International Paper Company’s 2011 annual report disclosed the following pension information: Benefit obligations and fair values of plan assets as of December 31, 2011, for International Paper’s pension and postretirement plans are as follows: In millions Benefit Fair Value of Obligation Plan Assets U.S. qualified pension $10,197 $8,185 U.S. nonqualified pension 358 – U.S. postretirement 425 – Non-U.S. pension 183 155 Non-U.S. postretirement 23 – a. What is the funded status of the company’s U.S. pension plans? What proportion of total pension obligation is funded? b. What proportion of total post-employment obligation is funded? Briefly explain why this is so. (Careful! - It does not matter whether the pension obligation is U.S. or Non-U.S., it is still an obligation.)