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EMPLOYEE BENEFIT PLANS (Tables)
12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Schedule of Changes in Benefit Obligation
The actuarial recorded liabilities for such unfunded postretirement benefits are as follows:
Change in benefit obligation:
 20222021
Benefit obligation at beginning of year$1,293 $1,374 
Service cost with interest to end of year79 87 
Interest cost26 23 
Participant contributions27 28 
Benefits paid(69)(426)
Actuarial loss109 207 
Benefit obligation at end of year$1,465 $1,293 
Change in benefit obligation:
 20222021
Benefit obligation at beginning of year$1,859 $2,053 
Service cost with interest to end of year44 67 
Interest cost17 14 
Participant contributions27 24 
Benefits paid(60)(18)
Actuarial gain(194)(127)
Exchange rate changes(104)(154)
Benefit obligation at end of year$1,589 $1,859 
Schedule of Changes in Plan Assets
Change in plan assets:
 20222021
Fair value of plan assets at beginning of year$— $— 
Employer contributions42 398 
Participant contributions27 28 
Benefits paid(69)(426)
Fair value of plan assets at end of year$— $— 
Change in plan assets:
 20222021
Fair value of plan assets at beginning of year$1,175 $1,103 
Actual return on plan assets26 76 
Employer contributions94 73 
Participant contributions27 24 
Benefits paid(60)(18)
Exchange rate changes(66)(83)
Fair value of plan assets at end of year$1,196 $1,175 
Schedule of Amounts Recognized in Consolidated Balance Sheet
Amounts recognized in consolidated balance sheet:
 20222021
Accumulated postretirement benefit obligation$(1,465)$(1,293)
Fair value of plan assets— — 
Funded status(1,465)(1,293)
Unrecognized prior service cost74 74 
Unrecognized net gain(24)(50)
Net amount recognized in consolidated balance sheet (after ASC 715) (included in other long-term obligations)$(1,465)$(1,293)
Accrued postretirement benefit cost (included in other long-term obligations)N/AN/A
Amounts recognized in consolidated balance sheet:
 20222021
Benefit obligation$(1,589)$(1,859)
Fair value of plan assets1,196 1,175 
Funded status(393)(684)
Unrecognized prior service costN/AN/A
Unrecognized net (gain)/lossN/AN/A
Net amount recognized in consolidated balance sheet (after ASC 715) (included in other long-term obligations)$(393)$(684)
Accrued postretirement benefit cost (included in other long-term obligations)N/AN/A
Schedule of Components of Net Periodic Benefit Cost
Components of net periodic benefit cost:
 202220212020
Service cost with interest to end of year$79 $87 $68 
Interest cost26 23 26 
Amortization of prior service cost74 74 
Amortization of gain(2)(24)(50)
Total net periodic benefit cost$112 $160 $118 
Components of net periodic benefit cost:
 202220212020
Service cost with interest to end of year$44 $67 $104 
Interest cost17 14 20 
Expected return on plan assets(37)(34)(14)
Amortization of prior service cost— — — 
Amortization of net loss— — 
Total net periodic benefit cost$24 $50 $110 
Schedule of Estimated Future Employer Contributions and Benefit Payments
Estimated future employer contributions and benefit payments are as follows:
Year 
2023$118 
2024151 
2025149 
2026113 
2027115 
Years 2028-2032622 
Estimated future benefit payments are as follows:
Year 
2023$
2024— 
2025— 
2026— 
2027— 
Years 2028-203224 
Schedule of Assumptions to Determine Benefit Obligation
Assumptions to determine benefit obligations:
 20222021
Discount rate4.40 %2.10 %
Assumptions to determine net cost:
 202220212020
Discount rate2.10 %1.75 %2.50 %
Assumptions to determine benefit obligations:
 20222021
Discount rate4.00 %1.00 %
Assumptions to determine net cost:
 202220212020
Discount rate1.00 %0.75 %1.00 %
Expected return on assets3.25 %3.25 %1.00 %
Summary of Pension Fund
The Company’s participation in this plan for the annual period ended December 31, 2022 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 2022 and 2021 was affected by a 4.0% increase in the 2022 contribution rate. There have been no other significant changes that affect the comparability of 2022 and 2021 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
20222021202220212020
Central States,
Southeast and
Southwest Areas
Pension Fund
36-6044243Critical & Declining as of 1/1/22Critical & Declining as of 1/1/21Implemented$939$816$774No7/12/2025