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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Expense | Income tax expense consists of the following:
|  | 2020 |  | 2019 |  | 2018
Current: |  |  |  |  |  |
Federal |  | $ | 19,249 |  |  | $ | 17,757 |  |  | $ | 18,296 |
Foreign |  | 3,399 |  |  | 1,609 |  |  | 4,060 |
State |  | 3,590 |  |  | 818 |  |  | 3,880 |
Deemed Repatriation |  | — |  |  | — |  |  | (970) |
Deferred: |  |  |  |  |  |
Federal |  | (3,017) |  |  | (3,707) |  |  | (3,788) |
Foreign |  | 167 |  |  | 67 |  |  | (69) |
State |  | (1,594) |  |  | 263 |  |  | (952) |
Total income tax provision |  | $ | 21,794 |  |  | $ | 16,807 |  |  | $ | 20,457 |
Schedule of Income Tax Reconciliation | The provision for income taxes differs from the amount computed by applying the Federal statutory rate of 21% for 2020, 2019, and 2018 to earnings before income tax expense due to the following:
|  | 2020 |  | 2019 |  | 2018
Income tax at Federal statutory rate |  | $ | 22,348 |  |  | $ | 20,260 |  |  | $ | 20,796 |
State income taxes, net of Federal income taxes |  | 2,288 |  |  | (244) |  |  | 2,742 |
Stock Options |  | (1,529) |  |  | (222) |  |  | (1,293) |
GILTI |  | — |  |  | 2,507 |  |  | 1,027 |
FDII |  | (1,400) |  |  | (1,922) |  |  | — |
Deemed Repatriation |  | — |  |  | — |  |  | (970) |
Patent Box Decree (related to prior years) |  | — |  |  | (1,948) |  |  | — |
Foreign Tax Credits |  | — |  |  | (1,125) |  |  | (1,136) |
Other |  | 87 |  |  | (499) |  |  | (709) |
Total income tax provision |  | $ | 21,794 |  |  | $ | 16,807 |  |  | $ | 20,457 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2020 and 2019 were as follows:
|  | 2020 |  | 2019
Deferred tax assets: |  |  |  |
Inventories |  | $ | 1,470 |  |  | $ | 1,844 |
Restricted stock and stock options |  | 3,862 |  |  | 4,097 |
Lease liabilities |  | 1,641 |  |  | 1,456 |
Currency and interest rate swap |  | 2,831 |  |  | 442 |
Other |  | 3,308 |  |  | 3,935 |
Total deferred tax assets |  | 13,112 |  |  | 11,774 |
Deferred tax liabilities: |  |  |  |
Amortization |  | $ | 32,872 |  |  | $ | 28,589 |
Depreciation |  | 27,897 |  |  | 37,075 |
Prepaid expenses |  | 915 |  |  | 465 |
Right of use assets |  | 1,926 |  |  | 1,461 |
Other |  | 731 |  |  | 584 |
Total deferred tax liabilities |  | 64,341 |  |  | 68,174 |
Valuation allowance |  | 130 |  |  | 31 |
Net deferred tax liability |  | $ | 51,359 |  |  | $ | 56,431 |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits, which is included in other long-term obligations on the Company’s consolidated balance sheets, is as follows:
|  | 2020 |  | 2019 |  | 2018
Balance at beginning of period |  | $ | 4,762 |  |  | $ | 5,709 |  |  | $ | 4,781 |
Increases for tax positions of prior years |  | 267 |  |  | 431 |  |  | 1,366 |
Decreases for tax positions of prior years |  | (391) |  |  | (1,978) |  |  | (1,185) |
Increases for tax positions related to current year |  | 697 |  |  | 600 |  |  | 747 |
Balance at end of period |  | $ | 5,335 |  |  | $ | 4,762 |  |  | $ | 5,709 |
All of Balchem's unrecognized tax benefits, if recognized in future periods, would impact the Company's effective tax rate in such future periods.

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319 + Details
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