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RETIREMENT AND POSTRETIREMENT BENEFIT PLANS | 9 Months Ended
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Sep. 30, 2015
Compensation and Retirement Disclosure [Abstract] |
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS | RETIREMENT AND POSTRETIREMENT BENEFIT PLANS The components of total pension cost were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
Service cost | $ | 4,693 |  |  | $ | 4,228 |  |  | $ | 15,153 |  |  | $ | 14,372 |
Interest cost | 6,494 |  |  | 10,647 |  |  | 27,238 |  |  | 31,924 |
Expected return on plan assets | (9,003 | ) |  | (16,940 | ) |  | (40,983 | ) |  | (51,009 | )
Amortization of prior service cost | (157 | ) |  | (154 | ) |  | (469 | ) |  | (461 | )
Amortization of net loss | 2,886 |  |  | 4,815 |  |  | 14,578 |  |  | 13,246 |
Settlement/curtailment loss | 136,331 |  |  | 1,562 |  |  | 136,331 |  |  | 1,562 |
Defined benefit plans | 141,244 |  |  | 4,158 |  |  | 151,848 |  |  | 9,634 |
Multi-employer plans | 196 |  |  | 250 |  |  | 624 |  |  | 781 |
Defined contribution plans | 1,904 |  |  | 2,898 |  |  | 7,865 |  |  | 8,551 |
Total pension cost | $ | 143,344 |  |  | $ | 7,306 |  |  | $ | 160,337 |  |  | $ | 18,966 |
The Company voluntarily contributed $47,000 to its defined benefit plans in the United States during the nine months ended September 30, 2015. In August 2015, the Lincoln Electric Company, plan sponsor of the Lincoln Electric Retirement Annuity Program ("RAP") and subsidiary of the Company, entered into an agreement to purchase a group annuity contract from The Principal Financial Group ("The Principal"). Under the agreement, The Principal assumed the obligation to pay future pension benefits for specified U.S. retirees and surviving beneficiaries who retired on or before June 1, 2015 and are currently receiving payments from the RAP. The transaction will not change the amount of the monthly pension benefit received by affected retirees and surviving beneficiaries. The purchase was funded by existing plan assets and required no additional cash contribution. The Company recorded a pension settlement charge of $136,331 for the three and nine months ended September 30, 2015, primarily related to the purchase of the group annuity contract.

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