10-Q Filing

BALCHEM CORP CIK: 9326 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001140361-17-019118`
Period End Date	20170331
Filing Date	20170509
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	bcpc-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 Income Statement 32 Cash Flow Statement 66 Comprehensive Income 12

Balance Sheet 84 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$37.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$38.64M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$39.17M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$489.00K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$547.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$84.80M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $547 and $489 at March 31, 2017 and December 31, 2016, respectively	`AccountsReceivableNetCurrent`	$83.25M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $547 and $489 at March 31, 2017 and December 31, 2016, respectively	`AccountsReceivableNetCurrent`	$79.17M	USD	Point-in-time
Inventories	`InventoryNet`	$57.24M	USD	Point-in-time
Inventories	`InventoryNet`	$62.87M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$4.11M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$3.34M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$25.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$25.00	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	2.00M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	-	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	2.00M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$712.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$4.48M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$4.58M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$186.96M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$188.44M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.07	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.07	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$164.63M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$165.75M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	120.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	120.00M	shares	Point-in-time
Goodwill	`Goodwill`	$439.81M	USD	Point-in-time
Goodwill	`Goodwill`	$439.81M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	31.87M	shares	Point-in-time
Intangible assets with finite lives, net	`FiniteLivedIntangibleAssetsNet`	$140.54M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	31.76M	shares	Point-in-time
Intangible assets with finite lives, net	`FiniteLivedIntangibleAssetsNet`	$147.48M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$7.13M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	31.76M	shares	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$9.45M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	31.87M	shares	Point-in-time
Total assets	`Assets`	$948.63M	USD	Point-in-time
Total assets	`Assets`	$941.38M	USD	Point-in-time
Trade accounts payable	`AccountsPayableTradeCurrent`	$32.51M	USD	Point-in-time
Trade accounts payable	`AccountsPayableTradeCurrent`	$21.54M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$19.55M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$14.76M	USD	Point-in-time
Accrued compensation and other benefits	`EmployeeRelatedLiabilitiesCurrent`	$6.65M	USD	Point-in-time
Accrued compensation and other benefits	`EmployeeRelatedLiabilitiesCurrent`	$4.17M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$12.09M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$19.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$4.50M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$35.00M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$35.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$101.01M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$84.79M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$226.49M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$217.86M	USD	Point-in-time
Revolving loan - long-term	`LongTermLineOfCredit`	$19.00M	USD	Point-in-time
Revolving loan - long-term	`LongTermLineOfCredit`	$16.00M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$73.50M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$74.20M	USD	Point-in-time
Other long-term obligations	`OtherLongTermDebtNoncurrent`	$6.90M	USD	Point-in-time
Other long-term obligations	`OtherLongTermDebtNoncurrent`	$6.93M	USD	Point-in-time
Total liabilities	`Liabilities`	$399.08M	USD	Point-in-time
Total liabilities	`Liabilities`	$427.59M	USD	Point-in-time
Commitments and contingencies (note 15)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (note 15)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $25 par value. Authorized 2,000,000 shares; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $25 par value. Authorized 2,000,000 shares; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $.0667 par value. Authorized 120,000,000 shares; 31,866,924 shares issued and outstanding at March 31, 2017 and 31,757,861 shares issued and outstanding at December 31, 2016	`CommonStockValue`	$2.12M	USD	Point-in-time
Common stock, $.0667 par value. Authorized 120,000,000 shares; 31,866,924 shares issued and outstanding at March 31, 2017 and 31,757,861 shares issued and outstanding at December 31, 2016	`CommonStockValue`	$2.12M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$137.68M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$142.87M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$403.61M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$388.09M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-6.85M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-6.30M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$542.30M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$521.03M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$948.63M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$941.38M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$135.14M	USD	1 Quarter
Net sales	`Revenues`	$137.73M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$93.30M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$92.32M	USD	1 Quarter
Gross margin	`GrossProfit`	$44.43M	USD	1 Quarter
Gross margin	`GrossProfit`	$42.82M	USD	1 Quarter
Selling expenses	`SellingExpense`	$13.09M	USD	1 Quarter
Selling expenses	`SellingExpense`	$13.71M	USD	1 Quarter
Research and development expenses	`ResearchAndDevelopmentExpense`	$1.81M	USD	1 Quarter
Research and development expenses	`ResearchAndDevelopmentExpense`	$1.94M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$7.83M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$6.20M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$22.86M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$21.73M	USD	1 Quarter
Earnings from operations	`OperatingIncomeLoss`	$22.70M	USD	1 Quarter
Earnings from operations	`OperatingIncomeLoss`	$19.97M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$2.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$3.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.80M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.84M	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-147.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-196.00K	USD	1 Quarter
Earnings before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$20.71M	USD	1 Quarter
Earnings before income tax expense	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$17.98M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$6.09M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$5.19M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$15.52M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$11.89M	USD	1 Quarter
Net earnings per common share - basic (in dollars per share)	`EarningsPerShareBasic`	$0.38	USD	1 Quarter
Net earnings per common share - basic (in dollars per share)	`EarningsPerShareBasic`	$0.49	USD	1 Quarter
Net earnings per common share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.37	USD	1 Quarter
Net earnings per common share - diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.48	USD	1 Quarter

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$15.52M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$11.89M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$11.34M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$11.02M	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$2.20M	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$1.84M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	-	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-4.00K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$79.00K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$49.00K	USD	1 Quarter
Foreign currency transaction loss	`ForeignCurrencyTransactionGainLossUnrealized`	$-50.00K	USD	1 Quarter
Foreign currency transaction loss	`ForeignCurrencyTransactionGainLossUnrealized`	$-101.00K	USD	1 Quarter
(Gain)/Loss on disposal of assets	`AssetImpairmentCharges`	$89.00K	USD	1 Quarter
(Gain)/Loss on disposal of assets	`AssetImpairmentCharges`	$-75.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.05M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-4.13M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$5.57M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-1.26M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$4.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-386.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-9.07M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$7.07M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$5.25M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-3.44M	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	$-724.00K	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	$-180.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$22.80M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$29.32M	USD	1 Quarter
Cash paid for acquisition, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$1.17M	USD	1 Quarter
Cash paid for acquisition, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$110.60M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.66M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.93M	USD	1 Quarter
Intangible assets acquired	`PaymentsToAcquireIntangibleAssets`	$153.00K	USD	1 Quarter
Intangible assets acquired	`PaymentsToAcquireIntangibleAssets`	$147.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-4.25M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-121.41M	USD	1 Quarter
Proceeds from revolving loan	`PaymentsForProceedsFromLoansReceivable`	$-65.00M	USD	1 Quarter
Proceeds from revolving loan	`PaymentsForProceedsFromLoansReceivable`	$-2.00M	USD	1 Quarter
Principal payments on revolving loan	`RepaymentsOfLongTermLinesOfCredit`	-	USD	1 Quarter
Principal payments on revolving loan	`RepaymentsOfLongTermLinesOfCredit`	$5.00M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$8.75M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$8.75M	USD	1 Quarter
Principal payment on acquired debt	`RepaymentsOfBankDebt`	-	USD	1 Quarter
Principal payment on acquired debt	`RepaymentsOfBankDebt`	$884.00K	USD	1 Quarter
Proceeds from stock options exercised	`ProceedsFromStockOptionsExercised`	$1.34M	USD	1 Quarter
Proceeds from stock options exercised	`ProceedsFromStockOptionsExercised`	$3.97M	USD	1 Quarter
Excess tax benefits from stock compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$483.00K	USD	1 Quarter
Excess tax benefits from stock compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	-	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$10.73M	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$12.07M	USD	1 Quarter
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$611.00K	USD	1 Quarter
Purchase of treasury stock	`PaymentsForRepurchaseOfCommonStock`	$615.00K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$45.85M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-20.46M	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$616.00K	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$263.00K	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.65M	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-45.62M	USD	1 Quarter
Cash and cash equivalents beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$37.00M	USD	Point-in-time
Cash and cash equivalents beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$38.64M	USD	Point-in-time
Cash and cash equivalents beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$39.17M	USD	Point-in-time
Cash and cash equivalents beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$84.80M	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$37.00M	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$38.64M	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$39.17M	USD	Point-in-time
Cash and cash equivalents end of period	`CashAndCashEquivalentsAtCarryingValue`	$84.80M	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$15.52M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$11.89M	USD	1 Quarter
Net change in postretirement benefit plan, taxes	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax`	$-5.00K	USD	1 Quarter
Net change in postretirement benefit plan, taxes	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax`	$1.00K	USD	1 Quarter
Net foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$1.25M	USD	1 Quarter
Net foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$541.00K	USD	1 Quarter
Net change in postretirement benefit plan, net of taxes of $(5) and $1 for the three months ended March 31, 2017 and 2016	`OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax`	$10.00K	USD	1 Quarter
Net change in postretirement benefit plan, net of taxes of $(5) and $1 for the three months ended March 31, 2017 and 2016	`OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax`	$-4.00K	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$551.00K	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$1.25M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$13.14M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$16.07M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.