XML 47 R18.htm IDEA: XBRL DOCUMENT v3.20.2
Employees' Savings Plan
12 Months Ended
Jun. 30, 2020
Retirement Benefit Plans [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 has been temporarily suspended as of March 2020, and will continue to be paused on a discretionary basis through at least December 31, 2020.
We expensed $10,710, $11,401 and $11,723, for our government-mandated and defined contribution plans in the years ended June 30, 2020, 2019 and 2018, 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, 2020 and 2019, the plan had an unfunded net pension obligation of approximately $2,743, and $1,525, respectively, and plan assets which totaled approximately $3,403 and $2,849, respectively. For the years ended June 30, 2020, 2019 and 2018 we recognized expense totaling $399, $424 and $55, respectively, related to our Swiss plan.