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Income tax expense (Tables) | 12 Months Ended
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Dec. 31, 2019
Income tax expense (benefit) [Abstract] |
Income tax expense |
Income tax expense (benefit) for the years ended December 31, 2017, 2018 and 2019 are as follows:
|  |  |  |  | 2017 |  |  | 2018 |  |  | 2019 |
|  |  |  |  | In millions of won |
Current income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment of income tax |  | ￦ |  |  |  |  | 881,583 |  |  |  | 378,715 |  |  |  | 538,223 |
Adjustment in respect of prior years due to change in estimate |  |  |  |  |  |  | 4,484 |  |  |  | (195,648 | ) |  |  | (176,441 | )
Current income tax directly recognized in equity |  |  |  |  |  |  | (56,098 | ) |  |  | 101,528 |  |  |  | (53,302 | )
Effect of change in accounting policy |  |  |  |  |  |  | — |  |  |  | 1,780 |  |  |  | — |
|  |  |  |  |  |  | 829,969 |  |  |  | 286,375 |  |  |  | 308,480 |
Deferred tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Generation and realization of temporary differences |  |  |  |  |  |  | 1,283,012 |  |  |  | (495,658 | ) |  |  | (636,984 | )
Changes of unrecognized tax losses, tax credit and temporary differences for prior periods |  |  |  |  |  |  | 44,573 |  |  |  | (28,509 | ) |  |  | (22,469 | )
Changes in deferred tax on tax losses carryforwards |  |  |  |  |  |  | — |  |  |  | (572,305 | ) |  |  | (582,011 | )
Tax credit carryforwards |  |  |  |  |  |  | 15,270 |  |  |  | (16,224 | ) |  |  | (71,306 | )
Amount due to change in tax rate or regulations |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 1,987 |
|  |  |  |  |  |  | 1,342,855 |  |  |  | (1,112,696 | ) |  |  | (1,310,783 | )
Income tax expense (benefit) |  | ￦ |  |  |  |  | 2,172,824 |  |  |  | (826,321 | ) |  |  | (1,002,303 | )
Reconciliation between actual income tax expense and amount computed by applying the statutory tax rate |
Reconciliation between actual income tax expense and amount computed by applying the statutory tax rate to income before income taxes for the years ended December 31, 2017, 2018 and 2019 are as follows:
|  |  |  |  | 2017 |  |  | 2018 |  |  | 2019 |
|  |  |  |  | In millions of won |
Profit (loss) before income tax |  | ￦ |  |  |  |  | 3,614,218 |  |  |  | (2,000,819 | ) |  |  | (3,265,838 | )
Income tax expense (benefit) computed at applicable tax rate(*1) |  |  |  |  |  |  | 874,641 |  |  |  | (550,225 | ) |  |  | (898,105 | )
Adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Effect of applying gradual tax rate |  |  |  |  |  |  | (5,082 | ) |  |  | (1,408 | ) |  |  | 10,362 |
Effect of non-taxable income |  |  |  |  |  |  | (32,032 | ) |  |  | (1,705 | ) |  |  | (9,990 | )
Effect of non-deductible expenses |  |  |  |  |  |  | 15,032 |  |  |  | 40,151 |  |  |  | 12,197 |
Effect of tax losses that are not recognized as deferred tax asset |  |  |  |  |  |  | — |  |  |  | 2,086 |  |  |  | 57,490 |
Effects of tax credits and deduction |  |  |  |  |  |  | (161,069 | ) |  |  | (39,471 | ) |  |  | (76,983 | )
Recognition (reversal) of unrecognized deferred tax asset, net |  |  |  |  |  |  | 44,573 |  |  |  | (28,509 | ) |  |  | (22,469 | )
Effect of change in deferred tax due to change in tax rate |  |  |  |  |  |  | 1,055,154 |  |  |  | 261 |  |  |  | 16,848 |
Deferred tax related to investments in subsidiaries and associates |  |  |  |  |  |  | 394,145 |  |  |  | (52,618 | ) |  |  | 147,598 |
Others, net |  |  |  |  |  |  | (17,022 | ) |  |  | 765 |  |  |  | (62,810 | )
|  |  |  |  |  |  | 1,293,699 |  |  |  | (80,448 | ) |  |  | 72,243 |
Adjustment in respect of prior years due to change in estimate |  |  |  |  |  |  | 4,484 |  |  |  | (195,648 | ) |  |  | (176,440 | )
Income tax expense (benefit) |  | ￦ |  |  |  |  | 2,172,824 |  |  |  | (826,321 | ) |  |  | (1,002,302 | )
Effective tax rate |  |  |  |  |  |  | 60 | % |  |  | (*2 | ) |  |  | (*2 | )
| (*1) | Applicable tax rate is 24.2% as of December 31, 2017, and 27.5% as of December 31, 2018 and 2019.
| (*2) | The effective tax rate for the year ended December 31, 2018 and 2019 is not calculated for income tax benefit.
Income tax directly adjusted to shareholders' equity (except for accumulated other comprehensive income (loss)) |
Income tax directly adjusted to shareholders’ equity (except for accumulated other comprehensive income (loss)) for the years ended December 31, 2017, 2018 and 2019 are as follows:
|  |  |  |  | 2017 |  |  | 2018 |  |  | 2019 |
|  |  |  |  | In millions of won |
Dividends of hybrid bond |  | ￦ |  |  |  |  | 5,248 |  |  |  | 4,273 |  |  |  | 3,432 |
Effect of change in effective tax rate |  |  |  |  |  |  | (25 | ) |  |  | — |  |  |  | — |
|  | ￦ |  |  |  |  | 5,223 |  |  |  | 4,273 |  |  |  | 3,432 |
Income tax recognized as other comprehensive income (loss) |
Income tax recognized as other comprehensive income (loss) for the years ended December 31, 2017, 2018 and 2019 are as follows:
|  |  |  |  | 2017 |  |  | 2018 |  |  | 2019 |
|  |  |  |  | In millions of won |
Income tax recognized as other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain (loss) on valuation of financial assets at fair value through other comprehensive income |  | ￦ |  |  |  |  | — |  |  |  | 35,798 |  |  |  | (4,217 | )
Loss on valuation of available-for-sale financial assets |  |  |  |  |  |  | (2,551 | ) |  |  | — |  |  |  | — |
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax |  |  |  |  |  |  | (11,016 | ) |  |  | 6,639 |  |  |  | (15,642 | )
Remeasurement of defined benefit obligations |  |  |  |  |  |  | (80,645 | ) |  |  | 53,703 |  |  |  | (40,235 | )
Investments in associates |  |  |  |  |  |  | 8,649 |  |  |  | 6,592 |  |  |  | 4,275 |
Others |  |  |  |  |  |  | 24,242 |  |  |  | (5,477 | ) |  |  | (914 | )
|  | ￦ |  |  |  |  | (61,321 | ) |  |  | 97,255 |  |  |  | (56,733 | )
Changes in deferred income tax assets (liabilities) |
Changes in deferred tax assets (liabilities) recognized in the statements of financial position for the years ended December 31, 2018 and 2019 are as follows:
|  |  |  |  | 2018 |
|  |  |  |  | Beginning balance |  |  | Amounts recognized in profit or loss |  |  | Amount recognized in other comprehensive income (loss) |  |  | Amounts recognized directly in equity |  |  | Ending balance |
|  |  |  |  | In millions of won |
Deferred tax on temporary differences |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Employee benefits |  | ￦ |  |  |  |  | 498,694 |  |  |  | 42,144 |  |  |  | 53,703 |  |  |  | — |  |  |  | 594,541 |
Cash flow hedge |  |  |  |  |  |  | 65,445 |  |  |  | (32,623 | ) |  |  | 6,639 |  |  |  | — |  |  |  | 39,461 |
Investments in associates or subsidiaries |  |  |  |  |  |  | (8,668,016 | ) |  |  | (5,447 | ) |  |  | 6,592 |  |  |  | — |  |  |  | (8,666,871 | )
Property, plant and equipment |  |  |  |  |  |  | (6,860,440 | ) |  |  | 337,662 |  |  |  | — |  |  |  | — |  |  |  | (6,522,778 | )
Finance lease |  |  |  |  |  |  | (426,949 | ) |  |  | (26,125 | ) |  |  | — |  |  |  | — |  |  |  | (453,074 | )
Intangible assets |  |  |  |  |  |  | 7,648 |  |  |  | (1,593 | ) |  |  | — |  |  |  | — |  |  |  | 6,055 |
Financial assets at fair value through profit or loss |  |  |  |  |  |  | 890 |  |  |  | (871 | ) |  |  | — |  |  |  | — |  |  |  | 19 |
Financial assets at fair value through other comprehensive income |  |  |  |  |  |  | (8,843 | ) |  |  | (1,379 | ) |  |  | 35,798 |  |  |  | — |  |  |  | 25,576 |
Deferred revenue |  |  |  |  |  |  | 230,711 |  |  |  | (10,969 | ) |  |  | — |  |  |  | — |  |  |  | 219,742 |
Provisions |  |  |  |  |  |  | 4,822,833 |  |  |  | (21,887 | ) |  |  | — |  |  |  | — |  |  |  | 4,800,946 |
Doubtful receivables |  |  |  |  |  |  | 59 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 59 |
Other finance liabilities |  |  |  |  |  |  | 32,755 |  |  |  | 2,465 |  |  |  | — |  |  |  | 4,273 |  |  |  | 39,493 |
Gains or losses on foreign exchange translation |  |  |  |  |  |  | (1,354 | ) |  |  | 28,434 |  |  |  | — |  |  |  | — |  |  |  | 27,080 |
Allowance for doubtful accounts |  |  |  |  |  |  | 42,931 |  |  |  | 15,825 |  |  |  | — |  |  |  | — |  |  |  | 58,756 |
Accrued income |  |  |  |  |  |  | (1,825 | ) |  |  | (1,089 | ) |  |  | — |  |  |  | — |  |  |  | (2,914 | )
Special deduction for property, plant and equipment |  |  |  |  |  |  | (200,927 | ) |  |  | (10,819 | ) |  |  | — |  |  |  | — |  |  |  | (211,746 | )
Reserve for research and human development |  |  |  |  |  |  | (3,041 | ) |  |  | 3,041 |  |  |  | — |  |  |  | — |  |  |  | — |
Others |  |  |  |  |  |  | 952,754 |  |  |  | 105,869 |  |  |  | (5,477 | ) |  |  | — |  |  |  | 1,053,146 |
|  |  |  |  |  |  | (9,516,675 | ) |  |  | 422,638 |  |  |  | 97,255 |  |  |  | 4,273 |  |  |  | (8,992,509 | )
Deferred tax on unused tax losses and tax credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unused tax losses |  |  |  |  |  |  | — |  |  |  | 554,457 |  |  |  | — |  |  |  | — |  |  |  | 554,457 |
Excess of donation limit |  |  |  |  |  |  | — |  |  |  | 17,848 |  |  |  | — |  |  |  | — |  |  |  | 17,848 |
Tax credit |  |  |  |  |  |  | 20,431 |  |  |  | 16,225 |  |  |  | — |  |  |  | — |  |  |  | 36,656 |
|  |  |  |  |  |  | 20,431 |  |  |  | 588,530 |  |  |  | — |  |  |  | — |  |  |  | 608,961 |
|  | ￦ |  |  |  |  | (9,496,244 | ) |  |  | 1,011,168 |  |  |  | 97,255 |  |  |  | 4,273 |  |  |  | (8,383,548 | )
|  |  |  |  | 2019 |
|  |  |  |  | Beginning balance |  |  | Amounts recognized in profit or loss |  |  | Amount recognized in other comprehensive income (loss) |  |  | Amounts recognized directly in equity |  |  | Others(*) |  |  | Ending balance |
|  |  |  |  | In millions of won |
Deferred tax on temporary differences |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Employee benefits |  | ￦ |  |  |  |  | 594,541 |  |  |  | 94,541 |  |  |  | (40,235 | ) |  |  | — |  |  |  | — |  |  |  | 648,847 |
Cash flow hedge |  |  |  |  |  |  | 39,461 |  |  |  | (23,977 | ) |  |  | (15,642 | ) |  |  | (841 | ) |  |  | — |  |  |  | (999 | )
Investments in associates or subsidiaries |  |  |  |  |  |  | (8,666,871 | ) |  |  | (3,131 | ) |  |  | 4,275 |  |  |  | — |  |  |  | — |  |  |  | (8,665,727 | )
Property, plant and equipment |  |  |  |  |  |  | (6,522,778 | ) |  |  | (592,440 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (7,115,218 | )
Finance lease |  |  |  |  |  |  | (453,074 | ) |  |  | 292,631 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (160,443 | )
Intangible assets |  |  |  |  |  |  | 6,055 |  |  |  | (20,232 | ) |  |  | — |  |  |  | — |  |  |  | (41,729 | ) |  |  | (55,906 | )
Financial assets at fair value through profit or loss |  |  |  |  |  |  | 19 |  |  |  | 322 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 341 |
Financial assets at fair value through other comprehensive income |  |  |  |  |  |  | 25,576 |  |  |  | (3,114 | ) |  |  | (4,217 | ) |  |  | — |  |  |  | — |  |  |  | 18,245 |
Deferred revenue |  |  |  |  |  |  | 219,742 |  |  |  | (6,739 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 213,003 |
Provisions |  |  |  |  |  |  | 4,800,946 |  |  |  | 655,973 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,456,919 |
Doubtful receivables |  |  |  |  |  |  | 59 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 59 |
Other finance liabilities |  |  |  |  |  |  | 39,493 |  |  |  | (4,402 | ) |  |  | — |  |  |  | 4,273 |  |  |  | — |  |  |  | 39,364 |
Gains or losses on foreign exchange translation |  |  |  |  |  |  | 27,080 |  |  |  | 30,881 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 57,961 |
Allowance for doubtful accounts |  |  |  |  |  |  | 58,756 |  |  |  | (1,149 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 57,607 |
Accrued income |  |  |  |  |  |  | (2,914 | ) |  |  | (1,462 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (4,376 | )
Special deduction for property, plant and equipment |  |  |  |  |  |  | (211,746 | ) |  |  | (3,627 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (215,373 | )
Others |  |  |  |  |  |  | 1,053,146 |  |  |  | 290,484 |  |  |  | (914 | ) |  |  | — |  |  |  | — |  |  |  | 1,342,716 |
|  |  |  |  |  |  | (8,992,509 | ) |  |  | 704,559 |  |  |  | (56,733 | ) |  |  | 3,432 |  |  |  | (41,729 | ) |  |  | (8,382,980 | )
Deferred tax on unused tax losses and tax credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unused tax losses |  |  |  |  |  |  | 554,457 |  |  |  | 557,356 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,111,813 |
Excess of donation limit |  |  |  |  |  |  | 17,848 |  |  |  | 18,847 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 36,695 |
Tax credit |  |  |  |  |  |  | 36,656 |  |  |  | 70,870 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 107,526 |
|  |  |  |  |  |  | 608,961 |  |  |  | 647,073 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,256,034 |
|  | ￦ |  |  |  |  | (8,383,548 | ) |  |  | 1,351,632 |  |  |  | (56,733 | ) |  |  | 3,432 |  |  |  | (41,729 | ) |  |  | (7,126,946 | )
| (*) | ‘Others’ include amount changed due to business combination. (see Note 51)
Deferred income tax assets (liabilities) |
Deferred tax assets (liabilities) recognized in the statements of financial position as of December 31, 2018 and 2019 are as follows:
|  |  |  |  | 2018 |  |  | 2019 |
|  |  |  |  | In millions of won |
Deferred tax assets |  | ￦ |  |  |  |  | 1,233,761 |  |  |  | 1,437,829 |
Deferred tax liabilities |  |  |  |  |  |  | (9,617,309 | ) |  |  | (8,564,775 | )
|  | ￦ |  |  |  |  | (8,383,548 | ) |  |  | (7,126,946 | )
Details of deductible temporary differences, tax losses and unused tax credits for which no deferred income tax assets were recognized |
Details of deductible temporary differences, tax losses and unused tax credits for which no deferred tax assets were recognized as of December 31, 2018 and 2019 are as follows:
|  |  |  |  | 2018 |  |  | 2019 |
|  |  |  |  | In millions of won |
Deductible temporary differences |  | ￦ |  |  |  |  | 442,391 |  |  |  | 541,449 |

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