XYZ Corporation offers a defined benefit pension plan to its employees, which is reported in accordance with IAS 19. The company has incurred significant obligations for pension costs as of the end of the fiscal year. Following are the relevant details for XYZ Corporation:

• The present value of the defined benefit obligation (DBO) is $10 million.
• The fair value of plan assets is $8 million.
• The company makes annual contributions of $1 million to the plan.
• For the current fiscal year, the interest cost on the DBO was calculated at 5%, and the expected return on plan assets was 6%.

Based on the information above, what would be the amount of the net pension liability that XYZ Corporation should report on its balance sheet?