Document and Entity Information
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Jun. 30, 2013
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Aug. 02, 2013
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Document and Entity Information [Abstract] | ||
Entity Registrant Name | KIRBY CORPORATION | |
Entity Central Index Key | 0000056047 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 56,768,000 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2013 |
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CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $)
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Jun. 30, 2013
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Dec. 31, 2012
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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) | 59,776,000 | 59,776,000 |
Treasury stock, shares (in shares) | 3,020,000 | 3,191,000 |
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CONDENSED STATEMENTS OF EARNINGS (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Revenues: | ||||
Marine transportation | $ 423,868 | $ 342,195 | $ 842,386 | $ 678,152 |
Diesel engine services | 140,040 | 169,653 | 280,307 | 400,631 |
Total revenues | 563,908 | 511,848 | 1,122,693 | 1,078,783 |
Costs and expenses: | ||||
Costs of sales and operating expenses | 369,587 | 345,916 | 738,861 | 730,275 |
Selling, general and administrative | 40,938 | 43,199 | 85,094 | 96,299 |
Taxes, other than on income | 4,397 | 3,907 | 8,875 | 7,821 |
Depreciation and amortization | 40,271 | 35,197 | 81,267 | 71,671 |
Loss on disposition of assets | (537) | (69) | (505) | (41) |
Total costs and expenses | 454,656 | 428,150 | 913,592 | 906,025 |
Operating income | 109,252 | 83,698 | 209,101 | 172,758 |
Other income | 101 | 30 | 176 | 179 |
Interest expense | (7,219) | (5,901) | (15,207) | (11,741) |
Earnings before taxes on income | 102,134 | 77,827 | 194,070 | 161,196 |
Provision for taxes on income | (38,342) | (29,392) | (72,726) | (60,882) |
Net earnings | 63,792 | 48,435 | 121,344 | 100,314 |
Less: Net earnings attributable to noncontrolling interests | (699) | (884) | (1,673) | (1,819) |
Net earnings attributable to Kirby | $ 63,093 | $ 47,551 | $ 119,671 | $ 98,495 |
Net earnings per share attributable to Kirby common stockholders: | ||||
Basic (in dollars per share) | $ 1.11 | $ 0.85 | $ 2.11 | $ 1.76 |
Diluted (in dollars per share) | $ 1.11 | $ 0.85 | $ 2.10 | $ 1.76 |
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Overhaul and repair of medium-speed and high-speed diesel engines, reduction gear repair, and sale of related parts and accessories for customers in the marine, power generation and railroad industries. No definition available.
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CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $)
In Thousands, unless otherwise specified |
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract] | ||||||||||||
Net earnings | $ 63,792 | $ 48,435 | $ 121,344 | $ 100,314 | ||||||||
Other comprehensive income (loss), net of taxes: | ||||||||||||
Pension and postretirement benefits | 494 | (1,268) | 1,671 | (279) | ||||||||
Foreign currency translation adjustments | 44 | [1] | 152 | [1] | 249 | [1] | 447 | [1] | ||||
Change in fair value of derivative instruments | (4) | 1,420 | 970 | 2,500 | ||||||||
Total comprehensive income (loss), net of taxes | 534 | [2] | 304 | [2] | 2,890 | [2] | 2,668 | [2] | ||||
Total comprehensive income, net of taxes | 64,326 | 48,739 | 124,234 | 102,982 | ||||||||
Net earnings attributable to noncontrolling interests | (699) | (884) | (1,673) | (1,819) | ||||||||
Comprehensive income attributable to Kirby | $ 63,627 | $ 47,855 | $ 122,561 | $ 101,163 | ||||||||
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Management Opinion
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6 Months Ended |
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Jun. 30, 2013
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Management Opinion [Abstract] | |
Management Opinion | In the opinion of management, the accompanying unaudited condensed financial statements of Kirby Corporation and consolidated subsidiaries (the “Company”) contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position as of June 30, 2013 and December 31, 2012, and the results of operations for the three months and six months ended June 30, 2013 and 2012. |
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BASIS FOR PREPARATION OF THE CONDENSED FINANCIAL STATEMENTS
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Jun. 30, 2013
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BASIS FOR PREPARATION OF THE CONDENSED FINANCIAL STATEMENTS [Abstract] | |||
BASIS FOR PREPARATION OF THE CONDENSED FINANCIAL STATEMENTS |
The condensed financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Although the Company believes that the disclosures are adequate to make the information presented not misleading, certain information and footnote disclosures, including significant accounting policies normally included in annual financial statements, have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. |
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ACCOUNTING STANDARDS ADOPTIONS
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Jun. 30, 2013
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ACCOUNTING STANDARDS ADOPTIONS [Abstract] | |||
ACCOUNTING STANDARDS ADOPTIONS |
In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” (“ASU 2013-02”). ASU 2013-02 established the effective date for the requirement to present components of reclassifications out of accumulated other comprehensive income (“OCI”) on the face of the financial statements. The adoption of ASU 2013-02 in the first quarter of 2013 did not have an impact on the Company’s consolidated financial statements except the Company has applied these provisions to its presentation of consolidated financial statements. |
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ACQUISITIONS
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Jun. 30, 2013
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ACQUISITIONS [Abstract] | |||
ACQUISITIONS |
On December 28, 2012, the Company purchased the assets of Flag Service & Maintenance, Inc. (“Flag”) for $6,864,000 in cash. Flag was an East Coast high-speed diesel engine service provider, operating factory-authorized full service marine dealerships for Caterpillar, Cummins, MTU and John Deere diesel engines. On December 14, 2012, the Company completed the acquisition of Penn Maritime Inc. and Maritime Investments LLC (“Penn”), an operator of tank barges and tugboats participating in the coastal transportation of primarily refinery feedstocks, asphalt and crude oil in the United States. The total value of the transaction was $300,538,000, consisting of $146,750,000 of cash, $29,080,000 through the issuance of 500,000 shares of Company common stock valued at $58.16 per share, and $124,708,000 of cash for the retirement of Penn’s debt. Penn’s fleet, comprised of 18 double hull tank barges with a capacity of 1.9 million barrels and 16 tugboats, operates along the East Coast and Gulf Coast of the United States. On November 1, 2012, the Company purchased from Allied Transportation Company (“Allied”) 10 coastal tank barges with a total capacity of 680,000 barrels, three offshore dry-bulk barges with a total capacity of 48,000 deadweight tons and seven coastal tugboats for $108,547,000 in cash plus a provision for up to $10,000,000 that will be paid contingent on developments with the sugar provisions in the United States Farm Bill. The fair value of the contingent liability recorded at the acquisition date was $9,756,000. A payment of $5,000,000 was made in the 2013 first quarter on the contingent liability. Allied provided coastal transportation of petrochemicals as well as dry sugar products in the Northeast, Atlantic and Gulf Coast regions of the United States. |
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INVENTORIES
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Jun. 30, 2013
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INVENTORIES [Abstract] | |||||||||||||||||||||||||||||||||||||||
INVENTORIES |
The following table presents the details of inventories as of June 30, 2013 and December 31, 2012 (in thousands):
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FAIR VALUE MEASUREMENTS
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Jun. 30, 2013
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FAIR VALUE MEASUREMENTS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 following table summarizes the assets and liabilities measured at fair value on a recurring basis as of June 30, 2013 and December 31, 2012 (in thousands):
The fair value of the Company’s derivative instruments is more fully described below in Note 6, Derivative Instruments. In connection with the acquisition of Allied on November 1, 2012, Allied’s former owners are eligible to receive up to an additional $10,000,000 payable in 2013 through 2015, contingent on developments with the sugar provisions in the United States Farm Bill. The fair value of the contingent liability recorded at the acquisition date was $9,756,000. The fair value of the contingent liability is based on a valuation of the estimated fair value of the liability after probability weighting and discounting various potential payments. A payment of $5,000,000 was made in the 2013 first quarter on the contingent liability. The increase in the fair value of the contingent liability for the three months and six months ended June 30, 2013 was $14,000 and $113,000, respectively, was charged to selling, general and administrative expense. As of June 30, 2013, the Company had recorded a contingent liability of $4,880,000. In connection with the acquisition of United Holdings LLC ("United") on April 15, 2011, United’s former owners are eligible to receive a three-year earnout provision for up to an additional $50,000,000 payable in 2014, dependent on achieving certain financial targets. The fair value of the contingent earnout liability recorded at the acquisition date was $16,300,000. The fair value of the earnout is based on a valuation of the estimated fair value of the liability after probability weighting and discounting various potential payments. The decrease in the fair value of the earnout liability for the three months and six months ended June 30, 2013 was $6,100,000 and $10,400,000, respectively, was credited to selling, general and administrative expense. As of June 30, 2013, the Company had recorded an earnout liability of $7,900,000. The estimated fair value of total debt outstanding at June 30, 2013 and December 31, 2012 was $995,608,000 and $1,130,967,000, respectively, which differs from the carrying amounts of $1,021,240,000 and $1,135,110,000, respectively, included in the consolidated financial statements. The fair value was determined using an income approach that relies on inputs such as yield curves. Cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities have carrying values that approximate fair value due to the short-term maturity of these financial instruments. Certain assets are measured at fair value on a nonrecurring basis and therefore are not included in the table above. These assets are adjusted to fair value when there is evidence of impairment. During the six months ended June 30, 2013, there was no indication that the Company’s long-lived assets were impaired, and accordingly, measurement at fair value was not required. |
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DERIVATIVE INSTRUMENTS
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Jun. 30, 2013
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DERIVATIVE INSTRUMENTS [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS |
The Company recognizes all derivative instruments at fair value in the balance sheet as either assets or liabilities. The accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative and the resulting designation, which is established at the inception date of a derivative. For derivative instruments designated as cash flow hedges, changes in fair value, to the extent the hedge is effective, are recognized in OCI until the hedged item is recognized in earnings. Hedge effectiveness is measured at least quarterly based on the cumulative difference between the fair value of the derivative contract and the hedged item over time. Any change in fair value resulting from ineffectiveness is recognized immediately in earnings. Interest Rate Risk Management From time to time, the Company has utilized derivative financial instruments with respect to a portion of its interest rate risks to achieve a more predictable cash flow by reducing its exposure to interest rate fluctuations. These transactions generally are interest rate swap agreements and are entered into with large multinational banks. On February 28, 2013, all of the Company’s outstanding interest rate swaps expired. These interest rate swaps, with a total notional amount of $200,000,000, were designated as cash flow hedges. Foreign Currency Risk Management From time to time, the Company has utilized derivative financial instruments with respect to its forecasted foreign currency transactions to attempt to reduce the risk of its exposure to foreign currency rate fluctuations in its transactions denominated in foreign currency. These transactions, which relate to foreign currency obligations for the purchase of equipment from foreign suppliers or foreign currency receipts from foreign customers, generally are forward contracts or purchased call options and are entered into with large multinational banks. As of June 30, 2013, the Company had a forward contract with a notional amount of $469,000 to hedge its exposure to foreign currency rate fluctuations in expected foreign currency transactions. This contract expires in the first quarter of 2014. This forward contract is designated as a cash flow hedge, therefore, the change in fair value, to the extent the forward contract is effective, is recognized in OCI until the forward contract expires and is recognized in cost of sales and operating expenses. Fair Value of Derivative Instruments The following table sets forth the fair value of the Company’s derivative instruments recorded as liabilities located on the consolidated balance sheet at June 30, 2013 and December 31, 2012 (in thousands):
Fair value amounts were derived as of June 30, 2013 and December 31, 2012 utilizing fair value models of the Company and its counterparties on the Company’s portfolio of derivative instruments. These fair value models use the income approach that relies on inputs such as yield curves, currency exchange rates and forward prices. The fair value of the Company’s derivative instruments is described above in Note 5, Fair Value Measurements. Cash Flow Hedges For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of OCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. Any ineffectiveness related to the Company’s hedges was not material for any of the periods presented. The following table sets forth the location and amount of gains and losses on the Company’s derivative instruments in the consolidated statements of earnings for the three months and six months ended June 30, 2013 and 2012 (in thousands):
The Company expects $30,000 of net losses on foreign currency contracts included in accumulated OCI will be transferred into earnings over the next year based on current spot rates. |
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STOCK AWARD PLANS
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Jun. 30, 2013
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STOCK AWARD PLANS [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 for the three months and six months ended June 30, 2013 and 2012 were as follows (in thousands):
The Company has an employee stock award plan for selected officers and other key employees which provide for the issuance of stock options, restricted stock and performance awards. The exercise price for each option equals the fair market value per share of the Company’s common stock on the date of grant. The terms of the options granted prior to January 25, 2010 are five years and vest ratably over three years. Options granted on or after January 25, 2010 have terms of seven years and vest ratably over three years. No performance awards payable in stock have been awarded under the Plan. At June 30, 2013, 2,678,355 shares were available for future grants under the employee 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 for the six months ended June 30, 2013:
The following table summarizes information about the Company’s outstanding and exercisable stock options under the employee plan at June 30, 2013:
The following is a summary of the restricted stock award activity under the employee plan described above for the six months ended June 30, 2013:
The Company has a director 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 the automatic grants of stock options and restricted stock to nonemployee directors on the date of first election as a director and 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 options granted to a director when first elected vest immediately. The options granted and restricted stock issued after each annual meeting of stockholders vest 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 June 30, 2013, 610,041 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 for the six months ended June 30, 2013:
The following table summarizes information about the Company’s outstanding and exercisable stock options under the director plan at June 30, 2013:
The following is a summary of the restricted stock award activity under the director plan described above for the six months ended June 30, 2013:
The total intrinsic value of all stock options exercised under all of the Company’s plans was $3,342,000 and $1,612,000 for the six months ended June 30, 2013 and 2012, respectively. The actual tax benefit realized for tax deductions from stock option exercises was $1,263,000 and $616,000 for the six months ended June 30, 2013 and 2012, respectively. The total intrinsic value of all the restricted stock vestings under all of the Company’s plans was $9,230,000 and $11,004,000 for the six months ended June 30, 2013 and 2012, respectively. The actual tax benefit realized for tax deductions from restricted stock vestings was $3,489,000 and $4,204,000 for the six months ended June 30, 2013 and 2012, respectively. As of June 30, 2013, there was $4,720,000 of unrecognized compensation cost related to nonvested stock options and $19,325,000 related to restricted stock. The stock options are expected to be recognized over a weighted average period of approximately 1.5 years and restricted stock over approximately 3.1 years. The total fair value of options vested was $1,714,000 and $1,326,000 during the six months ended June 30, 2013 and 2012, respectively. The fair value of the restricted stock vested was $9,230,000 and $11,004,000 for the six months ended June 30, 2013 and 2012, respectively. The weighted average per share fair value of stock options granted during the six months ended June 30, 2013 and 2012 was $25.07 and $22.15, respectively. The fair value of the stock options granted during the six months ended June 30, 2013 and 2012 was $4,125,000 and $3,461,000, respectively. The Company currently uses treasury stock shares for restricted stock grants 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 options during the six months ended June 30, 2013 and 2012 were as follows:
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OTHER COMPREHENSIVE INCOME
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Jun. 30, 2013
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OTHER COMPREHENSIVE INCOME [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER COMPREHENSIVE INCOME |
The Company’s changes in other comprehensive income for the three months and six months ended June 30, 2013 and 2012 were as follows (in thousands):
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SEGMENT DATA
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Jun. 30, 2013
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SEGMENT DATA [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT DATA |
The Company’s operations are classified into two reportable business segments as follows: Marine Transportation — Marine transportation principally by United States flag vessels of liquid cargoes throughout the United States inland waterway system, coastwise along all three United States coasts and in Alaska and Hawaii and, to a lesser extent, United States coastal transportation of dry-bulk cargoes. The principal products transported include petrochemicals, black oil, refined petroleum products and agricultural chemicals. Diesel Engine Services — Provides after-market services for medium-speed and high-speed diesel engines, reduction gears and ancillary products for marine and power generation applications, distributes and services high-speed diesel engines, transmissions, pumps and compression products, and manufactures and remanufactures oilfield service equipment, including pressure pumping units, for the land-based pressure pumping and oilfield service markets. The Company’s two reportable business segments are managed separately based on fundamental differences in their operations. The Company evaluates the performance of its segments based on the contributions to operating income of the respective segments, before income taxes, interest, gains or losses on disposition of assets, other nonoperating income, noncontrolling interests, accounting changes, and nonrecurring items. Intersegment sales for the three months and six months ended June 30, 2013 and 2012 were not significant. The following table sets forth the Company’s revenues and profit or loss by reportable segment for the three months and six months ended June 30, 2013 and 2012 and total assets as of June 30, 2013 and December 31, 2012 (in thousands):
The following table presents the details of “Other” segment loss for the three months and six months ended June 30, 2013 and 2012 (in thousands):
The following table presents the details of “Other” total assets as of June 30, 2013 and December 31, 2012 (in thousands):
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TAXES ON INCOME
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Jun. 30, 2013
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TAXES ON INCOME [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TAXES ON INCOME |
Earnings before taxes on income and details of the provision for taxes on income for the three months and six months ended June 30, 2013 and 2012 were as follows (in thousands):
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- Definition
No authoritative reference available. No definition available.
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EARNINGS PER SHARE
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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EARNINGS PER SHARE [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE |
The following table presents the components of basic and diluted earnings per share of common stock for the three months and six months ended June 30, 2013 and 2012 (in thousands, except per share amounts):
Certain outstanding options to purchase approximately 165,000 and 157,000 shares of common stock were excluded in the computation of diluted earnings per share as of June 30, 2013 and 2012, respectively, as such stock options would have been antidilutive. |
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- Definition
No authoritative reference available. No definition available.
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RETIREMENT PLANS
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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RETIREMENT PLANS [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RETIREMENT PLANS |
The Company sponsors a defined benefit 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. The Company’s pension plan funding strategy has historically been to contribute an amount equal to the greater of the minimum required contribution under ERISA or the amount necessary to fully fund the plan on an accumulated benefit obligation (“ABO”) basis at the end of the fiscal year. The ABO is 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. Based on current pension plan assets and market conditions, the Company does not expect to make a contribution to its pension plan prior to December 31, 2013 to fund its 2013 pension plan obligations. As of June 30, 2013, no 2013 year contributions have been made. The Company sponsors an unfunded defined benefit health care plan that provides limited postretirement medical benefits to employees who meet 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 components of net periodic benefit cost for the Company’s defined benefit plans for the three months and six months ended June 30, 2013 and 2012 were as follows (in thousands):
The components of net periodic benefit cost for the Company’s postretirement benefit plan for the three months and six months ended June 30, 2013 and 2012 were as follows (in thousands):
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CONTINGENCIES
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Jun. 30, 2013
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CONTINGENCIES [Abstract] | |||
CONTINGENCIES |
On January 30, 2012 in the U.S. District Court for the District of New Jersey in a case styled Rescue Mission of El Paso., Inc., et al. v. John J. Nicola, et al., the Company, its subsidiary, K-Sea Transportation Partners L.P. ("K-Sea"), and current and former officers and directors of K-Sea were named defendants in a putative class action complaint asserting that during the period of January 30, 2009 to January 27, 2010, K-Sea allegedly failed to disclose certain facts regarding K-Sea’s operations and financial condition, and asserting violations of Sections 10(b)(5) and 20(a) of the Securities and Exchange Act of 1934 and Rule 10b-5 thereunder. Plaintiff sought class certification, compensatory damages, attorneys’ fees and costs. The Plaintiff filed its Amended Consolidated Complaint on behalf of the class on July 9, 2012. The Company filed a motion to dismiss in response to the Complaint. On June 18, 2013, the Court granted the Company's motion to dismiss the case. 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 that it has recorded adequate reserves and believes that it has adequate insurance coverage or has meritorious defenses for these other claims and contingencies. 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 was $45,818,000 at June 30, 2013, including $6,128,000 in letters of credit and $39,690,000 in performance bonds. All of these instruments have an expiration date within five 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. |
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ACCOUNTING STANDARDS ADOPTIONS (Policies)
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6 Months Ended |
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Jun. 30, 2013
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ACCOUNTING STANDARDS ADOPTIONS [Abstract] | |
New Accounting Pronouncements, Policy | In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” (“ASU 2013-02”). ASU 2013-02 established the effective date for the requirement to present components of reclassifications out of accumulated other comprehensive income (“OCI”) on the face of the financial statements. The adoption of ASU 2013-02 in the first quarter of 2013 did not have an impact on the Company’s consolidated financial statements except the Company has applied these provisions to its presentation of consolidated financial statements. |
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No authoritative reference available. No definition available.
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INVENTORIES (Tables)
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Jun. 30, 2013
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INVENTORIES [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of details of inventories | The following table presents the details of inventories as of June 30, 2013 and December 31, 2012 (in thousands):
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FAIR VALUE MEASUREMENTS (Tables)
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Jun. 30, 2013
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FAIR VALUE MEASUREMENTS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of summarized assets and liabilities measured at fair value on recurring basis | The following table summarizes the assets and liabilities measured at fair value on a recurring basis as of June 30, 2013 and December 31, 2012 (in thousands):
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DERIVATIVE INSTRUMENTS (Tables)
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Jun. 30, 2013
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DERIVATIVE INSTRUMENTS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Derivative Instruments Liabilities | The following table sets forth the fair value of the Company’s derivative instruments recorded as liabilities located on the consolidated balance sheet at June 30, 2013 and December 31, 2012 (in thousands):
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Cash Flow Hedges | The following table sets forth the location and amount of gains and losses on the Company’s derivative instruments in the consolidated statements of earnings for the three months and six months ended June 30, 2013 and 2012 (in thousands):
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STOCK AWARD PLANS (Tables)
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Jun. 30, 2013
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STOCK AWARD PLANS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 for the three months and six months ended June 30, 2013 and 2012 were as follows (in thousands):
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Summary of stock option activity | The following is a summary of the stock option activity under the employee plan described above for the six months ended June 30, 2013:
The following table summarizes information about the Company’s outstanding and exercisable stock options under the employee plan at June 30, 2013:
The following is a summary of the stock option activity under the director plan described above for the six months ended June 30, 2013:
The following table summarizes information about the Company’s outstanding and exercisable stock options under the director plan at June 30, 2013:
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Summary of restricted stock award activity | The following is a summary of the restricted stock award activity under the employee plan described above for the six months ended June 30, 2013:
The following is a summary of the restricted stock award activity under the director plan described above for the six months ended June 30, 2013:
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Summary of Stock option valuation assumptions | The fair value of each stock option was determined using the Black-Scholes option pricing model. The key input variables used in valuing the options during the six months ended June 30, 2013 and 2012 were as follows:
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
OTHER COMPREHENSIVE INCOME (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
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OTHER COMPREHENSIVE INCOME [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in other comprehensive income | The Company’s changes in other comprehensive income for the three months and six months ended June 30, 2013 and 2012 were as follows (in thousands):
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
SEGMENT DATA (Tables)
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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SEGMENT DATA [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of segment reporting information, by segment | The following table sets forth the Company’s revenues and profit or loss by reportable segment for the three months and six months ended June 30, 2013 and 2012 and total assets as of June 30, 2013 and December 31, 2012 (in thousands):
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Schedule of other segment reporting information | The following table presents the details of “Other” segment loss for the three months and six months ended June 30, 2013 and 2012 (in thousands):
The following table presents the details of “Other” total assets as of June 30, 2013 and December 31, 2012 (in thousands):
|
X | ||||||||||
- Definition
Tabular disclosure of the profit or loss and total assets for other segment information. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
TAXES ON INCOME (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
|
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TAXES ON INCOME [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings before taxes | Earnings before taxes on income and details of the provision for taxes on income for the three months and six months ended June 30, 2013 and 2012 were as follows (in thousands):
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
EARNINGS PER SHARE (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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EARNINGS PER SHARE [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of basic and diluted earnings per share | The following table presents the components of basic and diluted earnings per share of common stock for the three months and six months ended June 30, 2013 and 2012 (in thousands, except per share amounts):
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
RETIREMENT PLANS (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
|
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Pension Benefits [Member]
|
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Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Of Net Periodic Benefit Cost | The components of net periodic benefit cost for the Company’s defined benefit plans for the three months and six months ended June 30, 2013 and 2012 were as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Postretirement Benefits [Member]
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Of Net Periodic Benefit Cost | The components of net periodic benefit cost for the Company’s postretirement benefit plan for the three months and six months ended June 30, 2013 and 2012 were as follows (in thousands):
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
ACQUISITIONS (Details) (USD $)
|
3 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Mar. 31, 2013
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 28, 2012
Flag Service & Maintenance, Inc. [Member]
|
Dec. 14, 2012
Penn Maritime Inc. and Maritime Investments LLC [Member]
MMBbls
|
Dec. 14, 2012
Penn Maritime Inc. and Maritime Investments LLC [Member]
Tugboats [Member]
|
Nov. 01, 2012
Allied Transportation Company [Member]
bbl
|
Nov. 01, 2012
Allied Transportation Company [Member]
Tank Barges [Member]
|
Nov. 01, 2012
Allied Transportation Company [Member]
Offshore Dry Bulk Barges [Member]
T
|
Nov. 01, 2012
Allied Transportation Company [Member]
Coastal Tugboats [Member]
|
|
Business acquisition, consideration transferred [Abstract] | |||||||||||
Cash consideration paid | $ 6,864,000 | $ 146,750,000 | $ 107,014,000 | ||||||||
Total value of transaction | 300,538,000 | ||||||||||
Stock consideration through issuance of Company common stock | 29,080,000 | ||||||||||
Issue of common stock (in shares) | 500,000 | ||||||||||
Shares issued per share (in dollars per share) | $ 58.16 | ||||||||||
Number of doubled hulled tank barges | 18 | ||||||||||
Capacity, in barrels, of purchased productive assets (in barrels) | 1.9 | 680,000 | |||||||||
Number of productive assets purchased | 16 | 10 | 3 | 7 | |||||||
Cash to retire outstanding debt | 124,708,000 | ||||||||||
Capacity, in deadweight tons of purchased productive assets | 48,000 | ||||||||||
Acquisition and integration related costs | 10,000,000 | ||||||||||
Fair value of contingent earnout provision payable in 2014 | 9,756,000 | ||||||||||
Payment Of Contingent Liability | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | $ 0 |
X | ||||||||||
- Definition
Refers to the amount paid to retire outstanding debt in relation to business acquisition. No definition available.
|
X | ||||||||||
- Definition
The total cost of the acquired entity including the cash paid to shareholders of acquired entities, fair value of debt and equity securities issued to shareholders of acquired entities, the fair value of the liabilities assumed, and direct costs of the acquisition. No definition available.
|
X | ||||||||||
- Definition
Term used to define maximum possible output of an economy. No definition available.
|
X | ||||||||||
- Definition
Refers to the fair value of contingent earnout provision payable in future. No definition available.
|
X | ||||||||||
- Definition
Refers to the number of barge equipped with tanks that may carry any one of a great variety of liquid commodities, such as petroleum and petroleum products, chemicals, and fertilizers. No definition available.
|
X | ||||||||||
- Definition
Refers to the number of productive assets purchased in relation to acquisition. No definition available.
|
X | ||||||||||
- Definition
The cash outflow as a result of payment of contingent liability by the entity during the period. No definition available.
|
X | ||||||||||
- Definition
Term used to define maximum possible output of an economy. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
INVENTORIES (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Details of inventories [Abstract] | ||
Finished goods | $ 116,822 | $ 162,859 |
Work in process | 22,725 | 14,538 |
Inventory, Net, Total | $ 139,547 | $ 177,397 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
FAIR VALUE MEASUREMENTS (Details) (USD $)
|
3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Mar. 31, 2013
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 31, 2012
|
Jun. 30, 2013
Allied Transportation Company [Member]
|
Jun. 30, 2013
Allied Transportation Company [Member]
|
Nov. 01, 2012
Allied Transportation Company [Member]
|
Jun. 30, 2013
United Holdings LLC [Member]
|
Jun. 30, 2013
United Holdings LLC [Member]
|
Apr. 15, 2011
United Holdings LLC [Member]
|
Jun. 30, 2013
Recurring [Member]
|
Dec. 31, 2012
Recurring [Member]
|
Jun. 30, 2013
Quoted Prices In Active Markets For Identical Assets (Level 1)
Recurring [Member]
|
Dec. 31, 2012
Quoted Prices In Active Markets For Identical Assets (Level 1)
Recurring [Member]
|
Jun. 30, 2013
Significant Other Observable Inputs (Level 2)
Recurring [Member]
|
Dec. 31, 2012
Significant Other Observable Inputs (Level 2)
Recurring [Member]
|
Jun. 30, 2013
Significant Unobservable Inputs (Level 3)
Recurring [Member]
|
Dec. 31, 2012
Significant Unobservable Inputs (Level 3)
Recurring [Member]
|
|
Assets [Abstract] | |||||||||||||||||||
Derivatives | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||
Liabilities [Abstract] | |||||||||||||||||||
Derivatives | 30,000 | 1,525,000 | 0 | 0 | 30,000 | 1,525,000 | 0 | 0 | |||||||||||
Contingent liabilities | 12,780,000 | 28,067,000 | 0 | 0 | 0 | 0 | 12,780,000 | 28,067,000 | |||||||||||
Liabilities fair value | 12,810,000 | 29,592,000 | 0 | 0 | 30,000 | 1,525,000 | 12,780,000 | 28,067,000 | |||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Earnout Provision | 10,000,000 | 50,000,000 | |||||||||||||||||
Fair value contingent earn out liability | 4,880,000 | 4,880,000 | 9,756,000 | 7,900,000 | 7,900,000 | 16,300,000 | |||||||||||||
Payment of contingent liability | 5,000,000 | 5,000,000 | 5,000,000 | 0 | |||||||||||||||
Increase (decrease) in fair value of contingent liability | 14,000 | 113,000 | 6,100,000 | 10,400,000 | |||||||||||||||
Estimated fair value of outstanding debt | 995,608,000 | 995,608,000 | 1,130,967,000 | ||||||||||||||||
Carrying amount of debt | 1,021,240,000 | 1,021,240,000 | 1,135,110,000 | ||||||||||||||||
Impaired long-lived assets | $ 0 |
X | ||||||||||
- Definition
Refers to the entity buys another entity, it may choose to structure the transaction to provide potential future payments to the sellers for achieving certain agreed-upon financial targets. No definition available.
|
X | ||||||||||
- Definition
Element represents the portion of the balance sheet assertion valued at fair value by the entity for a contingent earnout liability as of the date of acquisition. No definition available.
|
X | ||||||||||
- Definition
The cash outflow as a result of payment of contingent liability by the entity during the period. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
DERIVATIVE INSTRUMENTS (Fair Value of Derivative Instruments) (Details) (Designated as Hedging Instrument [Member], USD $)
|
3 Months Ended | 3 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Dec. 31, 2012
|
Jun. 30, 2013
Interest Rate Swap [Member]
|
Jun. 30, 2012
Interest Rate Swap [Member]
|
Jun. 30, 2013
Interest rate contract [Member]
Other accrued liabilities [Member]
|
Dec. 31, 2012
Interest rate contract [Member]
Other accrued liabilities [Member]
|
Jun. 30, 2013
Foreign currency contracts [Member]
Other accrued liabilities [Member]
|
Dec. 31, 2012
Foreign currency contracts [Member]
Other accrued liabilities [Member]
|
Jun. 30, 2013
Foreign currency contracts [Member]
Other Long-Term Liabilities [Member]
|
Dec. 31, 2012
Foreign currency contracts [Member]
Other Long-Term Liabilities [Member]
|
Jun. 30, 2013
Forward Contracts [Member]
|
|
Derivative instruments - risk management [Abstract] | |||||||||||
Termination date | Feb. 28, 2013 | Mar. 31, 2014 | |||||||||
Notional amount | $ 200,000,000 | $ 469,000 | |||||||||
Derivative Instruments in Hedges, at Fair Value [Abstract] | |||||||||||
Fair value, liability derivatives | 0 | 1,486,000 | 30,000 | 0 | 0 | 39,000 | |||||
Total derivatives designated as hedging instruments under ASC 815 | 30,000 | 1,525,000 | |||||||||
Total liability derivatives | $ 30,000 | $ 1,525,000 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
Fair value amount of all derivatives designated as a hedge. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
Derivative instruments loss expected to reclassify from AOCI into income, effective portion. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Intrinsic value of equity-based payment equity instruments, excluding stock (or unit) options, that vested during the reporting period as calculated by applying the disclosed pricing methodology. No definition available.
|
X | ||||||||||
- Definition
For a newly elected director, description of the period of time over which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition, which may be expressed in a variety of ways (for example, in years, month and year). No definition available.
|
X | ||||||||||
- Definition
Fair value of options granted. No definition available.
|
X | ||||||||||
- Definition
The weighted average fair value of options granted during the reporting period as calculated by applying the disclosed option pricing methodology. No definition available.
|
X | ||||||||||
- Definition
The total fair value of option awards for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Tax benefit from restricted stock vesting during the reporting period. No definition available.
|
X | ||||||||||
- Definition
Weighted average remaining contractual life in years. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
OTHER COMPREHENSIVE INCOME (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|||||||||
Pension and postretirement benefits [Abstract] | ||||||||||||
Amortization of net actuarial loss, Gross Amount | $ 1,934 | [1] | $ 1,794 | [1] | $ 3,840 | [1] | $ 3,395 | [1] | ||||
Amortization of net actuarial loss, Income Tax (Provision) Benefit | (740) | [1] | (704) | [1] | (1,469) | [1] | (1,316) | [1] | ||||
Amortization of net actuarial loss, Net Amount | 1,194 | [1] | 1,090 | [1] | 2,371 | [1] | 2,079 | [1] | ||||
Actuarial gains, Gross Amount | (1,134) | [1] | (3,851) | [1] | (1,134) | [1] | (3,851) | [1] | ||||
Actuarial gains, Income Tax (Provision) Benefit | 434 | [1] | 1,493 | [1] | 434 | [1] | 1,493 | [1] | ||||
Actuarial gains, Net Amount | (700) | [1] | (2,358) | [1] | (700) | [1] | (2,358) | [1] | ||||
Foreign currency translation adjustments, Gross Amount | 44 | [1] | 152 | [1] | 249 | [1] | 447 | [1] | ||||
Foreign currency translation adjustments, Income Tax (Provision) Benefit | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ||||
Foreign currency translation adjustments, Net Amount | 44 | [1] | 152 | [1] | 249 | [1] | 447 | [1] | ||||
Change in fair value of derivative instruments [Abstract] | ||||||||||||
Unrealized gains (losses), Gross Amount | (7) | [2] | 4,258 | [2] | 2,882 | [2] | 7,974 | [2] | ||||
Unrealized gains, Income Tax (Provision) Benefit | (3) | [2] | (1,520) | [2] | (1,009) | [2] | (2,826) | [2] | ||||
Unrealized gains, Net Amount | (4) | [2] | 2,738 | [2] | 1,873 | [2] | 5,148 | [2] | ||||
Reclassified to net earnings, Gross Amount | 0 | [2] | (2,056) | [2] | (1,389) | [2] | (4,102) | [2] | ||||
Reclassified to net earnings, Income Tax (Provision) Benefit | 0 | [2] | 738 | [2] | 486 | [2] | 1,454 | [2] | ||||
Reclassified to net earnings, Net Amount | 0 | [2] | (1,318) | [2] | (903) | [2] | (2,648) | [2] | ||||
Total other comprehensive income (loss), Gross Amount | 837 | [2] | 297 | [2] | 4,448 | [2] | 3,863 | [2] | ||||
Total other comprehensive income (loss), Income Tax (Provision) Benefit | (303) | [2] | 7 | [2] | (1,558) | [2] | (1,195) | [2] | ||||
Total comprehensive income (loss), net of taxes | $ 534 | [2] | $ 304 | [2] | $ 2,890 | [2] | $ 2,668 | [2] | ||||
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
SEGMENT DATA (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
Segment
|
Jun. 30, 2012
|
Dec. 31, 2012
|
|
SEGMENT DATA [Abstract] | |||||
Number of Reportable Segments | 2 | ||||
Revenues [Abstract] | |||||
Marine transportation | $ 423,868 | $ 342,195 | $ 842,386 | $ 678,152 | |
Diesel engine services | 140,040 | 169,653 | 280,307 | 400,631 | |
Total revenues | 563,908 | 511,848 | 1,122,693 | 1,078,783 | |
Segment profit (loss) | 102,134 | 77,827 | 194,070 | 161,196 | |
Total assets | 3,724,309 | 3,724,309 | 3,653,128 | ||
Other segment disclosures [Abstract] | |||||
Loss on disposition of assets | 537 | 69 | 505 | 41 | |
Interest expense | (7,219) | (5,901) | (15,207) | (11,741) | |
Other income | 101 | 30 | 176 | 179 | |
Details of "Other" total assets [Abstract] | |||||
Total assets | 3,724,309 | 3,724,309 | 3,653,128 | ||
Marine transportation [Member]
|
|||||
Revenues [Abstract] | |||||
Marine transportation | 97,563 | 71,730 | 186,816 | 140,220 | |
Total assets | 3,054,231 | 3,054,231 | 2,951,723 | ||
Details of "Other" total assets [Abstract] | |||||
Total assets | 3,054,231 | 3,054,231 | 2,951,723 | ||
Diesel engine services [Member]
|
|||||
Revenues [Abstract] | |||||
Diesel engine services | 14,932 | 15,118 | 28,954 | 38,672 | |
Total assets | 616,496 | 616,496 | 647,986 | ||
Details of "Other" total assets [Abstract] | |||||
Total assets | 616,496 | 616,496 | 647,986 | ||
Other [Member]
|
|||||
Revenues [Abstract] | |||||
Segment profit (loss) | (10,361) | (9,021) | (21,700) | (17,696) | |
Total assets | 53,582 | 53,582 | 53,419 | ||
Other segment disclosures [Abstract] | |||||
General corporate expenses | (3,780) | (3,219) | (7,174) | (6,175) | |
Loss on disposition of assets | 537 | 69 | 505 | 41 | |
Interest expense | (7,219) | (5,901) | (15,207) | (11,741) | |
Other income | 101 | 30 | 176 | 179 | |
Profit (loss) from other segment | (10,361) | (9,021) | (21,700) | (17,696) | |
Details of "Other" total assets [Abstract] | |||||
General corporate assets | 51,574 | 51,574 | 51,611 | ||
Investment in affiliates | 2,008 | 2,008 | 1,808 | ||
Total assets | $ 53,582 | $ 53,582 | $ 53,419 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Assets other than goodwill that contribute to the future cash flows of both the cash-generating unit under review and other cash-generating units. No definition available.
|
X | ||||||||||
- Definition
General corporate expenses. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Overhaul and repair of medium-speed and high-speed diesel engines, reduction gear repair, and sale of related parts and accessories for customers in the marine, power generation and railroad industries. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
TAXES ON INCOME (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
TAXES ON INCOME [Abstract] | ||||
Earnings before taxes on income - United States | $ 102,134 | $ 77,827 | $ 194,070 | $ 161,196 |
Federal [Abstract] | ||||
Current | 8,102 | 10,416 | 17,532 | 20,096 |
Deferred | 26,386 | 15,591 | 47,883 | 33,774 |
State and local | 3,854 | 3,385 | 7,311 | 7,012 |
Total Provision for taxes on income | $ 38,342 | $ 29,392 | $ 72,726 | $ 60,882 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
Earnings allocated (not distributed) to participating securities under the two-class method to the extent that participating securities may share in earnings as if all of the earnings for the period had been distributed. No definition available.
|
X | ||||||||||
- Definition
Undistributed Earnings Reallocated To Restricted Shares. No definition available.
|
X | ||||||||||
- Definition
Weighted average common stock issued and outstanding. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
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X | ||||||||||
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No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
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- Definition
No authoritative reference available. No definition available.
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RETIREMENT PLANS (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
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Jun. 30, 2012
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|
Pension Plan [Member]
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||||
Components of net periodic benefit cost: [Abstract] | ||||
Service cost | $ 3,243 | $ 2,539 | $ 6,414 | $ 5,105 |
Interest cost | 2,867 | 2,670 | 5,702 | 5,254 |
Expected return on plan assets | (4,039) | (3,218) | (8,066) | (6,438) |
Amortization of actuarial gain | 2,083 | 1,946 | 4,139 | 3,698 |
Net periodic benefit cost | 4,154 | 3,937 | 8,189 | 7,619 |
SERP [Member]
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||||
Components of net periodic benefit cost: [Abstract] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 18 | 19 | 35 | 37 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of actuarial gain | 4 | 3 | 9 | 7 |
Net periodic benefit cost | 22 | 22 | 44 | 44 |
Other Postretirement Benefits [Member]
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||||
Components of net periodic benefit cost: [Abstract] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 28 | 34 | 56 | 67 |
Amortization of actuarial gain | (153) | (156) | (308) | (310) |
Net periodic benefit cost | $ (125) | $ (122) | $ (252) | $ (243) |
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- Definition
No authoritative reference available. No definition available.
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CONTINGENCIES (Details) (USD $)
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6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Guarantor Obligations [Line Items] | |
Issued guaranties | $ 45,818,000 |
Guarantor obligations, term | All of these instruments have an expiration date within five years |
Expiration period for instruments under contingencies, maximum | 5 years |
Performance Bonds [Member]
|
|
Guarantor Obligations [Line Items] | |
Issued guaranties | 39,690,000 |
Standby Letters Of Credit [Member]
|
|
Guarantor Obligations [Line Items] | |
Issued guaranties | $ 6,128,000 |
Gulfco Marine Superfund Site [Member]
|
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Site Contingency [Line Items] | |
Number of other companies also named as Potentially Responsible Parties ("PRPs") | 3 |
Number of companies named as Potentially Responsible Parties ("PRPs") | 5 |
Palmer Barge Line Superfund Site [Member]
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|
Site Contingency [Line Items] | |
Number of other companies also named as Potentially Responsible Parties ("PRPs") | 45 |
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- Definition
Refers to maximum expiration period for instruments under guaranties or obtained standby letters of credit and performance bonds supporting performance of contractual or contingent legal obligations. No definition available.
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Number of companies also named as potentially responsible parties under comprehensive environmental response compensation and liability act. No definition available.
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Number Of Companies Notified As Potentially Responsible Parties Under Comprehensive Environmental Response. No definition available.
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