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Retirement Benefit Plans
 6 Months Ended
Jun. 30, 2016
Defined Benefit Plan Disclosure [Line Items]  
Retirement Benefit Plans
Note 14 - Retirement Benefit Plans
The following table sets forth the net periodic benefit cost for the Company’s defined benefit pension plans. The amounts for the three and six months ended June 30, 2016, are based on calculations prepared by the Company's actuaries during the second quarter of 2016 and represent the Company’s best estimate of each period’s proportionate share of the amounts to be recorded for the year ending December 31, 2016.
 
U.S. Plans
International Plans
Total
 
Three Months Ended
June 30,
Three Months Ended
June 30,
Three Months Ended
June 30,
 
2016
2015
2016
2015
2016
2015
Components of net periodic benefit cost:
 
 
 
 
 
 
Service cost
$
3.3

$
3.8

$
0.3

$
0.7

$
3.6

$
4.5

Interest cost
6.6

11.3

2.8

3.1

9.4

14.4

Expected return on plan assets
(7.4
)
(15.6
)
(2.7
)
(4.1
)
(10.1
)
(19.7
)
Amortization of prior service cost
0.4

0.5

—

—

0.4

0.5

Amortization of net actuarial loss
3.6

6.7

0.8

1.3

4.4

8.0

Pension settlements and curtailments
—

2.8

0.4

1.1

0.4

3.9

Net periodic benefit cost
$
6.5

$
9.5

$
1.6

$
2.1

$
8.1

$
11.6

 
U.S. Plans
International Plans
Total
 
Six Months Ended
June 30,
Six Months Ended
June 30,
Six Months Ended
June 30,
 
2016
2015
2016
2015
2016
2015
Components of net periodic benefit cost:
 
 
 
 
 
 
Service cost
$
6.6

$
7.6

$
0.7

$
1.4

$
7.3

$
9.0

Interest cost
13.3

24.2

5.6

6.2

18.9

30.4

Expected return on plan assets
(14.9
)
(33.4
)
(5.4
)
(8.4
)
(20.3
)
(41.8
)
Amortization of prior service cost
0.8

1.4

—

—

0.8

1.4

Amortization of net actuarial loss
7.3

16.3

1.6

2.7

8.9

19.0

Pension settlements and curtailments
—

216.4

0.4

1.1

0.4

217.5

Net periodic benefit cost
$
13.1

$
232.5

$
2.9

$
3.0

$
16.0

$
235.5


On November 30, 2015, The Timken Company Pension Plan purchased a group annuity contract from Prudential Insurance Company of America ("Prudential") to pay and administer future pension benefits for approximately 3,400 United Sates ("U.S.") Timken retirees. Pension settlement charges of $1.6 million incurred for the six months ended June 30, 2016, were primarily due to professional fees associated with the implementation of this group annuity contract.

On January 23, 2015, the Timken-Latrobe-MPB-Torrington Retirement Plan purchased a group annuity contract from Prudential to pay and administer future pension benefits for approximately 5,000 U.S. Timken retirees. The Company transferred approximately $575 million of the Company's pension obligations and $635 million of pension assets to Prudential in this transaction. In addition to the purchase of the group annuity contract, the Company made lump-sum distributions to new retirees of $19 million in 2015. The Company also entered into an agreement pursuant to which one of the Company's Canadian defined benefit pension plans purchased a group annuity contract from Canada Life. The group annuity contract requires Canada Life to pay and administer future pension benefits for approximately 40 Canadian retirees. As a result of the group annuity contract, lump-sum distributions, and pension settlement and curtailment charges related to the Company's Canadian pension plans, the Company incurred total pension settlement charges of $219.6 million, including professional fees of $2.1 million, for the six months ended June 30, 2015.
The following table sets forth the net periodic benefit cost for the Company’s other postretirement benefit plans. The amounts for the three and six months ended June 30, 2016, are based on calculations prepared by the Company's actuaries during the second quarter of 2016 and represent the Company’s best estimate of each period’s proportionate share of the amounts to be recorded for the year ending December 31, 2016.
 
Three Months Ended
June 30,
Six Months Ended
June 30,
 
2016
2015
2016
2015
Components of net periodic benefit cost:
 
 
 
 
Service cost
$
0.1

$
0.1

$
0.2

$
0.2

Interest cost
2.8

2.7

5.5

5.4

Expected return on plan assets
(1.7
)
(1.7
)
(3.3
)
(3.5
)
Amortization of prior service cost
0.3

0.2

0.5

0.4

Net periodic benefit cost
$
1.5

$
1.3

$
2.9

$
2.5