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Employment Benefits

12 Months Ended

Dec. 31, 2023

Disclosure of information about defined benefit plans [abstract]

25.	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

(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

(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

In addition, for the years ended December 31, 2021, 2022 and 2023, employee benefit obligations expenses of, ￦71,976 million, ￦101,369 million and ￦85,560 million, respectively, are recognized as cost of sales, and ￦17,144 million, ￦28,301 million and ￦16,012 million, respectively, are recognized as selling and administrative expenses, and ￦13,025 million, ￦14,827 million and ￦15,639 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, 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

(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

(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

(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.

For the years ended December 31, 2022 and 2023, actual returns on plan assets amounted to ￦61,875 and ￦167,851 million, respectively.

(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

Remeasurement components recognized as other comprehensive income or loss are included in retained earnings.

In addition, gain on accumulated remeasurement component amounting to ￦614,805 million and gain on accumulated remeasurement component amounting to ￦29,229 million have been recognized as other comprehensive income or loss as of December 31, 2022 and 2023, respectively.