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Deferred Income Tax and income Tax Expense (Tables) | 12 Months Ended
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Dec. 31, 2021
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, 2020 and 2021, is as follows:
(In millions of Korean won) |  | December 31, 2020 |  |  | December 31, 2021 |
Deferred tax assets |  |  |  |  |  |  |  |
Deferred tax assets to be recovered within 12 months |  | ￦ | 404,434 |  |  | ￦ | 398,329 |
Deferred tax assets to be recovered after more than 12 months |  |  | 1,631,759 |  |  |  | 1,754,113 |
Deferred tax assets before offsetting |  |  | 2,036,193 |  |  |  | 2,152,442 |
Deferred tax liabilities |  |  |  |  |  |  |  |
Deferred tax liability to be recovered within 12 months |  |  | (637,317 | ) |  |  | (642,954 | )
Deferred tax liability to be recovered after more than 12 months |  |  | (1,394,509 | ) |  |  | (1,729,718 | )
Deferred tax liabilities before offsetting |  |  | (2,031,826 | ) |  |  | (2,372,672 | )
Deferred tax assets after offsetting |  | ￦ | 433,698 |  |  | ￦ | 423,728 |
Deferred tax liabilities after offsetting |  | ￦ | 429,331 |  |  | ￦ | 643,958 |
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) |  | 2020 |
|  | Beginning |  |  | Consolidated statements of profit or loss |  |  | 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 |
(In millions of Korean won) |  | 2021 |
|  | Beginning |  |  | Consolidated statements of profit or loss |  |  | Other comprehensive income |  |  | Ending |
Deferred tax liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments |  |  | (843 | ) |  |  | (18,326 | ) |  |  | (1,400 | ) |  |  | (20,569 | )
Investment in subsidiaries, associates, and joint ventures |  |  | (181,564 | ) |  |  | (68,166 | ) |  |  | 9,097 |  |  |  | (240,663 | )
Depreciation |  |  | (4,175 | ) |  |  | (84,413 | ) |  |  | — |  |  |  | (88,588 | )
Advanced depreciation provision |  |  | (311,918 | ) |  |  | (27,087 | ) |  |  | — |  |  |  | (339,005 | )
Deposits for severance benefits |  |  | (521,257 | ) |  |  | (17,340 | ) |  |  | (331 | ) |  |  | (538,928 | )
Accrued income |  |  | (1,753 | ) |  |  | 598 |  |  |  | — |  |  |  | (1,155 | )
Reserve for technology and human resource development |  |  | (204 | ) |  |  | — |  |  |  | — |  |  |  | (204 | )
Contract cost |  |  | (342,965 | ) |  |  | 65,695 |  |  |  | — |  |  |  | (277,270 | )
Contract assets |  |  | (166,544 | ) |  |  | (50,103 | ) |  |  | — |  |  |  | (216,647 | )
Financial assets at fair value through profit or loss |  |  | (627 | ) |  |  | 291 |  |  |  | — |  |  |  | (336 | )
Financial assets at fair value through other comprehensive income |  |  | (30,623 | ) |  |  | (33,267 | ) |  |  | 16,369 |  |  |  | (47,521 | )
Inventory valuation |  |  | — |  |  |  | (29 | ) |  |  | — |  |  |  | (29 | )
Others |  |  | (469,353 | ) |  |  | (132,256 | ) |  |  | (178 | ) |  |  | (601,787 | )
Total |  |  | (2,031,826 | ) |  |  | (364,403 | ) |  |  | 23,557 |  |  |  | (2,372,672 | )
Deferred tax assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments |  |  | 30,482 |  |  |  | 8,085 |  |  |  | (244 | ) |  |  | 38,323 |
Provision for impairment or trade receivables |  |  | 89,065 |  |  |  | 5,343 |  |  |  | — |  |  |  | 94,408 |
Inventory valuation |  |  | (236 | ) |  |  | 236 |  |  |  | — |  |  |  | — |
Contribution for construction |  |  | 16,400 |  |  |  | (1,376 | ) |  |  | — |  |  |  | 15,024 |
Unsettled expenses |  |  | 136,078 |  |  |  | 31,826 |  |  |  | — |  |  |  | 167,904 |
Provisions |  |  | 34,022 |  |  |  | 951 |  |  |  | — |  |  |  | 34,973 |
Property and equipment |  |  | 226,960 |  |  |  | (1,139 | ) |  |  | — |  |  |  | 225,821 |
Defined benefit liabilities |  |  | 598,364 |  |  |  | (8,663 | ) |  |  | (18,365 | ) |  |  | 571,336 |
Withholding of facilities expenses |  |  | 5,747 |  |  |  | (446 | ) |  |  | — |  |  |  | 5,301 |
Deduction of installment receivables |  |  | 28 |  |  |  | (7 | ) |  |  | — |  |  |  | 21 |
Assets retirement obligation |  |  | 28,133 |  |  |  | 333 |  |  |  | — |  |  |  | 28,466 |
Gain or loss foreign currency translation |  |  | 138 |  |  |  | 18,417 |  |  |  | — |  |  |  | 18,555 |
Deferred revenue |  |  | 43,030 |  |  |  | 18,287 |  |  |  | — |  |  |  | 61,317 |
Contract assets |  |  | 97,464 |  |  |  | (10,327 | ) |  |  | — |  |  |  | 87,137 |
Others |  |  | 585,587 |  |  |  | 83,852 |  |  |  | — |  |  |  | 669,439 |
Total |  |  | 1,891,262 |  |  |  | 145,372 |  |  |  | (18,609 | ) |  |  | 2,018,025 |
Temporary difference, net |  |  | (140,564 | ) |  |  | (219,031 | ) |  |  | 4,948 |  |  |  | (354,647 | )
Tax credit carryforwards |  |  | 144,931 |  |  |  | (10,514 | ) |  |  | — |  |  |  | 134,417 |
Total net balance |  |  | 4,367 |  |  |  | (229,545 | ) |  |  | 4,948 |  |  |  | (220,230 | )
Summary of Tax Impacts Recognized Directly To Equity | The tax impacts recognized directly to equity as at December 31, 2019, 2020, and 2021, are as follows:
|  | 2019 |  |  | 2020 |  |  | 2021 |
(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 |  |  | 225,635 |  |  |  | (58,483 | ) |  |  | 167,152 |  |  |  | 54,969 |  |  |  | (12,972 | ) |  |  | 41,997 |  |  |  | 163,892 |  |  |  | (34,412 | ) |  |  | 129,780 |
Gain (loss) on valuation of hedge instruments |  |  | 31,003 |  |  |  | (8,139 | ) |  |  | 22,864 |  |  |  | 37,247 |  |  |  | (9,860 | ) |  |  | 27,387 |  |  |  | 6,916 |  |  |  | (1,644 | ) |  |  | 5,272 |
Remeasurements of net defined benefit liabilities |  |  | (33,814 | ) |  |  | 8,037 |  |  |  | (25,777 | ) |  |  | (77,382 | ) |  |  | 17,201 |  |  |  | (60,181 | ) |  |  | 74,518 |  |  |  | (18,696 | ) |  |  | 55,822 |
Share of gain(loss) of associates and joint ventures, and others |  |  | 4,493 |  |  |  | (1,327 | ) |  |  | 3,166 |  |  |  | 25,538 |  |  |  | (8,820 | ) |  |  | 16,718 |  |  |  | (34,909 | ) |  |  | 9,097 |  |  |  | (25,812 | )
Exchange differences on translation for foreign operations |  |  | 6,692 |  |  |  | (1,759 | ) |  |  | 4,933 |  |  |  | (3,614 | ) |  |  | 948 |  |  |  | (2,666 | ) |  |  | 683 |  |  |  | (178 | ) |  |  | 505 |
Total |  | ￦ | 234,009 |  |  | ￦ | (61,671 | ) |  | ￦ | 172,338 |  |  | ￦ | 36,758 |  |  | ￦ | (13,503 | ) |  | ￦ | 23,255 |  |  | ￦ | 211,100 |  |  | ￦ | (45,533 | ) |  | ￦ | 165,567 |
Summary of Details of Income Tax Expense | Details of income tax expense for the years ended December 31, 2019, 2020 and 2021, are calculated as follows:
(In millions of Korean won) |  | 2019 |  |  | 2020 |  |  | 2021 |
Current income tax expense |  | ￦ | 120,533 |  |  | ￦ | 213,225 |  |  | ￦ | 289,471 |
Impact of change in deferred taxes |  |  | 199,527 |  |  |  | 72,124 |  |  |  | 229,545 |
Income tax expense |  | ￦ | 320,060 |  |  | ￦ | 285,349 |  |  | ￦ | 519,016 |
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) |  | 2019 |  |  | 2020 |  |  | 2021 |
Profit before income tax expense |  | ￦ | 1,015,928 |  |  | ￦ | 1,031,605 |  |  | ￦ | 1,978,411 |
Statutory income tax expense |  | ￦ | 269,018 |  |  | ￦ | 273,329 |  |  | ￦ | 533,701 |
Tax effect |  |  |  |  |  |  |  |  |  |  |  |
Income not taxable for taxation purposes |  |  | (1,265 | ) |  |  | (24,657 | ) |  |  | (4,307 | )
Non-deductible expenses |  |  | 19,543 |  |  |  | 31,741 |  |  |  | 20,570 |
Tax credit |  |  | (39,190 | ) |  |  | (47,056 | ) |  |  | (31,517 | )
Additional payment of income taxes |  |  | 3,832 |  |  |  | 429 |  |  |  | (221 | )
Tax effect and adjustment on consolidation |  |  |  |  |  |  |  |  |  |  |  |
Goodwill impairment |  |  | 159 |  |  |  | — |  |  |  | — |
Eliminated dividend income form subsidiaries |  |  | 21,917 |  |  |  | 20,682 |  |  |  | 7,264 |
Changes of out-side tax effect |  |  | 13,539 |  |  |  | 38,552 |  |  |  | 4,738 |
Intangible Asset impairment and amortization |  |  | 14,052 |  |  |  | 3,790 |  |  |  | 796 |
Reversal expenses of contract cost assets |  |  | 11,213 |  |  |  | (6,643 | ) |  |  | (2,932 | )
Change in scope of consolidation |  |  | — |  |  |  | — |  |  |  | (5,128 | )
Others |  |  | 7,242 |  |  |  | (4,818 | ) |  |  | (3,948 | )
Income tax expense |  | ￦ | 320,060 |  |  | ￦ | 285,349 |  |  | ￦ | 519,016 |
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, 2020 and 2021, are as follows:
(In millions of Korean won) |  | 2020 |  |  | 2021 |
Deductible temporary differences |  |  |  |  |  |  |  |
Investment in subsidiaries, associates, and joint ventures |  | ￦ | 2,160,963 |  |  | ￦ | 2,354,109 |
Unused tax loss |  |  | 129,680 |  |  |  | 106,853 |
Unused Tax credit |  |  | 2,924 |  |  |  | 1,376 |
Others |  |  | 254,397 |  |  |  | 122,895 |
Total |  | ￦ | 2,547,964 |  |  | ￦ | 2,585,233 |
Taxable temporary differences |  |  |  |  |  |  |  |
Investment in subsidiaries, associates, and joint ventures |  | ￦ | 452,286 |  |  | ￦ | 784,170 |
Others |  |  | 43,491 |  |  |  | — |
Total |  | ￦ | 495,777 |  |  | ￦ | 784,170 |
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, 2020 and 2021, is as follows:
(In millions of Korean won) |  | 2020 |  |  | 2021 |
2022 |  | ￦ | 2,140 |  |  | ￦ | 4,249 |
2023 |  |  | 80,649 |  |  |  | 76,133 |
2024 |  |  | 5,848 |  |  |  | 4,484 |
2025 |  |  | 4,867 |  |  |  | 2,836 |
2026 |  |  | 2,847 |  |  |  | 2,390 |
2027 |  |  | 9,709 |  |  |  | 3,419 |
2028 |  |  | 8,389 |  |  |  | 2,091 |
2029 |  |  | 8,426 |  |  |  | 2,579 |
2030 |  |  | 2,579 |  |  |  | 3,150 |
After 2031 |  |  | 4,226 |  |  |  | 5,522 |
Total |  | ￦ | 129,680 |  |  | ￦ | 106,853 |

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