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EMPLOYEE BENEFIT PLANS | 12 Months Ended
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Dec. 31, 2011
EMPLOYEE BENEFIT PLANS [Abstract] |
EMPLOYEE BENEFIT PLANS | NOTE 10 - EMPLOYEE BENEFIT PLANS The Company sponsors a 401(k) savings plan for eligible employees. The plan allows participants to make pretax contributions and the Company matches certain percentages of those pretax contributions with shares of the Company's common stock. The profit sharing portion of the plan is discretionary and non-contributory. All amounts contributed to the plan are deposited into a trust fund administered by independent trustees. The Company provided for profit sharing contributions and matching 401(k) savings plan contributions of $847 and $475 in 2011, $778 and $431 in 2010 and $745 and $430 in 2009, respectively. The Company also currently provides postretirement benefits in the form of an unfunded retirement medical plan under a collective bargaining agreement covering eligible retired employees of the Verona facility. The Company uses a December 31 measurement date for its postretirement medical plan. In accordance with ASC 715, “Compensation-Retirement Benefits,” the Company is required to recognize the over funded or under funded 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 benefit is as follows: Change in benefit obligation:
|  | 2011 |  |  | 2010 |
Benefit obligation at beginning of year |  | $ | 1,296 |  |  | $ | 888 |
Service cost with interest to end of year |  |  | 38 |  |  |  | 35 |
Interest cost |  |  | 41 |  |  |  | 45 |
Participant contributions |  |  | 9 |  |  |  | 8 |
Benefits paid |  |  | (135 | ) |  |  | (82 | )
Actuarial (gain) or loss |  |  | (171 | ) |  |  | 402 |
Benefit obligation at end of year |  | $ | 1,078 |  |  | $ | 1,296 |
Change in plan assets:
|  | 2011 |  |  | 2010 |
Fair value of plan assets at beginning of year |  | $ | - |  |  | $ | - |
Employer contributions |  |  | 126 |  |  |  | 74 |
Participant contributions |  |  | 9 |  |  |  | 8 |
Benefits paid |  |  | (135 | ) |  |  | (82 | )
Fair value of plan assets at end of year |  | $ | - |  |  | $ | - |
Amounts recognized in consolidated balance sheet:
|  | 2011 |  |  | 2010 |
Accumulated postretirement benefit obligation |  | $ | (1,078 | ) |  | $ | (1,296 | )
Fair value of plan assets |  |  | - |  |  |  | - |
Funded status |  |  | (1,078 | ) |  |  | (1,296 | )
Unrecognized prior service cost |  |  | N/A |  |  |  | N/A |
Unrecognized net (gain)/loss |  |  | N/A |  |  |  | N/A |
Net amount recognized in consolidated balance sheet (after ASC 715) (included in other long-term obligations) |  | $ | 1,078 |  |  | $ | 1,296 |
Accrued postretirement benefit cost (included in other long-term obligations) |  | $ | N/A |  |  | $ | N/A |
Components of net periodic benefit cost:
|  | 2011 |  |  | 2010 |  |  | 2009 |
Service cost with interest to end of year |  | $ | 38 |  |  | $ | 35 |  |  | $ | 33 |
Interest cost |  |  | 41 |  |  |  | 45 |  |  |  | 43 |
Amortization of prior service cost |  |  | (18 | ) |  |  | (18 | ) |  |  | (19 | )
Amortization of gain |  |  | (4 | ) |  |  | (3 | ) |  |  | (3 | )
Total net periodic benefit cost |  | $ | 57 |  |  | $ | 59 |  |  | $ | 54 |
Estimated future employer contributions and benefit payments are as follows:
Year |  |  |
2012 |  | $ | 13 |
2013 |  |  | 19 |
2014 |  |  | 15 |
2015 |  |  | 29 |
2016 |  |  | 47 |
Years 2017-2021 |  |  | 565 |
Assumed health care cost trend rates have been used in the valuation of postretirement health insurance benefits. The trend rate is 9.01 percent in 2012 declining to 4.5 percent in 2027 and thereafter. A one percentage point increase in health care cost trend rates in each year would increase the accumulated postretirement benefit obligation as of December 31, 2011 by $136 and the net periodic postretirement benefit cost for 2011 by $11. A one percentage point decrease in health care cost trend rates in each year would decrease the accumulated postretirement benefit obligation as of December 31, 2011 by $119 and the net periodic postretirement benefit cost for 2011 by $9. The weighted average discount rate used in determining the accumulated postretirement benefit obligation was 3.85% in 2011 and 5.10% in 2010. The Company contributes to one multiemployer defined benefit plan under the terms of a collective-bargaining agreement covering its union-represented employees of the Verona 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 chooses to stop participating in its multiemployer plan, the Company will 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, 2011 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 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 years 2010 and 2011 was affected by a 6.5% increase in the number of employees covered by the Company's multiemployer plan as well as an 8.0% increase in the 2011 contribution rate. There have been no other significant changes that affect the comparability of 2010 and 2011 contributions. The Company does not represent more than 5% of the contributions to this pension fund.
|  |  |  |  |  |  |  |  | Expiration
|  | Pension Plan Protection |  |  |  |  |  | Date
| EIN/Pension | Act | FIP/RP Status |  |  |  |  | of Collective-
Pension | Plan | Zone Status | Pending/ | Contributions of Balchem Corporation Surcharge | Bargaining
Fund | Number | 2011 | 2010 | Implemented | 2011 | 2010 | 2009 | Imposed | Agreement
Central States, Southeast and Southwest Areas |  | Red as of | Red as of |  |  |  |  |  |
Pension Fund | 36-6044243 | 1/1/2011 | 1/1/2010 | Implemented | $ 379 | $ 312 | $ 289 | No | 7/8/2012

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