Caterpillar, inc. discloses the following pension footnote in its 2016 10-k report (in millions):

u. s. pension benefits

2016

change in benefit obligation

benefit obligation, beginning of year

$15,792

service cost

119

interest cost

517

plan amendments



actuarial losses (gains)

767

foreign currency exchange rates



participant contributions



benefits paid - gross

(970

)

less: federal subsidy on benefits paid



curtailments, settlements and termination benefits

(7

)

benefit obligation, end of year

$16,218

the fair value of caterpillar’s u. s. pension assets is $11,354 million as of 2016.

what is the funded status of the plan, and how will this be reflected on caterpillar’s balance sheet?

select one:

a. the pension plan is overfunded by $4,438 million and is reported as an asset on the company’s balance sheet.

b. the pension plan is underfunded by $4,864 million and is reported as a liability on the company’s balance sheet.

c. the pension plan is overfunded by $4,864 million and is reported as an asset on the company’s balance sheet.

d. the pension plan is underfunded by $6,804 million and is reported as a liability on the company’s balance sheet.

e. the pension plan is underfunded by $4,438 million and is reported as a liability on the company’s balance sheet.

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