Financial Instruments and Non-Current L

When is a company underfunded on a defined benefit pension plan?

When $PBO$ exceeds the fair value of plan assets.

Why is a deferred tax liability classified as a liability rather than an expense?

It reflects taxes deferred today that will be paid in future periods.

What accounting pattern creates a deferred tax liability?

Taxable income below accounting income from a temporary difference.

How does a defined benefit pension plan create a non-current balance sheet obligation, unlike a defined contribution plan?

A DB plan can create a net pension liability; a DC plan usually does not.