10-Q
falseQ300000560472013 2014 2015 2016 2017--12-310000056047kex:TermLoanFacilityMember2021-09-300000056047kex:SettlementAgreementMember2021-01-012021-09-300000056047us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000056047us-gaap:OperatingSegmentsMemberkex:DistributionAndServicesMember2020-01-012020-09-300000056047us-gaap:TreasuryStockMember2019-12-310000056047us-gaap:TreasuryStockMember2021-01-012021-09-300000056047us-gaap:OperatingSegmentsMemberkex:DistributionAndServicesMember2020-12-310000056047us-gaap:TreasuryStockMember2020-09-3000000560472020-09-300000056047us-gaap:RetainedEarningsMember2021-07-012021-09-300000056047us-gaap:ForeignCountryMember2021-07-012021-09-3000000560472021-01-012021-09-300000056047us-gaap:DomesticCountryMember2021-01-012021-09-300000056047us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2020-07-012020-09-300000056047us-gaap:OperatingSegmentsMemberkex:MarineTransportationMember2021-01-012021-09-300000056047us-gaap:NoncontrollingInterestMember2019-12-310000056047kex:SeniorNotesSeriesBDueFebruaryTwentySevenTwoThousandTwentyThreeMember2021-09-300000056047us-gaap:OperatingSegmentsMemberkex:DistributionAndServicesMember2021-09-300000056047kex:DistributionAndServicesMemberkex:CommercialAndIndustrialMember2021-07-012021-09-3000000560472020-01-012020-09-300000056047kex:SeniorNotesSeriesBDueFebruaryTwentySevenTwoThousandTwentyThreeMember2021-01-012021-09-300000056047us-gaap:RetainedEarningsMember2019-12-3100000560472021-11-050000056047us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300000056047kex:DistributionAndServicesMember2021-09-300000056047us-gaap:PensionPlansDefinedBenefitMember2021-07-012021-09-300000056047us-gaap:RestrictedStockUnitsRSUMember2020-01-012020-09-300000056047us-gaap:AllOtherSegmentsMember2021-07-012021-09-300000056047us-gaap:RevolvingCreditFacilityMember2020-12-310000056047kex:InlandTankBargesMember2021-01-012021-09-300000056047us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300000056047us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-01-012021-09-300000056047kex:CoastalTransportationMemberkex:MarineTransportationMember2021-07-012021-09-300000056047kex:DistributionAndServicesMember2021-01-012021-09-300000056047kex:TermLoanFacilityMember2021-01-012021-09-300000056047us-gaap:OperatingSegmentsMemberkex:MarineTransportationMember2021-09-300000056047us-gaap:DomesticCountryMember2021-07-012021-09-300000056047us-gaap:AdditionalPaidInCapitalMember2020-06-300000056047kex:DistributionAndServicesMemberkex:CommercialAndIndustrialMember2021-01-012021-09-300000056047us-gaap:AdditionalPaidInCapitalMember2021-06-300000056047us-gaap:OilAndGasMemberkex:DistributionAndServicesMember2021-07-012021-09-300000056047kex:MarineTransportationMemberkex:InlandTransportationMember2021-01-012021-09-300000056047kex:MarineTransportationMemberkex:InlandTransportationMember2021-07-012021-09-300000056047kex:RevolvingCreditFacilityDueJuneThirtyTwoThousandTwentyOneMember2021-09-300000056047kex:DistributionAndServicesMember2020-12-310000056047us-gaap:ForeignCountryMember2020-07-012020-09-300000056047us-gaap:OilAndGasMemberkex:DistributionAndServicesMember2020-01-012020-09-300000056047us-gaap:TreasuryStockMember2021-09-300000056047us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300000056047kex:MarineTransportationMember2021-07-012021-09-300000056047us-gaap:OperatingSegmentsMemberkex:DistributionAndServicesMember2021-01-012021-09-300000056047us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000056047kex:CoastalTransportationMemberkex:MarineTransportationMember2020-01-012020-09-300000056047us-gaap:CommonStockMember2020-06-3000000560472021-06-300000056047kex:StockAndIncentivePlan2005Member2021-03-012021-03-010000056047us-gaap:NoncontrollingInterestMember2021-07-012021-09-300000056047us-gaap:PensionPlansDefinedBenefitMember2021-01-012021-09-3000000560472021-07-012021-09-300000056047us-gaap:OperatingSegmentsMemberkex:MarineTransportationMember2020-07-012020-09-300000056047kex:SeniorNotesDueMarchOneTwoThousandTwentyEightMember2020-12-310000056047us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300000056047us-gaap:RetainedEarningsMember2021-09-300000056047us-gaap:DebtSecuritiesPayableMember2021-09-300000056047us-gaap:RevolvingCreditFacilityMember2020-01-012020-09-300000056047kex:BankNotePayableMember2020-12-310000056047us-gaap:AllOtherSegmentsMember2021-09-300000056047us-gaap:IntersegmentEliminationMember2020-07-012020-09-300000056047us-gaap:OperatingSegmentsMemberkex:DistributionAndServicesMember2021-07-012021-09-300000056047us-gaap:NoncontrollingInterestMember2021-09-3000000560472019-12-310000056047us-gaap:TreasuryStockMember2020-12-310000056047stpr:HIkex:MarineTransportationMember2021-07-012021-09-300000056047us-gaap:NoncontrollingInterestMember2020-07-012020-09-300000056047kex:DistributionAndServicesMember2020-07-012020-09-300000056047kex:MarineTransportationMemberus-gaap:FairValueInputsLevel3Member2021-07-012021-09-3000000560472021-01-012021-03-310000056047us-gaap:RestrictedStockMemberkex:DirectorPlanMember2021-01-012021-09-300000056047us-gaap:OperatingSegmentsMemberkex:MarineTransportationMember2021-07-012021-09-300000056047us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-300000056047us-gaap:TreasuryStockMember2020-07-012020-09-300000056047kex:TermLoanFacilityMember2020-12-310000056047us-gaap:NoncontrollingInterestMember2020-06-300000056047kex:SeniorNotesDueMarchOneTwoThousandTwentyEightMember2021-09-300000056047us-gaap:AllOtherSegmentsMember2020-01-012020-09-300000056047us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-3000000560472020-06-300000056047srt:MaximumMember2021-01-012021-09-3000000560472020-01-012020-03-310000056047us-gaap:NaturalDisastersAndOtherCasualtyEventsMember2021-01-012021-09-300000056047us-gaap:AllOtherSegmentsMember2021-01-012021-09-300000056047kex:MarineTransportationMemberkex:InlandTransportationMember2020-07-012020-09-300000056047kex:MarineTransportationMemberkex:InlandTransportationMember2020-01-012020-09-3000000560472021-10-012021-09-300000056047us-gaap:RetainedEarningsMember2020-06-300000056047us-gaap:CommonStockMember2021-09-300000056047us-gaap:OilAndGasMemberkex:DistributionAndServicesMember2021-01-012021-09-300000056047us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-09-300000056047us-gaap:RetainedEarningsMember2021-06-300000056047us-gaap:RetainedEarningsMember2020-12-310000056047us-gaap:AdditionalPaidInCapitalMember2021-09-300000056047kex:MarineTransportationMember2021-01-012021-09-300000056047us-gaap:TreasuryStockMember2021-07-012021-09-300000056047us-gaap:CommonStockMember2020-09-300000056047us-gaap:StandbyLettersOfCreditMember2021-09-3000000560472021-09-300000056047kex:DistributionAndServicesMemberkex:CommercialAndIndustrialMember2020-01-012020-09-300000056047us-gaap:RetainedEarningsMember2020-09-300000056047us-gaap:IntersegmentEliminationMember2021-01-012021-09-3000000560472020-12-310000056047us-gaap:NoncontrollingInterestMember2020-09-300000056047us-gaap:CommonStockMember2021-06-300000056047kex:MarineTransportationMember2020-07-012020-09-300000056047kex:CoastalTransportationMemberkex:MarineTransportationMember2020-07-012020-09-300000056047kex:CoastalTransportationMemberkex:MarineTransportationMember2021-01-012021-09-300000056047kex:DistributionAndServicesMember2020-01-012020-09-300000056047us-gaap:OperatingSegmentsMemberkex:MarineTransportationMember2020-12-3100000560472020-07-012020-09-300000056047us-gaap:ForeignCountryMember2020-01-012020-09-300000056047kex:HigmanMarineIncMember2021-01-012021-09-3000000560472017-01-012017-12-310000056047us-gaap:PensionPlansDefinedBenefitMember2020-01-012020-09-300000056047kex:DistributionAndServicesMemberkex:CommercialAndIndustrialMember2020-07-012020-09-300000056047us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2021-07-012021-09-300000056047us-gaap:OilAndGasMemberkex:DistributionAndServicesMember2020-07-012020-09-300000056047us-gaap:AdditionalPaidInCapitalMember2019-12-310000056047us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-09-300000056047us-gaap:RevolvingCreditFacilityMember2021-01-012021-09-300000056047us-gaap:AllOtherSegmentsMember2020-07-012020-09-300000056047us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-300000056047us-gaap:RetainedEarningsMember2020-07-012020-09-300000056047kex:MarineTransportationMember2020-12-310000056047us-gaap:AllOtherSegmentsMember2020-12-310000056047us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-01-012020-09-300000056047us-gaap:NoncontrollingInterestMember2021-06-300000056047us-gaap:RetainedEarningsMember2021-01-012021-09-300000056047us-gaap:OperatingSegmentsMemberkex:DistributionAndServicesMember2020-07-012020-09-300000056047us-gaap:RevolvingCreditFacilityMember2021-09-300000056047us-gaap:RevolvingCreditFacilityMember2020-01-012020-12-310000056047us-gaap:NaturalDisastersAndOtherCasualtyEventsMembersrt:MaximumMember2021-01-012021-09-300000056047us-gaap:DomesticCountryMember2020-01-012020-09-300000056047kex:DistributionAndServicesMember2021-07-012021-09-300000056047us-gaap:NoncontrollingInterestMember2020-01-012020-09-300000056047us-gaap:ForeignCountryMember2021-01-012021-09-300000056047us-gaap:CommonStockMember2020-12-310000056047kex:StockAndIncentivePlan2005Member2021-09-300000056047us-gaap:IntersegmentEliminationMember2021-07-012021-09-300000056047us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2020-01-012020-09-300000056047us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-07-012020-09-300000056047us-gaap:RetainedEarningsMember2020-01-012020-09-300000056047us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-07-012021-09-300000056047us-gaap:AdditionalPaidInCapitalMember2020-01-012020-09-300000056047us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300000056047kex:RevolvingCreditFacilityDueJuneThirtyTwoThousandTwentyOneMember2020-12-310000056047kex:SeniorNotesSeriesBDueFebruaryTwentySevenTwoThousandTwentyThreeMember2020-12-310000056047us-gaap:OperatingSegmentsMemberkex:MarineTransportationMember2020-01-012020-09-300000056047kex:MarineTransportationMember2020-01-012020-09-300000056047kex:EmployeePlanMemberus-gaap:RestrictedStockUnitsRSUMember2021-01-012021-09-300000056047us-gaap:DomesticCountryMember2020-07-012020-09-300000056047us-gaap:AdditionalPaidInCapitalMember2020-12-310000056047us-gaap:NoncontrollingInterestMember2021-01-012021-09-300000056047us-gaap:IntersegmentEliminationMember2020-01-012020-09-300000056047kex:SeniorNotesDueMarchOneTwoThousandTwentyEightMember2021-01-012021-09-300000056047us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2021-01-012021-09-300000056047us-gaap:AdditionalPaidInCapitalMember2020-09-300000056047kex:MarineTransportationMember2021-09-300000056047us-gaap:TreasuryStockMember2020-01-012020-09-300000056047us-gaap:NoncontrollingInterestMember2020-12-310000056047us-gaap:PensionPlansDefinedBenefitMember2020-07-012020-09-300000056047kex:BankNotePayableMember2021-09-300000056047us-gaap:TreasuryStockMember2021-06-300000056047us-gaap:AdditionalPaidInCapitalMember2021-01-012021-09-300000056047us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300000056047us-gaap:TreasuryStockMember2020-06-300000056047us-gaap:CommonStockMember2019-12-31xbrli:pureiso4217:USDxbrli:sharesxbrli:shareskex:Segmentiso4217:USD

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2021

or

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

 

Commission File Number: 1-7615

 

KIRBY CORPORATION

(Exact name of registrant as specified in its charter)

 

 

Nevada

 

74-1884980

(I.R.S. Employer Identification No.)

(State or other jurisdiction of incorporation or organization)

 

 

55 Waugh Drive, Suite 1000

Houston, TX

 

77007

(Address of principal executive offices)

 

(Zip Code)

 

713-435-1000

(Registrant’s telephone number, including area code)

 

No Change

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

KEX

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulations S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

 

As of November 5, 2021, 60,111,000 shares of the Registrant’s $0.10 par value per share common stock were outstanding.

 

 

 


 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES

CONDENSED BALANCE SHEETS

(Unaudited)

 

 

September 30,
2021

 

 

December 31,
2020

 

 

 

($ in thousands)

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

54,377

 

 

$

80,338

 

Accounts receivable:

 

 

 

 

 

 

Trade – less allowance for doubtful accounts

 

 

389,579

 

 

 

315,283

 

Other

 

 

150,811

 

 

 

284,899

 

Inventories – net

 

 

308,820

 

 

 

309,675

 

Prepaid expenses and other current assets

 

 

75,004

 

 

 

57,776

 

Total current assets

 

 

978,591

 

 

 

1,047,971

 

 

 

 

 

 

 

 

Property and equipment

 

 

5,385,478

 

 

 

5,615,400

 

Accumulated depreciation

 

 

(1,680,231

)

 

 

(1,698,330

)

Property and equipment – net

 

 

3,705,247

 

 

 

3,917,070

 

 

 

 

 

 

 

 

Operating lease right-of-use assets

 

 

159,627

 

 

 

174,317

 

Goodwill

 

 

438,748

 

 

 

657,800

 

Other intangibles, net

 

 

62,233

 

 

 

68,979

 

Other assets

 

 

45,436

 

 

 

58,037

 

Total assets

 

$

5,389,882

 

 

$

5,924,174

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Bank notes payable

 

$

1,983

 

 

$

40

 

Income taxes payable

 

 

499

 

 

 

474

 

Accounts payable

 

 

181,313

 

 

 

162,507

 

Accrued liabilities

 

 

228,375

 

 

 

224,855

 

Current portion of operating lease liabilities

 

 

32,813

 

 

 

32,750

 

Deferred revenues

 

 

67,214

 

 

 

45,406

 

Total current liabilities

 

 

512,197

 

 

 

466,032

 

 

 

 

 

 

 

 

Long-term debt, net – less current portion

 

 

1,206,193

 

 

 

1,468,546

 

Deferred income taxes

 

 

552,913

 

 

 

606,844

 

Operating lease liabilities – less current portion

 

 

152,615

 

 

 

163,496

 

Other long-term liabilities

 

 

119,740

 

 

 

131,703

 

Total long-term liabilities

 

 

2,031,461

 

 

 

2,370,589

 

 

 

 

 

 

 

 

Contingencies and commitments

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Kirby stockholders’ equity:

 

 

 

 

 

 

Common stock, $0.10 par value per share. Authorized 120,000,000 shares, issued 65,472,000 shares

 

 

6,547

 

 

 

6,547

 

Additional paid-in capital

 

 

851,587

 

 

 

844,979

 

Accumulated other comprehensive income – net

 

 

(54,663

)

 

 

(61,452

)

Retained earnings

 

 

2,335,478

 

 

 

2,593,393

 

Treasury stock – at cost, 5,361,000 shares at September 30, 2021 and 5,434,000 at December 31, 2020

 

 

(295,203

)

 

 

(299,161

)

Total Kirby stockholders’ equity

 

 

2,843,746

 

 

 

3,084,306

 

Noncontrolling interests

 

 

2,478

 

 

 

3,247

 

Total equity

 

 

2,846,224

 

 

 

3,087,553

 

Total liabilities and equity

 

$

5,389,882

 

 

$

5,924,174

 

 

See accompanying notes to condensed financial statements.

 

1


 

KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES

CONDENSED STATEMENTS OF EARNINGS

(Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

($ in thousands, except per share amounts)

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Marine transportation

 

$

338,514

 

 

$

320,602

 

 

$

972,352

 

 

$

1,104,846

 

Distribution and services

 

 

260,406

 

 

 

175,965

 

 

 

683,042

 

 

 

576,806

 

Total revenues

 

 

598,920

 

 

 

496,567

 

 

 

1,655,394

 

 

 

1,681,652

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Costs of sales and operating expenses

 

 

446,519

 

 

 

340,764

 

 

 

1,219,038

 

 

 

1,167,871

 

Selling, general and administrative

 

 

66,065

 

 

 

61,720

 

 

 

198,434

 

 

 

199,412

 

Taxes, other than on income

 

 

9,917

 

 

 

9,077

 

 

 

28,541

 

 

 

33,548

 

Depreciation and amortization

 

 

53,462

 

 

 

54,779

 

 

 

163,484

 

 

 

165,067

 

Impairments and other charges

 

 

340,713

 

 

 

 

 

 

340,713

 

 

 

561,274

 

(Gain) loss on disposition of assets

 

 

(830

)

 

 

316

 

 

 

(5,082

)

 

 

13

 

Total costs and expenses

 

 

915,846

 

 

 

466,656

 

 

 

1,945,128

 

 

 

2,127,185

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

(316,926

)

 

 

29,911

 

 

 

(289,734

)

 

 

(445,533

)

Other income

 

 

1,832

 

 

 

1,172

 

 

 

8,146

 

 

 

6,185

 

Interest expense

 

 

(10,500

)

 

 

(11,809

)

 

 

(32,172

)

 

 

(37,316

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) before taxes on income

 

 

(325,594

)

 

 

19,274

 

 

 

(313,760

)

 

 

(476,664

)

Benefit for taxes on income

 

 

60,442

 

 

 

8,419

 

 

 

55,840

 

 

 

182,657

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss)

 

 

(265,152

)

 

 

27,693

 

 

 

(257,920

)

 

 

(294,007

)

Net (earnings) loss attributable to noncontrolling interests

 

 

422

 

 

 

(204

)

 

 

5

 

 

 

(743

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss) attributable to Kirby

 

$

(264,730

)

 

$

27,489

 

 

$

(257,915

)

 

$

(294,750

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss) per share attributable to Kirby common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(4.41

)

 

$

0.46

 

 

$

(4.30

)

 

$

(4.92

)

Diluted

 

$

(4.41

)

 

$

0.46

 

 

$

(4.30

)

 

$

(4.92

)

 

See accompanying notes to condensed financial statements.

 

2


 

KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

($ in thousands)

 

Net earnings (loss)

 

$

(265,152

)

 

$

27,693

 

 

$

(257,920

)

 

$

(294,007

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss), net of taxes:

 

 

 

 

 

 

 

 

 

 

 

 

Pension and postretirement benefits

 

 

3,142

 

 

 

(4,279

)

 

 

7,494

 

 

 

(6,674

)

Foreign currency translation adjustments

 

 

(122

)

 

 

(239

)

 

 

(705

)

 

 

(1,162

)

Total other comprehensive income (loss), net of taxes

 

 

3,020

 

 

 

(4,518

)

 

 

6,789

 

 

 

(7,836

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive income (loss), net of taxes

 

 

(262,132

)

 

 

23,175

 

 

 

(251,131

)

 

 

(301,843

)

Net (earnings) loss attributable to noncontrolling interests

 

 

422

 

 

 

(204

)

 

 

5

 

 

 

(743

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss) attributable to Kirby

 

$

(261,710

)

 

$

22,971

 

 

$

(251,126

)

 

$

(302,586

)

 

See accompanying notes to condensed financial statements.

 

3


 

KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES

CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)

 

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

 

($ in thousands)

 

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(257,920

)

 

$

(294,007

)

Adjustments to reconcile net loss to net cash provided by operations:

 

 

 

 

 

 

Depreciation and amortization

 

 

163,484

 

 

 

165,067

 

Provision (benefit) for deferred income taxes

 

 

(56,448

)

 

 

5,382

 

Impairments and other charges

 

 

340,713

 

 

 

561,274

 

Amortization of unearned share-based compensation

 

 

12,793

 

 

 

12,066

 

Amortization of major maintenance costs

 

 

26,189

 

 

 

21,857

 

Other

 

 

(6,290

)

 

 

3,523

 

Increase (decrease) in cash flows resulting from changes in operating assets and liabilities, net

 

 

57,841

 

 

 

(115,399

)

Net cash provided by operating activities

 

 

280,362

 

 

 

359,763

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

Capital expenditures

 

 

(71,968

)

 

 

(129,371

)

Acquisitions of businesses and marine equipment

 

 

(7,470

)

 

 

(348,772

)

Proceeds from disposition of assets

 

 

39,163

 

 

 

6,538

 

Net cash used in investing activities

 

 

(40,275

)

 

 

(471,605

)

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

Borrowings (payments) on bank credit facilities, net

 

 

(248,057

)

 

 

360,139

 

Payments on long-term debt

 

 

(15,000

)

 

 

(150,000

)

Proceeds from exercise of stock options

 

 

629

 

 

 

353

 

Payments related to tax withholding for share-based compensation

 

 

(2,856

)

 

 

(3,193

)

Return of investment to noncontrolling interest

 

 

(764

)

 

 

(608

)

Net cash provided by (used in) financing activities

 

 

(266,048

)

 

 

206,691

 

Increase (decrease) in cash and cash equivalents

 

 

(25,961

)

 

 

94,849

 

 

 

 

 

 

 

 

Cash and cash equivalents, beginning of year

 

 

80,338

 

 

 

24,737

 

Cash and cash equivalents, end of period

 

$

54,377

 

 

$

119,586

 

 

 

 

 

 

 

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

Cash paid (received) during the period:

 

 

 

 

 

 

Interest paid

 

$

39,134

 

 

$

45,776

 

Income taxes refunded, net

 

$

(116,010

)

 

$

(36,499

)

Operating cash outflow from operating leases

 

$

33,575

 

 

$

32,507

 

Non-cash investing activity:

 

 

 

 

 

 

Capital expenditures included in accounts payable

 

$

(13,549

)

 

$

11,441

 

Right-of-use assets obtained in exchange for lease obligations

 

$

18,117

 

 

$

42,470

 

 

See accompanying notes to condensed financial statements.

 

4


 

KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-in-

 

 

Comprehensive

 

 

Retained

 

 

Treasury Stock

 

 

Noncontrolling

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income, Net

 

 

Earnings

 

 

Shares

 

 

Amount

 

 

Interests

 

 

Total

 

 

(in thousands)

 

Balance at June 30, 2021

 

65,472

 

 

$

6,547

 

 

$

848,081

 

 

$

(57,683

)

 

$

2,600,208

 

 

 

(5,366

)

 

$

(295,463

)

 

$

3,639

 

 

$

3,105,329

 

Stock option exercises

 

 

 

 

 

 

 

(9

)

 

 

 

 

 

 

 

 

2

 

 

 

133

 

 

 

 

 

 

124

 

Issuance of stock for equity awards, net of forfeitures

 

 

 

 

 

 

 

(130

)

 

 

 

 

 

 

 

 

3

 

 

 

130

 

 

 

 

 

 

 

Tax withholdings on equity award vesting

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3

)

 

 

 

 

 

(3

)

Amortization of unearned share-based compensation

 

 

 

 

 

 

 

3,645

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,645

 

Total comprehensive loss, net of taxes

 

 

 

 

 

 

 

 

 

 

3,020

 

 

 

(264,730

)

 

 

 

 

 

 

 

 

(422

)

 

 

(262,132

)

Return of investment to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(739

)

 

 

(739

)

Balance at September 30, 2021

 

65,472

 

 

$

6,547

 

 

$

851,587

 

 

$

(54,663

)

 

$

2,335,478

 

 

 

(5,361

)

 

$

(295,203

)

 

$

2,478

 

 

$

2,846,224

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-in-

 

 

Comprehensive

 

 

Retained

 

 

Treasury Stock

 

 

Noncontrolling

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income, Net

 

 

Earnings

 

 

Shares

 

 

Amount

 

 

Interests

 

 

Total

 

 

(in thousands)

 

Balance at June 30, 2020

 

65,472

 

 

$

6,547

 

 

$

838,874

 

 

$

(41,117

)

 

$

2,543,700

 

 

 

(5,434

)

 

$

(299,124

)

 

$

3,104

 

 

$

3,051,984

 

Issuance of stock for equity awards, net of forfeitures

 

 

 

 

 

 

 

13