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RETIREMENT AND POSTRETIREMENT BENEFIT PLANS
 9 Months Ended
Sep. 30, 2016
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,
 
2016
 
2015
 
2016
 
2015
Service cost
$
4,116

 
$
4,693

 
$
12,985

 
$
15,153

Interest cost
5,906

 
6,494

 
17,935

 
27,238

Expected return on plan assets
(8,850
)
 
(9,003
)
 
(26,608
)
 
(40,983
)
Amortization of prior service cost
(98
)
 
(157
)
 
(296
)
 
(469
)
Amortization of net loss
2,142

 
2,886

 
8,456

1 
14,578

Settlement/curtailment loss
—

 
136,331

 
—

 
136,331

Defined benefit plans
3,216

 
141,244

 
12,472

 
151,848

Multi-employer plans
192

 
196

 
587

 
624

Defined contribution plans
2,244

 
1,904

 
6,405

 
7,865

Total pension cost
$
5,652

 
$
143,344

 
$
19,464

 
$
160,337



1
The amortization of net loss includes a $959 charge resulting from the deconsolidation of the Venezuelan subsidiary during the nine months ended September 30, 2016.
The Company voluntarily contributed $20,086 to its defined benefit plans in the United States during the nine months ended September 30, 2016. The decrease in the components of total pension cost for the defined benefit plans in 2016 was primarily due to the purchase of a group annuity contract in August 2015, which triggered a settlement loss.
In October 2016, the Company announced an amendment to The Lincoln Electric Company Retirement Annuity Program (“RAP”) to cease all benefit accruals for participants under the RAP effective as of December 31, 2016.  The RAP currently includes approximately 1,500 domestic employees who will fully transition to The Lincoln Electric Company Employee Savings Plan (“Savings Plan”), a defined contribution retirement savings plan.  Additionally, in October 2016, the Company announced an amendment to the Savings Plan to allow eligible employees to receive company contributions through a combination of matching and automatic employer contributions.