Question: In a recent years financial statements, Procter & Gamble showed an unfunded pension liability of $2,637 million and a periodic pension cost of $183 million.

In a recent year’s financial statements, Procter & Gamble showed an unfunded pension liability of $2,637 million and a periodic pension cost of $183 million. Explain the meaning of the $2,637 million unfunded pension liability and the $183 million periodic pension cost.

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