Table of Contents Notes to Consolidated Financial Statements — (Continued) Becton, Dickinson and Company The benefit obligation associated with postretirement healthcare and life insurance plans provided to qualifying domestic retirees, which was largely recorded to  Long-Term Employee Benefit Obligations,  was $148 million and $153 million at September 30, 2020 and 2019, respectively. Pension plans with accumulated benefit obligations in excess of plan assets and plans with projected benefit obligations in excess of plan assets consist of the following at September 30: (a) The Company calculated the service and interest components utilizing an approach that discounts the individual expected cash flows using the applicable spot rates derived from the yield curve over the projected cash flow period. The expected rate of return on plan assets is based upon expectations of long-term average rates of return to be achieved by the underlying investment portfolios. In establishing this assumption, the Company considers many factors, including historical assumptions compared with actual results; benchmark data; expected returns on various plan asset classes, as well as current and expected asset allocations. Expected Rate of Return on Plan Assets 80 The weighted average assumptions used in determining pension plan information were as follows: The estimated net actuarial loss and prior service credit that will be amortized from  Accumulated other comprehensive income (loss)  into net pension costs over the next fiscal year for pension benefits and other postretirement benefits are not material. Accumulated Benefit Obligation Exceeds the Fair Value of Plan Assets Projected Benefit Obligation Exceeds the Fair Value of Plan Assets (Millions of dollars) 2020 2019 2020 2019 Projected benefit obligation $ 3,844  $ 3,623  $ 3,920  $ 3,698  Accumulated benefit obligation $ 3,703  $ 3,476  Fair value of plan assets $ 2,936  $ 2,821  $ 2,996  $ 2,882  2020 2019 2018 Net Cost Discount rate: U.S. plans (a) 3.21  % 4.26  % 3.71  % International plans 1.39  2.30  2.30  Expected return on plan assets: U.S. plans 7.25  7.25  7.20  International plans 5.05  4.98  4.95  Rate of compensation increase: U.S. plans 4.29  4.29  4.51  International plans 2.35  2.36  2.31  Benefit Obligation Discount rate: U.S. plans 2.80  3.21  4.26  International plans 1.44  1.39  2.30  Rate of compensation increase: U.S. plans 4.30  4.29  4.29  International plans 2.20  2.35  2.36 