| | December 31, | | |||||||
| | 2017 | | 2016 | | 2015 | | |||
Present value of unfunded obligations | | $ | 252,965 | | | 195,019 | | | 160,218 | |
Present value of funded obligations | | | 259,245 | | | 267,535 | | | 286,881 | |
Total present value of benefit obligations (PBO) | | | 512,210 | | | 462,554 | | | 447,099 | |
Plan assets at fair value | | | (259,245) | | | (267,535) | | | (286,881) | |
Projected liability, net | | $ | 252,965 | | | 195,019 | | | 160,218 | |