Employee Benefit Plan Employee Benefit Plan

9 Months Ended

Mar. 31, 2018

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plan

Employee Benefit Plan

PENSION PLAN

With the acquisition of CES on November 4, 2016, the Company assumed a defined benefit pension plan (the "Plan") for its Swiss employees, which is administered by an independent pension fund. The Plan is mandated by Swiss law and meets the criteria for a defined benefit plan under FASB ASC 715, Compensation—Retirement Benefits (“FASB ASC 715”), because participants of the Plan are entitled to a defined rate of return on contributions made. The independent pension fund is a multi-employer plan with unrestricted joint liability for all participating companies for which the Plan’s overfunding or underfunding is allocated to each participating company based on an allocation key determined by the Plan.

The Company recognizes a net asset or liability for the Plan equal to the difference between the projected benefit obligation of the Plan and the fair value of the Plan’s assets as required by FASB ASC 715. The funded status may vary from year to year due to changes in the fair value of the Plan’s assets and variations on the underlying assumptions of the projected benefit obligation of the Plan. The Plan's funded status at March 31, 2018 was a net liability of $6,991, which is recorded in other non-current liabilities on the consolidated balance sheet. The Company recorded a net gain of $5 and $45 in accumulated other comprehensive income during the three and nine months ended March 31, 2018, respectively. The Company did not record any gains or losses related to the Plan in accumulated other comprehensive income during the three and nine months ended March 31, 2017. The Company recognized net periodic benefit costs of $213 and $620 associated with the Plan for the three and nine months ended March 31, 2018, respectively. The Company recognized net periodic benefit costs of $130 and $199 associated with the Plan for the three and nine months ended March 31, 2017, respectively. The Company's total expected employer contributions to the Plan during fiscal 2018 are $516.