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Employment Benefits (Tables) | 12 Months Ended
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Dec. 31, 2023
Disclosure of information about defined benefit plans [abstract] |
Summary of Employment Benefits |
(1) | Employment benefit obligations as of December 31, 2022 and 2023 are as follows:
|  |  |  |  | 2022 |  |  | 2023 |
|  |  |  |  | In millions of won |
Net defined benefit asset |  | ￦ |  |  |  |  | 198,626 |  |  |  | 70,187 |
Net defined benefit obligations |  |  |  |  |  |  | 825,927 |  |  |  | 1,033,409 |
Other long-term employee benefit obligations |  |  |  |  |  |  | 2,794 |  |  |  | 1,911 |
Summary of Principal Assumptions on Actuarial Valuation |
(2) | Principal assumptions used for actuarial valuation as of December 31, 2022 and 2023 are as follows:
|  | 2022 |  | 2023
Discount rate |  | 5.16%~5.19% |  | 4.06%~5.44%
Future salary and benefit levels |  | 4.55% |  | 4.82%
Weighted average duration |  | 8.84 years |  | 9.52 years
Summary of Expense Relating to defined Benefit Plans |
(3) | Details of expense relating to defined benefit plans for the years ended December 31, 2021, 2022 and 2023 are as follows:
|  |  |  |  | 2021 |  |  | 2022 |  |  | 2023 |
|  |  |  |  | In millions of won |
Current service cost |  | ￦ |  |  |  |  | 524,942 |  |  |  | 496,722 |  |  |  | 373,802 |
Interest cost |  |  |  |  |  |  | 91,877 |  |  |  | 116,256 |  |  |  | 190,257 |
Expected return on plan assets |  |  |  |  |  |  | (52,782 | ) |  |  | (73,484 | ) |  |  | (163,074 | )
Past service cost |  |  |  |  |  |  | 5,483 |  |  |  | 125 |  |  |  | — |
|  | ￦ |  |  |  |  | 569,520 |  |  |  | 539,619 |  |  |  | 400,985 |
Expenses described above are recognized in those items below in the consolidated financial statements.
|  |  |  |  | 2021 |  |  | 2022 |  |  | 2023 |
|  |  |  |  | In millions of won |
Cost of sales |  | ￦ |  |  |  |  | 416,287 |  |  |  | 404,243 |  |  |  | 285,209 |
Selling and administrative expenses |  |  |  |  |  |  | 95,983 |  |  |  | 81,457 |  |  |  | 73,521 |
Others (Construction-in-progress and others) |  |  |  |  |  |  | 57,250 |  |  |  | 53,919 |  |  |  | 42,255 |
|  | ￦ |  |  |  |  | 569,520 |  |  |  | 539,619 |  |  |  | 400,985 |
Summary of Defined Benefits |
(4) | Details of defined benefit obligations as of December 31, 2022 and 2023 are as follows:
|  |  |  |  | 2022 |  |  | 2023 |
|  |  |  |  | In millions of won |
Present value of defined benefit obligation from funded plans |  | ￦ |  |  |  |  | 3,776,715 |  |  |  | 4,312,702 |
Fair value of plan assets |  |  |  |  |  |  | (3,149,414 | ) |  |  | (3,349,480 | )
Net liabilities incurred from defined benefit plans |  | ￦ |  |  |  |  | 627,301 |  |  |  | 963,222 |
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, 2022 and 2023 are as follows:
|  |  |  |  | 2022 |  |  | 2023 |
|  |  |  |  | In millions of won |
Beginning balance |  | ￦ |  |  |  |  | 4,564,417 |  |  |  | 3,776,715 |
Current service cost |  |  |  |  |  |  | 496,722 |  |  |  | 373,802 |
Interest cost |  |  |  |  |  |  | 116,256 |  |  |  | 190,257 |
Remeasurement component |  |  |  |  |  |  | (1,012,727 | ) |  |  | 409,635 |
Past service cost |  |  |  |  |  |  | 125 |  |  |  | — |
Actual payments |  |  |  |  |  |  | (388,105 | ) |  |  | (437,734 | )
Others |  |  |  |  |  |  | 27 |  |  |  | 27 |
Ending balance |  | ￦ |  |  |  |  | 3,776,715 |  |  |  | 4,312,702 |
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, 2022 and 2023 are as follows:
|  |  |  |  | 2022 |  |  | 2023 |
|  |  |  |  | In millions of won |
Beginning balance |  | ￦ |  |  |  |  | 2,909,547 |  |  |  | 3,149,414 |
Expected return |  |  |  |  |  |  | 73,484 |  |  |  | 163,074 |
Remeasurement component |  |  |  |  |  |  | (11,609 | ) |  |  | 4,777 |
Contributions by the employers |  |  |  |  |  |  | 347,778 |  |  |  | 188,566 |
Actual payments |  |  |  |  |  |  | (169,786 | ) |  |  | (156,351 | )
Ending balance |  | ￦ |  |  |  |  | 3,149,414 |  |  |  | 3,349,480 |
Summary of the Fair Value of Plan Assets |
(7) | Details of the fair value of plan assets as of December 31, 2022 and 2023 are as follows:
|  |  |  |  | 2022 |  |  | 2023 |
|  |  |  |  | In millions of won |
Equity instruments |  | ￦ |  |  |  |  | 171,301 |  |  |  | 5,326 |
Debt instruments |  |  |  |  |  |  | 854,640 |  |  |  | 697,907 |
Bank deposits |  |  |  |  |  |  | 590,103 |  |  |  | 611,821 |
Others(*) |  |  |  |  |  |  | 1,533,370 |  |  |  | 2,034,426 |
|  | ￦ |  |  |  |  | 3,149,414 |  |  |  | 3,349,480 |
| (*) | ‘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, 2022 and 2023 are as follows:
|  |  |  |  | 2022 |  |  | 2023 |
|  |  |  |  | In millions of won |
Actuarial gain from changes in financial assumptions |  | ￦ |  |  |  |  | (967,366 | ) |  |  | 429,810 |
Experience adjustments, etc. |  |  |  |  |  |  | (45,361 | ) |  |  | (20,175 | )
Expected return |  |  |  |  |  |  | 11,609 |  |  |  | (4,777 | )
|  | ￦ |  |  |  |  | (1,001,118 | ) |  |  | 404,858 |

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