10-Q
0000056047false--12-31Q20000056047us-gaap:ForeignCountryMember2021-01-012021-06-300000056047us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300000056047us-gaap:TreasuryStockMember2021-04-012021-06-300000056047kex:TermLoanFacilityMember2022-07-012022-07-290000056047us-gaap:OperatingSegmentsMemberkex:MarineTransportationMember2021-01-012021-06-300000056047us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2022-01-012022-06-300000056047kex:SeniorNotesSeriesBDueFebruaryTwentySevenTwoThousandTwentyThreeMember2022-01-012022-06-300000056047kex:EmployeePlanMemberus-gaap:RestrictedStockUnitsRSUMember2022-01-012022-06-300000056047kex:TermLoanFacilityMember2022-01-012022-06-300000056047us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2021-01-012021-06-3000000560472022-01-012022-06-300000056047us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-04-012022-06-300000056047us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300000056047us-gaap:ForeignCountryMember2022-04-012022-06-300000056047kex:MarineTransportationMemberkex:InlandTransportationMember2022-01-012022-06-300000056047kex:TermLoanFacilityMember2022-06-300000056047us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000056047us-gaap:OilAndGasMemberkex:DistributionAndServicesMember2021-01-012021-06-300000056047us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300000056047us-gaap:OperatingSegmentsMemberkex:MarineTransportationMember2022-01-012022-06-3000000560472023-07-192023-07-190000056047kex:InlandTankBargesMember2021-01-012021-06-300000056047us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2022-04-012022-06-300000056047us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300000056047us-gaap:OperatingSegmentsMemberkex:DistributionAndServicesMember2021-12-310000056047us-gaap:DomesticCountryMember2022-04-012022-06-300000056047us-gaap:RevolvingCreditFacilityMember2022-07-290000056047us-gaap:NoncontrollingInterestMember2022-06-300000056047us-gaap:PensionPlansDefinedBenefitMember2021-01-012021-06-300000056047us-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMember2022-07-290000056047kex:TermLoanFacilityMemberus-gaap:SubsequentEventMember2022-07-290000056047us-gaap:RevolvingCreditFacilityMember2022-06-300000056047us-gaap:NoncontrollingInterestMember2020-12-310000056047us-gaap:TreasuryStockMember2021-06-300000056047us-gaap:AdditionalPaidInCapitalMember2022-01-012022-06-300000056047us-gaap:NoncontrollingInterestMember2021-01-012021-06-300000056047us-gaap:TreasuryStockMember2022-03-310000056047us-gaap:AllOtherSegmentsMember2022-01-012022-06-300000056047us-gaap:CommonStockMember2021-06-300000056047us-gaap:OilAndGasMemberkex:DistributionAndServicesMember2021-04-012021-06-300000056047us-gaap:AdditionalPaidInCapitalMember2022-06-300000056047us-gaap:RevolvingCreditFacilityMember2021-01-012021-06-300000056047us-gaap:PensionPlansDefinedBenefitMember2022-01-012022-06-300000056047us-gaap:TreasuryStockMember2021-01-012021-06-300000056047kex:SeniorNotesDueMarchOneTwoThousandTwentyEightMember2021-12-310000056047kex:MarineTransportationMemberkex:InlandTransportationMember2021-04-012021-06-300000056047us-gaap:AdditionalPaidInCapitalMember2021-06-300000056047us-gaap:RetainedEarningsMember2021-06-300000056047kex:SeniorNotesDueMarchOneTwoThousandTwentyEightMember2022-01-012022-06-300000056047us-gaap:ForeignCountryMember2021-04-012021-06-300000056047us-gaap:NoncontrollingInterestMember2021-12-310000056047us-gaap:DomesticCountryMember2021-01-012021-06-300000056047us-gaap:ForeignCountryMember2022-01-012022-06-300000056047us-gaap:TreasuryStockMember2022-06-300000056047us-gaap:CommonStockMember2021-12-310000056047us-gaap:AdditionalPaidInCapitalMember2022-03-310000056047kex:ThreePointFourSixSeriesANotesDueJanuaryNineteenTwoThousandThirtyThreeMember2022-02-0300000560472022-04-012022-06-300000056047us-gaap:DebtSecuritiesPayableMember2022-06-300000056047kex:RevolvingCreditFacilityDueJuneThirtyTwoThousandTwentyOneMember2021-12-310000056047kex:ThreePointFiveOneSeriesBNotesDueJanuaryNineteenTwoThousandThirtyThreeMember2022-02-032022-02-030000056047us-gaap:OperatingSegmentsMemberkex:MarineTransportationMember2022-04-012022-06-300000056047us-gaap:RetainedEarningsMember2021-12-310000056047kex:CoastalTransportationMemberkex:MarineTransportationMember2022-01-012022-06-300000056047us-gaap:OperatingSegmentsMemberkex:DistributionAndServicesMember2021-04-012021-06-300000056047us-gaap:RevolvingCreditFacilityMember2021-01-012021-12-3100000560472020-12-310000056047us-gaap:AllOtherSegmentsMember2021-12-3100000560472021-03-310000056047kex:GearboxRepairMember2022-01-012022-03-310000056047us-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMemberus-gaap:BaseRateMember2022-07-012022-07-290000056047us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-01-012022-06-300000056047us-gaap:CommonStockMember2021-03-310000056047us-gaap:AllOtherSegmentsMember2021-04-012021-06-300000056047us-gaap:OperatingSegmentsMemberkex:DistributionAndServicesMember2022-04-012022-06-300000056047us-gaap:NoncontrollingInterestMember2022-03-3100000560472021-06-300000056047us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-01-012021-06-300000056047us-gaap:RetainedEarningsMember2021-01-012021-06-300000056047kex:MarineTransportationMemberkex:InlandTransportationMember2021-01-012021-06-300000056047us-gaap:DomesticCountryMember2021-04-012021-06-300000056047kex:CoastalTransportationMemberkex:MarineTransportationMember2021-01-012021-06-3000000560472022-06-300000056047us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310000056047kex:BankNotePayableMember2022-06-300000056047us-gaap:IntersegmentEliminationMember2022-04-012022-06-300000056047us-gaap:OperatingSegmentsMemberkex:MarineTransportationMember2021-04-012021-06-300000056047us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-06-3000000560472022-07-012022-07-290000056047us-gaap:RetainedEarningsMember2022-03-310000056047kex:RevolvingCreditFacilityDueJuneThirtyTwoThousandTwentyOneMember2022-06-300000056047us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300000056047us-gaap:OilAndGasMemberkex:DistributionAndServicesMember2022-04-012022-06-300000056047kex:DistributionAndServicesMember2021-04-012021-06-300000056047kex:MarineTransportationMember2022-04-012022-06-3000000560472021-04-012021-06-300000056047kex:SeniorNotesDueMarchOneTwoThousandTwentyEightMember2022-06-300000056047kex:MarineTransportationMember2021-04-012021-06-300000056047us-gaap:AllOtherSegmentsMember2021-01-012021-06-300000056047us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-04-012021-06-300000056047kex:DistributionAndServicesMemberkex:CommercialAndIndustrialMember2022-01-012022-06-300000056047kex:MarineTransportationMember2022-01-012022-06-300000056047us-gaap:NoncontrollingInterestMember2022-04-012022-06-300000056047kex:HigmanMarineIncMemberus-gaap:SubsequentEventMember2022-07-012022-07-3100000560472022-08-050000056047us-gaap:AdditionalPaidInCapitalMember2021-01-012021-06-300000056047us-gaap:PensionPlansDefinedBenefitMember2022-04-012022-06-300000056047kex:CoastalTransportationMemberkex:MarineTransportationMember2021-04-012021-06-300000056047us-gaap:OperatingSegmentsMemberkex:DistributionAndServicesMember2021-01-012021-06-300000056047us-gaap:IntersegmentEliminationMember2021-01-012021-06-300000056047us-gaap:TreasuryStockMember2020-12-310000056047us-gaap:RevolvingCreditFacilityMember2022-01-012022-06-300000056047us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000056047us-gaap:NoncontrollingInterestMember2021-06-300000056047kex:DistributionAndServicesMember2022-04-012022-06-300000056047us-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMember2022-07-012022-07-290000056047us-gaap:RetainedEarningsMember2021-04-012021-06-300000056047kex:SeniorNotesSeriesBDueFebruaryTwentySevenTwoThousandTwentyThreeMember2021-12-310000056047us-gaap:RetainedEarningsMember2022-01-012022-06-300000056047us-gaap:OperatingSegmentsMemberkex:DistributionAndServicesMember2022-06-3000000560472021-12-310000056047us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-3000000560472023-01-192023-01-1900000560472022-03-312022-06-300000056047us-gaap:NoncontrollingInterestMember2021-03-310000056047us-gaap:RetainedEarningsMember2022-04-012022-06-300000056047us-gaap:AllOtherSegmentsMember2022-06-300000056047kex:HigmanMarineIncMember2022-01-012022-06-300000056047kex:ThreePointFiveOneSeriesBNotesDueJanuaryNineteenTwoThousandThirtyThreeMember2022-02-030000056047us-gaap:TreasuryStockMember2021-03-310000056047us-gaap:StandbyLettersOfCreditMember2022-06-300000056047srt:MaximumMember2022-01-012022-06-300000056047us-gaap:RetainedEarningsMember2021-03-310000056047us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300000056047us-gaap:AdditionalPaidInCapitalMember2021-12-310000056047us-gaap:CommonStockMember2022-06-300000056047us-gaap:DomesticCountryMember2022-01-012022-06-300000056047kex:DistributionAndServicesMember2021-01-012021-06-300000056047us-gaap:IntersegmentEliminationMember2022-01-012022-06-300000056047us-gaap:OperatingSegmentsMemberkex:MarineTransportationMember2022-06-300000056047kex:SeniorNotesSeriesBDueFebruaryTwentySevenTwoThousandTwentyThreeMember2022-06-300000056047kex:TermLoanFacilityMember2021-12-310000056047us-gaap:OperatingSegmentsMemberkex:DistributionAndServicesMember2022-01-012022-06-300000056047us-gaap:UnsecuredDebtMember2022-02-030000056047kex:BankNotePayableMember2021-12-310000056047us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300000056047us-gaap:AllOtherSegmentsMember2022-04-012022-06-300000056047us-gaap:CommonStockMember2020-12-310000056047us-gaap:OilAndGasMemberkex:DistributionAndServicesMember2022-01-012022-06-300000056047kex:DistributionAndServicesMemberkex:CommercialAndIndustrialMember2021-01-012021-06-300000056047kex:MarineTransportationMember2021-01-012021-06-300000056047us-gaap:AdditionalPaidInCapitalMember2020-12-310000056047us-gaap:TreasuryStockMember2021-12-310000056047us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310000056047us-gaap:OperatingSegmentsMemberkex:MarineTransportationMember2021-12-310000056047us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2022-07-2900000560472022-03-310000056047us-gaap:RevolvingCreditFacilityMember2021-12-310000056047us-gaap:RetainedEarningsMember2020-12-310000056047kex:DistributionAndServicesMemberkex:CommercialAndIndustrialMember2022-04-012022-06-300000056047us-gaap:TreasuryStockMember2022-01-012022-06-300000056047us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2021-04-012021-06-300000056047us-gaap:IntersegmentEliminationMember2021-04-012021-06-3000000560472021-01-012021-06-300000056047us-gaap:TreasuryStockMember2022-04-012022-06-300000056047us-gaap:CommonStockMember2022-03-310000056047kex:DistributionAndServicesMemberkex:CommercialAndIndustrialMember2021-04-012021-06-300000056047kex:CoastalTransportationMemberkex:MarineTransportationMember2022-04-012022-06-300000056047us-gaap:RetainedEarningsMember2022-06-300000056047kex:DistributionAndServicesMember2022-01-012022-06-300000056047us-gaap:PensionPlansDefinedBenefitMember2021-04-012021-06-300000056047us-gaap:AdditionalPaidInCapitalMember2021-03-310000056047us-gaap:RestrictedStockMemberkex:DirectorPlanMember2022-01-012022-06-300000056047us-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:SubsequentEventMember2022-07-012022-07-290000056047us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-06-300000056047us-gaap:NoncontrollingInterestMember2021-04-012021-06-300000056047us-gaap:NoncontrollingInterestMember2022-01-012022-06-300000056047kex:MarineTransportationMemberkex:InlandTransportationMember2022-04-012022-06-30xbrli: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 June 30, 2022

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 August 5, 2022, 59.9 million 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)

 

 

June 30,
2022

 

 

December 31,
2021

 

 

 

($ in thousands)

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

25,104

 

 

$

34,813

 

Accounts receivable:

 

 

 

 

 

 

Trade – less allowance for doubtful accounts

 

 

445,425

 

 

 

417,958

 

Other

 

 

127,181

 

 

 

149,964

 

Inventories – net

 

 

370,385

 

 

 

331,350

 

Prepaid expenses and other current assets

 

 

84,160

 

 

 

69,780

 

Total current assets

 

 

1,052,255

 

 

 

1,003,865

 

 

 

 

 

 

 

 

Property and equipment

 

 

5,416,559

 

 

 

5,392,851

 

Accumulated depreciation

 

 

(1,763,907

)

 

 

(1,714,336

)

Property and equipment – net

 

 

3,652,652

 

 

 

3,678,515

 

 

 

 

 

 

 

 

Operating lease right-of-use assets

 

 

159,968

 

 

 

167,730

 

Goodwill

 

 

438,748

 

 

 

438,748

 

Other intangibles, net

 

 

55,770

 

 

 

60,070

 

Other assets

 

 

45,763

 

 

 

50,135

 

Total assets

 

$

5,405,156

 

 

$

5,399,063

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Bank notes payable

 

$

4,206

 

 

$

1,934

 

Accounts payable

 

 

234,640

 

 

 

199,088

 

Accrued liabilities

 

 

198,191

 

 

 

236,078

 

Current portion of operating lease liabilities

 

 

34,667

 

 

 

33,902

 

Deferred revenues

 

 

69,668

 

 

 

72,770

 

Total current liabilities

 

 

541,372

 

 

 

543,772

 

 

 

 

 

 

 

 

Long-term debt, net – less current portion

 

 

1,131,849

 

 

 

1,161,433

 

Deferred income taxes

 

 

590,876

 

 

 

574,152

 

Operating lease liabilities – less current portion

 

 

150,355

 

 

 

159,672

 

Other long-term liabilities

 

 

60,960

 

 

 

71,252

 

Total long-term liabilities

 

 

1,934,040

 

 

 

1,966,509

 

 

 

 

 

 

 

 

Contingencies and commitments

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Kirby stockholders’ equity:

 

 

 

 

 

 

Common stock, $0.10 par value per share. Authorized 120 million shares, issued 65.5 million shares

 

 

6,547

 

 

 

6,547

 

Additional paid-in capital

 

 

854,781

 

 

 

854,512

 

Accumulated other comprehensive income – net

 

 

(21,957

)

 

 

(25,966

)

Retained earnings

 

 

2,392,330

 

 

 

2,346,439

 

Treasury stock – at cost, 5.5 million shares at June 30, 2022 and 5.4 million at December 31, 2021

 

 

(304,314

)

 

 

(295,208

)

Total Kirby stockholders’ equity

 

 

2,927,387

 

 

 

2,886,324

 

Noncontrolling interests

 

 

2,357

 

 

 

2,458

 

Total equity

 

 

2,929,744

 

 

 

2,888,782

 

Total liabilities and equity

 

$

5,405,156

 

 

$

5,399,063

 

 

See accompanying notes to condensed financial statements.

 

2


 

KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES

CONDENSED STATEMENTS OF EARNINGS

(Unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

($ in thousands, except per share amounts)

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Marine transportation

 

$

405,655

 

 

$

332,887

 

 

$

761,191

 

 

$

633,838

 

Distribution and services

 

 

292,309

 

 

 

226,737

 

 

 

547,555

 

 

 

422,636

 

Total revenues

 

 

697,964

 

 

 

559,624

 

 

 

1,308,746

 

 

 

1,056,474

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Costs of sales and operating expenses

 

 

523,862

 

 

 

409,479

 

 

 

974,480

 

 

 

772,519

 

Selling, general and administrative

 

 

70,575

 

 

 

62,740

 

 

 

146,340

 

 

 

132,369

 

Taxes, other than on income

 

 

9,621

 

 

 

10,364

 

 

 

19,211

 

 

 

18,624

 

Depreciation and amortization

 

 

50,115

 

 

 

55,132

 

 

 

100,079

 

 

 

110,022

 

Gain on disposition of assets

 

 

(2,745

)

 

 

(2,119

)

 

 

(7,594

)

 

 

(4,252

)

Total costs and expenses

 

 

651,428

 

 

 

535,596

 

 

 

1,232,516

 

 

 

1,029,282

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

46,536

 

 

 

24,028

 

 

 

76,230

 

 

 

27,192

 

Other income

 

 

3,740

 

 

 

2,523

 

 

 

8,048

 

 

 

6,314

 

Interest expense

 

 

(10,640

)

 

 

(10,706

)

 

 

(20,843

)

 

 

(21,672

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before taxes on income

 

 

39,636

 

 

 

15,845

 

 

 

63,435

 

 

 

11,834

 

Provision for taxes on income

 

 

(11,030

)

 

 

(5,493

)

 

 

(17,243

)

 

 

(4,602

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

 

28,606

 

 

 

10,352

 

 

 

46,192

 

 

 

7,232

 

Net earnings attributable to noncontrolling interests

 

 

(149

)

 

 

(162

)

 

 

(301

)

 

 

(417

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings attributable to Kirby

 

$

28,457

 

 

$

10,190

 

 

$

45,891

 

 

$

6,815

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share attributable to Kirby common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.47

 

 

$

0.17

 

 

$

0.76

 

 

$

0.11

 

Diluted

 

$

0.47

 

 

$

0.17

 

 

$

0.76

 

 

$

0.11

 

 

See accompanying notes to condensed financial statements.

 

3


 

KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

($ in thousands)

 

Net earnings

 

$

28,606

 

 

$

10,352

 

 

$

46,192

 

 

$

7,232

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income, net of taxes:

 

 

 

 

 

 

 

 

 

 

 

 

Pension and postretirement benefits

 

 

4,131

 

 

 

3,607

 

 

 

4,144

 

 

 

4,352

 

Foreign currency translation adjustments

 

 

(611

)

 

 

(86

)

 

 

(135

)

 

 

(583

)

Total other comprehensive income, net of taxes

 

 

3,520

 

 

 

3,521

 

 

 

4,009

 

 

 

3,769

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive income, net of taxes

 

 

32,126

 

 

 

13,873

 

 

 

50,201

 

 

 

11,001

 

Net earnings attributable to noncontrolling interests

 

 

(149

)

 

 

(162

)

 

 

(301

)

 

 

(417

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income attributable to Kirby

 

$

31,977

 

 

$

13,711

 

 

$

49,900

 

 

$

10,584

 

 

See accompanying notes to condensed financial statements.

 

4


 

KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES

CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)

 

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

 

($ in thousands)

 

Cash flows from operating activities:

 

 

 

 

 

 

Net earnings

 

$

46,192

 

 

$

7,232

 

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

 

 

 

 

 

 

Depreciation and amortization

 

 

100,079

 

 

 

110,022

 

Provision for deferred income taxes

 

 

15,335

 

 

 

4,380

 

Amortization of share-based compensation

 

 

8,555

 

 

 

9,148

 

Amortization of major maintenance costs

 

 

14,405

 

 

 

17,082

 

Other

 

 

(6,412

)

 

 

(4,309

)

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

 

 

(82,510

)

 

 

54,263

 

Net cash provided by operating activities

 

 

95,644

 

 

 

197,818

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

Capital expenditures

 

 

(79,059

)

 

 

(38,369

)

Acquisitions of businesses and marine equipment

 

 

(3,900

)

 

 

(7,470

)

Proceeds from disposition of assets

 

 

23,311

 

 

 

16,731

 

Net cash used in investing activities

 

 

(59,648

)

 

 

(29,108

)

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

Borrowings (payments) on bank credit facilities, net

 

 

2,272

 

 

 

(193,623

)

Payments on long-term debt

 

 

(30,000

)

 

 

 

Proceeds from exercise of stock options

 

 

3,885

 

 

 

505

 

Payments related to tax withholding for share-based compensation

 

 

(3,192

)

 

 

(2,853

)

Treasury stock purchases

 

 

(18,085

)

 

 

 

Return of investment to noncontrolling interest and other

 

 

(585

)

 

 

(25

)

Net cash used in financing activities

 

 

(45,705

)

 

 

(195,996

)

Decrease in cash and cash equivalents

 

 

(9,709

)

 

 

(27,286

)

 

 

 

 

 

 

 

Cash and cash equivalents, beginning of year

 

 

34,813

 

 

 

80,338

 

Cash and cash equivalents, end of period

 

$

25,104

 

 

$

53,052

 

 

 

 

 

 

 

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

Cash paid (received) during the period:

 

 

 

 

 

 

Interest paid

 

$

20,161

 

 

$

20,913

 

Income taxes paid (refunded), net

 

$

1,190

 

 

$

(116,451

)

Operating cash outflow from operating leases

 

$

22,287

 

 

$

21,996

 

Non-cash investing activity:

 

 

 

 

 

 

Capital expenditures included in accounts payable

 

$

(3,655

)

 

$

(18,401

)

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

 

$

10,290

 

 

$

7,413

 

 

See accompanying notes to condensed financial statements.

 

5


 

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 March 31, 2022

 

65,472

 

 

$

6,547

 

 

$

853,610

 

 

$

(25,477

)

 

$

2,363,873

 

 

 

(5,243

)

 

$

(289,098

)

 

$

2,410

 

 

$

2,911,865

 

Stock option exercises

 

 

 

 

 

 

 

253

 

 

 

 

 

 

 

 

 

24

 

 

 

1,296

 

 

 

 

 

 

1,549

 

Issuance of stock for equity awards, net of forfeitures

 

 

 

 

 

 

 

(1,672

)

 

 

 

 

 

 

 

 

29

 

 

 

1,672

 

 

 

 

 

 

 

Tax withholdings on equity award vesting

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

(99

)

 

 

 

 

 

(99

)

Amortization of unearned share-based compensation

 

 

 

 

 

 

 

2,590

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,590

 

Treasury stock purchases

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(310

)

 

 

(18,085

)

 

 

 

 

 

(18,085

)

Total comprehensive income, net of taxes

 

 

 

 

 

 

 

 

 

 

3,520

 

 

 

28,457

 

 

 

 

 

 

 

 

 

149

 

 

 

32,126

 

Return of investment to noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(202

)

 

 

(202

)

Balance at June 30, 2022

 

65,472

 

 

$

6,547

 

 

$

854,781

 

 

$

(21,957

)

 

$

2,392,330

 

 

 

(5,501

)

 

$

(304,314

)

 

$

2,357

 

 

$

2,929,744

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated