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Employment Benefits (Tables)

12 Months Ended

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

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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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