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PENSION PLANS AND OTHER POST RETIREMENT BENEFITS (Tables) | 12 Months Ended
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Jun. 30, 2024
Retirement Benefits [Abstract] |
Schedule of Defined Benefit Plan and Long-Term Employee Benefit Obligations | The following tables provides the details of the funded status of our defined benefit pension and other post-retirement plans:
| As of June 30, 2024 |  | As of June 30, 2023
Plan assets | $ | 217,324 |  |  | $ | 208,363 |
Projected benefit obligations | (349,427) |  |  | (339,179) |
Funded status | $ | (132,103) |  |  | $ | (130,816) |
The following tables provides details of the net benefit obligations of our defined benefit pension and other post-retirement plans:
| As of June 30, 2024 |  | As of June 30, 2023
Current portion of benefit obligation(1) | $ | 4,848 |  |  | $ | 4,504 |
Non-current portion of benefit obligation | 127,255 |  |  | 126,312 |
Total | $ | 132,103 |  |  | $ | 130,816 |
______________________ (1) The current portion of the benefit obligation has been included within “Accrued salaries, incentives and commissions,” all within Accounts payable and accrued liabilities in the Consolidated Balance Sheets (see Note 10 “Accounts Payable and Accrued Liabilities” for more details).
Schedule of Changes in Benefit Obligation of Defined Benefit Plan | The following tables provides the details of the change in the benefit obligation and plan assets for the periods indicated:
| As of June 30, 2024 |  | As of June 30, 2023
Benefit obligation—beginning of fiscal year | $ | 339,179 |  |  | $ | 115,591 |
Service cost | 11,073 |  |  | 6,921 |
Interest cost | 12,345 |  |  | 7,091 |
Benefits paid | (3,204) |  |  | (3,293) |
Company contributions | (3,849) |  |  | 20 |
Employee contributions | 2,007 |  |  | 1,393 |
Plan settlement | (7,089) |  |  | (2,789) |
Plan amendment | 1,501 |  |  | (221) |
Net transfers | (228) |  |  | 205,556 |
Actuarial (gain) loss | 3,412 |  |  | 6,199 |
Foreign exchange (gain) loss | (5,720) |  |  | 2,711 |
Benefit obligation—end of period | 349,427 |  |  | 339,179 |
Less: Current portion | 4,848 |  |  | 4,504 |
Non-current portion of benefit obligation | $ | 344,579 |  |  | $ | 334,675 |
| As of June 30, 2024 |  | As of June 30, 2023
Plan assets—beginning of fiscal year | $ | 208,363 |  |  | $ | 52,111 |
Benefit payments from plan assets | (2,520) |  |  | (325) |
Expected return on plan assets | 11,400 |  |  | 5,502 |
Return on plan assets | 3,973 |  |  | (3,174) |
Company contributions | 3,454 |  |  | 3,522 |
Employee contributions | 2,007 |  |  | 1,515 |
Net transfers | — |  |  | 150,058 |
Plan settlement | (7,089) |  |  | (2,789) |
Foreign exchange (gain) loss | (2,264) |  |  | 1,943 |
Plan assets—end of period | $ | 217,324 |  |  | $ | 208,363 |
Schedule of Components of Net Pension Expense for Pension Plan | The following table provides details of net pension expense for the periods indicated:
| Year Ended June 30,
Pension expense: | 2024 |  | 2023 |  | 2022
Service cost | $ | 11,073 |  |  | $ | 6,921 |  |  | $ | 4,404 |
Interest cost | 12,345 |  |  | 7,091 |  |  | 2,271 |
Expected return of plan assets | (11,400) |  |  | (5,502) |  |  | (1,299) |
Amortization of actuarial (gains) losses | 643 |  |  | 246 |  |  | 1,008 |
Settlement cost | 1,220 |  |  | 451 |  |  | — |
Net pension expense | $ | 13,881 |  |  | $ | 9,207 |  |  | $ | 6,384 |
Schedule of Amounts Recognized in Other Comprehensive Income | The following table provides details of amounts recognized in Other Comprehensive Income:
| Year Ended June 30,
| 2024 |  | 2023 |  | 2022
Net actuarial gain (loss) | $ | 1,598 |  |  | $ | (9,017) |  |  | $ | 7,461 |
Amortization of actuarial loss (gain) | 643 |  |  | 246 |  |  | 1,008 |
Settlement cost and plan amendments | (193) |  |  | 673 |  |  | — |
Total recognized in other comprehensive income | $ | 2,048 |  |  | $ | (8,098) |  |  | $ | 8,469 |
Schedule of Defined Benefit Plans Disclosures | The following table provides details of the plan assets measured at fair value presented by asset category and fair value hierarchy for the periods indicated:
| As of June 30, 2024 |  | As of June 30, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash | $ | 2,444 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,444 |  |  | $ | 2,924 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,924 |
Debt funds | 82,264 |  |  | 9,301 |  |  | — |  |  | 91,565 |  |  | 73,053 |  |  | 14,765 |  |  | — |  |  | 87,818 |
Equity funds | 79,538 |  |  | 6,122 |  |  | — |  |  | 85,660 |  |  | 66,975 |  |  | 5,745 |  |  | — |  |  | 72,720 |
Real estate funds | 4,438 |  |  | 70 |  |  | 4,771 |  |  | 9,279 |  |  | 235 |  |  | 72 |  |  | 6,420 |  |  | 6,727 |
Other | 22,002 |  |  | 4,487 |  |  | 1,887 |  |  | 28,376 |  |  | 9,497 |  |  | 26,625 |  |  | 2,052 |  |  | 38,174 |
Total | $ | 190,686 |  |  | $ | 19,980 |  |  | $ | 6,658 |  |  | $ | 217,324 |  |  | $ | 152,684 |  |  | $ | 47,207 |  |  | $ | 8,472 |  |  | $ | 208,363 |
In determining the fair value of the defined benefit obligations as of June 30, 2024 and 2023, we used the following weighted-average key assumptions:
| Year Ended June 30,
| 2024 |  | 2023
Assumptions: |  |  |
Salary increases | 3.0 | % |  | 2.9 | %
Pension increases | 2.1 | % |  | 2.1 | %
Discount rate | 3.8 | % |  | 3.9 | %
Expected return on plan assets | 5.5 | % |  | 5.8 | %
Normal retirement age | 64 |  |  | 64 |
Schedule of Anticipated Pension Payments Under Pension Plan | Anticipated pension payments under the defined benefit plans for the fiscal years indicated below are as follows:
| Fiscal years ending June 30,
2025 | $ | 18,425 |
2026 | 14,087 |
2027 | 16,443 |
2028 | 18,112 |
2029 | 19,805 |
2030 to 2034 | 115,117 |
Total | $ | 201,989 |

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