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EMPLOYEE BENEFIT PLANS
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
Defined Contribution Plans
The Company sponsors one 401(k) savings plan for eligible employees, which allows participants to make pretax or after tax contributions and the Company matches certain percentages of those contributions. The plan also has a discretionary profit sharing portion and matches 401(k) contributions with shares of the Company’s Common Stock. All amounts contributed to the plan are deposited into a trust fund administered by independent trustees. On June 21, 2022, the Company completed the acquisition of Kappa, which sponsors one defined contribution plan for its employees. In addition, on August 30, 2022, the Company completed the acquisition of Bergstrom, which sponsored one defined contribution plan for its employees. The Bergstrom plan merged into the Company sponsored 401(k) savings plan on January 1, 2023. The Company provided for matching 401(k) savings plan contributions of $4,381, $4,363, and $4,142 in 2023, 2022 and 2021, respectively. Profit sharing contributions in 2023, 2022, and 2021 were not material.
Postretirement Medical Plans
The Company provides postretirement benefits in the form of two unfunded postretirement medical plans; one that is under a collective bargaining agreement and covers eligible retired employees of the Verona, Missouri facility and a plan for executive officers of the Company who meet eligibility requirements as set forth in the Company's Officer Retiree Program. The Company uses a December 31 measurement date for its postretirement medical plans. In accordance with ASC 715, “Compensation—Retirement Benefits,” the Company is required to recognize the over funded or underfunded status of a defined benefit post retirement plan (other than a multiemployer plan) as an asset or liability in its statement of financial position, and to recognize changes in that funded status in the year in which the changes occur through comprehensive income.
The actuarial recorded liabilities for such unfunded postretirement benefits are as follows:
Change in benefit obligation:
 20232022
Benefit obligation at beginning of year$1,465 $1,293 
Service cost with interest to end of year108 79 
Interest cost62 26 
Participant contributions23 27 
Benefits paid(30)(69)
Actuarial (gain) loss(233)109 
Benefit obligation at end of year$1,395 $1,465 
Change in plan assets:
 20232022
Fair value of plan assets at beginning of year$— $— 
Employer contributions7 42 
Participant contributions23 27 
Benefits paid(30)(69)
Fair value of plan assets at end of year$— $— 
Amounts recognized in consolidated balance sheet:
 20232022
Accumulated postretirement benefit obligation$(1,395)$(1,465)
Fair value of plan assets— — 
Funded status(1,395)(1,465)
Unrecognized prior service cost9 74 
Unrecognized net loss (gain)(2)(24)
Net amount recognized in consolidated balance sheet (after ASC 715) (included in "Other long-term obligations")$(1,395)$(1,465)
Accrued postretirement benefit cost (included in "Other long-term obligations")N/AN/A
Components of net periodic benefit cost:
 202320222021
Service cost with interest to end of year$108 $79 $87 
Interest cost62 26 23 
Amortization of prior service cost— 9 74 
Amortization of loss (gain)8 (2)(24)
Total net periodic benefit cost$178 $112 $160 
Estimated future employer contributions and benefit payments are as follows:
Year 
2024$131 
2025132 
202699 
2027101 
202885 
Years 2029-2033615 
Assumptions to determine benefit obligations:
 20232022
Discount rate4.15 %4.40 %
Assumptions to determine net cost:
 202320222021
Discount rate4.40 %2.10 %1.75 %
Defined Benefit Pension Plans
The Company contributes to one multi-employer defined benefit plan under the terms of a collective-bargaining agreement covering its union-represented employees of the Verona, Missouri facility. The risks of participation in this multiemployer plan are different from single-employer plans in the following aspects: (a) assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers, (b) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers, and (c) if the Company was to stop participating in its multiemployer plan, the Company would be required to pay that plan an amount based on the underfunded status of the plan, referred to as the withdrawal liability.
The Company’s participation in this plan for the annual period ended December 31, 2023 is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employee Identification Number (EIN). The zone status is based on information that the Company received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone or critical and declining zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. The last column lists the expiration date of the collective-bargaining agreement to which the plan is subject. Finally, the period-to-period comparability of the contributions for 2023 and 2022 was affected by a 4.0% increase in the 2023 contribution rate. There have been no other significant changes that affect the comparability of 2023 and 2022 contributions. The Company does not represent more than 5% of the contributions to this pension fund.
Pension
Fund		EIN/Pension
Plan
Number		Pension Plan Protection Act Zone StatusFIP/RP Status
Pending/ Implemented		Contributions of Balchem CorporationSurcharge
Imposed		Expiration Date of Collective-
Bargaining
Agreement
20232022202320222021
Central States,
Southeast and
Southwest Areas
Pension Fund		36-6044243Critical & Declining as of 1/1/23Critical & Declining as of 1/1/22Implemented$1,020$939$816No7/12/2025

The Company provides an unfunded defined benefit pension plan for employees working in Belgium. The plan provides for the payment of a lump sum at retirement or payments in case of death of the covered employees.
The actuarial recorded liabilities for such unfunded defined benefit pension plan are as follows:
Change in benefit obligation:
 20232022
Benefit obligation at beginning of year$1,589 $1,859 
Service cost with interest to end of year65 44 
Interest cost65 17 
Participant contributions— 27 
Benefits paid(188)(60)
Actuarial loss (gain)80 (194)
Exchange rate changes49 (104)
Benefit obligation at end of year$1,660 $1,589 
Change in plan assets:
 20232022
Fair value of plan assets at beginning of year$1,196 $1,175 
Actual return on plan assets56 26 
Employer contributions138 94 
Participant contributions— 27 
Benefits paid(188)(60)
Exchange rate changes38 (66)
Fair value of plan assets at end of year$1,240 $1,196 

Amounts recognized in consolidated balance sheet:
 20232022
Benefit obligation$(1,660)$(1,589)
Fair value of plan assets1,240 1,196 
Funded status(420)(393)
Unrecognized prior service costN/AN/A
Unrecognized net (gain)/lossN/AN/A
Net amount recognized in consolidated balance sheet (after ASC 715) (included in other long-term obligations)$(420)$(393)
Accrued postretirement benefit cost (included in other long-term obligations)N/AN/A
Components of net periodic benefit cost:
 202320222021
Service cost with interest to end of year$65 $44 $67 
Interest cost65 17 14 
Expected return on plan assets(42)(37)(34)
Amortization of net loss— — 3 
Total net periodic benefit cost$88 $24 $50 
Estimated future benefit payments are as follows:
Year 
2024$1 
202552 
20261 
20271 
20281 
Years 2029-20331,096 
Assumptions to determine benefit obligations:
 20232022
Discount rate3.45 %4.00 %


Assumptions to determine net cost:
 202320222021
Discount rate4.00 %1.00 %0.75 %
Expected return on assets3.25 %3.25 %3.25 %
Deferred Compensation Plan

The Company maintains an unfunded, non-qualified deferred compensation plan for the benefit of a select group of management or highly compensated employees. Assets of the plan are held in a rabbi trust, which are subject to additional risk of loss in the event of bankruptcy or insolvency of the Company. The deferred compensation liability as of December 31, 2023 and 2022 was $10,188 and $8,543, respectively, and was included in "Other long-term obligations" on the Company's balance sheet. The related rabbi trust assets were $10,188 and $8,547 as of December 31, 2023 and 2022, respectively, and were included in "Other non-current assets" on the Company's consolidated balance sheets.