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Employment Benefits (Tables)

12 Months Ended

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

X

- Definition

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

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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.

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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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