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December 31, 2014 and 2013
Notes to the Consolidated
Financial Statements
KIA MOTORS CORPORATION AND SUBSIDIARIES
15. Other Liabilities
Other liabilities as of December 31, 2014 and 2013 are summarized as follows:
2014 2013
Other current liabilities:
Unearned income
₩ 7,789
11,207
Dividends payable
24
24
Guarantee received
2,335
2,158
Finance lease liabilities - current
5,278
5,934
Derivatives liability
2,157
-
Others
21,134
18,350
₩ 38,717 37,673
Other non-current liabilities:
Leasehold deposits received
₩ 14,586
18,103
Long-term unearned income
374
403
Long-term accounts and notes payable - other
1,979
5,018
Liability for payment guarantee
856
1,349
Finance lease liabilities
4,575
11,448
Long-term accrued expenses
46,154
61,673
₩ 68,524 97,994
16. Employee Benets
(a) Details of net dened benet liabilities as of December 31, 2014 and 2013 are summarized as follows:
2014 2013
Dened benet plan:
Present value of dened benet obligations
₩ 1,603,218
1,154,866
Fair value of plan assets
(1,271,212)
(982,952)
Net dened benet liabilities
₩ 332,006
171,914
(b) The components of plan assets as of December 31, 2014 and 2013 are summarized as follows:
2014 2013
Time deposits and others
₩ 1,271,212
982,952
(c) The components of retirement benet costs for the years ended December 31, 2014 and 2013 are summarized as follows:
2014 2013
Current service costs
₩ 244,958
251,570
Interest costs, net
7,717
791
₩ 252,675
252,361
(d) The principal actuarial assumptions used related to plans in Korea as of December 31, 2014 and 2013 are summarized as follows:
2014 2013
Discount rate
3.53%
4.50%
Rate of future salary growth
5.00%
5.00%
(e) Changes in present value of dened benet obligations for the years ended December 31, 2014 and 2013 are summarized as follows:
2014 2013
Balance at January 1
₩ 1,154,866 961,535
Current service costs
244,958
251,570
Interest costs
51,721
37,588
Remeasurements of:
Net actuarial gains(losses) of the effect of demographic
assumptions change 402
(770)
Net actuarial gains(losses) of the effect of nancial
assumptions change 192,814
(82,013)
Other
(11,719)
3,902
Increase (decrease) due to transference between afliates
2,111
(1,999)
Benet paid by the plan
(31,935) (14,947)
Balance at December 31
₩ 1,603,218
1,154,866
(f) Changes in fair value of plan assets for the years ended December 31, 2014 and 2013 are summarized as follows:
2014 2013
Balance at January 1
₩ 982,952
940,084
Return on plan assets
44,004
36,797
Remeasurements
(14,424)
(2,774)
Contribution paid into the plan
280,000
17,000
Transference between afliates, net
810
114
Benet paid by the plan
(22,130)
(8,269)
Balance at December 31
₩ 1,271,212
982,952
(KRW in millions)
(KRW in millions)
(KRW in millions)
(KRW in millions)
(KRW in millions)
(KRW in millions)
(KRW in millions)
98 99
Annual Report 2014Financial Review