Defined Benefit Plan

9 Months Ended

Sep. 30, 2015

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 are as follows (in thousands):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2015			2014			2015			2014
Service cost	$	239		$	211		$	726		$	645
Interest cost	83			174			251			532
Expected return on plan assets	(386		)	(446		)	(1,175		)	(1,361		)
Prior service cost amortization	34			35			105			107
Deferred loss amortization	11			—			33			—
Net periodic pension benefit	$	(19	)	$	(26	)	$	(60	)	$	(77	)

Employer contributions of $145,000 and $182,000 were paid during the three months ended September 30, 2015 and 2014, respectively. Employer contributions of $485,000 and $553,000 were paid during the nine months ended September 30, 2015 and 2014, respectively. Additional employer contributions of approximately $96,000 are expected to be paid during the remainder of fiscal 2015.