RETIREMENT AND POSTRETIREMENT BENEFIT PLANS

9 Months Ended

Sep. 30, 2020

RETIREMENT AND POSTRETIREMENT BENEFIT PLANS

The components of total pension cost were as follows:


	Three Months Ended September 30,														Nine Months Ended September 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	$	718	$	35	$	697	$	117	$	2,216	$	105	$	2,126
Interest cost	3,346		673		4,652		903		11,447		2,052		13,958		2,761
Expected return on plan assets	(6,009)		(1,076)		(6,245)		(1,087)		(17,431)		(3,097)		(18,735)		(3,317)
Amortization of prior service cost	—		15		—		16		—		46		—		47
Amortization of net loss	459		468		413		720		865		1,563		1,240		1,877

Settlement charges ⁽¹⁾	3,188		—		—		—		6,522		—		—		—
Defined benefit plans	1,023		798		(1,145)		1,249		1,520		2,780		(3,432)		3,494
Multi-employer plans	—		274		—		227		—		800		—		717
Defined contribution plans	4,945		931		5,506		692		15,322		2,406		17,205		1,615
Total pension cost	$	5,968	$	2,003	$	4,361	$	2,168	$	16,842	$	5,986	$	13,773	$	5,826

(1) Pension settlement charges resulting from lump sum pension payments in the three and nine months ended September 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.