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Employment Benefits (Tables)

12 Months Ended

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

X

- Definition

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

+ References

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