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Deferred Income Tax and income Tax Expense (Tables) | 12 Months Ended
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Dec. 31, 2022
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, 2021 and 2022, is as follows:
( i n millions of Korean won) |  | December 31, 2021 |  |  | December 31, 2022 |
Deferred tax assets |  |  |  |  |  |  |  |
Deferred tax assets to be recovered within 12 months |  | ￦ | 398,329 |  |  | ￦ | 398,710 |
Deferred tax assets to be recovered after more than 12 months |  |  | 1,754,113 |  |  |  | 1,907,690 |
Deferred tax assets before offsetting |  |  | 2,152,442 |  |  |  | 2,306,400 |
Deferred tax liabilities |  |  |  |  |  |  |  |
Deferred tax liabilities to be recovered within 12 months |  |  | (642,954 | ) |  |  | (586,522 | )
Deferred tax liabilities to be recovered after more than 12 months |  |  | (1,729,718 | ) |  |  | (2,108,438 | )
Deferred tax liabilities before offsetting |  |  | (2,372,672 | ) |  |  | (2,694,960 | )
Deferred tax assets after offsetting |  | ￦ | 423,728 |  |  | ￦ | 579,090 |
Deferred tax liabilities after offsetting |  | ￦ | 643,958 |  |  | ￦ | 967,650 |
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) |  | 2021 |
|  | Beginning |  |  | Statement of profit or loss |  |  | Other comprehensive income |  |  | Ending |
Deferred tax liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments in associates and joint ventures |  |  | (181,564 | ) |  |  | (68,166 | ) |  |  | 9,097 |  |  |  | (240,633 | )
Depreciation and impairment loss |  |  | (4,175 | ) |  |  | (84,413 | ) |  |  | — |  |  |  | (88,588 | )
Plan assets |  |  | (521,257 | ) |  |  | (17,340 | ) |  |  | (331 | ) |  |  | (538,928 | )
Advanced depreciation provision |  |  | (311,918 | ) |  |  | (27,087 | ) |  |  | — |  |  |  | (339,005 | )
Contract assets |  |  | (509,509 | ) |  |  | 15,592 |  |  |  | — |  |  |  | (493,917 | )
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 | )
Others |  |  | (472,153 | ) |  |  | (150,013 | ) |  |  | (1,578 | ) |  |  | (623,744 | )
Total |  | ￦ | (2,031,826 | ) |  | ￦ | (364,403 | ) |  | ￦ | 23,557 |  |  | ￦ | (2,372,672 | )
Deferred tax assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and impairment loss |  |  | 226,960 |  |  |  | (1,139 | ) |  |  | — |  |  |  | 225,821 |
Contract liabilities |  |  | 140,494 |  |  |  | 7,960 |  |  |  | — |  |  |  | 148,454 |
Defined benefit liabilities |  |  | 598,364 |  |  |  | (8,663 | ) |  |  | (18,365 | ) |  |  | 571,336 |
Provisions |  |  | 167,384 |  |  |  | 5,487 |  |  |  | — |  |  |  | 172,871 |
Others |  |  | 758,060 |  |  |  | 141,727 |  |  |  | (244 | ) |  |  | 899,543 |
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 | )
(in millions of Korean won) |  | 2022 |
|  | Beginning |  |  | Statement of profit or loss |  |  | Other comprehensive income |  |  | Ending |
Deferred tax liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments in subsidiaries, associates and joint ventures |  |  | (240,633 | ) |  |  | (18,299 | ) |  |  | 3,748 |  |  |  | (255,184 | )
Depreciation and impairment loss |  |  | (88,588 | ) |  |  | (62,845 | ) |  |  | — |  |  |  | (151,433 | )
Plan assets |  |  | (538,928 | ) |  |  | (5,294 | ) |  |  | 1,322 |  |  |  | (542,900 | )
Advanced depreciation provision |  |  | (339,005 | ) |  |  | (182,934 | ) |  |  | — |  |  |  | (521,939 | )
Contract assets |  |  | (493,917 | ) |  |  | 69,615 |  |  |  | — |  |  |  | (424,302 | )
Financial assets at fair value through profit or loss |  |  | (336 | ) |  |  | (73 | ) |  |  | (11 | ) |  |  | (420 | )
Financial assets at fair value through other comprehensive income |  |  | (47,521 | ) |  |  | (71,396 | ) |  |  | 58,288 |  |  |  | (60,629 | )
Others |  |  | (623,744 | ) |  |  | (111,135 | ) |  |  | (3,274 | ) |  |  | (738,153 | )
Total |  | ￦ | (2,372,672 | ) |  | ￦ | (382,361 | ) |  | ￦ | 60,073 |  |  | ￦ | (2,694,960 | )
Deferred tax assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and impairment loss |  |  | 225,821 |  |  |  | (36,989 | ) |  |  | — |  |  |  | 188,832 |
Contract liabilities |  |  | 148,454 |  |  |  | (27,165 | ) |  |  | — |  |  |  | 121,289 |
Defined benefit liabilities |  |  | 571,336 |  |  |  | (22,423 | ) |  |  | (67,055 | ) |  |  | 481,858 |
Provisions |  |  | 172,871 |  |  |  | (20,894 | ) |  |  | (22 | ) |  |  | 151,955 |
Others |  |  | 899,543 |  |  |  | 351,317 |  |  |  | 8,635 |  |  |  | 1,259,495 |
Total |  | ￦ | 2,018,025 |  |  | ￦ | 243,846 |  |  | ￦ | (58,442 | ) |  | ￦ | 2,203,429 |
Temporary difference, net |  |  | (354,647 | ) |  |  | (138,515 | ) |  |  | 1,631 |  |  |  | (491,531 | )
Tax credit carryforwards |  |  | 134,417 |  |  |  | (31,446 | ) |  |  | — |  |  |  | 102,971 |
Total net balance |  | ￦ | (220,230 | ) |  | ￦ | (169,961 | ) |  | ￦ | 1,631 |  |  | ￦ | (388,560 | )
Summary of Tax Impacts Recognized Directly To Equity | The tax impacts recognized directly to equity as at December 31, 2020, 2021, and 2022, are as follows:
|  | December 31, 2020 |  |  | December 31, 2021 |  |  | December 31, 2022 |
( i n millions of Korean won) |  | Before recognition |  |  | Tax effect |  |  | After recognition |  |  | Before recognition |  |  | Tax effect |  |  | After recognition |  |  | Before recognition |  |  | Tax effect |  |  | After recognition |
Gain (loss) on valuation of financial assets at fair value through other comprehensive income |  | ￦ | 54,969 |  |  | ￦ | (12,972 | ) |  | ￦ | 41,997 |  |  | ￦ | 163,892 |  |  | ￦ | (34,112 | ) |  | ￦ | 129,780 |  |  | ￦ | (216,862 | ) |  | ￦ | 58,288 |  |  | ￦ | (158,574 | )
Gain (loss) on valuation of hedge instruments |  |  | 37,247 |  |  |  | (9,860 | ) |  |  | 27,387 |  |  |  | 6,916 |  |  |  | (1,644 | ) |  |  | 5,272 |  |  |  | (42,510 | ) |  |  | 11,180 |  |  |  | (31,330 | )
Remeasurements of net defined benefit liabilities |  |  | (77,382 | ) |  |  | 17,201 |  |  |  | (60,181 | ) |  |  | 74,518 |  |  |  | (18,696 | ) |  |  | 55,822 |  |  |  | 247,162 |  |  |  | (65,733 | ) |  |  | 181,429 |
Share of gain (loss) of associates and joint ventures, and others |  |  | 25,538 |  |  |  | (8,820 | ) |  |  | 16,718 |  |  |  | (34,909 | ) |  |  | 9,097 |  |  |  | (25,812 | ) |  |  | (14,931 | ) |  |  | 3,748 |  |  |  | (11,183 | )
Exchange differences on translation for foreign operations |  |  | (3,614 | ) |  |  | 948 |  |  |  | (2,666 | ) |  |  | 683 |  |  |  | (178 | ) |  |  | 505 |  |  |  | 23,316 |  |  |  | (5,852 | ) |  |  | 17,464 |
Gain or loss on disposal of treasury stock |  |  | (27,786 | ) |  |  | 7,288 |  |  |  | (20,498 | ) |  |  | (15,657 | ) |  |  | 4,080 |  |  |  | (11,577 | ) |  |  | (59,308 | ) |  |  | 14,886 |  |  |  | (44,422 | )
Total |  | ￦ | 8,972 |  |  | ￦ | (6,215 | ) |  | ￦ | 2,757 |  |  | ￦ | 195,443 |  |  | ￦ | (41,453 | ) |  | ￦ | 153,990 |  |  | ￦ | (63,133 | ) |  | ￦ | 16,517 |  |  | ￦ | (46,616 | )
Summary of Details of Income Tax Expense | Details of income tax expense for the years ended December 31, 2020, 2021 and 2022, are calculated as follows:
( i n millions of Korean won) |  | 2020 |  |  | 2021 |  |  | 2022 |
Current income tax expense |  | ￦ | 213,225 |  |  | ￦ | 289,471 |  |  | ￦ | 335,796 |
Impact of change in deferred taxes |  |  | 72,124 |  |  |  | 229,545 |  |  |  | 169,961 |
Income tax expense |  | ￦ | 285,349 |  |  | ￦ | 519,016 |  |  | ￦ | 505,757 |
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:
( i n millions of Korean won) |  | 2020 |  |  | 2021 |  |  | 2022 |
Profit before income tax expense |  | ￦ | 1,031,605 |  |  | ￦ | 1,978,411 |  |  | ￦ | 1,891,392 |
Statutory income tax expense |  | ￦ | 273,329 |  |  | ￦ | 533,701 |  |  | ￦ | 509,771 |
Tax effect |  |  |  |  |  |  |  |  |  |  |  |
Income not taxable for taxation purposes |  |  | (24,657 | ) |  |  | (4,307 | ) |  |  | (47,550 | )
Non-deductible expenses |  |  | 31,741 |  |  |  | 20,570 |  |  |  | 53,398 |
Tax credit |  |  | (47,056 | ) |  |  | (31,517 | ) |  |  | (54,895 | )
Additional payment of income taxes |  |  | 429 |  |  |  | (221 | ) |  |  | 11,744 |
Adjustments in deferred tax from changes in tax rate |  |  | — |  |  |  | — |  |  |  | (41,545 | )
Tax effect and adjustment on consolidation |  |  |  |  |  |  |  |  |  |  |  |
Goodwill impairment |  |  | — |  |  |  | — |  |  |  | 5,809 |
Eliminated dividend income form subsidiaries |  |  | 20,682 |  |  |  | 7,264 |  |  |  | — |
Changes of out-side tax effect |  |  | 38,552 |  |  |  | 4,738 |  |  |  | 29,922 |
Intangible Asset impairment and amortization |  |  | 3,790 |  |  |  | 796 |  |  |  | 5,276 |
Reversal expenses of contract cost assets |  |  | (6,643 | ) |  |  | (2,932 | ) |  |  | (4,800 | )
Change in scope of consolidation |  |  | — |  |  |  | (5,128 | ) |  |  | — |
Others |  |  | (4,818 | ) |  |  | (3,948 | ) |  |  | 38,627 |
Income tax expense |  | ￦ | 285,349 |  |  | ￦ | 519,016 |  |  | ￦ | 505,757 |
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, 2021 and 2022, are as follows:
( i n millions of Korean won) |  | 2021 |  |  | 2022 |
Deductible temporary differences |  |  |  |  |  |  |  |
Investment in subsidiaries, associates, and joint ventures |  | ￦ | 2,355,539 |  |  | ￦ | 3,384,295 |
Unused tax loss |  |  | 106,853 |  |  |  | 103,326 |
Unused Tax credit |  |  | 1,376 |  |  |  | 1,988 |
Others |  |  | 119,265 |  |  |  | 387,084 |
Total |  | ￦ | 2,583,033 |  |  | ￦ | 3,876,693 |
Taxable temporary differences |  |  |  |  |  |  |  |
Investment in subsidiaries, associates, and joint ventures |  | ￦ | 568,540 |  |  | ￦ | 857,076 |
Others |  |  | — |  |  |  | 216,660 |
Total |  | ￦ | 568,540 |  |  | ￦ | 1,073,736 |
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, 2021 and 2022, is as follows:
( i n millions of Korean won) |  | 2021 |  |  | 2022 |
2022 |  | ￦ | 4,249 |  |  | ￦ | — |
2023 |  |  | 76,133 |  |  |  | 72,512 |
2024 |  |  | 4,484 |  |  |  | 5,011 |
2025 |  |  | 2,836 |  |  |  | 3,701 |
2026 |  |  | 2,390 |  |  |  | 2,112 |
2027 |  |  | 3,419 |  |  |  | 2,534 |
2028 |  |  | 2,091 |  |  |  | 396 |
2029 |  |  | 2,579 |  |  |  | 617 |
2030 |  |  | 3,111 |  |  |  | 2,198 |
2031 |  |  | 1,841 |  |  |  | 1,360 |
Atter 2032 |  |  | 3,720 |  |  |  | 12,885 |
Total |  | ￦ | 106,853 |  |  | ￦ | 103,326 |

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