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RETIREMENT AND POSTRETIREMENT BENEFIT PLANS | 6 Months Ended
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Jun. 30, 2021
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS |
RETIREMENT AND POSTRETIREMENT BENEFIT PLANS | NOTE 13 — RETIREMENT AND POSTRETIREMENT BENEFIT PLANS The components of total pension cost were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ | ​ | 2021 | ​ | 2020 | ​ | 2021 | ​ | 2020
​ | ​ | U.S. pension | ​ | Non-U.S. | ​ | U.S. pension | ​ | Non-U.S. | ​ | U.S. pension | ​ | Non-U.S. | ​ | U.S. pension | ​ | Non-U.S.
​ |  | plans |  | pension plans |  | plans |  | pension plans |  | plans |  | pension plans |  | plans |  | pension plans
Service cost | ​ | $ | 48 | ​ | $ | 324 | ​ | $ | 39 | ​ | $ | 742 | ​ | $ | 97 | ​ | $ | 795 | ​ | $ | 78 | ​ | $ | 1,498
Interest cost | ​ |  | 3,072 | ​ | ​ | 392 | ​ |  | 4,051 | ​ |  | 683 | ​ |  | 6,053 | ​ |  | 1,008 | ​ |  | 8,101 | ​ |  | 1,379
Expected return on plan assets | ​ |  | (4,198) | ​ | ​ | (537) | ​ |  | (5,711) | ​ |  | (1,014) | ​ |  | (8,707) | ​ |  | (1,509) | ​ |  | (11,422) | ​ |  | (2,021)
Amortization of prior service cost | ​ |  | — | ​ | ​ | (1) | ​ |  | — | ​ |  | 16 | ​ |  | — | ​ |  | 11 | ​ |  | — | ​ |  | 31
Amortization of net loss | ​ |  | 670 | ​ | ​ | 11 | ​ |  | 203 | ​ |  | 540 | ​ |  | 1,251 | ​ |  | 446 | ​ |  | 406 | ​ |  | 1,095
Settlement charges (1) | ​ |  | 1,650 | ​ | ​ | — | ​ |  | 3,334 | ​ |  | — | ​ |  | 6,090 | ​ |  | 446 | ​ |  | 3,334 | ​ |  | —
Defined benefit plans | ​ | ​ | 1,242 | ​ | ​ | 189 | ​ | ​ | 1,916 | ​ | ​ | 967 | ​ | ​ | 4,784 | ​ | ​ | 1,197 | ​ | ​ | 497 | ​ | ​ | 1,982
Multi-employer plans | ​ | ​ | — | ​ | ​ | 258 | ​ | ​ | — | ​ | ​ | 257 | ​ | ​ | — | ​ | ​ | 502 | ​ | ​ | — | ​ | ​ | 526
Defined contribution plans | ​ | ​ | 5,872 | ​ | ​ | 553 | ​ | ​ | 4,751 | ​ | ​ | 773 | ​ | ​ | 11,034 | ​ | ​ | 1,398 | ​ | ​ | 10,377 | ​ | ​ | 1,475
Total pension cost | ​ | $ | 7,114 | ​ | $ | 1,000 | ​ | $ | 6,667 | ​ | $ | 1,997 | ​ | $ | 15,818 | ​ | $ | 3,097 | ​ | $ | 10,874 | ​ | $ | 3,983
​
| (1) | Pension settlement charges primarily resulting from lump sum pension payments in the three and six months ended June 30, 2021 and 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 be substantially complete by the end of 2021.

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