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Employment Benefits

12 Months Ended

Dec. 31, 2024

Disclosure of information about defined benefit plans [abstract]

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.