In a recent year's financial statements, Procter & Gamble $($PG$)$ showed an unfunded pension liability of $$5,428$ million and a periodic pension cost of $$340$ million.

Select the correct statement that reflects the meaning of the $$5,622$ million unfunded pension liability.

a$.$ The $$5,428$ million unfunded pension cost is a measure of the amount of pension paid out to retirees during the year.

b$.$ The obligation decreases yearly by the amount of the $$5,428$ million unfunded pension cost.

c$.$ The $$5,428$ million unfunded pension liability is the approximate amount of the value of the net assets of the pension plan that exceeds the pension obligation.

d$.$ The $$5,428$ million unfunded pension cost is the approximate amount of the pension obligation that exceeds the value of the net assets of the pension plan.

The correct answer is:

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Select the correct statement that reflects the meaning of the $$340$ million periodic pension cost.

a$.$ The $$340$ million periodic pension cost is a measure of the amount of pension paid out the retirees during the year.

b$.$ The obligation decreases yearly by the amount of the $$340$ million periodic pension cost.

c$.$ The $$340$ million periodic pension cost is a measure of the amount of pension earned by employees during the year.

d$.$ The $$340$ million periodic pension liability is the approximate amount of the pension obligation that exceeds the value of the net assets of the pension plan.

The correct answer is: