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Deferred Income Tax and income Tax Expense (Tables) | 12 Months Ended
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Dec. 31, 2020
Text block [abstract] |
Summary of Analysis of Deferred Tax Assets and Deferred Tax Liabilities | The analysis of deferred tax assets and deferred tax liabilities as at December 31, 2019 and 2020, is as follows:
(In millions of Korean won) |  | December 31, 2019 |  |  | December 31, 2020 |
Deferred tax assets |  |  |  |  |  |  |  |
Deferred tax assets to be recovered within 12 months |  | ￦ | 419,889 |  |  | ￦ | 404,434 |
Deferred tax assets to be recovered after more than 12 months |  |  | 1,613,836 |  |  |  | 1,631,759 |
Deferred tax assets before offsetting |  |  | 2,033,725 |  |  |  | 2,036,193 |
Deferred tax liabilities |  |  |  |  |  |  |  |
Deferred tax liability to be recovered within 12 months |  |  | (538,578 | ) |  |  | (637,317 | )
Deferred tax liability to be recovered after more than 12 months |  |  | (1,495,759 | ) |  |  | (1,394,509 | )
Deferred tax liabilities before offsetting |  |  | (2,034,337 | ) |  |  | (2,031,826 | )
Deferred tax assets after offsetting |  | ￦ | 424,856 |  |  | ￦ | 433,698 |
Deferred tax liabilities after offsetting |  | ￦ | 425,468 |  |  | ￦ | 429,331 |
Summary of Gross Movements on the Deferred Income Tax Account | The gross movements on the deferred income tax account for the years ended December 31, 2019 and 2020, are calculated as follows:
(In millions of Korean won) |  | 2019 |  |  | 2020 |
Beginning |  | ￦ | 260,584 |  |  | ￦ | (612 | )
Changes to the statement of operations |  |  | (199,527 | ) |  |  | (72,124 | )
Changes to other comprehensive loss (income) |  |  | (61,669 | ) |  |  | 77,103 |
Ending |  | ￦ | (612 | ) |  | ￦ | 4,367 |
Summary of Movement in Deferred Income Tax Assets and Liabilities | The movement in deferred income tax assets and liabilities during the year, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows:
(In millions of Korean won) |  | 2019 |
|  | Beginning |  |  | Consolidated statements of operations |  |  | Other comprehensive income |  |  | Ending |
Deferred tax liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments |  |  | — |  |  |  | (10,250 | ) |  |  | (648 | ) |  |  | (10,898 | )
Investment in subsidiaries, associates, and joint ventures |  |  | (93,604 | ) |  |  | (14,622 | ) |  |  | 35 |  |  |  | (108,191 | )
Depreciation |  |  | (424 | ) |  |  | (11,182 | ) |  |  | — |  |  |  | (11,606 | )
Advanced depreciation provision |  |  | (313,184 | ) |  |  | 63 |  |  |  | — |  |  |  | (313,121 | )
Deposits for severance benefits |  |  | (398,982 | ) |  |  | (99,126 | ) |  |  | 1,255 |  |  |  | (496,853 | )
Accrued income |  |  | (1,558 | ) |  |  | 17 |  |  |  | — |  |  |  | (1,541 | )
Reserve for technology and human resource development |  |  | (204 | ) |  |  | — |  |  |  | — |  |  |  | (204 | )
Contract cost |  |  | (369,916 | ) |  |  | (40,947 | ) |  |  | — |  |  |  | (410,863 | )
Contract assets |  |  | (11,505 | ) |  |  | (42,245 | ) |  |  | — |  |  |  | (53,750 | )
Financial assets at fair value through profit or loss |  |  | (661 | ) |  |  | 338 |  |  |  | — |  |  |  | (323 | )
Financial assets at fair value through other comprehensive income |  |  | (41,798 | ) |  |  | (3,556 | ) |  |  | (58,483 | ) |  |  | (103,837 | )
Others |  |  | (284,255 | ) |  |  | (238,725 | ) |  |  | (170 | ) |  |  | (523,150 | )
Total |  |  | (1,516,091 | ) |  |  | (460,235 | ) |  |  | (58,011 | ) |  |  | (2,034,337 | )
Deferred tax assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments |  |  | 8,341 |  |  |  | (850 | ) |  |  | (7,491 | ) |  |  | — |
Provision for impairment or trade receivables |  |  | 99,887 |  |  |  | (15,816 | ) |  |  | — |  |  |  | 84,071 |
Inventory valuation |  |  | 121 |  |  |  | (98 | ) |  |  | — |  |  |  | 23 |
Contribution for construction |  |  | 16,800 |  |  |  | (646 | ) |  |  | — |  |  |  | 16,154 |
Unsettled expenses |  |  | 127,897 |  |  |  | 32,539 |  |  |  | — |  |  |  | 160,436 |
Provisions |  |  | 36,178 |  |  |  | (3,354 | ) |  |  | — |  |  |  | 32,824 |
Property and equipment |  |  | 230,278 |  |  |  | (1,623 | ) |  |  | — |  |  |  | 228,655 |
Defined benefit liabilities |  |  | 513,842 |  |  |  | 48,847 |  |  |  | 6,782 |  |  |  | 569,471 |
Withholding of facilities expenses |  |  | 6,609 |  |  |  | (426 | ) |  |  | — |  |  |  | 6,183 |
Deduction of installment receivables |  |  | 42 |  |  |  | 6 |  |  |  | — |  |  |  | 48 |
Assets retirement obligation |  |  | 24,532 |  |  |  | 4,484 |  |  |  | — |  |  |  | 29,016 |
Gain or loss foreign currency translation |  |  | 10,672 |  |  |  | 10,005 |  |  |  | — |  |  |  | 20,677 |
Deferred revenue |  |  | 39,641 |  |  |  | (3,841 | ) |  |  | — |  |  |  | 35,800 |
Real-estate sales |  |  | 21,728 |  |  |  | (8,043 | ) |  |  | — |  |  |  | 13,685 |
Others |  |  | 537,209 |  |  |  | 174,177 |  |  |  | (2,949 | ) |  |  | 708,437 |
Total |  |  | 1,673,777 |  |  |  | 235,361 |  |  |  | (3,658 | ) |  |  | 1,905,480 |
Temporary difference, net |  |  | 157,686 |  |  |  | (224,874 | ) |  |  | (61,669 | ) |  |  | (128,857 | )
Tax credit carryforwards |  |  | 102,898 |  |  |  | 25,347 |  |  |  | — |  |  |  | 128,245 |
Total net balance |  |  | 260,584 |  |  |  | (199,527 | ) |  |  | (61,669 | ) |  |  | (612 | )
(In millions of Korean won) |  | 2020 |
|  | Beginning |  |  | Consolidated statements of operations |  |  | Other comprehensive income |  |  | Ending |
Deferred tax liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments |  |  | (10,898 | ) |  |  | 10,055 |  |  |  | — |  |  |  | (843 | )
Investment in subsidiaries, associates, and joint ventures |  |  | (108,191 | ) |  |  | (64,553 | ) |  |  | (8,820 | ) |  |  | (181,564 | )
Depreciation |  |  | (11,606 | ) |  |  | 7,431 |  |  |  | — |  |  |  | (4,175 | )
Advanced depreciation provision |  |  | (313,121 | ) |  |  | 1,203 |  |  |  | — |  |  |  | (311,918 | )
Deposits for severance benefits |  |  | (496,853 | ) |  |  | (26,419 | ) |  |  | 2,015 |  |  |  | (521,257 | )
Accrued income |  |  | (1,541 | ) |  |  | (212 | ) |  |  | — |  |  |  | (1,753 | )
Reserve for technology and human resource development |  |  | (204 | ) |  |  | — |  |  |  | — |  |  |  | (204 | )
Contract cost |  |  | (410,863 | ) |  |  | 67,898 |  |  |  | — |  |  |  | (342,965 | )
Contract assets |  |  | (53,750 | ) |  |  | (112,794 | ) |  |  | — |  |  |  | (166,544 | )
Financial assets at fair value through profit or loss |  |  | (323 | ) |  |  | (304 | ) |  |  | — |  |  |  | (627 | )
Financial assets at fair value through other comprehensive income |  |  | (103,837 | ) |  |  | (4,420 | ) |  |  | 77,634 |  |  |  | (30,623 | )
Others |  |  | (523,150 | ) |  |  | 53,797 |  |  |  | — |  |  |  | (469,353 | )
Total |  |  | (2,034,337 | ) |  |  | (68,318 | ) |  |  | 70,829 |  |  |  | (2,031,826 | )
Deferred tax assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments |  |  | — |  |  |  | 40,342 |  |  |  | (9,860 | ) |  |  | 30,482 |
Provision for impairment or trade receivables |  |  | 84,071 |  |  |  | 4,994 |  |  |  | — |  |  |  | 89,065 |
Inventory valuation |  |  | 23 |  |  |  | (259 | ) |  |  | — |  |  |  | (236 | )
Contribution for construction |  |  | 16,154 |  |  |  | 246 |  |  |  | — |  |  |  | 16,400 |
Unsettled expenses |  |  | 160,436 |  |  |  | (24,358 | ) |  |  | — |  |  |  | 136,078 |
Provisions |  |  | 32,824 |  |  |  | 1,198 |  |  |  | — |  |  |  | 34,022 |
Property and equipment |  |  | 228,655 |  |  |  | (1,695 | ) |  |  | — |  |  |  | 226,960 |
Defined benefit liabilities |  |  | 569,471 |  |  |  | 13,707 |  |  |  | 15,186 |  |  |  | 598,364 |
Withholding of facilities expenses |  |  | 6,183 |  |  |  | (436 | ) |  |  | — |  |  |  | 5,747 |
Deduction of installment receivables |  |  | 48 |  |  |  | (20 | ) |  |  | — |  |  |  | 28 |
Assets retirement obligation |  |  | 29,016 |  |  |  | (883 | ) |  |  | — |  |  |  | 28,133 |
Gain or loss foreign currency translation |  |  | 20,677 |  |  |  | (20,539 | ) |  |  | — |  |  |  | 138 |
Deferred revenue |  |  | 35,800 |  |  |  | 7,230 |  |  |  | — |  |  |  | 43,030 |
Contract assets |  |  | — |  |  |  | 97,464 |  |  |  | — |  |  |  | 97,464 |
Real-estate sales |  |  | 13,685 |  |  |  | (13,685 | ) |  |  | — |  |  |  | — |
Others |  |  | 708,437 |  |  |  | (123,798 | ) |  |  | 948 |  |  |  | 585,587 |
Total |  |  | 1,905,480 |  |  |  | (20,492 | ) |  |  | 6,274 |  |  |  | 1,891,262 |
Temporary difference, net |  |  | (128,857 | ) |  |  | (88,810 | ) |  |  | 77,103 |  |  |  | (140,564 | )
Tax credit carryforwards |  |  | 128,245 |  |  |  | 16,686 |  |  |  | — |  |  |  | 144,931 |
Total net balance |  |  | (612 | ) |  |  | (72,124 | ) |  |  | 77,103 |  |  |  | 4,367 |
Summary of Tax Impacts Recognized Directly To Equity | The tax impacts recognized directly to equity as at December 31, 2018, 2019, and 2020, are as follows:
|  | 2018 |  |  | 2019 |  |  | 2020 |
(In millions of Korean won) |  | Before recognition |  |  | Tax effect |  |  | After recognition |  |  | Before recognition |  |  | Tax effect |  |  | After recognition |  |  | Before recognition |  |  | Tax effect |  |  | After recognition |
Gain on valuation of financial assets at fair value through other comprehensive income |  |  | 59,384 |  |  |  | (15,573 | ) |  |  | 43,811 |  |  |  | 225,635 |  |  |  | (58,483 | ) |  |  | 167,152 |  |  |  | 54,969 |  |  |  | (12,972 | ) |  |  | 41,997 |
Gain (loss) on valuation of hedge instruments |  |  | (36,756 | ) |  |  | 9,745 |  |  |  | (27,011 | ) |  |  | 31,003 |  |  |  | (8,139 | ) |  |  | 22,864 |  |  |  | 37,247 |  |  |  | (9,860 | ) |  |  | 27,387 |
Remeasurements of net defined benefit liabilities |  |  | (116,324 | ) |  |  | 42,813 |  |  |  | (73,511 | ) |  |  | (33,814 | ) |  |  | 8,037 |  |  |  | (25,777 | ) |  |  | (77,382 | ) |  |  | 17,201 |  |  |  | (60,181 | )
Share of gain(loss) of associates and joint ventures, and others |  |  | (1,036 | ) |  |  | 179 |  |  |  | (857 | ) |  |  | 4,493 |  |  |  | (1,327 | ) |  |  | 3,166 |  |  |  | 25,538 |  |  |  | (8,820 | ) |  |  | 16,718 |
Exchange differences on translation for foreign operations |  |  | 3,989 |  |  |  | (1,049 | ) |  |  | 2,940 |  |  |  | 6,692 |  |  |  | (1,759 | ) |  |  | 4,933 |  |  |  | (3,614 | ) |  |  | 948 |  |  |  | (2,666 | )
Total |  | ￦ | (90,743 | ) |  | ￦ | 36,115 |  |  | ￦ | (54,628 | ) |  | ￦ | 234,009 |  |  | ￦ | (61,671 | ) |  | ￦ | 172,338 |  |  | ￦ | 36,758 |  |  | ￦ | (13,503 | ) |  | ￦ | 23,255 |
Summary of Details of Income Tax Expense | Details of income tax expense for the years ended December 31, 2018, 2019 and 2020, are calculated as follows:
(In millions of Korean won) |  | 2018 |  |  | 2019 |  |  | 2020 |
Current income tax expense |  | ￦ | 329,581 |  |  | ￦ | 120,533 |  |  | ￦ | 213,225 |
Impact of change in deferred taxes |  |  | (15,016 | ) |  |  | 199,527 |  |  |  | 72,124 |
Income tax expense |  | ￦ | 314,565 |  |  | ￦ | 320,060 |  |  | ￦ | 285,349 |
Summary of Tax on the Group's Profit Before Tax | The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the entities as follows:
(In millions of Korean won) |  | 2018 |  |  | 2019 |  |  | 2020 |
Profit before income tax expense |  | ￦ | 1,033,977 |  |  | ￦ | 1,015,928 |  |  | ￦ | 1,031,605 |
Statutory income tax expense |  | ￦ | 273,982 |  |  | ￦ | 269,018 |  |  | ￦ | 273,329 |
Tax effect |  |  |  |  |  |  |  |  |  |  |  |
Income not taxable for taxation purposes |  |  | (85,322 | ) |  |  | (1,265 | ) |  |  | (24,657 | )
Non-deductible expenses |  |  | 18,126 |  |  |  | 19,543 |  |  |  | 31,741 |
Tax credit |  |  | (20,319 | ) |  |  | (39,190 | ) |  |  | (47,056 | )
Additional payment of income taxes |  |  | 11,439 |  |  |  | 3,832 |  |  |  | 429 |
Tax effect and adjustment on consolidation |  |  |  |  |  |  |  |  |  |  |  |
Goodwill impairment |  |  | 137 |  |  |  | 159 |  |  |  | — |
Eliminated dividend income form subsidiaries |  |  | 31,966 |  |  |  | 21,917 |  |  |  | 20,682 |
Changes of out-side tax effect |  |  | 618 |  |  |  | 13,539 |  |  |  | 38,552 |
Investment in-kind |  |  | 82,820 |  |  |  | — |  |  |  | — |
Intangible Asset impairment and amortization |  |  | — |  |  |  | 14,052 |  |  |  | 3,790 |
Reversal expenses of contract cost assets |  |  | — |  |  |  | 11,213 |  |  |  | (6,643 | )
Others |  |  | 1,118 |  |  |  | 7,242 |  |  |  | (4,818 | )
Income tax expense |  | ￦ | 314,565 |  |  | ￦ | 320,060 |  |  | ￦ | 285,349 |
Summary of deferred tax assets and liabilities that are not recognized | Details of deferred tax assets and liabilities that are not recognized as at December 31, 2019 and 2020, are as follows:
(In millions of Korean won) |  | 2019 |  |  | 2020 |
Deductible temporary differences |  |  |  |  |  |  |  |
Investment in subsidiaries, associates, and joint ventures |  | ￦ | 610,351 |  |  | ￦ | 583,890 |
Unused tax loss |  |  | 31,257 |  |  |  | 28,115 |
Unused Tax credit |  |  | — |  |  |  | 2,654 |
Others |  |  | 32,494 |  |  |  | 64,760 |
Total |  | ￦ | 674,102 |  |  | ￦ | 679,419 |
Taxable temporary differences |  |  |  |  |  |  |  |
Investment in subsidiaries, associates, and joint ventures |  | ￦ | 141,664 |  |  | ￦ | 132,848 |
Others |  |  | 10,372 |  |  |  | 9,568 |
Total |  | ￦ | 152,036 |  |  | ￦ | 142,416 |
Summary of expected period of expiry for unused tax losses not recognized in deferred tax assets | The expected period of expiry for unused tax losses not recognized in deferred tax assets as at December 31, 2019 and 2020, is as follows:
(In millions of Korean won) |  | 2019 |  |  | 2020 |
2021 |  | ￦ | 18,582 |  |  | ￦ | 2,140 |
2022 |  |  | 2,140 |  |  |  | 80,649 |
2023 |  |  | 80,649 |  |  |  | 5,848 |
2024 |  |  | 5,848 |  |  |  | 4,867 |
2025 |  |  | 4,867 |  |  |  | 2,847 |
2026 |  |  | 9,390 |  |  |  | 9,709 |
2027 |  |  | 7,888 |  |  |  | 8,389 |
2028 |  |  | 10,064 |  |  |  | 8,426 |
2029 |  |  | 2,030 |  |  |  | 2,579 |
2030 |  |  | 617 |  |  |  | 2,339 |
Total |  | ￦ | 142,075 |  |  | ￦ | 127,793 |

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