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Employment Benefits | 12 Months Ended
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Dec. 31, 2024
Disclosure of information about defined benefit plans [abstract] |
Employment Benefits |
25. | Employment Benefits
(1) | Employment benefit obligations as of December 31, 2023 and 2024 are as follows:
|  |  |  |  | 2023 |  |  | 2024 |
|  |  |  |  | In millions of won |
Net defined benefit asset |  | ￦ |  |  |  |  | 70,187 |  |  |  | 40,425 |
Net defined benefit obligations |  |  |  |  |  |  | 1,033,409 |  |  |  | 1,449,837 |
Other long-term employee benefit obligations |  |  |  |  |  |  | 1,911 |  |  |  | 1,710 |
(2) | Principal assumptions used for actuarial valuation as of December 31, 2023 and 2024 are as follows:
|  | 2023 |  | 2024
Discount rate |  | 4.06%~5.44% |  | 3.38%~5.06%
Future salary and benefit levels |  | 4.82% |  | 4.83%
Weighted average duration |  | 9.52 years |  | 9.89 years
(3) | Details of expense relating to defined benefit plans for the years ended December 31, 2022, 2023 and 2024 are as follows:
|  |  |  |  | 2022 |  |  | 2023 |  |  | 2024 |
|  |  |  |  | In millions of won |
Current service cost |  | ￦ |  |  |  |  | 496,722 |  |  |  | 373,802 |  |  |  | 430,308 |
Interest cost |  |  |  |  |  |  | 116,256 |  |  |  | 190,257 |  |  |  | 184,169 |
Expected return on plan assets |  |  |  |  |  |  | (73,484 | ) |  |  | (163,074 | ) |  |  | (141,108 | )
Past service cost |  |  |  |  |  |  | 125 |  |  |  | — |  |  |  | — |
|  | ￦ |  |  |  |  | 539,619 |  |  |  | 400,985 |  |  |  | 473,369 |
Expenses described above are recognized in those items below in the consolidated financial statements.
|  |  |  |  | 2022 |  |  | 2023 |  |  | 2024 |
|  |  |  |  | In millions of won |
Cost of sales |  | ￦ |  |  |  |  | 404,243 |  |  |  | 285,209 |  |  |  | 340,165 |
Selling and administrative expenses |  |  |  |  |  |  | 81,457 |  |  |  | 73,521 |  |  |  | 87,815 |
Others (Construction-in-progress and others) |  |  |  |  |  |  | 53,919 |  |  |  | 42,255 |  |  |  | 45,389 |
|  | ￦ |  |  |  |  | 539,619 |  |  |  | 400,985 |  |  |  | 473,369 |
In addition, for the years ended December 31, 2022, 2023 and 2024, employee benefit obligations expenses of, ￦101,369 million, ￦85,560 million and ￦87,998 million, respectively, are recognized as cost of sales, and ￦28,301 million, ￦16,012 million and ￦16,221 million, respectively, are recognized as selling and administrative expenses, and ￦14,827 million, ￦15,639 million and ￦15,701 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, 2023 and 2024 are as follows:
|  |  |  |  | 2023 |  |  | 2024 |
|  |  |  |  | In millions of won |
Present value of defined benefit obligation from funded plans |  | ￦ |  |  |  |  | 4,312,702 |  |  |  | 4,960,645 |
Fair value of plan assets |  |  |  |  |  |  | (3,349,480 | ) |  |  | (3,551,233 | )
Net liabilities incurred from defined benefit plans |  | ￦ |  |  |  |  | 963,222 |  |  |  | 1,409,412 |
(5) | Changes in the present value of defined benefit obligations for the years ended December 31, 2023 and 2024 are as follows:
|  |  |  |  | 2023 |  |  | 2024 |
|  |  |  |  | In millions of won |
Beginning balance |  | ￦ |  |  |  |  | 3,776,715 |  |  |  | 4,312,702 |
Current service cost |  |  |  |  |  |  | 373,802 |  |  |  | 430,308 |
Interest cost |  |  |  |  |  |  | 190,257 |  |  |  | 184,169 |
Remeasurement component |  |  |  |  |  |  | 409,635 |  |  |  | 425,671 |
Past service cost |  |  |  |  |  |  | — |  |  |  | — |
Actual payments |  |  |  |  |  |  | (437,734 | ) |  |  | (392,336 | )
Others |  |  |  |  |  |  | 27 |  |  |  | 131 |
Ending balance |  | ￦ |  |  |  |  | 4,312,702 |  |  |  | 4,960,645 |
(6) | Changes in the fair value of plan assets for the years ended December 31, 2023 and 2024 are as follows:
|  |  |  |  | 2023 |  |  | 2024 |
|  |  |  |  | In millions of won |
Beginning balance |  | ￦ |  |  |  |  | 3,149,414 |  |  |  | 3,349,480 |
Expected return |  |  |  |  |  |  | 163,074 |  |  |  | 141,108 |
Remeasurement component |  |  |  |  |  |  | 4,777 |  |  |  | (10,030 | )
Contributions by the employers |  |  |  |  |  |  | 188,566 |  |  |  | 254,763 |
Actual payments |  |  |  |  |  |  | (156,351 | ) |  |  | (184,088 | )
Ending balance |  | ￦ |  |  |  |  | 3,349,480 |  |  |  | 3,551,233 |
(7) | Details of the fair value of plan assets as of December 31, 2023 and 2024 are as follows:
|  |  |  |  | 2023 |  |  | 2024 |
|  |  |  |  | In millions of won |
Equity instruments |  | ￦ |  |  |  |  | 5,326 |  |  |  | 2,308 |
Debt instruments |  |  |  |  |  |  | 697,907 |  |  |  | 413,522 |
Bank deposits |  |  |  |  |  |  | 611,821 |  |  |  | 452,158 |
Others(*) |  |  |  |  |  |  | 2,034,426 |  |  |  | 2,683,245 |
|  | ￦ |  |  | 3,349,480 |  |  | 3,551,233 |
| (*) | ‘Others’ consist of various financial assets managed by external asset management companies.
For the years ended December 31, 2023 and 2024, actual returns on plan assets amounted to ￦167,851 million and ￦131,078 million, respectively.
(8) | Remeasurement components recognized in other comprehensive income (loss) for the years ended December 31, 2023 and 2024 are as follows:
|  |  |  |  | 2023 |  |  | 2024 |
|  |  |  |  | In millions of won |
Actuarial gain from changes in financial assumptions |  | ￦ |  |  |  |  | 429,810 |  |  |  | 320,582 |
Experience adjustments, etc. |  |  |  |  |  |  | (20,175 | ) |  |  | 105,089 |
Expected return |  |  |  |  |  |  | (4,777 | ) |  |  | 10,030 |
|  | ￦ |  |  | 404,858 |  |  | 435,701 |
Remeasurement components recognized as other comprehensive income or loss are included in retained earnings. In addition, gain on accumulated remeasurement component amounting to ￦29,229 million and loss on accumulated remeasurement component amounting to ￦95,694 million have been recognized as other comprehensive income or loss as of December 31, 2023 and 2024, respectively.

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