XML 68 R50.htm IDEA: XBRL DOCUMENT v3.25.0.1
EMPLOYEE BENEFIT PLANS (Tables)
12 Months Ended
Dec. 31, 2024
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:
 20242023
Benefit obligation at beginning of year$1,395 $1,465 
Service cost with interest to end of year113 108 
Interest cost55 62 
Participant contributions20 23 
Benefits paid(32)(30)
Actuarial gain(29)(233)
Benefit obligation at end of year$1,522 $1,395 
Change in benefit obligation:
 20242023
Benefit obligation at beginning of year$1,660 $1,589 
Service cost with interest to end of year72 65 
Interest cost54 65 
Benefits paid(42)(188)
Actuarial loss488 80 
Exchange rate changes(98)49 
Benefit obligation at end of year$2,134 $1,660 
Schedule of Changes in Plan Assets
Change in plan assets:
 20242023
Fair value of plan assets at beginning of year$— $— 
Employer contributions12 
Participant contributions20 23 
Benefits paid(32)(30)
Fair value of plan assets at end of year$— $— 
Change in plan assets:
 20242023
Fair value of plan assets at beginning of year$1,240 $1,196 
Actual return on plan assets216 56 
Employer contributions181 138 
Benefits paid(42)(188)
Exchange rate changes(74)38 
Fair value of plan assets at end of year$1,521 $1,240 
Schedule of Amounts Recognized in Consolidated Balance Sheet
Amounts recognized in consolidated balance sheet:
 20242023
Accumulated postretirement benefit obligation$(1,522)$(1,395)
Fair value of plan assets— — 
Funded status(1,522)(1,395)
Unrecognized prior service cost— 
Unrecognized net loss (gain)(2)
Net amount recognized in consolidated balance sheet (after ASC 715) (included in
   "Other long-term obligations")
$(1,522)$(1,395)
Accrued postretirement benefit cost (included in "Other long-term obligations")N/AN/A
Amounts recognized in consolidated balance sheet:
 20242023
Benefit obligation$(2,134)$(1,660)
Fair value of plan assets1,521 1,240 
Funded status(613)(420)
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)$(613)$(420)
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:
 202420232022
Service cost with interest to end of year$113 $108 $79 
Interest cost55 62 26 
Amortization of prior service cost— — 
Amortization of (gain) loss(10)(2)
Total net periodic benefit cost$158 $178 $112 
Components of net periodic benefit cost:
 202420232022
Service cost with interest to end of year$72 $65 $44 
Interest cost54 65 17 
Expected return on plan assets(40)(42)(37)
Total net periodic benefit cost$86 $88 $24 
Schedule of Estimated Future Employer Contributions and Benefit Payments
Estimated future employer contributions and benefit payments are as follows:
Year 
2025$121 
2026106 
202788 
202895 
2029113 
Years 2030-2034741 
Estimated future benefit payments are as follows:
Year 
2025$
2026
2027
2028
2029
Years 2030-20341,353 
Schedule of Assumptions to Determine Benefit Obligation
Assumptions to determine benefit obligations:
 20242023
Discount rate4.85 %4.15 %
Assumptions to determine net cost:
 202420232022
Discount rate4.15 %4.40 %2.10 %
Assumptions to determine benefit obligations:
 20242023
Discount rate3.35 %3.45 %

Assumptions to determine net cost:
 202420232022
Discount rate3.45 %4.00 %1.00 %
Expected return on assets3.25 %3.25 %3.25 %
Schedule of Pension Fund
The Company’s participation in this plan for the annual period ended December 31, 2024 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 2024 and 2023 was affected by a 4.0% increase in the 2024 contribution rate. There have been no other significant changes that affect the comparability of 2024 and 2023 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
20242023202420232022
Central States,
Southeast and
Southwest Areas
Pension Fund
36-6044243Critical as of 1/1/24Critical as of 1/1/23Implemented$1,073$1,020$939No7/12/2025