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Employment Benefits (Tables) | 12 Months Ended
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Dec. 31, 2020
Employment Benefits [Abstract] |
Employment Benefits |
Employment benefit obligations as of December 31, 2019 and 2020 are as follows:
|  |  |  |  | 2019 |  |  | 2020 |
|  |  |  |  | In millions of won |
Net defined benefit asset |  | ￦ |  |  |  |  | 1,047 |  |  |  | 7,231 |
Net defined benefit obligations |  |  |  |  |  |  | 1,925,134 |  |  |  | 1,907,013 |
Other long-term employee benefit obligations |  |  |  |  |  |  | 4,720 |  |  |  | 3,847 |
Principal assumptions on actuarial valuation |
Principal assumptions on actuarial valuation as of December 31, 2019 and 2020 are as follows:
|  | 2019 |  |  | 2020 |
Discount rate |  |  | 1.92%~2.05% |  |  |  | 1.87%~2.12% |
Future salary and benefit levels |  |  | 4.39% |  |  |  | 4.28% |
Weighted average duration |  |  | 10.95 years |  |  |  | 10.77 years |
Details of expense relating to defined benefit plans |
Details of expense relating to defined benefit plans for the years ended December 31, 2018, 2019 and 2020 are as follows:
|  |  |  |  | 2018 |  |  | 2019 |  |  | 2020 |
|  |  |  |  | In millions of won |
Current service cost |  | ￦ |  |  |  |  | 369,899 |  |  |  | 440,300 |  |  |  | 509,520 |
Interest cost |  |  |  |  |  |  | 87,687 |  |  |  | 83,619 |  |  |  | 83,248 |
Expected return on plan assets |  |  |  |  |  |  | (42,135 | ) |  |  | (41,597 | ) |  |  | (42,742 | )
Past service cost |  |  |  |  |  |  | — |  |  |  | 301,442 |  |  |  | (2,027 | )
Loss from settlement |  |  |  |  |  |  | (767 | ) |  |  | (2,017 | ) |  |  | — |
|  | ￦ |  |  |  |  | 414,684 |  |  |  | 781,747 |  |  |  | 547,999 |
Expenses described above are recognized in those items below in the consolidated financial statements.
|  |  |  |  | 2018 |  |  | 2019 |  |  | 2020 |
|  |  |  |  | In millions of won |
Cost of sales |  | ￦ |  |  |  |  | 308,672 |  |  |  | 580,623 |  |  |  | 397,442 |
Selling and administrative expenses |  |  |  |  |  |  | 51,903 |  |  |  | 120,455 |  |  |  | 94,846 |
Others (Construction-in-progress and others) |  |  |  |  |  |  | 54,109 |  |  |  | 80,669 |  |  |  | 55,711 |
|  | ￦ |  |  |  |  | 414,684 |  |  |  | 781,747 |  |  |  | 547,999 |
In addition, for the years ended December 31, 2018, 2019 and 2020, employee benefit obligations expenses of ￦66,833 million, ￦71,844 million and ￦60,587million, respectively, are recognized as cost of sales, and ￦13,204 million, ￦12,775 million and ￦9,121 million, respectively, are recognized as selling and administrative expenses, and ￦14,189 million, ￦13,893 million and ￦11,861 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, 2019 and 2020 are as follows:
|  |  |  |  | 2019 |  |  | 2020 |
|  |  |  |  | In millions of won |
Present value of defined benefit obligation from funded plans |  | ￦ |  |  |  |  | 4,035,400 |  |  |  | 4,570,614 |
Fair value of plan assets |  |  |  |  |  |  | (2,111,313 | ) |  |  | (2,670,832 | )
|  |  |  |  |  |  | 1,924,087 |  |  |  | 1,899,782 |
Present value of defined benefit obligation from unfunded plans |  |  |  |  |  |  | — |  |  |  | — |
Net liabilities incurred from defined benefit plans |  | ￦ |  |  |  |  | 1,924,087 |  |  |  | 1,899,782 |
Changes in the present value of defined benefits |
Changes in the present value of defined benefit obligations for the years ended December 31, 2019 and 2020 are as follows:
|  |  |  |  | 2019 |  |  | 2020 |
|  |  |  |  | In millions of won |
Beginning balance |  | ￦ |  |  |  |  | 3,414,116 |  |  |  | 4,035,400 |
Current service cost |  |  |  |  |  |  | 440,300 |  |  |  | 509,520 |
Interest cost(*) |  |  |  |  |  |  | 83,619 |  |  |  | 83,248 |
Remeasurement component |  |  |  |  |  |  | (93,736 | ) |  |  | 84,385 |
Past service cost |  |  |  |  |  |  | 301,442 |  |  |  | (2,027 | )
Loss from settlement |  |  |  |  |  |  | (2,018 | ) |  |  | — |
Actual payments |  |  |  |  |  |  | (108,057 | ) |  |  | (139,956 | )
Others |  |  |  |  |  |  | (266 | ) |  |  | 44 |
Ending balance |  | ￦ |  |  |  |  | 4,035,400 |  |  |  | 4,570,614 |
| (*) | The Company decided to include a performance incentive for management evaluation in the average wage during the previous year and recognized it as past service cost.
Changes in the fair value of plan assets |
Changes in the fair value of plan assets for the years ended December 31, 2019 and 2020 are as follows:
|  |  |  |  | 2019 |  |  | 2020 |
|  |  |  |  | In millions of won |
Beginning balance |  | ￦ |  |  |  |  | 1,775,331 |  |  |  | 2,111,313 |
Expected return |  |  |  |  |  |  | 41,597 |  |  |  | 42,742 |
Remeasurement component |  |  |  |  |  |  | (11,186 | ) |  |  | (390 | )
Contributions by the employers |  |  |  |  |  |  | 348,386 |  |  |  | 582,275 |
Actual payments |  |  |  |  |  |  | (42,815 | ) |  |  | (65,108 | )
Ending balance |  | ￦ |  |  |  |  | 2,111,313 |  |  |  | 2,670,832 |
In addition, loss on accumulated remeasurement component amounting to ￦117,779million and ￦169,234million has been recognized as other comprehensive income or loss for the years ended December 31, 2019 and 2020, respectively.
Details of the fair value of plan assets |
Details of the fair value of plan assets as of December 31, 2019 and 2020 are as follows:
|  |  |  |  | 2019 |  |  | 2020 |
|  |  |  |  | In millions of won |
Equity instruments |  | ￦ |  |  |  |  | 189,235 |  |  |  | 253,358 |
Debt instruments |  |  |  |  |  |  | 648,265 |  |  |  | 822,582 |
Bank deposit |  |  |  |  |  |  | 199,743 |  |  |  | 284,655 |
Others |  |  |  |  |  |  | 1,074,070 |  |  |  | 1,310,237 |
|  | ￦ |  |  |  |  | 2,111,313 |  |  |  | 2,670,832 |
For the years ended December 31, 2019 and 2020, actual returns on plan assets amounted to ￦30,411 million and ￦42,352 million, respectively.
Remeasurement component recognized in other comprehensive income (loss) |
Remeasurement component recognized in other comprehensive income (loss) for the years ended December 31, 2019 and 2020 are as follows:
|  |  |  |  | 2019 |  |  | 2020 |
|  |  |  |  | In millions of won |
Actuarial gain from changes in financial assumptions |  | ￦ |  |  |  |  | (2,916 | ) |  |  | (2,979 | )
Experience adjustments, etc. |  |  |  |  |  |  | (90,820 | ) |  |  | 87,364 |
Expected return |  |  |  |  |  |  | 11,186 |  |  |  | 390 |
|  | ￦ |  |  |  |  | (82,550 | ) |  |  | 84,775 |

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- Definition The disclosure of the fair value of defined benefit plan assets. [Refer: Plan assets [member]; Defined benefit plans [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2020-01-01 -Paragraph 142 -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=19&code=ifrs-tx-2020-en-r&anchor=para_142&doctype=Standard -URIDate 2020-01-01 + Details
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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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