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Employment Benefits (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of information about defined benefit plans [abstract]

Summary of 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

Summary of Principal Assumptions on Actuarial Valuation

(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

Summary of Expense Relating to defined Benefit Plans

(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

Summary of Defined Benefits

(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

Summary of Changes in the Present Value of Defined Benefits

(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

Summary of Changes in the Fair Value of Plan Assets

(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

Summary of the Fair Value of Plan Assets

(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.

Summary of Remeasurement Components Recognized in Other Comprehensive Income (loss)

(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	)

X

- Definition

The disclosure of defined benefit plans. [Refer: Defined benefit plans [member]]

+ References

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