Document and Entity Information |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Cover [Abstract] | |
| Document Type | 11-K |
| Document Period End Date | Dec. 31, 2024 |
| Document Fiscal Year Focus | 2024 |
| Entity Central Index Key | 0000711377 |
| Entity Registrant Name | Neogen Corporation |
| Amendment Flag | false |
| Document Fiscal Period Focus | FY |
Statements of Net Assets Available for Benefits - EBP 001 - USD ($) |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Investments, at fair value: | ||
| Total Investments | $ 107,100,843 | $ 101,048,400 |
| Receivables: | ||
| Employee contributions | 53,112 | 291,458 |
| Employer contributions | 25,432 | 119,338 |
| Notes receivable from participants | 954,537 | 801,413 |
| Total Receivables | 1,033,081 | 1,212,209 |
| Total Assets (equal to net assets available for benefits) | 108,133,924 | 102,260,609 |
| Mutual Funds | ||
| Investments, at fair value: | ||
| Total Investments | 97,002,628 | 87,568,889 |
| Common Stock of Plan Sponsor | ||
| Investments, at fair value: | ||
| Total Investments | 5,203,906 | 8,513,372 |
| Collective Investment Trusts | ||
| Investments, at fair value: | ||
| Total Investments | $ 4,894,309 | $ 4,966,139 |
Statement of Changes in Net Assets Available for Benefits - EBP 001 |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
USD ($)
| |
| Investment income: | |
| Net appreciation in fair value of investments | $ 6,770,442 |
| Interest and dividends | 3,714,678 |
| Interest income on notes receivable from participants | 73,747 |
| Contributions: | |
| Employee contributions | 8,050,520 |
| Employer contributions | 3,438,360 |
| Other contributions | 2,474,238 |
| Total contributions | 13,963,118 |
| Total additions | 24,521,985 |
| Deductions | |
| Benefits paid to participants | 18,461,779 |
| Administrative expenses | 186,891 |
| Total deductions | 18,648,670 |
| Net change in net assets available for benefits | 5,873,315 |
| Net assets available for benefits at beginning of year | 102,260,609 |
| Net assets available for benefits at end of year | $ 108,133,924 |
Description of Plan |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| EBP 001 | |
| Employee Benefit Plan, Description of Plan [Line Items] | |
| Description of Plan | 1. Description of the Plan
The following description of the Neogen 401(k) Retirement Savings Plan (Plan) is provided for general information purposes only. Participants should refer to the plan document for more complete information.
General
The Plan is a defined contribution plan covering the employees of Neogen Corporation (the “Plan Sponsor” or “Company”) who meet the age and service requirements. Management of the Company control and manage the operation and administration of the Plan. Fidelity Management Trust Company serves as the trustee of the Plan. Marsh McLennan Agency, LLC serves as the Plan’s investment advisor. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
Contributions
Each year, participants may contribute a percentage of their pretax annual compensation, as defined in the plan document. Participants may choose to contribute to a Traditional 401(k), Roth 401(k) or both, within the Plan. Participants are eligible for Company matching contributions after attaining six months of service. The Company makes matching contributions as follows: $1.00 for each $1.00 on the first 3% of participant contributions and $.50 on each $1.00 on the next 2% of participant contributions up to the maximum allowable by the IRS. Contributions are subject to certain Internal Revenue Code (IRC) limitations. Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans.
Vesting
Participants are vested immediately in their contributions plus actual earnings thereon. Participants are immediately vested in the Company contribution portion of their account.
Forfeitures
Forfeitures of non-vested performance contributions are used to reduce future employer contributions or pay administrative expenses of the Plan. At December 31, 2024, forfeited non-vested accounts total $129. At December 31, 2023, forfeited non-vested accounts total $75. No forfeited nonvested accounts were utilized in 2024 or 2023.
Participants’ Accounts
Individual accounts are maintained for each Plan participant. Each participant’s account is credited with the participant’s contribution, the Company’s matching contribution, and allocations of Plan earnings, and charged with an allocation of Plan earnings and administrative expenses. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
Investments
Participants direct the investment of their contributions into various investment options offered by the Plan. Company contributions are automatically invested and subject to the same allocation percentages as the participant contributions. The Plan currently offers a variety of mutual funds, common stock of the Company, and a selection of collective investment trust options.
Notes Receivable from Participants
Participants may borrow from their fund accounts up to a maximum amount equal to the lesser of $50,000 or 50% of the present value of their account balance. Loan transactions are treated as a transfer to (from) the investment fund from (to) the participant’s loan fund. The loans are secured by the balances in the participants’ accounts and bear interest at a rate commensurate with prevailing interest rates charged by persons in the business of lending money for loans which would be made under similar circumstances. The interest rate on new loans is prime plus one percent at time of origination and shall remain fixed throughout the duration of the loan unless a change is required by applicable law for any participant(s) taking a military leave of absence. Principal and interest are paid ratably through payroll deductions.
Payment of Benefits
On termination of service due to death, normal, early or disability retirement, or other termination of employment, a participant may elect to receive either: (a) lump-sum amount equal to the value of the participant’s vested balance in his or her account; or (b) partial withdrawals for those that meet certain Plan provisions. |
Summary of Significant Accounting Policies |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| EBP 001 [Member] | |
| Employee Benefit Plan, Accounting Policy [Line Items] | |
| Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies
Basis of Accounting
The accompanying financial statements are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).
Investment Valuation and Income Recognition
The Plan’s mutual fund and common stock investments are stated at fair value as of the end of the Plan year based on the quoted market prices of the underlying assets. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date. The Plan’s interests in the collective investment trusts are based on the fair value of each fund’s underlying investments as reported by the fund’s portfolio manager using the audited financial statements of the fund at year-end.
Fair Value Measurements
As defined in the current authoritative guidance, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance applies to all financial instruments that are measured and reported on a fair value basis. The Plan utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Based on the observability of inputs used in the valuation techniques the Plan is required to provide information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories:
• Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.
• Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
• Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.
For the years ended December 31, 2024 and 2023, the application of valuation techniques applied to similar assets and liabilities has been consistent.
Notes Receivable from Participants
Notes receivable from participants are measured at their unpaid balance plus any accrued but unpaid interest. Loans in default are reclassified as benefit payments to participants based upon the terms of the Plan document.
Contributions
Contributions from participants are recorded when withheld from compensation. Contributions from the Company are recorded in the period in which they become obligations of the Company.
Expenses
Plan administrative expenses may be paid by either the Plan or the Company, as provided in the Plan document.
Payments of Benefits
Benefit payments to participants are recorded as deductions from the Plan upon distribution.
Excess Contributions Payable
The Plan is required to return contributions received during the Plan year in excess of IRC limits. Amounts payable to participants for contributions in excess of amounts allowed by the Internal Revenue Service, if any, are recorded as a liability with a corresponding reduction to contributions. Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of net assets available for benefits and changes therein. Actual results could differ from those estimates. The Plan utilizes various investment valuation techniques. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements. |
Plan Termination |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| EBP 001 | |
| Employee Benefit Plan, Description of Plan [Line Items] | |
| Plan Termination | 3. Plan Termination
Although it has not expressed any intention to do so, the Company has the right, under the Plan, to discontinue its contributions at any time and to terminate the Plan subject to the provisions set forth in ERISA. In the event the Plan is terminated, participants would become 100% vested in their accounts. |
Fair Value Measurements |
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| EBP 001 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefit Plan, Investment, Fair Value and NAV [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | 4. Fair Value Measurements
The following is a description of the valuation methodologies used for assets measured at fair value.
Mutual funds: Valued at the net asset value of shares held by the Plan at year end. Mutual funds held by the Plan are open-ended mutual funds that are registered with the SEC. These funds are required to publish their daily net asset value and transact at that price and therefore are deemed to be actively traded. Common stock of Plan Sponsor: Valued at the year-end closing price reported on the active market on which the security is traded. Collective Investment Trusts: Valued at net asset value as a practical expedient to estimate fair value at year end.
The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
The following tables set forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2024 and 2023.
The following tables summarize investments for which fair value is measured using the net asset value per share practical expedient as of December 31, 2024 and 2023. There are no participant redemption restrictions for these investments; the redemption notice period is applicable only to the Plan.
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Parties-In-Interest |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| EBP 001 | |
| Employee Benefit Plan, Related Party and Party-in-Interest Transactions [Line Items] | |
| Parties-In-Interest | 5. Parties-In-Interest
Certain Plan investments are managed by Fidelity Management Trust Company. Fidelity Management Trust Company is the custodian and trustee of the Plan and, therefore, transactions with Fidelity Management Trust Company qualify as party-in-interest transactions. Fees paid by the Plan for the custodial, advisory, and record keeping services amounted to $186,891 for 2024. Fees paid by the Plan for investment management, auditing and other professional services rendered by parties-in-interest were based on customary and reasonable rates for such services.
The Plan invests in the common stock of Neogen Corporation, the Plan’s Sponsor, a party-in-interest. Investment in Neogen Corporation common stock was $5,203,906 and $8,513,372 as of December 31, 2024 and 2023, respectively. As of December 31, 2024, the investment in Neogen Corporation’s common stock represents 428,658 shares at a market price of $12.14 per share. As of December 31, 2023, the investment in Neogen Corporation’s common stock represents 423,340 shares at a market price of $20.11 per share. |
Risks and Uncertainties |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| EBP 001 | |
| Employee Benefit Plan, Fully Benefit-Responsive Investment Contract [Line Items] | |
| Risks and Uncertainties | 6. Risks and Uncertainties
The Plan invests in common stock of the Plan Sponsor, mutual funds, and common collective trusts with underlying assets consisting of any combination of stocks, bonds, fixed income securities and other investment securities. Investment securities are exposed to various risks, such as interest rate, market, and credit risks. Market risks include global events which could impact the value of investment securities, such as a pandemic or international conflict. Due to the level of interest rate, market, and credit risks inherent with certain of the Plans investment securities, it is at least reasonably possible that changes in the fair values of investment securities will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported in the statements of net assets available for benefits and changes in net assets available for benefits. |
Federal Income Tax Status |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| EBP 001 | |
| Employee Benefit Plan, Tax Status [Line Items] | |
| Federal Income Tax Status | 7. Federal Income Tax Status
The Plan is maintained through the adoption of a pre-approved plan that has received an opinion letter from the IRS dated June 30, 2020, stating that the form of the plan is qualified under Section 401(a) of the Code and therefore, the related trust is tax-exempt. The Plan administrator has determined that it is eligible to, and chose to, rely on the current IRS opinion letter with respect to the qualified status of the Plan. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualified status. The Plan administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes the Plan is qualified and the related trust is tax-exempt.
U.S. GAAP requires Plan management to evaluate and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. While the Plan may be subject to routine audits of taxing jurisdictions, there are currently no audits for any tax periods in progress. |
Reconciliation of Financial Statements to Form 5500 |
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| Employee Benefit Plan, Reconciliation to Form 5500 [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Financial Statements to Form 5500 | 8. Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of net assets available for benefits per the financial statements to IRS Form 5500 as of December 31, 2024 and 2023:
Deemed distributions are defaulted and unpaid participant loans of active participants that are reflected as distributions on the Form 5500 and as notes receivable from participants on the financial statements. Upon a distributable event, the deemed distributions will be reflected as distributions in the financial statements.
The following is a reconciliation of changes in net assets available for plan benefits per the financial statements to the Form 5500 for the year ended December 31, 2024:
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Subsequent Events |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| EBP 001 | |
| Employee Benefit Plan, Subsequent Events [Line Items] | |
| Subsequent Events | 9. Subsequent Events
In preparing the Plan’s financial statements, subsequent events and transactions have been evaluated for potential recognition or disclosure. Plan management determined that there are no subsequent events or transactions that require disclosure to or adjustment in the financial statements through the filing date of this Form 11-K. |
Schedule of Assets |
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| Employee Benefit Plan, Schedule of Asset Held for Investment [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Assets | Neogen 401(k) Retirement Savings PlanSchedule H, Part IV, Line 4i - Schedule of Assets (Held at End of Year)As of December 31, 2024
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Summary of Significant Accounting Policies (Policies) - EBP 001 [Member] |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Employee Benefit Plan, Accounting Policy [Line Items] | |
| Basis of Accounting | Basis of Accounting
The accompanying financial statements are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). |
| Investment Valuation and Income Recognition | Investment Valuation and Income Recognition
The Plan’s mutual fund and common stock investments are stated at fair value as of the end of the Plan year based on the quoted market prices of the underlying assets. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date. The Plan’s interests in the collective investment trusts are based on the fair value of each fund’s underlying investments as reported by the fund’s portfolio manager using the audited financial statements of the fund at year-end. |
| Fair Value Measurements | Fair Value Measurements
As defined in the current authoritative guidance, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance applies to all financial instruments that are measured and reported on a fair value basis. The Plan utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Based on the observability of inputs used in the valuation techniques the Plan is required to provide information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories:
• Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.
• Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
• Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.
For the years ended December 31, 2024 and 2023, the application of valuation techniques applied to similar assets and liabilities has been consistent. |
| Notes Receivable from Participants | Notes Receivable from Participants
Notes receivable from participants are measured at their unpaid balance plus any accrued but unpaid interest. Loans in default are reclassified as benefit payments to participants based upon the terms of the Plan document. |
| Contributions | Contributions
Contributions from participants are recorded when withheld from compensation. Contributions from the Company are recorded in the period in which they become obligations of the Company. |
| Expenses | Expenses
Plan administrative expenses may be paid by either the Plan or the Company, as provided in the Plan document. |
| Payments of Benefits | Payments of Benefits
Benefit payments to participants are recorded as deductions from the Plan upon distribution. |
| Excess Contributions Payable | Excess Contributions Payable
The Plan is required to return contributions received during the Plan year in excess of IRC limits. Amounts payable to participants for contributions in excess of amounts allowed by the Internal Revenue Service, if any, are recorded as a liability with a corresponding reduction to contributions. |
| Use of Estimates | Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of net assets available for benefits and changes therein. Actual results could differ from those estimates. The Plan utilizes various investment valuation techniques. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements. |
Schedule of Assets (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EBP 001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefit Plan, Schedule of Asset Held for Investment [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Assets Held at End of Year | Schedule H, Part IV, Line 4i - Schedule of Assets (Held at End of Year)As of December 31, 2024
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Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EBP 001 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefit Plan, Investment, Fair Value and NAV [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Fair Value Hierarchy of Plan's Assets and Fair Value of Investments Measured at Net Asset Value Per Share as Practical Expedient | The following tables set forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2024 and 2023.
The following tables summarize investments for which fair value is measured using the net asset value per share practical expedient as of December 31, 2024 and 2023. There are no participant redemption restrictions for these investments; the redemption notice period is applicable only to the Plan.
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Reconciliation of Financial Statements to Form 5500 (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EBP 001 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefit Plan, Reconciliation to Form 5500 [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Reconciliation of Net Assets and Changes in Net Assets | The following is a reconciliation of net assets available for benefits per the financial statements to IRS Form 5500 as of December 31, 2024 and 2023:
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Description of Plan - Additional Information (Details) - EBP 001 - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Employee Benefit Plan, Description of Plan [Line Items] | ||
| Participant contributions description | Each year, participants may contribute a percentage of their pretax annual compensation, as defined in the plan document. Participants may choose to contribute to a Traditional 401(k), Roth 401(k) or both, within the Plan. Participants are eligible for Company matching contributions after attaining six months of service. The Company makes matching contributions as follows: $1.00 for each $1.00 on the first 3% of participant contributions and $.50 on each $1.00 on the next 2% of participant contributions up to the maximum allowable by the IRS. Contributions are subject to certain Internal Revenue Code (IRC) limitations. Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans. | |
| Employee benefit plan employer contribution participant compensation first participant contributions | $ 1 | |
| Employee benefit plan employer contribution participant compensation matched percentage first participant contribution | 3.00% | |
| Employee benefit plan employer contribution participant compensation next participant contributions | $ 0.5 | |
| Employee benefit plan employer contribution participant compensation matched percentage next participant contribution | 2.00% | |
| Forfeited non-vested accounts | $ 129 | $ 75 |
| Forfeited nonvested accounts utilized | 0 | $ 0 |
| Employee benefit plan, note receivable from participant, account, maximum borrowing, amount | $ 50,000 | |
| Employee Benefit Plan, Note Receivable from Participant, Account, Maximum Borrowing, to Total Account, Percentage | 50.00% |
Plan Termination - Additional Information (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| EBP 001 | |
| Employee Benefit Plan, Description of Plan [Line Items] | |
| Percentage vested by participants, if Plan is terminated | 100.00% |
Fair Value Measurements - Summary of Fair Value of Investments Measured at Net Asset Value Per Share as Practical Expedient (Details) - EBP 001 - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Employee Benefit Plan, Investment, Fair Value and NAV [Line Items] | ||
| Investments at fair value | $ 107,100,843 | $ 101,048,400 |
| Investment Measured at Net Asset Value | ||
| Employee Benefit Plan, Investment, Fair Value and NAV [Line Items] | ||
| Investments at fair value | 4,894,309 | 4,966,139 |
| Collective Trust Fund | ||
| Employee Benefit Plan, Investment, Fair Value and NAV [Line Items] | ||
| Investments at fair value | 4,894,309 | 4,966,139 |
| Collective Trust Fund | Investment Measured at Net Asset Value | ||
| Employee Benefit Plan, Investment, Fair Value and NAV [Line Items] | ||
| Investments at fair value | $ 4,894,309 | $ 4,966,139 |
| Redemption Frequency | Daily | Daily |
| Redemption Notice Period | 12 months | 12 months |
Federal Income Tax Status - Additional Information (Details) - EBP 001 |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Employee Benefit Plan, Tax Status [Line Items] | |
| Opinion letter received, date | Jun. 30, 2020 |
| Opinion letter obtained | true |
Reconciliation of Financial Statements to Form 5500 - Summary of Reconciliation of Net Assets (Details) - EBP 001 - USD ($) |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Employee Benefit Plan, Reconciliation to Form 5500 [Line Items] | ||
| Net assets available for benefits per the financial statements | $ 108,133,924 | $ 102,260,609 |
| Deemed distributions reported on 5500 | (47,387) | (24,332) |
| Net assets available for benefits per the Form 5500 | $ 108,086,537 | $ 102,236,277 |
Reconciliation of Financial Statements to Form 5500 - Summary of Reconciliation of Changes in Net Assets (Details) - EBP 001 |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
USD ($)
| |
| Employee Benefit Plan, Reconciliation to Form 5500 [Line Items] | |
| Increase in net assets available for benefits per the financial statements | $ 5,873,315 |
| Change in deemed distributions | (23,055) |
| Net income per Form 5500 | $ 5,850,260 |