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SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
 6 Months Ended
Jun. 30, 2021
Compensation And Retirement Disclosure [Abstract]  
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

14.

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN:

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, 2021, there were seven participants in the SERP.

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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Service cost

 

$

429

 

 

$

273

 

 

$

857

 

 

$

546

 

Interest cost

 

 

292

 

 

 

321

 

 

 

583

 

 

 

642

 

Amortization of prior service cost

 

 

274

 

 

 

274

 

 

 

549

 

 

 

549

 

Amortization of loss

 

 

1,234

 

 

 

546

 

 

 

2,468

 

 

 

1,091

 

Total net periodic benefit cost

 

$

2,229

 

 

$

1,414

 

 

$

4,457

 

 

$

2,828