
Ending balance |  | ￦ |  |  |  |  | 1,775,331 |  |  |  | 2,111,313 |
In addition, loss on accumulated remeasurement component amounting to ￦219,381 million and ￦117,779 million has been recognized as other comprehensive income or loss for the years ended December 31, 2018 and 2019, respectively.
(7) | Details of the fair value of plan assets as of December 31, 2018 and 2019 are as follows:
|  |  |  |  | 2018 |  |  | 2019 |
|  |  |  |  | In millions of won |
Equity instruments |  | ￦ |  |  |  |  | 96,823 |  |  |  | 189,235 |
Debt instruments |  |  |  |  |  |  | 510,184 |  |  |  | 648,265 |
Bank deposit |  |  |  |  |  |  | 275,518 |  |  |  | 199,743 |
Others |  |  |  |  |  |  | 892,806 |  |  |  | 1,074,070 |
|  | ￦ |  |  |  |  | 1,775,331 |  |  |  | 2,111,313 |
For the years ended December 31, 2018 and 2019, actual returns on plan assets amounted to ￦29,827 million and ￦30,411 million, respectively.
(8) | Remeasurement component recognized in other comprehensive income (loss) for the years ended December 31, 2018 and 2019 are as follows:
|  |  |  |  | 2018 |  |  | 2019 |
|  |  |  |  | In millions of won |
Actuarial gain from changes in financial assumptions |  | ￦ |  |  |  |  | 186,428 |  |  |  | (2,916 | )
Experience adjustments, etc. |  |  |  |  |  |  | (31,489 | ) |  |  | (90,820 | )
Expected return |  |  |  |  |  |  | 12,308 |  |  |  | 11,186 |
|  | ￦ |  |  |  |  | 167,247 |  |  |  | (82,550 | )
Remeasurement component recognized as other comprehensive income or loss is recorded in retained earnings.

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- Definition The entire disclosure for employee benefits. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2019-01-01 -Section Scope -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=19&code=ifrs-tx-2019-en-r&doctype=Standard&dita_xref=IAS19_g2-7_TI -URIDate 2019-03-27 + Details
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