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RETIREMENT PLAN BENEFIT LIABILITY | 9 Months Ended
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Sep. 30, 2023
Retirement Benefits [Abstract] |
RETIREMENT PLAN BENEFIT LIABILITY | 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 September 30, 2023, there were eight 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 nine months ended September 30, 2023 were $1.5 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 September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Service cost |  | $ | 238 |  |  | $ | 282 |  |  | $ | 713 |  |  | $ | 1,005 |
Interest cost |  |  | 725 |  |  |  | 346 |  |  |  | 2,174 |  |  |  | 1,038 |
Amortization of prior service cost |  |  | 203 |  |  |  | 280 |  |  |  | 611 |  |  |  | 839 |
Amortization of loss |  |  | 120 |  |  |  | 372 |  |  |  | 360 |  |  |  | 1,116 |
Total net periodic benefit cost |  | $ | 1,286 |  |  | $ | 1,280 |  |  | $ | 3,858 |  |  | $ | 3,998 |

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