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Employment Benefits | 12 Months Ended
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Dec. 31, 2022
Disclosure of information about defined benefit plans [abstract] |
Employment Benefits |
25. | Employment Benefits
(1) | Employment benefit obligations as of December 31, 2021 and 2022 are as follows:
|  |  |  |  | 2021 |  |  | 2022 |
|  |  |  |  | In millions of won |
Net defined benefit asset |  | ￦ |  |  |  |  | 20,871 |  |  |  | 198,626 |
Net defined benefit obligations |  |  |  |  |  |  | 1,675,741 |  |  |  | 825,927 |
Other long-term employee benefit obligations |  |  |  |  |  |  | 3,417 |  |  |  | 2,794 |
(2) | Principal assumptions used for actuarial valuation as of December 31, 2021 and 2022 are as follows:
|  | 2021 |  | 2022
Discount rate |  | 2.51%~2.60% |  | 5.16%~5.19%
Future salary and benefit levels |  | 4.28% |  | 4.55%
Weighted average duration |  | 10.39 years |  | 8.84 years
(3) | Details of expense relating to defined benefit plans for the years ended December 31, 2020, 2021 and 2022 are as follows:
|  |  |  |  | 2020 |  |  | 2021 |  |  | 2022 |
|  |  |  |  | In millions of won |
Current service cost |  | ￦ |  |  |  |  | 509,520 |  |  |  | 524,942 |  |  |  | 496,722 |
Interest cost |  |  |  |  |  |  | 83,248 |  |  |  | 91,877 |  |  |  | 116,256 |
Expected return on plan assets |  |  |  |  |  |  | (42,742 | ) |  |  | (52,782 | ) |  |  | (73,484 | )
Past service cost |  |  |  |  |  |  | (2,027 | ) |  |  | 5,483 |  |  |  | 125 |
Loss from settlement |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |
|  | ￦ |  |  |  |  | 547,999 |  |  |  | 569,520 |  |  |  | 539,619 |
Expenses described above are recognized in those items below in the consolidated financial statements.
|  |  |  |  | 2020 |  |  | 2021 |  |  | 2022 |
|  |  |  |  | In millions of won |
Cost of sales |  | ￦ |  |  |  |  | 397,442 |  |  |  | 416,287 |  |  |  | 404,243 |
Selling and administrative expenses |  |  |  |  |  |  | 94,846 |  |  |  | 95,983 |  |  |  | 81,457 |
Others (Construction-in-progress and others) |  |  |  |  |  |  | 55,711 |  |  |  | 57,250 |  |  |  | 53,919 |
|  | ￦ |  |  |  |  | 547,999 |  |  |  | 569,520 |  |  |  | 539,619 |
In addition, for the years ended December 31, 2020, 2021 and 2022, employee benefit obligations expenses of, ￦60,587 million, ￦71,976 million and ￦101,369 million, respectively, are recognized as cost of sales, and ￦9,121 million, ￦17,144 million and, ￦28,301 million, respectively, are recognized as selling and administrative expenses, and ￦11,861 million, ￦13,025 million and ￦14,827 million, respectively, are recognized as construction-in-progress and others, relates to the Company’s defined contribution plans.
(4) | Details of defined benefit obligations as of December 31, 2021 and 2022 are as follows:
|  |  |  |  | 2021 |  |  | 2022 |
|  |  |  |  | In millions of won |
Present value of defined benefit obligation from funded plans |  | ￦ |  |  |  |  | 4,564,417 |  |  |  | 3,776,715 |
Fair value of plan assets |  |  |  |  |  |  | (2,909,547 | ) |  |  | (3,149,414 | )
Net liabilities incurred from defined benefit plans |  | ￦ |  |  |  |  | 1,654,870 |  |  |  | 627,301 |
(5) | Changes in the present value of defined benefit obligations for the years ended December 31, 2021 and 2022 are as follows:
|  |  |  |  | 2021 |  |  | 2022 |
|  |  |  |  | In millions of won |
Beginning balance |  | ￦ |  |  |  |  | 4,570,614 |  |  |  | 4,564,417 |
Current service cost |  |  |  |  |  |  | 524,942 |  |  |  | 496,722 |
Interest cost |  |  |  |  |  |  | 91,877 |  |  |  | 116,256 |
Remeasurement component |  |  |  |  |  |  | (345,755 | ) |  |  | (1,012,727 | )
Past service cost |  |  |  |  |  |  | 5,483 |  |  |  | 125 |
Actual payments |  |  |  |  |  |  | (282,794 | ) |  |  | (388,105 | )
Others |  |  |  |  |  |  | 50 |  |  |  | 27 |
Ending balance |  | ￦ |  |  |  |  | 4,564,417 |  |  |  | 3,776,715 |
(6) | Changes in the fair value of plan assets for the years ended December 31, 2021 and 2022 are as follows:
|  |  |  |  | 2021 |  |  | 2022 |
|  |  |  |  | In millions of won |
Beginning balance |  | ￦ |  |  |  |  | 2,670,832 |  |  |  | 2,909,547 |
Expected return |  |  |  |  |  |  | 52,782 |  |  |  | 73,484 |
Remeasurement component |  |  |  |  |  |  | (8,457 | ) |  |  | (11,609 | )
Contributions by the employers |  |  |  |  |  |  | 317,707 |  |  |  | 347,778 |
Actual payments |  |  |  |  |  |  | (123,317 | ) |  |  | (169,786 | )
Ending balance |  | ￦ |  |  |  |  | 2,909,547 |  |  |  | 3,149,414 |
In addition, gain on accumulated remeasurement component amounting to ￦98,844 million and gain on accumulated remeasurement component amounting to ￦614,805 million have been recognized as other comprehensive income or loss for the years ended December 31, 2021 and 2022, respectively.
(7) | Details of the fair value of plan assets as of December 31, 2021 and 2022 are as follows:
|  |  |  |  | 2021 |  |  | 2022 |
|  |  |  |  | In millions of won |
Equity instruments |  | ￦ |  |  |  |  | 344,002 |  |  |  | 171,301 |
Debt instruments |  |  |  |  |  |  | 744,167 |  |  |  | 854,640 |
Bank deposits |  |  |  |  |  |  | 407,809 |  |  |  | 590,103 |
Others (*) |  |  |  |  |  |  | 1,413,569 |  |  |  | 1,533,370 |
|  | ￦ |  |  |  |  | 2,909,547 |  |  |  | 3,149,414 |
| (*) | ‘Others’ consist of various financial assets managed by external asset management companies.
For the years ended December 31, 2021 and 2022, actual returns on plan assets amounted to ￦44,325 and ￦61,875 million, respectively.
(8) | Remeasurement components recognized in other comprehensive income (loss) for the years ended December 31, 2021 and 2022 are as follows:
|  |  |  |  | 2021 |  |  | 2022 |
|  |  |  |  | In millions of won |
Actuarial gain from changes in financial assumptions |  | ￦ |  |  |  |  | (258,194 | ) |  |  | (967,366 | )
Experience adjustments, etc. |  |  |  |  |  |  | (87,561 | ) |  |  | (45,361 | )
Expected return |  |  |  |  |  |  | 8,457 |  |  |  | 11,609 |
|  | ￦ |  |  |  |  | (337,298 | ) |  |  | (1,001,118 | )
Remeasurement components recognized as other comprehensive income or loss are included in retained earnings.

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