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Employment Benefits (Tables) | 12 Months Ended
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Dec. 31, 2019
Employment Benefits [Abstract] |
Employment Benefits |
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 |
Principal assumptions on actuarial valuation |
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 |
Details of expense relating to defined benefit plans |
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.
Details of defined benefits |
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 |
Changes in the present value of defined benefits |
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.
Changes in the fair value of plan assets |
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.
Details of the fair value of plan assets |
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.
Remeasurement component recognized in other comprehensive income (loss) |
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 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI http://asc.fasb.org/topic&trid=2197446 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -URI http://asc.fasb.org/topic&trid=2127225 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6410195&loc=d3e80090-111668 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI http://asc.fasb.org/topic&trid=2197446 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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