Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 17, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Entity Registrant Name | Kirby Corporation | ||
Entity Central Index Key | 0000056047 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Document Transition Report | false | ||
Entity File Number | 1-07615 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Tax Identification Number | 74-1884980 | ||
Entity Address, Address Line One | 55 Waugh Drive, Suite 1000 | ||
Entity Address, City or Town | Houston | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 77007 | ||
City Area Code | 713 | ||
Local Phone Number | 435-1000 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | KEX | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
ICFR Auditor Attestation Flag | true | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,605,823,000 | ||
Entity Common Stock, Shares Outstanding | 60,201,000 | ||
Documents Incorporated by Reference [Text Block] | DOCUMENTS INCORPORATED BY REFERENCE Portions of the Company’s definitive proxy statement in connection with the Annual Meeting of Stockholders to be held April 26, 2022, to be filed with the Commission pursuant to Regulation 14A, are incorporated by reference into Part III of this report. | ||
Auditor Name | KPMG LLP | ||
Auditor Location | Houston, TX | ||
Auditor Firm ID | 185 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 34,813 | $ 80,338 |
Accounts receivable: | ||
Trade - less allowance for doubtful accounts of $8,177 ($8,807 in 2020) | 417,958 | 315,283 |
Other | 149,964 | 284,899 |
Inventories - at lower of average cost or net realizable value | 331,350 | 309,675 |
Prepaid expenses and other current assets | 69,780 | 57,776 |
Total current assets | 1,003,865 | 1,047,971 |
Property and equipment: | ||
Marine transportation equipment | 4,789,994 | 4,999,777 |
Land, buildings and equipment | 602,857 | 615,623 |
Property and equipment | 5,392,851 | 5,615,400 |
Accumulated depreciation | (1,714,336) | (1,698,330) |
Property and equipment - net | 3,678,515 | 3,917,070 |
Operating lease right-of-use assets | 167,730 | 174,317 |
Investment in affiliates | 2,134 | 2,689 |
Goodwill | 438,748 | 657,800 |
Other intangibles, net | 60,070 | 68,979 |
Other assets | 48,001 | 55,348 |
Total assets | 5,399,063 | 5,924,174 |
Current liabilities: | ||
Bank notes payable | 1,934 | 40 |
Income taxes payable | 0 | 474 |
Accounts payable | 199,088 | 162,507 |
Accrued liabilities: | ||
Interest | 11,379 | 11,272 |
Insurance premiums and claims | 111,117 | 111,359 |
Employee compensation | 39,331 | 32,918 |
Taxes - other than on income | 44,740 | 44,366 |
Other | 29,511 | 24,940 |
Current portion of operating lease liabilities | 33,902 | 32,750 |
Deferred revenues | 72,770 | 45,406 |
Total current liabilities | 543,772 | 466,032 |
Long-term debt, net - less current portion | 1,161,433 | 1,468,546 |
Deferred income taxes | 574,152 | 606,844 |
Operating lease liabilities - less current portion | 159,672 | 163,496 |
Other long-term liabilities | 71,252 | 131,703 |
Total long-term liabilities | 1,966,509 | 2,370,589 |
Contingencies and commitments | ||
Kirby stockholders' equity: | ||
Common stock, $0.10 par value per share. Authorized 120,000,000 shares, issued 65,472,000 | 6,547 | 6,547 |
Additional paid-in capital | 854,512 | 844,979 |
Accumulated other comprehensive income - net | (25,966) | (61,452) |
Retained earnings | 2,346,439 | 2,593,393 |
Treasury stock - at cost, 5,361,000 shares in 2021 and 5,434,000 shares in 2020 | (295,208) | (299,161) |
Total Kirby stockholders' equity | 2,886,324 | 3,084,306 |
Noncontrolling interests | 2,458 | 3,247 |
Total equity | 2,888,782 | 3,087,553 |
Total liabilities and equity | $ 5,399,063 | $ 5,924,174 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Trade, allowance for doubtful accounts | $ 8,177 | $ 8,807 |
Kirby stockholders' equity: | ||
Common stock, par value per share (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 120,000,000 | 120,000,000 |
Common stock, shares issued (in shares) | 65,472,000 | 65,472,000 |
Treasury stock, shares (in shares) | 5,361,000 | 5,434,000 |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues: | |||
Total revenues | $ 2,246,660 | $ 2,171,408 | $ 2,838,399 |
Costs and expenses: | |||
Costs of sales and operating expenses | 1,652,961 | 1,510,818 | 2,030,046 |
Selling, general and administrative | 266,911 | 258,272 | 277,388 |
Taxes, other than on income | 36,251 | 42,000 | 41,933 |
Depreciation and amortization | 213,718 | 219,921 | 219,632 |
Impairments and other charges | 340,713 | 561,274 | 35,525 |
Gain on disposition of assets | (5,761) | (118) | (8,152) |
Total costs and expenses | 2,504,793 | 2,592,167 | 2,596,372 |
Operating income (loss) | (258,133) | (420,759) | 242,027 |
Other income | 10,001 | 8,147 | 3,787 |
Interest expense | (42,469) | (48,739) | (55,994) |
Earnings (loss) before taxes on income | (290,601) | (461,351) | 189,820 |
(Provision) benefit for taxes on income | 43,830 | 189,759 | (46,801) |
Net earnings (loss) | (246,771) | (271,592) | 143,019 |
Less: Net earnings attributable to noncontrolling interests | (183) | (954) | (672) |
Net earnings (loss) attributable to Kirby | $ (246,954) | $ (272,546) | $ 142,347 |
Net earnings (loss) per share attributable to Kirby common stockholders: | |||
Basic (in dollars per share) | $ (4.11) | $ (4.55) | $ 2.38 |
Diluted (in dollars per share) | $ (4.11) | $ (4.55) | $ 2.37 |
Marine Transportation [Member] | |||
Revenues: | |||
Total revenues | $ 1,322,918 | $ 1,404,265 | $ 1,587,082 |
Distribution and Services [Member] | |||
Revenues: | |||
Total revenues | $ 923,742 | $ 767,143 | $ 1,251,317 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | |||
Net earnings (loss) | $ (246,771) | $ (271,592) | $ 143,019 |
Other comprehensive income (loss), net of taxes: | |||
Pension and postretirement benefits | 36,547 | (23,320) | (4,203) |
Foreign currency translation adjustments | (1,061) | (333) | (85) |
Total other comprehensive income (loss), net of taxes | 35,486 | (23,653) | (4,288) |
Total comprehensive income (loss), net of taxes | (211,285) | (295,245) | 138,731 |
Net earnings attributable to noncontrolling interests | (183) | (954) | (672) |
Comprehensive income (loss) attributable to Kirby | $ (211,468) | $ (296,199) | $ 138,059 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net earnings (loss) | $ (246,771) | $ (271,592) | $ 143,019 |
Adjustments to reconcile net earnings (loss) to net cash provided by operations: | |||
Depreciation and amortization | 213,718 | 219,921 | 219,632 |
Provision (credit) for doubtful accounts | (138) | 3,716 | (873) |
Provision (benefit) for deferred income taxes | (44,419) | 25,163 | 46,839 |
Gain on disposition of assets | (5,761) | (118) | (8,152) |
Impairments and other charges | 340,713 | 561,274 | 35,525 |
Amortization of unearned share-based compensation | 15,713 | 14,722 | 13,612 |
Amortization of major maintenance costs | 33,213 | 30,214 | 23,962 |
Other | (640) | (90) | 1,683 |
Increase (decrease) in cash flows resulting from changes in: | |||
Accounts receivable | 29,126 | (124,941) | 43,078 |
Inventory | (19,248) | 47,076 | 122,773 |
Other assets | (38,335) | (29,994) | (25,470) |
Income taxes payable | 480 | 8,826 | (2,503) |
Accounts payable | 15,951 | (39,795) | (57,405) |
Accrued and other liabilities | 27,974 | 558 | (43,907) |
Net cash provided by operating activities | 321,576 | 444,940 | 511,813 |
Cash flows from investing activities: | |||
Capital expenditures | (98,015) | (148,185) | (248,164) |
Acquisitions of businesses and marine equipment, net of cash acquired | 9,115 | 354,972 | 262,491 |
Proceeds from disposition of assets and other | 51,342 | 17,310 | 57,657 |
Net cash used in investing activities | (55,788) | (485,847) | (452,998) |
Cash flows from financing activities: | |||
Borrowings (payments) on bank credit facilities, net | (248,105) | 250,024 | (417,376) |
Borrowings on long-term debt | 0 | 0 | 500,000 |
Payments on long-term debt | (60,000) | (150,000) | (125,000) |
Payment of debt issue costs | 0 | 0 | (2,397) |
Return of investment to noncontrolling interests and other | (981) | (676) | (817) |
Proceeds from exercise of stock options | 629 | 353 | 5,743 |
Payments related to tax withholding for share-based compensation | (2,856) | (3,193) | (2,031) |
Net cash provided by (used in) financing activities | (311,313) | 96,508 | (41,878) |
Increase (decrease) in cash and cash equivalents | (45,525) | 55,601 | 16,937 |
Cash and cash equivalents, beginning of year | 80,338 | 24,737 | 7,800 |
Cash and cash equivalents, end of year | 34,813 | 80,338 | 24,737 |
Cash paid (received) during the period: | |||
Interest paid | 40,878 | 48,721 | 55,766 |
Income taxes paid (refunded), net | (116,648) | (35,571) | 2,926 |
Operating cash outflow from operating leases | 44,089 | 43,639 | 39,376 |
Non-cash investing activity: | |||
Capital expenditures included in accounts payable | 18,633 | (13,280) | 13,875 |
Right-of-use assets obtained in exchange for lease obligations | $ 33,842 | $ 46,511 | $ 21,195 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Noncontrolling Interests [Member] |
Beginning balance at Dec. 31, 2018 | $ 3,216,301 | $ 6,547 | $ 823,347 | $ (33,511) | $ 2,723,592 | $ (306,788) | $ 3,114 |
Beginning balance (in shares) at Dec. 31, 2018 | 65,472,000 | (5,608,000) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock option exercises | 5,796 | $ 0 | 675 | 0 | 0 | $ 5,121 | 0 |
Stock option exercises (in shares) | 0 | 93,000 | |||||
Issuance of stock for equity awards, net of forfeitures | 0 | $ 0 | (1,735) | 0 | 0 | $ 1,735 | 0 |
Issuance of stock for equity awards, net of forfeitures (in shares) | 0 | 32,000 | |||||
Tax withholdings on equity award vesting | (2,031) | $ 0 | 0 | 0 | 0 | $ (2,031) | 0 |
Tax withholdings on equity award vesting (in shares) | 0 | (30,000) | |||||
Amortization of unearned share-based compensation | 13,612 | $ 0 | 13,612 | 0 | 0 | $ 0 | 0 |
Total comprehensive income (loss), net of taxes | 138,731 | 0 | 0 | (4,288) | 142,347 | 0 | 672 |
Return of investment to noncontrolling interests | (817) | 0 | 0 | 0 | 0 | 0 | (817) |
Ending balance at Dec. 31, 2019 | 3,371,592 | $ 6,547 | 835,899 | (37,799) | 2,865,939 | $ (301,963) | 2,969 |
Ending balance (in shares) at Dec. 31, 2019 | 65,472,000 | (5,513,000) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock option exercises | 353 | $ 0 | 26 | 0 | 0 | $ 327 | 0 |
Stock option exercises (in shares) | 0 | 15,000 | |||||
Issuance of stock for equity awards, net of forfeitures | 0 | $ 0 | (5,668) | 0 | 0 | $ 5,668 | 0 |
Issuance of stock for equity awards, net of forfeitures (in shares) | 0 | 103,000 | |||||
Tax withholdings on equity award vesting | (3,193) | $ 0 | 0 | 0 | 0 | $ (3,193) | 0 |
Tax withholdings on equity award vesting (in shares) | 0 | (39,000) | |||||
Amortization of unearned share-based compensation | 14,722 | $ 0 | 14,722 | 0 | 0 | $ 0 | 0 |
Total comprehensive income (loss), net of taxes | (295,245) | 0 | 0 | (23,653) | (272,546) | 0 | 954 |
Return of investment to noncontrolling interests | (676) | 0 | 0 | 0 | 0 | 0 | (676) |
Ending balance at Dec. 31, 2020 | 3,087,553 | $ 6,547 | 844,979 | (61,452) | 2,593,393 | $ (299,161) | 3,247 |
Ending balance (in shares) at Dec. 31, 2020 | 65,472,000 | (5,434,000) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock option exercises | 629 | $ 0 | 21 | 0 | 0 | $ 608 | 0 |
Stock option exercises (in shares) | 0 | 12,000 | |||||
Issuance of stock for equity awards, net of forfeitures | 0 | $ 0 | (6,201) | 0 | 0 | $ 6,201 | 0 |
Issuance of stock for equity awards, net of forfeitures (in shares) | 0 | 113,000 | |||||
Tax withholdings on equity award vesting | (2,856) | $ 0 | 0 | 0 | 0 | $ 2,856 | 0 |
Tax withholdings on equity award vesting (in shares) | 0 | (52,000) | |||||
Amortization of unearned share-based compensation | 15,713 | $ 0 | 15,713 | 0 | 0 | $ 0 | 0 |
Total comprehensive income (loss), net of taxes | (211,285) | 0 | 0 | (35,486) | (246,954) | 0 | 183 |
Return of investment to noncontrolling interests | (972) | 0 | 0 | 0 | 0 | 0 | (972) |
Ending balance at Dec. 31, 2021 | $ 2,888,782 | $ 6,547 | $ 854,512 | $ (25,966) | $ 2,346,439 | $ (295,208) | $ 2,458 |
Ending balance (in shares) at Dec. 31, 2021 | 65,472,000 | (5,361,000) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | (1) Summary of Significant Accounting Policies Principles of Consolidation. The consolidated financial statements include the accounts of Kirby Corporation and all majority-owned subsidiaries (the “Company”). All investments in which the Company owns 20% to 50% and exercises significant influence over operating and financial policies are accounted for using the equity method. All material intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications have been made to reflect the current presentation of financial information. Such reclassifications have no impact on previously reported net earnings (loss), stockholders’ equity, or cash flows. Accounting Policies Cash Equivalents. Cash equivalents consist of all short-term, highly liquid investments with maturities of three months or less at date of purchase. Accounts Receivable. In the normal course of business, the Company extends credit to its customers. The Company regularly reviews the accounts and makes adequate provisions for probable uncollectible balances. It is the Company’s opinion that the accounts have no impairment, other than that for which provisions have been made. Included in accounts receivable-trade as of December 31, 2021 and 2020 wer e $ 92,749,000 and $ 91,850,000 , respectively, of accruals for revenues earned which have not been invoiced as of the end of each year. The Company’s marine transportation and distribution and services operations are subject to hazards associated with such businesses. The Company maintains insurance coverage against these hazards with insurance companies. Included in accounts receivable-other as of December 31, 2021 and 2020 were $ 69,558,000 and $ 83,145,000 , respectively, of receivables from insurance companies to cover claims in excess of the Company’s deductible. Concentrations of Credit Risk. Financial instruments which potentially subject the Company to concentrations of credit risk are primarily trade accounts receivables. The Company’s marine transportation customers include the major oil refining and petrochemical companies. The distribution and services customers are oilfield service companies, oil and gas operators and producers, on-highway transportation companies, marine transportation companies, commercial fishing companies, construction companies, power generation companies, and the United States government. The Company regularly reviews its accounts and estimates the amount of uncollectible receivables each period and establishes an allowance for uncollectible amounts. The amount of the allowance is based on the age of unpaid amounts, information about the current financial strength of customers, and other relevant information. Estimates of uncollectible amounts are revised each period, and changes are recorded in the period they become known. Property, Maintenance and Repairs. Property is recorded at cost or acquisition date fair value; improvements and betterments are capitalized as incurred. Depreciation is recorded using the straight-line method over the estimated useful lives of the individual assets as follows: marine transportation equipment, 5 - 40 years; buildings, 10 - 40 years; other equipment, 2 - 10 years; and leasehold improvements, term of lease. When property items are retired, sold, or otherwise disposed of, the related cost and accumulated depreciation are removed from the accounts with any gain or loss on the disposition included in the statement of earnings. Maintenance and repairs on vessels built for use on the inland waterways are charged to operating expense as incurred and includes the costs incurred in United States Coast Guard (“USCG”) inspections unless the shipyard extends the life or improves the operating capacity of the vessel which results in the costs being capitalized. Drydocking on Ocean-Going Vessels. The Company’s ocean-going vessels are subject to regulatory drydocking requirements after certain periods of time to be inspected, have planned major maintenance performed and be recertified by the American Bureau of Shipping (“ABS”). These recertifications generally occur twice in a five-year period. The Company defers the drydocking expenditures incurred on its ocean-going vessels due to regulatory marine inspections by the ABS and amortizes the costs of the shipyard over the period between drydockings, generally 30 or 60 months, depending on the type of major maintenance performed. Drydocking expenditures that extend the life or improve the operating capability of the vessel result in the costs being capitalized. The Company recognized amortization of major maintenance costs of $ 33,213,000 , $ 30,214,000 , and $ 23,962,000 for the years ended December 31, 2021, 2020, and 2019 , respectively, in costs of sales and operating expenses. Routine repairs and maintenance on ocean-going vessels are expensed as incurred. Interest is capitalized on the construction of new ocean-going vessels. Interest expense excludes capitalized interest of $ 1,003,000 for the year ending December 31, 2019. For the years ended December 31, 2021 and 2020 , no interest was capitalized. Environmental Liabilities. The Company expenses costs related to environmental events as they are incurred or when a loss is considered probable and reasonably estimable. Goodwill. The excess of the purchase price over the fair value of identifiable net assets acquired in transactions accounted for as a purchase is included in goodwill. The Company conducted its annual goodwill impairment tests at November 30, 2021, 2020, and 2019 . The Company also conducted interim goodwill impairment tests at September 30, 2021 and March 31, 2020. Refer to Note 7, Impairments and other charges for more information. The Company will continue to conduct goodwill impairment tests as of November 30 of subsequent years, or whenever events or circumstances indicate that interim impairment testing is necessary. The amount of goodwill impairment, if any, is typically measured based on a combination of projected discounted future operating cash flows using an appropriate discount rate and a market approach for comparable companies. The following table summarizes the changes in goodwill (in thousands): Marine Distribution and Total Balance at December 31, 2019 (gross) $ 424,149 $ 549,846 $ 973,995 Accumulated impairment and amortization ( 18,574 ) ( 1,595 ) ( 20,169 ) Balance at December 31, 2019 405,575 548,251 953,826 Impairment — ( 387,970 ) ( 387,970 ) Savage acquisition 81,635 — 81,635 Convoy acquisition — 10,309 10,309 Balance at December 31, 2020 (gross) 505,784 560,155 1,065,939 Accumulated impairment and amortization ( 18,574 ) ( 389,565 ) ( 408,139 ) Balance at December 31, 2020 $ 487,210 $ 170,590 $ 657,800 Impairment ( 219,052 ) — ( 219,052 ) Balance at December 31, 2021 (gross) 505,784 560,155 1,065,939 Accumulated impairment and amortization ( 237,626 ) ( 389,565 ) ( 627,191 ) Balance at December 31, 2021 $ 268,158 $ 170,590 $ 438,748 Other Intangibles. Other intangibles include assets for favorable contracts and customer relationships, distributorship and dealership agreements, trade names and non-compete agreements and liabilities for unfavorable leases and contracts. The following table summarizes the balances of other intangible assets and other intangible liabilities (in thousands): December 31, 2021 2020 Other intangible assets – gross $ 203,217 $ 203,217 Accumulated amortization ( 143,147 ) ( 134,238 ) Other intangible assets – net $ 60,070 $ 68,979 Other intangible liabilities – gross $ 13,860 $ 13,860 Accumulated amortization ( 12,120 ) ( 10,960 ) Other intangible liabilities – net $ 1,740 $ 2,900 The costs of intangible assets and liabilities are amortized to expense in a systematic and rational manner over their estimated useful lives. For the years ended December 31, 2021, 2020, and 2019, the amortization expense for intangibles was $ 7,758,000 , $ 9,235,000 , and $ 15,040,000 , respectively. Estimated net amortization expense for amortizable intangible assets and liabilities for the next five years (2022 – 2026) is approximat ely $ 7,466,000 , $ 7,947,000 , $ 8,513,000 , $ 8,513,000 , and $ 6,257,000 , respectively. As of December 31, 2021 , the weighted average amortization period for intangible assets and liabilities was approximately 8 years . Revenue Recognition. The majority of marine transportation revenue is derived from term contracts, ranging from one to three years, some of which have renewal options, and the remainder is from spot contracts. The majority of the term contracts are for terms of one year. The Company provides marine transportation services for its customers and, in almost all cases, does not assume ownership of the products it transports. A term contract is an agreement with a specific customer to transport cargo from a designated origin to a designated destination at a set rate or at a daily rate. The rate may or may not escalate during the term of the contract, however, the base rate generally remains constant and contracts often include escalation provisions to recover changes in specific costs such as fuel. A spot contract is an agreement with a customer to move cargo from a specific origin to a designated destination for a rate negotiated at the time the cargo movement takes place. Spot contract rates are at the current “market” rate, including fuel, and are subject to market volatility. The Company uses a voyage accounting method of revenue recognition for its marine transportation revenues which allocates voyage revenue based on the percent of the voyage completed during the period. The performance of the service is invoiced as the transaction occurs and payment is required depending on each specific customer’s credit. Distribution products and services are generally sold based upon purchase orders or preferential service agreements with the customer that include fixed or determinable prices. Parts sales are recognized when control transfers to the customer, generally when title passes upon shipment to customers. Service revenue is recognized over time as the service is provided using measures of progress utilizing hours worked or costs incurred as a percentage of estimated hours or expected costs. Revenue from rental agreements is recognized on a straight-line basis over the rental period. The Company recognizes the revenues on manufacturing activities upon shipment and transfer of control to the customer. The transactions in the distribution and services segment are typically invoiced as parts are shipped or upon the completion of the service job. Contract manufacturing activities are generally invoiced upon shipment and the Company will often get deposits from its customers prior to starting work, or progress payments during the project depending on the credit worthiness of the customer and the size of the project. Stock-Based Compensation. The Company has share-based compensation plans covering selected officers and other key employees as well as the Company’s Board of Directors. Stock-based grants made under the Company’s stock plans are recorded at fair value on the date of the grant and the cost for all grants made under the director plan and for grants made under the employee plan is generally recognized ratably over the vesting period of the restricted stock unit ("RSU"), stock option, or restricted stock, however, the employee plan includes a provision for the continued vesting of unvested stock options and RSUs for employees who meet certain years of service and age requirements at the time of their retirement. The provision results in shorter expense accrual periods on stock options and RSUs granted to employees who are nearing retirement and meet the service and age requirements. Stock option grants are valued at the date of grant as calculated under the Black-Scholes option pricing model. The Company accounts for forfeitures as they occur. The Company’s stock-based compensation plans are more fully described in Note 8, Stock Award Plans. Taxes on Income. The Company follows the asset and liability method of accounting for income taxes. 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 basis 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. Accrued Insurance. Accrued insurance liabilities include estimates based on individual incurred claims outstanding and an estimated amount for losses incurred but not reported (“IBNR”) or fully developed based on past experience. Insurance premiums, IBNR losses and incurred claim losses, in excess of the Company’s deductible for the years ended December 31, 2021, 2020, and 2019, were $ 37,836,000 , $ 30,564,000 , and $ 32,372,000 , respectively. Treasury Stock. The Company follows the average cost method of accounting for treasury stock transactions. Impairment of Long-lived Assets and for Long-lived Assets to Be Disposed Of. The Company performs an impairment assessment whenever events or changes in circumstances indicate that the carrying amount of long-lived assets may not be recoverable. Recoverability on marine transportation assets is assessed based on vessel classes, not on individual assets, because identifiable cash flows for individual marine transportation assets are not available. Projecting customer contract volumes allows estimation of future cash flows by projecting pricing and utilization by vessel class but it is not practical to project which individual marine transportation asset will be utilized for any given contract. Because customers do not specify which particular vessel is used, prices are quoted based on vessel classes not individual assets. Nominations of vessels for specific jobs are determined on a day by day basis and are a function of the equipment class required and the geographic position of vessels within that class at that particular time as vessels within a class are interchangeable and provide the same service. The Company’s vessels are mobile assets and equipped to operate in geographic regions throughout the United States and the Company has in the past and expects to continue to move vessels from one region to another when it is necessary due to changing markets and it is economical to do so. Barge vessel classes are based on similar capacities, hull type, and type of product and towing vessels are based on similar hull type and horsepower. If a triggering event is identified, the Company compares the carrying amount of the asset group to the estimated undiscounted future cash flows expected to result from the use of the asset group. If the carrying amount of the asset group exceeds the estimated undiscounted future cash flows, the Company measures the amount of the impairment by comparing the carrying amount of the asset group to its estimated fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. Fair Value Measurements. The accounting guidance for using fair value to measure certain assets and liabilities establishes a three tier value hierarchy, which prioritizes the inputs to valuation techniques used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little, if any, market data exists, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing the asset or liability. The fair value of the Company’s debt instruments is described in Note 5, Long-Term Debt. Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” ("ASU 2019-12") which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, Income Taxes. The Company adopted ASU 2019-12 on January 1, 2021. There was no material impact on the Company’s financial statements or disclosures upon adoption of ASU 2019-12. In January 2017, the FASB issued ASU 2017-04, “Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”) which simplifies the subsequent measurement of goodwill by eliminating Step 2 in the goodwill impairment test that required an entity to perform procedures to determine the fair value of its assets and liabilities at the testing date. An entity instead shall perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying value and record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value, incorporating all tax impacts caused by the recognition of the impairment loss. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The Company adopted ASU 2017-04 on January 1, 2020 on a prospective basis. See Note 7, Impairments and Other Charges for further details. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Acquisitions [Abstract] | |
Acquisitions | (2) Acquisitions During 2021, the Company purchased four inland tank barges from a leasing company for $ 7,470,000 in cash. The Company had been leasing the barges prior to the purchase. On October 4, 2021, the Company paid $ 1,645,000 in cash to purchase assets of an energy storage systems manufacturer based in Texas which have been key to the development of new power generation solutions for electric fracturing equipment. Assets acquired and liabilities assumed consisted primarily of a right of use lease asset and lease liability for an operating lease assumed as part of the acquisition. Pro forma results of the acquisitions made in 2021 have not been presented as the pro forma revenues and net earnings attributable to Kirby would not be materially different from the Company’s actual results. During 2020, the Company purchased six newly constructed inland pressure barges for $ 39,350,000 in cash. On April 1, 2020, the Company completed the acquisition of the inland tank barge fleet of Savage Inland Marine, LLC (“Savage”) for $ 278,999,000 in cash. Savage’s tank barge fleet consisted of 92 inland tank barges with approximately 2.5 million barrels of capacity and 45 inland towboats. The Savage assets that were acquired primarily move petrochemicals, refined products, and crude oil on the Mississippi River, its tributaries, and the Gulf Intracoastal Waterway. The Company also acquired Savage’s ship bunkering business and barge fleeting business along the Gulf Coast. The Company considers Savage to be a natural extension of the current marine transportation segment, expanding the capabilities of the Company’s inland based marine transportation business and lowering the average age of its fleet. On January 3, 2020, the Company completed the acquisition of substantially all the assets of Convoy Servicing Company and Agility Fleet Services, LLC (collectively “Convoy”) for $ 37,180,000 in cash. Convoy is an authorized dealer for Thermo King refrigeration systems for trucks, railroad cars and other land transportation markets for North and East Texas and Colorado. The fair values of the assets acquired and liabilities assumed from the Savage and Convoy acquisitions recorded at the respective acquisition dates were as follows (in thousands): Savage Convoy Accounts receivable $ — $ 5,677 Inventories — 11,771 Prepaid expenses 1,067 177 Property and equipment 210,065 415 Operating lease right-of-use assets 27,085 3,713 Goodwill 81,635 10,309 Other intangibles 2,300 17,170 Total assets $ 322,152 $ 49,232 Accounts payable and accrued liabilities $ 68 $ 8,339 Operating lease liabilities, including current portion 43,085 3,713 Total liabilities $ 43,153 $ 12,052 Net assets acquired $ 278,999 $ 37,180 The Company acquired customer relationships with an estimated value of $ 2,300,000 from Savage with an amortization period of 10 years. Acquisition related costs of $ 376,000 , consisting primarily of legal and other professional fees, were expensed as incurred to selling, general and administrative expense. All goodwill recorded for the Savage acquisition will be deductible for tax purposes. The Company acquired intangible assets from Convoy with a weighted average amortization period of 11 years, consisting of $ 9,000,000 for customer relationships with an amortization period of 10 years, $ 8,000,000 for distributorships with an amortization period of 12 years and $ 170,000 for non-compete agreements with an amortization period of three years . All goodwill recorded for the Convoy acquisition will be deductible for tax purposes. During the year ended December 31, 2019, the Company purchased, from various counterparties, a barge fleeting operation in Lake Charles, Louisiana and nine inland tank barges from leasing companies for an aggregate of $ 17,991,000 in cash. The Company had been leasing the barges prior to the purchases. On March 14, 2019, the Company completed the acquisition of the marine transportation fleet of Cenac Marine Services, LLC (“Cenac”) for $ 244,500,000 in cash. Cenac’s fleet consisted of 63 inland 30,000 barrel tank barges with approximately 1,833,000 barrels of capacity, 34 inland towboats and two offshore tugboats. Cenac transported petrochemicals, refined products and black oil, including crude oil, residual fuels, feedstocks and lubricants on the lower Mississippi River, its tributaries, and the Gulf Intracoastal Waterway for major oil companies and refiners. The average age of the inland tank barges was approximately five years and the inland towboats had an average age of approximately seven years . The Company considers Cenac to be a natural extension of the current marine transportation segment, expanding the capabilities of the Company’s inland based marine transportation business and lowering the average age of its inland tank barge and towboat fleet. The fair values of the assets acquired and liabilities assumed from the Cenac acquisition and recorded at the acquisition date were as follows (in thousands): Prepaid expenses $ 1,138 Property and equipment 247,122 Other intangibles 340 Total assets $ 248,600 Other long-term liabilities $ 4,100 Net assets acquired $ 244,500 The Company acquired intangible assets with an amortization period of two years and incurred long-term intangible liabilities related to unfavorable contracts with a weighted average amortization period of approximately 1.3 years. Acquisition related costs of $ 442,000 , consisting primarily of legal and other professional fees, were expensed as incurred to selling, general and administrative expense in 2019. |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2021 | |
Revenues [Abstract] | |
Revenues | (3) Revenues The following table sets forth the Company’s revenues by major source (in thousands): Year Ended December 31, 2021 2020 2019 Marine transportation segment: Inland transportation $ 1,005,145 $ 1,094,630 $ 1,220,878 Coastal transportation 317,773 309,635 366,204 $ 1,322,918 $ 1,404,265 $ 1,587,082 Distribution and services segment: Commercial and industrial $ 578,011 $ 566,326 $ 591,953 Oil and gas 345,731 200,817 659,364 $ 923,742 $ 767,143 $ 1,251,317 The Company’s revenue is measured based on consideration specified in its contracts with its customers. The Company recognizes revenue over time as it provides services to its customers, or at the point in time that control over a part or product transfers to its customer. Contract Assets and Liabilities . Contract liabilities represent advance consideration received from customers, and are recognized as revenue over time or at a point in time as the related performance obligation is satisfied. Revenues recognized during the years ended December 31, 2021, 2020, and 2019, that were included in the opening contract liability balances wer e $ 40,925,000 , $ 38,455,000 and $ 76,412,000 , respectively. The Company has recognized all contract liabilities within the deferred revenues financial statement caption on the balance sheet. The Company did no t have any contract assets at December 31, 2021 or December 31, 2020. The Company applies the practical expedient that allows non-disclosure of information about remaining performance obligations that have original expected durations of one year or less. |
Segment Data
Segment Data | 12 Months Ended |
Dec. 31, 2021 | |
Segment Data [Abstract] | |
Segment Data | (4) Segment Data The Company’s operations are aggregated into two reportable business segments as follows: Marine Transportation — Provides marine transportation by United States flagged vessels principally of liquid cargoes throughout the United States inland waterway system, along all three United States coasts, and to a lesser extent, in United States coastal transportation of dry-bulk cargoes. The principal products transported include petrochemicals, black oil, refined petroleum products and agricultural chemicals. Distribution and Services — Provides after-market service and genuine replacement parts for engines, transmissions, reduction gears and related equipment used in oilfield services, marine, power generation, on-highway, and other industrial applications. The Company also rents equipment including generators, industrial compressors, high capacity lift trucks, and refrigeration trailers for use in a variety of industrial markets, and manufactures and remanufactures oilfield service equipment, including pressure pumping units, electric power generation equipment, specialized electrical distribution and control equipment, and high capacity energy storage/battery systems for oilfield service customers. The Company’s two reportable business segments are managed separately based on fundamental differences in their operations. The Company’s accounting policies for the business segments are the same as those described in Note 1, Summary of Significant Accounting Policies. The Company evaluates the performance of its segments based on the contributions to operating income of the respective segments, and before income taxes, interest, gains or losses on disposition of assets, other nonoperating income, noncontrolling interests, accounting changes, and nonrecurring items. Intersegment revenues, based on market-based pricing, of the distribution and services segment from the marine transportation segme nt of $ 23,632,000 , $ 27,782,000 , and $ 27,441,000 in 2021, 2020, and 2019, respectively, as well as the related intersegment profit of $ 2,363,000 , $ 2,778,000 , and $ 2,744,000 in 2021, 2020, and 2019, respectively, have been eliminated from the tables below. The following tables set forth by reportable segment the revenues, profit or loss, total assets, depreciation and amortization, and capital expenditures attributable to the principal activities of the Company (in thousands): Year Ended December 31, 2021 2020 2019 Revenues: Marine transportation $ 1,322,918 $ 1,404,265 $ 1,587,082 Distribution and services 923,742 767,143 1,251,317 $ 2,246,660 $ 2,171,408 $ 2,838,399 Segment profit (loss): Marine transportation $ 63,015 $ 163,638 $ 215,842 Distribution and services 27,607 ( 12,191 ) 67,201 Other ( 381,223 ) ( 612,798 ) ( 93,223 ) $ ( 290,601 ) $ ( 461,351 ) $ 189,820 Depreciation and amortization: Marine transportation $ 185,979 $ 186,798 $ 179,742 Distribution and services 20,573 28,255 35,998 Other 7,166 4,868 3,892 $ 213,718 $ 219,921 $ 219,632 Capital expenditures: Marine transportation $ 84,353 $ 133,990 $ 217,364 Distribution and services 8,104 4,854 18,284 Other 5,558 9,341 12,516 $ 98,015 $ 148,185 $ 248,164 December 31, 2021 2020 Total assets: Marine transportation $ 4,319,080 $ 4,760,449 Distribution and services 892,603 805,831 Other 187,380 357,894 $ 5,399,063 $ 5,924,174 The following table presents the details of “Other” segment profit (loss) (in thousands): Year Ended December 31, 2021 2020 2019 General corporate expenses $ ( 13,803 ) $ ( 11,050 ) $ ( 13,643 ) Gain on disposition of assets 5,761 118 8,152 Impairments and other charges ( 340,713 ) ( 561,274 ) ( 35,525 ) Interest expense ( 42,469 ) ( 48,739 ) ( 55,994 ) Other income 10,001 8,147 3,787 $ ( 381,223 ) $ ( 612,798 ) $ ( 93,223 ) The following table presents the details of “Other” total assets (in thousands): December 31, 2021 2020 General corporate assets $ 185,246 $ 355,205 Investment in affiliates 2,134 2,689 $ 187,380 $ 357,894 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | (5) Long-Term Debt The following table presents the carrying value and fair value of debt outstanding (in thousands): December 31, 2021 2020 Carrying Value Fair Value Carrying Value Fair Value Revolving Credit Facility due March 27, 2024 (a) $ — $ — $ 250,000 $ 250,000 Term Loan due March 27, 2024 (a) 315,000 315,000 375,000 375,000 3.29 % senior notes due February 27, 2023 350,000 358,390 350,000 364,538 4.2 % senior notes due March 1, 2028 500,000 549,239 500,000 581,115 Credit Line due June 30, 2022 — — — — Bank notes payable 1,934 1,934 40 40 1,166,934 1,224,563 1,475,040 1,570,693 Unamortized debt discounts and issuance costs (b) ( 3,567 ) — ( 6,454 ) — $ 1,163,367 $ 1,224,563 $ 1,468,586 $ 1,570,693 (a) Variable interest rate of 1.5 % at both December 31, 2021 and 2020 . (b) Excludes $ 1,403,000 attributable to the Revolving Credit Facility included in other assets at December 31, 2021 . The fair value of debt outstanding was determined using inputs characteristic of a Level 2 fair value measurement. The following table presents borrowings and payments under the bank credit facilities (in thousands): Year Ended December 31, 2021 2020 2019 Borrowings on bank credit facilities $ 6,162 $ 582,277 $ 1,351,158 Payments on bank credit facilities ( 254,267 ) ( 332,253 ) ( 1,768,534 ) $ ( 248,105 ) $ 250,024 $ ( 417,376 ) The aggregate payments due on the long-term debt in each of the next five years were as follows (in thousands): 2022 1,934 2023 350,000 2024 315,000 2025 — 2026 — Thereafter 500,000 $ 1,166,934 The Company has an amended and restated credit agreement (“Credit Agreement”) with a group of commercial banks, with JPMorgan Chase Bank, N.A. as the administrative agent bank, allowing for an $ 850,000,000 revolving credit facility (“Revolving Credit Facility”) and an unsecured term loan (“Term Loan”) with a maturity date of March 27, 2024 . The Credit Agreement provides for a variable interest rate based on the London interbank offered rate (“LIBOR”) or a base rate calculated with reference to the agent bank’s prime rate, among other factors (the “Alternate Base Rate”). The interest rate varies with the Company’s credit rating and is currently 112.5 basis points over LIBOR or 12.5 basis points over the Alternate Base Rate. The Term Loan is due on March 27, 2024 and is prepayable, in whole or in part, without penalty. During 2021 and 2020 , the Company repaid $ 60,000,000 and $ 125,000,000 , respectively , under the Term Loan prior to the originally scheduled installments. The Credit Agreement contains certain financial covenants including an interest coverage ratio and a debt-to-capitalization ratio. In addition to financial covenants, the Credit Agreement contains covenants that, subject to exceptions, restrict debt incurrence, mergers and acquisitions, sales of assets, dividends and investments, liquidations and dissolutions, capital leases, transactions with affiliates and changes in lines of business. The Credit Agreement specifies certain events of default, upon the occurrence of which the maturity of the outstanding loans may be accelerated, including the failure to pay principal or interest, violation of covenants and default on other indebtedness, among other events. Borrowings under the Credit Agreement may be used for general corporate purposes including acquisitions. As of December 31, 2021 , the Company was in compliance with all Credit Agreement covenants. The Revolving Credit Facility includes a $ 25,000,000 commitment which may be used for standby letters of credit. Outstanding letters of credit under the Revolving Credit Facility were $ 5,063,000 and available borrowing capacity was $ 844,937,000 as of December 31, 2021. The Company has $ 350,000,000 of 3.29 % senior unsecured notes due February 27, 2023 (the “2023 Notes”). No principal payments are required until maturity. The 2023 Notes contain certain covenants on the part of the Company, including an interest coverage covenant, a debt-to-capitalization covenant, and covenants relating to liens, asset sales and mergers, among others. The 2023 Notes also specify certain events of default, upon the occurrence of which the maturity of the notes may be accelerated, including failure to pay principal and interest, violation of covenants or default on other indebtedness, among others. The Company has $ 500,000,000 of 4.2 % senior unsecured notes due March 1, 2028 (the “2028 Notes”) with U.S. Bank National Association, as trustee. No principal payments are required until maturity. Interest payments of $ 10,500,000 are due semi-annually on March 1 and September 1 of each year. The 2028 Notes are unsecured and rank equally in right of payment with the Company’s other unsecured senior indebtedness. The 2028 Notes contain certain covenants on the part of the Company, including covenants relating to liens, sale-leasebacks, asset sales and mergers, among others. The 2028 Notes also specify certain events of default, upon the occurrence of which the maturity of the notes may be accelerated, including failure to pay principal and interest, violation of covenants or default on other indebtedness, among others. O n February 3, 2022, the Company entered into a note purchase agreement for the issuance of $ 300,000,000 of unsecured senior notes with a group of institutional investors, consisting of $ 60,000,000 of 3.46 % series A notes ("Series A Notes") and $ 240,000,000 of 3.51 % series B notes ("Series B Notes"), each due January 19, 2033 (collectively, the "2033 Notes"). The Series A Notes are scheduled to be issued on October 20, 2022, and the Series B Notes are scheduled to be issued on January 19, 2023. No principal payments will be required until maturity. Beginning in 2 023, interest payments of $ 5,250,000 will be due semi-annually on January 19 and July 19 of each year, with the exception of the first payment on January 19, 2023, which will be $ 525,000 . The 2033 Notes will be unsecured and rank equally in right of payment with the Compan y's other unsecured senior indebtedness. The 2033 Notes contain certain covenants on the part of the Company, including an interest coverage covenant, a debt-to-capitalization covenant, and covenants relating to liens, asset sales and mergers, among others. The 2033 Notes also specify certain events of default, upon the occurrence of which the maturity of the notes may be accelerated, including failure to pay principal and interest, violation of covenants or default on other indebtedness, among others. The Company intends to use the proceeds from the issuance of the 2033 Notes and cash provided by operations to repay the 2023 Notes upon maturity. The Company has a $ 10,000,000 line of credit (“Credit Line”) with Bank of America, N.A. (“Bank of America”) for short-term liquidity needs and letters of credit, with a maturity date of June 30, 2022 . The Credit Line allows the Company to borrow at an interest rate agreed to by Bank of America and the Company at the time each borrowing is made or continued. The Company had no borrowings outstanding under the Credit Line as of December 31, 2021. Outstanding letters of credit under the Credit Line were $ 1,299,000 and available borrowing capacity was $ 8,701,000 as of December 31, 2021. The Company also had $ 1,934,000 and $ 40,000 of short-term unsecured loans outstanding, as of December 31, 2021 and 2020, respectively, related to its South American operations. On February 27, 2020, upon maturity, the Company repaid in full $ 150,000,000 of 2.72 % unsecured senior notes. As of December 31, 2021 , the Company was in compliance with all covenants under its debt instruments. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
leases | (6) Leases The Company currently leases various facilities and equipment under cancelable and noncancelable operating leases. The accounting for the Company’s leases may require judgments, which include determining whether a contract contains a lease, allocating the consideration between lease and non-lease components, and determining the incremental borrowing rates. Leases with an initial noncancelable term of 12 months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the lease term. The Company has also elected to combine lease and non-lease components on all classes of leased assets, except for leased towing vessels for which the Company estimat es approximately 70 % of the costs relate to service costs and other non-lease components. Variable lease costs relate primarily to real estate executory costs (i.e. taxes, insurance and maintenance). Future minimum lease payments under operating leases that have initial noncancelable lease terms in excess of one year were as follows (in thousands): 2022 $ 41,685 2023 35,833 2024 28,837 2025 23,794 2026 18,361 Thereafter 91,237 Total lease payments 239,747 Less: imputed interest ( 46,173 ) Operating lease liabilities $ 193,574 The following table summarizes lease costs (in thousands): Year Ended December 31, 2021 2020 2019 Operating lease cost $ 40,786 $ 43,810 $ 39,064 Variable lease cost 1,793 1,550 2,326 Short-term lease cost 17,914 25,387 31,340 Sublease income ( 1,032 ) ( 1,143 ) ( 420 ) Total lease cost $ 59,461 $ 69,604 $ 72,310 The following table summarizes other supplemental information about the Company’s operating leases: December 31, 2021 2020 2019 Weighted average discount rate 3.8 % 4.1 % 4.0 % Weighted average remaining lease term 9 years 10 years 11 years |
Impairments and Other Charges
Impairments and Other Charges | 12 Months Ended |
Dec. 31, 2021 | |
Impairments and Other Charges [Abstract] | |
Impairments and Other Charges | (7) Impairments and Other Charges During the third quarter of 2021, the Company decided to exit the Hawaii market, selling marine transportation equipment including four coastal tank barges, seven coastal tugboats, and certain other assets for aggregate cash proceeds of $ 17,200,000 . In addition, as of September 30, 2021, the Company retired and classified as held for sale, an additional 12 coastal tank barges and four coastal tugboats which were underutilized. The sales and retirements of coastal marine transportation equipment resulted in an aggregate non‑cash impairment charge of $ 97,508,000 to reduce the carrying value of these assets to their estimated sales prices, net of costs to sell. As a result of the sale of the Hawaii marine transportation equipment, and the decision to retire certain additional underutilized coastal tank barges and tugboats, the Company concluded that a triggering event had occurred and performed interim quantitative impairment tests as of September 30, 2021 for certain of the marine transportation segment's long-lived assets and goodwill within the coastal marine market. The Company determined the estimated fair value of such long-lived assets using a combination of a cost approach, a discounted cash flow analysis, and a market approach. The Company determined the estimated fair value of the reporting unit using a combination of a discounted cash flow analysis and a market approach for comparable companies. These analyses included management’s judgment regarding short-term and long-term internal forecasts, updated for recent events, appropriate discount rates, and capital expenditures using inputs characteristic of a Level 3 fair value measurement. In performing the impairment test of certain long-lived assets within the marine transportation segment, the Company determined that the carrying value of certain long-lived assets, including certain coastal marine transportation equipment and operating lease right-of-use assets, were no longer recoverable, resulting in a non-cash impairment charge of $ 24,152,000 during the three months ended September 30, 2021 to reduce such long-lived assets to fair value. Based upon the results of the goodwill impairment test, the Company concluded that the carrying value of one reporting unit in the marine transportation segment exceeded its estimated fair value. The carrying value of the reporting unit, including goodwill, and after recording impairments of long-lived assets identified above, exceeded its estimated fair value, resulting in a non-cash goodwill impairment charge of $ 219,052,000 for the three months ended September 30, 2021. During the first quarter of 2020, Kirby’s market capitalization declined significantly compared to the fourth quarter of 2019. Over the same period, the overall United States stock market also declined significantly amid market volatility. In addition, as a result of uncertainty surrounding the outbreak of COVID-19 and a sharp decline in oil prices during the 2020 first quarter, many of the Company’s oil and gas customers responded by quickly cutting 2020 capital spending budgets and activity levels quickly declined. Lower activity levels resulted in a decline in drilling activity, resulting in lower demand for new and remanufactured oilfield equipment and related parts and service in the distribution and services segment. As a result, the Company concluded that a triggering event had occurred and performed interim quantitative impairment tests as of March 31, 2020 for certain of the distribution and services segment’s long-lived assets and goodwill. The Company determined the estimated fair value of such long-lived assets and reporting units using a discounted cash flow analysis and a market approach for comparable companies. This analysis included management’s judgment regarding short-term and long-term internal forecasts, updated for recent events, appropriate discount rates, and capital expenditures using inputs characteristic of a Level 3 fair value measurement. In performing the impairment test of long-lived assets within the distribution and services segment, the Company determined that the carrying value of certain long-lived assets, including property and equipment as well as intangible assets associated with customer relationships, tradenames, and distributorships, were no longer recoverable, resulting in an impairment charge of $ 165,304,000 (including $ 148,909,000 impairment of intangible assets other than goodwill and $ 16,395,000 impairment of property and equipment) to reduce such long-lived assets to fair value during the three months ended March 31, 2020. Based upon the results of the goodwill impairment test, the Company concluded that the carrying value of one reporting unit in the distribution and services segment exceeded its estimated fair value. For the three months ended March 31, 2020, the goodwill impairment charge of $ 387,970,000 was calculated as the amount that the carrying value of the reporting unit, including goodwill, and after recording impairments of long-lived assets identified above, exceeded its estimated fair value, incorporating all tax impacts caused by the recognition of the impairment loss. In addition, the Company determined cost exceeded net realizable value for certain oilfield and pressure pumping related inventory, resulting in an $ 8,000,000 non-cash write-down during the three months ended March 31, 2020. During the fourth quarter of 2019, the Company recorded a $ 35,525,000 non-cash pre-tax write-down of oilfield and pressure pumping related inventory in the distribution and services segment. |
Stock Award Plans
Stock Award Plans | 12 Months Ended |
Dec. 31, 2021 | |
Stock Award Plans [Abstract] | |
Stock Award Plans | (8) Stock Award Plans The Company has share-based compensation plans which are described below. The compensation cost that has been charged against earnings for the Company’s stock award plans and the income tax benefit recognized in the statement of earnings for stock awards were as follows (in thousands): Year Ended December 31, 2021 2020 2019 Compensation cost $ 15,713 $ 14,722 $ 13,612 Income tax benefit $ 4,410 $ 4,143 $ 3,368 The Company has an employee stock award plan for selected officers and other key employees which provides for the issuance of RSUs, stock options, restricted stock awards, and performance awards. Restricted stock and RSUs generally vest ratably over five years , however, the plan includes a provision for the continued vesting of unvested stock options and RSUs for employees who meet certain years of service and age requirements at the time of their retirement. The provision results in shorter expense accrual periods on stock options and RSUs granted to employees who are nearing retirement and meet the service and age requirements. On March 1, 2021, subject to stockholder approval, the Board of Directors approved amendments to the Company’s 2005 Stock and Incentive Plan (the “Plan”) to, among other things, add 1,400,000 shares of availability. The amendment to the Plan was subsequently approved at the Annual Meeting of Stockholders on April 27, 2021. At December 31, 2021, there we re 2,202,589 sh ares available for future grants under the Plan. The exercise price for each option equals the fair market value per share of the Company’s common stock on the date of grant. Substantially all stock options outstanding under the plan have terms of seven years and vest ratably over three years . No performance awards payable in stock have been awarded under the plan and no outstanding stock options under the employee plan were issued with stock appreciation rights. The following is a summary of the stock option activity under the employee plan described above: Outstanding Weighted Outstanding at December 31, 2020 577,517 $ 72.09 Exercised ( 2,424 ) $ 51.23 Forfeited or expired ( 37,326 ) $ 93.96 Outstanding at December 31, 2021 537,767 $ 70.66 The following table summarizes information about the Company’s outstanding and exercisable stock options under the employee plan at December 31, 2021: Options Outstanding Options Exercisable Range of Exercise Number Weighted Weighted Aggregated Number Weighted Aggregated $ 51.23 59,891 1.1 $ 51.23 59,891 $ 51.23 $ 64.65 – $ 68.50 92,385 2.5 $ 67.24 92,385 $ 67.24 $ 73.29 – $ 75.50 378,786 3.6 $ 74.32 266,478 $ 74.67 $ 84.90 6,705 4.3 $ 84.90 4,470 $ 84.90 $ 51.23 – $ 84.90 537,767 3.2 $ 70.66 $ 491,000 423,224 $ 69.84 $ 491,000 The following is a summary of the restricted stock award activity under the employee plan described above: Unvested Weighted Nonvested balance at December 31, 2020 83,902 $ 63.33 Vested ( 65,037 ) $ 61.77 Forfeited ( 441 ) $ 68.50 Nonvested balance at December 31, 2021 18,424 $ 68.72 No restricted stock awards were granted under the employee plan during 2021, 2020, and 2019. The following is a summary of RSU activity under the employee plan described above: Unvested RSUs Weighted Nonvested balance at December 31, 2020 338,418 $ 74.09 Granted 339,092 $ 51.36 Vested ( 83,304 ) $ 74.29 Forfeited ( 3,227 ) $ 63.97 Nonvested balance at December 31, 2021 590,979 $ 61.07 The weighted average grant date fair value of RSUs granted for the years ended December 31, 2021, 2020, and 2019 was $ 51.36 , $ 73.04 , and $ 74.46 , respectively. During January 2022, the Company gra nted 196,915 RSUs to selected officers and other key employees under its employee stock award plan, which vest ratably over five yea rs . The Company has a stock award plan for nonemployee directors of the Company which provides for the issuance of stock options and restricted stock. The director plan provides for automatic grants of restricted stock to nonemployee directors after each annual meeting of stockholders. In addition, the director plan allows for the issuance of stock options or restricted stock in lieu of cash for all or part of the annual director fee at the option of the director. The exercise prices for all options granted under the plan are equal to the fair market value per share of the Company’s common stock on the date of grant. The terms of the options are ten years . The restricted stock issued after each annual meeting of stockholders vests six months after the date of grant. Options granted and restricted stock issued in lieu of cash director fees vest in equal quarterly increments during the year to which they relate. At December 31, 2021, 391,447 shares were available for future grants under the director plan. The director stock award plan is intended as an incentive to attract and retain qualified independent directors. The following is a summary of the stock option activity under the director plan described above: Outstanding Weighted Outstanding at December 31, 2020 103,756 $ 77.44 Exercised ( 14,776 ) $ 57.06 Outstanding at December 31, 2021 88,980 $ 80.82 The following table summarizes information about the Company’s outstanding and exercisable stock options under the director plan at December 31, 2021: Options Outstanding Options Exercisable Range of Exercise Number Weighted Weighted Aggregate Number Weighted Aggregate $ 61.89 – $ 62.48 20,500 0.6 $ 62.19 20,500 $ 62.19 $ 70.65 – $ 99.52 68,480 2.1 $ 86.39 68,480 $ 86.39 $ 61.89 – $ 99.52 88,980 1.8 $ 80.82 $ — 88,980 $ 80.82 $ — The following is a summary of the restricted stock award activity under the director plan described above: Unvested Weighted Nonvested balance at December 31, 2020 904 $ 49.84 Granted 29,773 $ 65.13 Vested ( 27,340 ) $ 65.41 Nonvested balance at December 31, 2021 3,337 $ 58.70 The weighted average grant date fair value of restricted stock awards granted under the director plan for the years ended December 31, 2021, 2020, and 2019 were $ 65.13 , $ 49.84 , and $ 84.81 , respectively. The total intrinsic value of all stock options exercised under all of the Company’s plans wa s $ 115,000 , $ 745,000 , and $ 1,655,000 for the years ended December 31, 2021, 2020, and 2019, respectively. The actual tax benefit realized for tax deductions from stock option exercises was $ 32,000 , $ 210,000 , and $ 410,000 for the years ended December 31, 2021, 2020, and 2019, respectively. The total fair value of all the restricted stock vestings under all of the Company’s plans was $ 5,344,000 , $ 5,649,000 , and $ 5,917,000 for the years ended December 31, 2021, 2020, and 2019 , respectively. The actual tax benefit realized for tax deductions from restricted stock vestings was $ 1,500,000 , $ 1,590,000 , and $ 1,464,000 for the years ended December 31, 2021, 2020, and 2019, respectively. The total fair value of all the RSU vestings under the Company’s employee plan was $ 4,419,000 , $ 5,172,000 and $ 1,727,000 for the years ended December 31, 2021, 2020, and 2019 respectively. The actual tax benefit realized for tax deductions from RSU vestings was $ 1,240,000 , $ 1,455,000 and $ 427,000 for the years ended December 31, 2021, 2020, and 2019 respectively. As of December 31, 2021, there was $ 684,000 o f unrecognized compensation cost related to nonvested stock options, $ 180,000 related to restricted stock and $ 19,443,000 relate d to nonvested RSUs. The stock options are expected to be recognized over a weighted average period of approximately 0 .6 years, restricted stock over approximately 0.1 years and RSUs over approximately 3.1 years. The weighted average per share fair value of stock options granted during the years ended December 31, 2020 and 2019 was $ 20.19 and $ 22.77 , respectively. The fair value of the stock options granted during the years ended December 31, 2020 and 2019 was $ 2,314,000 and $ 2,666,000 , respectively. There were no stock options granted under the employee plan during the year ended December 31, 2021 and no stock options granted under the director plan during the years ended December 31, 2021 and 2020. The Company currently uses treasury stock shares for restricted stock grants, RSU vestings, and stock option exercises. The fair value of each stock option was determined using the Black-Scholes option pricing model. The key input variables used in valuing the stock options granted were as follows: Year Ended December 31, 2020 2019 Dividend yield None None Average risk-free interest rate 1.3 % 2.5 % Stock price volatility 28 % 28 % Estimated option term 5.3 years 5.3 years |
Taxes on Income
Taxes on Income | 12 Months Ended |
Dec. 31, 2021 | |
Taxes on Income [Abstract] | |
Taxes on Income | (9) Taxes on Income Earnings (loss) before taxes on income and details of the provision (benefit) for taxes on income were as follows (in thousands): Year Ended December 31, 2021 2020 2019 Earnings (loss) before taxes on income: United States $ ( 290,181 ) $ ( 461,569 ) $ 190,839 Foreign ( 420 ) 218 ( 1,019 ) $ ( 290,601 ) $ ( 461,351 ) $ 189,820 Provision (benefit) for taxes on income: U.S. Federal: Current $ ( 460 ) $ ( 218,613 ) $ ( 312 ) Deferred ( 48,843 ) 37,436 45,133 $ ( 49,303 ) $ ( 181,177 ) $ 44,821 U.S. State: Current $ 1,560 $ 3,421 $ 76 Deferred 4,424 ( 12,273 ) 1,706 $ 5,984 $ ( 8,852 ) $ 1,782 Foreign: Current $ ( 511 ) $ 270 $ 198 $ ( 511 ) $ 270 $ 198 Consolidated: Current $ 589 $ ( 214,922 ) $ ( 38 ) Deferred ( 44,419 ) 25,163 46,839 $ ( 43,830 ) $ ( 189,759 ) $ 46,801 On November 13, 2021, the voters of the state of Louisiana approved a constitutional amendment that removed the corporate tax deduction for federal income taxes paid and lowered the corporate income tax rate from 8 % to 7.5 % effective January 1, 2022. The result of the amendment was an increase in the effective Louisiana state income tax rate, net of deduction for federal income tax, from 6.3 % to 7.5 %. As a result of the amendment, the Company recognized a one-time deferred tax provisi on of $ 5,656,000 durin g the fourth quarter of 2021 due to remeasuring the Company’s Louisiana and U.S. deferred tax assets and liabilities based on the new effective Louisiana state income tax rate. On March 27, 2020, the United States Congress passed and the President signed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) into law to address the COVID-19 pandemic. One provision of the CARES Act allows net operating losses generated in 2018 through 2020 to be carried back up to five years . Pursuant to this provision of the CARES Act, the Company recorded a net federal current benefit for taxes on income for the year ended December 31, 2020 due to carrying back net operating losses generated between 2018 and 2020 used to offset taxable income generated between 2013 and 2017. Net operating losses carried back to tax years 2013 through 2017 are applied at a federal tax rate of 35 % applicable to those tax years, compared to a 21 % tax rate effective at December 31, 2020. Net operating losses generated in 2018 and 2019 were used to offset taxable income generated between 2013 and 2017 taxed at 35 % resulting in a tax benefit of $ 59,659,000 and a decrease in the company’s deferred tax asset related to federal net operating losses of $ 88,292,000 . At December 31, 2021 and 2020, the Company had a federal income tax receivable of $ 70,973,000 and $ 188,177,000 , respectively, included in Accounts Receivable – Other on the balance sheet. During 2021, the Company received a tax refund of $ 119,493,000 , including accrued interest, for its 2019 tax return related to net operating losses being carried back to offset taxable income generated between 2014 and 2017. During 2020, the Company received a tax refund of $ 30,606,000 for its 2018 tax return related to net operating losses being carried back to offset taxable income generated during 2013. The Company’s provision (benefit) for taxes on income varied from the statutory federal income tax rate due to the following: Year Ended December 31, 2021 2020 2019 United States income tax statutory rate 21.0 % 21.0 % 21.0 % State and local taxes, net of federal benefit ( 1.7 ) 1.2 0.7 CARES Act – net operating loss carryback — 21.3 — Other – net ( 4.2 ) ( 2.4 ) 3.0 15.1 % 41.1 % 24.7 % The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities were as follows (in thousands): December 31, 2021 2020 Deferred tax assets: Allowance for doubtful accounts $ 1,657 $ 1,793 Inventory 13,180 13,496 Insurance accruals 4,052 4,864 Deferred compensation 6,081 6,040 Unrealized loss on defined benefit plans 6,126 15,929 Goodwill and other intangibles 65,852 44,487 Operating loss carryforwards 89,966 82,186 Retirement benefits 7,194 7,444 Other 6,247 5,480 200,355 181,719 Valuation allowances ( 20,095 ) ( 18,025 ) 180,260 163,694 Deferred tax liabilities: Property ( 655,550 ) ( 678,916 ) Deferred state taxes ( 83,491 ) ( 74,468 ) Other ( 15,371 ) ( 17,154 ) ( 754,412 ) ( 770,538 ) $ ( 574,152 ) $ ( 606,844 ) During 2021 , the Company generated a federal tax net operating loss mainly caused by taking the full cost deduction of purchased fixed assets. The deferred tax assets of $ 57,168,000 has been recorded at December 31, 2021. The Company had state operating loss deferred tax assets of $ 27,607,000 in 2021 and $ 23,482,000 in 2020. The valuation allowance for state deferred tax assets as of December 31, 2021 and 2020 was $ 14,904,000 a nd $ 12,819,000 , respectively, related to the Company’s state net operating loss carryforwards based on the Company’s determination that it is more likely than not that the deferred tax assets will not be realized. Expiration of these state net operating loss carryforwards vary by state through 2028 and none will expire in fiscal 2022. As of December 31, 2021 , the Company had a Canadian net operating loss carryforward of $ 5,191,000 which expires between 2037 and 2041 . A full valuation allowance has been provided for this asset. The Company or one of its subsidiaries files income tax returns in the United States federal jurisdiction and various state jurisdiction s. The Company’s federal income tax returns for the 2017 through 2020 tax years are currently under examination. With few exceptions, the Company and its subsidiaries’ state income tax returns are open to audit under the statute of limitations for the 2015 through 2020 tax years . As of December 31, 2021, the Company has provided a liability of $ 893,000 for unrecognized tax benefits related to various income tax issues which includes interest and penalties. The amount that would impact the Company’s effective tax rate, if recognized, is $ 720,000 , with the difference between the total amount of u nrecognized tax benefits and the amount that would impact the effective tax rate being primarily related to the federal tax benefit of state income tax items. It is not reasonably possible to determine if the liability for unrecognized tax benefits will significantly change prior to December 31, 2022 due to the uncertainty of possible examination results. A reconciliation of the beginning and ending amount of the liability for unrecognized tax benefits is as follows (in thousands): Year Ended December 31, 2021 2020 2019 Balance at beginning of year $ 783 $ 883 $ 1,443 Additions based on tax positions related to the current year 13 262 51 Additions for tax positions of prior years 281 114 58 Reductions for tax positions of prior years ( 340 ) ( 266 ) ( 669 ) Settlements — ( 210 ) — Balance at end of year $ 737 $ 783 $ 883 The Company accounts for interest and penalties related to uncertain tax positions as part of its provision for federal and state income taxes. The Company recognized n et benefit of $ 34,000 , $ 90,000 , and $ 71,000 in interest and penalties for the years ended December 31, 2021, 2020, and 2019 , respectively. The Company had $ 138,000 and $ 172,000 of accrued liabilities for the payment of interest and penalties at December 31, 2021 and 2020, respectively. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (10) Earnings Per Share The following table presents the components of basic and diluted earnings (loss) per share (in thousands, except per share amounts): Year Ended December 31, 2021 2020 2019 Net earnings (loss) attributable to Kirby $ ( 246,954 ) $ ( 272,546 ) $ 142,347 Undistributed earnings allocated to restricted shares — — ( 369 ) Earnings (loss) available to Kirby common stockholders — basic ( 246,954 ) ( 272,546 ) 141,978 Undistributed earnings allocated to restricted shares — — 369 Undistributed earnings reallocated to restricted shares — — ( 369 ) Earnings (loss) available to Kirby common stockholders — diluted $ ( 246,954 ) $ ( 272,546 ) $ 141,978 Shares outstanding: Weighted average common stock issued and outstanding 60,099 60,021 59,905 Weighted average unvested restricted stock ( 46 ) ( 109 ) ( 155 ) Weighted average common stock outstanding — basic 60,053 59,912 59,750 Dilutive effect of stock options and restricted stock units — — 159 Weighted average common stock outstanding — diluted 60,053 59,912 59,909 Net earnings (loss) per share attributable to Kirby common stockholders: Basic $ ( 4.11 ) $ ( 4.55 ) $ 2.38 Diluted $ ( 4.11 ) $ ( 4.55 ) $ 2.37 Certain outstanding options to purchase approximately 567,000 , 681,000 , and 187,000 shares of common stock were excluded in the computation of diluted earnings per share as of December 31, 2021, 2020, and 2019 , respectively, as such stock options would have been antidilutive. Certain outstanding RSUs to convert to 7,000 an d 11,000 shares of common stock were also excluded in the computation of diluted earnings per share as of December 31, 2021 and 2020 , respectively, as such RSUs would have been antidilutive. No RSUs were antidilutive at December 31, 2019 . |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventories [Abstract] | |
Inventories | (11) Inventories The following table presents the details of inventories (in thousands): December 31, 2021 2020 Finished goods $ 260,707 $ 255,491 Work in process 70,643 54,184 $ 331,350 $ 309,675 |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Plans [Abstract] | |
Retirement Plans | (12) Retirement Plans The Company sponsors a defined benefit plan (the “Kirby Pension Plan”) for its inland vessel personnel and shore based tankermen. The plan benefits are based on an employee’s years of service and compensation. The plan assets consist primarily of equity and fixed income securities. On April 12, 2017, the Company amended the Kirby Pension Plan to cease all benefit accruals for periods after May 31, 2017 for certain participants. Participants grandfathered and not impacted were those, as of the close of business on May 31, 2017, who either (a) had completed 15 years of pension service or (b) had attained age 50 and completed 10 years of pension service. Participants non-grandfathered are eligible to receive discretionary 401(k) plan contributions. On February 14, 2018, with the acquisition of Higman, the Company assumed Higman’s pension plan (the “Higman Pension Plan”) for its inland vessel personnel and office staff. On March 27, 2018, the Company amended the Higman Pension Plan to close it to all new entrants and cease all benefit accruals for periods after May 15, 2018 for all participants. The Company made contributions to the Higman Pension Plan of $ 479,000 in 2021, $ 797,000 in 2020 for the 2019 plan year, $ 1,438,000 in 2020 for the 2020 plan year, $ 1,615,000 in 2019 for the 2018 plan year, and $ 1,449,000 in 2019 for the 2019 plan year. The aggregate fair value of plan assets of the Company’s pension plans was $ 430,821,000 and $ 395,137,000 at December 31, 2021 and 2020 respectively. Pension assets were allocated among asset categories as follows: December 31, Current Asset Category 2021 2020 Allocation Policy U.S. equity securities 51 % 53 % 30 % — 50 % — 70 % International equity securities 20 20 0 % — 20 % — 30 % Debt securities 29 25 15 % — 30 % — 55 % Cash and cash equivalents — 2 0 % — 0 % — 5 % 100 % 100 % At December 31, 2021 and 2020 , $ 5,406,000 and $ 25,032,000 , respectively, was held in cash as well as debt and equity securities classified within Level 1 of the valuation hierarchy, and $ 138,000 was held in real estate investments classified within Level 3 of the valuation hierarchy at December 31, 2020. There were no investments within Level 3 of the valuation hierarchy at December 31, 2021. All other plan assets are invested in common collective trusts and valued using the net asset value per share practical expedient and therefore not valued within the valuation hierarchy. The Company’s investment strategy focuses on total return on invested assets (capital appreciation plus dividend and interest income). The primary objective in the investment management of assets is to achieve long-term growth of principal while avoiding excessive risk. Risk is managed through diversification of investments within and among asset classes, as well as by choosing securities that have an established trading and underlying operating history. The Company makes various assumptions when determining defined benefit plan costs including, but not limited to, the current discount rate and the expected long-term return on plan assets. Discount rates are determined annually and are based on a yield curve that consists of a hypothetical portfolio of high quality corporate bonds with maturities matching the projected benefit cash flows. The Company assumed that plan assets would generate a long-term rate of retur n of 6.75 % in both 2021 and 2020. The Company developed its expected long-term rate of return assumption by evaluating input from investment consultants comparing historical returns for various asset classes with its actual and targeted plan investments. The Company believes that its long-term asset allocation, on average, will approximate the targeted allocation. The Company’s pension plan funding strategy is to make annual contributions in amounts equal to or greater than amounts necessary to meet minimum government funding requirements. The plan’s benefit obligations are based on a variety of demographic and economic assumptions, and the pension plan assets’ returns are subject to various risks, including market and interest rate risk, making an accurate prediction of the pension plan contribution difficult. The Company’s pension plan funding was 92 % of the pension plans’ accumulated benefit obligation at December 31, 2021, including both the Kirby Pension Plan and the Higman Pension Plan. The Company sponsors an unfunded defined benefit health care plan that provides limited postretirement medical benefits to employees who met minimum age and service requirements, and to eligible dependents. The plan limits cost increases in the Company’s contribution to 4 % per year. The plan is contributory, with retiree contributions adjusted annually. The plan eliminated coverage for future retirees as of December 31, 2011. The Company also has an unfunded defined benefit supplemental executive retirement plan (“SERP”) that was assumed in an acquisition in 1999. That plan ceased to accrue additional benefits effective January 1, 2000. The following table presents the change in benefit obligation and plan assets for the Company’s defined benefit plans and postretirement benefit plan (in thousands): Pension Benefits Other Postretirement Benefits Pension Plans SERP Postretirement Welfare Plan 2021 2020 2021 2020 2021 2020 Change in benefit obligation Benefit obligation at beginning of year $ 508,694 $ 442,861 $ 1,174 $ 1,225 $ 629 $ 662 Service cost 7,961 7,671 — — — — Interest cost 14,239 15,630 31 40 17 22 Actuarial (gain) loss ( 20,208 ) 58,851 ( 12 ) 55 104 84 Gross benefits paid ( 11,967 ) ( 11,029 ) ( 160 ) ( 146 ) ( 168 ) ( 139 ) Settlements ( 3,447 ) ( 5,290 ) — — — — Benefit obligation at end of year $ 495,272 $ 508,694 $ 1,033 $ 1,174 $ 582 $ 629 Accumulated benefit obligation at end of year $ 469,508 $ 479,999 $ 1,033 $ 1,174 $ 582 $ 629 Weighted-average assumption used to determine benefit obligation at end of year Discount rate (a) 3.0 % / 3.1 % 2.8 % / 2.9 % 3.0 % 2.8 % 3.0 % 2.8 % Rate of compensation increase Service-based table Service-based table — — — — Health care cost trend rate Initial rate — — — — 6.25 % 6.50 % Ultimate rate — — — — 5.0 % 5.0 % Years to ultimate — — — — 2027 2025 Change in plan assets Fair value of plan assets at beginning of year $ 395,137 $ 358,197 $ — $ — $ — $ — Actual return on plan assets 50,619 51,024 — — — — Employer contribution 479 2,235 160 146 168 139 Gross benefits paid ( 11,967 ) ( 11,029 ) ( 160 ) ( 146 ) ( 168 ) ( 139 ) Settlements ( 3,447 ) ( 5,290 ) — — — — Fair value of plan assets at end of year $ 430,821 $ 395,137 $ — $ — $ — $ — (a) The 2021 discount rate was 3.0 % for the Kirby Pension Plan and 3.1 % for the Higman Pension Plan. The 2020 discount rate was 2.8 % for the Kirby Pension Plan and 2.9 % for the Higman Pension Plan. During the year ended December 31, 2021, the decrease in the benefit obligation was primarily due to an increase in the discount rate and actual returns on plan assets performing better than expected. During the year ended December 31, 2020, the increase in the benefit obligation was primarily due to the decrease in the discount rate, partially offset by actual returns on plan assets performing better than expected and an update of the actuarial tables. At December 31, 2021 and 2020, both the accumulated benefit obligation and the projected benefit obligations of each of the Company’s pension plans exceeded the fair value of plan assets. The following table presents the funded status and amounts recognized in the Company’s consolidated balance sheet for the Company’s defined benefit plans and postretirement benefit plan (in thousands): Pension Benefits Other Postretirement Benefits Pension Plans SERP Postretirement Welfare Plan 2021 2020 2021 2020 2021 2020 Funded status at end of year Fair value of plan assets $ 430,821 $ 395,137 $ — $ — $ — $ — Benefit obligations ( 495,272 ) ( 508,694 ) ( 1,033 ) ( 1,174 ) ( 582 ) ( 629 ) Funded status and amount recognized at end of year $ ( 64,451 ) $ ( 113,557 ) $ ( 1,033 ) $ ( 1,174 ) $ ( 582 ) $ ( 629 ) Amounts recognized in the consolidated balance sheets Current liability — — ( 128 ) ( 159 ) ( 49 ) ( 58 ) Long-term liability ( 64,451 ) ( 113,557 ) ( 905 ) ( 1,015 ) ( 533 ) ( 571 ) Amounts recognized in accumulated other comprehensive income Net actuarial (gain) loss $ 32,600 $ 81,376 $ 428 $ 480 $ ( 2,634 ) $ ( 3,189 ) Prior service cost (credit) — — — — — — Accumulated other compensation income $ 32,600 $ 81,376 $ 428 $ 480 $ ( 2,634 ) $ ( 3,189 ) The following table presents the expected cash flows for the Company’s defined benefit plans and postretirement benefit plan (in thousands): Pension Benefits Other Postretirement Benefits Pension Plans SERP Postretirement Welfare Plan 2021 2020 2021 2020 2021 2020 Expected employer contributions First year $ 145 $ 2,385 $ — $ — $ — $ — Expected benefit payments (gross) Year one $ 15,480 $ 13,902 $ 130 $ 162 $ 50 $ 59 Year two 16,678 14,902 104 136 49 49 Year three 17,598 16,123 100 110 48 48 Year four 18,382 17,284 96 106 47 47 Year five 19,127 18,315 91 101 45 46 Next five years 109,845 106,400 381 406 194 202 The components of net periodic benefit cost and other changes in plan assets and benefit obligations recognized in other comprehensive income for the Company’s defined benefit plans were as follows (in thousands): Pension Benefits Pension Plans SERP 2021 2020 2019 2021 2020 2019 Components of net periodic benefit cost Service cost $ 7,961 $ 7,671 $ 7,364 $ — $ — $ — Interest cost 14,239 15,630 16,493 31 40 52 Expected return on plan assets ( 26,244 ) ( 23,790 ) ( 20,956 ) — — — Amortization of actuarial loss 4,193 2,399 1,438 40 35 28 Net periodic benefit cost 149 1,910 4,339 71 75 80 Other changes in plan assets and benefit obligations recognized in other comprehensive income Current year actuarial (gain) loss ( 44,583 ) 31,616 6,497 ( 12 ) 55 73 Recognition of actuarial loss ( 4,193 ) ( 2,399 ) ( 1,438 ) ( 40 ) ( 35 ) ( 28 ) Total recognized in other comprehensive income ( 48,776 ) 29,217 5,059 ( 52 ) 20 45 Total recognized in net periodic benefit cost and other comprehensive income $ ( 48,627 ) $ 31,127 $ 9,398 $ 19 $ 95 $ 125 Weighted average assumptions used to determine net periodic benefit cost Discount rate (a) 2.8 % / 2.9 % 3.5 % / 3.1 % 4.4 % 2.8 % 3.5 % 4.4 % Expected long-term rate of return on plan assets 6.75 % 6.75 % 7.0 % — — — Rate of compensation increase Service-based table Service-based table Service-based table — — — (a) The 2021 discount rate for benefit cost is 2.8 % for the Kirby Pension Plan and 2.9 % for the Higman Pension Plan. The 2020 discount rate for benefit cost is 3.5 % for the Kirby Pension Plan and 3.1 % for the Higman Pension Plan. The components of net periodic benefit cost and other changes in benefit obligations recognized in other comprehensive income for the Company’s postretirement benefit plan were as follows (in thousands): Other Postretirement Benefits Postretirement Welfare Plan 2021 2020 2019 Components of net periodic benefit cost Interest cost $ 17 $ 22 $ 31 Amortization of actuarial gain ( 451 ) ( 522 ) ( 540 ) Net periodic benefit cost ( 434 ) ( 500 ) ( 509 ) Other changes in benefit obligations recognized in other comprehensive income Current year actuarial loss (gain) 104 84 ( 22 ) Recognition of actuarial gain 451 522 540 Total recognized in other comprehensive income 555 606 518 Total recognized in net periodic benefit cost and other $ 121 $ 106 $ 9 Weighted average assumptions used to determine net periodic benefit cost Discount rate 2.8 % 3.5 % 4.4 % Health care cost trend rate: Initial rate 6.50 % 6.75 % 7.0 % Ultimate rate 5.0 % 5.0 % 5.0 % Years to ultimate 2025 2025 2025 The Company also contributes to a multiemployer pension plan pursuant to a collective bargaining agreement which covers certain vessel crew members of its coastal operations and expires on April 30, 2022. The Company began participation in the Seafarers Pension Trust (“SPT”) with the Penn Maritime, Inc. acquisition on December 14, 2012. Contributions to the SPT are made currently based on a per day worked basis and charged to expense as incurred and included in costs of sales and operating expenses in the consolidated statement of earnings. During 2021 and 2020, the Company made contribu tions of $ 541,000 and $ 617,000 , respectively, to the SPT. The Company’s contributions to the SPT exceeded 5 % of total contributions to the SPT in 2020. Total contributions for 2021 are not yet available. The Company did not pay any material surcharges in 2021 and 2020. The federal identification number of the SPT is 13-6100329 and the Certified Zone Status is Green at December 31, 2020. The Company’s future minimum contribution requirements under the SPT are unavailable because actuarial reports for the 2021 plan year are not yet complete and such contributions are subject to negotiations between the employers and the unions. The SPT was not in endangered or critical status for the 2020 plan year, the latest period for which a report is availabl e, as the funded status was in excess of 100 %. Based on the most recent communication from the SPT, there would be no withdrawal liability if the Company chose to withdraw from the SPT although the Company currently has no intention of terminating its participation in the SPT. The Company also contributes to a multiemployer pension plan pursuant to a collective bargaining agreement which covers certain employees of its distribution and services segment in New Jersey and expires on October 8, 2023. The Company began participation in the Central Pension Fund of the International Union of Operating Engineers and Participating Employers (“CPF”) with the S&S acquisition on September 13, 2017. Contributions to the CPF are made currently based on a fixed hourly rate for each hour worked or paid basis (in some cases contributions are made as a percentage of gross pay) and charged to expense as incurred and included in costs of sales and operating expenses in the consolidated statement of earnings. During 2021 and 2020, the Company made contributions of $ 693,000 a nd $ 691,000 , respectively, to the CPF. Total contributions for the 2021 plan year are not yet available. The Company did not pay any material surcharges in 2021 and 2020. The federal identification number of the CPF is 36-6052390 and the Certified Zone Status is Green at January 31, 2021. The Company’s future minimum contribution requirements under the CPF are unavailable because actuarial reports for the 2021 plan year, which ended January 31, 2022, are not yet complete and such contributions are subject to negotiations between the employers and the unions. The CPF was not in endangered or critical status for the 2020 plan year, ending January 31, 2021 , the latest period for which a report is available, as the funded status was 98 %. There would be no withdrawal liability if the Company chose to withdraw from the CPF although the Company currently has no intention of terminating its participation in the CPF. In addition to the defined benefit plans, the Company sponsors various defined contribution plans for substantially all employees. The aggregate contributions to the plans wer e $ 25,853,000 , $ 25,514,000 , and $ 25,409,000 in 2021, 2020, and 2019 , respectively. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2021 | |
Other Comprehensive Income (Loss) [Abstract] | |
Other Comprehensive Income (Loss) | (13) Other Comprehensi ve Income (Loss) The Company’s changes in other comprehensive income (loss) were as follows (in thousands): Year Ended December 31, 2021 2020 2019 Gross Income Tax Provision Net Gross Income Tax (Provision) Benefit Net Gross Income Tax (Provision) Benefit Net Pension and postretirement benefits (a): Amortization of net actuarial loss $ 3,782 $ ( 952 ) $ 2,830 $ 1,912 $ ( 483 ) $ 1,429 $ 926 $ ( 236 ) $ 690 Actuarial gains (losses) 44,491 ( 10,774 ) 33,717 ( 31,755 ) 7,006 ( 24,749 ) ( 6,548 ) 1,655 ( 4,893 ) Foreign currency translation adjustments ( 1,061 ) — ( 1,061 ) ( 333 ) — ( 333 ) ( 85 ) — ( 85 ) Total $ 47,212 $ ( 11,726 ) $ 35,486 $ ( 30,176 ) $ 6,523 $ ( 23,653 ) $ ( 5,707 ) $ 1,419 $ ( 4,288 ) (a) Actuarial gains (losses) are amortized into other income (expense). (See Note 12 – Retirement Plans) |
Contingencies and Commitments
Contingencies and Commitments | 12 Months Ended |
Dec. 31, 2021 | |
Contingencies and Commitments [Abstract] | |
Contingencies and Commitments | (14) Contingencies and Commitments In 2009, the Company was named by the Environmental Protection Agency (the “EPA”) as a Potentially Responsible Party (“PRP”) in addition to a group of approximately 250 named PRPs under the Comprehensive Environmental Response, Compensation and Liability Act of 1981 (“CERCLA”) with respect to a Superfund site, the Portland Harbor Superfund site (“Portland Harbor”) in Portland, Oregon. The site was declared a Superfund site in December 2000 as a result of historical heavily industrialized use due to manufacturing, shipbuilding, petroleum storage and distribution, metals salvaging, and electrical power generation activities which led to contamination of Portland Harbor, an urban and industrial reach of the lower Willamette River located immediately downstream of downtown Portland. The Company’s involvement arises from four spills at the site after it was declared a Superfund site, as a result of predecessor entities’ actions in the area. To date, there is no information suggesting the extent of the costs or damages to be claimed from the 250 notified PRPs. Based on the nature of the involvement at the Portland Harbor site, the Company believes its potential contribution is de minimis; however, to date neither the EPA nor the named PRPs have performed an allocation of potential liability in connection with the site nor have they provided costs and expenses in connection with the site. On February 20, 2015, the Company was served as a defendant in a Complaint originally filed on August 14, 2014, in the U.S. District Court of the Southern District of Texas - Houston Division, USOR Site PRP Group vs. A&M Contractors, USES, Inc. et al. This is a civil action pursuant to the provisions of CERCLA and the Texas Solid Waste Disposal Act for recovery of past and future response costs incurred and to be incurred by the USOR Site PRP Group for response activities at the U.S. Oil Recovery Superfund Site. The property was a former sewage treatment plant owned by defendant City of Pasadena, Texas from approximately 1945 until it was acquired by U.S. Oil Recovery in January 2009. Throughout its operating life, the U.S. Oil Recovery facility portion of the USOR Site received and performed wastewater pretreatment of municipal and Industrial Class I and Class II wastewater, characteristically hazardous waste, used oil and oily sludges, and municipal solid waste. Associated operations were conducted at the MCC Recycling facility portion of the USOR Site after it was acquired by U.S. Oil Recovery from the City of Pasadena in January 2009. The EPA and the PRP Group entered into an Administrative Settlement Agreement and Order for Remedial Investigation Study (“Study”) in May 2015. The Study has not been completed by EPA to date. The Company joined as a member of the PRP Group companies at its pro-rata allocated share. On October 13, 2016, the Company, as a successor to Hollywood Marine, Inc. (“Hollywood Marine”), was issued a General Notice under CERCLA by the EPA in which it was named as a PRP for liabilities associated with the SBA Shipyard Site located near Jennings, Louisiana (the “Site”). The Site was added to the EPA’s National Priorities List of sites under CERCLA in September 2016. SBA used the facility for construction, repair, retrofitting, sandblasting, and cleaning and painting of barges beginning in 1965. Three barge slips and a dry dock are located off the Mermentau River. The slips were used to dock barges during cleaning or repair. In 2001, a group of PRPs that had been former customers of the SBA Shipyard facility formed an organization called the SSIC Remediation, LLC (hereinafter, “the PRP Group Companies”) to address removal actions at the Site. In 2002, EPA approved an Interim Measures/Removal Action of Hazardous/Principal Threat Wastes at SBA Shipyards, Inc. (pursuant to RCRA Section 3008(h)) that was proposed by SBA Shipyard and the PRP Group Companies. Interim removal activities were conducted from March 2001 through January 2005 under an EPA 2002 Order and Agreement. In September 2012, the Louisiana Department of Environmental Quality requested EPA address the Site under CERCLA authority. The Company, as a successor to Hollywood Marine, joined the PRP Group Companies. The PRP Group Companies have submitted a draft Study work plan to EPA for their review and comment. Higman was named as a PRP in connection with its activities at the Site. Higman is not a participant in the PRP Group Companies. With respect to the above sites, the Company has accrued a liability, if applicable, for its estimated potential liability for its portion of the EPA’s past costs claim based on information developed to date including various factors such as the Company’s liability in proportion to other PRPs and the extent to which such costs are recoverable from third parties. On May 10, 2019, two tank barges and a towboat, the M/V Voyager, owned and operated by Kirby Inland Marine, LP (“Kirby Inland Marine”), a wholly owned subsidiary of the Company, were struck by the LPG tanker, the Genesis River, in the Houston Ship Channel. The bow of the Genesis River penetrated the Kirby 30015T and capsized the MMI 3014. The collision penetrated the hull of the Kirby 30015T causing its cargo, reformate, to be discharged into the water. The United States Coast Guard (“USCG”) and the National Transportation Safety Board (“NTSB”) designated the owner and pilot of the Genesis River as well as the subsidiary of the Company as parties of interest in their investigation into the cause of the incident. On June 19, 2019, the Company filed a limitation action in the U.S. District Court of the Southern District of Texas ‑ Galveston Division seeking limitation of liability and asserting that the Genesis River and her owner/manager are at fault for damages including removal costs and claims under the Oil Pollution Act of 1990 and maritime law. Multiple claimants have filed claims in the limitation seeking damages under the Oil Pollution Act of 1990. The court bifurcated the matter into two trials, the first to determine liability amongst the parties and the second to assess damages. The Company entered into a settlement agreement resolving claims of natural resource damage arising out of the spill. Under the agreement, the Company agreed to pay state and federal natural resource trustees $ 2,102,000 . The liability trial was conducted during the week of February 2, 2021. The Court issued its decision on July 8, 2021, finding that the Genesis River was solely at fault and no liability on the part of Kirby Inland Marine. No appeal was filed by the Genesis River. The Company and its insurance carriers collected the $ 20,206,000 judgment from the Genesis River and its interests. On October 13, 2016, the tug Nathan E. Stewart and barge DBL 55, an ATB owned and operated by Kirby Offshore Marine, LLC, a wholly owned subsidiary of the Company, ran aground at the entrance to Seaforth Channel on Atholone Island, British Columbia. The grounding resulted in a breach of a portion of the Nathan E. Stewart’s fuel tanks causing a discharge of diesel fuel into the water. The USCG and the NTSB designated the Company as a party of interest in their investigation as to the cause of the incident. The Canadian authorities including Transport Canada and the Canadian Transportation Safety Board investigated the cause of the incident. On October 10, 2018, the Heiltsuk First Nation filed a civil action in the British Columbia Supreme Court against a subsidiary of the Company, the master and pilot of the tug, the vessels and the Canadian government seeking unquantified damages as a result of the incident. On May 1, 2019, the Company filed a limitation action in the Federal Court of Canada seeking limitation of liability relating to the incident as provided under admiralty law. The Heiltsuk First Nation’s civil claim has been consolidated into the Federal Court limitation action as of July 26, 2019 and it is expected that the Federal Court of Canada will decide all claims against the Company. The Company is unable to estimate the potential exposure in the civil proceeding. The Company has various insurance policies covering liabilities including pollution, property, marine and general liability and believes that it has satisfactory insurance coverage for the cost of cleanup and salvage operations as well as other potential liabilities arising from the incident. The Company believes its accrual of such estimated liability is adequate for the incident and does not expect the incident to have a material adverse effect on its business or financial condition. On March 22, 2014, two tank barges and a towboat, the M/V Miss Susan, owned by Kirby Inland Marine, were involved in a collision with the M/S Summer Wind on the Houston Ship Channel near Texas City, Texas. The lead tank barge was damaged in the collision resulting in a discharge of intermediate fuel oil from one of its cargo tanks. While all legal action to date involving the Company has been resolved, the Company is participating in the natural resource damage assessment and restoration process with federal and state government natural resource trustees. In December 2021, the Company agreed to pay $ 15,300,000 in damages resulting from this incident, and a proposed consent decree. On January 20, 2022, the federal court approved the consent decree. The matter concluded following the Company's payment of damages to federal and state trustees in accordance with the terms of the consent decree. In addition, the Company is involved in various legal and other proceedings which are incidental to the conduct of its business, none of which in the opinion of management will have a material effect on the Company’s financial condition, results of operations or cash flows. Management believes its accrual of such estimated liability is adequate and believes that it has adequate insurance coverage or has meritorious defenses for these other claims and contingencies. Certain Significant Risks and Uncertainties. The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. However, in the opinion of management, the amounts would be immaterial. The customer base of the marine transportation segment includes major industrial petrochemical and chemical manufacturers, refining companies and agricultural chemical manufacturers operating in the United States. During 2021 , approximately 65 % of marine transportation’s inland revenues were from movements of such products under term contracts, typically ranging from one year to three years , some with renewal options. During 2021 , approximately 80 % of the marine transportation’s coastal revenues were under term contracts. While the manufacturing and refining companies have generally been customers of the Company for numerous years (some as long as 40 years ) and management anticipates a continuing relationship, there is no assurance that any individual contract will be renewed. No single customer of the marine transportation segment accounted for 10% or more of the Company’s revenues in 2021, 2020, or 2019. Major customers of the distribution and services segment include oilfield service companies, oil and gas operators and producers, inland and offshore barge operators, offshore fishing companies, on-highway transportation companies, construction companies, the United States government, and power generation, nuclear and industrial companies. The results of the distribution and services segment are largely tied to the industries it serves and, therefore, can be influenced by the cycles of such industries. No single customer of the distribution and services segment accounted for 10% or more of the Company’s revenues in 2021, 2020, or 2019. United Holdings LLC (“United”) has maintained continuous exclusive distribution rights for MTU and Allison Transmission products since 1946. United is one of MTU’s top five distributors of MTU off-highway engines in North America with exclusive distribution rights in Oklahoma, Arkansas, Louisiana and Mississippi. In addition, as a distributor of Allison Transmission products, United has distribution rights in Oklahoma, Arkansas and Louisiana. United is also the distributor for parts service and warranty on Daimler Truck North America (“DTNA”) engines and related equipment in Oklahoma, Arkansas and Louisiana. United, though certain of its subsidiaries, is also a dealer of Thermo King refrigeration systems for trucks, railroad cars, and other land transportation markets in Texas and Colorado. S&S is also one of MTU’s top five distributors for off-highway engines with exclusive distribution rights in multiple states. S&S also has authorized exclusive distribution rights for Allison Transmission, Detroit Diesel, Deutz, DTNA, EMD, Rolls Royce Power and Volvo Penta diesel engines in multiple key growth states, primarily through the Central, South and Eastern parts of the United States and strategically located near major oil and gas fields, marine waterways and on-highway transportation routes. In addition, S&S has long-term relationships with numerous smaller suppliers including Donaldson, Freightliner, Generac and John Deere. Kirby Engine Systems LLC, through Marine Systems, Inc. and Engine Systems, Inc. (“Engine Systems”), operates as an authorized EMD distributor throughout the United States. Engine Systems is also the authorized EMD distributor for nuclear power applications worldwide. The relationship with EMD has been maintained for 56 years . The segment also operates factory-authorized full service marine distributorship/dealerships for Cummins, Detroit Diesel and John Deere high-speed diesel engines and Falk, Lufkin and Twin Disc marine gears, as well as an authorized marine dealer for Caterpillar diesel engine in multiple states. Physical impacts of climate change could have a material adverse effect on the Company's costs and operations. There has been public discussion that climate change may be associated with rising sea levels as well as extreme weather conditions such as more intense hurricanes, thunderstorms, tornadoes, drought, and snow or ice storms. Weather can be a major factor in the day-to-day operations of the marine transportation segment. Adverse weather conditions, such as high or low water, tropical storms, hurricanes, tsunamis, fog and ice, can impair the operating efficiencies of the marine fleet. Shipments of products can be delayed or postponed by weather conditions, which are totally beyond the control of the Company. Adverse water conditions are also factors which impair the efficiency of the fleet and can result in delays, diversions and limitations on night passages, and dictate horsepower requirements and size of tows. Additionally, much of the inland waterway system is controlled by a series of locks and dams designed to provide flood control, maintain pool levels of water in certain areas of the country and facilitate navigation on the inland river system. Maintenance and operation of the navigable inland waterway infrastructure is a government function handled by the Army Corps of Engineers with costs shared by industry. Significant changes in governmental policies or appropriations with respect to maintenance and operation of the infrastructure could adversely affect the Company. The Company’s distribution and services segment is also subject to tropical storms and hurricanes impacting its coastal locations and those of its customers as well as tornados impacting its Oklahoma facilities. The risk of flooding as a result of hurricanes and tropical storms as well as other weather events may impede travel via roadways, suspend service work, and impact deliveries and the Company’s ability to fulfill orders or provide services in the distribution and services segment. The Company’s marine transportation segment is subject to regulation by the USCG, federal laws, state laws, the laws of other countries when operating in their waters, and certain international conventions, as well as numerous environmental regulations. The Company believes that additional safety, environmental and occupational health regulations may be imposed on the marine industry. There can be no assurance that any such new regulations or requirements, or any discharge of pollutants by the Company, will not have an adverse effect on the Company. The Company’s marine transportation segment competes principally in markets subject to the Jones Act, a federal cabotage law that restricts domestic marine transportation in the United States to vessels built and registered in the United States, and manned, owned and operated by United States citizens. The Jones Act cabotage provisions occasionally come under attack by interests seeking to facilitate foreign flagged competition in trades reserved for domestic companies and vessels under the Jones Act. The Company believes that continued efforts will be made to modify or eliminate the cabotage provisions of the Jones Act. If such efforts are successful, certain elements could have an adverse effect on the Company. However, the Company believes that it is unlikely that the current cabotage provisions of the Jones Act would be eliminated or significantly modified in a way that has a material adverse impact on the Company in the foreseeable future. The Company has issued guaranties or obtained standby letters of credit and performance bonds supporting performance by the Company and its subsidiaries of contractual or contingent legal obligations of the Company and its subsidiaries incurred in the ordinary course of business. The aggregate notional value of these instruments is $ 19,357,000 at December 31, 2021, including $ 12,055,000 in letters of credit and $ 7,302,000 in performance bonds. All of these instruments have an expiration date within two years . The Company does not believe demand for payment under these instruments is likely and expects no material cash outlays to occur in connection with these instruments. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (15) Related Party Transactions David W. Grzebinski, President and Chief Executive Officer of the Company, is a member of the board of directors for ABS, a not- for-profit that provides global classification services to the marine, offshore and gas industries. The Company paid ABS $ 1,620,000 in 2021 , $ 2,377,000 in 2020 , and $ 1,774,000 in 2019 to perform audits and surveys of the Company’s vessels in the ordinary course of business. In November 2020, Mr. Grzebinski became a member of the board of directors of UK Protection & Indemnity Association ("UK P&I"), a mutual marine protection and indemnity organization that provides protection and indemnity insurance for third party liabilities and expenses arising from vessel operations. The Company’s marine fleet is insured on a pro rata share basis through UK P&I and Standard Mutual. The Company p aid $ 3,215,000 during 2021 in premiums for coverage in the 2021-2022 pol icy period and $ 3,000,000 during 2020, in premiums for coverage in the 2020-2021 policy period in the ordinary course of business. In January 2019, Amy D. Husted, Vice President, General Counsel and Secretary of the Company, became a member of the board of directors of Signal Mutual Indemnity Association Ltd (“Signal”), a group self-insur ance not-for-profit organization authorized by the U.S. Department of Labor as a longshore worker’s compensation insurance provider. The Company has been a member of Signal since it was established in 1986. The Company paid Signal $ 551,000 in 2021 , $ 667,000 in 2020 and $ 1,391,000 in 2019 in the ordinary course of business. The husband of Ms. Husted is a partner in the law firm of Clark Hill PLC. The Company paid the law firm $ 2,900,000 in 2021 , $ 1,598,000 in 2020 , and $ 1,278,000 in 2019 for legal services in connection with matters in the ordinary course of business. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Significant Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation. The consolidated financial statements include the accounts of Kirby Corporation and all majority-owned subsidiaries (the “Company”). All investments in which the Company owns 20% to 50% and exercises significant influence over operating and financial policies are accounted for using the equity method. All material intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications have been made to reflect the current presentation of financial information. Such reclassifications have no impact on previously reported net earnings (loss), stockholders’ equity, or cash flows. |
Cash Equivalents | Cash Equivalents. Cash equivalents consist of all short-term, highly liquid investments with maturities of three months or less at date of purchase. |
Accounts Receivable | Accounts Receivable. In the normal course of business, the Company extends credit to its customers. The Company regularly reviews the accounts and makes adequate provisions for probable uncollectible balances. It is the Company’s opinion that the accounts have no impairment, other than that for which provisions have been made. Included in accounts receivable-trade as of December 31, 2021 and 2020 wer e $ 92,749,000 and $ 91,850,000 , respectively, of accruals for revenues earned which have not been invoiced as of the end of each year. The Company’s marine transportation and distribution and services operations are subject to hazards associated with such businesses. The Company maintains insurance coverage against these hazards with insurance companies. Included in accounts receivable-other as of December 31, 2021 and 2020 were $ 69,558,000 and $ 83,145,000 , respectively, of receivables from insurance companies to cover claims in excess of the Company’s deductible. |
Concentrations of Credit Risk | Concentrations of Credit Risk. Financial instruments which potentially subject the Company to concentrations of credit risk are primarily trade accounts receivables. The Company’s marine transportation customers include the major oil refining and petrochemical companies. The distribution and services customers are oilfield service companies, oil and gas operators and producers, on-highway transportation companies, marine transportation companies, commercial fishing companies, construction companies, power generation companies, and the United States government. The Company regularly reviews its accounts and estimates the amount of uncollectible receivables each period and establishes an allowance for uncollectible amounts. The amount of the allowance is based on the age of unpaid amounts, information about the current financial strength of customers, and other relevant information. Estimates of uncollectible amounts are revised each period, and changes are recorded in the period they become known. |
Property, Maintenance and Repairs | Property, Maintenance and Repairs. Property is recorded at cost or acquisition date fair value; improvements and betterments are capitalized as incurred. Depreciation is recorded using the straight-line method over the estimated useful lives of the individual assets as follows: marine transportation equipment, 5 - 40 years; buildings, 10 - 40 years; other equipment, 2 - 10 years; and leasehold improvements, term of lease. When property items are retired, sold, or otherwise disposed of, the related cost and accumulated depreciation are removed from the accounts with any gain or loss on the disposition included in the statement of earnings. Maintenance and repairs on vessels built for use on the inland waterways are charged to operating expense as incurred and includes the costs incurred in United States Coast Guard (“USCG”) inspections unless the shipyard extends the life or improves the operating capacity of the vessel which results in the costs being capitalized. |
Drydocking on Ocean-Going Vessels | Drydocking on Ocean-Going Vessels. The Company’s ocean-going vessels are subject to regulatory drydocking requirements after certain periods of time to be inspected, have planned major maintenance performed and be recertified by the American Bureau of Shipping (“ABS”). These recertifications generally occur twice in a five-year period. The Company defers the drydocking expenditures incurred on its ocean-going vessels due to regulatory marine inspections by the ABS and amortizes the costs of the shipyard over the period between drydockings, generally 30 or 60 months, depending on the type of major maintenance performed. Drydocking expenditures that extend the life or improve the operating capability of the vessel result in the costs being capitalized. The Company recognized amortization of major maintenance costs of $ 33,213,000 , $ 30,214,000 , and $ 23,962,000 for the years ended December 31, 2021, 2020, and 2019 , respectively, in costs of sales and operating expenses. Routine repairs and maintenance on ocean-going vessels are expensed as incurred. Interest is capitalized on the construction of new ocean-going vessels. Interest expense excludes capitalized interest of $ 1,003,000 for the year ending December 31, 2019. For the years ended December 31, 2021 and 2020 , no interest was capitalized. |
Environmental Liabilities | Environmental Liabilities. The Company expenses costs related to environmental events as they are incurred or when a loss is considered probable and reasonably estimable. |
Goodwill | Goodwill. The excess of the purchase price over the fair value of identifiable net assets acquired in transactions accounted for as a purchase is included in goodwill. The Company conducted its annual goodwill impairment tests at November 30, 2021, 2020, and 2019 . The Company also conducted interim goodwill impairment tests at September 30, 2021 and March 31, 2020. Refer to Note 7, Impairments and other charges for more information. The Company will continue to conduct goodwill impairment tests as of November 30 of subsequent years, or whenever events or circumstances indicate that interim impairment testing is necessary. The amount of goodwill impairment, if any, is typically measured based on a combination of projected discounted future operating cash flows using an appropriate discount rate and a market approach for comparable companies. The following table summarizes the changes in goodwill (in thousands): Marine Distribution and Total Balance at December 31, 2019 (gross) $ 424,149 $ 549,846 $ 973,995 Accumulated impairment and amortization ( 18,574 ) ( 1,595 ) ( 20,169 ) Balance at December 31, 2019 405,575 548,251 953,826 Impairment — ( 387,970 ) ( 387,970 ) Savage acquisition 81,635 — 81,635 Convoy acquisition — 10,309 10,309 Balance at December 31, 2020 (gross) 505,784 560,155 1,065,939 Accumulated impairment and amortization ( 18,574 ) ( 389,565 ) ( 408,139 ) Balance at December 31, 2020 $ 487,210 $ 170,590 $ 657,800 Impairment ( 219,052 ) — ( 219,052 ) Balance at December 31, 2021 (gross) 505,784 560,155 1,065,939 Accumulated impairment and amortization ( 237,626 ) ( 389,565 ) ( 627,191 ) Balance at December 31, 2021 $ 268,158 $ 170,590 $ 438,748 |
Other Intangibles | Other Intangibles. Other intangibles include assets for favorable contracts and customer relationships, distributorship and dealership agreements, trade names and non-compete agreements and liabilities for unfavorable leases and contracts. The following table summarizes the balances of other intangible assets and other intangible liabilities (in thousands): December 31, 2021 2020 Other intangible assets – gross $ 203,217 $ 203,217 Accumulated amortization ( 143,147 ) ( 134,238 ) Other intangible assets – net $ 60,070 $ 68,979 Other intangible liabilities – gross $ 13,860 $ 13,860 Accumulated amortization ( 12,120 ) ( 10,960 ) Other intangible liabilities – net $ 1,740 $ 2,900 The costs of intangible assets and liabilities are amortized to expense in a systematic and rational manner over their estimated useful lives. For the years ended December 31, 2021, 2020, and 2019, the amortization expense for intangibles was $ 7,758,000 , $ 9,235,000 , and $ 15,040,000 , respectively. Estimated net amortization expense for amortizable intangible assets and liabilities for the next five years (2022 – 2026) is approximat ely $ 7,466,000 , $ 7,947,000 , $ 8,513,000 , $ 8,513,000 , and $ 6,257,000 , respectively. As of December 31, 2021 , the weighted average amortization period for intangible assets and liabilities was approximately 8 years . |
Revenue Recognition | Revenue Recognition. The majority of marine transportation revenue is derived from term contracts, ranging from one to three years, some of which have renewal options, and the remainder is from spot contracts. The majority of the term contracts are for terms of one year. The Company provides marine transportation services for its customers and, in almost all cases, does not assume ownership of the products it transports. A term contract is an agreement with a specific customer to transport cargo from a designated origin to a designated destination at a set rate or at a daily rate. The rate may or may not escalate during the term of the contract, however, the base rate generally remains constant and contracts often include escalation provisions to recover changes in specific costs such as fuel. A spot contract is an agreement with a customer to move cargo from a specific origin to a designated destination for a rate negotiated at the time the cargo movement takes place. Spot contract rates are at the current “market” rate, including fuel, and are subject to market volatility. The Company uses a voyage accounting method of revenue recognition for its marine transportation revenues which allocates voyage revenue based on the percent of the voyage completed during the period. The performance of the service is invoiced as the transaction occurs and payment is required depending on each specific customer’s credit. Distribution products and services are generally sold based upon purchase orders or preferential service agreements with the customer that include fixed or determinable prices. Parts sales are recognized when control transfers to the customer, generally when title passes upon shipment to customers. Service revenue is recognized over time as the service is provided using measures of progress utilizing hours worked or costs incurred as a percentage of estimated hours or expected costs. Revenue from rental agreements is recognized on a straight-line basis over the rental period. The Company recognizes the revenues on manufacturing activities upon shipment and transfer of control to the customer. The transactions in the distribution and services segment are typically invoiced as parts are shipped or upon the completion of the service job. Contract manufacturing activities are generally invoiced upon shipment and the Company will often get deposits from its customers prior to starting work, or progress payments during the project depending on the credit worthiness of the customer and the size of the project. |
Stock-Based Compensation | Stock-Based Compensation. The Company has share-based compensation plans covering selected officers and other key employees as well as the Company’s Board of Directors. Stock-based grants made under the Company’s stock plans are recorded at fair value on the date of the grant and the cost for all grants made under the director plan and for grants made under the employee plan is generally recognized ratably over the vesting period of the restricted stock unit ("RSU"), stock option, or restricted stock, however, the employee plan includes a provision for the continued vesting of unvested stock options and RSUs for employees who meet certain years of service and age requirements at the time of their retirement. The provision results in shorter expense accrual periods on stock options and RSUs granted to employees who are nearing retirement and meet the service and age requirements. Stock option grants are valued at the date of grant as calculated under the Black-Scholes option pricing model. The Company accounts for forfeitures as they occur. The Company’s stock-based compensation plans are more fully described in Note 8, Stock Award Plans. |
Taxes on Income | Taxes on Income. The Company follows the asset and liability method of accounting for income taxes. 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 basis 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. |
Accrued Insurance | Accrued Insurance. Accrued insurance liabilities include estimates based on individual incurred claims outstanding and an estimated amount for losses incurred but not reported (“IBNR”) or fully developed based on past experience. Insurance premiums, IBNR losses and incurred claim losses, in excess of the Company’s deductible for the years ended December 31, 2021, 2020, and 2019, were $ 37,836,000 , $ 30,564,000 , and $ 32,372,000 , respectively. |
Treasury Stock | Treasury Stock. The Company follows the average cost method of accounting for treasury stock transactions. |
Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of | Impairment of Long-lived Assets and for Long-lived Assets to Be Disposed Of. The Company performs an impairment assessment whenever events or changes in circumstances indicate that the carrying amount of long-lived assets may not be recoverable. Recoverability on marine transportation assets is assessed based on vessel classes, not on individual assets, because identifiable cash flows for individual marine transportation assets are not available. Projecting customer contract volumes allows estimation of future cash flows by projecting pricing and utilization by vessel class but it is not practical to project which individual marine transportation asset will be utilized for any given contract. Because customers do not specify which particular vessel is used, prices are quoted based on vessel classes not individual assets. Nominations of vessels for specific jobs are determined on a day by day basis and are a function of the equipment class required and the geographic position of vessels within that class at that particular time as vessels within a class are interchangeable and provide the same service. The Company’s vessels are mobile assets and equipped to operate in geographic regions throughout the United States and the Company has in the past and expects to continue to move vessels from one region to another when it is necessary due to changing markets and it is economical to do so. Barge vessel classes are based on similar capacities, hull type, and type of product and towing vessels are based on similar hull type and horsepower. If a triggering event is identified, the Company compares the carrying amount of the asset group to the estimated undiscounted future cash flows expected to result from the use of the asset group. If the carrying amount of the asset group exceeds the estimated undiscounted future cash flows, the Company measures the amount of the impairment by comparing the carrying amount of the asset group to its estimated fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. |
Fair Value Measurements | Fair Value Measurements. The accounting guidance for using fair value to measure certain assets and liabilities establishes a three tier value hierarchy, which prioritizes the inputs to valuation techniques used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little, if any, market data exists, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing the asset or liability. The fair value of the Company’s debt instruments is described in Note 5, Long-Term Debt. |
Accounting Standards Adoptions | Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” ("ASU 2019-12") which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, Income Taxes. The Company adopted ASU 2019-12 on January 1, 2021. There was no material impact on the Company’s financial statements or disclosures upon adoption of ASU 2019-12. In January 2017, the FASB issued ASU 2017-04, “Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”) which simplifies the subsequent measurement of goodwill by eliminating Step 2 in the goodwill impairment test that required an entity to perform procedures to determine the fair value of its assets and liabilities at the testing date. An entity instead shall perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying value and record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value, incorporating all tax impacts caused by the recognition of the impairment loss. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The Company adopted ASU 2017-04 on January 1, 2020 on a prospective basis. See Note 7, Impairments and Other Charges for further details. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Significant Accounting Policies [Abstract] | |
Changes in Goodwill | The following table summarizes the changes in goodwill (in thousands): Marine Distribution and Total Balance at December 31, 2019 (gross) $ 424,149 $ 549,846 $ 973,995 Accumulated impairment and amortization ( 18,574 ) ( 1,595 ) ( 20,169 ) Balance at December 31, 2019 405,575 548,251 953,826 Impairment — ( 387,970 ) ( 387,970 ) Savage acquisition 81,635 — 81,635 Convoy acquisition — 10,309 10,309 Balance at December 31, 2020 (gross) 505,784 560,155 1,065,939 Accumulated impairment and amortization ( 18,574 ) ( 389,565 ) ( 408,139 ) Balance at December 31, 2020 $ 487,210 $ 170,590 $ 657,800 Impairment ( 219,052 ) — ( 219,052 ) Balance at December 31, 2021 (gross) 505,784 560,155 1,065,939 Accumulated impairment and amortization ( 237,626 ) ( 389,565 ) ( 627,191 ) Balance at December 31, 2021 $ 268,158 $ 170,590 $ 438,748 |
Other Intangible Assets and Other Intangible Liabilities | The following table summarizes the balances of other intangible assets and other intangible liabilities (in thousands): December 31, 2021 2020 Other intangible assets – gross $ 203,217 $ 203,217 Accumulated amortization ( 143,147 ) ( 134,238 ) Other intangible assets – net $ 60,070 $ 68,979 Other intangible liabilities – gross $ 13,860 $ 13,860 Accumulated amortization ( 12,120 ) ( 10,960 ) Other intangible liabilities – net $ 1,740 $ 2,900 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Savage Inland Marine, LLC and Convoy [Member] | |
Business Acquisition [Line Items] | |
Fair Values of Assets Acquired and Liabilities Assumed | The fair values of the assets acquired and liabilities assumed from the Savage and Convoy acquisitions recorded at the respective acquisition dates were as follows (in thousands): Savage Convoy Accounts receivable $ — $ 5,677 Inventories — 11,771 Prepaid expenses 1,067 177 Property and equipment 210,065 415 Operating lease right-of-use assets 27,085 3,713 Goodwill 81,635 10,309 Other intangibles 2,300 17,170 Total assets $ 322,152 $ 49,232 Accounts payable and accrued liabilities $ 68 $ 8,339 Operating lease liabilities, including current portion 43,085 3,713 Total liabilities $ 43,153 $ 12,052 Net assets acquired $ 278,999 $ 37,180 |
Cenac Marine Services, LLC [Member] | |
Business Acquisition [Line Items] | |
Fair Values of Assets Acquired and Liabilities Assumed | The fair values of the assets acquired and liabilities assumed from the Cenac acquisition and recorded at the acquisition date were as follows (in thousands): Prepaid expenses $ 1,138 Property and equipment 247,122 Other intangibles 340 Total assets $ 248,600 Other long-term liabilities $ 4,100 Net assets acquired $ 244,500 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenues [Abstract] | |
Revenues by Major Source | The following table sets forth the Company’s revenues by major source (in thousands): Year Ended December 31, 2021 2020 2019 Marine transportation segment: Inland transportation $ 1,005,145 $ 1,094,630 $ 1,220,878 Coastal transportation 317,773 309,635 366,204 $ 1,322,918 $ 1,404,265 $ 1,587,082 Distribution and services segment: Commercial and industrial $ 578,011 $ 566,326 $ 591,953 Oil and gas 345,731 200,817 659,364 $ 923,742 $ 767,143 $ 1,251,317 |
Segment Data (Tables)
Segment Data (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Data [Abstract] | |
Segment Reporting Information, by Segment | The following tables set forth by reportable segment the revenues, profit or loss, total assets, depreciation and amortization, and capital expenditures attributable to the principal activities of the Company (in thousands): Year Ended December 31, 2021 2020 2019 Revenues: Marine transportation $ 1,322,918 $ 1,404,265 $ 1,587,082 Distribution and services 923,742 767,143 1,251,317 $ 2,246,660 $ 2,171,408 $ 2,838,399 Segment profit (loss): Marine transportation $ 63,015 $ 163,638 $ 215,842 Distribution and services 27,607 ( 12,191 ) 67,201 Other ( 381,223 ) ( 612,798 ) ( 93,223 ) $ ( 290,601 ) $ ( 461,351 ) $ 189,820 Depreciation and amortization: Marine transportation $ 185,979 $ 186,798 $ 179,742 Distribution and services 20,573 28,255 35,998 Other 7,166 4,868 3,892 $ 213,718 $ 219,921 $ 219,632 Capital expenditures: Marine transportation $ 84,353 $ 133,990 $ 217,364 Distribution and services 8,104 4,854 18,284 Other 5,558 9,341 12,516 $ 98,015 $ 148,185 $ 248,164 December 31, 2021 2020 Total assets: Marine transportation $ 4,319,080 $ 4,760,449 Distribution and services 892,603 805,831 Other 187,380 357,894 $ 5,399,063 $ 5,924,174 |
Other Segment Reporting Information | The following table presents the details of “Other” segment profit (loss) (in thousands): Year Ended December 31, 2021 2020 2019 General corporate expenses $ ( 13,803 ) $ ( 11,050 ) $ ( 13,643 ) Gain on disposition of assets 5,761 118 8,152 Impairments and other charges ( 340,713 ) ( 561,274 ) ( 35,525 ) Interest expense ( 42,469 ) ( 48,739 ) ( 55,994 ) Other income 10,001 8,147 3,787 $ ( 381,223 ) $ ( 612,798 ) $ ( 93,223 ) The following table presents the details of “Other” total assets (in thousands): December 31, 2021 2020 General corporate assets $ 185,246 $ 355,205 Investment in affiliates 2,134 2,689 $ 187,380 $ 357,894 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Long-Term Debt [Abstract] | |
Carrying Values and Fair Values of Debt Outstanding | The following table presents the carrying value and fair value of debt outstanding (in thousands): December 31, 2021 2020 Carrying Value Fair Value Carrying Value Fair Value Revolving Credit Facility due March 27, 2024 (a) $ — $ — $ 250,000 $ 250,000 Term Loan due March 27, 2024 (a) 315,000 315,000 375,000 375,000 3.29 % senior notes due February 27, 2023 350,000 358,390 350,000 364,538 4.2 % senior notes due March 1, 2028 500,000 549,239 500,000 581,115 Credit Line due June 30, 2022 — — — — Bank notes payable 1,934 1,934 40 40 1,166,934 1,224,563 1,475,040 1,570,693 Unamortized debt discounts and issuance costs (b) ( 3,567 ) — ( 6,454 ) — $ 1,163,367 $ 1,224,563 $ 1,468,586 $ 1,570,693 (a) Variable interest rate of 1.5 % at both December 31, 2021 and 2020 . (b) Excludes $ 1,403,000 attributable to the Revolving Credit Facility included in other assets at December 31, 2021 . |
Borrowings and Payments Under the Bank Credit Facilities | The following table presents borrowings and payments under the bank credit facilities (in thousands): Year Ended December 31, 2021 2020 2019 Borrowings on bank credit facilities $ 6,162 $ 582,277 $ 1,351,158 Payments on bank credit facilities ( 254,267 ) ( 332,253 ) ( 1,768,534 ) $ ( 248,105 ) $ 250,024 $ ( 417,376 ) |
Aggregate Payments due on the Long-Term Debt | The aggregate payments due on the long-term debt in each of the next five years were as follows (in thousands): 2022 1,934 2023 350,000 2024 315,000 2025 — 2026 — Thereafter 500,000 $ 1,166,934 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Future Minimum Lease Payments under Operating Leases | Future minimum lease payments under operating leases that have initial noncancelable lease terms in excess of one year were as follows (in thousands): 2022 $ 41,685 2023 35,833 2024 28,837 2025 23,794 2026 18,361 Thereafter 91,237 Total lease payments 239,747 Less: imputed interest ( 46,173 ) Operating lease liabilities $ 193,574 |
Lease Cost | The following table summarizes lease costs (in thousands): Year Ended December 31, 2021 2020 2019 Operating lease cost $ 40,786 $ 43,810 $ 39,064 Variable lease cost 1,793 1,550 2,326 Short-term lease cost 17,914 25,387 31,340 Sublease income ( 1,032 ) ( 1,143 ) ( 420 ) Total lease cost $ 59,461 $ 69,604 $ 72,310 |
Operating Leases, Weighted Average Discount Rate and Remaining Lease Term | The following table summarizes other supplemental information about the Company’s operating leases: December 31, 2021 2020 2019 Weighted average discount rate 3.8 % 4.1 % 4.0 % Weighted average remaining lease term 9 years 10 years 11 years |
Stock Award Plans (Tables)
Stock Award Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | |
Compensation Cost Breakdown in Statement of Earnings | The Company has share-based compensation plans which are described below. The compensation cost that has been charged against earnings for the Company’s stock award plans and the income tax benefit recognized in the statement of earnings for stock awards were as follows (in thousands): Year Ended December 31, 2021 2020 2019 Compensation cost $ 15,713 $ 14,722 $ 13,612 Income tax benefit $ 4,410 $ 4,143 $ 3,368 |
Stock Option Valuation Assumptions | The key input variables used in valuing the stock options granted were as follows: Year Ended December 31, 2020 2019 Dividend yield None None Average risk-free interest rate 1.3 % 2.5 % Stock price volatility 28 % 28 % Estimated option term 5.3 years 5.3 years |
Employee Plan [Member] | |
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | |
Stock Option Activity | The following is a summary of the stock option activity under the employee plan described above: Outstanding Weighted Outstanding at December 31, 2020 577,517 $ 72.09 Exercised ( 2,424 ) $ 51.23 Forfeited or expired ( 37,326 ) $ 93.96 Outstanding at December 31, 2021 537,767 $ 70.66 |
Outstanding and Exercisable Stock Options | The following table summarizes information about the Company’s outstanding and exercisable stock options under the employee plan at December 31, 2021: Options Outstanding Options Exercisable Range of Exercise Number Weighted Weighted Aggregated Number Weighted Aggregated $ 51.23 59,891 1.1 $ 51.23 59,891 $ 51.23 $ 64.65 – $ 68.50 92,385 2.5 $ 67.24 92,385 $ 67.24 $ 73.29 – $ 75.50 378,786 3.6 $ 74.32 266,478 $ 74.67 $ 84.90 6,705 4.3 $ 84.90 4,470 $ 84.90 $ 51.23 – $ 84.90 537,767 3.2 $ 70.66 $ 491,000 423,224 $ 69.84 $ 491,000 |
Restricted Stock Award Activity | The following is a summary of the restricted stock award activity under the employee plan described above: Unvested Weighted Nonvested balance at December 31, 2020 83,902 $ 63.33 Vested ( 65,037 ) $ 61.77 Forfeited ( 441 ) $ 68.50 Nonvested balance at December 31, 2021 18,424 $ 68.72 |
RSU Activity | The following is a summary of RSU activity under the employee plan described above: Unvested RSUs Weighted Nonvested balance at December 31, 2020 338,418 $ 74.09 Granted 339,092 $ 51.36 Vested ( 83,304 ) $ 74.29 Forfeited ( 3,227 ) $ 63.97 Nonvested balance at December 31, 2021 590,979 $ 61.07 |
Director Plan [Member] | |
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items] | |
Stock Option Activity | The following is a summary of the stock option activity under the director plan described above: Outstanding Weighted Outstanding at December 31, 2020 103,756 $ 77.44 Exercised ( 14,776 ) $ 57.06 Outstanding at December 31, 2021 88,980 $ 80.82 |
Outstanding and Exercisable Stock Options | The following table summarizes information about the Company’s outstanding and exercisable stock options under the director plan at December 31, 2021: Options Outstanding Options Exercisable Range of Exercise Number Weighted Weighted Aggregate Number Weighted Aggregate $ 61.89 – $ 62.48 20,500 0.6 $ 62.19 20,500 $ 62.19 $ 70.65 – $ 99.52 68,480 2.1 $ 86.39 68,480 $ 86.39 $ 61.89 – $ 99.52 88,980 1.8 $ 80.82 $ — 88,980 $ 80.82 $ — |
Restricted Stock Award Activity | The following is a summary of the restricted stock award activity under the director plan described above: Unvested Weighted Nonvested balance at December 31, 2020 904 $ 49.84 Granted 29,773 $ 65.13 Vested ( 27,340 ) $ 65.41 Nonvested balance at December 31, 2021 3,337 $ 58.70 |
Taxes on Income (Tables)
Taxes on Income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Taxes on Income [Abstract] | |
Earnings (Loss) Before Taxes | Earnings (loss) before taxes on income and details of the provision (benefit) for taxes on income were as follows (in thousands): Year Ended December 31, 2021 2020 2019 Earnings (loss) before taxes on income: United States $ ( 290,181 ) $ ( 461,569 ) $ 190,839 Foreign ( 420 ) 218 ( 1,019 ) $ ( 290,601 ) $ ( 461,351 ) $ 189,820 Provision (benefit) for taxes on income: U.S. Federal: Current $ ( 460 ) $ ( 218,613 ) $ ( 312 ) Deferred ( 48,843 ) 37,436 45,133 $ ( 49,303 ) $ ( 181,177 ) $ 44,821 U.S. State: Current $ 1,560 $ 3,421 $ 76 Deferred 4,424 ( 12,273 ) 1,706 $ 5,984 $ ( 8,852 ) $ 1,782 Foreign: Current $ ( 511 ) $ 270 $ 198 $ ( 511 ) $ 270 $ 198 Consolidated: Current $ 589 $ ( 214,922 ) $ ( 38 ) Deferred ( 44,419 ) 25,163 46,839 $ ( 43,830 ) $ ( 189,759 ) $ 46,801 |
Effective Income Tax Rate Reconciliation | The Company’s provision (benefit) for taxes on income varied from the statutory federal income tax rate due to the following: Year Ended December 31, 2021 2020 2019 United States income tax statutory rate 21.0 % 21.0 % 21.0 % State and local taxes, net of federal benefit ( 1.7 ) 1.2 0.7 CARES Act – net operating loss carryback — 21.3 — Other – net ( 4.2 ) ( 2.4 ) 3.0 15.1 % 41.1 % 24.7 % |
Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities were as follows (in thousands): December 31, 2021 2020 Deferred tax assets: Allowance for doubtful accounts $ 1,657 $ 1,793 Inventory 13,180 13,496 Insurance accruals 4,052 4,864 Deferred compensation 6,081 6,040 Unrealized loss on defined benefit plans 6,126 15,929 Goodwill and other intangibles 65,852 44,487 Operating loss carryforwards 89,966 82,186 Retirement benefits 7,194 7,444 Other 6,247 5,480 200,355 181,719 Valuation allowances ( 20,095 ) ( 18,025 ) 180,260 163,694 Deferred tax liabilities: Property ( 655,550 ) ( 678,916 ) Deferred state taxes ( 83,491 ) ( 74,468 ) Other ( 15,371 ) ( 17,154 ) ( 754,412 ) ( 770,538 ) $ ( 574,152 ) $ ( 606,844 ) |
Reconciliation of Liability for Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of the liability for unrecognized tax benefits is as follows (in thousands): Year Ended December 31, 2021 2020 2019 Balance at beginning of year $ 783 $ 883 $ 1,443 Additions based on tax positions related to the current year 13 262 51 Additions for tax positions of prior years 281 114 58 Reductions for tax positions of prior years ( 340 ) ( 266 ) ( 669 ) Settlements — ( 210 ) — Balance at end of year $ 737 $ 783 $ 883 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | The following table presents the components of basic and diluted earnings (loss) per share (in thousands, except per share amounts): Year Ended December 31, 2021 2020 2019 Net earnings (loss) attributable to Kirby $ ( 246,954 ) $ ( 272,546 ) $ 142,347 Undistributed earnings allocated to restricted shares — — ( 369 ) Earnings (loss) available to Kirby common stockholders — basic ( 246,954 ) ( 272,546 ) 141,978 Undistributed earnings allocated to restricted shares — — 369 Undistributed earnings reallocated to restricted shares — — ( 369 ) Earnings (loss) available to Kirby common stockholders — diluted $ ( 246,954 ) $ ( 272,546 ) $ 141,978 Shares outstanding: Weighted average common stock issued and outstanding 60,099 60,021 59,905 Weighted average unvested restricted stock ( 46 ) ( 109 ) ( 155 ) Weighted average common stock outstanding — basic 60,053 59,912 59,750 Dilutive effect of stock options and restricted stock units — — 159 Weighted average common stock outstanding — diluted 60,053 59,912 59,909 Net earnings (loss) per share attributable to Kirby common stockholders: Basic $ ( 4.11 ) $ ( 4.55 ) $ 2.38 Diluted $ ( 4.11 ) $ ( 4.55 ) $ 2.37 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventories [Abstract] | |
Details of Inventories | The following table presents the details of inventories (in thousands): December 31, 2021 2020 Finished goods $ 260,707 $ 255,491 Work in process 70,643 54,184 $ 331,350 $ 309,675 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |
Asset Allocation | The aggregate fair value of plan assets of the Company’s pension plans was $ 430,821,000 and $ 395,137,000 at December 31, 2021 and 2020 respectively. Pension assets were allocated among asset categories as follows: December 31, Current Asset Category 2021 2020 Allocation Policy U.S. equity securities 51 % 53 % 30 % — 50 % — 70 % International equity securities 20 20 0 % — 20 % — 30 % Debt securities 29 25 15 % — 30 % — 55 % Cash and cash equivalents — 2 0 % — 0 % — 5 % 100 % 100 % |
Change in Benefit Obligation | The following table presents the change in benefit obligation and plan assets for the Company’s defined benefit plans and postretirement benefit plan (in thousands): Pension Benefits Other Postretirement Benefits Pension Plans SERP Postretirement Welfare Plan 2021 2020 2021 2020 2021 2020 Change in benefit obligation Benefit obligation at beginning of year $ 508,694 $ 442,861 $ 1,174 $ 1,225 $ 629 $ 662 Service cost 7,961 7,671 — — — — Interest cost 14,239 15,630 31 40 17 22 Actuarial (gain) loss ( 20,208 ) 58,851 ( 12 ) 55 104 84 Gross benefits paid ( 11,967 ) ( 11,029 ) ( 160 ) ( 146 ) ( 168 ) ( 139 ) Settlements ( 3,447 ) ( 5,290 ) — — — — Benefit obligation at end of year $ 495,272 $ 508,694 $ 1,033 $ 1,174 $ 582 $ 629 Accumulated benefit obligation at end of year $ 469,508 $ 479,999 $ 1,033 $ 1,174 $ 582 $ 629 Weighted-average assumption used to determine benefit obligation at end of year Discount rate (a) 3.0 % / 3.1 % 2.8 % / 2.9 % 3.0 % 2.8 % 3.0 % 2.8 % Rate of compensation increase Service-based table Service-based table — — — — Health care cost trend rate Initial rate — — — — 6.25 % 6.50 % Ultimate rate — — — — 5.0 % 5.0 % Years to ultimate — — — — 2027 2025 Change in plan assets Fair value of plan assets at beginning of year $ 395,137 $ 358,197 $ — $ — $ — $ — Actual return on plan assets 50,619 51,024 — — — — Employer contribution 479 2,235 160 146 168 139 Gross benefits paid ( 11,967 ) ( 11,029 ) ( 160 ) ( 146 ) ( 168 ) ( 139 ) Settlements ( 3,447 ) ( 5,290 ) — — — — Fair value of plan assets at end of year $ 430,821 $ 395,137 $ — $ — $ — $ — (a) The 2021 discount rate was 3.0 % for the Kirby Pension Plan and 3.1 % for the Higman Pension Plan. The 2020 discount rate was 2.8 % for the Kirby Pension Plan and 2.9 % for the Higman Pension Plan. |
Funded Status at End of Year | The following table presents the funded status and amounts recognized in the Company’s consolidated balance sheet for the Company’s defined benefit plans and postretirement benefit plan (in thousands): Pension Benefits Other Postretirement Benefits Pension Plans SERP Postretirement Welfare Plan 2021 2020 2021 2020 2021 2020 Funded status at end of year Fair value of plan assets $ 430,821 $ 395,137 $ — $ — $ — $ — Benefit obligations ( 495,272 ) ( 508,694 ) ( 1,033 ) ( 1,174 ) ( 582 ) ( 629 ) Funded status and amount recognized at end of year $ ( 64,451 ) $ ( 113,557 ) $ ( 1,033 ) $ ( 1,174 ) $ ( 582 ) $ ( 629 ) Amounts recognized in the consolidated balance sheets Current liability — — ( 128 ) ( 159 ) ( 49 ) ( 58 ) Long-term liability ( 64,451 ) ( 113,557 ) ( 905 ) ( 1,015 ) ( 533 ) ( 571 ) Amounts recognized in accumulated other comprehensive income Net actuarial (gain) loss $ 32,600 $ 81,376 $ 428 $ 480 $ ( 2,634 ) $ ( 3,189 ) Prior service cost (credit) — — — — — — Accumulated other compensation income $ 32,600 $ 81,376 $ 428 $ 480 $ ( 2,634 ) $ ( 3,189 ) |
Expected Cash Flows for the Defined Benefit Plans and Postretirement Benefit Plan | The following table presents the expected cash flows for the Company’s defined benefit plans and postretirement benefit plan (in thousands): Pension Benefits Other Postretirement Benefits Pension Plans SERP Postretirement Welfare Plan 2021 2020 2021 2020 2021 2020 Expected employer contributions First year $ 145 $ 2,385 $ — $ — $ — $ — Expected benefit payments (gross) Year one $ 15,480 $ 13,902 $ 130 $ 162 $ 50 $ 59 Year two 16,678 14,902 104 136 49 49 Year three 17,598 16,123 100 110 48 48 Year four 18,382 17,284 96 106 47 47 Year five 19,127 18,315 91 101 45 46 Next five years 109,845 106,400 381 406 194 202 |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net Periodic Benefit Cost | The components of net periodic benefit cost and other changes in plan assets and benefit obligations recognized in other comprehensive income for the Company’s defined benefit plans were as follows (in thousands): Pension Benefits Pension Plans SERP 2021 2020 2019 2021 2020 2019 Components of net periodic benefit cost Service cost $ 7,961 $ 7,671 $ 7,364 $ — $ — $ — Interest cost 14,239 15,630 16,493 31 40 52 Expected return on plan assets ( 26,244 ) ( 23,790 ) ( 20,956 ) — — — Amortization of actuarial loss 4,193 2,399 1,438 40 35 28 Net periodic benefit cost 149 1,910 4,339 71 75 80 Other changes in plan assets and benefit obligations recognized in other comprehensive income Current year actuarial (gain) loss ( 44,583 ) 31,616 6,497 ( 12 ) 55 73 Recognition of actuarial loss ( 4,193 ) ( 2,399 ) ( 1,438 ) ( 40 ) ( 35 ) ( 28 ) Total recognized in other comprehensive income ( 48,776 ) 29,217 5,059 ( 52 ) 20 45 Total recognized in net periodic benefit cost and other comprehensive income $ ( 48,627 ) $ 31,127 $ 9,398 $ 19 $ 95 $ 125 Weighted average assumptions used to determine net periodic benefit cost Discount rate (a) 2.8 % / 2.9 % 3.5 % / 3.1 % 4.4 % 2.8 % 3.5 % 4.4 % Expected long-term rate of return on plan assets 6.75 % 6.75 % 7.0 % — — — Rate of compensation increase Service-based table Service-based table Service-based table — — — (a) The 2021 discount rate for benefit cost is 2.8 % for the Kirby Pension Plan and 2.9 % for the Higman Pension Plan. The 2020 discount rate for benefit cost is 3.5 % for the Kirby Pension Plan and 3.1 % for the Higman Pension Plan. |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net Periodic Benefit Cost | The components of net periodic benefit cost and other changes in benefit obligations recognized in other comprehensive income for the Company’s postretirement benefit plan were as follows (in thousands): Other Postretirement Benefits Postretirement Welfare Plan 2021 2020 2019 Components of net periodic benefit cost Interest cost $ 17 $ 22 $ 31 Amortization of actuarial gain ( 451 ) ( 522 ) ( 540 ) Net periodic benefit cost ( 434 ) ( 500 ) ( 509 ) Other changes in benefit obligations recognized in other comprehensive income Current year actuarial loss (gain) 104 84 ( 22 ) Recognition of actuarial gain 451 522 540 Total recognized in other comprehensive income 555 606 518 Total recognized in net periodic benefit cost and other $ 121 $ 106 $ 9 Weighted average assumptions used to determine net periodic benefit cost Discount rate 2.8 % 3.5 % 4.4 % Health care cost trend rate: Initial rate 6.50 % 6.75 % 7.0 % Ultimate rate 5.0 % 5.0 % 5.0 % Years to ultimate 2025 2025 2025 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Comprehensive Income (Loss) [Abstract] | |
Changes in Other Comprehensive Income (Loss) | The Company’s changes in other comprehensive income (loss) were as follows (in thousands): Year Ended December 31, 2021 2020 2019 Gross Income Tax Provision Net Gross Income Tax (Provision) Benefit Net Gross Income Tax (Provision) Benefit Net Pension and postretirement benefits (a): Amortization of net actuarial loss $ 3,782 $ ( 952 ) $ 2,830 $ 1,912 $ ( 483 ) $ 1,429 $ 926 $ ( 236 ) $ 690 Actuarial gains (losses) 44,491 ( 10,774 ) 33,717 ( 31,755 ) 7,006 ( 24,749 ) ( 6,548 ) 1,655 ( 4,893 ) Foreign currency translation adjustments ( 1,061 ) — ( 1,061 ) ( 333 ) — ( 333 ) ( 85 ) — ( 85 ) Total $ 47,212 $ ( 11,726 ) $ 35,486 $ ( 30,176 ) $ 6,523 $ ( 23,653 ) $ ( 5,707 ) $ 1,419 $ ( 4,288 ) (a) Actuarial gains (losses) are amortized into other income (expense). (See Note 12 – Retirement Plans) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts Receivable [Abstract] | |||
Accruals for revenues earned included in accounts receivable | $ 92,749,000 | $ 91,850,000 | |
Receivables from insurance companies to cover claims in excess included in accounts receivable | $ 69,558,000 | 83,145,000 | |
Drydocking on Ocean-Going Vessels [Abstract] | |||
Period in which recertification of ocean going vessels occur twice | 5 years | ||
Recognized amortization of major maintenance costs | $ 33,213,000 | 30,214,000 | $ 23,962,000 |
Capitalized interest excluded from interest expense | $ 0 | $ 0 | $ 1,003,000 |
Minimum [Member] | |||
Drydocking on Ocean-Going Vessels [Abstract] | |||
Period of amortization of shipyard costs | 30 months | ||
Maximum [Member] | |||
Drydocking on Ocean-Going Vessels [Abstract] | |||
Period of amortization of shipyard costs | 60 months | ||
Marine Transportation Equipment [Member] | Minimum [Member] | |||
Property, Maintenance and Repairs [Abstract] | |||
Estimated useful lives of the individual assets | 5 years | ||
Marine Transportation Equipment [Member] | Maximum [Member] | |||
Property, Maintenance and Repairs [Abstract] | |||
Estimated useful lives of the individual assets | 40 years | ||
Buildings [Member] | Minimum [Member] | |||
Property, Maintenance and Repairs [Abstract] | |||
Estimated useful lives of the individual assets | 10 years | ||
Buildings [Member] | Maximum [Member] | |||
Property, Maintenance and Repairs [Abstract] | |||
Estimated useful lives of the individual assets | 40 years | ||
Other Equipment [Member] | Minimum [Member] | |||
Property, Maintenance and Repairs [Abstract] | |||
Estimated useful lives of the individual assets | 2 years | ||
Other Equipment [Member] | Maximum [Member] | |||
Property, Maintenance and Repairs [Abstract] | |||
Estimated useful lives of the individual assets | 10 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies, Goodwill and Other Intangibles (Details) - USD ($) | Jan. 03, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill [Abstract] | |||||
Balance (gross) | $ 973,995,000 | $ 1,065,939,000 | $ 973,995,000 | ||
Accumulated impairment and amortization | (20,169,000) | (408,139,000) | (20,169,000) | ||
Balance | 953,826,000 | 657,800,000 | 953,826,000 | ||
Impairment | (387,970,000) | (219,052,000) | (387,970,000) | ||
Savage acquisition | 81,635,000 | ||||
Balance (gross) | 1,065,939,000 | 1,065,939,000 | $ 973,995,000 | ||
Accumulated impairment and amortization | (627,191,000) | (408,139,000) | (20,169,000) | ||
Balance | 438,748,000 | 657,800,000 | 953,826,000 | ||
Other Intangibles [Abstract] | |||||
Other intangible assets - gross | 203,217,000 | 203,217,000 | |||
Accumulated amortization | 143,147,000 | 134,238,000 | |||
Other intangible assets - net | 60,070,000 | 68,979,000 | |||
Other intangible liabilities - gross | 13,860,000 | 13,860,000 | |||
Accumulated amortization | 12,120,000 | 10,960,000 | |||
Other intangible liabilities - net | 1,740,000 | 2,900,000 | |||
Amortization of intangible assets | 7,758,000 | 9,235,000 | 15,040,000 | ||
Intangible Assets and liabilities, Estimated Amortization Expense, Fiscal Year Maturity [Abstract] | |||||
2022 | 7,466,000 | ||||
2023 | 7,947,000 | ||||
2024 | 8,513,000 | ||||
2025 | 8,513,000 | ||||
2026 | $ 6,257,000 | ||||
Weighted average amortization period for intangible assets and liabilities | 8 years | ||||
Convoy [Member] | |||||
Goodwill [Abstract] | |||||
Savage acquisition | $ 37,180,000 | ||||
Goodwill acquired | 10,309,000 | ||||
Balance | $ 10,309,000 | ||||
Marine Transportation Segment [Member] | |||||
Goodwill [Abstract] | |||||
Balance (gross) | 424,149,000 | $ 505,784,000 | 424,149,000 | ||
Accumulated impairment and amortization | (18,574,000) | (18,574,000) | (18,574,000) | ||
Balance | 405,575,000 | 487,210,000 | 405,575,000 | ||
Impairment | (219,052,000) | 0 | |||
Savage acquisition | 81,635,000 | ||||
Balance (gross) | 505,784,000 | 505,784,000 | 424,149,000 | ||
Accumulated impairment and amortization | (237,626,000) | (18,574,000) | (18,574,000) | ||
Balance | 268,158,000 | 487,210,000 | 405,575,000 | ||
Marine Transportation Segment [Member] | Convoy [Member] | |||||
Goodwill [Abstract] | |||||
Goodwill acquired | 0 | ||||
Distribution and Services Segment [Member] | |||||
Goodwill [Abstract] | |||||
Balance (gross) | 549,846,000 | 560,155,000 | 549,846,000 | ||
Accumulated impairment and amortization | (1,595,000) | (389,565,000) | (1,595,000) | ||
Balance | $ 548,251,000 | 170,590,000 | 548,251,000 | ||
Impairment | 0 | (387,970,000) | |||
Savage acquisition | 0 | ||||
Balance (gross) | 560,155,000 | 560,155,000 | 549,846,000 | ||
Accumulated impairment and amortization | (389,565,000) | (389,565,000) | (1,595,000) | ||
Balance | $ 170,590,000 | 170,590,000 | $ 548,251,000 | ||
Distribution and Services Segment [Member] | Convoy [Member] | |||||
Goodwill [Abstract] | |||||
Goodwill acquired | $ 10,309,000 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies, Revenue Recognition through Accrued Insurance (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accrued Insurance [Abstract] | |||
Accrued insurance liabilities | $ 37,836,000 | $ 30,564,000 | $ 32,372,000 |
Marine Transportation Segment [Member] | Minimum [Member] | |||
Revenue Recognition [Abstract] | |||
Range of term contracts | 1 year | ||
Marine Transportation Segment [Member] | Maximum [Member] | |||
Revenue Recognition [Abstract] | |||
Range of term contracts | 3 years |
Acquisitions, 2021 (Details)
Acquisitions, 2021 (Details) | Oct. 01, 2020USD ($) | Dec. 31, 2021USD ($)Vessel | Dec. 31, 2020USD ($) | Dec. 31, 2019Tankbarge |
Acquisitions [Abstract] | ||||
Cash paid for acquisition | $ 81,635,000 | |||
Inland Tank Barges [Member] | ||||
Acquisitions [Abstract] | ||||
Number of maritime vessels acquired | 4 | 9 | ||
Cash paid for acquisition | $ 7,470,000 | |||
Energy Storage System [Member] | ||||
Acquisitions [Abstract] | ||||
Cash paid for acquisition | $ 1,645,000 |
Acquisitions, 2020 (Details)
Acquisitions, 2020 (Details) MMBbls in Millions | Mar. 31, 2020USD ($)VesselMMBbls | Jan. 03, 2020USD ($) | Dec. 31, 2020USD ($)Vessel | Dec. 31, 2021USD ($)Vessel | Dec. 31, 2020USD ($)Vessel | Dec. 31, 2019USD ($)Tankbarge |
Acquisitions [Abstract] | ||||||
Purchase price | $ 98,015,000 | $ 148,185,000 | $ 248,164,000 | |||
Cash paid for acquisition | 81,635,000 | |||||
Fair values of assets acquired and liabilities assumed, net [Abstract] | ||||||
Goodwill | $ 657,800,000 | $ 438,748,000 | $ 657,800,000 | $ 953,826,000 | ||
Inland Pressure Barges [Member] | ||||||
Acquisitions [Abstract] | ||||||
Number of maritime vessels acquired | Vessel | 6 | 6 | ||||
Purchase price | $ 39,350,000 | |||||
Inland Tank Barges [Member] | ||||||
Acquisitions [Abstract] | ||||||
Number of maritime vessels acquired | 4 | 9 | ||||
Purchase price | $ 17,991,000 | |||||
Cash paid for acquisition | $ 7,470,000 | |||||
Savage Inland Marine, LLC [Member] | ||||||
Acquisitions [Abstract] | ||||||
Cash paid for acquisition | $ 278,999,000 | |||||
Fair values of assets acquired and liabilities assumed, net [Abstract] | ||||||
Accounts receivable | 0 | |||||
Inventories | 0 | |||||
Prepaid expenses | 1,067,000 | |||||
Property and equipment | 210,065,000 | |||||
Operating lease right-of-use assets | 27,085,000 | |||||
Goodwill | 81,635,000 | |||||
Other intangibles | 2,300,000 | |||||
Total assets | 322,152,000 | |||||
Accounts payable and accrued liabilities | 68,000 | |||||
Operating lease liabilities, including current portion | 43,085,000 | |||||
Total liabilities | 43,153,000 | |||||
Net assets acquired | 278,999,000 | |||||
Acquisition related costs | $ 376,000 | |||||
Savage Inland Marine, LLC [Member] | Customer Relationships [Member] | ||||||
Fair values of assets acquired and liabilities assumed, net [Abstract] | ||||||
Other intangibles | $ 2,300,000 | |||||
Intangible assets amortization period | 10 years | |||||
Savage Inland Marine, LLC [Member] | Inland Tank Barges [Member] | ||||||
Acquisitions [Abstract] | ||||||
Number of maritime vessels acquired | Vessel | 92 | |||||
Tank barge barrel capacity (in barrels) | MMBbls | 2.5 | |||||
Savage Inland Marine, LLC [Member] | Inland Towboats [Member] | ||||||
Acquisitions [Abstract] | ||||||
Number of maritime vessels acquired | Vessel | 45 | |||||
Convoy [Member] | ||||||
Acquisitions [Abstract] | ||||||
Cash paid for acquisition | $ 37,180,000 | |||||
Fair values of assets acquired and liabilities assumed, net [Abstract] | ||||||
Accounts receivable | 5,677,000 | |||||
Inventories | 11,771,000 | |||||
Prepaid expenses | 177,000 | |||||
Property and equipment | 415,000 | |||||
Operating lease right-of-use assets | 3,713,000 | |||||
Goodwill | 10,309,000 | |||||
Other intangibles | 17,170,000 | |||||
Total assets | 49,232,000 | |||||
Accounts payable and accrued liabilities | 8,339,000 | |||||
Operating lease liabilities, including current portion | 3,713,000 | |||||
Total liabilities | 12,052,000 | |||||
Net assets acquired | 37,180,000 | |||||
Weighted average amortization period of intangibles | 11 years | |||||
Convoy [Member] | Customer Relationships [Member] | ||||||
Fair values of assets acquired and liabilities assumed, net [Abstract] | ||||||
Other intangibles | 9,000,000 | |||||
Intangible assets amortization period | 10 years | |||||
Convoy [Member] | Distributorships [Member] | ||||||
Fair values of assets acquired and liabilities assumed, net [Abstract] | ||||||
Other intangibles | 8,000,000 | |||||
Intangible assets amortization period | 12 years | |||||
Convoy [Member] | Non-compete Agreements [Member] | ||||||
Fair values of assets acquired and liabilities assumed, net [Abstract] | ||||||
Other intangibles | $ 170,000 | |||||
Intangible assets amortization period | 3 years |
Acquisitions, 2019 (Details)
Acquisitions, 2019 (Details) | Mar. 14, 2019USD ($)bblTowboatTankbarge | Dec. 31, 2021USD ($)Vessel | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)Tankbarge |
Acquisitions [Abstract] | ||||
Purchase price | $ 98,015,000 | $ 148,185,000 | $ 248,164,000 | |
Inland Tank Barges [Member] | ||||
Acquisitions [Abstract] | ||||
Number of maritime vessels acquired | 4 | 9 | ||
Purchase price | $ 17,991,000 | |||
Average age of property | 5 years | |||
Cenac Marine Services, LLC [Member] | ||||
Fair values of assets acquired and liabilities assumed, net [Abstract] | ||||
Prepaid expenses | $ 1,138,000 | |||
Property and equipment | 247,122,000 | |||
Other intangibles | 340,000 | |||
Total assets | 248,600,000 | |||
Other long-term liabilities | 4,100,000 | |||
Net assets acquired | $ 244,500,000 | |||
Weighted average amortization period of intangibles | 2 years | |||
Weighted average amortization period of unfavorable contracts | 1 year 3 months 18 days | |||
Acquisition related costs | $ 442,000 | |||
Cenac Marine Services, LLC [Member] | Inland Barrel Tank Barges [Member] | ||||
Acquisitions [Abstract] | ||||
Number of maritime vessels acquired | Tankbarge | 63 | |||
Tank barge barrel capacity (in barrels) | bbl | 30,000 | |||
Aggregate tank barge barrel capacity (in barrels) | bbl | 1,833,000 | |||
Cenac Marine Services, LLC [Member] | Inland Towboats [Member] | ||||
Acquisitions [Abstract] | ||||
Number of maritime vessels acquired | Towboat | 34 | |||
Average age of property | 7 years | |||
Cenac Marine Services, LLC [Member] | Offshore Tugboats [Member] | ||||
Acquisitions [Abstract] | ||||
Number of maritime vessels acquired | Towboat | 2 |
Acquisitions, 2018 (Details)
Acquisitions, 2018 (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)Vessel | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)Tankbarge | |
Acquisitions [Abstract] | |||
Purchase price | $ 98,015,000 | $ 148,185,000 | $ 248,164,000 |
Cash paid for acquisition | 81,635,000 | ||
Fair values of assets acquired and liabilities assumed, net [Abstract] | |||
Goodwill | 438,748,000 | $ 657,800,000 | 953,826,000 |
Inland Tank Barges [Member] | |||
Acquisitions [Abstract] | |||
Purchase price | $ 17,991,000 | ||
Cash paid for acquisition | $ 7,470,000 | ||
Number of maritime vessels acquired | 4 | 9 | |
Average age of property | 5 years |
Revenues (Details)
Revenues (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Abstract] | |||
Revenues by major source | $ 2,246,660,000 | $ 2,171,408,000 | $ 2,838,399,000 |
Revenue recognized | 40,925,000 | 38,455,000 | 76,412,000 |
Marine Transportation [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Revenues by major source | 1,322,918,000 | 1,404,265,000 | 1,587,082,000 |
Marine Transportation [Member] | Inland Transportation [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Revenues by major source | 1,005,145,000 | 1,094,630,000 | 1,220,878,000 |
Marine Transportation [Member] | Coastal Transportation [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Revenues by major source | 317,773,000 | 309,635,000 | 366,204,000 |
Distribution and Services [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Revenues by major source | 923,742,000 | 767,143,000 | 1,251,317,000 |
Distribution and Services [Member] | Oil and Gas [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Revenues by major source | 345,731,000 | 200,817,000 | 659,364,000 |
Distribution and Services [Member] | Commercial and Industrial [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Revenues by major source | $ 578,011,000 | $ 566,326,000 | $ 591,953,000 |
Revenues, Remaining Performance
Revenues, Remaining Performance Obligation (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Revenues [Abstract] | ||
Contract assets | $ 0 | $ 0 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-12-31 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Expected timing of satisfaction, period | 1 year |
Segment Data (Details)
Segment Data (Details) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2021USD ($)Segment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Segment Data [Abstract] | |||||
Number of reportable segments | Segment | 2 | ||||
Revenues [Abstract] | |||||
Revenues | $ 2,246,660,000 | $ 2,171,408,000 | $ 2,838,399,000 | ||
Segment profit (loss) | (290,601,000) | (461,351,000) | 189,820,000 | ||
Total assets | 5,399,063,000 | 5,924,174,000 | |||
Depreciation and amortization | 213,718,000 | 219,921,000 | 219,632,000 | ||
Capital expenditures | 98,015,000 | 148,185,000 | 248,164,000 | ||
Other segment disclosures [Abstract] | |||||
Gain on disposition of assets | 5,761,000 | 118,000 | 8,152,000 | ||
Impairments and other charges | $ (8,000,000) | $ (35,525,000) | |||
Interest expense | (42,469,000) | (48,739,000) | (55,994,000) | ||
Earnings (loss) before taxes on income | (290,601,000) | (461,351,000) | 189,820,000 | ||
Details of "Other" total assets [Abstract] | |||||
Investment in affiliates | 2,134,000 | 2,689,000 | |||
Marine Transportation [Member] | |||||
Revenues [Abstract] | |||||
Revenues | 1,322,918,000 | 1,404,265,000 | 1,587,082,000 | ||
Distribution and Services [Member] | |||||
Revenues [Abstract] | |||||
Revenues | 923,742,000 | 767,143,000 | 1,251,317,000 | ||
Other [Member] | |||||
Revenues [Abstract] | |||||
Segment profit (loss) | (381,223,000) | (612,798,000) | (93,223,000) | ||
Total assets | 187,380,000 | 357,894,000 | |||
Depreciation and amortization | 7,166,000 | 4,868,000 | 3,892,000 | ||
Capital expenditures | 5,558,000 | 9,341,000 | 12,516,000 | ||
Other segment disclosures [Abstract] | |||||
General corporate expenses | (13,803,000) | (11,050,000) | (13,643,000) | ||
Gain on disposition of assets | 5,761,000 | 118,000 | 8,152,000 | ||
Impairments and other charges | (340,713,000) | (561,274,000) | (35,525,000) | ||
Interest expense | (42,469,000) | (48,739,000) | (55,994,000) | ||
Other income | 10,001,000 | 8,147,000 | 3,787,000 | ||
Earnings (loss) before taxes on income | (381,223,000) | (612,798,000) | (93,223,000) | ||
Details of "Other" total assets [Abstract] | |||||
General corporate assets | 185,246,000 | 355,205,000 | |||
Investment in affiliates | 2,134,000 | 2,689,000 | |||
Total other assets | 187,380,000 | 357,894,000 | |||
Reportable Segments [Member] | Marine Transportation [Member] | |||||
Revenues [Abstract] | |||||
Revenues | 1,322,918,000 | 1,404,265,000 | 1,587,082,000 | ||
Segment profit (loss) | 63,015,000 | 163,638,000 | 215,842,000 | ||
Total assets | 4,319,080,000 | 4,760,449,000 | |||
Depreciation and amortization | 185,979,000 | 186,798,000 | 179,742,000 | ||
Capital expenditures | 84,353,000 | 133,990,000 | 217,364,000 | ||
Other segment disclosures [Abstract] | |||||
Earnings (loss) before taxes on income | 63,015,000 | 163,638,000 | 215,842,000 | ||
Reportable Segments [Member] | Distribution and Services [Member] | |||||
Revenues [Abstract] | |||||
Revenues | 923,742,000 | 767,143,000 | 1,251,317,000 | ||
Segment profit (loss) | 27,607,000 | (12,191,000) | 67,201,000 | ||
Total assets | 892,603,000 | 805,831,000 | |||
Depreciation and amortization | 20,573,000 | 28,255,000 | 35,998,000 | ||
Capital expenditures | 8,104,000 | 4,854,000 | 18,284,000 | ||
Other segment disclosures [Abstract] | |||||
Earnings (loss) before taxes on income | 27,607,000 | (12,191,000) | 67,201,000 | ||
Intersegment Eliminations [Member] | |||||
Revenues [Abstract] | |||||
Revenues | 23,632,000 | 27,782,000 | 27,441,000 | ||
Segment profit (loss) | 2,363,000 | 2,778,000 | 2,744,000 | ||
Other segment disclosures [Abstract] | |||||
Earnings (loss) before taxes on income | $ 2,363,000 | $ 2,778,000 | $ 2,744,000 |
Long-Term Debt, Carrying Value
Long-Term Debt, Carrying Value and Fair Value of Debt Outstanding (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Carrying Value and Fair Value of Debt Outstanding [Abstract] | |||
Carrying value | $ 1,166,934,000 | $ 1,475,040,000 | |
Fair value | 1,224,563,000 | 1,570,693,000 | |
Unamortized debt discounts and issuance costs | [1] | (3,567,000) | (6,454,000) |
Long-term debt | 1,163,367,000 | 1,468,586,000 | |
Amount excluded on unamortized debt discounts and issuance costs | 1,403,000 | ||
3.29% Senior Notes Due February, 27 2023 [Member] | |||
Carrying Value and Fair Value of Debt Outstanding [Abstract] | |||
Carrying value | 350,000,000 | 350,000,000 | |
Fair value | $ 358,390,000 | 364,538,000 | |
Interest rate | 3.29% | ||
Maturity Date | Feb. 27, 2023 | ||
4.2% Senior Notes Due March 1, 2028 [Member] | |||
Carrying Value and Fair Value of Debt Outstanding [Abstract] | |||
Carrying value | $ 500,000,000 | 500,000,000 | |
Fair value | $ 549,239,000 | 581,115,000 | |
Interest rate | 4.20% | ||
Maturity Date | Mar. 1, 2028 | ||
Bank Note Payable [Member] | |||
Carrying Value and Fair Value of Debt Outstanding [Abstract] | |||
Carrying value | $ 1,934,000 | 40,000 | |
Fair value | 1,934,000 | 40,000 | |
Revolving Credit Facility [Member] | |||
Carrying Value and Fair Value of Debt Outstanding [Abstract] | |||
Carrying value | [2] | 0 | 250,000,000 |
Fair value | [2] | $ 0 | $ 250,000,000 |
Variable interest rates | 1.50% | 1.50% | |
Maturity Date | Mar. 27, 2024 | ||
Term Loan [Member] | |||
Carrying Value and Fair Value of Debt Outstanding [Abstract] | |||
Carrying value | [2] | $ 315,000,000 | $ 375,000,000 |
Fair value | [2] | $ 315,000,000 | 375,000,000 |
Maturity Date | Mar. 27, 2024 | ||
Credit Line [Member] | |||
Carrying Value and Fair Value of Debt Outstanding [Abstract] | |||
Carrying value | $ 0 | 0 | |
Fair value | $ 0 | $ 0 | |
Maturity Date | Jun. 30, 2022 | ||
[1] | Excludes $ 1,403,000 attributable to the Revolving Credit Facility included in other assets at December 31, 2021 . | ||
[2] | Variable interest rate of 1.5 % at both December 31, 2021 and 2020 . |
Long-Term Debt, Borrowings and
Long-Term Debt, Borrowings and Payments under Bank Credit Facilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Borrowings and Payments under the Revolving Credit Facility [Abstract] | |||
Borrowings (Payments) on bank credit facilities | $ (248,105) | $ 250,024 | $ (417,376) |
Revolving Credit Facility [Member] | |||
Borrowings and Payments under the Revolving Credit Facility [Abstract] | |||
Borrowings on bank credit facilities | 6,162 | 582,277 | 1,351,158 |
Payments on bank credit facilities | (254,267) | (332,253) | (1,768,534) |
Borrowings (Payments) on bank credit facilities | $ (248,105) | $ 250,024 | $ (417,376) |
Long-Term Debt, Schedule of Agg
Long-Term Debt, Schedule of Aggregate Payments Due on The Long-Term Debt (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Long-Term Debt [Abstract] | ||||
2022 | $ 1,934,000 | |||
2023 | 350,000,000 | |||
2024 | 315,000,000 | |||
2025 | 0 | |||
2026 | 0 | |||
Thereafter | 500,000,000 | |||
Long-term Debt | 1,166,934,000 | $ 1,475,040,000 | ||
Long-term Debt [Abstract] | ||||
Term loan | 1,163,367,000 | 1,468,586,000 | ||
Payments on long-term debt | 60,000,000 | 150,000,000 | $ 125,000,000 | |
Revolving Credit Facility [Member] | ||||
Long-Term Debt [Abstract] | ||||
Long-term Debt | [1] | 0 | $ 250,000,000 | |
Long-term Debt [Abstract] | ||||
Maximum borrowing capacity | $ 850,000,000 | |||
Basis spread on variable rate | 1.50% | 1.50% | ||
Commitment amount | $ 25,000,000 | |||
Revolving Credit Facility [Member] | LIBOR [Member] | ||||
Long-term Debt [Abstract] | ||||
Basis spread on variable rate | 1.125% | |||
Revolving Credit Facility [Member] | Alternate Base Rate [Member] | ||||
Long-term Debt [Abstract] | ||||
Basis spread on variable rate | 0.125% | |||
Letter of Credit [Member] | ||||
Long-term Debt [Abstract] | ||||
Credit facility, amount outstanding | $ 5,063,000 | |||
Available borrowing capacity | 844,937,000 | |||
Term Loan [Member] | ||||
Long-Term Debt [Abstract] | ||||
Long-term Debt | [1] | $ 315,000,000 | $ 375,000,000 | |
Long-term Debt [Abstract] | ||||
Credit facility, expiration date | Mar. 27, 2024 | |||
Payments on long-term debt | $ 60,000,000 | $ 125,000,000 | ||
[1] | Variable interest rate of 1.5 % at both December 31, 2021 and 2020 . |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) | Jul. 19, 2023 | Jan. 19, 2023 | Feb. 03, 2022 | Feb. 27, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Long-term Debt [Abstract] | |||||||
Payments on long-term debt | $ 60,000,000 | $ 150,000,000 | $ 125,000,000 | ||||
Senior Notes Due March 1, 2028 [Member] | |||||||
Long-term Debt [Abstract] | |||||||
Long term debt, face amount | $ 500,000,000 | ||||||
Debt instrument, interest rate, stated percentage | 4.20% | ||||||
Maturity Date | Mar. 1, 2028 | ||||||
Periodic payment, interest | $ 10,500,000 | ||||||
Senior Notes Series A Due February 27, 2020 [Member] | |||||||
Long-term Debt [Abstract] | |||||||
Payments on long-term debt | $ 150,000,000,000 | ||||||
Debt instrument, interest rate, stated percentage | 2.72% | ||||||
Senior Notes Series B Due February 27, 2023 [Member] | |||||||
Long-term Debt [Abstract] | |||||||
Long term debt, face amount | $ 350,000,000,000 | ||||||
Debt instrument, interest rate, stated percentage | 3.29% | ||||||
Maturity Date | Feb. 27, 2023 | ||||||
3.46 Series A Notes Due January 19, 2023 [Member] | |||||||
Long-term Debt [Abstract] | |||||||
Long term debt, face amount | $ 60,000,000 | ||||||
Debt instrument, interest rate, stated percentage | 3.46% | ||||||
Maturity Date | Jan. 19, 2033 | ||||||
3.51 Series B Notes Due January 19, 2023 [Member] | |||||||
Long-term Debt [Abstract] | |||||||
Long term debt, face amount | $ 240,000,000 | ||||||
Debt instrument, interest rate, stated percentage | 3.51% | ||||||
Maturity Date | Jan. 19, 2033 | ||||||
Periodic payment, interest | $ 5,250,000 | $ 525,000 | |||||
Line Of Credit [Member] | |||||||
Long-term Debt [Abstract] | |||||||
Maximum borrowing capacity | $ 10,000,000 | ||||||
Credit facility, expiration date | Jun. 30, 2022 | ||||||
Credit facility, amount outstanding | $ 1,299,000 | ||||||
Available borrowing capacity | 8,701,000 | ||||||
Secured Debt [Member] | |||||||
Long-term Debt [Abstract] | |||||||
Short-term debt | $ 1,934,000 | $ 40,000,000 | |||||
Unsecured Debt [Member] | |||||||
Long-term Debt [Abstract] | |||||||
Long term debt, face amount | $ 300,000,000 |
Leases, Future Minimum Lease Pa
Leases, Future Minimum Lease Payments Under Operating Leases (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Leases [Abstract] | |
Percentage of costs relate to service costs for leased towing vessels | 70.00% |
Future Minimum Lease Payments Under Operating Leases [Abstract] | |
2022 | $ 41,685 |
2023 | 35,833 |
2024 | 28,837 |
2025 | 23,794 |
2026 | 18,361 |
Thereafter | 91,237 |
Total lease payments | 239,747 |
Less: imputed interest | (46,173) |
Operating lease liabilities | $ 193,574 |
Leases, Lease Cost (Details)
Leases, Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lease, Cost [Abstract] | |||
Operating lease cost | $ 40,786 | $ 43,810 | $ 39,064 |
Variable lease cost | 1,793 | 1,550 | 2,326 |
Short-term lease cost | 17,914 | 25,387 | 31,340 |
Sublease income | (1,032) | (1,143) | (420) |
Total lease cost | $ 59,461 | $ 69,604 | $ 72,310 |
Leases, Other Supplemental Info
Leases, Other Supplemental Information (Details) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Other Supplemental Information about Operating Leases [Abstract] | |||
Weighted average discount rate | 3.80% | 4.10% | 4.00% |
Weighted average remaining lease term | 9 years | 10 years | 11 years |
Impairments and Other Charges (
Impairments and Other Charges (Details) | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2021USD ($)Segment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Impairment Effects on Earnings Per Share [Line Items] | ||||||
Non-cash pre-tax impairment charge | $ 8,000,000 | $ 35,525,000 | ||||
Proceeds from sale of assets | $ 51,342,000 | $ 17,310,000 | $ 57,657,000 | |||
Impairment charge | 165,304,000 | |||||
Impairment of intangible assets other than goodwill | 148,909,000 | |||||
Impairment of property and equipment | 16,395,000 | |||||
Goodwill impairment charge | $ 387,970,000 | $ 219,052,000 | $ 387,970,000 | |||
Marine Transportation [Member] | ||||||
Impairment Effects on Earnings Per Share [Line Items] | ||||||
Number of reporting units | Segment | 1 | |||||
Goodwill impairment charge | $ 219,052,000 | |||||
Level 3 [Member] | Marine Transportation [Member] | ||||||
Impairment Effects on Earnings Per Share [Line Items] | ||||||
Non-cash pre-tax impairment charge | 24,152,000 | |||||
HAWAII | Marine Transportation [Member] | ||||||
Impairment Effects on Earnings Per Share [Line Items] | ||||||
Proceeds from sale of assets | 17,200,000 | |||||
Impairment charge | $ 97,508,000 |
Stock Award Plans, Compensation
Stock Award Plans, Compensation Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock Award Plans [Abstract] | |||
Compensation cost | $ 15,713 | $ 14,722 | $ 13,612 |
Income tax benefit | $ 4,410 | $ 4,143 | $ 3,368 |
Stock Award Plans, Employee Pla
Stock Award Plans, Employee Plan Stock Option Activity (Details) - Employee Stock Award Plan [Member] | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Stock Options [Member] | |
Stock Award Plan Information [Abstract] | |
Term of grant | 7 years |
Vesting period | 3 years |
Outstanding Non-Qualified or Nonincentive Stock Awards [Roll Forward] | |
Outstanding at Period Start (in shares) | 577,517 |
Exercised (in shares) | (2,424) |
Forfeited or expired (in shares) | (37,326) |
Outstanding at Period End (in shares) | 537,767 |
Weighted Average Exercise Price [Abstract] | |
Outstanding at Period Start (in dollars per share) | $ / shares | $ 72.09 |
Exercised (in dollars per share) | $ / shares | 51.23 |
Forfeited or expired (in dollars per share) | $ / shares | 93.96 |
Outstanding at Period End (in dollars per share) | $ / shares | $ 70.66 |
Stock Appreciation Rights [Member] | |
Outstanding Non-Qualified or Nonincentive Stock Awards [Roll Forward] | |
Outstanding at Period Start (in shares) | |
Outstanding at Period End (in shares) | 0 |
RSUs [Member] | |
Stock Award Plan Information [Abstract] | |
Vesting period | 5 years |
Stock Award Plans, Employee P_2
Stock Award Plans, Employee Plan Outstanding and Exercisable Options (Details) - Employee Stock Award Plan [Member] - Stock Options [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
First Price Range [Member] | |
Outstanding and Exercisable Stock options [Abstract] | |
Range of Exercise Prices, upper limit (in dollars per share) | $ 51.23 |
Options Outstanding [Abstract] | |
Number Outstanding (in shares) | shares | 59,891 |
Weighted Average Remaining Contractual Life | 1 year 1 month 6 days |
Weighted Average Exercise Price, Options Outstanding (in dollars per share) | $ 51.23 |
Options Exercisable [Abstract] | |
Number Exercisable (in shares) | shares | 59,891 |
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | $ 51.23 |
Second Price Range [Member] | |
Outstanding and Exercisable Stock options [Abstract] | |
Range of Exercise Prices, lower limit (in dollars per share) | 64.65 |
Range of Exercise Prices, upper limit (in dollars per share) | $ 68.50 |
Options Outstanding [Abstract] | |
Number Outstanding (in shares) | shares | 92,385 |
Weighted Average Remaining Contractual Life | 2 years 6 months |
Weighted Average Exercise Price, Options Outstanding (in dollars per share) | $ 67.24 |
Options Exercisable [Abstract] | |
Number Exercisable (in shares) | shares | 92,385 |
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | $ 67.24 |
Third Price Range [Member] | |
Outstanding and Exercisable Stock options [Abstract] | |
Range of Exercise Prices, lower limit (in dollars per share) | 73.29 |
Range of Exercise Prices, upper limit (in dollars per share) | $ 75.50 |
Options Outstanding [Abstract] | |
Number Outstanding (in shares) | shares | 378,786 |
Weighted Average Remaining Contractual Life | 3 years 7 months 6 days |
Weighted Average Exercise Price, Options Outstanding (in dollars per share) | $ 74.32 |
Options Exercisable [Abstract] | |
Number Exercisable (in shares) | shares | 266,478 |
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | $ 74.67 |
Fourth Price Range [Member] | |
Outstanding and Exercisable Stock options [Abstract] | |
Range of Exercise Prices, lower limit (in dollars per share) | $ 84.90 |
Options Outstanding [Abstract] | |
Number Outstanding (in shares) | shares | 6,705 |
Weighted Average Remaining Contractual Life | 4 years 3 months 18 days |
Weighted Average Exercise Price, Options Outstanding (in dollars per share) | $ 84.90 |
Options Exercisable [Abstract] | |
Number Exercisable (in shares) | shares | 4,470 |
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | $ 84.90 |
Full Exercise Price Range [Member] | |
Outstanding and Exercisable Stock options [Abstract] | |
Range of Exercise Prices, lower limit (in dollars per share) | 51.23 |
Range of Exercise Prices, upper limit (in dollars per share) | $ 84.90 |
Options Outstanding [Abstract] | |
Number Outstanding (in shares) | shares | 537,767 |
Weighted Average Remaining Contractual Life | 3 years 2 months 12 days |
Weighted Average Exercise Price, Options Outstanding (in dollars per share) | $ 70.66 |
Aggregate Intrinsic Value, Options Outstanding | $ | $ 491,000 |
Options Exercisable [Abstract] | |
Number Exercisable (in shares) | shares | 423,224 |
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | $ 69.84 |
Aggregate Intrinsic Value, Options Exercisable | $ | $ 491,000 |
Stock Award Plans, Employee P_3
Stock Award Plans, Employee Plan Restricted Stock Award Activity (Details) - Employee Stock Award Plan [Member] - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Unvested RSU Shares [Roll Forward] | |||
Nonvested balance beginning of period (in shares) | 83,902 | ||
Vested (in shares) | (65,037) | ||
Forfeited (in shares) | (441) | ||
Nonvested balance end of period (in shares) | 18,424 | 83,902 | |
Weighted Average Grant Date Fair Value Per Share [Abstract] | |||
Nonvested balance beginning of period (in dollars per share) | $ 63.33 | ||
Vested (in dollars per share) | 61.77 | ||
Forfeited (in dollars per share) | 68.50 | ||
Nonvested balance end of period (in dollars per share) | $ 68.72 | $ 63.33 | |
Granted (in shares) | 0 | 0 | 0 |
Stock Award Plans, Employee P_4
Stock Award Plans, Employee Plan RSU Activity (Details) - Employee Stock Award Plan [Member] - RSUs [Member] - $ / shares | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Unvested RSU Shares [Roll Forward] | ||||
Nonvested balance beginning of period (in shares) | 590,979 | 338,418 | ||
Granted (in shares) | 339,092 | |||
Vested (in shares) | (83,304) | |||
Forfeited (in shares) | (3,227) | |||
Nonvested balance end of period (in shares) | 590,979 | 338,418 | ||
Weighted Average Grant Date Fair Value Per Share [Abstract] | ||||
Nonvested balance beginning of period (in dollars per share) | $ 61.07 | $ 74.09 | ||
Granted (in dollars per share) | 51.36 | $ 73.04 | $ 74.46 | |
Vested (in dollars per share) | 74.29 | |||
Forfeited (in dollars per share) | 63.97 | |||
Nonvested balance end of period (in dollars per share) | $ 61.07 | $ 74.09 | ||
Vesting period | 5 years | |||
Subsequent Events [Member] | ||||
Unvested RSU Shares [Roll Forward] | ||||
Granted (in shares) | 196,915 | |||
Weighted Average Grant Date Fair Value Per Share [Abstract] | ||||
Vesting period | 5 years |
Stock Award Plans, Director Pla
Stock Award Plans, Director Plan Stock Option Activity (Details) - $ / shares | Mar. 01, 2021 | Dec. 31, 2021 |
2005 Stock and Incentive Plan [Member] | ||
Stock Award Plan Information [Abstract] | ||
Shares available for future grants (in shares) | 2,202,589 | |
Outstanding Non-Qualified or Nonincentive Stock Awards [Roll Forward] | ||
Granted (in shares) | 1,400,000 | |
Director Plan [Member] | ||
Stock Award Plan Information [Abstract] | ||
Shares available for future grants (in shares) | 391,447 | |
Director Plan [Member] | Stock Options [Member] | ||
Stock Award Plan Information [Abstract] | ||
Term of grant | 10 years | |
Outstanding Non-Qualified or Nonincentive Stock Awards [Roll Forward] | ||
Outstanding at Period Start (in shares) | 103,756 | |
Exercised (in shares) | (14,776) | |
Outstanding at Period End (in shares) | 88,980 | |
Weighted Average Exercise Price [Abstract] | ||
Outstanding at Period Start (in dollars per share) | $ 77.44 | |
Exercised (in dollars per share) | 57.06 | |
Outstanding at Period End (in dollars per share) | $ 80.82 | |
Director Plan [Member] | Restricted Stock [Member] | ||
Stock Award Plan Information [Abstract] | ||
Vesting period | 6 months |
Stock Award Plans, Director P_2
Stock Award Plans, Director Plan Outstanding and Exercisable Options (Details) - Director Plan [Member] - Stock Options [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
First Price Range [Member] | |
Outstanding and Exercisable Stock options [Abstract] | |
Range of Exercise Prices, lower limit (in dollars per share) | $ 61.89 |
Range of Exercise Prices, upper limit (in dollars per share) | $ 62.48 |
Options Outstanding [Abstract] | |
Number Outstanding (in shares) | shares | 20,500 |
Weighted Average Remaining Contractual Life | 7 months 6 days |
Weighted Average Exercise Price, Options Outstanding (in dollars per share) | $ 62.19 |
Options Exercisable [Abstract] | |
Number Exercisable (in shares) | shares | 20,500 |
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | $ 62.19 |
Second Price Range [Member] | |
Outstanding and Exercisable Stock options [Abstract] | |
Range of Exercise Prices, lower limit (in dollars per share) | 70.65 |
Range of Exercise Prices, upper limit (in dollars per share) | $ 99.52 |
Options Outstanding [Abstract] | |
Number Outstanding (in shares) | shares | 68,480 |
Weighted Average Remaining Contractual Life | 2 years 1 month 6 days |
Weighted Average Exercise Price, Options Outstanding (in dollars per share) | $ 86.39 |
Options Exercisable [Abstract] | |
Number Exercisable (in shares) | shares | 68,480 |
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | $ 86.39 |
Third Price Range [Member] | |
Outstanding and Exercisable Stock options [Abstract] | |
Range of Exercise Prices, lower limit (in dollars per share) | 61.89 |
Range of Exercise Prices, upper limit (in dollars per share) | $ 99.52 |
Options Outstanding [Abstract] | |
Number Outstanding (in shares) | shares | 88,980 |
Weighted Average Remaining Contractual Life | 1 year 9 months 18 days |
Weighted Average Exercise Price, Options Outstanding (in dollars per share) | $ 80.82 |
Options Exercisable [Abstract] | |
Number Exercisable (in shares) | shares | 88,980 |
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | $ 80.82 |
Full Exercise Price Range [Member] | |
Options Outstanding [Abstract] | |
Aggregate Intrinsic Value, Options Outstanding | $ | $ 0 |
Options Exercisable [Abstract] | |
Aggregate Intrinsic Value, Options Exercisable | $ | $ 0 |
Stock Award Plans, Director P_3
Stock Award Plans, Director Plan Restricted Stock Award Activity (Details) - Director Plan [Member] - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Unvested RSU Shares [Roll Forward] | |||
Nonvested balance beginning of period (in shares) | 904 | ||
Granted (in shares) | 29,773 | ||
Vested (in shares) | (27,340) | ||
Nonvested balance end of period (in shares) | 3,337 | 904 | |
Weighted Average Grant Date Fair Value Per Share [Abstract] | |||
Nonvested balance beginning of period (in dollars per share) | $ 49.84 | ||
Granted (in dollars per share) | 65.13 | $ 49.84 | $ 84.81 |
Vested (in dollars per share) | 65.41 | ||
Nonvested balance end of period (in dollars per share) | $ 58.70 | $ 49.84 |
Stock Award Plans, All Plans Op
Stock Award Plans, All Plans Options and Restricted Stock Award Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Plans Combined Disclosure [Abstract] | |||
Intrinsic value of stock options exercised | $ 115,000 | $ 745,000 | $ 1,655,000 |
Tax benefit from stock options exercised | 32,000 | 210,000 | 410,000 |
Intrinsic value of restricted stock vesting | 5,344,000 | 5,649,000 | 5,917,000 |
Tax benefit from restricted stock vesting | 1,500,000 | $ 1,590,000 | $ 1,464,000 |
Fair value of stock options granted (in dollars per share) | $ 20.19 | $ 22.77 | |
Fair value of stock options granted | 0 | $ 2,314,000 | $ 2,666,000 |
Employee Stock Award Plan [Member] | |||
Share-based Compensation Plans Combined Disclosure [Abstract] | |||
Intrinsic value of restricted stock vesting | 4,419,000 | 5,172,000 | 1,727,000 |
Tax benefit from restricted stock vesting | 1,240,000 | $ 1,455,000 | $ 427,000 |
Stock Options [Member] | |||
Share-based Compensation Plans Combined Disclosure [Abstract] | |||
Unrecognized compensation cost related to unvested awards | $ 684,000 | ||
Weighted average period of recognition in years | 7 months 6 days | ||
Fair Value Assumptions [Abstract] | |||
Dividend yield | 0.00% | 0.00% | |
Average risk-free interest rate | 1.30% | 2.50% | |
Stock price volatility | 28.00% | 28.00% | |
Estimated option term | 5 years 3 months 18 days | 5 years 3 months 18 days | |
Restricted Stock [Member] | |||
Share-based Compensation Plans Combined Disclosure [Abstract] | |||
Unrecognized compensation cost related to unvested awards | $ 180,000 | ||
Weighted average period of recognition in years | 1 month 6 days | ||
Restricted Stock [Member] | Employee Stock Award Plan [Member] | |||
Share-based Compensation Plans Combined Disclosure [Abstract] | |||
Vesting (in shares) | 65,037 | ||
RSUs [Member] | |||
Share-based Compensation Plans Combined Disclosure [Abstract] | |||
Unrecognized compensation cost related to unvested awards | $ 19,443,000 | ||
Weighted average period of recognition in years | 3 years 1 month 6 days | ||
RSUs [Member] | Employee Stock Award Plan [Member] | |||
Share-based Compensation Plans Combined Disclosure [Abstract] | |||
Vesting (in shares) | 83,304 |
Taxes on Income, Earnings (Loss
Taxes on Income, Earnings (Loss) Before Taxes (Details) - USD ($) | Nov. 13, 2021 | Nov. 12, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 |
Earnings (loss) before taxes on income [Abstract] | ||||||
Earnings (loss) before taxes on income | $ (290,601,000) | $ (461,351,000) | $ 189,820,000 | |||
U.S. Federal [Abstract] | ||||||
Current | (460,000) | (218,613,000) | (312,000) | |||
Deferred | 4,424,000 | (12,273,000) | 1,706,000 | |||
Federal Income Tax Expense (Benefit), Continuing Operations | (49,303,000) | (181,177,000) | 44,821,000 | |||
U.S. State [Abstract] | ||||||
Current | 1,560,000 | 3,421,000 | 76,000 | |||
Deferred | (48,843,000) | (37,436,000) | 45,133,000 | |||
State and Local Income Tax Expense (Benefit), Continuing Operations | 5,984,000 | (8,852,000) | 1,782,000 | |||
Foreign [Abstract] | ||||||
Current | (511,000) | 270,000 | 198,000 | |||
Foreign Income Tax Expense (Benefit), Continuing Operations | (511,000) | 270,000 | 198,000 | |||
Consolidated [Abstract] | ||||||
Current | 589,000 | (214,922,000) | (38,000) | |||
Deferred | (44,419,000) | 25,163,000 | 46,839,000 | |||
Total Provision (benefit) for taxes on income | $ (43,830,000) | $ (189,759,000) | $ 46,801,000 | |||
Income Taxes [Abstract] | ||||||
Effective income tax rate | 21.00% | 21.00% | 21.00% | 35.00% | ||
Tax refund amount | $ 119,493,000 | $ 30,606,000 | ||||
Income tax receivable | $ 70,973,000 | $ 188,177,000 | ||||
State and local taxes, net of federal benefit | (1.70%) | 1.20% | 0.70% | |||
COVID-19 [Member] | ||||||
Income Taxes [Abstract] | ||||||
Operating losses tax year | 2013 2014 2015 2016 2017 | |||||
Tax benefit related to CARES Act | $ 59,659,000 | |||||
Decrease in deferred tax asset | $ 88,292,000 | |||||
COVID-19 [Member] | Maximum [Member] | ||||||
Income Taxes [Abstract] | ||||||
Number of years net operating losses carried | 5 years | |||||
United States [Member] | ||||||
Earnings (loss) before taxes on income [Abstract] | ||||||
Earnings (loss) before taxes on income | $ (290,181,000) | $ (461,569,000) | $ 190,839,000 | |||
Foreign [Member] | ||||||
Earnings (loss) before taxes on income [Abstract] | ||||||
Earnings (loss) before taxes on income | $ (420,000) | $ 218,000 | $ (1,019,000) | |||
Louisiana [Member] | ||||||
Income Taxes [Abstract] | ||||||
Operating losses tax year | 2015 2016 2017 2018 2019 2020 | |||||
Effective income tax rate | 7.50% | 8.00% | ||||
State and local taxes, net of federal benefit | 7.50% | 6.30% | ||||
One-time deferred tax provision | $ 5,656,000 |
Taxes on Income, Schedule of Ef
Taxes on Income, Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | |
Company's provision for taxes on income varied from the statutory federal income tax rate [Abstract] | ||||
United States income tax statutory rate | 21.00% | 21.00% | 21.00% | 35.00% |
State and local taxes, net of federal benefit | (1.70%) | 1.20% | 0.70% | |
CARES Act - net operating loss carryback | 0.00% | 21.30% | 0.00% | |
Other - net | (4.20%) | (2.40%) | 3.00% | |
Effective income tax rate | 15.10% | 41.10% | 24.70% |
Taxes on Income, Schedule of De
Taxes on Income, Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred tax assets [Abstract] | ||
Allowance for doubtful accounts | $ 1,657,000 | $ 1,793,000 |
Inventory | 13,180,000 | 13,496,000 |
Insurance accruals | 4,052,000 | 4,864,000 |
Deferred compensation | 6,081,000 | 6,040,000 |
Unrealized loss on defined benefit plans | 6,126,000 | 15,929,000 |
Goodwill and other intangibles | 65,852,000 | 44,487,000 |
Operating loss carryforwards | 89,966,000 | 82,186,000 |
Retirement benefits | 7,194,000 | 7,444,000 |
Other | 6,247,000 | 5,480,000 |
Deferred tax assets, gross | 200,355,000 | 181,719,000 |
Valuation allowances | (20,095,000) | (18,025,000) |
Deferred tax assets, net of valuation allowance | 180,260,000 | 163,694,000 |
Deferred tax liabilities [Abstract] | ||
Property | (655,550,000) | (678,916,000) |
Deferred state taxes | (83,491,000) | (74,468,000) |
Other | (15,371,000) | (17,154,000) |
Deferred tax liabilities | (754,412,000) | (770,538,000) |
Net deferred tax liabilities | (574,152,000) | (606,844,000) |
Operating Loss Carryforward [Abstract] | ||
Deferred tax assets | 57,168,000 | |
State operating loss deferred tax assets | 27,607,000 | 23,482,000 |
Operating loss carryforwards, net of valuation allowance | 14,904,000 | $ 12,819,000 |
Unrecognized tax benefits including interest and penalties | 893,000 | |
Amount that would impact the effective tax rate, if recognized | $ 720,000 | |
Maximum [Member] | ||
Operating Loss Carryforward [Abstract] | ||
Expiration dates, operating loss carryforwards | Dec. 31, 2041 | |
Minimum [Member] | ||
Operating Loss Carryforward [Abstract] | ||
Expiration dates, operating loss carryforwards | Dec. 31, 2037 | |
Canada [Member] | ||
Operating Loss Carryforward [Abstract] | ||
Operating loss carryforwards | $ 5,191,000 | |
Expiration dates, operating loss carryforwards | Dec. 31, 2028 | |
Internal Revenue Service (IRS) [Member] | ||
Open Tax Year [Abstract] | ||
Years open to audit under the statute of limitations | 2017 2018 2019 | |
State and Local Jurisdiction [Member] | ||
Open Tax Year [Abstract] | ||
Years open to audit under the statute of limitations | 2015 2016 2017 2018 2019 2020 |
Taxes on Income, Reconciliation
Taxes on Income, Reconciliation of Liability for Unrecognized Tax Benefits (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of the beginning and ending amount of the liability for unrecognized tax benefits [Roll Forward] | |||
Balance at beginning of year | $ 783,000 | $ 883,000 | $ 1,443,000 |
Additions based on tax positions related to the current year | 13,000 | 262,000 | 51,000 |
Additions for tax positions of prior years | 281,000 | 114,000 | 58,000 |
Reductions for tax positions of prior years | (340,000) | (266,000) | (669,000) |
Settlements | 0 | (210,000) | 0 |
Balance at end of year | 737,000 | 783,000 | 883,000 |
Income tax penalties and interest recognized | (34,000) | (90,000) | $ (71,000) |
Accrued liabilities for payment of interest and penalties | $ 138,000 | $ 172,000 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net Income (Loss) Attributable to Parent [Abstract] | |||
Net earnings (loss) attributable to Kirby | $ (246,954) | $ (272,546) | $ 142,347 |
Undistributed earnings allocated to restricted shares | 0 | 0 | 369 |
Income (loss) available to Kirby common stockholders - basic | (246,954) | (272,546) | 141,978 |
Undistributed earnings allocated to restricted shares | 0 | 0 | (369) |
Undistributed earnings reallocated to restricted shares | 0 | 0 | 369 |
Income (loss) available to Kirby common stockholders - diluted | $ (246,954) | $ (272,546) | $ 141,978 |
Shares outstanding [Abstract] | |||
Weighted average common stock issued and outstanding (in shares) | 60,099 | 60,021 | 59,905 |
Weighted average unvested restricted stock (in shares) | (46) | (109) | (155) |
Weighted average common stock outstanding - basic (in shares) | 60,053 | 59,912 | 59,750 |
Dilutive effect of stock options and restricted stock units (in shares) | 0 | 0 | 159 |
Weighted average common stock outstanding - diluted (in shares) | 60,053 | 59,912 | 59,909 |
Net earnings (loss) per share attributable to Kirby common stockholders: | |||
Basic (in dollars per share) | $ (4.11) | $ (4.55) | $ 2.38 |
Diluted (in dollars per share) | $ (4.11) | $ (4.55) | $ 2.37 |
Antidilutive securities excluded from computation of earnings per share (in shares) | 567,000 | 681,000 | 187,000 |
RSUs [Member] | |||
Net earnings (loss) per share attributable to Kirby common stockholders: | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 7,000 | 11,000 | 0 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Details of inventories [Abstract] | ||
Finished goods | $ 260,707 | $ 255,491 |
Work in process | 70,643 | 54,184 |
Inventories - net | $ 331,350 | $ 309,675 |
Retirement Plans, Information A
Retirement Plans, Information About Plan Assets and Asset Allocation (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Information about Plan Assets [Abstract] | |||||
Service period of participants not impacted by pension plan amendment | 15 years | ||||
Age of plan participants not impacted by pension plan amendment | 50 years | ||||
Service period of participants who are age fifty not impacted by pension plan amendment | 10 years | ||||
Real Estate Investment [Member] | Level 3 [Member] | |||||
Information about Plan Assets [Abstract] | |||||
Fair value of plan assets | $ 0 | $ 138,000,000 | |||
Cash and Equity Securities [Member] | Level 1 [Member] | |||||
Information about Plan Assets [Abstract] | |||||
Fair value of plan assets | 5,406,000 | 25,032,000 | |||
Plan 2018 [Member] | Higman [Member] | |||||
Information about Plan Assets [Abstract] | |||||
Pension contributions | $ 1,615,000 | ||||
Plan 2019 [Member] | Higman [Member] | |||||
Information about Plan Assets [Abstract] | |||||
Pension contributions | 479,000 | 797,000 | 1,449,000 | ||
Plan 2020 [Member] | Higman [Member] | |||||
Information about Plan Assets [Abstract] | |||||
Pension contributions | 1,438,000 | ||||
Pension Plan [Member] | |||||
Information about Plan Assets [Abstract] | |||||
Pension contributions | 479,000 | 2,235,000 | |||
Fair value of plan assets | $ 430,821,000 | $ 395,137,000 | $ 358,197,000 | ||
Expected long-term rate of return on plan assets | 6.75% | 6.75% | 7.00% | ||
Contribution percentage to defined contribution plan | 92.00% | ||||
Discount rate | 2.80% | 3.50% | 4.40% | [1] | |
Asset Allocation Among Asset Categories [Abstract] | |||||
Asset allocations | 100.00% | 100.00% | |||
Pension Plan [Member] | Minimum [Member] | |||||
Information about Plan Assets [Abstract] | |||||
Discount rate | 2.80% | 3.10% | |||
Pension Plan [Member] | Maximum [Member] | |||||
Information about Plan Assets [Abstract] | |||||
Discount rate | 2.90% | 3.50% | |||
Pension Plan [Member] | Higman [Member] | |||||
Information about Plan Assets [Abstract] | |||||
Discount rate | 2.90% | 3.10% | |||
Pension Plan [Member] | U.S. Equity Securities [Member] | |||||
Asset Allocation Among Asset Categories [Abstract] | |||||
Asset allocations | 51.00% | 53.00% | |||
Target allocations | 50.00% | ||||
Pension Plan [Member] | U.S. Equity Securities [Member] | Minimum [Member] | |||||
Asset Allocation Among Asset Categories [Abstract] | |||||
Target allocations | 30.00% | ||||
Pension Plan [Member] | U.S. Equity Securities [Member] | Maximum [Member] | |||||
Asset Allocation Among Asset Categories [Abstract] | |||||
Target allocations | 70.00% | ||||
Pension Plan [Member] | International Equity Securities [Member] | |||||
Asset Allocation Among Asset Categories [Abstract] | |||||
Asset allocations | 20.00% | 20.00% | |||
Target allocations | 20.00% | ||||
Pension Plan [Member] | International Equity Securities [Member] | Minimum [Member] | |||||
Asset Allocation Among Asset Categories [Abstract] | |||||
Target allocations | 0.00% | ||||
Pension Plan [Member] | International Equity Securities [Member] | Maximum [Member] | |||||
Asset Allocation Among Asset Categories [Abstract] | |||||
Target allocations | 30.00% | ||||
Pension Plan [Member] | Debt Securities [Member] | |||||
Asset Allocation Among Asset Categories [Abstract] | |||||
Asset allocations | 29.00% | 25.00% | |||
Target allocations | 30.00% | ||||
Pension Plan [Member] | Debt Securities [Member] | Minimum [Member] | |||||
Asset Allocation Among Asset Categories [Abstract] | |||||
Target allocations | 15.00% | ||||
Pension Plan [Member] | Debt Securities [Member] | Maximum [Member] | |||||
Asset Allocation Among Asset Categories [Abstract] | |||||
Target allocations | 55.00% | ||||
Pension Plan [Member] | Cash and Cash Equivalents [Member] | |||||
Asset Allocation Among Asset Categories [Abstract] | |||||
Asset allocations | 0.00% | 2.00% | |||
Target allocations | 0.00% | ||||
Pension Plan [Member] | Cash and Cash Equivalents [Member] | Minimum [Member] | |||||
Asset Allocation Among Asset Categories [Abstract] | |||||
Target allocations | 0.00% | ||||
Pension Plan [Member] | Cash and Cash Equivalents [Member] | Maximum [Member] | |||||
Asset Allocation Among Asset Categories [Abstract] | |||||
Target allocations | 5.00% | ||||
SERP [Member] | |||||
Information about Plan Assets [Abstract] | |||||
Pension contributions | $ 160,000 | $ 146,000 | |||
Fair value of plan assets | $ 0 | $ 0 | $ 0 | ||
Expected long-term rate of return on plan assets | 0.00% | 0.00% | 0.00% | ||
Discount rate | [1] | 2.80% | 3.50% | 4.40% | |
Other Postretirement Benefits [Member] | |||||
Information about Plan Assets [Abstract] | |||||
Pension contributions | $ 168,000 | $ 139,000 | |||
Fair value of plan assets | $ 0 | $ 0 | $ 0 | ||
Pension plan defined benefit plan cost increase limit percentage | 4.00% | ||||
Discount rate | 2.80% | 3.50% | 4.40% | ||
Seafarers Pension Trust [Member] | |||||
Information about Plan Assets [Abstract] | |||||
Pension contributions | $ 541,000 | $ 617,000 | |||
Contribution percentage to defined contribution plan | 100.00% | ||||
Central Pension Fund of the International Union of Operating [Member] | |||||
Information about Plan Assets [Abstract] | |||||
Pension contributions | $ 693,000 | $ 691,000 | |||
Contribution percentage to defined contribution plan | 98.00% | ||||
[1] | The 2021 discount rate for benefit cost is 2.8 % for the Kirby Pension Plan and 2.9 % for the Higman Pension Plan. The 2020 discount rate for benefit cost is 3.5 % for the Kirby Pension Plan and 3.1 % for the Higman Pension Plan. |
Retirement Plans, Schedule of C
Retirement Plans, Schedule of Change in Benefit Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Plan [Member] | |||
Change in benefit obligation [Roll Forward] | |||
Benefit obligation at beginning of year | $ 508,694 | $ 442,861 | |
Service cost | 7,961 | 7,671 | $ 7,364 |
Interest cost | 14,239 | 15,630 | 16,493 |
Actuarial (gain) loss | (20,208) | 58,851 | |
Gross benefits paid | (11,967) | (11,029) | |
Settlements | (3,447) | (5,290) | |
Benefit obligation at end of year | 495,272 | 508,694 | 442,861 |
Accumulated benefit obligation at end of year | 469,508 | 479,999 | |
SERP [Member] | |||
Change in benefit obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 1,174 | 1,225 | |
Service cost | 0 | 0 | 0 |
Interest cost | 31 | 40 | 52 |
Actuarial (gain) loss | (12) | (55) | |
Gross benefits paid | (160) | (146) | |
Settlements | 0 | 0 | |
Benefit obligation at end of year | 1,033 | 1,174 | 1,225 |
Accumulated benefit obligation at end of year | 1,033 | 1,174 | |
Other Postretirement Benefits [Member] | |||
Change in benefit obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 629 | 662 | |
Service cost | 0 | 0 | |
Interest cost | 17 | 22 | 31 |
Actuarial (gain) loss | (104) | (84) | |
Gross benefits paid | (168) | (139) | |
Settlements | 0 | 0 | |
Benefit obligation at end of year | 582 | 629 | $ 662 |
Accumulated benefit obligation at end of year | $ 582 | $ 629 |
Retirement Plans, Weighted-Aver
Retirement Plans, Weighted-Average Assumption Used to Determine Benefit Obligation (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Pension Plan [Member] | |||
Weighted-average assumption used to determine benefit obligation at end of year [Abstract] | |||
Discount rate | 3.00% | 2.80% | |
Health care cost trend rate [Abstract] | |||
Initial rate | 0.00% | 0.00% | |
Ultimate rate | 0.00% | 0.00% | |
Pension Plan [Member] | Minimum [Member] | |||
Weighted-average assumption used to determine benefit obligation at end of year [Abstract] | |||
Discount rate | [1] | 3.00% | 2.80% |
Pension Plan [Member] | Maximum [Member] | |||
Weighted-average assumption used to determine benefit obligation at end of year [Abstract] | |||
Discount rate | [1] | 3.10% | 2.90% |
Pension Plan [Member] | Higman [Member] | |||
Weighted-average assumption used to determine benefit obligation at end of year [Abstract] | |||
Discount rate | 3.10% | 2.90% | |
SERP [Member] | |||
Weighted-average assumption used to determine benefit obligation at end of year [Abstract] | |||
Discount rate | [1] | 3.00% | 2.80% |
Rate of compensation increase | 0.00% | 0.00% | |
Health care cost trend rate [Abstract] | |||
Initial rate | 0.00% | 0.00% | |
Ultimate rate | 0.00% | 0.00% | |
Other Postretirement Benefits [Member] | |||
Weighted-average assumption used to determine benefit obligation at end of year [Abstract] | |||
Discount rate | [1] | 3.00% | 2.80% |
Rate of compensation increase | 0.00% | 0.00% | |
Health care cost trend rate [Abstract] | |||
Initial rate | 6.25% | 6.50% | |
Ultimate rate | 5.00% | 5.00% | |
Years to ultimate | 2027 | 2025 | |
[1] | The 2021 discount rate was 3.0 % for the Kirby Pension Plan and 3.1 % for the Higman Pension Plan. The 2020 discount rate was 2.8 % for the Kirby Pension Plan and 2.9 % for the Higman Pension Plan. |
Retirement Plans, Summary of Ch
Retirement Plans, Summary of Change in Plan Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Plan [Member] | ||
Change in plan assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | $ 395,137,000 | $ 358,197,000 |
Actual return on plan assets | 50,619,000 | 51,024,000 |
Employer contribution | 479,000 | 2,235,000 |
Gross benefits paid | (11,967,000) | (11,029,000) |
Settlements | (3,447,000) | (5,290,000) |
Fair value of plan assets at end of year | 430,821,000 | 395,137,000 |
SERP [Member] | ||
Change in plan assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 0 | 0 |
Actual return on plan assets | 0 | 0 |
Employer contribution | 160,000 | 146,000 |
Gross benefits paid | (160,000) | (146,000) |
Settlements | 0 | 0 |
Fair value of plan assets at end of year | 0 | 0 |
Other Postretirement Benefits [Member] | ||
Change in plan assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 0 | 0 |
Actual return on plan assets | 0 | 0 |
Employer contribution | 168,000 | 139,000 |
Gross benefits paid | (168,000) | (139,000) |
Settlements | 0 | 0 |
Fair value of plan assets at end of year | $ 0 | $ 0 |
Retirement Plans, Summary of Fu
Retirement Plans, Summary of Funded Status at End of Year (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Pension Plan [Member] | |||
Funded status at end of year [Abstract] | |||
Fair value of plan assets | $ 430,821,000 | $ 395,137,000 | $ 358,197,000 |
Benefit obligations | (495,272,000) | (508,694,000) | (442,861,000) |
Funded status and amount recognized at end of year | (64,451,000) | (113,557,000) | |
SERP [Member] | |||
Funded status at end of year [Abstract] | |||
Fair value of plan assets | 0 | 0 | 0 |
Benefit obligations | (1,033,000) | (1,174,000) | (1,225,000) |
Funded status and amount recognized at end of year | (1,033,000) | (1,174,000) | |
Other Postretirement Benefits [Member] | |||
Funded status at end of year [Abstract] | |||
Fair value of plan assets | 0 | 0 | 0 |
Benefit obligations | (582,000) | (629,000) | $ (662,000) |
Funded status and amount recognized at end of year | $ (582,000) | $ (629,000) |
Retirement Plans, Amounts Recog
Retirement Plans, Amounts Recognized in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Pension Plan [Member] | ||
Amounts recognized in the consolidated balance sheets [Abstract] | ||
Current liability | $ 0 | $ 0 |
Long-term liability | (64,451) | (113,557) |
SERP [Member] | ||
Amounts recognized in the consolidated balance sheets [Abstract] | ||
Current liability | (128) | (159) |
Long-term liability | (905) | (1,015) |
Other Postretirement Benefits [Member] | ||
Amounts recognized in the consolidated balance sheets [Abstract] | ||
Current liability | (49) | (58) |
Long-term liability | $ (533) | $ (571) |
Retirement Plans, Amounts Rec_2
Retirement Plans, Amounts Recognized in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Pension Plan [Member] | ||
Amounts recognized in accumulated other comprehensive income [Abstract] | ||
Net actuarial (gain) loss | $ 32,600 | $ 81,376 |
Prior service cost (credit) | 0 | 0 |
Accumulated other compensation income | 32,600 | 81,376 |
SERP [Member] | ||
Amounts recognized in accumulated other comprehensive income [Abstract] | ||
Net actuarial (gain) loss | 428 | 480 |
Prior service cost (credit) | 0 | 0 |
Accumulated other compensation income | 428 | 480 |
Other Postretirement Benefits [Member] | ||
Amounts recognized in accumulated other comprehensive income [Abstract] | ||
Net actuarial (gain) loss | (2,634) | (3,189) |
Prior service cost (credit) | 0 | 0 |
Accumulated other compensation income | $ (2,634) | $ (3,189) |
Retirement Plans, Expected Empl
Retirement Plans, Expected Employer Contribution and Benefit Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Pension Plan [Member] | ||
Expected employer contributions [Abstract] | ||
First year | $ 145 | $ 2,385 |
Expected benefit payments (gross) [Abstract] | ||
Year one | 15,480 | 13,902 |
Year two | 16,678 | 14,902 |
Year three | 17,598 | 16,123 |
Year four | 18,382 | 17,284 |
Year five | 19,127 | 18,315 |
Next five years | 109,845 | 106,400 |
SERP [Member] | ||
Expected employer contributions [Abstract] | ||
First year | 0 | 0 |
Expected benefit payments (gross) [Abstract] | ||
Year one | 130 | 162 |
Year two | 104 | 136 |
Year three | 100 | 110 |
Year four | 96 | 106 |
Year five | 91 | 101 |
Next five years | 381 | 406 |
Other Postretirement Benefits [Member] | ||
Expected employer contributions [Abstract] | ||
First year | 0 | 0 |
Expected benefit payments (gross) [Abstract] | ||
Year one | 50 | 59 |
Year two | 49 | 49 |
Year three | 48 | 48 |
Year four | 47 | 47 |
Year five | 45 | 46 |
Next five years | $ 194 | $ 202 |
Retirement Plans, Components of
Retirement Plans, Components of Net Periodic Benefit Cost, Pension Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other changes in plan assets and benefit obligations recognized in other comprehensive income [Abstract] | |||
Recognition of actuarial loss | $ (44,491) | $ 31,755 | $ 6,548 |
Pension Plan [Member] | |||
Components of net periodic benefit cost [Abstract] | |||
Service cost | 7,961 | 7,671 | 7,364 |
Interest cost | 14,239 | 15,630 | 16,493 |
Expected return on plan assets | (26,244) | (23,790) | (20,956) |
Amortization of actuarial loss | 4,193 | 2,399 | 1,438 |
Net periodic benefit cost | 149 | 1,910 | 4,339 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income [Abstract] | |||
Current year actuarial loss | (44,583) | 31,616 | 6,497 |
Recognition of actuarial loss | (4,193) | (2,399) | (1,438) |
Total recognized in other comprehensive income | (48,776) | 29,217 | 5,059 |
Total recognized in net periodic benefit cost and other comprehensive income | (48,627) | 31,127 | 9,398 |
SERP [Member] | |||
Components of net periodic benefit cost [Abstract] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 31 | 40 | 52 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of actuarial loss | 40 | 35 | 28 |
Net periodic benefit cost | 71 | 75 | 80 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income [Abstract] | |||
Current year actuarial loss | (12) | 55 | 73 |
Recognition of actuarial loss | (40) | (35) | (28) |
Total recognized in other comprehensive income | (52) | 20 | 45 |
Total recognized in net periodic benefit cost and other comprehensive income | $ 19 | $ 95 | $ 125 |
Retirement Plans, Weighted Aver
Retirement Plans, Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost, Pension Benefits (Details) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Pension Benefits [Member] | |||||
Weighted average assumptions used to determine net periodic benefit cost [Abstract] | |||||
Discount rate | 2.80% | 3.50% | 4.40% | [1] | |
Expected long-term rate of return on plan assets | 6.75% | 6.75% | 7.00% | ||
Pension Benefits [Member] | Maximum [Member] | |||||
Weighted average assumptions used to determine net periodic benefit cost [Abstract] | |||||
Discount rate | 2.90% | 3.50% | |||
Pension Benefits [Member] | Minimum [Member] | |||||
Weighted average assumptions used to determine net periodic benefit cost [Abstract] | |||||
Discount rate | 2.80% | 3.10% | |||
Pension Benefits [Member] | Higman [Member] | |||||
Weighted average assumptions used to determine net periodic benefit cost [Abstract] | |||||
Discount rate | 2.90% | 3.10% | |||
SERP [Member] | |||||
Weighted average assumptions used to determine net periodic benefit cost [Abstract] | |||||
Discount rate | [1] | 2.80% | 3.50% | 4.40% | |
Expected long-term rate of return on plan assets | 0.00% | 0.00% | 0.00% | ||
Rate of compensation increase | 0.00% | 0.00% | 0.00% | ||
[1] | The 2021 discount rate for benefit cost is 2.8 % for the Kirby Pension Plan and 2.9 % for the Higman Pension Plan. The 2020 discount rate for benefit cost is 3.5 % for the Kirby Pension Plan and 3.1 % for the Higman Pension Plan. |
Retirement Plans, Components _2
Retirement Plans, Components of Net Periodic Benefit Cost, Other Postretirement Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other changes in benefit obligations recognized in other comprehensive income [Abstract] | |||
Recognition of actuarial gain | $ (44,491) | $ 31,755 | $ 6,548 |
Other Postretirement Benefits [Member] | |||
Components of net periodic benefit cost [Abstract] | |||
Interest cost | 17 | 22 | 31 |
Amortization of actuarial gain | (451) | (522) | (540) |
Net periodic benefit cost | (434) | (500) | (509) |
Other changes in benefit obligations recognized in other comprehensive income [Abstract] | |||
Current year actuarial loss (gain) | 104 | 84 | (22) |
Recognition of actuarial gain | 451 | 522 | 540 |
Total recognized in other comprehensive income | 555 | 606 | 518 |
Total recognized in net periodic benefit cost and other comprehensive income | $ 121 | $ 106 | $ 9 |
Retirement Plans, Weighted Av_2
Retirement Plans, Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost, Other Postretirement Benefits (Details) - Other Postretirement Benefits [Member] | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Weighted average assumptions used to determine net periodic benefit cost [Abstract] | |||
Discount rate | 2.80% | 3.50% | 4.40% |
Health care cost trend rate [Abstract] | |||
Initial rate | 6.50% | 6.75% | 7.00% |
Ultimate rate | 5.00% | 5.00% | 5.00% |
Years to ultimate | 2025 | 2025 | 2025 |
Retirement Plans, Multiemployer
Retirement Plans, Multiemployer Pension Plan and Defined Contribution Plans (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Plans [Abstract] | |||
Aggregate contributions to the plans | $ 25,853,000 | $ 25,514,000 | $ 25,409,000 |
Seafarers Pension Trust [Member] | |||
Retirement Plans [Abstract] | |||
Pension contributions | 541,000 | $ 617,000 | |
Contribution percentage to defined contribution plan | 100.00% | ||
Maximum contribution limit | 5.00% | ||
CPF [Member] | |||
Retirement Plans [Abstract] | |||
Pension contributions | $ 693,000 | $ 691,000 | |
Contribution percentage to defined contribution plan | 98.00% |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension and postretirement benefits [Abstract] | |||
Amortization of net actuarial loss, Gross Amount | $ 3,782 | $ 1,912 | $ 926 |
Amortization of net actuarial loss, Income Tax (Provision) Benefit | (952) | (483) | (236) |
Amortization of net actuarial loss, Net Amount | 2,830 | 1,429 | 690 |
Actuarial losses, Gross Amount | 44,491 | (31,755) | (6,548) |
Actuarial losses, Income Tax (Provision) Benefit | (10,774) | 7,006 | 1,655 |
Actuarial losses, Net Amount | 33,717 | (24,749) | (4,893) |
Foreign currency translation, Gross Amount | (1,061) | (333) | (85) |
Foreign currency translation, Income Tax (Provision) Benefit | 0 | ||
Foreign currency translation adjustments, Net Amount | (1,061) | (333) | (85) |
Total other comprehensive income, Gross Amount | 47,212 | (30,176) | (5,707) |
Other Comprehensive Income (Loss), Tax | 11,726 | (6,523) | (1,419) |
Other Comprehensive Income (Loss), Net of Tax | $ 35,486 | $ (23,653) | $ (4,288) |
Contingencies and Commitments (
Contingencies and Commitments (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)SpillCompanyBargeslip | May 10, 2019Vessel | Mar. 22, 2014VesselTankbarge | |
Loss Contingencies [Line Items] | |||
Loss contingency, settlement charges | $ 15,300,000 | ||
Portland Harbor Superfund Site [Member] | |||
Loss Contingencies [Line Items] | |||
Number of other companies also named as Potentially Responsible Parties ("PRPs") | Company | 250 | ||
Number of spills | Spill | 4 | ||
SBA Shipyard Site [Member] | |||
Loss Contingencies [Line Items] | |||
Number of barge slips | Bargeslip | 3 | ||
Settlement Agreement [Member] | |||
Loss Contingencies [Line Items] | |||
Payments for legal settlements | $ 2,102,000 | ||
Proceeds from legal settlements | $ 20,206,000 | ||
Struck by LPG Tanker, the Genesis River [Member] | |||
Loss Contingencies [Line Items] | |||
Number of vessels involved in collision | Vessel | 2 | ||
Collision with M/S Summer Wind [Member] | |||
Loss Contingencies [Line Items] | |||
Number of vessels involved in collision | Vessel | 2 | ||
Number of vessels damaged in collision resulting in fuel oil discharge | Tankbarge | 1 |
Contingencies and Commitments,
Contingencies and Commitments, Certain Significant Risks and Uncertainties (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)DistributorCustomers | Dec. 31, 2020Customers | Dec. 31, 2019Customers | |
Loss Contingencies [Line Items] | |||
Issued guaranties | $ 19,357,000 | ||
Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Guarantor obligations, expiration period | 2 years | ||
Performance Bonds [Member] | |||
Loss Contingencies [Line Items] | |||
Issued guaranties | $ 7,302,000 | ||
Letters Of Credit [Member] | |||
Loss Contingencies [Line Items] | |||
Issued guaranties | $ 12,055,000 | ||
Marine Transportation [Member] | |||
Loss Contingencies [Line Items] | |||
Percentage of inland revenue | 65.00% | ||
Marine Transportation [Member] | Minimum [Member] | |||
Loss Contingencies [Line Items] | |||
Range of renewal options under term contracts | 1 year | ||
Marine Transportation [Member] | Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Range of renewal options under term contracts | 3 years | ||
Marine Transportation [Member] | Customers [Member] | |||
Loss Contingencies [Line Items] | |||
Percentage of costal revenue | 80.00% | ||
Customer relationship period | 40 years | ||
Number of single customers accounting more than 10% of segment revenue | Customers | 0 | 0 | 0 |
Distribution and Services [Member] | |||
Loss Contingencies [Line Items] | |||
Number of off-highway top distributors | Distributor | 5 | ||
Distribution and Services [Member] | Minimum [Member] | |||
Loss Contingencies [Line Items] | |||
Services segment's relationship term | 56 years | ||
Distribution and Services [Member] | Customers [Member] | |||
Loss Contingencies [Line Items] | |||
Number of single customers accounting more than 10% of segment revenue | Customers | 0 | 0 | 0 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
ABS [Member] | |||
Related Party [Abstract] | |||
Related party expenses | $ 1,620,000 | $ 2,377,000 | $ 1,774,000 |
UK Protection & Indemnity Association [Member] | |||
Related Party [Abstract] | |||
Related party expenses | 3,215,000 | 3,000,000 | |
Signal [Member] | |||
Related Party [Abstract] | |||
Related party expenses | 551,000 | 667,000 | 1,391,000 |
Strasburger & Price, LLP [Member] | |||
Related Party [Abstract] | |||
Legal services | $ 2,900,000 | $ 1,598,000 | $ 1,278,000 |