In a recent year’s financial statements, Procter & Gamble showed an unfunded pension liability of $5,599 million and a periodic pension cost of $434 million. Explain the meaning of the $5,599 million...

In a recent year’s financial statements, Procter & Gamble showed an unfunded pension liability of $5,599 million and a periodic pension cost of $434 million.

Explain the meaning of the $5,599 million unfunded pension liability and the $434 million periodic pension cost.