Analyzing and Interpreting Pension Footnote$-$Funded and Reported Amounts

Verizon Communications Inc. reports the following pension data in Note $11$ to a recent $10-$K report.

At December $31($$ millions$)$ Pension Change in Benefit Obligations Beginning of year $$31,917$ Service cost $307$ Interest cost $1,590$ Plan amendments $(485)$ Actuarial loss $($gain$),$ net $3,360$ Benefits paid and settlements $(3,407)$ End of year $33,282$ Change in Plan Assets Beginning of year $26,294$ Actual return on plan assets $1,191$ Company contributions $512$ Benefits paid and settlements $(3,407)$ End of year $24,590$ Funded Status End of year $$(8,692)$

a$.$ Show the computation of Verizon's December $31$ funded status.

Note: Do not use negative signs with any of your answers.

Pension obligation million Fair value of the plan assets million million

b$.$ What net pension amount is reported on its December $31$ balance sheet?

million