The underfunding of pension benefits is primarily a function of the different funding incentives that exist outside of the U. S. In certain countries, there are no legal requirements or financial incentives provided to companies to pre - fund pension obligations prior to their due date. In these instances, benefit payments are typically paid directly from the Company's cash as they be c ome due. Pension Benefits Other Retiree Benefits As of June 30 2022 2021 2022 2021 CLASSIFICATION OF NET AMOUNT RECOGNIZED Noncurrent assets $ 765 $ 88 $ 4,525 $ 3,193 Current liabilities (61) (64) (34) (33) Noncurrent liabilities (3,139) (5,452) (672) (922) NET AMOUNT RECOGNIZED $ (2,435) $ (5,428) $ 3,819 $ 2,238 AMOUNTS RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE (INCOME)/LOSS (AOCI) Net actuarial loss/(gain) $ 1,906 $ 4,869 $ (1,093) $ (504) Prior service cost/(credit) 170 198 (907) (471) NET AMOUNTS RECOGNIZED IN AOCI $ 2,076 $ 5,067 $ (2,000) $ (975) The accumulated benefit obligation for all defined benefit pension plans, which differs from the projected obligation in that it excludes the assumption of future sal ary increases, was $11.9 billion and $17.3 billion as of June 30, 2022 and 2021, respectively. Information related to the funded status of selected pension and other retiree benefits at June 30 is as follo ws: As of June 30 2022 2021 PENSION PLANS WITH A PROJECTED BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS Projected benefit obligation $ 7,989 $ 11,747 Fair value of plan assets 4,789 6,231 PENSION PLANS WITH AN ACCUMULATED BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS Accumulated benefit obligation $ 7,191 $ 11,005 Fair value of plan assets 4,433 6,226 OTHER RETIREE BENEFIT PLANS WITH AN ACCUMULATED BENEFIT OBLIGATION IN EXCESS OF PLAN ASSETS Accumulated benefit obligation $ 808 $ 1,082 Fair value of plan assets 102 127 The Procter & Gamble Company 53 Amounts in millions of dollars except per share amounts or as otherwise specified.