RETIREMENT PLAN BENEFIT LIABILITY

6 Months Ended

Jun. 30, 2025

Retirement Benefits [Abstract]

RETIREMENT PLAN BENEFIT LIABILITY

17. RETIREMENT PLAN BENEFIT LIABILITY:

On March 18, 2010, the Human Capital Committee and the Board of Directors of the Company approved and adopted the Universal Display Corporation Supplemental Executive Retirement Plan (SERP). The SERP is currently unfunded and includes salary and bonus as part of the plan. The purpose of the SERP is to provide certain of the Company’s key employees with supplemental pension benefits following a cessation of their employment and to encourage their continued employment with the Company. As of June 30, 2025, there were seven participants in the SERP. In December 2022, one of the participants retired and monthly SERP benefit payments commenced in January 2023. The total SERP benefit payments for the six months ended June 30, 2025 were $1.0 million.

The Company records amounts relating to the SERP based on calculations that incorporate various actuarial and other assumptions, including discount rates, rate of compensation increases, retirement dates and life expectancies. The net periodic costs are recognized as employees render the services necessary to earn the SERP benefits.

The components of net periodic pension cost were as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Service cost	$	225	$	203	$	450	$	415
Interest cost		697		611		1,393		1,221
Curtailment charge		—		312		—		312
Amortization of prior service cost		5		10		11		21
Total net periodic benefit cost	$	927	$	1,136	$	1,854	$	1,969