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PENSION PLANS AND OTHER POST-RETIREMENT BENEFITS | 3 Months Ended
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Sep. 30, 2023
Retirement Benefits [Abstract] |
PENSION PLANS AND OTHER POST-RETIREMENT BENEFITS | PENSION PLANS AND OTHER POST-RETIREMENT BENEFITS Defined Benefit and Other Post-Retirement Benefit Plans The Company has 52 pension and other post-retirement plans in multiple countries. All of our pension and other post-retirement plans are located outside of Canada and the United States. The plans are primarily located in Germany, which as of September 30, 2023, make up approximately 63% of the total net benefit pension obligations. Our defined benefit pension plans include a mix of final salary type plans which provide for retirement, old age, disability and survivor’s benefits. Final salary pension plans provide benefits to members either in the form of a lump sum payment or a guaranteed level of pension payable for life in the case of retirement, disability and death. Benefits under our final salary type plans are generally based on the participant’s age, compensation and years of service as well as the social security ceiling and other factors. Many of these plans are closed to new members. The net periodic costs of these plans are determined using the projected unit credit method and several actuarial assumptions, the most significant of which are the discount rate and estimated service costs. Other post-retirement plans include statutory plans that offer termination, indemnity or other end of service benefits. Many of these plans were assumed through our acquisitions or are required by local regulatory and statutory requirements. All of our defined benefit and other post-retirement plans are included in the aggregate projected benefit obligation within “Pension liability” on our Condensed Consolidated Balance Sheets. The following are details of net pension expense relating to the defined benefit pension plans:
| Three Months Ended September 30, |  |
| 2023 |  | 2022 |  |  |  |
Pension expense: |  |  |  |  |  |  |
Service cost | $ | 2,725 |  |  | $ | 1,059 |  |  |  |  |
Interest cost | 3,089 |  |  | 970 |  |  |  |  |
Expected return of plan assets | (2,808) |  |  | (403) |  |  |  |  |
Amortization of actuarial (gains) losses | 165 |  |  | 63 |  |  |  |  |
Net pension expense | $ | 3,171 |  |  | $ | 1,689 |  |  |  |  |
Service-related net periodic pension costs are recorded within operating expense and all other non-service related net periodic pension costs are classified under “Interest and other related expense, net” on our Condensed Consolidated Statements of Income.

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