Defined Benefit Plan

3 Months Ended

Mar. 31, 2014

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

Defined Benefit Plan

Defined Benefit Plan

Maxwell SA, the Company's Swiss subsidiary, has a retirement plan that is classified as a defined benefit pension plan. The employee pension benefit is based on compensation, length of service and credited investment earnings. The plan guarantees both a minimum rate of return as well as minimum annuity purchase rates. The Company’s funding policy with respect to the pension plan is to contribute the amount required by Swiss law, using the required percentage applied to the employee’s compensation. In addition, participating employees are required to contribute to the pension plan. This plan has a measurement date of December 31.

Components of net periodic pension (benefit) cost are as follows (in thousands):

	Three Months Ended
	March 31,
	2014			2013
Service cost	$	217		$	207
Interest cost	178			125
Expected return on plan assets	(457		)	(383		)
Prior service cost amortization	36			11
Deferred loss amortization	—			45
Net periodic pension cost (benefit)	$	(26	)	$	5

Employer contributions of $196,000 and $183,000 were paid during the three months ended March 31, 2014 and 2013, respectively. Additional employer contributions of approximately $509,000 are expected to be paid during the remainder of fiscal 2014.