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PENSION PLANS AND OTHER POST-RETIREMENT BENEFITS | 12 Months Ended
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Jun. 30, 2026
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 45 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 U.S. The plans are primarily located in Germany, which, as of June 30, 2026, make up approximately 42% 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 type 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 Consolidated Balance Sheets. Plan assets that partially fund the defined benefit obligations are primarily classified within Level 1 and Level 2 of the fair value hierarchy and consist primarily of investments in equity and debt funds. Plan assets exclude insurance contracts with guaranteed interest rates classified as Level 3 available-for-sale financial assets of $27.3 million that do not meet the definition of a qualifying insurance policy, as they have not been pledged to the defined benefit and other post-retirement plans (see Note 16 “Fair Value Measurement” for more details). The Company intends to only make any cash contributions to any defined benefit pension or post-retirement plans where required by the local regulatory or statutory requirements. For the year ended June 30, 2026, we made cash contributions of $13.0 million (year ended June 30, 2025 and 2024—$9.2 million and $4.2 million, respectively). For Fiscal 2027, we expect to make cash contributions of $9.1 million to our defined benefit plans. The following table provides the details of the funded status of our defined benefit pension and other post-retirement plans:
| As of June 30, 2026 |  | As of June 30, 2025
Plan assets | $ | 242,447 |  |  | $ | 237,823 |
Projected benefit obligations | (348,690) |  |  | (374,690) |
Funded status | $ | (106,243) |  |  | $ | (136,867) |
The following table provides details of the net benefit obligations of our defined benefit pension and other post-retirement plans:
| As of June 30, 2026 |  | As of June 30, 2025
Current portion of benefit obligation (1) | $ | 5,770 |  |  | $ | 4,652 |
Non-current portion of benefit obligation | 100,473 |  |  | 132,215 |
Total | $ | 106,243 |  |  | $ | 136,867 |
______________________ (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). The following tables provide the details of the change in the benefit obligation and plan assets for the periods indicated:
| As of June 30, 2026 |  | As of June 30, 2025
Benefit obligation—beginning of fiscal year | $ | 374,690 |  |  | $ | 349,427 |
Service cost | 11,508 |  |  | 11,082 |
Interest cost | 14,076 |  |  | 13,008 |
Benefits paid | (15,364) |  |  | (11,161) |
Employee contributions | 1,583 |  |  | 1,703 |
Plan settlement | (17,473) |  |  | (7,440) |
Plan amendment | 492 |  |  | (2,948) |
Curtailment (gain) loss | 458 |  |  | (927) |
Actuarial (gain) loss | (15,605) |  |  | (1,273) |
Other events | (467) |  |  | (762) |
Foreign exchange (gain) loss | (5,208) |  |  | 23,981 |
Benefit obligation—end of period | 348,690 |  |  | 374,690 |
Less: Current portion | 5,770 |  |  | 4,652 |
Non-current portion of benefit obligation | $ | 342,920 |  |  | $ | 370,038 |
| As of June 30, 2026 |  | As of June 30, 2025
Plan assets—beginning of fiscal year | $ | 237,823 |  |  | $ | 217,324 |
Benefit payments from plan assets | (15,364) |  |  | (11,161) |
Expected return on plan assets | 13,282 |  |  | 11,790 |
Return on plan assets | 11,131 |  |  | (1,304) |
Company contributions | 12,973 |  |  | 9,217 |
Employee contributions | 1,583 |  |  | 1,703 |
Plan settlement | (17,473) |  |  | (7,440) |
Foreign exchange (gain) loss | (1,508) |  |  | 17,694 |
Plan assets—end of period | $ | 242,447 |  |  | $ | 237,823 |
The following table provides details of net pension expense for the periods indicated:
| Year Ended June 30,
Pension expense: | 2026 |  | 2025 |  | 2024
Service cost | $ | 11,508 |  |  | $ | 11,082 |  |  | $ | 11,073 |
Interest cost | 14,076 |  |  | 13,008 |  |  | 12,345 |
Expected return of plan assets | (13,282) |  |  | (11,790) |  |  | (11,400) |
Amortization of actuarial (gain) losses | 489 |  |  | 1,306 |  |  | 643 |
Settlement cost | 2,590 |  |  | 987 |  |  | 1,220 |
Net pension expense | $ | 15,381 |  |  | $ | 14,593 |  |  | $ | 13,881 |
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 Consolidated Statements of Income. The following table provides details of amounts recognized in Other Comprehensive Income:
| Year Ended June 30,
| 2026 |  | 2025 |  | 2024
Net actuarial gain (loss) | $ | 24,810 |  |  | $ | 322 |  |  | $ | 1,598 |
Amortization of actuarial loss | 489 |  |  | 1,306 |  |  | 643 |
Settlement cost and plan amendments | 2,230 |  |  | 2,452 |  |  | (193) |
Curtailment | (67) |  |  | 788 |  |  | — |
Total recognized in other comprehensive income | $ | 27,462 |  |  | $ | 4,868 |  |  | $ | 2,048 |
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, 2026 |  | As of June 30, 2025
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash | $ | 3,561 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,561 |  |  | $ | 2,041 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,041 |
Debt funds | 83,456 |  |  | 19,452 |  |  | — |  |  | 102,908 |  |  | 91,908 |  |  | 8,251 |  |  | — |  |  | 100,159 |
Equity funds | 104,961 |  |  | 467 |  |  | — |  |  | 105,428 |  |  | 94,844 |  |  | 6,559 |  |  | — |  |  | 101,403 |
Real estate funds | 6,348 |  |  | 81 |  |  | — |  |  | 6,429 |  |  | 5,014 |  |  | 73 |  |  | 4,322 |  |  | 9,409 |
Other | 17,900 |  |  | 4,697 |  |  | 1,524 |  |  | 24,121 |  |  | 18,092 |  |  | 4,574 |  |  | 2,145 |  |  | 24,811 |
Total | $ | 216,226 |  |  | $ | 24,697 |  |  | $ | 1,524 |  |  | $ | 242,447 |  |  | $ | 211,899 |  |  | $ | 19,457 |  |  | $ | 6,467 |  |  | $ | 237,823 |
The Company’s investment objective with respect to its defined benefit plan assets is to achieve an optimal rate of return over the long term while managing an appropriate level of risk to meet adequate future benefit obligations. Plan assets are managed by investment fiduciaries that determine the appropriate asset allocation, risk tolerance, fund diversification and investment strategies to achieve the long-term investment objectives of the plan assets. In determining the fair value of the defined benefit obligations as of June 30, 2026 and 2025, we used the following weighted-average key assumptions:
| Year Ended June 30,
| 2026 |  | 2025
Assumptions: |  |  |
Salary increases | 3.4 | % |  | 3.2 | %
Pension increases | 2.0 | % |  | 2.0 | %
Discount rate | 4.3 | % |  | 3.9 | %
Expected return on plan assets | 5.9 | % |  | 5.6 | %
Normal retirement age (in years) | 64 |  |  | 64 |
Anticipated pension payments under the defined benefit plans for the fiscal years indicated below are as follows:
| Fiscal years ending June 30,
2027 | $ | 20,379 |
2028 | 18,453 |
2029 | 18,643 |
2030 | 19,969 |
2031 | 21,061 |
2032 to 2036 | 115,997 |
Total | $ | 214,502 |
Defined Contribution Plans The Company has various defined contribution retirement plans around the world covering many of its employees. Under these plans, employees can contribute a portion of their salary to the plan and the Company makes minimum non-elective contributions, discretionary contributions, and matching contributions, depending on the terms of the specific plan. The majority of the plans are primarily located in Canada, the U.S., the United Kingdom and Germany. For the year ended June 30, 2026, we made contributions of $57.4 million relating to the defined contribution retirement plans (year ended June 30, 2025 and 2024—$50.5 million and $54.7 million, respectively).

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