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PENSION PLANS AND OTHER POST-RETIREMENT BENEFITS
 9 Months Ended
Mar. 31, 2024
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 March 31, 2024, make up approximately 61% of the Company’s 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, net on our Condensed Consolidated Balance Sheets.
The following are details of net pension expense relating to the defined benefit pension plans:
 Three Months Ended March 31,Nine Months Ended March 31,
 2024202320242023
Pension expense:
Service cost$2,789 $2,084 $8,342 $4,191 
Interest cost3,092 2,208 9,303 4,210 
Expected return of plan assets(2,864)(1,946)(8,575)(2,780)
Amortization of actuarial (gains) losses 179 60 509 185 
Net pension expense$3,196 $2,406 $9,579 $5,806 
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.