v3.24.1.u1
Cover - shares
 3 Months Ended
Mar. 31, 2024
Apr. 25, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2024  
Document Transition Report false  
Entity File Number 1-13648  
Entity Registrant Name Balchem Corp  
Entity Incorporation, State or Country Code MD  
Entity Tax Identification Number 13-2578432  
Entity Address, Address Line One 5 Paragon Drive  
Entity Address, City or Town Montvale  
Entity Address, State or Province NJ  
Entity Address, Postal Zip Code 07645  
City Area Code 845  
Local Phone Number 326-5600  
Title of 12(b) Security Common Stock, par value $.06-2/3 per share  
Trading Symbol BCPC  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   32,423,468
Entity Central Index Key 0000009326  
Current Fiscal Year End Date --12-31  
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
v3.24.1.u1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 60,349 $ 64,447
Accounts receivable, net of allowances of $997 and $908 at March 31, 2024 and December 31, 2023 respectively 139,881 125,284
Inventories, net 110,381 109,521
Prepaid expenses 7,122 7,798
Other current assets 7,126 7,192
Total current assets 324,859 314,242
Property, plant and equipment, net 274,033 276,039
Goodwill 771,538 778,907
Intangible assets with finite lives, net 182,044 191,212
Right of use assets - operating leases 16,973 17,763
Right of use assets - finance lease 2,037 2,101
Other non-current assets 17,216 16,947
Total assets 1,588,700 1,597,211
Current liabilities:    
Trade accounts payable 59,798 55,503
Accrued expenses 37,774 40,855
Accrued compensation and other benefits 10,902 17,228
Dividends payable 66 25,717
Income taxes payable 11,831 4,967
Operating lease liabilities - current 3,794 3,949
Finance lease liabilities - current 260 272
Total current liabilities 124,425 148,491
Revolving loan 301,569 309,569
Deferred income taxes 51,006 52,046
Operating lease liabilities - non-current 13,971 14,601
Finance lease liabilities - non-current 1,895 1,943
Other long-term obligations 17,043 16,577
Total liabilities 509,909 543,227
Commitments and contingencies (Note 15)
Stockholders' equity:    
Preferred stock, $25 par value. Authorized 2,000,000 shares; none issued and outstanding 0 0
Common stock, $0.0667 par value. Authorized 120,000,000 shares; 32,423,400 and 32,254,728 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 2,163 2,152
Additional paid-in capital 154,026 145,653
Retained earnings 926,474 897,488
Accumulated other comprehensive (loss) income (3,872) 8,691
Total stockholders' equity 1,078,791 1,053,984
Total liabilities and stockholders' equity $ 1,588,700 $ 1,597,211
v3.24.1.u1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Current assets:    
Accounts receivable, allowance for doubtful accounts $ 997 $ 908
Stockholders' equity:    
Preferred stock, par value (in dollars per share) $ 25 $ 25
Preferred stock, shares authorized (in shares) 2,000,000 2,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.0667 $ 0.0667
Common stock, shares authorized (in shares) 120,000,000 120,000,000
Common stock, shares issued (in shares) 32,423,400 32,254,728
Common stock, shares outstanding (in shares) 32,423,400 32,254,728
v3.24.1.u1
Condensed Consolidated Statements of Earnings - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Statement [Abstract]    
Net sales $ 239,659 $ 232,540
Cost of sales 158,145 159,370
Gross margin 81,514 73,170
Operating expenses:    
Selling expenses 18,227 18,183
Research and development expenses 4,100 3,450
General and administrative expenses 17,511 17,129
Total operating expenses 39,838 38,762
Earnings from operations 41,676 34,408
Other expenses, net:    
Interest expense, net 5,398 5,565
Other income, net (572) (276)
Total other (income) expenses 4,826 5,289
Earnings before income tax expense 36,850 29,119
Income tax expense 7,864 6,409
Net earnings $ 28,986 $ 22,710
Net earnings per common share - basic (in dollars per share) $ 0.90 $ 0.71
Net earnings per common share - diluted (in dollars per share) $ 0.89 $ 0.70
v3.24.1.u1
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Statement of Comprehensive Income [Abstract]    
Net earnings $ 28,986 $ 22,710
Other comprehensive (loss) income, net of tax:    
Foreign currency translation adjustment (12,717) 9,424
Unrealized loss on cash flow hedge 0 (511)
Change in postretirement benefit plans 154 100
Other comprehensive (loss) income (12,563) 9,013
Comprehensive income $ 16,423 $ 31,723
v3.24.1.u1
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Thousands
Total
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Common Stock
Additional Paid-in Capital
Beginning balance at Dec. 31, 2022 $ 938,284 $ 814,487 $ (7,154) $ 2,145 $ 128,806
Beginning balance (in shares) at Dec. 31, 2022       32,152,787  
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net earnings 22,710 22,710      
Other comprehensive income (loss) 9,013   9,013    
Repurchases of common stock, including excise tax (3,887)     $ (2) (3,885)
Repurchases of common stock, including excise tax (in shares)       (28,109)  
Shares and options issued under stock plans 7,296     $ 7 7,289
Shares and options issued under stock plans (in shares)       100,949  
Ending balance at Mar. 31, 2023 973,416 837,197 1,859 $ 2,150 132,210
Ending balance (in shares) at Mar. 31, 2023       32,225,627  
Beginning balance at Dec. 31, 2023 $ 1,053,984 897,488 8,691 $ 2,152 145,653
Beginning balance (in shares) at Dec. 31, 2023 32,254,728     32,254,728  
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net earnings $ 28,986 28,986      
Other comprehensive income (loss) (12,563)   (12,563)    
Repurchases of common stock, including excise tax (5,254)     $ (2) (5,252)
Repurchases of common stock, including excise tax (in shares)       (36,122)  
Shares and options issued under stock plans 13,638     $ 13 13,625
Shares and options issued under stock plans (in shares)       204,794  
Ending balance at Mar. 31, 2024 $ 1,078,791 $ 926,474 $ (3,872) $ 2,163 $ 154,026
Ending balance (in shares) at Mar. 31, 2024 32,423,400     32,423,400  
v3.24.1.u1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net earnings $ 28,986 $ 22,710
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization 13,668 13,646
Stock compensation expense 4,750 4,770
Deferred income taxes (302) (203)
Provision for doubtful accounts 223 31
Unrealized gain on foreign currency transactions and deferred compensation (726) (349)
Gain on disposal of assets (144) (968)
Change in fair value of contingent consideration liability 0 1,600
Changes in assets and liabilities    
Accounts receivable (15,010) 403
Inventories (1,458) (5,145)
Prepaid expenses and other current assets 564 (2,747)
Accounts payable and accrued expenses (4,584) (5,112)
Income taxes 6,929 5,540
Other 492 662
Net cash provided by operating activities 33,388 34,838
Cash flows from investing activities:    
Capital expenditures and intangible assets acquired (6,910) (9,664)
Cash paid for acquisitions, net of cash acquired 0 (341)
Proceeds from sale of assets 213 0
Investment in affiliates (42) (56)
Net cash used in investing activities (6,739) (10,061)
Cash flows from financing activities:    
Proceeds from revolving loan 26,000 13,000
Principal payments on revolving loan (34,000) (22,000)
Principal payments on finance lease (57) (55)
Proceeds from stock options exercised 8,791 2,453
Dividends paid (25,555) (22,867)
Repurchases of common stock (5,202) (3,849)
Net cash used in financing activities (30,023) (33,318)
Effect of exchange rate changes on cash (724) 2,180
Decrease in cash and cash equivalents (4,098) (6,361)
Cash and cash equivalents beginning of period 64,447 66,560
Cash and cash equivalents end of period $ 60,349 $ 60,199
v3.24.1.u1
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The condensed consolidated financial statements presented herein have been prepared in accordance with the accounting policies described in the December 31, 2023 consolidated financial statements, and should be read in conjunction with the consolidated financial statements and notes, which appear in the Annual Report on Form 10-K for the year ended December 31, 2023. The condensed consolidated financial statements reflect the operations of Balchem Corporation and its subsidiaries (the "Company" or "Balchem"). All intercompany balances and transactions have been eliminated in consolidation.
In the opinion of management, the unaudited condensed consolidated financial statements furnished in this Form 10-Q include all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal, recurring nature. The condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP” or “GAAP”) governing interim financial statements and the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934 (the "Exchange Act") and therefore do not include some information and notes necessary to conform to annual reporting requirements. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the operating results expected for the full year or any interim period.

Recent Accounting Pronouncements

Recently Issued Accounting Standards
In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740) - Improvements to Income Tax Disclosures." The new guidance is intended to enhance the transparency and decision usefulness of income tax disclosures by requiring disaggregated information about a reporting entity's effective tax rate reconciliation and information on income taxes paid. The amendment is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendment in this Update should be applied on a prospective basis, with retrospective application permitted. The Company is in the process of evaluating the impact that the adoption of ASU 2023-09 will have to the financial statements and related disclosures.
In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures." The ASU expands reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment's profit or loss. The ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment's profit or loss in assessing segment performance and deciding how to allocate resources. Additionally, ASU 2023-07 requires all segment profit or loss and assets disclosures to be provided on an annual and interim basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning December 15, 2024. Early adoption is permitted and the amendments must be applied retrospectively to all prior periods presented. The adoption of this guidance will not affect the Company's consolidated results of operations, financial position or cash flows. The Company is currently evaluating the effect the guidance will have on its disclosures.

Recently Adopted Accounting Standards
In August 2023, the FASB issued Accounting Standards Update ("ASU") 2023-05, "Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement." The new guidance applies to the formation of a joint venture and requires a joint venture to initially measure all contributions received upon its formation at fair value. The guidance is intended to reduce diversity in practice and is applicable to joint venture entities with a formation date on or after January 1, 2025 on a prospective basis. While ASU 2023-05 is not currently applicable to Balchem, the Company will apply this guidance in future reporting periods after the guidance is effective to any future arrangements meeting the definition of a joint venture.
v3.24.1.u1
STOCKHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2024
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS' EQUITY
Stock-Based Compensation
The Company’s results for the three months ended March 31, 2024 and 2023 reflected the following stock-based compensation cost, and such compensation cost had the following effects on net earnings:

Increase/(Decrease) for the
Three Months Ended March 31,
20242023
Cost of sales$400 $414 
Operating expenses4,350 4,356 
Net earnings(3,652)(3,682)

As allowed by ASC 718, the Company has made an estimate of expected forfeitures based on its historical experience and is recognizing compensation cost only for those stock-based compensation awards expected to vest.
The Company's omnibus incentive plan allows for the granting of stock awards and options to purchase common stock. Both incentive stock options and nonqualified stock options can be awarded under the plan. No option will be exercisable for longer than ten years after the date of grant. The Company has approved and reserved a number of shares to be issued upon exercise of the outstanding options that is adequate to cover all exercises. As of March 31, 2024, the plan had 841,421 shares available for future awards, which included an additional 800,000 shares approved by the Company's shareholders during its annual meeting of shareholders held on June 22, 2023. Compensation expense for stock options and stock awards is recognized on a straight-line basis over the vesting period, generally three to five years for stock options, three years for employee restricted stock awards, three years for employee performance share awards, and three years for non-employee director restricted stock awards. Certain awards provide for accelerated vesting if there is a change in control (as defined in the plans) or other qualifying events.

Option activity for the three months ended March 31, 2024 and 2023 is summarized below:

For the Three Months Ended March 31, 2024Shares (000s)Weighted
Average
Exercise
Price		Aggregate
Intrinsic
Value		Weighted
Average
Remaining
Contractual
Term
Outstanding as of December 31, 20231,078 $104.38 $47,889 
Granted113 143.43 
Exercised(125)70.40 
Forfeited(1)134.45 
Canceled— — 
Outstanding as of March 31, 20241,065 $112.48 $45,223 6.3
Exercisable as of March 31, 2024699 $97.89 $39,881 4.9
For the Three Months Ended March 31, 2023Shares (000s)Weighted
Average
Exercise
Price		Aggregate
Intrinsic
Value		Weighted
Average
Remaining
Contractual
Term
Outstanding as of December 31, 20221,045 $99.82 $27,221 
Granted109 138.09 
Exercised(31)79.27 
Forfeited(3)128.27 
Canceled— — 
Outstanding as of March 31, 20231,120 $104.04 $29,327 6.5
Exercisable as of March 31, 2023743 $88.07 $28,781 5.2
ASC 718 requires companies to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The weighted average fair values of the stock options granted under the Plans were calculated using either the Black-Scholes model or the Binomial model, whichever was deemed to be most appropriate. For the three months ended March 31, 2024, the fair value of each option grant was estimated on the date of the grant using the following weighted average assumptions: dividend yields of 0.6%; expected volatilities of 28%; risk-free interest rates of 4.1%; and expected lives of 5.0 years. For the three months ended March 31, 2023, the fair value of each option grant was estimated on the date of the grant using the following weighted average assumptions: dividend yields of 0.5%; expected volatilities of 28%; risk-free interest rates of 3.9%; and expected lives of 4.8 years.
The Company used a projected expected life for each award granted based on historical experience of employees’ exercise behavior. Expected volatility is based on the Company’s historical volatility levels. Dividend yields are based on the Company’s historical dividend yields. Risk-free interest rates are based on the implied yields currently available on U.S. Treasury zero-coupon issues with a remaining term equal to the expected life.

Other information pertaining to option activity during the three months ended March 31, 2024 and 2023 is as follows:

 Three Months Ended
March 31,
 20242023
Weighted-average fair value of options granted$44.52 $40.91 
Total intrinsic value of stock options exercised ($000s)$10,377 $1,584 
Non-vested restricted stock activity for the three months ended March 31, 2024 and 2023 is summarized below:
Three Months Ended March 31,
20242023
Shares (000s)Weighted
Average Grant
Date Fair
Value		Shares (000s)Weighted
Average Grant
Date Fair
Value
Non-vested balance as of December 31116 $133.06 122 $124.42 
Granted35 143.43 37 138.09 
Vested(32)119.11 (30)111.36 
Forfeited(1)129.93 (1)125.18 
Non-vested balance as of March 31118 $139.95 128 $131.41 

Non-vested performance share activity for the three months ended March 31, 2024 and 2023 is summarized below:

Three Months Ended March 31,
20242023
Shares (000s)Weighted
Average Grant
Date Fair
Value		Shares (000s)Weighted
Average Grant
Date Fair
Value
Non-vested balance as of December 3176 $135.25 70$127.69 
Granted47 152.28 42139.66
Vested(44)106.57 (36)98.84
Forfeited— — ——
Non-vested balance as of March 3179 $150.73 76$135.25 
The performance share (“PS”) awards provide the recipients the right to receive a certain number of shares of the Company’s common stock in the future, subject to an EBITDA performance hurdle, where vesting is dependent upon the Company achieving a certain EBITDA percentage growth over the performance period, and relative total shareholder return (TSR) where vesting is dependent upon the Company’s TSR performance over the performance period relative to a comparator group consisting of the Russell 2000 index constituents. Expense is measured based on the fair value of the grant at the date of grant. A Monte-Carlo simulation has been used to estimate the fair value. The assumptions used in the fair value determination were risk free interest rates of 4.2% and 4.2%; dividend yields of 0.0% and 0.5%; volatilities of 25% and 32%; and initial TSR’s of 10.3% and 4.2%, in each case for the three months ended March 31, 2024 and 2023, respectively. Expense is estimated based on the number of shares expected to vest, assuming the requisite service period is rendered and the probable outcome of the performance condition is achieved. The estimate is revised if subsequent information indicates that the actual number of shares likely to vest differs from previous estimates. Expense is ultimately adjusted based on the actual achievement of service and performance targets. The PS will cliff vest 100% at the end of the third year following the grant in accordance with the performance metrics set forth. Grants may be subject to a mandatory holding period of one year from the vesting date. For PS grants made for the 2024-2026 performance period, grants are subject to such holding period.

As of March 31, 2024 and 2023, there were $30,380 and $30,507, respectively, of total unrecognized compensation costs related to non-vested share-based compensation arrangements granted under the plans. As of March 31, 2024, the unrecognized compensation cost is expected to be recognized over a weighted-average period of approximately 2.2 years. The Company estimates that share-based compensation expense for the year ended December 31, 2024 will be approximately $16,700.
Repurchase of Common Stock
The Company's Board of Directors has approved a stock repurchase program. The total authorization under this program is 3,763,038 shares. Since the inception of the program in June 1999, a total of 3,139,228 shares have been repurchased. The Company intends to acquire shares from time to time at prevailing market prices if and to the extent it deems it is advisable to do so based on its assessment of corporate cash flow, market conditions and other factors. Open market repurchases of common stock could be made pursuant to a trading plan established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, which would permit common stock to be repurchased at a time that the Company might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions. The Company also repurchases (withholds) shares from employees in connection with the tax settlement of vested shares and/or exercised stock options under the Company's omnibus incentive plan. Such repurchases of shares from employees are funded with existing cash on hand. During the three months ended March 31, 2024 and 2023, the Company purchased 36,122 and 28,109 shares, respectively, from employees in connection with the tax settlement of vested shares and/or exercised stock options under the Company's omnibus incentive plan at an average cost of $144.02 and $136.94, respectively.
v3.24.1.u1
INVENTORIES
 3 Months Ended
Mar. 31, 2024
Inventory Disclosure [Abstract]  
INVENTORIES INVENTORIES
Inventories, net of reserves at March 31, 2024 and December 31, 2023 consisted of the following:

March 31, 2024December 31, 2023
Raw materials$32,759 $39,517 
Work in progress5,856 3,960 
Finished goods71,766 66,044 
Total inventories$110,381 $109,521 
v3.24.1.u1
PROPERTY, PLANT AND EQUIPMENT
 3 Months Ended
Mar. 31, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at March 31, 2024 and December 31, 2023 are summarized as follows:
 March 31, 2024December 31, 2023
Land$11,654 $11,787 
Building104,662 104,363 
Equipment314,680 312,704 
Construction in progress61,519 59,981 
 492,515 488,835 
Less: accumulated depreciation218,482 212,796 
Property, plant and equipment, net$274,033 $276,039 
In accordance with Topic 360, the Company reviews long-lived assets for impairment whenever events indicate that the carrying amount of the assets may not be fully recoverable. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset, which is generally based on discounted cash flows. There were no impairment charges recorded for the three months ended March 31, 2024 and 2023.
v3.24.1.u1
INTANGIBLE ASSETS
 3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS INTANGIBLE ASSETS
The Company had goodwill in the amount of $771,538 and $778,907 as of March 31, 2024 and December 31, 2023, respectively, subject to the provisions of ASC 350, “Intangibles-Goodwill and Other.” The decrease in goodwill is primarily due to foreign currency translation adjustments.
Identifiable intangible assets with finite lives at March 31, 2024 and December 31, 2023 are summarized as follows:

 Amortization
Period
(in years)		Gross Carrying Amount at March 31, 2024Accumulated Amortization at March 31, 2024Gross Carrying Amount at December 31, 2023Accumulated Amortization at December 31, 2023
Customer relationships & lists
10-20
$359,032 $213,443 $362,032 $209,651 
Trademarks & trade names
2-17
50,153 38,990 50,286 37,773 
Developed technology
5-12
40,769 17,776 41,184 17,516 
Other
2-18
25,806 23,507 25,733 23,083 
 $475,760 $293,716 $479,235 $288,023 
Amortization of identifiable intangible assets was approximately $6,342 and $7,293 for the three months ended March 31, 2024 and 2023, respectively. Assuming no change in the gross carrying value of identifiable intangible assets, estimated amortization expense is $12,832 for the remainder of 2024, $15,715 for 2025, $15,516 for 2026, $14,992 for 2027, $14,594 for 2028 and $14,171 for 2029. At March 31, 2024 and December 31, 2023, there were no identifiable intangible assets with indefinite useful lives as defined by ASC 350. Identifiable intangible assets are reflected in “Intangible assets with finite lives, net” on the Company’s condensed consolidated balance sheets. There were no changes to the useful lives of intangible assets subject to amortization during the three months ended March 31, 2024 and 2023.
v3.24.1.u1
EQUITY METHOD INVESTMENT
 3 Months Ended
Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
EQUITY METHOD INVESTMENT EQUITY METHOD INVESTMENT
In 2013, the Company and Eastman Chemical Company formed a joint venture (66.66% / 33.34% ownership), St. Gabriel CC Company, LLC, to design, develop, and construct an expansion of the Company’s St. Gabriel aqueous choline chloride plant. The Company contributed the St. Gabriel plant, at cost, and all continued expansion and improvements are funded by the owners. The joint venture became operational as of July 1, 2016. St. Gabriel CC Company, LLC is a Variable Interest Entity (VIE) because the total equity at risk is not sufficient to permit the joint venture to finance its own activities without additional subordinated financial support. Additionally, voting rights (2 votes each) are not proportionate to the owners’ obligation to absorb expected losses or receive the expected residual returns of the joint venture. The Company receives up to 2/3 of the production offtake capacity and absorbs operating expenses approximately proportional to the actual percentage of offtake. The joint venture is accounted for under the equity method of accounting since the Company is not the primary beneficiary as the Company does not have the power to direct the activities of the joint venture that most significantly impact its economic performance. The Company recognized a loss of $121 and $139 for the three months ended March 31, 2024 and 2023, respectively, relating to its portion of the joint venture's expenses in other expense. The Company made capital contributions to the investment totaling $42 and $56 for the three months ended March 31, 2024 and 2023, respectively. The carrying value of the joint venture at March 31, 2024 and December 31, 2023 was $3,997 and $4,076, respectively, and is recorded in "Other non-current assets" on the condensed consolidated balance sheets.
v3.24.1.u1
REVOLVING LOAN
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
REVOLVING LOAN REVOLVING LOAN
On July 27, 2022, the Company entered into an Amended and Restated Credit Agreement (the "2022 Credit Agreement") with certain lenders in the form of a senior secured revolving credit facility, due on July 27, 2027. The 2022 Credit Agreement allows for up to $550,000 of borrowing. The loans may be used for working capital, letters of credit, and other corporate purposes and may be drawn upon at the Company’s discretion. As of March 31, 2024 and December 31, 2023, the total balance outstanding on the 2022 Credit Agreement amounted to $301,569 and $309,569, respectively. There are no installment payments required on the revolving loans; they may be voluntarily prepaid in whole or in part without premium or penalty, and all outstanding amounts are due on the maturity date.
Amounts outstanding under the 2022 Credit Agreement are subject to an interest rate equal to a fluctuating rate as defined by the 2022 Credit Agreement plus an applicable rate. The applicable rate is based upon the Company’s consolidated net leverage ratio, as defined in the 2022 Credit Agreement, and the interest rate was 6.554% at March 31, 2024. The Company is also required to pay a commitment fee on the unused portion of the revolving loan, which is based on the Company’s consolidated net leverage ratio as defined in the 2022 Credit Agreement and ranges from 0.150% to 0.225% (0.175% at March 31, 2024). The unused portion of the revolving loan amounted to $248,431 at March 31, 2024. The Company is also required to pay, as applicable, letter of credit fees, administrative agent fees, and other fees to the arrangers and lenders.
Costs associated with the issuance of the revolving loans are capitalized and amortized on a straight-line basis over the term of the 2022 Credit Agreement, which is not materially different than the effective interest method. Capitalized costs net of accumulated amortization were $959 and $1,030 at March 31, 2024 and December 31, 2023, respectively, and are included in "Other non-current assets" on the condensed consolidated balance sheets. Amortization expense pertaining to these costs totaled $71 for both the three months ended March 31, 2024 and 2023, and are included in "Interest expense, net" in the accompanying condensed consolidated statements of earnings.
The 2022 Credit Agreement contains quarterly covenants requiring the consolidated leverage ratio to be less than a certain maximum ratio and the consolidated interest coverage ratio to exceed a certain minimum ratio. At March 31, 2024, the Company was in compliance with these covenants. Indebtedness under the Company’s loan agreements is secured by assets of the Company.
v3.24.1.u1
NET EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
NET EARNINGS PER SHARE NET EARNINGS PER SHARE
The following presents a reconciliation of the net earnings and shares used in calculating basic and diluted net earnings per share:

Three Months Ended
March 31,
20242023
Net Earnings - Basic and Diluted$28,986 $22,710 
Shares (000s)
Weighted Average Common Shares - Basic32,251 32,078 
Effect of Dilutive Securities – Stock Options, Restricted Stock, and Performance Shares376 337 
Weighted Average Common Shares - Diluted32,627 32,415 
Net Earnings Per Share - Basic$0.90 $0.71 
Net Earnings Per Share - Diluted$0.89 $0.70 
The number of anti-dilutive shares were 448,915 and 509,785 for the three months ended March 31, 2024 and 2023, respectively. Anti-dilutive shares could potentially dilute basic earnings per share in future periods and therefore, were not included in diluted earnings per share.
v3.24.1.u1
INCOME TAXES
 3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The Company’s effective tax rate for the three months ended March 31, 2024 and 2023, was 21.3% and 22.0%, respectively. The lower effective tax rate was primarily due to higher tax benefits from stock-based compensation and certain lower foreign taxes.
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company regularly reviews its deferred tax assets for recoverability and would establish a valuation allowance if it believed that such assets may not be recovered, taking into consideration historical operating results, expectations of future earnings, changes in its operations and the expected timing of the reversals of existing temporary differences.
The Company accounts for uncertainty in income taxes utilizing ASC 740-10, "Income Taxes". ASC 740-10 clarifies whether or not to recognize assets or liabilities for tax positions taken that may be challenged by a tax authority. It prescribes a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken or expected to be taken. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, and disclosures. The application of ASC 740-10 requires judgment related to the uncertainty in income taxes and could impact our effective tax rate.
The Company files income tax returns in the U.S. and in various states and foreign countries. As of March 31, 2024, in the major jurisdictions where the Company operates, it is generally no longer subject to income tax examinations by tax authorities for years before 2019. The Company had approximately $4,708 and $4,650 of unrecognized tax benefits, which are included in "Other long-term obligations" on the Company’s condensed consolidated balance sheets, as of March 31, 2024 and December 31, 2023, respectively. The Company includes interest expense or income as well as potential penalties on unrecognized tax positions as a component of "Income tax expense" in the condensed consolidated statements of earnings. Total accrued interest and penalties related to uncertain tax positions at March 31, 2024 and December 31, 2023 were approximately $1,472 and $1,413, respectively, and are included in "Other long-term obligations" on the Company’s condensed consolidated balance sheets.
The European Union ("EU") member states formally adopted the EU's Pillar Two Directive, which was established by the Organization for Economic Co-operation and Development. Pillar Two generally provides for a 15 percent minimum effective tax rate for the jurisdictions where multinational enterprises operate. While the Company does not anticipate that this will have a material impact on its tax provision or effective tax rate, the Company continues to monitor evolving tax legislation in the jurisdictions in which it operates.
v3.24.1.u1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
Balchem Corporation reports three reportable segments: Human Nutrition and Health, Animal Nutrition and Health, and Specialty Products. Sales and production of products outside of our reportable segments and other minor business activities are included in "Other and Unallocated".
The segment information is summarized as follows:

Business Segment AssetsMarch 31,
2024		December 31,
2023
Human Nutrition and Health$1,185,078 $1,180,527 
Animal Nutrition and Health158,900 166,994 
Specialty Products167,184 168,307 
Other and Unallocated (1)
77,538 81,383 
Total$1,588,700 $1,597,211 


Business Segment Net Sales		Three Months Ended March 31,
 20242023
Human Nutrition and Health$152,744 $132,653 
Animal Nutrition and Health53,921 64,889 
Specialty Products31,613 32,231 
Other and Unallocated (2)
1,381 2,767 
Total$239,659 $232,540 


Business Segment Earnings Before Income Taxes		Three Months Ended March 31,
 20242023
Human Nutrition and Health$33,257 $18,435 
Animal Nutrition and Health2,060 9,498 
Specialty Products8,199 7,946 
Other and Unallocated (2)
(1,840)(1,471)
Interest and other expenses(4,826)(5,289)
Total$36,850 $29,119 


Depreciation/Amortization		Three Months Ended March 31,
 20242023
Human Nutrition and Health$9,540 $9,662 
Animal Nutrition and Health2,102 1,645 
Specialty Products1,779 1,798 
Other and Unallocated (2)
247 541 
Total$13,668 $13,646 

Capital Expenditures		Three Months Ended March 31,
 20242023
Human Nutrition and Health$4,260 $8,212 
Animal Nutrition and Health2,021 441 
Specialty Products435 911 
Other and Unallocated (2)
70 48 
Total$6,786 $9,612 
(1) Other and Unallocated assets consist of certain cash, capitalized loan issuance costs, other assets, investments, and income taxes, which the Company does not allocate to its individual business segments. It also includes assets associated with a few minor businesses which individually do not meet the quantitative thresholds for separate presentation.
(2) Other and Unallocated consists of a few minor businesses which individually do not meet the quantitative thresholds for separate presentation and corporate expenses that have not been allocated to a segment. Unallocated corporate expenses consist of: (i) Transaction and integration costs of $440 and $565 for the three months ended March 31, 2024 and 2023, respectively, and (ii) Unallocated amortization expense of $0 and $312 for the three months ended March 31, 2024 and 2023, respectively, related to an intangible asset in connection with a company-wide ERP system implementation.
v3.24.1.u1
REVENUE
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
Revenue Recognition
Revenues are recognized when control of the promised goods is transferred to customers, in an amount that reflects the consideration the Company expects to realize in exchange for those goods.
The following table presents revenues disaggregated by revenue source. Sales and usage-based taxes are excluded from revenues.

Three Months Ended March 31,
20242023
Product Sales Revenue$239,126 $231,760 
Royalty Revenue533 780 
Total Revenue$239,659 $232,540 

The following table presents revenues disaggregated by geography, based on the shipping addresses of customers:

Three Months Ended March 31,
20242023
United States$182,086 $166,884 
Foreign Countries57,573 65,656 
Total Revenue$239,659 $232,540 


Product Sales Revenues
The Company’s primary operation is the manufacturing and sale of health and nutrition ingredient products, in which the Company receives an order from a customer and fulfills that order. The Company’s product sales are considered point-in-time revenue.

Royalty Revenues
Royalty revenue consists of agreements with customers to use the Company’s intellectual property in exchange for a sales-based royalty. Royalties are considered over time revenue and are recorded in the Human Nutrition and Health segment.
Contract Liabilities
The Company records contract liabilities when cash payments are received or due in advance of performance, including amounts which are refundable.
The Company’s payment terms vary by the type and location of customers and the products offered. The term between invoicing and when payment is due is not significant. For certain products or services and customer types, the Company requires payment before the products are delivered to the customer.
Practical Expedients and Exemptions
The Company generally expenses sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within selling and marketing expenses.
The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for products shipped.
v3.24.1.u1
SUPPLEMENTAL CASH FLOW INFORMATION
 3 Months Ended
Mar. 31, 2024
Supplemental Cash Flow Information [Abstract]  
SUPPLEMENTAL CASH FLOW INFORMATION SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid during the three months ended March 31, 2024 and 2023 for income taxes and interest is as follows:
Three Months Ended March 31,
20242023
Income taxes$949 $42 
Interest$5,170 $6,691 
v3.24.1.u1
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
 3 Months Ended
Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
The changes in accumulated other comprehensive (loss) income were as follows:

 Three Months Ended March 31,
 20242023
Net foreign currency translation adjustment$(12,717)$9,424 
Net change of cash flow hedge (see Note 19 for further
   information)
Unrealized loss on cash flow hedge— (676)
Tax— 165 
Net of tax— (511)
Net change in postretirement benefit plan (see Note 14 for
   further information)
Amortization of (gain) loss(3)2 
Prior service loss arising during the period206 132 
Total before tax203 134 
Tax(49)(34)
Net of tax154 100 
Total other comprehensive (loss) income$(12,563)$9,013 
Included in "Net foreign currency translation adjustment" was a loss of $1,021 related to a net investment hedge, which was net of tax benefit of $332 for the three months ended March 31, 2023. The Company settled its derivative instruments on their maturity date of June 27, 2023. See Note 19, Derivative Instruments and Hedging Activities.

Accumulated other comprehensive (loss) income at March 31, 2024 and December 31, 2023 consisted of the following:

 Foreign currency
translation
adjustment		Cash flow hedgePostretirement
benefit plan		Total
Balance December 31, 2023$8,408 $— $283 $8,691 
Other comprehensive (loss) income(12,717)— 154 (12,563)
Balance March 31, 2024$(4,309)$— $437 $(3,872)
v3.24.1.u1
EMPLOYEE BENEFIT PLANS
 3 Months Ended
Mar. 31, 2024
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
Defined Contribution Plans
The Company sponsors one 401(k) savings plan for eligible employees, which allows participants to make pretax or after tax contributions and the Company matches certain percentages of those contributions. The plan also has a discretionary profit sharing portion and matches 401(k) contributions with shares of the Company’s Common Stock. All amounts contributed to the plan are deposited into a trust fund administered by independent trustees.
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 facility and one for officers of the Company pursuant to the Balchem Corporation Officer Retiree Program.
Net periodic benefit costs for such retirement medical plans were as follows:

 Three Months Ended March 31,
 20242023
Service cost$28 $27 
Interest cost14 15 
Amortization of (gain) loss(3)2 
Net periodic benefit cost$39 $44 

The amounts recorded for these obligations on the Company’s condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023 are $1,298 and $1,395, respectively, and are included in "Other long-term obligations" on the Company's condensed consolidated balance sheets. These plans are unfunded and approved claims are paid from Company funds. Historical cash payments made under such plans have typically been less than $200 per year.

Defined Benefit Pension Plans
On May 27, 2019, the Company acquired Chemogas Holding NV, a privately held specialty gases company headquartered in Grimbergen, Belgium ("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 amounts recorded for these obligations on the Company's condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023 were $400 and $420, respectively, and were included in "Other long-term obligations" on the Company's condensed consolidated balance sheets.
Net periodic benefit costs for such benefit pensions plans were as follows:
Three Months Ended March 31,
 20242023
Service cost with interest to end of year$18 $16 
Interest cost14 16 
Expected return on plan assets(10)(10)
Total net periodic benefit cost$22 $22 

Deferred Compensation Plan
The Company provides an unfunded, nonqualified 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, and are subject to additional risk of loss in the event of bankruptcy or insolvency of the Company. The deferred compensation liability was $10,800 as of March 31, 2024, of which $10,782 was included in "Other long-term obligations" and $18 was included in "Accrued compensation and other benefits" on the Company's condensed consolidated balance sheets. The deferred compensation liability was $10,188 as of December 31, 2023 and was included in "Other long-term obligations" on the Company’s condensed consolidated balance sheets. The related assets of the irrevocable trust funds (also known as "rabbi trust funds") were $10,789 and $10,188 as of March 31, 2024 and December 31, 2023, respectively, and were included in "Other non-current assets" on the Company's condensed consolidated balance sheets.
v3.24.1.u1
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
The Company is obligated to make rental payments under non-cancelable operating and finance leases. Aggregate future minimum rental payments required under these leases at March 31, 2024 are disclosed in Note 18, Leases.
The Company’s Verona, Missouri facility, while held by a prior owner, Syntex Agribusiness, Inc. (“Syntex”), was designated by the U.S. Environmental Protection Agency (the "EPA") as a Superfund site and placed on the National Priorities List in 1983 because of dioxin contamination on portions of the site. Remediation was conducted by Syntex under the oversight of the EPA and the Missouri Department of Natural Resources. The Company is indemnified by the sellers under its May 2001 asset purchase agreement covering its acquisition of the Verona, Missouri facility for potential liabilities associated with the Superfund site. One of the sellers, in turn, has the benefit of certain contractual indemnification by Syntex in relation to the implementation of the above-described Superfund remedy. In June 2023, in response to a Special Notice Letter received from the EPA in 2022, BCP Ingredients, Inc. ("BCP"), the Company's subsidiary that operates the site, Syntex, EPA, and the State of Missouri entered into an Administrative Settlement Agreement and Order on Consent (“ASAOC”) for a focused remedial investigation/feasibility study ("RI/FS") under which (a) BCP will conduct a source investigation of potential source(s) of releases of 1,4-dioxane and chlorobenzene at a portion of the site and (b) BCP and Syntex will complete a RI/FS to determine a potential remedy, if any is required. Activities under the ASAOC are underway and are expected to continue for some period of time.
Separately, in June 2022, the EPA conducted an inspection of BCP’s Verona, Missouri facility (“2022 EPA Inspection”) which was followed by BCP entering into an Administrative Order for Compliance on Consent (“AOC”) with the EPA in relation to its risk management program at the Verona facility. Further, in January 2023, BCP entered into an Amended AOC with the EPA whereby the parties agreed to the extension of certain timelines. BCP timely completed all requirements under the Amended AOC. In November 2023, BCP received a notice from the Environment and Natural Resources Division of the U.S Department of Justice (“DOJ”) primarily related to the 2022 EPA Inspection, which extended the opportunity to discuss alleged violations of Sections 112(r)(7) of the Clean Air Act and regulations in 40 C.F.R. Part 68, commonly known as the Risk Management Plan Rule (“RMP Rule”). BCP has engaged in, and intends to continue to participate in, such discussions in 2024. In connection with the 2022 EPA Inspection, the Company believes that a loss contingency in this matter is probable and reasonably estimable and has recorded a loss contingency in an amount that is not material to its financial performance or operations.
In addition to the above, from time to time, the Company is a party to various legal proceedings, litigation, claims and assessments. While it is not possible to predict the ultimate disposition of each of these matters, management believes that the ultimate outcome of such matters will not have a material effect on the Company's consolidated financial position, results of operations, liquidity or cash flows.
v3.24.1.u1
FAIR VALUE OF FINANCIAL INSTRUMENTS
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS
The Company has a number of financial instruments, none of which are held for trading purposes. The Company estimates that the fair value of all financial instruments at March 31, 2024 and December 31, 2023 does not differ materially from the aggregate carrying values of its financial instruments recorded in the accompanying condensed consolidated balance sheets. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessarily required in interpreting market data to develop the estimates of fair value, and, accordingly, the estimates are not necessarily indicative of the amounts that the Company could realize in a current market exchange. The carrying value of debt approximates fair value as the interest rate is based on market and the Company’s consolidated leverage ratio. The Company’s financial instruments also include cash equivalents, accounts receivable, accounts payable, and accrued liabilities, which are carried at cost and approximate fair value due to the short-term maturity of these instruments. Cash and cash equivalents at March 31, 2024 and December 31, 2023 includes $4,428 and $959 in money market funds and other interest-bearing deposit accounts, respectively.
Non-current assets at March 31, 2024 and December 31, 2023 included $10,789 and $10,188, respectively, of rabbi trust funds related to the Company's deferred compensation plan. The money market and rabbi trust funds are valued using level one inputs, as defined by ASC 820, “Fair Value Measurement.”
The contingent consideration liabilities included on the balance sheet amount to $100 as of both March 31, 2024 and December 31, 2023 and were valued using level three inputs, as defined by ASC 820, "Fair Value Measurement".
v3.24.1.u1
RELATED PARTY TRANSACTIONS
 3 Months Ended
Mar. 31, 2024
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS
The Company provides services under a contractual agreement to St. Gabriel CC Company, LLC. These services include accounting, information technology, quality control, and purchasing services, as well as operation of the St. Gabriel CC Company, LLC plant. The Company also sells raw materials to St. Gabriel CC Company, LLC. These raw materials are used in the production of finished goods that are, in turn, sold by Saint Gabriel CC Company, LLC to the Company for resale to unrelated parties. As such, the sale of these raw materials to St. Gabriel CC Company, LLC in this scenario lacks economic substance and therefore the Company does not include them in net sales within the condensed consolidated statements of earnings.
Payments for the services the Company provided amounted to $1,092 and $1,172 for the three months ended March 31, 2024 and 2023, respectively. The raw materials purchased and subsequently sold amounted to $6,332 and $10,013 for the three months ended March 31, 2024 and 2023, respectively. These services and raw materials are primarily recorded in cost of goods sold, net of the finished goods received from St. Gabriel CC Company, LLC of $4,971 and $8,072 during the three months ended March 31, 2024 and 2023, respectively. At March 31, 2024 and December 31, 2023, the Company had receivables of $7,424 and $8,314, respectively, recorded in accounts receivable from St. Gabriel CC Company, LLC for services rendered and raw materials sold. At March 31, 2024 and December 31, 2023, the Company had payables of $5,013 and $6,050, respectively, recorded in accounts payable for finished goods received from St. Gabriel CC Company, LLC. The Company had payables in the amount of $296 and $329, respectively, related to non-contractual monies owed to St. Gabriel CC Company, LLC, recorded in accounts payable as of March 31, 2024 and December 31, 2023.
v3.24.1.u1
LEASES
 3 Months Ended
Mar. 31, 2024
Leases [Abstract]  
LEASES LEASES
The Company has both real estate leases and equipment leases. The main types of equipment leases include forklifts, trailers, printers and copiers, railcars, and trucks. Leases are categorized as both operating leases and finance leases. The Company elected the practical expedient to combine lease and non-lease components and recognizes the combined amount on the condensed consolidated balance sheet. Management determined that since the Company has a centralized treasury function, the parent company would either fund or guarantee a subsidiary's loan for borrowing over a similar term. As such, the Company's management determined it is appropriate to utilize a corporate based borrowing rate for all locations. The Company developed four tranches of leases based on lease terms and these tranches reflect the composition of the current lease portfolio. The Company's borrowing history shows that interest rates of a term loan or a line of credit depend on the duration of the loan rather than the nature of the assets purchased by those funds. Based on this understanding, the Company elected to use a portfolio approach to discount rates, applying corporate rates to the tranches of leases based on lease terms. Based on the Company's risk rating, the Company applied the following discount rates for new leases entered into during the first quarter of 2024: (1) 1-2 years, 6.76% (2) 3-4 years, 7.35% (3) 5-9 years, 7.69% and (4) 10+ years, 8.41%.
Right of use assets and lease liabilities at March 31, 2024 and December 31, 2023 are summarized as follows:

Right of use assetsMarch 31, 2024December 31, 2023
Operating leases$16,973 $17,763 
Finance leases2,037 2,101 
Total$19,010 $19,864 

Lease liabilities - currentMarch 31, 2024December 31, 2023
Operating leases$3,794 $3,949 
Finance leases260 272 
Total$4,054 $4,221 

Lease liabilities - non-currentMarch 31, 2024December 31, 2023
Operating leases$13,971 $14,601 
Finance leases1,895 1,943 
Total$15,866 $16,544 
For the three months ended March 31, 2024 and 2023, the Company's total lease costs were as follows, which included amounts recognized in earnings, amounts capitalized on the balance sheets, and the cash flows arising from lease transactions:
Three Months Ended March 31,
20242023
Lease Cost
Operating lease cost$1,341 $1,270 
Finance lease cost
Amortization of ROU asset60 60 
Interest on lease liabilities27 29 
Total finance lease87 89 
Total lease cost$1,428 $1,359 
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$1,333 $1,058 
Operating cash flows from finance leases27 29 
Financing cash flows from finance leases57 55 
$1,417 $1,142 
Right-of-use assets obtained in exchange for new operating lease liabilities, net of right-of-use assets disposed$398 $457 
Weighted-average remaining lease term - operating leases9.25 years5.42 years
Weighted-average remaining lease term - finance leases8.86 years9.73 years
Weighted-average discount rate - operating leases7.5 %3.7 %
Weighted-average discount rate - finance leases5.0 %5.0 %
Rent expense charged to operations under operating lease agreements for the three months ended March 31, 2024 and 2023 aggregated to approximately $1,341 and $1,270, respectively.
Aggregate future minimum rental payments required under all non-cancelable operating and finance leases at March 31, 2024 are as follows:

Year 
April 1, 2024 to December 31, 2024$4,033 
20254,266 
20263,686 
20272,806 
20282,287 
20291,822 
Thereafter5,746 
Total minimum lease payments$24,646 
LEASES LEASES
The Company has both real estate leases and equipment leases. The main types of equipment leases include forklifts, trailers, printers and copiers, railcars, and trucks. Leases are categorized as both operating leases and finance leases. The Company elected the practical expedient to combine lease and non-lease components and recognizes the combined amount on the condensed consolidated balance sheet. Management determined that since the Company has a centralized treasury function, the parent company would either fund or guarantee a subsidiary's loan for borrowing over a similar term. As such, the Company's management determined it is appropriate to utilize a corporate based borrowing rate for all locations. The Company developed four tranches of leases based on lease terms and these tranches reflect the composition of the current lease portfolio. The Company's borrowing history shows that interest rates of a term loan or a line of credit depend on the duration of the loan rather than the nature of the assets purchased by those funds. Based on this understanding, the Company elected to use a portfolio approach to discount rates, applying corporate rates to the tranches of leases based on lease terms. Based on the Company's risk rating, the Company applied the following discount rates for new leases entered into during the first quarter of 2024: (1) 1-2 years, 6.76% (2) 3-4 years, 7.35% (3) 5-9 years, 7.69% and (4) 10+ years, 8.41%.
Right of use assets and lease liabilities at March 31, 2024 and December 31, 2023 are summarized as follows:

Right of use assetsMarch 31, 2024December 31, 2023
Operating leases$16,973 $17,763 
Finance leases2,037 2,101 
Total$19,010 $19,864 

Lease liabilities - currentMarch 31, 2024December 31, 2023
Operating leases$3,794 $3,949 
Finance leases260 272 
Total$4,054 $4,221 

Lease liabilities - non-currentMarch 31, 2024December 31, 2023
Operating leases$13,971 $14,601 
Finance leases1,895 1,943 
Total$15,866 $16,544 
For the three months ended March 31, 2024 and 2023, the Company's total lease costs were as follows, which included amounts recognized in earnings, amounts capitalized on the balance sheets, and the cash flows arising from lease transactions:
Three Months Ended March 31,
20242023
Lease Cost
Operating lease cost$1,341 $1,270 
Finance lease cost
Amortization of ROU asset60 60 
Interest on lease liabilities27 29 
Total finance lease87 89 
Total lease cost$1,428 $1,359 
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$1,333 $1,058 
Operating cash flows from finance leases27 29 
Financing cash flows from finance leases57 55 
$1,417 $1,142 
Right-of-use assets obtained in exchange for new operating lease liabilities, net of right-of-use assets disposed$398 $457 
Weighted-average remaining lease term - operating leases9.25 years5.42 years
Weighted-average remaining lease term - finance leases8.86 years9.73 years
Weighted-average discount rate - operating leases7.5 %3.7 %
Weighted-average discount rate - finance leases5.0 %5.0 %
Rent expense charged to operations under operating lease agreements for the three months ended March 31, 2024 and 2023 aggregated to approximately $1,341 and $1,270, respectively.
Aggregate future minimum rental payments required under all non-cancelable operating and finance leases at March 31, 2024 are as follows:

Year 
April 1, 2024 to December 31, 2024$4,033 
20254,266 
20263,686 
20272,806 
20282,287 
20291,822 
Thereafter5,746 
Total minimum lease payments$24,646 
v3.24.1.u1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
On May 28, 2019, the Company entered into a pay-fixed (2.05%), receive-floating interest rate swap with a notional amount of $108,569 and a maturity date of June 27, 2023, which was designated as cash flow hedge. The net interest income related to the interest rate swap contract was $684 for the three months ended March 31, 2023. There was no such income for the three months ended March 31, 2024 as the interest rate swap was settled on its maturity date of June 27, 2023. The net interest income was recorded in the condensed consolidated statements of earnings under "Interest expense, net."
On May 28, 2019, the Company also entered into a pay-fixed (0.00%), receive-fixed (2.05%) cross-currency swap to manage foreign exchange risk related to the Company's net investment in Chemogas, which was designated as net investment hedge. The derivative had a notional amount of $108,569, an effective date of May 28, 2019, and a maturity date of June 27, 2023. The interest income related to the cross-currency swap contract was $550 for the three months ended March 31, 2023. There was no such income for the three months ended March 31, 2024 as the cross-currency swap was settled on its maturity date of June 27, 2023. The interest income was recorded in the condensed consolidated statements of earnings under "Interest expense, net."
The Company settled its derivative instruments on their maturity date of June 27, 2023 and had no other derivatives outstanding as of March 31, 2024. The proceeds from the settlement of the cross-currency swap in the amount of $2,740 were classified as investing activities in the Consolidated Statements of Cash Flows in the second quarter of 2023.
Losses on our hedging instruments were recognized in accumulated other comprehensive income (loss) and categorized as follows for the three months ended March 31, 2023. There were no such losses for the three months ended March 31, 2024:

Location within Statements of Comprehensive IncomeThree Months Ended
March 31, 2023
Cash flow hedge (interest rate swap), net of taxUnrealized (loss) on cash flow hedge, net$(511)
Net investment hedge (cross-currency swap), net of taxNet foreign currency translation adjustment(1,021)
Total$(1,532)
v3.24.1.u1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Pay vs Performance Disclosure    
Net earnings $ 28,986 $ 22,710
v3.24.1.u1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.1.u1
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Policies)
 3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Recent Accounting Pronouncements
Recent Accounting Pronouncements

Recently Issued Accounting Standards
In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740) - Improvements to Income Tax Disclosures." The new guidance is intended to enhance the transparency and decision usefulness of income tax disclosures by requiring disaggregated information about a reporting entity's effective tax rate reconciliation and information on income taxes paid. The amendment is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendment in this Update should be applied on a prospective basis, with retrospective application permitted. The Company is in the process of evaluating the impact that the adoption of ASU 2023-09 will have to the financial statements and related disclosures.
In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures." The ASU expands reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment's profit or loss. The ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment's profit or loss in assessing segment performance and deciding how to allocate resources. Additionally, ASU 2023-07 requires all segment profit or loss and assets disclosures to be provided on an annual and interim basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning December 15, 2024. Early adoption is permitted and the amendments must be applied retrospectively to all prior periods presented. The adoption of this guidance will not affect the Company's consolidated results of operations, financial position or cash flows. The Company is currently evaluating the effect the guidance will have on its disclosures.

Recently Adopted Accounting Standards
In August 2023, the FASB issued Accounting Standards Update ("ASU") 2023-05, "Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement." The new guidance applies to the formation of a joint venture and requires a joint venture to initially measure all contributions received upon its formation at fair value. The guidance is intended to reduce diversity in practice and is applicable to joint venture entities with a formation date on or after January 1, 2025 on a prospective basis. While ASU 2023-05 is not currently applicable to Balchem, the Company will apply this guidance in future reporting periods after the guidance is effective to any future arrangements meeting the definition of a joint venture.
v3.24.1.u1
STOCKHOLDERS' EQUITY (Tables)
 3 Months Ended
Mar. 31, 2024
Stockholders' Equity Note [Abstract]  
Schedule of Compensation Cost on Net Earnings
The Company’s results for the three months ended March 31, 2024 and 2023 reflected the following stock-based compensation cost, and such compensation cost had the following effects on net earnings:

Increase/(Decrease) for the
Three Months Ended March 31,
20242023
Cost of sales$400 $414 
Operating expenses4,350 4,356 
Net earnings(3,652)(3,682)
Schedule of Stock Option Activity
Option activity for the three months ended March 31, 2024 and 2023 is summarized below:

For the Three Months Ended March 31, 2024Shares (000s)Weighted
Average
Exercise
Price		Aggregate
Intrinsic
Value		Weighted
Average
Remaining
Contractual
Term
Outstanding as of December 31, 20231,078 $104.38 $47,889 
Granted113 143.43 
Exercised(125)70.40 
Forfeited(1)134.45 
Canceled— — 
Outstanding as of March 31, 20241,065 $112.48 $45,223 6.3
Exercisable as of March 31, 2024699 $97.89 $39,881 4.9
For the Three Months Ended March 31, 2023Shares (000s)Weighted
Average
Exercise
Price		Aggregate
Intrinsic
Value		Weighted
Average
Remaining
Contractual
Term
Outstanding as of December 31, 20221,045 $99.82 $27,221 
Granted109 138.09 
Exercised(31)79.27 
Forfeited(3)128.27 
Canceled— — 
Outstanding as of March 31, 20231,120 $104.04 $29,327 6.5
Exercisable as of March 31, 2023743 $88.07 $28,781 5.2
Schedule of Other Information Pertaining to Stock Option Activity
Other information pertaining to option activity during the three months ended March 31, 2024 and 2023 is as follows:

 Three Months Ended
March 31,
 20242023
Weighted-average fair value of options granted$44.52 $40.91 
Total intrinsic value of stock options exercised ($000s)$10,377 $1,584 
Schedule of Non-vested Restricted Stock Activity
Non-vested restricted stock activity for the three months ended March 31, 2024 and 2023 is summarized below:
Three Months Ended March 31,
20242023
Shares (000s)Weighted
Average Grant
Date Fair
Value		Shares (000s)Weighted
Average Grant
Date Fair
Value
Non-vested balance as of December 31116 $133.06 122 $124.42 
Granted35 143.43 37 138.09 
Vested(32)119.11 (30)111.36 
Forfeited(1)129.93 (1)125.18 
Non-vested balance as of March 31118 $139.95 128 $131.41 
Schedule of Non-vested Performance Share Activity
Non-vested performance share activity for the three months ended March 31, 2024 and 2023 is summarized below:

Three Months Ended March 31,
20242023
Shares (000s)Weighted
Average Grant
Date Fair
Value		Shares (000s)Weighted
Average Grant
Date Fair
Value
Non-vested balance as of December 3176 $135.25 70$127.69 
Granted47 152.28 42139.66
Vested(44)106.57 (36)98.84
Forfeited— — ——
Non-vested balance as of March 3179 $150.73 76$135.25 
v3.24.1.u1
INVENTORIES (Tables)
 3 Months Ended
Mar. 31, 2024
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories, net of reserves at March 31, 2024 and December 31, 2023 consisted of the following:

March 31, 2024December 31, 2023
Raw materials$32,759 $39,517 
Work in progress5,856 3,960 
Finished goods71,766 66,044 
Total inventories$110,381 $109,521 
v3.24.1.u1
PROPERTY, PLANT AND EQUIPMENT (Tables)
 3 Months Ended
Mar. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment
Property, plant and equipment at March 31, 2024 and December 31, 2023 are summarized as follows:
 March 31, 2024December 31, 2023
Land$11,654 $11,787 
Building104,662 104,363 
Equipment314,680 312,704 
Construction in progress61,519 59,981 
 492,515 488,835 
Less: accumulated depreciation218,482 212,796 
Property, plant and equipment, net$274,033 $276,039 
v3.24.1.u1
INTANGIBLE ASSETS (Tables)
 3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Identifiable Intangible Assets
Identifiable intangible assets with finite lives at March 31, 2024 and December 31, 2023 are summarized as follows:

 Amortization
Period
(in years)		Gross Carrying Amount at March 31, 2024Accumulated Amortization at March 31, 2024Gross Carrying Amount at December 31, 2023Accumulated Amortization at December 31, 2023
Customer relationships & lists
10-20
$359,032 $213,443 $362,032 $209,651 
Trademarks & trade names
2-17
50,153 38,990 50,286 37,773 
Developed technology
5-12
40,769 17,776 41,184 17,516 
Other
2-18
25,806 23,507 25,733 23,083 
 $475,760 $293,716 $479,235 $288,023 
v3.24.1.u1
NET EARNINGS PER SHARE (Tables)
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Reconciliation of Net Earnings and Shares Used in Calculating Basic and Diluted Net Earnings Per Share
The following presents a reconciliation of the net earnings and shares used in calculating basic and diluted net earnings per share:

Three Months Ended
March 31,
20242023
Net Earnings - Basic and Diluted$28,986 $22,710 
Shares (000s)
Weighted Average Common Shares - Basic32,251 32,078 
Effect of Dilutive Securities – Stock Options, Restricted Stock, and Performance Shares376 337 
Weighted Average Common Shares - Diluted32,627 32,415 
Net Earnings Per Share - Basic$0.90 $0.71 
Net Earnings Per Share - Diluted$0.89 $0.70 
v3.24.1.u1
SEGMENT INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
The segment information is summarized as follows:

Business Segment AssetsMarch 31,
2024		December 31,
2023
Human Nutrition and Health$1,185,078 $1,180,527 
Animal Nutrition and Health158,900 166,994 
Specialty Products167,184 168,307 
Other and Unallocated (1)
77,538 81,383 
Total$1,588,700 $1,597,211 


Business Segment Net Sales		Three Months Ended March 31,
 20242023
Human Nutrition and Health$152,744 $132,653 
Animal Nutrition and Health53,921 64,889 
Specialty Products31,613 32,231 
Other and Unallocated (2)
1,381 2,767 
Total$239,659 $232,540 


Business Segment Earnings Before Income Taxes		Three Months Ended March 31,
 20242023
Human Nutrition and Health$33,257 $18,435 
Animal Nutrition and Health2,060 9,498 
Specialty Products8,199 7,946 
Other and Unallocated (2)
(1,840)(1,471)
Interest and other expenses(4,826)(5,289)
Total$36,850 $29,119 


Depreciation/Amortization		Three Months Ended March 31,
 20242023
Human Nutrition and Health$9,540 $9,662 
Animal Nutrition and Health2,102 1,645 
Specialty Products1,779 1,798 
Other and Unallocated (2)
247 541 
Total$13,668 $13,646 

Capital Expenditures		Three Months Ended March 31,
 20242023
Human Nutrition and Health$4,260 $8,212 
Animal Nutrition and Health2,021 441 
Specialty Products435 911 
Other and Unallocated (2)
70 48 
Total$6,786 $9,612 
(1) Other and Unallocated assets consist of certain cash, capitalized loan issuance costs, other assets, investments, and income taxes, which the Company does not allocate to its individual business segments. It also includes assets associated with a few minor businesses which individually do not meet the quantitative thresholds for separate presentation.
(2) Other and Unallocated consists of a few minor businesses which individually do not meet the quantitative thresholds for separate presentation and corporate expenses that have not been allocated to a segment. Unallocated corporate expenses consist of: (i) Transaction and integration costs of $440 and $565 for the three months ended March 31, 2024 and 2023, respectively, and (ii) Unallocated amortization expense of $0 and $312 for the three months ended March 31, 2024 and 2023, respectively, related to an intangible asset in connection with a company-wide ERP system implementation.
v3.24.1.u1
REVENUE (Tables)
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Revenues Disaggregated by Revenue Source
The following table presents revenues disaggregated by revenue source. Sales and usage-based taxes are excluded from revenues.

Three Months Ended March 31,
20242023
Product Sales Revenue$239,126 $231,760 
Royalty Revenue533 780 
Total Revenue$239,659 $232,540 

The following table presents revenues disaggregated by geography, based on the shipping addresses of customers:

Three Months Ended March 31,
20242023
United States$182,086 $166,884 
Foreign Countries57,573 65,656 
Total Revenue$239,659 $232,540 
v3.24.1.u1
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2024
Supplemental Cash Flow Information [Abstract]  
Schedule of Supplemental Cash Flow Information
Cash paid during the three months ended March 31, 2024 and 2023 for income taxes and interest is as follows:
Three Months Ended March 31,
20242023
Income taxes$949 $42 
Interest$5,170 $6,691 
v3.24.1.u1
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables)
 3 Months Ended
Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Changes in Accumulated Other Comprehensive Loss
The changes in accumulated other comprehensive (loss) income were as follows:

 Three Months Ended March 31,
 20242023
Net foreign currency translation adjustment$(12,717)$9,424 
Net change of cash flow hedge (see Note 19 for further
   information)
Unrealized loss on cash flow hedge— (676)
Tax— 165 
Net of tax— (511)
Net change in postretirement benefit plan (see Note 14 for
   further information)
Amortization of (gain) loss(3)2 
Prior service loss arising during the period206 132 
Total before tax203 134 
Tax(49)(34)
Net of tax154 100 
Total other comprehensive (loss) income$(12,563)$9,013 
Schedule of Accumulated Other Comprehensive (Loss) Income
Accumulated other comprehensive (loss) income at March 31, 2024 and December 31, 2023 consisted of the following:

 Foreign currency
translation
adjustment		Cash flow hedgePostretirement
benefit plan		Total
Balance December 31, 2023$8,408 $— $283 $8,691 
Other comprehensive (loss) income(12,717)— 154 (12,563)
Balance March 31, 2024$(4,309)$— $437 $(3,872)
v3.24.1.u1
EMPLOYEE BENEFIT PLANS (Tables)
 3 Months Ended
Mar. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Net Periodic Benefit Cost
Net periodic benefit costs for such retirement medical plans were as follows:

 Three Months Ended March 31,
 20242023
Service cost$28 $27 
Interest cost14 15 
Amortization of (gain) loss(3)2 
Net periodic benefit cost$39 $44 
Net periodic benefit costs for such benefit pensions plans were as follows:
Three Months Ended March 31,
 20242023
Service cost with interest to end of year$18 $16 
Interest cost14 16 
Expected return on plan assets(10)(10)
Total net periodic benefit cost$22 $22 
v3.24.1.u1
LEASES (Tables)
 3 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Summary of Right of Use Assets and Lease Liabilities
Right of use assets and lease liabilities at March 31, 2024 and December 31, 2023 are summarized as follows:

Right of use assetsMarch 31, 2024December 31, 2023
Operating leases$16,973 $17,763 
Finance leases2,037 2,101 
Total$19,010 $19,864 

Lease liabilities - currentMarch 31, 2024December 31, 2023
Operating leases$3,794 $3,949 
Finance leases260 272 
Total$4,054 $4,221 

Lease liabilities - non-currentMarch 31, 2024December 31, 2023
Operating leases$13,971 $14,601 
Finance leases1,895 1,943 
Total$15,866 $16,544 
For the three months ended March 31, 2024 and 2023, the Company's total lease costs were as follows, which included amounts recognized in earnings, amounts capitalized on the balance sheets, and the cash flows arising from lease transactions:
Three Months Ended March 31,
20242023
Lease Cost
Operating lease cost$1,341 $1,270 
Finance lease cost
Amortization of ROU asset60 60 
Interest on lease liabilities27 29 
Total finance lease87 89 
Total lease cost$1,428 $1,359 
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$1,333 $1,058 
Operating cash flows from finance leases27 29 
Financing cash flows from finance leases57 55 
$1,417 $1,142 
Right-of-use assets obtained in exchange for new operating lease liabilities, net of right-of-use assets disposed$398 $457 
Weighted-average remaining lease term - operating leases9.25 years5.42 years
Weighted-average remaining lease term - finance leases8.86 years9.73 years
Weighted-average discount rate - operating leases7.5 %3.7 %
Weighted-average discount rate - finance leases5.0 %5.0 %
Schedule of Aggregate Future Minimum Rental Payments Required under Non-Cancelable Finance Leases
Aggregate future minimum rental payments required under all non-cancelable operating and finance leases at March 31, 2024 are as follows:

Year 
April 1, 2024 to December 31, 2024$4,033 
20254,266 
20263,686 
20272,806 
20282,287 
20291,822 
Thereafter5,746 
Total minimum lease payments$24,646 
Schedule of Aggregate Future Minimum Rental Payments Required under Non-Cancelable Operating Leases
Aggregate future minimum rental payments required under all non-cancelable operating and finance leases at March 31, 2024 are as follows:

Year 
April 1, 2024 to December 31, 2024$4,033 
20254,266 
20263,686 
20272,806 
20282,287 
20291,822 
Thereafter5,746 
Total minimum lease payments$24,646 
v3.24.1.u1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Gains (Losses) on Hedging Instruments
Losses on our hedging instruments were recognized in accumulated other comprehensive income (loss) and categorized as follows for the three months ended March 31, 2023. There were no such losses for the three months ended March 31, 2024:

Location within Statements of Comprehensive IncomeThree Months Ended
March 31, 2023
Cash flow hedge (interest rate swap), net of taxUnrealized (loss) on cash flow hedge, net$(511)
Net investment hedge (cross-currency swap), net of taxNet foreign currency translation adjustment(1,021)
Total$(1,532)
v3.24.1.u1
STOCKHOLDERS' EQUITY - Stock-Based Compensation (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 22, 2023
Mar. 31, 2024
Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Net earnings   $ (3,652) $ (3,682)
Expiration period of options granted   10 years  
Shares available for future awards (in shares)   841,421  
Additional shares approved (in shares) 800,000    
Stock options | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Vesting period   3 years  
Stock options | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Vesting period   5 years  
Restricted stock      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Vesting period   3 years  
Restricted stock | Non-employee director      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Vesting period   3 years  
Performance shares      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Vesting period   3 years  
Cost of sales      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Stock-based compensation cost   $ 400 414
Operating expenses      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Stock-based compensation cost   $ 4,350 $ 4,356
v3.24.1.u1
STOCKHOLDERS' EQUITY - Stock Options (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]    
Outstanding at beginning of period (in shares) 1,078 1,045
Granted (in shares) 113 109
Exercised (in shares) (125) (31)
Forfeited (in shares) (1) (3)
Canceled (in shares) 0 0
Outstanding at end of period (in shares) 1,065 1,120
Exercisable at end of period (in shares) 699 743
Weighted Average Exercise Price    
Outstanding at beginning of period (in dollars per share) $ 104.38 $ 99.82
Granted (in dollars per share) 143.43 138.09
Exercised (in dollars per share) 70.40 79.27
Forfeited (in dollars per share) 134.45 128.27
Canceled (in dollars per share) 0 0
Outstanding at end of period (in dollars per share) 112.48 104.04
Exercisable at end of period (in dollars per share) $ 97.89 $ 88.07
Aggregate intrinsic value, outstanding, beginning of period $ 47,889 $ 27,221
Aggregate intrinsic value, outstanding, end of period 45,223 29,327
Aggregate intrinsic value, exercisable, end of period $ 39,881 $ 28,781
Weighted average remaining contractual term, outstanding 6 years 3 months 18 days 6 years 6 months
Weighted average remaining contractual term, exercisable 4 years 10 months 24 days 5 years 2 months 12 days
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]    
Weighted-average fair value of options granted (in dollars per share) $ 44.52 $ 40.91
Total intrinsic value of stock options exercised $ 10,377 $ 1,584
Stock options    
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]    
Dividend yield rate 0.60% 0.50%
Expected volatility rate 28.00% 28.00%
Risk-free interest rate 4.10% 3.90%
Expected term 5 years 4 years 9 months 18 days
v3.24.1.u1
STOCKHOLDERS' EQUITY - Restricted Stock and Performance Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]    
Unrecognized compensation cost $ 30,380 $ 30,507
Period for unrecognized compensation cost to be recognized over 2 years 2 months 12 days  
Estimated share-based compensation expense $ 16,700  
Restricted stock    
Shares    
Non-vested balance as of beginning of period (in shares) 116 122
Granted (in shares) 35 37
Vested (in shares) (32) (30)
Forfeited (in shares) (1) (1)
Non-vested balance as of end of period (in shares) 118 128
Weighted Average Grant Date Fair Value    
Non-vested balance as of beginning of period (in dollars per share) $ 133.06 $ 124.42
Granted (in dollars per share) 143.43 138.09
Vested (in dollars per share) 119.11 111.36
Forfeited (in dollars per share) 129.93 125.18
Non-vested balance as of end of period (in dollars per share) $ 139.95 $ 131.41
Performance shares    
Shares    
Non-vested balance as of beginning of period (in shares) 76 70
Granted (in shares) 47 42
Vested (in shares) (44) (36)
Forfeited (in shares) 0 0
Non-vested balance as of end of period (in shares) 79 76
Weighted Average Grant Date Fair Value    
Non-vested balance as of beginning of period (in dollars per share) $ 135.25 $ 127.69
Granted (in dollars per share) 152.28 139.66
Vested (in dollars per share) 106.57 98.84
Forfeited (in dollars per share) 0 0
Non-vested balance as of end of period (in dollars per share) $ 150.73 $ 135.25
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]    
Risk-free interest rate 4.20% 4.20%
Dividend yield rate 0.00% 0.50%
Expected volatility rate 25.00% 32.00%
Initial TSR 10.30% 4.20%
Cliff vest 100.00%  
Holding period of grants 1 year  
v3.24.1.u1
STOCKHOLDERS' EQUITY - Repurchase of Common Stock (Details) - $ / shares
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Stockholders' Equity Note [Abstract]    
Number of shares authorized to be repurchased (in shares) 3,763,038  
Aggregate number of shares repurchased since inception (in shares) 3,139,228  
Number of shares acquired under stock repurchase plan and subsequently reissued (in shares) 36,122 28,109
Treasury stock acquired, average cost (in dollars per share) $ 144.02 $ 136.94
v3.24.1.u1
INVENTORIES (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Raw materials $ 32,759 $ 39,517
Work in progress 5,856 3,960
Finished goods 71,766 66,044
Total inventories $ 110,381 $ 109,521
v3.24.1.u1
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]    
Gross property, plant and equipment $ 492,515 $ 488,835
Less: accumulated depreciation 218,482 212,796
Property, plant and equipment, net 274,033 276,039
Land    
Property, Plant and Equipment [Abstract]    
Gross property, plant and equipment 11,654 11,787
Building    
Property, Plant and Equipment [Abstract]    
Gross property, plant and equipment 104,662 104,363
Equipment    
Property, Plant and Equipment [Abstract]    
Gross property, plant and equipment 314,680 312,704
Construction in progress    
Property, Plant and Equipment [Abstract]    
Gross property, plant and equipment $ 61,519 $ 59,981
v3.24.1.u1
INTANGIBLE ASSETS - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]      
Goodwill $ 771,538,000   $ 778,907,000
Amortization of identifiable intangible assets 6,342,000 $ 7,293,000  
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]      
Remainder of 2024 12,832,000    
2025 15,715,000    
2026 15,516,000    
2027 14,992,000    
2028 14,594,000    
2029 14,171,000    
Identifiable intangible assets with indefinite useful lives $ 0   $ 0
v3.24.1.u1
INTANGIBLE ASSETS - Schedule of Identifiable Intangible Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Identifiable intangible assets [Abstract]    
Gross Carrying Amount $ 475,760 $ 479,235
Accumulated Amortization 293,716 288,023
Customer relationships & lists    
Identifiable intangible assets [Abstract]    
Gross Carrying Amount 359,032 362,032
Accumulated Amortization $ 213,443 209,651
Customer relationships & lists | Minimum    
Identifiable intangible assets [Abstract]    
Amortization Period (in years) 10 years  
Customer relationships & lists | Maximum    
Identifiable intangible assets [Abstract]    
Amortization Period (in years) 20 years  
Trademarks & trade names    
Identifiable intangible assets [Abstract]    
Gross Carrying Amount $ 50,153 50,286
Accumulated Amortization $ 38,990 37,773
Trademarks & trade names | Minimum    
Identifiable intangible assets [Abstract]    
Amortization Period (in years) 2 years  
Trademarks & trade names | Maximum    
Identifiable intangible assets [Abstract]    
Amortization Period (in years) 17 years  
Developed technology    
Identifiable intangible assets [Abstract]    
Gross Carrying Amount $ 40,769 41,184
Accumulated Amortization $ 17,776 17,516
Developed technology | Minimum    
Identifiable intangible assets [Abstract]    
Amortization Period (in years) 5 years  
Developed technology | Maximum    
Identifiable intangible assets [Abstract]    
Amortization Period (in years) 12 years  
Other    
Identifiable intangible assets [Abstract]    
Gross Carrying Amount $ 25,806 25,733
Accumulated Amortization $ 23,507 $ 23,083
Other | Minimum    
Identifiable intangible assets [Abstract]    
Amortization Period (in years) 2 years  
Other | Maximum    
Identifiable intangible assets [Abstract]    
Amortization Period (in years) 18 years  
v3.24.1.u1
EQUITY METHOD INVESTMENT (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
vote
Mar. 31, 2023
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2013
Equity Method Investment, Summarized Financial Information [Abstract]        
Number of votes | vote 2      
Percentage of operating expenses to be absorbed 66.66%      
Percentage of production offtake 66.66%      
St. Gabriel CC Company, LLC        
Equity Method Investment, Summarized Financial Information [Abstract]        
Ownership percentage in joint venture       66.66%
Loss relating to joint venture's expenses $ 121 $ 139    
Capital contributions 42 $ 56    
Carrying value of joint venture $ 3,997   $ 4,076  
St. Gabriel CC Company, LLC | Eastman Chemical Company        
Equity Method Investment, Summarized Financial Information [Abstract]        
Ownership percentage in joint venture       33.34%
v3.24.1.u1
REVOLVING LOAN (Details) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Jul. 27, 2022
Debt Instrument [Line Items]        
Capitalized costs net of accumulated amortization $ 959,000   $ 1,030,000  
Amortization expense pertaining to capitalized costs 71,000 $ 71,000    
Revolving loan | Revolving        
Debt Instrument [Line Items]        
Maximum borrowing capacity       $ 550,000,000
Outstanding balance 301,569,000   $ 309,569,000  
Installment payments required $ 0      
Credit agreement        
Debt Instrument [Line Items]        
Interest rate 6.554%      
Commitment fee percentage 0.175%      
Unused portion of revolving loan $ 248,431,000      
Credit agreement | Minimum        
Debt Instrument [Line Items]        
Commitment fee percentage 0.15%      
Credit agreement | Maximum        
Debt Instrument [Line Items]        
Commitment fee percentage 0.225%      
v3.24.1.u1
NET EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Earnings Per Share [Abstract]    
Net Earnings - Basic and Diluted $ 28,986 $ 22,710
Weighted Average Common Shares - Basic (in shares) 32,251,000 32,078,000
Effect of Dilutive Securities - Stock Options, Restricted Stock, and Performance Shares (in shares) 376,000 337,000
Weighted Average Common Shares - Diluted (in shares) 32,627,000 32,415,000
Net Earnings Per Share - Basic (in dollars per share) $ 0.90 $ 0.71
Net Earnings Per Share - Diluted (in dollars per share) $ 0.89 $ 0.70
Anti-dilutive shares (in shares) 448,915 509,785
v3.24.1.u1
INCOME TAXES (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Effective tax rate 21.30% 22.00%  
Unrecognized tax benefits $ 4,708   $ 4,650
Accrued interest and penalties related to unrecognized tax benefits $ 1,472   $ 1,413
v3.24.1.u1
SEGMENT INFORMATION - Narrative (Details)
 3 Months Ended
Mar. 31, 2024
segment
Segment Reporting [Abstract]  
Reportable segments 3
v3.24.1.u1
SEGMENT INFORMATION - Business Segment Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Segment information [Abstract]    
Assets $ 1,588,700 $ 1,597,211
Operating Segments | Human Nutrition and Health    
Segment information [Abstract]    
Assets 1,185,078 1,180,527
Operating Segments | Animal Nutrition and Health    
Segment information [Abstract]    
Assets 158,900 166,994
Operating Segments | Specialty Products    
Segment information [Abstract]    
Assets 167,184 168,307
Other and Unallocated    
Segment information [Abstract]    
Assets $ 77,538 $ 81,383
v3.24.1.u1
SEGMENT INFORMATION - Business Segment Net Sales (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Segment information [Abstract]    
Net sales $ 239,659 $ 232,540
Operating Segments | Human Nutrition and Health    
Segment information [Abstract]    
Net sales 152,744 132,653
Operating Segments | Animal Nutrition and Health    
Segment information [Abstract]    
Net sales 53,921 64,889
Operating Segments | Specialty Products    
Segment information [Abstract]    
Net sales 31,613 32,231
Other and Unallocated    
Segment information [Abstract]    
Net sales $ 1,381 $ 2,767
v3.24.1.u1
SEGMENT INFORMATION - Business Segment Earnings Before Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Segment Reporting Information [Line Items]    
Earnings before income taxes $ 36,850 $ 29,119
Interest and other expenses (4,826) (5,289)
Operating Segments | Human Nutrition and Health    
Segment Reporting Information [Line Items]    
Earnings before income taxes 33,257 18,435
Operating Segments | Animal Nutrition and Health    
Segment Reporting Information [Line Items]    
Earnings before income taxes 2,060 9,498
Operating Segments | Specialty Products    
Segment Reporting Information [Line Items]    
Earnings before income taxes 8,199 7,946
Other and Unallocated    
Segment Reporting Information [Line Items]    
Earnings before income taxes (1,840) (1,471)
Interest and other expenses    
Segment Reporting Information [Line Items]    
Interest and other expenses $ (4,826) $ (5,289)
v3.24.1.u1
SEGMENT INFORMATION - Depreciation and Amortization (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Segment information [Abstract]    
Depreciation and amortization $ 13,668 $ 13,646
Operating Segments | Human Nutrition and Health    
Segment information [Abstract]    
Depreciation and amortization 9,540 9,662
Operating Segments | Animal Nutrition and Health    
Segment information [Abstract]    
Depreciation and amortization 2,102 1,645
Operating Segments | Specialty Products    
Segment information [Abstract]    
Depreciation and amortization 1,779 1,798
Other and Unallocated    
Segment information [Abstract]    
Depreciation and amortization $ 247 $ 541
v3.24.1.u1
SEGMENT INFORMATION - Capital Expenditures (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Segment information [Abstract]    
Capital expenditures $ 6,786 $ 9,612
Amortization of identifiable intangible assets 6,342 7,293
Other and Unallocated    
Segment information [Abstract]    
Capital expenditures 70 48
Transaction and integration related costs 440 565
Amortization of identifiable intangible assets 0 312
Human Nutrition and Health | Operating Segments    
Segment information [Abstract]    
Capital expenditures 4,260 8,212
Animal Nutrition and Health | Operating Segments    
Segment information [Abstract]    
Capital expenditures 2,021 441
Specialty Products | Operating Segments    
Segment information [Abstract]    
Capital expenditures $ 435 $ 911
v3.24.1.u1
REVENUE (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Disaggregation of Revenue [Line Items]    
Net sales $ 239,659 $ 232,540
United States    
Disaggregation of Revenue [Line Items]    
Net sales 182,086 166,884
Foreign Countries    
Disaggregation of Revenue [Line Items]    
Net sales 57,573 65,656
Product Sales Revenue    
Disaggregation of Revenue [Line Items]    
Net sales 239,126 231,760
Royalty Revenue    
Disaggregation of Revenue [Line Items]    
Net sales $ 533 $ 780
v3.24.1.u1
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Supplemental Cash Flow Information [Abstract]    
Income taxes $ 949 $ 42
Interest $ 5,170 $ 6,691
v3.24.1.u1
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME - Changes in Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Other Comprehensive Income (Loss), Net of Tax [Abstract]    
Net foreign currency translation adjustment $ (12,717) $ 9,424
Unrealized loss on cash flow hedge 0 (676)
Tax 0 165
Net of tax 0 (511)
Net change in postretirement benefit plan (see Note 14 for further information)    
Amortization of (gain) loss (3) 2
Prior service loss arising during the period 206 132
Total before tax 203 134
Tax (49) (34)
Net of tax 154 100
Other comprehensive (loss) income $ (12,563) 9,013
Currency swap    
Other Comprehensive Income (Loss), Net of Tax [Abstract]    
Net foreign currency translation adjustment   (1,021)
Net change in postretirement benefit plan (see Note 14 for further information)    
Net foreign currency translation adjustment tax benefit   $ 332
v3.24.1.u1
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME - Components of Accumulated Other Comprehensive (Loss) Income (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance $ 1,053,984 $ 938,284
Other comprehensive (loss) income (12,563) 9,013
Ending balance 1,078,791 973,416
Total    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance 8,691 (7,154)
Other comprehensive (loss) income (12,563) 9,013
Ending balance (3,872) $ 1,859
Foreign currency translation adjustment    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance 8,408  
Other comprehensive (loss) income (12,717)  
Ending balance (4,309)  
Cash flow hedge    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance 0  
Other comprehensive (loss) income 0  
Ending balance 0  
Postretirement benefit plan    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance 283  
Other comprehensive (loss) income 154  
Ending balance $ 437  
v3.24.1.u1
EMPLOYEE BENEFIT PLANS - Narrative (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
plan
Dec. 31, 2023
USD ($)
Defined Benefit Plan Disclosure [Line Items]    
Number of savings plans | plan 1  
Number of defined benefit plans | plan 2  
Deferred compensation liability $ 10,800 $ 10,188
Noncurrent deferred compensation liability 10,782  
Current deferred compensation liability 18  
Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Related rabbi trust assets 10,789 10,188
Postretirement Medical Plans    
Defined Benefit Plan Disclosure [Line Items]    
Benefit obligation 1,298 1,395
Historical cash payments for retirement medical plan claims per year (less than) 200  
Defined Benefit Pension Plans | Chemogas Defined Pension Plan    
Defined Benefit Plan Disclosure [Line Items]    
Benefit obligation $ 400 $ 420
v3.24.1.u1
EMPLOYEE BENEFIT PLANS - Schedule of Net Periodic Benefit Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Postretirement Medical Plans    
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]    
Service cost $ 28 $ 27
Interest cost 14 15
Amortization of (gain) loss (3) 2
Net periodic benefit cost 39 44
Defined Benefit Pension Plans | Chemogas Defined Pension Plan    
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]    
Service cost 18 16
Interest cost 14 16
Expected return on plan assets (10) (10)
Net periodic benefit cost $ 22 $ 22
v3.24.1.u1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
financial_instrument
Dec. 31, 2023
USD ($)
Fair value of financial instruments [Abstract]    
Number of financial instruments held for trading purposes | financial_instrument 0  
Level 1    
Fair value of financial instruments [Abstract]    
Related rabbi trust assets $ 10,789 $ 10,188
Level 3    
Fair value of financial instruments [Abstract]    
Contingent consideration liabilities 100 100
Money market funds    
Fair value of financial instruments [Abstract]    
Cash and cash equivalents $ 4,428 $ 959
v3.24.1.u1
RELATED PARTY TRANSACTIONS (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Related Party Transaction [Line Items]      
Cost of sales $ 158,145 $ 159,370  
Receivables 139,881   $ 125,284
Payables 59,798   55,503
St. Gabriel CC Company, LLC      
Related Party Transaction [Line Items]      
Cost of sales 4,971 8,072  
Receivables 7,424   8,314
Payables to related parties 5,013   6,050
St. Gabriel CC Company, LLC | Non-contractual Monies Owed      
Related Party Transaction [Line Items]      
Payables 296   $ 329
St. Gabriel CC Company, LLC | Services provided      
Related Party Transaction [Line Items]      
Cost of sales 1,092 1,172  
St. Gabriel CC Company, LLC | Raw materials sold      
Related Party Transaction [Line Items]      
Cost of sales $ 6,332 $ 10,013  
v3.24.1.u1
LEASES - Narrative (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
tranche
Mar. 31, 2023
USD ($)
Lessee, Lease, Description [Line Items]    
Number of tranches | tranche 4  
Rent expense charged to operations under lease agreements | $ $ 1,341 $ 1,270
Years 1 and 2    
Lessee, Lease, Description [Line Items]    
Discount rate 6.76%  
Years 1 and 2 | Minimum    
Lessee, Lease, Description [Line Items]    
Term of contract for operating leases 1 year  
Years 1 and 2 | Maximum    
Lessee, Lease, Description [Line Items]    
Term of contract for operating leases 2 years  
Years 3 and 4    
Lessee, Lease, Description [Line Items]    
Discount rate 7.35%  
Years 3 and 4 | Minimum    
Lessee, Lease, Description [Line Items]    
Term of contract for operating leases 3 years  
Years 3 and 4 | Maximum    
Lessee, Lease, Description [Line Items]    
Term of contract for operating leases 4 years  
Years 5 and 9    
Lessee, Lease, Description [Line Items]    
Discount rate 7.69%  
Years 5 and 9 | Minimum    
Lessee, Lease, Description [Line Items]    
Term of contract for operating leases 5 years  
Years 5 and 9 | Maximum    
Lessee, Lease, Description [Line Items]    
Term of contract for operating leases 9 years  
Years more than 10    
Lessee, Lease, Description [Line Items]    
Term of contract for operating leases 10 years  
Discount rate 8.41%  
v3.24.1.u1
LEASES - Right-of-Use Assets and Lease Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Right of use assets    
Operating leases $ 16,973 $ 17,763
Finance leases 2,037 2,101
Total 19,010 19,864
Operating leases liabilities - current 3,794 3,949
Finance lease liabilities - current 260 272
Total lease liabilities, current 4,054 4,221
Operating leases liabilities - non-current 13,971 14,601
Finance lease liabilities - non-current 1,895 1,943
Total lease liabilities, non-current $ 15,866 $ 16,544
v3.24.1.u1
LEASES - Schedule of Lease Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Lease Cost    
Operating lease cost $ 1,341 $ 1,270
Amortization of ROU asset 60 60
Interest on lease liabilities 27 29
Total finance lease 87 89
Total lease cost 1,428 1,359
Cash paid for amounts included in the measurement of lease liabilities    
Operating cash flows from operating leases 1,333 1,058
Operating cash flows from finance leases 27 29
Financing cash flows from finance leases 57 55
Cash flows from operating and finance leases 1,417 1,142
Right-of-use assets obtained in exchange for new operating lease liabilities, net of right-of-use assets disposed $ 398 $ 457
Weighted-average remaining lease term - operating leases 9 years 3 months 5 years 5 months 1 day
Weighted-average remaining lease term - finance leases 8 years 10 months 9 days 9 years 8 months 23 days
Weighted-average discount rate - operating leases 7.50% 3.70%
Weighted-average discount rate - finance leases 5.00% 5.00%
v3.24.1.u1
LEASES - Schedule of Aggregate Future Minimum Rental Payments Required under Non-Cancelable Operating Leases (Details)
$ in Thousands
Mar. 31, 2024
USD ($)
Operating And Finance Lease, Liability, To Be Paid [Abstract]  
April 1, 2024 to December 31, 2024 $ 4,033
2025 4,266
2026 3,686
2027 2,806
2028 2,287
2029 1,822
Thereafter 5,746
Total minimum lease payments $ 24,646
v3.24.1.u1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
May 28, 2019
Derivative [Line Items]        
Proceeds from settlement   $ 2,740,000    
Interest Rate Swap | Interest expense        
Derivative [Line Items]        
Net interest income (expense) $ 0   $ 684,000  
Designated as hedging instrument | Interest Rate Swap        
Derivative [Line Items]        
Notional amount of derivatives       $ 108,569,000
Designated as hedging instrument | Interest Rate Swap | Pay-fixed interest rate        
Derivative [Line Items]        
Fixed interest rate       2.05%
Designated as hedging instrument | Cross-Currency Swap        
Derivative [Line Items]        
Notional amount of derivatives       $ 108,569,000
Designated as hedging instrument | Cross-Currency Swap | Interest expense        
Derivative [Line Items]        
Net interest income (expense) $ 0   $ 550,000  
Designated as hedging instrument | Cross-Currency Swap | Pay-fixed interest rate        
Derivative [Line Items]        
Fixed interest rate       0.00%
Designated as hedging instrument | Cross-Currency Swap | Receive-fixed interest rate        
Derivative [Line Items]        
Fixed interest rate       2.05%
v3.24.1.u1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Gains (Losses) on Hedging Instruments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]    
Cash flow hedge (interest rate swap), net of tax $ 0 $ (511)
Net investment hedge (cross-currency swap), net of tax $ (12,717) 9,424
Losses and gains recognized in accumulated other comprehensive income (loss)   $ (1,532)
Interest Rate Swap    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]   Unrealized loss on cash flow hedge
Cash flow hedge (interest rate swap), net of tax   $ (511)
Cross-Currency Swap    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]   Change in postretirement benefit plans
Net investment hedge (cross-currency swap), net of tax   $ (1,021)