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Employee Benefit Plans
 12 Months Ended
Jun. 30, 2022
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
Eligible U.S. employees of the Company participate in a profit sharing retirement plan. Contributions accrued for the plan are made at the discretion of the Company’s board of directors and were $2 million, $2 million, and $6 million for the years ended June 30, 2022, 2021 and 2020, respectively.
Switzerland Defined Benefit Plan
The Company maintains a pension plan covering employees of our Swiss subsidiary (the “Swiss Plan”). Employer and employee contributions are made to the Swiss Plan based on various percentages of salary and wages that vary according to employee age and other factors. Employer contributions to the Swiss Plan for years ended June 30, 2022 and 2021 were $2 million and $4 million, respectively. Net periodic pension cost is not material for any year presented.
The underfunded pension liability was $4 million and $25 million as of June 30, 2022 and 2021, respectively. The pension adjustment amount recognized in accumulated other comprehensive income (loss) was a $16 million increase and a $2 million increase for the fiscal years ended June 30, 2022 and 2021, respectively. The accumulated benefit obligation was $81 million as of June 30, 2022, compared to $90 million as of June 30, 2021.
Estimated future benefit payments under the Swiss Plan are estimated to be as follows:
Year Ending June 30,
($000)
2023$6,700 
20245,300 
20256,700 
20268,900 
20274,600 
Next five years41,200