(Answered) Question - the following information is taken from the 2014

Accounting

Question - The following information is taken from the 2014 annual report of the Johnson & Johnson Company (J&J): ($ in millions)

Projected benefit obligation: 2014 = $26,889, 2013 = $21,488

Plan assets at fair value 2014 = 22,575, 2013 = 20,901

Net amount recognized in the company's balance sheet (as a liability): 2014 = 4,314, 2013 = 587

Calculate the amount that J&J's retirement fund obligations are underfunded as of each year-end (in millions).

How much of the under-funding is reported on the company's balance sheet?

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