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EMPLOYEE BENEFIT PLANS | 12 Months Ended
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Dec. 31, 2020
Retirement Benefits [Abstract] |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Defined Contribution Plans During 2020, the Company sponsored two 401(k) savings plans for eligible employees. The plans allow participants to make pretax contributions and the Company matches certain percentages of those pretax contributions. One of the plans has a discretionary profit sharing portion and matches 401(k) contributions with shares of the Company’s Common Stock. All amounts contributed to the plans 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 $1,022 and $3,751 in 2020, $592 and $3,451 in 2019, and $825 and $3,153 in 2018, respectively. 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 those named as executive officers in the Company’s proxy statement. 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:
|  | 2020 |  | 2019
Benefit obligation at beginning of year |  | $ | 1,076 |  |  | $ | 1,174 |
Initial adoption of new plan |  | — |  |  | — |
Service cost with interest to end of year |  | 68 |  |  | 63 |
Interest cost |  | 26 |  |  | 39 |
Participant contributions |  | 23 |  |  | 35 |
Benefits paid |  | (27) |  |  | (162) |
Actuarial gain |  | 208 |  |  | (73) |
Benefit obligation at end of year |  | $ | 1,374 |  |  | $ | 1,076 |
Change in plan assets:
|  | 2020 |  | 2019
Fair value of plan assets at beginning of year |  | $ | — |  |  | $ | — |
Employer (reimbursement)/contributions |  | 4 |  |  | 127 |
Participant contributions |  | 23 |  |  | 35 |
Benefits paid |  | (27) |  |  | (162) |
Fair value of plan assets at end of year |  | $ | — |  |  | $ | — |
Amounts recognized in consolidated balance sheet:
|  | 2020 |  | 2019
Accumulated postretirement benefit obligation |  | $ | (1,374) |  |  | $ | (1,076) |
Fair value of plan assets |  | — |  |  | — |
Funded status |  | (1,374) |  |  | (1,076) |
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) |  | $ | 1,374 |  |  | $ | 1,076 |
Accrued postretirement benefit cost (included in other long-term obligations) |  | N/A |  | N/A
Components of net periodic benefit cost:
|  | 2020 |  | 2019 |  | 2018
Service cost with interest to end of year |  | $ | 68 |  |  | $ | 63 |  |  | $ | 78 |
Interest cost |  | 26 |  |  | 39 |  |  | 44 |
Amortization of prior service credit |  | 74 |  |  | 74 |  |  | 74 |
Amortization of gain |  | (50) |  |  | (46) |  |  | (8) |
Total net periodic benefit cost |  | $ | 118 |  |  | $ | 130 |  |  | $ | 188 |
Estimated future employer contributions and benefit payments are as follows:
Year |  |
2021 |  | $ | 99 |
2022 |  | 98 |
2023 |  | 81 |
2024 |  | 100 |
2025 |  | 93 |
Years 2026-2030 |  | 495 |
Defined Benefit Pension Plans 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, 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, 2020 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 2020 and 2019 was affected by a 4.0% increase in the 2020 contribution rate. There have been no other significant changes that affect the comparability of 2020 and 2019 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 Status |  | FIP/RP Status Pending/ Implemented |  | Contributions of Balchem Corporation |  | Surcharge Imposed |  | Expiration Date of Collective- Bargaining Agreement
| 2020 |  | 2019 |  |  | 2020 |  | 2019 |  | 2018 |
Central States, Southeast and Southwest Areas Pension Fund |  | 36-6044243 |  | Critical & Declining as of 1/1/20 |  | Critical & Declining as of 1/1/19 |  | Implemented |  | $774 |  | $676 |  | $614 |  | No |  | 7/12/2025
On May 27, 2019, the Company acquired Chemogas, which has an unfunded defined benefit pension plan. The plan provides for the payment of a lump sum at retirement or payments in case of death of the covered employees. The amount recorded for these obligations on the Company's balance sheet as of December 31, 2020 and 2019 was $950 and $596, respectively, and was included in other long-term obligations. The actuarial recorded liabilities for such unfunded defined benefit pension plan are as follows: Change in benefit obligation:
|  | 2020 |  | 2019
Benefit obligation at beginning of year |  | $ | 1,738 |  |  | $ | — |
Acquisitions |  | — |  |  | 1,738 |
Service cost with interest to end of year |  | 104 |  |  | — |
Interest cost |  | 20 |  |  | — |
Participant contributions |  | 21 |  |  | — |
Benefits paid |  | (11) |  |  | — |
Actuarial gain |  | 18 |  |  | — |
Exchange rate changes |  | 163 |  |  | — |
Benefit obligation at end of year |  | $ | 2,053 |  |  | $ | 1,738 |
Change in plan assets:
|  | 2020 |  | 2019
Fair value of plan assets at beginning of year |  | $ | 895 |  |  | $ | — |
Acquisitions |  | — |  |  | 895 |
Actual return on plan assets |  | 57 |  |  | — |
Employer (reimbursement)/contributions |  | 57 |  |  | — |
Participant contributions |  | 21 |  |  | — |
Benefits paid |  | (11) |  |  | — |
Exchange rate changes |  | 84 |  |  | — |
Fair value of plan assets at end of year |  | $ | 1,103 |  |  | $ | 895 |
Amounts recognized in consolidated balance sheet:
|  | 2020 |  | 2019
Benefit obligation |  | $ | (2,053) |  |  | $ | (1,738) |
Fair value of plan assets |  | 1,103 |  |  | 895 |
Funded status |  | (950) |  |  | (843) |
Unrecognized prior service cost |  | N/A |  | N/A
Unrecognized net (gain)/loss |  | N/A |  | 247 |
Net amount recognized in consolidated balance sheet (after ASC 715) (included in other long-term obligations) |  | $ | 950 |  |  | $ | 596 |
Accrued postretirement benefit cost (included in other long-term obligations) |  | N/A |  | N/A
Components of net periodic benefit cost:
|  | 2020 |  | 2019
Service cost with interest to end of year |  | $ | 104 |  |  | $ | — |
Interest cost |  | 20 |  |  | — |
Expected return on plan assets |  | (14) |  |  | — |
Amortization of prior service credit |  | — |  |  | — |
Amortization of gain |  | — |  |  | — |
Total net periodic benefit cost |  | $ | 110 |  |  | $ | — |
Estimated employer contributions to the plan in 2021 are $59. Estimated future benefit payments are as follows:
Year |  |
2021 |  | $ | 2 |
2022 |  | — |
2023 |  | — |
2024 |  | — |
2025 |  | — |
Years 2026-2030 |  | 25 |
Assumptions to determine benefit obligations:
|  | 2020 |  | 2019
Discount rate |  | 0.75 | % |  | 1.00 | %
Assumptions to determine net cost:
|  | 2020 |  | 2019
Discount rate |  | 1.00 | % |  | N/A
Expected return on assets |  | 1.00 | % |  | N/A
Deferred Compensation Plan On June 1, 2018, the Company established an unfunded, non-qualified deferred compensation plan maintained 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, 2020 and 2019 was $3,581 and $1,982, respectively, and was included in other long-term obligations on the Company's balance sheet.

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