Employees' Savings Plan

12 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Compensation and Employee Benefit Plans [Text Block]

Employees' Savings Plans

Defined contribution plans

We maintain certain government-mandated and defined contribution plans throughout the world. Our most significant defined contribution retirement plans are in the U.S. and comply with Section 401(k) of the Internal Revenue Code. We offer eligible employees in the U.S. the opportunity to participate in one of these plans and match most employees' eligible contributions at various rates subject to service vesting as specified in each of the related plan documents. This matching program was temporarily suspended from March 2020 through December 31, 2020 and was reinstated on January 1, 2021.

We expensed $16,157, $12,228, and $10,710 for our government-mandated and defined contribution plans in the years ended June 30, 2022, 2021 and 2020, respectively.

Defined benefit plan

We currently have a defined benefit plan that covers substantially all of our employees in Switzerland. Our Swiss plan is a government-mandated retirement fund with benefits generally earned based on years of service and compensation during active employment; however, the level of benefits varies within the plan. Eligibility is determined in accordance with local statutory requirements. Under this plan, both we and certain of our employees with annual earnings in excess of government determined amounts are required to make contributions into a fund managed by an independent investment fiduciary. Employer contributions must be in an amount at least equal to the employee’s contribution. Minimum employee contributions are based on the respective employee’s age, salary, and gender. As of June 30 2022 and 2021, the plan had an unfunded net pension obligation of approximately $1,173 and $2,883, respectively, and plan assets which totaled approximately $4,754 and $4,128, respectively. For the years ended June 30, 2022, 2021 and 2020 we recognized expense totaling $537, $667, and $399, respectively, related to our Swiss plan.