RETIREMENT AND POSTRETIREMENT BENEFIT PLANS

6 Months Ended

Jun. 30, 2020

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS

The components of total pension cost were as follows:



	Three Months Ended June 30,												Six Months Ended June 30,
	2020						2019						2020						2019
	U.S. pension plans			Non-U.S. pension plans			U.S. pension plans			Non-U.S. pension plans			U.S. pension plans			Non-U.S. pension plans			U.S. pension plans			Non-U.S. pension plans
Service cost	$	39		$	742		$	35		$	701		$	78		$	1,498		$	70		$	1,429
Interest cost	4,051			683			4,653			922			8,101			1,379			9,306			1,858
Expected return on plan assets	(5,711		)	(1,014		)	(6,245		)	(1,106		)	(11,422		)	(2,021		)	(12,490		)	(2,230		)
Amortization of prior service cost	—			16			—			15			—			31			—			31
Amortization of net loss	203			540			414			572			406			1,095			827			1,157
Settlement charges ⁽¹⁾	3,334			—			—			—			3,334			—			—			—
Defined benefit plans	1,916			967			(1,143		)	1,104			497			1,982			(2,287		)	2,245
Multi-employer plans	—			257			—			243			—			526			—			490
Defined contribution plans	4,751			773			5,791			424			10,377			1,475			11,699			923
Total pension cost	$	6,667		$	1,997		$	4,648		$	1,771		$	10,874		$	3,983		$	9,412		$	3,658

(1) Pension settlement charges resulting from lump sum pension payments in the three and six months ended June 30, 2020.

The defined benefit plan components of Total pension cost, other than service cost, are included in Other income (expense) in the Company's Consolidated Statements of Income.

In March 2020, the Company approved an amendment to terminate the Lincoln Electric Company Retirement Annuity Program plan effective as of December 31, 2020. The Company provided notice to participants of the intent to terminate the plan and applied for a determination letter. Pension obligations will be distributed through a combination of lump sum payments to eligible plan participants and through the purchase of a group annuity contract. Upon settlement of the pension obligations, the Company will reclassify unrecognized actuarial gains or losses, currently recorded in AOCI, to the Company's Consolidated Statements of Income as settlement gains or charges in the second half of 2021. The Company anticipates the termination process will take approximately two years to complete.