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RETIREMENT AND POSTRETIREMENT BENEFIT PLANS | 9 Months Ended
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Sep. 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 September 30, | ​ | Nine Months Ended September 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 | ​ | $ | 49 | ​ | $ | 395 | ​ | $ | 39 | ​ | $ | 718 | ​ | $ | 146 | ​ | $ | 1,190 | ​ | $ | 117 | ​ | $ | 2,216
Interest cost | ​ |  | 2,622 | ​ | ​ | 924 | ​ |  | 3,346 | ​ |  | 673 | ​ |  | 8,675 | ​ |  | 1,932 | ​ |  | 11,447 | ​ |  | 2,052
Expected return on plan assets | ​ |  | (3,888) | ​ | ​ | (1,487) | ​ |  | (6,009) | ​ |  | (1,076) | ​ |  | (12,595) | ​ |  | (2,996) | ​ |  | (17,431) | ​ |  | (3,097)
Amortization of prior service cost | ​ |  | — | ​ | ​ | 1 | ​ |  | — | ​ |  | 15 | ​ |  | — | ​ |  | 12 | ​ |  | — | ​ |  | 46
Amortization of net loss | ​ |  | 616 | ​ | ​ | 291 | ​ |  | 459 | ​ |  | 468 | ​ |  | 1,867 | ​ |  | 737 | ​ |  | 865 | ​ |  | 1,563
Settlement charges (1) | ​ |  | 73,562 | ​ | ​ | — | ​ |  | 3,188 | ​ |  | — | ​ |  | 79,652 | ​ |  | 446 | ​ |  | 6,522 | ​ |  | —
Defined benefit plans | ​ | ​ | 72,961 | ​ | ​ | 124 | ​ | ​ | 1,023 | ​ | ​ | 798 | ​ | ​ | 77,745 | ​ | ​ | 1,321 | ​ | ​ | 1,520 | ​ | ​ | 2,780
Multi-employer plans | ​ | ​ | — | ​ | ​ | 138 | ​ | ​ | — | ​ | ​ | 274 | ​ | ​ | — | ​ | ​ | 640 | ​ | ​ | — | ​ | ​ | 800
Defined contribution plans | ​ | ​ | 6,572 | ​ | ​ | 898 | ​ | ​ | 4,945 | ​ | ​ | 931 | ​ | ​ | 17,606 | ​ | ​ | 2,296 | ​ | ​ | 15,322 | ​ | ​ | 2,406
Total pension cost | ​ | $ | 79,533 | ​ | $ | 1,160 | ​ | $ | 5,968 | ​ | $ | 2,003 | ​ | $ | 95,351 | ​ | $ | 4,257 | ​ | $ | 16,842 | ​ | $ | 5,986
​
| (1) | Pension settlement charges primarily resulting from lump sum pension payments in the three and nine months ended September 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 were distributed through lump sum payments to eligible plan participants during 2021 and resulted in pre-tax pension settlement charges of $73,562 and $79,652 in the three and nine months ended September 30, 2021, respectively. In October 2021, the remaining pension obligations were distributed through the purchase of a group annuity contract and the Company will reclassify any remaining unrecognized actuarial gains or losses, currently recorded in AOCI, net of tax, to the Company’s Consolidated Statements of Income as settlement charges. The Company estimates the fourth quarter 2021 pre-tax settlement charge to be approximately $35,000 - $45,000. The Company anticipates using any remaining assets after liquidation to fund employer contributions in a different qualified plan. The Company expects the termination process will be substantially complete by the end of 2021.

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