Net Pension Liability Calculation

XYZ Corp. offers a defined benefit pension plan to its employees. The company’s actuary has provided an estimate that the projected benefit obligation (PBO) for the plan is $4 million, while the fair value of the plan’s assets is reported at $3 million. Assuming no other contributions or withdrawals occur during the accounting period, what is the net pension liability that XYZ Corp. will recognize on its balance sheet?