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Postretirement Benefit Plans
 9 Months Ended
Sep. 30, 2016
Defined Benefit Plan Disclosure [Line Items]  
Postretirement 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 nine months ended September 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
September 30,
Three Months Ended
September 30,
Three Months Ended
September 30,
 
2016
2015
2016
2015
2016
2015
Components of net periodic benefit cost:
 
 
 
 
 
 
Service cost
$
3.3

$
3.9

$
0.4

$
0.4

$
3.7

$
4.3

Interest cost
6.7

11.4

2.6

3.2

9.3

14.6

Expected return on plan assets
(7.4
)
(15.8
)
(2.6
)
(4.2
)
(10.0
)
(20.0
)
Amortization of prior service cost
0.4

0.7

0.1

0.1

0.5

0.8

Amortization of net actuarial loss
3.6

7.8

0.8

1.2

4.4

9.0

Pension settlements and curtailments
—

3.5

10.2

—

10.2

3.5

Net periodic benefit cost
$
6.6

$
11.5

$
11.5

$
0.7

$
18.1

$
12.2

 
U.S. Plans
International Plans
Total
 
Nine Months Ended
September 30,
Nine Months Ended
September 30,
Nine Months Ended
September 30,
 
2016
2015
2016
2015
2016
2015
Components of net periodic benefit cost:
 
 
 
 
 
 
Service cost
$
9.9

$
11.5

$
1.1

$
1.8

$
11.0

$
13.3

Interest cost
20.0

35.6

8.2

9.4

28.2

45.0

Expected return on plan assets
(22.3
)
(49.2
)
(8.0
)
(12.6
)
(30.3
)
(61.8
)
Amortization of prior service cost
1.2

2.1

0.1

0.1

1.3

2.2

Amortization of net actuarial loss
10.9

24.1

2.4

3.9

13.3

28.0

Pension settlements and curtailments
—

219.9

10.6

1.1

10.6

221.0

Net periodic benefit cost
$
19.7

$
244.0

$
14.4

$
3.7

$
34.1

$
247.7



On September 8, 2016, the Retirement Plan for the Hourly-Rated Employees of Timken Canada LP (the "Plan") purchased a group annuity contract from The Canada Life Assurance Company ("Canada Life") to pay and administer future pension benefits for 135 Canadian Timken retirees. The Plan was associated with former employees of the St. Thomas, Ontario manufacturing facility, which closed on March 31, 2013. The Company transferred approximately $15 million of the Company's pension obligations and $15 million of pension assets to Canada Life in this transaction. In addition to the purchase of the group annuity contract, the Company made lump-sum distributions of $6.8 million to deferred vested participants in the Plan during the second and third quarters of 2016. As a result of the group annuity contract and lump-sum distributions in Canada, as well as professional fees of $1.3 million associated with the implementation of a group annuity contract in the United States, the Company incurred total pension settlement charges of $11.9 million for the nine months ended September 30, 2016.

On January 23, 2015, the Timken-Latrobe-MPB-Torrington Retirement Plan purchased a group annuity contract from Prudential Insurance Company of America ("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 $29.5 million in 2015. The Company also incurred pension settlement and curtailment charges related to one of its Canadian defined benefit pension plans. As a result of the purchase of the group annuity contract and lump-sum distributions, as well as pension settlement and curtailment charges related to the Company's Canadian pension plans, the Company incurred total pension settlement charges of $223.2 million, including professional fees of $2.2 million, for the nine months ended September 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 nine months ended September 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
September 30,
Nine Months Ended
September 30,
 
2016
2015
2016
2015
Components of net periodic benefit cost:
 
 
 
 
Service cost
$
0.1

$
0.1

$
0.3

$
0.3

Interest cost
2.7

2.7

8.2

8.1

Expected return on plan assets
(1.6
)
(1.8
)
(4.9
)
(5.3
)
Amortization of prior service cost
0.2

0.2

0.7

0.6

Amortization of net actuarial loss
—

0.1

—

0.1

Net periodic benefit cost
$
1.4

$
1.3

$
4.3

$
3.8