In a prior annual report, Johnson & Johnson disclosed that its employee retirement obligations were underfunded by \($2.063\) billion at year-end. And, of this amount, only \($475\) million was reported on the company’s balance sheet, leaving the remainder (\($1.588\) billion) as an off-balance-sheet liability. Discuss whether the off-balance-sheet portion of J&J’s underfunded retirement obligation should be considered when calculating the value of Johnson & Johnson’s capital stock.