0000950170-23-003306 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2022	Feb. 17, 2023	Jun. 30, 2022
Cover [Abstract]
Entity Registrant Name	Kirby Corporation
Entity Central Index Key	0000056047
Current Fiscal Year End Date	--12-31
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Document Transition Report	false
Entity File Number	1-07615
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	74-1884980
Entity Address, Address Line One	55 Waugh Drive, Suite 1000
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77007
City Area Code	713
Local Phone Number	435-1000
Title of 12(b) Security	Common Stock
Trading Symbol	KEX
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
ICFR Auditor Attestation Flag	true
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 3.6
Entity Common Stock, Shares Outstanding		60,015,000
Documents Incorporated by Reference [Text Block]	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Company’s definitive proxy statement in connection with the Annual Meeting of Stockholders to be held April 25, 2023, to be filed with the Commission pursuant to Regulation 14A, and the related annual report to be provided to the Company's stockholders pursuant to Rule 14a-3(b) are incorporated by reference into Parts II and III of this report.
Auditor Name	KPMG LLP
Auditor Location	Houston, TX
Auditor Firm ID	185

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 80,577	$ 34,813
Accounts receivable:
Trade - less allowance for doubtful accounts of $7,684 ($8,177 in 2021)	483,406	417,958
Other	114,556	149,964
Inventories - net	461,848	331,350
Prepaid expenses and other current assets	71,372	69,780
Total current assets	1,211,759	1,003,865
Property and equipment:
Marine transportation equipment	4,837,379	4,789,994
Land, buildings and equipment	614,764	602,857
Property and equipment	5,452,143	5,392,851
Accumulated depreciation	(1,818,681)	(1,714,336)
Property and equipment - net	3,633,462	3,678,515
Operating lease right-of-use assets	154,507	167,730
Investment in affiliates	2,171	2,134
Goodwill	438,748	438,748
Other intangibles, net	51,463	60,070
Other assets	62,814	48,001
Total assets	5,554,924	5,399,063
Current liabilities:
Bank notes payable	3,292	1,934
Income taxes payable	323	0
Accounts payable	278,081	199,088
Accrued liabilities:
Interest	11,630	11,379
Insurance premiums and claims	65,088	111,117
Employee compensation	55,851	39,331
Taxes - other than on income	30,169	44,740
Other	42,014	29,511
Current portion of operating lease liabilities	36,444	33,902
Deferred revenues	119,305	72,770
Total current liabilities	642,197	543,772
Long-term debt, net - less current portion	1,076,326	1,161,433
Deferred income taxes	625,884	574,152
Operating lease liabilities - less current portion	142,140	159,672
Other long-term liabilities	23,209	71,252
Total long-term liabilities	1,867,559	1,966,509
Contingencies and commitments	0	0
Kirby stockholders' equity:
Common stock, $0.10 par value per share. Authorized 120,000,000 shares, issued 65,472,000	6,547	6,547
Additional paid-in capital	859,345	854,512
Accumulated other comprehensive income - net	16,853	(25,966)
Retained earnings	2,468,730	2,346,439
Treasury stock - at cost, 5,565,000 shares in 2022 and 5,361,000 shares in 2021	(308,598)	(295,208)
Total Kirby stockholders' equity	3,042,877	2,886,324
Noncontrolling interests	2,291	2,458
Total equity	3,045,168	2,888,782
Total liabilities and equity	$ 5,554,924	$ 5,399,063

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Trade, allowance for doubtful accounts	$ 7,684	$ 8,177
Kirby stockholders' equity:
Common stock, par value per share (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	65,472,000	65,472,000
Treasury stock, shares (in shares)	5,565,000	5,361,000

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Total revenues	$ 2,784,754	$ 2,246,660	$ 2,171,408
Costs and expenses:
Costs of sales and operating expenses	2,060,941	1,652,961	1,510,818
Selling, general and administrative	302,692	266,911	258,272
Taxes, other than on income	35,071	36,251	42,000
Depreciation and amortization	201,443	213,718	219,921
Impairments and other charges	0	340,713	561,274
Gain on disposition of assets	(8,279)	(5,761)	(118)
Total costs and expenses	2,591,868	2,504,793	2,592,167
Operating income (loss)	192,886	(258,133)	(420,759)
Other income	16,677	10,001	8,147
Interest expense	(44,588)	(42,469)	(48,739)
Earnings (loss) before taxes on income	164,975	(290,601)	(461,351)
(Provision) benefit for taxes on income	(42,214)	43,830	189,759
Net earnings (loss)	122,761	(246,771)	(271,592)
Less: Net earnings attributable to noncontrolling interests	(470)	(183)	(954)
Net earnings (loss) attributable to Kirby	$ 122,291	$ (246,954)	$ (272,546)
Net earnings (loss) per share attributable to Kirby common stockholders:
Basic (in dollars per share)	$ 2.04	$ (4.11)	$ (4.55)
Diluted (in dollars per share)	$ 2.03	$ (4.11)	$ (4.55)
Marine Transportation (KMT) [Member]
Revenues:
Total revenues	$ 1,616,967	$ 1,322,918	$ 1,404,265
Distribution and Services [Member]
Revenues:
Total revenues	$ 1,167,787	$ 923,742	$ 767,143

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net earnings (loss)	$ 122,761	$ (246,771)	$ (271,592)
Other comprehensive income (loss), net of taxes:
Pension and postretirement benefits	43,868	36,547	(23,320)
Foreign currency translation adjustments	(1,049)	(1,061)	(333)
Total other comprehensive income (loss), net of taxes	42,819	35,486	(23,653)
Total comprehensive income (loss), net of taxes	165,580	(211,285)	(295,245)
Net earnings attributable to noncontrolling interests	(470)	(183)	(954)
Comprehensive income (loss) attributable to Kirby	$ 165,110	$ (211,468)	$ (296,199)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net earnings (loss)	$ 122,761	$ (246,771)	$ (271,592)
Adjustments to reconcile net earnings (loss) to net cash provided by operations:
Depreciation and amortization	201,443	213,718	219,921
Provision (credit) for doubtful accounts	1,183	(138)	3,716
Provision (benefit) for deferred income taxes	37,782	(44,419)	25,163
Gain on disposition of assets	(8,279)	(5,761)	(118)
Impairments and other charges	0	340,713	561,274
Amortization of share-based compensation	13,865	15,713	14,722
Amortization of major maintenance costs	29,031	33,213	30,214
Other	(283)	(640)	(90)
Increase (decrease) in cash flows resulting from changes in:
Accounts receivable	(31,550)	29,126	(124,941)
Inventory	(127,095)	(19,248)	47,076
Other assets	(27,801)	(38,335)	(29,994)
Income taxes payable	1,975	480	8,826
Accounts payable	75,996	15,951	(39,795)
Accrued and other liabilities	5,100	27,974	558
Net cash provided by operating activities	294,128	321,576	444,940
Cash flows from investing activities:
Capital expenditures	(172,606)	(98,015)	(148,185)
Acquisitions of businesses and marine equipment, net of cash acquired	(3,900)	(9,115)	(354,972)
Proceeds from disposition of assets and other	36,905	51,342	17,310
Net cash used in investing activities	(139,601)	(55,788)	(485,847)
Cash flows from financing activities:
Borrowings (payments) on bank credit facilities, net	1,358	(248,105)	250,024
Borrowings on long-term debt	310,000	0	0
Payments on long-term debt	(395,000)	(60,000)	(150,000)
Payment of debt issue costs	(1,977)	0	0
Proceeds from exercise of stock options	3,887	629	353
Payments related to tax withholding for share-based compensation	(3,408)	(2,856)	(3,193)
Treasury stock purchases	(22,901)	0	0
Return of investment to noncontrolling interests and other	(722)	(981)	(676)
Net cash provided by (used in) financing activities	(108,763)	(311,313)	96,508
Increase (decrease) in cash and cash equivalents	45,764	(45,525)	55,601
Cash and cash equivalents, beginning of year	34,813	80,338	24,737
Cash and cash equivalents, end of year	80,577	34,813	80,338
Cash paid (received) during the period:
Interest paid	42,816	40,878	48,721
Income taxes paid (refunded), net	2,553	(116,648)	(35,571)
Operating cash outflow from operating leases	44,229	44,089	43,639
Non-cash investing activity:
Capital expenditures included in accounts payable	2,996	18,633	(13,280)
Right-of-use assets obtained in exchange for lease obligations	$ 22,799	$ 33,842	$ 46,511

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Noncontrolling Interests [Member]
Beginning balance at Dec. 31, 2019	$ 3,371,592	$ 6,547	$ 835,899	$ (37,799)	$ 2,865,939	$ (301,963)	$ 2,969
Beginning balance (in shares) at Dec. 31, 2019		65,472				(5,513)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises	353		26			$ 327
Stock option exercises (in shares)						15
Issuance of stock for equity awards, net of forfeitures			(5,668)			$ 5,668
Issuance of stock for equity awards, net of forfeitures (in shares)						103
Tax withholdings on equity award vesting	(3,193)					$ (3,193)
Tax withholdings on equity award vesting (in shares)						(39)
Amortization of share-based compensation	14,722		14,722
Total comprehensive loss (income), net of taxes	(295,245)			(23,653)	(272,546)		954
Return of investment to noncontrolling interests	(676)						(676)
Ending balance at Dec. 31, 2020	3,087,553	$ 6,547	844,979	(61,452)	2,593,393	$ (299,161)	3,247
Ending balance (in shares) at Dec. 31, 2020		65,472				(5,434)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises	629		21			$ 608
Stock option exercises (in shares)						12
Issuance of stock for equity awards, net of forfeitures			(6,201)			$ 6,201
Issuance of stock for equity awards, net of forfeitures (in shares)						113
Tax withholdings on equity award vesting	(2,856)					$ (2,856)
Tax withholdings on equity award vesting (in shares)						(52)
Amortization of share-based compensation	15,713		15,713
Total comprehensive loss (income), net of taxes	(211,285)			35,486	(246,954)		183
Return of investment to noncontrolling interests	(972)						(972)
Ending balance at Dec. 31, 2021	2,888,782	$ 6,547	854,512	(25,966)	2,346,439	$ (295,208)	2,458
Ending balance (in shares) at Dec. 31, 2021		65,472				(5,361)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises	3,887		757			$ 3,130
Stock option exercises (in shares)						58
Issuance of stock for equity awards, net of forfeitures			(9,789)			$ 9,789
Issuance of stock for equity awards, net of forfeitures (in shares)						178
Tax withholdings on equity award vesting	(3,408)					$ (3,408)
Tax withholdings on equity award vesting (in shares)						(54)
Amortization of share-based compensation	13,865		13,865
Treasury stock purchases	(22,901)					$ (22,901)
Treasury stock purchases (in shares)						(386)
Total comprehensive loss (income), net of taxes	165,580			42,819	122,291		470
Return of investment to noncontrolling interests	(637)						(637)
Ending balance at Dec. 31, 2022	$ 3,045,168	$ 6,547	$ 859,345	$ 16,853	$ 2,468,730	$ (308,598)	$ 2,291
Ending balance (in shares) at Dec. 31, 2022		65,472				(5,565)

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(1) Summary of Significant Accounting Policies

Principles of Consolidation. The consolidated financial statements include the accounts of Kirby Corporation and all majority-owned subsidiaries (the “Company”). All investments in which the Company owns 20% to 50% and exercises significant influence over operating and financial policies are accounted for using the equity method. All material intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications have been made to reflect the current presentation of financial information. Such reclassifications have no impact on previously reported net earnings (loss), stockholders’ equity, or cash flows.

Accounting Policies

Cash Equivalents. Cash equivalents consist of all short-term, highly liquid investments with maturities of three months or less at date of purchase.

Accounts Receivable. In the normal course of business, the Company extends credit to its customers. The Company regularly reviews the accounts and makes adequate provisions for probable uncollectible balances. It is the Company’s opinion that the accounts have no impairment, other than that for which provisions have been made. Included in accounts receivable-trade as of December 31, 2022 and 2021 were $139.5 million and $92.7 million, respectively, of accruals for revenues earned which have not been invoiced as of the end of each year.

The Company’s marine transportation and distribution and services operations are subject to hazards associated with such businesses. The Company maintains insurance coverage against these hazards with insurance companies. Included in accounts receivable-other as of December 31, 2022 and 2021 were $27.7 million and $69.6 million, respectively, of receivables from insurance companies to cover claims in excess of the Company’s deductible.

Concentrations of Credit Risk. Financial instruments which potentially subject the Company to concentrations of credit risk are primarily trade accounts receivables. The Company’s marine transportation customers include the major oil refining and petrochemical companies. The distribution and services customers are oilfield service companies, oil and gas operators and producers, on-highway transportation companies, marine transportation companies, commercial fishing companies, construction companies, power generation companies, and the United States government. The Company regularly reviews its accounts and estimates the amount of uncollectible receivables each period and establishes an allowance for uncollectible amounts. The amount of the allowance is based on the age of unpaid amounts, information about the current financial strength of customers, and other relevant information. Estimates of uncollectible amounts are revised each period, and changes are recorded in the period they become known.

Property, Maintenance and Repairs. Property is recorded at cost or acquisition date fair value; improvements and betterments are capitalized as incurred. Depreciation is recorded using the straight-line method over the estimated useful lives of the individual assets as follows: marine transportation equipment, 5-40 years; buildings, 10-40 years; other equipment, 2-10 years; and leasehold improvements, term of lease. When property items are retired, sold, or otherwise disposed of, the related cost and accumulated depreciation are removed from the accounts with any gain or loss on the disposition included in the statement of earnings. Maintenance and repairs on vessels built for use on the inland waterways are charged to operating expense as incurred and includes the costs incurred in United States Coast Guard (“USCG”) inspections unless the shipyard extends the life, improves the operating capacity, or replaces significant components of the vessel, which results in the costs being capitalized.

Drydocking on Ocean-Going Vessels. The Company’s ocean-going vessels are subject to regulatory drydocking requirements after certain periods of time to be inspected, have planned major maintenance performed and be recertified by the American Bureau of Shipping (“ABS”). These recertifications generally occur twice in a five-year period. The Company defers the drydocking expenditures incurred on its ocean-going vessels due to regulatory marine inspections by the ABS and amortizes the costs of the shipyard over the period between drydockings, generally 30 or 60 months, depending on the type of major maintenance performed. Drydocking expenditures that extend the life, improve the operating capability, or replace significant components of the vessel are capitalized. The Company recognized amortization of major maintenance costs of $29.0 million, $33.2 million, and $30.2 million for the years ended December 31, 2022, 2021, and 2020, respectively, in costs of sales and operating expenses. Routine repairs and maintenance on ocean-going vessels are expensed as incurred. Interest is capitalized on the construction of new ocean-going vessels. For the years ended December 31, 2022, 2021 and 2020, no interest was capitalized.

Environmental Liabilities. The Company expenses costs related to environmental events as they are incurred or when a loss is considered probable and reasonably estimable.

Goodwill. The excess of the purchase price over the fair value of identifiable net assets acquired in transactions accounted for as a purchase is included in goodwill. The Company conducted its annual goodwill impairment tests at November 30, 2022, 2021, and 2020.

The Company also conducted interim goodwill impairment tests at September 30, 2021 and March 31, 2020. Refer to Note 7, Impairments and other charges for more information. The Company will continue to conduct goodwill impairment tests as of November 30 of subsequent years, or whenever events or circumstances indicate that interim impairment testing is necessary. The amount of goodwill impairment, if any, is typically measured based on a combination of projected discounted future operating cash flows using an appropriate discount rate and a market approach for comparable companies. The following table summarizes the changes in goodwill (in thousands):


	Marine Transportation			Distribution and Services			Total
Balance at December 31, 2020 (gross)	$	505,784		$	560,155		$	1,065,939
Accumulated impairment and amortization		(18,574	)		(389,565	)		(408,139	)
Balance at December 31, 2020		487,210			170,590			657,800
Impairment		(219,052	)		—			(219,052	)
Balance at December 31, 2021 (gross)		505,784			560,155			1,065,939
Accumulated impairment and amortization		(237,626	)		(389,565	)		(627,191	)
Balance at December 31, 2021 and 2022	$	268,158		$	170,590		$	438,748

Other Intangibles. Other intangibles include assets for favorable contracts and customer relationships, distributorship and dealership agreements, trade names and non-compete agreements and liabilities for unfavorable leases and contracts. The following table summarizes the balances of other intangible assets and other intangible liabilities (in thousands):


	December 31,
	2022			2021
Other intangible assets – gross	$	203,242		$	203,217
Accumulated amortization		(151,779	)		(143,147	)
Other intangible assets – net	$	51,463		$	60,070

Other intangible liabilities – gross	$	13,860		$	13,860
Accumulated amortization		(13,280	)		(12,120	)
Other intangible liabilities – net	$	580		$	1,740

The costs of intangible assets and liabilities are amortized to expense in a systematic and rational manner over their estimated useful lives. For the years ended December 31, 2022, 2021, and 2020, the amortization expense for intangibles was $7.6 million, $7.8 million, and $9.2 million, respectively. Estimated net amortization expense for amortizable intangible assets and liabilities for the next five years (2023 – 2027) is approximately $8.0 million, $8.5 million, $8.5 million, $6.3 million, and $5.0 million, respectively, and $14.6 million thereafter. As of December 31, 2022, the weighted average amortization period for intangible assets and liabilities was approximately 7 years.

Revenue Recognition. The majority of marine transportation revenue is derived from term contracts, ranging from one to three years, some of which have renewal options, and the remainder is from spot contracts. The majority of the term contracts by revenue are for terms of one year. The Company provides marine transportation services for its customers and, in almost all cases, does not assume ownership of the products it transports. A term contract is an agreement with a specific customer to transport cargo from a designated origin to a designated destination at a set rate or at a daily rate. The rate may or may not escalate during the term of the contract, however, the base rate generally remains constant and contracts often include escalation provisions to recover changes in specific costs such as fuel. A spot contract is an agreement with a customer to move cargo from a specific origin to a designated destination for a rate negotiated at the time the cargo movement takes place. Spot contract rates are at the current “market” rate, including fuel, and are subject to market volatility. The Company uses a voyage accounting method of revenue recognition for its marine transportation revenues which allocates voyage revenue based on the percent of the voyage completed during the period. The performance of the service is invoiced as the transaction occurs and payment is required depending on each specific customer’s credit.

Distribution products and services are generally sold based upon purchase orders or preferential service agreements with the customer that include fixed or determinable prices. Parts sales are recognized when control transfers to the customer, generally when title passes upon shipment to customers. Service revenue is recognized over time as the service is provided using measures of progress utilizing hours worked or costs incurred as a percentage of estimated hours or expected costs. Revenue from rental agreements is recognized on a straight-line basis over the rental period. The Company recognizes the revenues on manufacturing activities upon shipment and transfer of control to the customer. The transactions in the distribution and services segment (“KDS”) are typically invoiced as parts are shipped or upon the completion of the service job. Contract manufacturing activities are generally invoiced upon shipment and the Company will often get deposits from its customers prior to starting work, or progress payments during the project depending on the credit worthiness of the customer and the size of the project.

Stock-Based Compensation. The Company has share-based compensation plans covering selected officers and other key employees as well as the Company’s Board of Directors. Stock-based grants made under the Company’s stock plans are recorded at fair value on the date of the grant and the cost for all grants made under the director plan and for grants made under the employee plan is generally recognized ratably over the vesting period of the restricted stock unit (“RSU”), stock option, or restricted stock, however, the employee plan includes a provision for the continued vesting of unvested stock options and RSUs for employees who meet certain years of service and age requirements at the time of their retirement. The provision results in shorter expense accrual periods on stock options and RSUs granted to employees who are nearing retirement and meet the service and age requirements. Stock option grants are valued at the date of grant as calculated under the Black-Scholes option pricing model. The Company accounts for forfeitures as they occur. The Company’s stock-based compensation plans are more fully described in Note 8, Stock Award Plans.

Taxes on Income. The Company follows the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

Accrued Insurance. Accrued insurance liabilities include estimates based on individual incurred claims outstanding and an estimated amount for losses incurred but not reported (“IBNR”) or fully developed based on past experience. Insurance premiums, IBNR losses and incurred claim losses, in excess of the Company’s deductible for the years ended December 31, 2022, 2021, and 2020, were $39.1 million, $37.8 million, and $30.6 million, respectively.

Treasury Stock. The Company follows the average cost method of accounting for treasury stock transactions.

Impairment of Long-lived Assets and for Long-lived Assets to Be Disposed Of. The Company performs an impairment assessment whenever events or changes in circumstances indicate that the carrying amount of long-lived assets may not be recoverable.

Recoverability on marine transportation assets is assessed based on vessel classes, not on individual assets, because identifiable cash flows for individual marine transportation assets are not available. Projecting customer contract volumes allows estimation of future cash flows by projecting pricing and utilization by vessel class but it is not practical to project which individual marine transportation asset will be utilized for any given contract. Because customers generally do not specify which particular vessel is used, prices are quoted based on vessel classes not individual assets. Nominations of vessels for specific jobs are determined on a day by day basis and are a function of the equipment class required and the geographic position of vessels within that class at that particular time as vessels within a class are interchangeable and provide the same service. The Company’s vessels are mobile assets and equipped to operate in geographic regions throughout the United States and the Company has in the past and expects to continue to move vessels from one region to another when it is necessary due to changing markets and it is economical to do so. Barge vessel classes are based on similar capacities, hull type, and type of product and towing vessels are based on similar hull type and horsepower.

If a triggering event is identified, the Company compares the carrying amount of the asset group to the estimated undiscounted future cash flows expected to result from the use of the asset group. If the carrying amount of the asset group exceeds the estimated undiscounted future cash flows, the Company measures the amount of the impairment by comparing the carrying amount of the asset group to its estimated fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.

Fair Value Measurements. The accounting guidance for using fair value to measure certain assets and liabilities establishes a three tier value hierarchy, which prioritizes the inputs to valuation techniques used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little, if any, market data exists, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing the asset or liability. The fair value of the Company’s debt instruments is described in Note 5, Long-Term Debt.

Accounting Standards

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”) which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, Income Taxes. The Company adopted ASU 2019-12 on January 1, 2021. There was no material impact on the Company’s financial statements or disclosures upon adoption of ASU 2019-12.

Acquisitions

12 Months Ended

Dec. 31, 2022

Acquisitions [Abstract]

Acquisitions

(2) Acquisitions

On March 31, 2022, the Company paid $3.9 million in cash to purchase assets of a gearbox repair company in KDS. Assets acquired consisted primarily of property and equipment.

The Company purchased four inland tank barges from a leasing company for $7.5 million in cash during 2021. The Company had been leasing the barges prior to the purchase.

On October 4, 2021, the Company paid $1.6 million in cash to purchase assets of an energy storage systems manufacturer based in Texas which have been key to the development of new power generation solutions for electric fracturing equipment. Assets acquired and liabilities assumed consisted primarily of a right of use lease asset and lease liability for an operating lease assumed as part of the acquisition.

During 2020, the Company purchased six newly constructed inland pressure barges for $39.4 million in cash.

On April 1, 2020, the Company completed the acquisition of the inland tank barge fleet of Savage Inland Marine, LLC (“Savage”) for $279 million in cash. Savage’s tank barge fleet consisted of 92 inland tank barges with approximately 2.5 million barrels of capacity and 45 inland towboats. The Savage assets that were acquired primarily move petrochemicals, refined products, and crude oil on the Mississippi River, its tributaries, and the Gulf Intracoastal Waterway. The Company also acquired Savage’s ship bunkering business and barge fleeting business along the Gulf Coast. The Company considers Savage to be a natural extension of the current marine transportation segment (“KMT”), expanding the capabilities of the Company’s inland based marine transportation business and lowering the average age of its fleet.

On January 3, 2020, the Company completed the acquisition of substantially all the assets of Convoy Servicing Company and Agility Fleet Services, LLC (collectively “Convoy”) for $37.2 million in cash. Convoy is an authorized dealer for Thermo King refrigeration systems for trucks, railroad cars and other land transportation markets for North and East Texas and Colorado.

The fair values of the assets acquired and liabilities assumed from the Savage and Convoy acquisitions recorded at the respective acquisition dates were as follows (in thousands):


	Savage		Convoy
Accounts receivable	$	—	$	5,677
Inventories		—		11,771
Prepaid expenses		1,067		177
Property and equipment		210,065		415
Operating lease right-of-use assets		27,085		3,713
Goodwill		81,635		10,309
Other intangibles		2,300		17,170
Total assets	$	322,152	$	49,232

Accounts payable and accrued liabilities	$	68	$	8,339
Operating lease liabilities, including current portion		43,085		3,713
Total liabilities	$	43,153	$	12,052
Net assets acquired	$	278,999	$	37,180

The Company acquired customer relationships with an estimated value of $2.3 million from Savage with an amortization period of 10 years. Acquisition related costs of $0.4 million, consisting primarily of legal and other professional fees, were expensed as incurred to selling, general and administrative expense. All goodwill recorded for the Savage acquisition will be deductible for tax purposes.

The Company acquired intangible assets from Convoy with a weighted average amortization period of 11 years, consisting of $9 million for customer relationships with an amortization period of 10 years, $8 million for distributorships with an amortization period of 12 years and $0.2 million for non-compete agreements with an amortization period of three years. All goodwill recorded for the Convoy acquisition will be deductible for tax purposes.

Revenues

12 Months Ended

Dec. 31, 2022

Revenues [Abstract]

Revenues

(3) Revenues

The following table sets forth the Company’s revenues by major source (in thousands):


	Year Ended December 31,
	2022		2021		2020
Marine transportation segment:
Inland transportation	$	1,277,010	$	1,005,145	$	1,094,630
Coastal transportation		339,957		317,773		309,635
	$	1,616,967	$	1,322,918	$	1,404,265
Distribution and services segment:
Commercial and industrial	$	651,566	$	578,011	$	566,326
Oil and gas		516,221		345,731		200,817
	$	1,167,787	$	923,742	$	767,143

The Company’s revenue is measured based on consideration specified in its contracts with its customers. The Company recognizes revenue over time as it provides services to its customers, or at the point in time that control over a part or product transfers to its customer.

Contract Assets and Liabilities. Contract liabilities represent advance consideration received from customers, and are recognized as revenue over time or at a point in time as the related performance obligation is satisfied. Revenues recognized during the years ended December 31, 2022, 2021, and 2020, that were included in the opening contract liability balances were $61.7 million, $40.9 million and $38.5 million, respectively. The Company has recognized all contract liabilities within the deferred revenues financial statement caption on the balance sheet. The Company did not have any contract assets at December 31, 2022 or December 31, 2021. The Company applies the practical expedient that allows non-disclosure of information about remaining performance obligations that have original expected durations of one year or less.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Segment Data

12 Months Ended

Dec. 31, 2022

Segment Data [Abstract]

Segment Data

(4) Segment Data

The Company’s operations are aggregated into two reportable business segments as follows:

Marine Transportation — Provides marine transportation by United States flagged vessels principally of liquid cargoes throughout the United States inland waterway system, along all three United States coasts, and to a lesser extent, in United States coastal transportation of dry-bulk cargoes. The principal products transported include petrochemicals, black oil, refined petroleum products and agricultural chemicals.

Distribution and Services — Provides after-market service and genuine replacement parts for engines, transmissions, reduction gears and related equipment used in oilfield services, marine, power generation, on-highway, and other industrial applications. The Company also rents equipment including generators, industrial compressors, high capacity lift trucks, and refrigeration trailers for use in a variety of industrial markets, and manufactures and remanufactures oilfield service equipment, including pressure pumping units, electric power generation equipment, specialized electrical distribution and control equipment, and high capacity energy storage/battery systems for oilfield service and railroad customers.

The Company’s two reportable business segments are managed separately based on fundamental differences in their operations. The Company’s accounting policies for the business segments are the same as those described in Note 1, Summary of Significant Accounting Policies. The Company evaluates the performance of its segments based on the contributions to operating income of the respective segments, and before income taxes, interest, gains or losses on disposition of assets, other nonoperating income, noncontrolling interests, accounting changes, and nonrecurring items. Intersegment revenues, based on market-based pricing, of KDS from KMT of $31.9 million, $23.6 million, and $27.8 million in 2022, 2021, and 2020, respectively, as well as the related intersegment profit of $3.2 million, $2.4 million, and $2.8 million in 2022, 2021, and 2020, respectively, have been eliminated from the tables below.

The following tables set forth by reportable segment the revenues, profit or loss, total assets, depreciation and amortization, and capital expenditures attributable to the principal activities of the Company (in thousands):


	Year Ended December 31,
	2022			2021			2020
Revenues:
Marine transportation	$	1,616,967		$	1,322,918		$	1,404,265
Distribution and services		1,167,787			923,742			767,143
	$	2,784,754		$	2,246,660		$	2,171,408
Segment profit (loss):
Marine transportation	$	136,184		$	63,015		$	163,638
Distribution and services		67,037			27,607			(12,191	)
Other		(38,246	)		(381,223	)		(612,798	)
	$	164,975		$	(290,601	)	$	(461,351	)
Depreciation and amortization:
Marine transportation	$	177,551		$	185,979		$	186,798
Distribution and services		16,776			20,573			28,255
Other		7,116			7,166			4,868
	$	201,443		$	213,718		$	219,921
Capital expenditures:
Marine transportation	$	147,170		$	84,353		$	133,990
Distribution and services		21,713			8,104			4,854
Other		3,723			5,558			9,341
	$	172,606		$	98,015		$	148,185


	December 31,
	2022		2021
Total assets:
Marine transportation	$	4,285,647	$	4,319,080
Distribution and services		1,041,841		892,603
Other		227,436		187,380
	$	5,554,924	$	5,399,063

The following table presents the details of “Other” segment profit (loss) (in thousands):


	Year Ended December 31,
	2022			2021			2020
General corporate expenses	$	(18,614	)	$	(13,803	)	$	(11,050	)
Gain on disposition of assets		8,279			5,761			118
Impairments and other charges		—			(340,713	)		(561,274	)
Interest expense		(44,588	)		(42,469	)		(48,739	)
Other income		16,677			10,001			8,147
	$	(38,246	)	$	(381,223	)	$	(612,798	)

The following table presents the details of “Other” total assets (in thousands):


	December 31,
	2022		2021
General corporate assets	$	225,265	$	185,246
Investment in affiliates		2,171		2,134
	$	227,436	$	187,380

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Long-Term Debt

12 Months Ended

Dec. 31, 2022

Long-Term Debt [Abstract]

Long-Term Debt

(5) Long-Term Debt

The following table presents the carrying value and fair value of debt outstanding (in thousands):


	December 31,
	2022					2021
	Carrying Value			Fair Value		Carrying Value			Fair Value
Revolving Credit Facility due July 29, 2027 (a)	$	—		$	—	$	—		$	—
Term Loan due July 29, 2027 (a)		170,000			170,000		—			—
Term Loan due March 27, 2024 (b)		—			—		315,000			315,000
3.29% senior notes due February 27, 2023		350,000			352,275		350,000			358,390
4.2% senior notes due March 1, 2028		500,000			477,660		500,000			549,239
3.46% senior notes due January 19, 2033		60,000			42,647		—			—
Credit Line due June 30, 2024		—			—		—			—
Bank notes payable		3,292			3,292		1,934			1,934
		1,083,292			1,045,874		1,166,934			1,224,563
Unamortized debt discounts and issuance costs (c)		(3,674	)		—		(3,567	)		—
	$	1,079,618		$	1,045,874	$	1,163,367		$	1,224,563

(a)

Variable interest rate of 5.8% at December 31, 2022.

(b)

Variable interest rate of 1.5% at December 31, 2021.

(c)

Excludes $1.8 million attributable to the 2027 Revolving Credit Facility included in other assets at December 31, 2022 and $1.4 million attributable to the 2024 Revolving Credit Facility included in other assets at December 31, 2021.

The fair value of debt outstanding was determined using inputs characteristic of a Level 2 fair value measurement.

The following table presents borrowings and payments under the bank credit facilities (in thousands):


	Year Ended December 31,
	2022			2021			2020
Borrowings on bank credit facilities	$	175,545		$	6,162		$	582,277
Payments on bank credit facilities		(174,187	)		(254,267	)		(332,253	)
	$	1,358		$	(248,105	)	$	250,024

The aggregate payments due on the long-term debt in each of the next five years were as follows (in thousands):


2023		353,292
2024		—
2025		—
2026		—
2027		170,000
Thereafter		560,000
	$	1,083,292

At the beginning of 2022, the Company had an amended and restated credit agreement (the “2024 Credit Agreement”) with a group of commercial banks, with JPMorgan Chase Bank, N.A. as the administrative agent bank, that allowed for an $850 million unsecured revolving credit facility (the “2024 Revolving Credit Facility”) and an unsecured term loan (the “2024 Term Loan”) with a maturity date of March 27, 2024. The 2024 Term Loan was prepayable, in whole or in part, without penalty.

On July 29, 2022, the Company entered into a new credit agreement (the “2027 Credit Agreement”) with a group of commercial banks, with JPMorgan Chase Bank, N.A. as the administrative agent bank that allows for a $500 million unsecured revolving credit facility (the “2027 Revolving Credit Facility”) and a $250 million unsecured term loan (the “2027 Term Loan”) with a maturity date of July 29, 2027. The 2027 Credit Agreement replaced the 2024 Credit Agreement. In conjunction with entering into the 2027 Credit Agreement, on July 29, 2022, the Company borrowed $35 million under the 2027 Revolving Credit Facility and $250 million under the 2027 Term Loan to repay borrowings under the 2024 Term Loan. In the fourth quarter of 2022, the Company repaid $80.0 million under the 2027 Term Loan prior to scheduled maturities. As a result, no repayments are required until June 30, 2025. Outstanding letters of credit under the 2027 Revolving Credit Facility were $5.1 million and available borrowing capacity was $494.9 million as of December 31, 2022.

The 2027 Term Loan is repayable in quarterly installments, with no repayments until June 30, 2025, in increasing percentages of the original principal amount of the loan, with the remaining unpaid balance of approximately $43.8 million payable upon maturity, assuming no prepayment. The 2027 Term Loan is prepayable, in whole or in part, without penalty. The 2027 Credit Agreement provides for a variable interest rate based on the Secured Overnight Financing Rate (“SOFR”) or a base rate calculated with reference to the prime rate quoted by The Wall Street Journal, the Federal Reserve Bank of New York Rate plus 0.5%, or the adjusted SOFR rate for a one month interest period plus 1.0%, among other factors (the “Alternate Base Rate”). The interest rate varies with the Company’s credit rating and is currently 137.5 basis points over SOFR or 37.5 basis points over the Alternate Base Rate. The 2027 Credit Agreement contains certain financial covenants including an interest coverage ratio and debt-to-capitalization ratio. In addition to financial covenants, the 2027 Credit Agreement contains covenants that, subject to exceptions, restrict debt incurrence, mergers and acquisitions, sales of assets, dividends and investments, liquidations and dissolutions, capital leases, transactions with affiliates, and changes in lines of business. The 2027 Credit Agreement specifies certain events of default, upon the occurrence of which the maturity of the outstanding loans may be accelerated, including the failure to pay principal or interest, violation of covenants and default on other indebtedness, among other events. Borrowings under the 2027 Credit Agreement may be used for general corporate purposes including acquisitions. The 2027 Revolving Credit Facility includes a $25 million commitment which may be used for standby letters of credit.

The Company has $350 million of 3.29% senior unsecured notes due February 27, 2023 (the “2023 Notes”). No principal payments are required until maturity. The 2023 Notes contain certain covenants on the part of the Company, including an interest coverage covenant, a debt-to-capitalization covenant, and covenants relating to liens, asset sales and mergers, among others. The 2023 Notes also specify certain events of default, upon the occurrence of which the maturity of the notes may be accelerated, including failure to pay principal and interest, violation of covenants or default on other indebtedness, among others.

The Company has $500 million of 4.2% senior unsecured notes due March 1, 2028 (the “2028 Notes”) with U.S. Bank National Association, as trustee. No principal payments are required until maturity. Interest payments of $10.5 million are due semi-annually on March 1 and September 1 of each year. The 2028 Notes are unsecured and rank equally in right of payment with the Company’s other unsecured senior indebtedness. The 2028 Notes contain certain covenants on the part of the Company, including covenants relating to liens, sale-leasebacks, asset sales and mergers, among others. The 2028 Notes also specify certain events of default, upon the occurrence of which the maturity of the notes may be accelerated, including failure to pay principal and interest, violation of covenants or default on other indebtedness, among others.

On February 3, 2022, the Company entered into a note purchase agreement for the issuance of $300 million of unsecured senior notes with a group of institutional investors, consisting of $60 million of 3.46% series A notes (“Series A Notes”) and $240 million of 3.51% series B notes (“Series B Notes”), each due January 19, 2033 (collectively, the “2033 Notes”). The Series A Notes were issued on October 20, 2022, and the Series B Notes were issued on January 19, 2023. No principal payments will be required until maturity. Beginning in 2023, interest payments of $5.3 million are due semi-annually on January 19 and July 19 of each year, with the exception of the first payment on January 19, 2023, which was $0.5 million. The 2033 Notes are unsecured and rank equally in right of payment with the Company’s other unsecured senior indebtedness. The 2033 Notes contain certain covenants on the part of the Company, including an interest coverage covenant, a debt-to-capitalization covenant, and covenants relating to liens, asset sales and mergers, among others. The 2033 Notes also specify certain events of default, upon the occurrence of which the maturity of the notes may be accelerated, including failure to pay principal and interest, violation of covenants or default on other indebtedness, among others. The 3.29% unsecured senior notes due February 27, 2023 (the “2023 Notes”) are excluded from short term liabilities because the Company intends to use a combination of the proceeds from the issuance of the 2033 Notes and availability under the 2027 Revolving Credit Facility to repay the 2023 Notes upon maturity.

The Company has a $10.0 million line of credit (“Credit Line”) with Bank of America, N.A. (“Bank of America”) for short-term liquidity needs and letters of credit, with a maturity date of June 30, 2024. The Credit Line allows the Company to borrow at an interest rate agreed to by Bank of America and the Company at the time each borrowing is made or continued. The Company had no borrowings outstanding under the Credit Line as of December 31, 2022. Outstanding letters of credit under the Credit Line were $0.6 million and available borrowing capacity was $9.4 million as of December 31, 2022.

The Company also had $3.3 million and $1.9 million of short-term unsecured loans outstanding, as of December 31, 2022 and 2021, respectively, related to its South American operations.

As of December 31, 2022, the Company was in compliance with all covenants under its debt instruments.

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

(6) Leases

The Company currently leases various facilities and equipment under cancelable and noncancelable operating leases. The accounting for the Company’s leases may require judgments, which include determining whether a contract contains a lease, allocating the consideration between lease and non-lease components, and determining the incremental borrowing rates. Leases with an initial noncancelable term of 12 months or less are not recorded on the balance sheet and the related lease expense is recognized on a

straight-line basis over the lease term. The Company has also elected to combine lease and non-lease components on all classes of leased assets, except for leased towing vessels for which the Company estimates approximately 70% of the costs relate to service costs and other non-lease components. Variable lease costs relate primarily to real estate executory costs (i.e. taxes, insurance and maintenance).

Future minimum lease payments under operating leases that have initial noncancelable lease terms in excess of one year were as follows (in thousands):


2023	$	41,227
2024		32,716
2025		24,807
2026		21,467
2027		19,253
Thereafter		95,582
Total lease payments		235,052
Less: imputed interest		(56,468	)
Operating lease liabilities	$	178,584

The following table summarizes lease costs (in thousands):


	Year Ended December 31,
	2022			2021			2020
Operating lease cost	$	42,319		$	40,786		$	43,810
Variable lease cost		1,780			1,793			1,550
Short-term lease cost		25,365			17,914			25,387
Sublease income		(305	)		(1,032	)		(1,143	)
Total lease cost	$	69,159		$	59,461		$	69,604

The following table summarizes other supplemental information about the Company’s operating leases:


	December 31,
	2022			2021			2020
Weighted average discount rate		4.1	%		3.8	%		4.1	%
Weighted average remaining lease term	9 years			9 years			10 years

Impairments and Other Charges

12 Months Ended

Dec. 31, 2022

Impairments and Other Charges [Abstract]

Impairments and Other Charges

(7) Impairments and Other Charges

During the third quarter of 2021, the Company decided to exit the Hawaii marine transportation market, selling marine transportation equipment including four coastal tank barges, seven coastal tugboats, and certain other assets for aggregate cash proceeds of $17.2 million. In addition, as of September 30, 2021, the Company retired and classified as held for sale, an additional 12 coastal tank barges and four coastal tugboats which were underutilized. The sales and retirements of coastal marine transportation equipment resulted in an aggregate non‑cash impairment charge of $97.5 million to reduce the carrying value of these assets to their estimated sales prices, net of costs to sell.

As a result of the sale of the Hawaii marine transportation equipment, and the decision to retire certain additional underutilized coastal tank barges and tugboats, the Company concluded that a triggering event had occurred and performed interim quantitative impairment tests as of September 30, 2021 for certain of KMT’s long-lived assets and goodwill within the coastal marine market.

The Company determined the estimated fair value of such long-lived assets using a combination of a cost approach, a discounted cash flow analysis, and a market approach. The Company determined the estimated fair value of the reporting unit using a combination of a discounted cash flow analysis and a market approach for comparable companies. These analyses included management’s judgment regarding short-term and long-term internal forecasts, updated for recent events, appropriate discount rates, and capital expenditures using inputs characteristic of a Level 3 fair value measurement.

In performing the impairment test of certain long-lived assets within KMT, the Company determined that the carrying value of certain long-lived assets, including certain coastal marine transportation equipment and operating lease right-of-use assets, were no longer recoverable, resulting in a non-cash impairment charge of $24.2 million during the three months ended September 30, 2021 to reduce such long-lived assets to fair value.

Based upon the results of the goodwill impairment test, the Company concluded that the carrying value of one reporting unit in KMT exceeded its estimated fair value. The carrying value of the reporting unit, including goodwill, and after recording impairments of

long-lived assets identified above, exceeded its estimated fair value, resulting in a non-cash goodwill impairment charge of $219.1 million for the three months ended September 30, 2021.

During the first quarter of 2020, Kirby’s market capitalization declined significantly compared to the fourth quarter of 2019. Over the same period, the overall United States stock market also declined significantly amid market volatility. In addition, as a result of uncertainty surrounding the outbreak of COVID-19 and a sharp decline in oil prices during the 2020 first quarter, many of the Company’s oil and gas customers responded by quickly cutting 2020 capital spending budgets and activity levels quickly declined. Lower activity levels resulted in a decline in drilling activity, resulting in lower demand for new and remanufactured oilfield equipment and related parts and service in KDS. As a result, the Company concluded that a triggering event had occurred and performed interim quantitative impairment tests as of March 31, 2020 for certain of KDS’s long-lived assets and goodwill.

The Company determined the estimated fair value of such long-lived assets and reporting units using a discounted cash flow analysis and a market approach for comparable companies. This analysis included management’s judgment regarding short-term and long-term internal forecasts, updated for recent events, appropriate discount rates, and capital expenditures using inputs characteristic of a Level 3 fair value measurement.

In performing the impairment test of long-lived assets within KDS, the Company determined that the carrying value of certain long-lived assets, including property and equipment as well as intangible assets associated with customer relationships, tradenames, and distributorships, were no longer recoverable, resulting in an impairment charge of $165.3 million (including $148.9 million impairment of intangible assets other than goodwill and $16.4 million impairment of property and equipment) to reduce such long-lived assets to fair value during the three months ended March 31, 2020.

Based upon the results of the goodwill impairment test, the Company concluded that the carrying value of one reporting unit in KDS exceeded its estimated fair value. For the three months ended March 31, 2020, the goodwill impairment charge of $388.0 million was calculated as the amount that the carrying value of the reporting unit, including goodwill, and after recording impairments of long-lived assets identified above, exceeded its estimated fair value, incorporating all tax impacts caused by the recognition of the impairment loss.

In addition, the Company determined cost exceeded net realizable value for certain oilfield and pressure pumping related inventory, resulting in an $8.0 million non-cash write-down during the three months ended March 31, 2020.

Stock Award Plans

12 Months Ended

Dec. 31, 2022

Stock Award Plans [Abstract]

Stock Award Plans

(8) Stock Award Plans

The Company has share-based compensation plans which are described below. The compensation cost that has been charged against earnings for the Company’s stock award plans and the income tax benefit recognized in the statement of earnings for stock awards were as follows (in thousands):


	Year Ended December 31,
	2022		2021		2020
Compensation cost	$	13,865	$	15,713	$	14,722
Income tax benefit	$	3,533	$	4,410	$	4,143

The Company has an employee stock award plan for selected officers and other key employees which provides for the issuance of RSUs, stock options, restricted stock awards, and performance awards. Restricted stock and RSUs generally vest ratably over five years, however, the plan includes a provision for the continued vesting of unvested stock options and RSUs for employees who meet certain years of service and age requirements at the time of their retirement. The provision results in shorter expense accrual periods on stock options and RSUs granted to employees who are nearing retirement and meet the service and age requirements. At December 31, 2022, there were 2,180,005 shares available for future grants under the Plan.

The exercise price for each option equals the fair market value per share of the Company’s common stock on the date of grant. Substantially all stock options outstanding under the plan have terms of seven years and vest ratably over three years. No performance awards payable in stock have been awarded under the plan and no outstanding stock options under the employee plan were issued with stock appreciation rights.

The following is a summary of the stock option activity under the employee plan described above:


	Outstanding Non-Qualified or Nonincentive Stock Option Awards			Weighted Average Exercise Price
Outstanding at December 31, 2021		537,767		$	70.66
Exercised		(47,436	)	$	68.09
Forfeited or expired		(94,166	)	$	74.50
Outstanding at December 31, 2022		396,165		$	70.06

The following table summarizes information about the Company’s outstanding and exercisable stock options under the employee plan at December 31, 2022:


	Options Outstanding								Options Exercisable
Range of Exercise Prices	Number Outstanding		Weighted Average Remaining Contractual Life in Years		Weighted Average Exercise Price		Aggregated Intrinsic Value (in thousands)		Number Exercisable		Weighted Average Exercise Price		Aggregated Intrinsic Value (in thousands)
$51.23		56,207		0.1	$	51.23				56,207	$	51.23
$64.89 – $68.50		66,097		1.4	$	67.65				66,097	$	67.65
$73.29 – $75.50		267,156		3.1	$	74.25				237,050	$	74.37
$84.90		6,705		3.3	$	84.90				6,705	$	84.90
$51.23 – $84.90		396,165		2.4	$	70.06	$	737		366,059	$	69.80	$	737

The following is a summary of the restricted stock award activity under the employee plan described above:


	Unvested Restricted Stock Award Shares			Weighted Average Grant Date Fair Value Per Share
Nonvested balance at December 31, 2021		18,424		$	68.72
Vested		(17,769	)	$	68.75
Forfeited		(655	)	$	67.70
Nonvested balance at December 31, 2022		—		$	—

No restricted stock awards were granted under the employee plan during 2022, 2021, and 2020.

The following is a summary of RSU activity under the employee plan described above:


	Unvested RSUs			Weighted Average Grant Date Fair Value Per Unit
Nonvested balance at December 31, 2021		590,979		$	61.07
Granted		208,766		$	66.13
Vested		(149,565	)	$	64.43
Forfeited		(91,361	)	$	60.69
Nonvested balance at December 31, 2022		558,819		$	62.13

The weighted average grant date fair value of RSUs granted for the years ended December 31, 2022, 2021, and 2020 was $66.13, $51.36, and $73.04, respectively.

During February 2023, the Company granted 180,425 RSUs to selected officers and other key employees under its employee stock award plan, which vest ratably over five years.

The Company has a stock award plan for nonemployee directors of the Company which provides for the issuance of stock options and restricted stock. The director plan provides for automatic grants of restricted stock to nonemployee directors after each annual meeting of stockholders. In addition, the director plan allows for the issuance of stock options or restricted stock in lieu of cash for all

or part of the annual director fee at the option of the director. The exercise prices for all options granted under the plan are equal to the fair market value per share of the Company’s common stock on the date of grant. The terms of the options are ten years. The restricted stock issued after each annual meeting of stockholders vests six months after the date of grant. Options granted and restricted stock issued in lieu of cash director fees vest in equal quarterly increments during the year to which they relate. At December 31, 2022, 374,751 shares were available for future grants under the director plan. The director stock award plan is intended as an incentive to attract and retain qualified independent directors.

The following is a summary of the stock option activity under the director plan described above:


	Outstanding Non-Qualified or Nonincentive Stock Option Awards			Weighted Average Exercise Price
Outstanding at December 31, 2021		88,980		$	80.82
Exercised		(20,500	)	$	62.19
Expired		(12,000	)	$	87.35
Outstanding at December 31, 2022		56,480		$	86.19

The following table summarizes information about the Company’s outstanding and exercisable stock options under the director plan at December 31, 2022:


	Options Outstanding								Options Exercisable
Range of Exercise Prices	Number Outstanding		Weighted Average Remaining Contractual Life in Years		Weighted Average Exercise Price		Aggregate Intrinsic Value		Number Exercisable		Weighted Average Exercise Price		Aggregate Intrinsic Value
$70.65 – $85.30		32,480		1.6	$	76.34				32,480	$	76.34
$99.52		24,000		1.1	$	99.52				24,000	$	99.52
$70.65 – $99.52		56,480		1.4	$	86.19	$	—		56,480	$	86.19	$	—

The following is a summary of the restricted stock award activity under the director plan described above:


	Unvested Restricted Stock Award Shares			Weighted Average Grant Date Fair Value Per Share
Nonvested balance at December 31, 2021		3,337		$	58.70
Granted		28,696		$	64.61
Vested		(30,335	)	$	63.92
Nonvested balance at December 31, 2022		1,698		$	65.36

The weighted average grant date fair value of restricted stock awards granted under the director plan for the years ended December 31, 2022, 2021, and 2020 were $64.61, $65.13, and $49.84, respectively.

The total intrinsic value of all stock options exercised under all of the Company’s plans was $0.4 million, $0.1 million, and $0.7 million for the years ended December 31, 2022, 2021, and 2020, respectively.

The total fair value of all the restricted stock vestings under all of the Company’s plans was $3.2 million, $5.3 million, and $5.6 million for the years ended December 31, 2022, 2021, and 2020, respectively. The actual tax benefit realized for tax deductions from restricted stock vestings was $0.8 million, $1.5 million, and $1.6 million for the years ended December 31, 2022, 2021, and 2020, respectively.

The total fair value of all the RSU vestings under the Company’s employee plan was $9.5 million, $4.4 million and $5.2 million for the years ended December 31, 2022, 2021, and 2020 respectively. The actual tax benefit realized for tax deductions from RSU vestings was $2.4 million, $1.2 million and $1.5 million for the years ended December 31, 2022, 2021, and 2020, respectively.

As of December 31, 2022, there was $0.1 million of unrecognized compensation cost related to restricted stock and $16.2 million related to nonvested RSUs. The restricted stock is expected to be recognized over a weighted average period of approximately 0.4 years and RSUs over approximately 2.9 years.

The weighted average per share fair value of stock options granted during the year ended December 31, 2020 was $20.19. The fair value of the stock options granted during the year ended December 31, 2020 was $2.3 million. There were no stock options granted under the employee plan during the years ended December 31, 2022 and 2021 and no stock options granted under the director plan during the years ended December 31, 2022, 2021 and 2020. The Company currently uses treasury stock shares for restricted stock grants, RSU vestings, and stock option exercises. The fair value of each stock option was determined using the Black-Scholes option pricing model.

The key input variables used in valuing the stock options granted were as follows:


	Year Ended December 31,
	2020
Dividend yield	None
Average risk-free interest rate		1.3	%
Stock price volatility		28	%
Estimated option term	5.3 years

Taxes on Income

12 Months Ended

Dec. 31, 2022

Taxes on Income [Abstract]

Taxes on Income

(9) Taxes on Income

Earnings (loss) before taxes on income and details of the provision (benefit) for taxes on income were as follows (in thousands):


	Year Ended December 31,
	2022		2021			2020
Earnings (loss) before taxes on income:
United States	$	164,590	$	(290,181	)	$	(461,569	)
Foreign		385		(420	)		218
	$	164,975	$	(290,601	)	$	(461,351	)

Provision (benefit) for taxes on income:
U.S. Federal:
Current	$	513	$	(460	)	$	(218,613	)
Deferred		34,980		(48,843	)		37,436
	$	35,493	$	(49,303	)	$	(181,177	)
U.S. State:
Current	$	3,793	$	1,560		$	3,421
Deferred		2,802		4,424			(12,273	)
	$	6,595	$	5,984		$	(8,852	)
Foreign:
Current	$	126	$	(511	)	$	270
	$	126	$	(511	)	$	270
Consolidated:
Current	$	4,432	$	589		$	(214,922	)
Deferred		37,782		(44,419	)		25,163
	$	42,214	$	(43,830	)	$	(189,759	)

On November 13, 2021, the voters of the state of Louisiana approved a constitutional amendment that removed the corporate tax deduction for federal income taxes paid and lowered the corporate income tax rate from 8% to 7.5% effective January 1, 2022. The result of the amendment was an increase in the effective Louisiana state income tax rate, net of deduction for federal income tax, from 6.3% to 7.5%. As a result of the amendment, the Company recognized a one-time deferred tax provision of $5.7 million during the fourth quarter of 2021 due to remeasuring the Company’s Louisiana and U.S. deferred tax assets and liabilities based on the new effective Louisiana state income tax rate.

On March 27, 2020, the United States Congress passed and the President signed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) into law to address the COVID-19 pandemic. One provision of the CARES Act allows net operating losses generated in 2018 through 2020 to be carried back up to five years. Pursuant to this provision of the CARES Act, the Company recorded a net federal current benefit for taxes on income for the year ended December 31, 2020 due to carrying back net operating losses

generated between 2018 and 2020 used to offset taxable income generated between 2013 and 2017. Net operating losses carried back to tax years 2013 through 2017 are applied at a federal tax rate of 35% applicable to those tax years, compared to a 21% tax rate effective at December 31, 2020. Net operating losses generated in 2018 and 2019 were used to offset taxable income generated between 2013 and 2017 taxed at 35% resulting in a tax benefit of $59.7 million and a decrease in the Company’s deferred tax asset related to federal net operating losses of $88.3 million.

At December 31, 2022 and 2021, the Company had a federal income tax receivable of $70.4 million and $71.0 million, respectively, included in Accounts Receivable – Other on the balance sheet. During 2021, the Company received a tax refund of $119.5 million, including accrued interest, for its 2019 tax return related to net operating losses being carried back to offset taxable income generated between 2014 and 2017. During 2020, the Company received a tax refund of $30.6 million for its 2018 tax return related to net operating losses being carried back to offset taxable income generated during 2013.

The Company’s provision (benefit) for taxes on income varied from the statutory federal income tax rate due to the following:


	Year Ended December 31,
	2022			2021			2020
United States income tax statutory rate		21.0	%		21.0	%		21.0	%
State and local taxes, net of federal benefit		3.1			(1.7	)		1.2
CARES Act – net operating loss carryback		—			—			21.3
Other – net		1.5			(4.2	)		(2.4	)
		25.6	%		15.1	%		41.1	%

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities were as follows (in thousands):


	December 31,
	2022			2021
Deferred tax assets:
Allowance for doubtful accounts	$	1,556		$	1,657
Inventory		11,679			13,180
Insurance accruals		4,856			4,052
Deferred compensation		7,703			6,081
Unrealized (gain) loss on defined benefit plans		(5,532	)		6,126
Goodwill and other intangibles		52,847			65,852
Operating loss carryforwards		79,699			89,966
Retirement benefits		5,472			7,194
Other		9,962			6,247
		168,242			200,355
Valuation allowances		(19,960	)		(20,095	)
		148,282			180,260
Deferred tax liabilities:
Property		(671,830	)		(655,550	)
Deferred state taxes		(87,445	)		(83,491	)
Other		(14,891	)		(15,371	)
		(774,166	)		(754,412	)
	$	(625,884	)	$	(574,152	)

During 2022, the Company generated federal taxable income which was completely offset by federal net operating loss carryforwards. The Company had federal operating loss deferred tax assets of $47.9 million and $57.2 million at December 31, 2022 and 2021, respectively.

The Company had state operating loss deferred tax assets of $26.6 million and $27.6 million at December 31, 2022 and 2021, respectively. The valuation allowance for state deferred tax assets as of December 31, 2022 and 2021 was $14.8 million and $14.9 million, respectively, related to the Company’s state net operating loss carryforwards based on the Company’s determination that it is more likely than not that the deferred tax assets will not be realized. Expiration of these state net operating loss carryforwards vary by state through 2029 and none will expire in fiscal 2023.

As of December 31, 2022 and 2021, the Company had a Canadian net operating loss carryforward of $5.2 million which expires between 2037 and 2042. A full valuation allowance has been provided for this asset.

The Company or one of its subsidiaries files income tax returns in the United States federal jurisdiction and various state jurisdictions. The Company’s federal income tax returns for the 2017 through 2020 tax years are currently under examination. With few exceptions, the Company and its subsidiaries’ state income tax returns are open to audit under the statute of limitations for the 2016 through 2021 tax years.

As of December 31, 2022, the Company has provided a liability of $0.8 million for unrecognized tax benefits related to various income tax issues which includes interest and penalties. The amount that would impact the Company’s effective tax rate, if recognized, is $0.6 million, with the difference between the total amount of unrecognized tax benefits and the amount that would impact the effective tax rate being primarily related to the federal tax benefit of state income tax items. It is not reasonably possible to determine if the liability for unrecognized tax benefits will significantly change prior to December 31, 2023 due to the uncertainty of possible examination results.

A reconciliation of the beginning and ending amount of the liability for unrecognized tax benefits is as follows (in thousands):


	Year Ended December 31,
	2022			2021			2020
Balance at beginning of year	$	737		$	783		$	883
Additions based on tax positions related to the current year		13			13			262
Additions for tax positions of prior years		66			281			114
Reductions for tax positions of prior years		(154	)		(340	)		(266	)
Settlements		—			—			(210	)
Balance at end of year	$	662		$	737		$	783

The Company accounts for interest and penalties related to uncertain tax positions as part of its provision for federal and state income taxes. The Company had $0.1 million of accrued liabilities for the payment of interest and penalties at both December 31, 2022 and 2021.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Earnings Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

(10) Earnings Per Share

The following table presents the components of basic and diluted earnings (loss) per share (in thousands, except per share amounts):


	Year Ended December 31,
	2022			2021			2020
Net earnings (loss) attributable to Kirby	$	122,291		$	(246,954	)	$	(272,546	)
Undistributed earnings allocated to restricted shares		(33	)		—			—
Earnings (loss) available to Kirby common stockholders — basic		122,258			(246,954	)		(272,546	)
Undistributed earnings allocated to restricted shares		33			—			—
Undistributed earnings reallocated to restricted shares		(33	)		—			—
Earnings (loss) available to Kirby common stockholders — diluted	$	122,258		$	(246,954	)	$	(272,546	)

Shares outstanding:
Weighted average common stock issued and outstanding		60,055			60,099			60,021
Weighted average unvested restricted stock		(17	)		(46	)		(109	)
Weighted average common stock outstanding — basic		60,038			60,053			59,912
Dilutive effect of stock options and restricted stock units		291			—			—
Weighted average common stock outstanding — diluted		60,329			60,053			59,912

Net earnings (loss) per share attributable to Kirby common stockholders:
Basic	$	2.04		$	(4.11	)	$	(4.55	)
Diluted	$	2.03		$	(4.11	)	$	(4.55	)

Certain outstanding options to purchase approximately 0.4 million, 0.6 million, and 0.7 million shares of common stock were excluded in the computation of diluted earnings per share as of December 31, 2022, 2021, and 2020, respectively, as such stock options would have been antidilutive. Certain outstanding RSUs to convert to 7,000 and 11,000 shares of common stock were also excluded in the computation of diluted earnings per share as of December 31, 2021 and 2020, respectively, as such RSUs would have been antidilutive. No RSUs were antidilutive at December 31, 2022.

Inventories

12 Months Ended

Dec. 31, 2022

Inventories [Abstract]

Inventories

(11) Inventories

The following table presents the details of inventories (in thousands):


	December 31,
	2022		2021
Finished goods	$	358,702	$	260,707
Work in process		103,146		70,643
	$	461,848	$	331,350

Retirement Plans

12 Months Ended

Dec. 31, 2022

Retirement Plans [Abstract]

Retirement Plans

(12) Retirement Plans

The Company sponsors a defined benefit plan (the “Kirby Pension Plan”) for its inland vessel personnel and shore based tankermen. The plan benefits are based on an employee’s years of service and compensation. The plan assets consist primarily of equity and fixed income securities.

On April 12, 2017, the Company amended the Kirby Pension Plan to cease all benefit accruals for periods after May 31, 2017 for certain participants. Participants grandfathered and not impacted were those, as of the close of business on May 31, 2017, who either (a) had completed 15 years of pension service or (b) had attained age 50 and completed 10 years of pension service. Participants non-grandfathered are eligible to receive discretionary 401(k) plan contributions.

On February 14, 2018, with the acquisition of Higman Marine, Inc. (“Higman”), the Company assumed Higman’s pension plan (the “Higman Pension Plan”) for its inland vessel personnel and office staff. On March 27, 2018, the Company amended the Higman Pension Plan to close it to all new entrants and cease all benefit accruals for periods after May 15, 2018 for all participants. The Company made contributions to the Higman Pension Plan of $0.9 million, $0.5 million and $2.2 million for the years ended December 31, 2022, 2021 and 2020, respectively.

The aggregate fair value of plan assets of the Company’s pension plans was $341.1 million and $430.8 million at December 31, 2022 and 2021, respectively. Pension assets were allocated among asset categories as follows:


	December 31,						Current Minimum, Target and Maximum
Asset Category	2022			2021			Allocation Policy
U.S. equity securities		50	%		51	%		45	%	— 50%	— 55%
International equity securities		20			20			12	%	— 20%	— 28%
Debt securities		30			29			20	%	— 30%	— 40%
Cash and cash equivalents		—			—			0	%	— 0%	— 0%
		100	%		100	%

At December 31, 2022 and 2021, $4.8 million and $5.4 million, respectively, was held in cash as well as debt and equity securities classified within Level 1 of the valuation hierarchy. There were no investments within Level 3 of the valuation hierarchy at December 31, 2022 and 2021. All other plan assets are invested in common collective trusts and valued using the net asset value per share practical expedient and therefore not valued within the valuation hierarchy.

The Company’s investment strategy focuses on total return on invested assets (capital appreciation plus dividend and interest income). The primary objective in the investment management of assets is to achieve long-term growth of principal while avoiding excessive risk. Risk is managed through diversification of investments within and among asset classes, as well as by investing in asset classes offering sufficient liquidity and trading history.

The Company makes various assumptions when determining defined benefit plan costs including, but not limited to, the current discount rate and the expected long-term return on plan assets. Discount rates are determined annually and are based on a yield curve that consists of a hypothetical portfolio of high quality corporate bonds with maturities matching the projected benefit cash flows. The Company assumed that plan assets would generate a long-term rate of return of 6.75% in both 2022 and 2021. The Company developed its expected long-term rate of return assumption by evaluating input from investment consultants comparing historical returns for various asset classes with its actual and targeted plan investments. The Company believes that its long-term asset allocation, on average, will approximate the targeted allocation.

The Company’s pension plan funding strategy is to make annual contributions in amounts equal to or greater than amounts necessary to meet minimum government funding requirements. The plan’s benefit obligations are based on a variety of demographic and economic assumptions, and the pension plan assets’ returns are subject to various risks, including market and interest rate risk, making an accurate

prediction of the pension plan contribution difficult. The Company’s pension plan funding was 105% of the pension plans’ accumulated benefit obligation at December 31, 2022, including both the Kirby Pension Plan and the Higman Pension Plan.

The Company sponsors an unfunded defined benefit health care plan that provides limited postretirement medical benefits to employees who met minimum age and service requirements, and to eligible dependents. The plan limits cost increases in the Company’s contribution to 4% per year. The plan is contributory, with retiree contributions adjusted annually. The plan eliminated coverage for future retirees as of December 31, 2011. The Company also has an unfunded defined benefit supplemental executive retirement plan (“SERP”) that was assumed in an acquisition in 1999. That plan ceased to accrue additional benefits effective January 1, 2000.

The following table presents the change in benefit obligation and plan assets for the Company’s defined benefit plans and postretirement benefit plan (in thousands):


	Pension Benefits												Other Postretirement Benefits
	Pension Plans						SERP						Postretirement Welfare Plan
	2022			2021			2022			2021			2022			2021
Change in benefit obligation
Benefit obligation at beginning of year	$	495,272		$	508,694		$	1,033		$	1,174		$	582		$	629
Service cost		6,538			7,961			—			—			—			—
Interest cost		14,779			14,239			29			31			17			17
Actuarial (gain) loss		(158,816	)		(20,208	)		(74	)		(12	)		(58	)		104
Gross benefits paid		(12,665	)		(11,967	)		(155	)		(160	)		(109	)		(168	)
Settlements		(5,599	)		(3,447	)		—			—			—			—
Benefit obligation at end of year	$	339,509		$	495,272		$	833		$	1,033		$	432		$	582

Accumulated benefit obligation at end of year	$	325,274		$	469,508		$	833		$	1,033		$	432		$	582

Weighted-average assumption used to determine benefit obligation at end of year
Discount rate (a)		5.5	%	3.0% / 3.1%				5.5	%		3.0	%		5.5	%		3.0	%
Rate of compensation increase	Service-based table			Service-based table				—			—			—			—
Health care cost trend rate
Initial rate		—			—			—			—			6.50	%		6.25	%
Ultimate rate		—			—			—			—			5.0	%		5.0	%
Years to ultimate		—			—			—			—		2029			2027

Change in plan assets
Fair value of plan assets at beginning of year	$	430,821		$	395,137		$	—		$	—		$	—		$	—
Actual return on plan assets		(72,402	)		50,619			—			—			—			—
Employer contribution		906			479			155			160			109			168
Gross benefits paid		(12,665	)		(11,967	)		(155	)		(160	)		(109	)		(168	)
Settlements		(5,599	)		(3,447	)		—			—			—			—
Fair value of plan assets at end of year	$	341,061		$	430,821		$	—		$	—		$	—		$	—

(a)

The 2022 discount rate was 5.5% for both the Kirby Pension Plan and the Higman Pension Plan. The 2021 discount rate was 3.0% for the Kirby Pension Plan and 3.1% for the Higman Pension Plan.

During the year ending December 31, 2022, actual returns on plan assets performed less than expected which deteriorated the funding position but the overall funded position at December 31, 2022 was improved due to a decrease in the benefit obligation primarily due to an increase in the discount rate.

During the year ended December 31, 2021, the funded position improved due to a decrease in the benefit obligation primarily due to an increase in the discount rate and actual returns on plan assets performing better than expected.

The following table presents the funded status and amounts recognized in the Company’s consolidated balance sheet for the Company’s defined benefit plans and postretirement benefit plan (in thousands):


	Pension Benefits												Other Postretirement Benefits
	Pension Plans						SERP						Postretirement Welfare Plan
	2022			2021			2022			2021			2022			2021
Funded status at end of year
Fair value of plan assets	$	341,061		$	430,821		$	—		$	—		$	—		$	—
Benefit obligations		(339,509	)		(495,272	)		(833	)		(1,033	)		(432	)		(582	)
Funded status and amount recognized at end of year	$	1,552		$	(64,451	)	$	(833	)	$	(1,033	)	$	(432	)	$	(582	)

Amounts recognized in the consolidated balance sheets
Noncurrent asset		18,695			—			—			—			—			—
Current liability		—			—			(106	)		(128	)		(49	)		(49	)
Long-term liability		(17,143	)		(64,451	)		(727	)		(905	)		(383	)		(533	)

Amounts recognized in accumulated other comprehensive income
Net actuarial (gain) loss	$	(25,449	)	$	32,600		$	324		$	428		$	(2,299	)	$	(2,634	)
Prior service cost (credit)		—			—			—			—			—			—
Accumulated other compensation income	$	(25,449	)	$	32,600		$	324		$	428		$	(2,299	)	$	(2,634	)

The following table presents the expected cash flows for the Company’s defined benefit plans and postretirement benefit plan (in thousands):


	Pension Benefits								Other Postretirement Benefits
	Pension Plans				SERP				Postretirement Welfare Plan
	2022		2021		2022		2021		2022		2021
Expected employer contributions
First year	$	8,374	$	145	$	—	$	—	$	—	$	—

Expected benefit payments (gross)
Year one	$	16,312	$	15,480	$	108	$	130	$	50	$	50
Year two		16,899		16,678		104		104		49		49
Year three		17,808		17,598		99		100		47		48
Year four		18,650		18,382		94		96		45		47
Year five		19,707		19,127		90		91		43		45
Next five years		110,417		109,845		359		381		176		194

The components of net periodic benefit cost and other changes in plan assets and benefit obligations recognized in other comprehensive income for the Company’s defined benefit plans were as follows (in thousands):


	Pension Benefits
	Pension Plans									SERP
	2022			2021			2020			2022			2021			2020
Components of net periodic benefit cost
Service cost	$	6,538		$	7,961		$	7,671		$	—		$	—		$	—
Interest cost		14,779			14,239			15,630			29			31			40
Expected return on plan assets		(28,399	)		(26,244	)		(23,790	)		—			—			—
Amortization of actuarial loss		34			4,193			2,399			30			40			35
Net periodic benefit cost		(7,048	)		149			1,910			59			71			75

Other changes in plan assets and benefit obligations recognized in other comprehensive income
Current year actuarial (gain) loss		(58,015	)		(44,583	)		31,616			(74	)		(12	)		55
Recognition of actuarial loss		(34	)		(4,193	)		(2,399	)		(30	)		(40	)		(35	)
Total recognized in other comprehensive income		(58,049	)		(48,776	)		29,217			(104	)		(52	)		20

Total recognized in net periodic benefit cost and other comprehensive income	$	(65,097	)	$	(48,627	)	$	31,127		$	(45	)	$	19		$	95

Weighted average assumptions used to determine net periodic benefit cost
Discount rate (a)	3.0% / 3.1%			2.8% / 2.9%			3.5% / 3.1%				3.0	%		2.8	%		3.5	%
Expected long-term rate of return on plan assets		6.75	%		6.75	%		6.75	%		—			—			—
Rate of compensation increase	Service-based table			Service-based table			Service-based table				—			—			—

(a)

The 2022 discount rate for benefit cost is 3.0% for the Kirby Pension Plan and 3.1% for the Higman Pension Plan. The 2021 discount rate for benefit cost is 2.8% for the Kirby Pension Plan and 2.9% for the Higman Pension Plan.

The components of net periodic benefit cost and other changes in benefit obligations recognized in other comprehensive income for the Company’s postretirement benefit plan were as follows (in thousands):


	Other Postretirement Benefits
	Postretirement Welfare Plan
	2022			2021			2020
Components of net periodic benefit cost
Interest cost	$	17		$	17		$	22
Amortization of actuarial gain		(394	)		(451	)		(522	)
Net periodic benefit cost		(377	)		(434	)		(500	)

Other changes in benefit obligations recognized in other comprehensive income
Current year actuarial loss (gain)		(58	)		104			84
Recognition of actuarial gain		394			451			522
Total recognized in other comprehensive income		336			555			606

Total recognized in net periodic benefit cost and other comprehensive income	$	(41	)	$	121		$	106

Weighted average assumptions used to determine net periodic benefit cost
Discount rate		3.0	%		2.8	%		3.5	%
Health care cost trend rate:
Initial rate		6.25	%		6.50	%		6.75	%
Ultimate rate		5.0	%		5.0	%		5.0	%
Years to ultimate	2027			2025			2025

The Company also contributes to a multiemployer pension plan pursuant to a collective bargaining agreement which covers certain vessel crew members of its coastal operations and expires on April 30, 2025. The Company began participation in the Seafarers Pension Trust (“SPT”) with the Penn Maritime, Inc. acquisition on December 14, 2012.

Contributions to the SPT are made currently based on a per day worked basis and charged to expense as incurred and included in costs of sales and operating expenses in the consolidated statement of earnings. During 2022 and 2021, the Company made contributions of $0.5 million in each year to the SPT. The Company’s contributions to the SPT did not exceed 5% of total contributions to the SPT in 2021. Total contributions for 2022 are not yet available. The Company did not pay any material surcharges in 2022 and 2021.

The federal identification number of the SPT is 13-6100329 and the Certified Zone Status is Green at December 31, 2021. The Company’s future minimum contribution requirements under the SPT are unavailable because actuarial reports for the 2022 plan year are not yet complete and such contributions are subject to negotiations between the employers and the unions. The SPT was not in endangered or critical status for the 2021 plan year, the latest period for which a report is available, as the funded status was in excess of 100%. Based on the most recent communication from the SPT, there would be no withdrawal liability if the Company chose to withdraw from the SPT although the Company currently has no intention of terminating its participation in the SPT.

The Company also contributes to a multiemployer pension plan pursuant to a collective bargaining agreement which covers certain employees of KDS in New Jersey and expires on October 8, 2023. The Company began participation in the Central Pension Fund of the International Union of Operating Engineers and Participating Employers (“CPF”) with the Stewart & Stevenson LLC acquisition on September 13, 2017.

Contributions to the CPF are made currently based on a fixed hourly rate for each hour worked or paid basis (in some cases contributions are made as a percentage of gross pay) and charged to expense as incurred and included in costs of sales and operating expenses in the consolidated statement of earnings. During 2022 and 2021, the Company made contributions of $0.7 million in each year to the CPF. Total contributions for the 2022 plan year are not yet available. The Company did not pay any material surcharges in 2022 and 2021.

The federal identification number of the CPF is 36-6052390 and the Certified Zone Status is Green at January 31, 2023. The Company’s future minimum contribution requirements under the CPF are unavailable because actuarial reports for the 2022 plan year, which ended January 31, 2023, are not yet complete and such contributions are subject to negotiations between the employers and the unions. The CPF was not in endangered or critical status for the 2021 plan year, ending January 31, 2022, the latest period for which a report is available, as the funded status was 103%. There would be no withdrawal liability if the Company chose to withdraw from the CPF although the Company currently has no intention of terminating its participation in the CPF.

In addition to the defined benefit plans, the Company sponsors various defined contribution plans for substantially all employees. The aggregate contributions to the plans were $27.9 million, $25.9 million, and $25.5 million in 2022, 2021, and 2020, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2022

Other Comprehensive Income (Loss) [Abstract]

Other Comprehensive Income (Loss)

(13) Other Comprehensive Income (Loss)

The Company’s changes in other comprehensive income (loss) were as follows (in thousands):


	Year Ended December 31,
	2022									2021									2020
	Gross Amount			Income Tax (Provision) Benefit			Net Amount			Gross Amount			Income Tax Provision			Net Amount			Gross Amount			Income Tax (Provision) Benefit			Net Amount
Pension and postretirement benefits (a):
Amortization of net actuarial (gain) loss	$	(330	)	$	81		$	(249	)	$	3,782		$	(952	)	$	2,830		$	1,912		$	(483	)	$	1,429
Actuarial gains (losses)		58,147			(14,030	)		44,117			44,491			(10,774	)		33,717			(31,755	)		7,006			(24,749	)
Foreign currency translation adjustments		(1,049	)		—			(1,049	)		(1,061	)		—			(1,061	)		(333	)		—			(333	)
Total	$	56,768		$	(13,949	)	$	42,819		$	47,212		$	(11,726	)	$	35,486		$	(30,176	)	$	6,523		$	(23,653	)

(a)

Actuarial gains (losses) are amortized into other income (expense). (See Note 12 – Retirement Plans)

Contingencies and Commitments

12 Months Ended

Dec. 31, 2022

Contingencies and Commitments [Abstract]

Contingencies and Commitments

(14) Contingencies and Commitments

In 2009, the Company was named by the Environmental Protection Agency (the “EPA”) as a Potentially Responsible Party (“PRP”) in addition to a group of approximately 250 named PRPs under the Comprehensive Environmental Response, Compensation and Liability Act of 1981 (“CERCLA”) with respect to a Superfund site, the Portland Harbor Superfund site (“Portland Harbor”) in Portland, Oregon. The site was declared a Superfund site in December 2000 as a result of historical heavily industrialized use due to manufacturing, shipbuilding, petroleum storage and distribution, metals salvaging, and electrical power generation activities which led to contamination of Portland Harbor, an urban and industrial reach of the lower Willamette River located immediately downstream of downtown Portland. The Company’s involvement arises from four spills at the site after it was declared a Superfund site, as a result of predecessor entities’ actions in the area. To date, there is no information suggesting the extent of the costs or damages to be claimed from the 250 notified PRPs. Based on the nature of the involvement at the Portland Harbor site, the Company believes its potential contribution is de minimis; however, to date neither the EPA nor the named PRPs have performed an allocation of potential liability in connection with the site nor have they provided costs and expenses in connection with the site.

On February 20, 2015, the Company was served as a defendant in a Complaint originally filed on August 14, 2014, in the U.S. District Court of the Southern District of Texas - Houston Division, USOR Site PRP Group vs. A&M Contractors, USES, Inc. et al. This is a civil action pursuant to the provisions of CERCLA and the Texas Solid Waste Disposal Act for recovery of past and future response costs incurred and to be incurred by the USOR Site PRP Group for response activities at the U.S. Oil Recovery Superfund Site. The property was a former sewage treatment plant owned by defendant City of Pasadena, Texas from approximately 1945 until it was acquired by U.S. Oil Recovery in January 2009. Throughout its operating life, the U.S. Oil Recovery facility portion of the USOR Site received and performed wastewater pretreatment of municipal and Industrial Class I and Class II wastewater, characteristically hazardous waste, used oil and oily sludges, and municipal solid waste. Associated operations were conducted at the MCC Recycling facility portion of the USOR Site after it was acquired by U.S. Oil Recovery from the City of Pasadena in January 2009. The EPA and the PRP Group entered into an Administrative Settlement Agreement and Order for Remedial Investigation Study (“Study”) in May 2015. The Study has not been completed by EPA to date. The Company joined as a member of the PRP Group companies at its pro-rata allocated share.

On October 13, 2016, the Company, as a successor to Hollywood Marine, Inc. (“Hollywood Marine”), was issued a General Notice under CERCLA by the EPA in which it was named as a PRP for liabilities associated with the SBA Shipyard Site located near Jennings, Louisiana (the “Site”). The Site was added to the EPA’s National Priorities List of sites under CERCLA in September 2016. SBA used the facility for construction, repair, retrofitting, sandblasting, and cleaning and painting of barges beginning in 1965. Three barge slips and a dry dock are located off the Mermentau River. The slips were used to dock barges during cleaning or repair. In 2001, a group of PRPs that had been former customers of the SBA Shipyard facility formed an organization called the SSIC Remediation, LLC (hereinafter, “the PRP Group Companies”) to address removal actions at the Site. In 2002, EPA approved an Interim Measures/Removal Action of Hazardous/Principal Threat Wastes at SBA Shipyards, Inc. (pursuant to RCRA Section 3008(h)) that was proposed by SBA Shipyard and the PRP Group Companies. Interim removal activities were conducted from March 2001 through January 2005 under an EPA 2002 Order and Agreement. In September 2012, the Louisiana Department of Environmental Quality requested EPA address the Site under CERCLA authority. The Company, as a successor to Hollywood Marine, joined the PRP Group Companies. The PRP Group Companies have submitted a draft Study work plan to EPA for their review and comment. Higman was named as a PRP in connection with its activities at the Site. Higman is not a participant in the PRP Group Companies.

With respect to the above sites, the Company has accrued a liability, if applicable, for its estimated potential liability for its portion of the EPA’s past costs claim based on information developed to date including various factors such as the Company’s liability in proportion to other PRPs and the extent to which such costs are recoverable from third parties.

On October 13, 2016, the tug Nathan E. Stewart and barge DBL 55, an ATB owned and operated by Kirby Offshore Marine, LLC, a wholly owned subsidiary of the Company, ran aground at the entrance to Seaforth Channel on Atholone Island, British Columbia. The grounding resulted in a breach of a portion of the Nathan E. Stewart’s fuel tanks causing a discharge of diesel fuel into the water. The USCG and the NTSB designated the Company as a party of interest in their investigation as to the cause of the incident. The Canadian authorities including Transport Canada and the Canadian Transportation Safety Board investigated the cause of the incident. On October 10, 2018, the Heiltsuk First Nation filed a civil action in the British Columbia Supreme Court against a subsidiary of the Company, the master and pilot of the tug, the vessels and the Canadian government seeking unquantified damages as a result of the incident. On May 1, 2019, the Company filed a limitation action in the Federal Court of Canada seeking limitation of liability relating to the incident as provided under admiralty law. The Heiltsuk First Nation’s civil claim has been consolidated into the Federal Court limitation action as of July 26, 2019 and it is expected that the Federal Court of Canada will decide all claims against the Company. The Company is unable to estimate the potential exposure in the civil proceeding. The Company has various insurance policies covering liabilities including pollution, property, marine and general liability and believes that it has satisfactory insurance coverage for the cost of cleanup and salvage operations as well as other potential liabilities arising from the incident. The Company believes its accrual of such estimated liability is adequate for the incident and does not expect the incident to have a material adverse effect on its business or financial condition.

In addition, the Company is involved in various legal and other proceedings which are incidental to the conduct of its business, none of which in the opinion of management will have a material effect on the Company’s financial condition, results of operations or cash flows. Management believes its accrual of such estimated liability is adequate and believes that it has adequate insurance coverage or has meritorious defenses for these other claims and contingencies.

Certain Significant Risks and Uncertainties. The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. However, in the opinion of management, the amounts would be immaterial.

The Company has issued guaranties or obtained standby letters of credit and performance bonds supporting performance by the Company and its subsidiaries of contractual or contingent legal obligations of the Company and its subsidiaries incurred in the ordinary course of business. The aggregate notional value of these instruments is $19.3 million at December 31, 2022, including $12.2 million in letters of credit and $7.1 million in performance bonds. All of these instruments have an expiration date within two years. The Company does not believe demand for payment under these instruments is likely and expects no material cash outlays to occur in connection with these instruments.

Related Party Transactions

12 Months Ended

Dec. 31, 2022

Related Party Transactions

(15) Related Party Transactions

David W. Grzebinski, President and Chief Executive Officer of the Company, is a member of the board of directors for ABS, a not-for-profit that provides global classification services to the marine, offshore and gas industries. The Company paid ABS $1.3 million in 2022, $1.6 million in 2021, and $2.4 million in 2020 to perform audits and surveys of the Company’s vessels in the ordinary course of business.

Mr. Grzebinski is a member of the board of directors of UK Protection & Indemnity Association ("UK P&I"), a mutual marine protection and indemnity organization that provides protection and indemnity insurance for third party liabilities and expenses arising from vessel operations. The Company’s marine fleet is insured on a pro rata share basis through UK P&I and Standard Mutual. The Company paid $3.4 million during 2022 in premiums for coverage in the 2022-2023 policy period, $3.2 million during 2021 in premiums for coverage in the 2021-2022 policy period, and $3.0 million in 2020 in premiums for coverage in the 2020-2021 policy period in the ordinary course of business.

Amy D. Husted, Vice President, General Counsel and Secretary of the Company, is a member of the board of directors of Signal Mutual Indemnity Association Ltd (“Signal”), a group self-insurance not-for-profit organization authorized by the U.S. Department of Labor as a longshore worker’s compensation insurance provider. The Company has been a member of Signal since it was established in 1986. The Company paid Signal $0.8 million in 2022, $0.6 million in 2021 and $0.7 million in 2020 in the ordinary course of business.

The husband of Ms. Husted is a partner in the law firm of Clark Hill PLC. The Company paid the law firm $1.0 million in 2022, $2.9 million in 2021, and $1.6 million in 2020 for legal services in connection with matters in the ordinary course of business.

The brother of Christian G. O’Neil, President of Kirby Inland Marine, LP, Kirby Offshore Marine, LLC, San Jac Marine, LLC and Kirby Offshore Wind, LLC, is a partner in the law firm of W. Sean O’Neil Attorney at Law. The Company paid the law firm $135,000 in 2022 for legal services in the ordinary course of business.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Summary of Significant Accounting Policies [Abstract]

Principles of Consolidation

Cash Equivalents

Cash Equivalents. Cash equivalents consist of all short-term, highly liquid investments with maturities of three months or less at date of purchase.

Accounts Receivable

Concentrations of Credit Risk

Property, Maintenance and Repairs

Drydocking on Ocean-Going Vessels

Environmental Liabilities

Environmental Liabilities. The Company expenses costs related to environmental events as they are incurred or when a loss is considered probable and reasonably estimable.

Goodwill


	Marine Transportation			Distribution and Services			Total
Balance at December 31, 2020 (gross)	$	505,784		$	560,155		$	1,065,939
Accumulated impairment and amortization		(18,574	)		(389,565	)		(408,139	)
Balance at December 31, 2020		487,210			170,590			657,800
Impairment		(219,052	)		—			(219,052	)
Balance at December 31, 2021 (gross)		505,784			560,155			1,065,939
Accumulated impairment and amortization		(237,626	)		(389,565	)		(627,191	)
Balance at December 31, 2021 and 2022	$	268,158		$	170,590		$	438,748

Other Intangibles


	December 31,
	2022			2021
Other intangible assets – gross	$	203,242		$	203,217
Accumulated amortization		(151,779	)		(143,147	)
Other intangible assets – net	$	51,463		$	60,070

Other intangible liabilities – gross	$	13,860		$	13,860
Accumulated amortization		(13,280	)		(12,120	)
Other intangible liabilities – net	$	580		$	1,740

Revenue Recognition

Stock-Based Compensation

Taxes on Income

Accrued Insurance

Treasury Stock

Treasury Stock. The Company follows the average cost method of accounting for treasury stock transactions.

Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of

Fair Value Measurements

Accounting Standards Adoptions

Accounting Standards

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Significant Accounting Policies [Abstract]

Changes in Goodwill

The following table summarizes the changes in goodwill (in thousands):


	Marine Transportation			Distribution and Services			Total
Balance at December 31, 2020 (gross)	$	505,784		$	560,155		$	1,065,939
Accumulated impairment and amortization		(18,574	)		(389,565	)		(408,139	)
Balance at December 31, 2020		487,210			170,590			657,800
Impairment		(219,052	)		—			(219,052	)
Balance at December 31, 2021 (gross)		505,784			560,155			1,065,939
Accumulated impairment and amortization		(237,626	)		(389,565	)		(627,191	)
Balance at December 31, 2021 and 2022	$	268,158		$	170,590		$	438,748

Other Intangible Assets and Other Intangible Liabilities

The following table summarizes the balances of other intangible assets and other intangible liabilities (in thousands):


	December 31,
	2022			2021
Other intangible assets – gross	$	203,242		$	203,217
Accumulated amortization		(151,779	)		(143,147	)
Other intangible assets – net	$	51,463		$	60,070

Other intangible liabilities – gross	$	13,860		$	13,860
Accumulated amortization		(13,280	)		(12,120	)
Other intangible liabilities – net	$	580		$	1,740

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2022

Savage Inland Marine, LLC and Convoy [Member]

Business Acquisition [Line Items]

Fair Values of Assets Acquired and Liabilities Assumed

The fair values of the assets acquired and liabilities assumed from the Savage and Convoy acquisitions recorded at the respective acquisition dates were as follows (in thousands):


	Savage		Convoy
Accounts receivable	$	—	$	5,677
Inventories		—		11,771
Prepaid expenses		1,067		177
Property and equipment		210,065		415
Operating lease right-of-use assets		27,085		3,713
Goodwill		81,635		10,309
Other intangibles		2,300		17,170
Total assets	$	322,152	$	49,232

Accounts payable and accrued liabilities	$	68	$	8,339
Operating lease liabilities, including current portion		43,085		3,713
Total liabilities	$	43,153	$	12,052
Net assets acquired	$	278,999	$	37,180

Revenues (Tables)

12 Months Ended

Dec. 31, 2022

Revenues [Abstract]

Revenues by Major Source

The following table sets forth the Company’s revenues by major source (in thousands):


	Year Ended December 31,
	2022		2021		2020
Marine transportation segment:
Inland transportation	$	1,277,010	$	1,005,145	$	1,094,630
Coastal transportation		339,957		317,773		309,635
	$	1,616,967	$	1,322,918	$	1,404,265
Distribution and services segment:
Commercial and industrial	$	651,566	$	578,011	$	566,326
Oil and gas		516,221		345,731		200,817
	$	1,167,787	$	923,742	$	767,143

Segment Data (Tables)

12 Months Ended

Dec. 31, 2022

Segment Data [Abstract]

Segment Reporting Information, by Segment


	Year Ended December 31,
	2022			2021			2020
Revenues:
Marine transportation	$	1,616,967		$	1,322,918		$	1,404,265
Distribution and services		1,167,787			923,742			767,143
	$	2,784,754		$	2,246,660		$	2,171,408
Segment profit (loss):
Marine transportation	$	136,184		$	63,015		$	163,638
Distribution and services		67,037			27,607			(12,191	)
Other		(38,246	)		(381,223	)		(612,798	)
	$	164,975		$	(290,601	)	$	(461,351	)
Depreciation and amortization:
Marine transportation	$	177,551		$	185,979		$	186,798
Distribution and services		16,776			20,573			28,255
Other		7,116			7,166			4,868
	$	201,443		$	213,718		$	219,921
Capital expenditures:
Marine transportation	$	147,170		$	84,353		$	133,990
Distribution and services		21,713			8,104			4,854
Other		3,723			5,558			9,341
	$	172,606		$	98,015		$	148,185


	December 31,
	2022		2021
Total assets:
Marine transportation	$	4,285,647	$	4,319,080
Distribution and services		1,041,841		892,603
Other		227,436		187,380
	$	5,554,924	$	5,399,063

Other Segment Reporting Information

The following table presents the details of “Other” segment profit (loss) (in thousands):


	Year Ended December 31,
	2022			2021			2020
General corporate expenses	$	(18,614	)	$	(13,803	)	$	(11,050	)
Gain on disposition of assets		8,279			5,761			118
Impairments and other charges		—			(340,713	)		(561,274	)
Interest expense		(44,588	)		(42,469	)		(48,739	)
Other income		16,677			10,001			8,147
	$	(38,246	)	$	(381,223	)	$	(612,798	)

The following table presents the details of “Other” total assets (in thousands):


	December 31,
	2022		2021
General corporate assets	$	225,265	$	185,246
Investment in affiliates		2,171		2,134
	$	227,436	$	187,380

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2022

Long-Term Debt [Abstract]

Carrying Values and Fair Values of Debt Outstanding

The following table presents the carrying value and fair value of debt outstanding (in thousands):


	December 31,
	2022					2021
	Carrying Value			Fair Value		Carrying Value			Fair Value
Revolving Credit Facility due July 29, 2027 (a)	$	—		$	—	$	—		$	—
Term Loan due July 29, 2027 (a)		170,000			170,000		—			—
Term Loan due March 27, 2024 (b)		—			—		315,000			315,000
3.29% senior notes due February 27, 2023		350,000			352,275		350,000			358,390
4.2% senior notes due March 1, 2028		500,000			477,660		500,000			549,239
3.46% senior notes due January 19, 2033		60,000			42,647		—			—
Credit Line due June 30, 2024		—			—		—			—
Bank notes payable		3,292			3,292		1,934			1,934
		1,083,292			1,045,874		1,166,934			1,224,563
Unamortized debt discounts and issuance costs (c)		(3,674	)		—		(3,567	)		—
	$	1,079,618		$	1,045,874	$	1,163,367		$	1,224,563

(a)

Variable interest rate of 5.8% at December 31, 2022.

(b)

Variable interest rate of 1.5% at December 31, 2021.

(c)

Borrowings and Payments Under the Bank Credit Facilities

The following table presents borrowings and payments under the bank credit facilities (in thousands):


	Year Ended December 31,
	2022			2021			2020
Borrowings on bank credit facilities	$	175,545		$	6,162		$	582,277
Payments on bank credit facilities		(174,187	)		(254,267	)		(332,253	)
	$	1,358		$	(248,105	)	$	250,024

Aggregate Payments due on Long-Term Debt

The aggregate payments due on the long-term debt in each of the next five years were as follows (in thousands):


2023		353,292
2024		—
2025		—
2026		—
2027		170,000
Thereafter		560,000
	$	1,083,292

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Future Minimum Lease Payments under Operating Leases

Future minimum lease payments under operating leases that have initial noncancelable lease terms in excess of one year were as follows (in thousands):


2023	$	41,227
2024		32,716
2025		24,807
2026		21,467
2027		19,253
Thereafter		95,582
Total lease payments		235,052
Less: imputed interest		(56,468	)
Operating lease liabilities	$	178,584

Lease Cost

The following table summarizes lease costs (in thousands):


	Year Ended December 31,
	2022			2021			2020
Operating lease cost	$	42,319		$	40,786		$	43,810
Variable lease cost		1,780			1,793			1,550
Short-term lease cost		25,365			17,914			25,387
Sublease income		(305	)		(1,032	)		(1,143	)
Total lease cost	$	69,159		$	59,461		$	69,604

Operating Leases, Weighted Average Discount Rate and Remaining Lease Term

The following table summarizes other supplemental information about the Company’s operating leases:


	December 31,
	2022			2021			2020
Weighted average discount rate		4.1	%		3.8	%		4.1	%
Weighted average remaining lease term	9 years			9 years			10 years

Stock Award Plans (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items]

Compensation Cost Breakdown in Statement of Earnings


	Year Ended December 31,
	2022		2021		2020
Compensation cost	$	13,865	$	15,713	$	14,722
Income tax benefit	$	3,533	$	4,410	$	4,143

Stock Option Valuation Assumptions

The key input variables used in valuing the stock options granted were as follows:


	Year Ended December 31,
	2020
Dividend yield	None
Average risk-free interest rate		1.3	%
Stock price volatility		28	%
Estimated option term	5.3 years

Employee Plan [Member]

Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items]

Stock Option Activity

The following is a summary of the stock option activity under the employee plan described above:


	Outstanding Non-Qualified or Nonincentive Stock Option Awards			Weighted Average Exercise Price
Outstanding at December 31, 2021		537,767		$	70.66
Exercised		(47,436	)	$	68.09
Forfeited or expired		(94,166	)	$	74.50
Outstanding at December 31, 2022		396,165		$	70.06

Outstanding and Exercisable Stock Options

The following table summarizes information about the Company’s outstanding and exercisable stock options under the employee plan at December 31, 2022:


	Options Outstanding								Options Exercisable
Range of Exercise Prices	Number Outstanding		Weighted Average Remaining Contractual Life in Years		Weighted Average Exercise Price		Aggregated Intrinsic Value (in thousands)		Number Exercisable		Weighted Average Exercise Price		Aggregated Intrinsic Value (in thousands)
$51.23		56,207		0.1	$	51.23				56,207	$	51.23
$64.89 – $68.50		66,097		1.4	$	67.65				66,097	$	67.65
$73.29 – $75.50		267,156		3.1	$	74.25				237,050	$	74.37
$84.90		6,705		3.3	$	84.90				6,705	$	84.90
$51.23 – $84.90		396,165		2.4	$	70.06	$	737		366,059	$	69.80	$	737

Restricted Stock Award Activity

The following is a summary of the restricted stock award activity under the employee plan described above:


	Unvested Restricted Stock Award Shares			Weighted Average Grant Date Fair Value Per Share
Nonvested balance at December 31, 2021		18,424		$	68.72
Vested		(17,769	)	$	68.75
Forfeited		(655	)	$	67.70
Nonvested balance at December 31, 2022		—		$	—

RSU Activity

The following is a summary of RSU activity under the employee plan described above:


	Unvested RSUs			Weighted Average Grant Date Fair Value Per Unit
Nonvested balance at December 31, 2021		590,979		$	61.07
Granted		208,766		$	66.13
Vested		(149,565	)	$	64.43
Forfeited		(91,361	)	$	60.69
Nonvested balance at December 31, 2022		558,819		$	62.13

Director Plan [Member]

Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items]

Stock Option Activity

The following is a summary of the stock option activity under the director plan described above:


	Outstanding Non-Qualified or Nonincentive Stock Option Awards			Weighted Average Exercise Price
Outstanding at December 31, 2021		88,980		$	80.82
Exercised		(20,500	)	$	62.19
Expired		(12,000	)	$	87.35
Outstanding at December 31, 2022		56,480		$	86.19

Outstanding and Exercisable Stock Options

The following table summarizes information about the Company’s outstanding and exercisable stock options under the director plan at December 31, 2022:


	Options Outstanding								Options Exercisable
Range of Exercise Prices	Number Outstanding		Weighted Average Remaining Contractual Life in Years		Weighted Average Exercise Price		Aggregate Intrinsic Value		Number Exercisable		Weighted Average Exercise Price		Aggregate Intrinsic Value
$70.65 – $85.30		32,480		1.6	$	76.34				32,480	$	76.34
$99.52		24,000		1.1	$	99.52				24,000	$	99.52
$70.65 – $99.52		56,480		1.4	$	86.19	$	—		56,480	$	86.19	$	—

Restricted Stock Award Activity

The following is a summary of the restricted stock award activity under the director plan described above:


	Unvested Restricted Stock Award Shares			Weighted Average Grant Date Fair Value Per Share
Nonvested balance at December 31, 2021		3,337		$	58.70
Granted		28,696		$	64.61
Vested		(30,335	)	$	63.92
Nonvested balance at December 31, 2022		1,698		$	65.36

Taxes on Income (Tables)

12 Months Ended

Dec. 31, 2022

Taxes on Income [Abstract]

Earnings (Loss) Before Taxes

Earnings (loss) before taxes on income and details of the provision (benefit) for taxes on income were as follows (in thousands):


	Year Ended December 31,
	2022		2021			2020
Earnings (loss) before taxes on income:
United States	$	164,590	$	(290,181	)	$	(461,569	)
Foreign		385		(420	)		218
	$	164,975	$	(290,601	)	$	(461,351	)

Provision (benefit) for taxes on income:
U.S. Federal:
Current	$	513	$	(460	)	$	(218,613	)
Deferred		34,980		(48,843	)		37,436
	$	35,493	$	(49,303	)	$	(181,177	)
U.S. State:
Current	$	3,793	$	1,560		$	3,421
Deferred		2,802		4,424			(12,273	)
	$	6,595	$	5,984		$	(8,852	)
Foreign:
Current	$	126	$	(511	)	$	270
	$	126	$	(511	)	$	270
Consolidated:
Current	$	4,432	$	589		$	(214,922	)
Deferred		37,782		(44,419	)		25,163
	$	42,214	$	(43,830	)	$	(189,759	)

Effective Income Tax Rate Reconciliation

The Company’s provision (benefit) for taxes on income varied from the statutory federal income tax rate due to the following:


	Year Ended December 31,
	2022			2021			2020
United States income tax statutory rate		21.0	%		21.0	%		21.0	%
State and local taxes, net of federal benefit		3.1			(1.7	)		1.2
CARES Act – net operating loss carryback		—			—			21.3
Other – net		1.5			(4.2	)		(2.4	)
		25.6	%		15.1	%		41.1	%

Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities were as follows (in thousands):


	December 31,
	2022			2021
Deferred tax assets:
Allowance for doubtful accounts	$	1,556		$	1,657
Inventory		11,679			13,180
Insurance accruals		4,856			4,052
Deferred compensation		7,703			6,081
Unrealized (gain) loss on defined benefit plans		(5,532	)		6,126
Goodwill and other intangibles		52,847			65,852
Operating loss carryforwards		79,699			89,966
Retirement benefits		5,472			7,194
Other		9,962			6,247
		168,242			200,355
Valuation allowances		(19,960	)		(20,095	)
		148,282			180,260
Deferred tax liabilities:
Property		(671,830	)		(655,550	)
Deferred state taxes		(87,445	)		(83,491	)
Other		(14,891	)		(15,371	)
		(774,166	)		(754,412	)
	$	(625,884	)	$	(574,152	)

Reconciliation of Liability for Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of the liability for unrecognized tax benefits is as follows (in thousands):


	Year Ended December 31,
	2022			2021			2020
Balance at beginning of year	$	737		$	783		$	883
Additions based on tax positions related to the current year		13			13			262
Additions for tax positions of prior years		66			281			114
Reductions for tax positions of prior years		(154	)		(340	)		(266	)
Settlements		—			—			(210	)
Balance at end of year	$	662		$	737		$	783

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of Loss Per Share

The following table presents the components of basic and diluted earnings (loss) per share (in thousands, except per share amounts):


	Year Ended December 31,
	2022			2021			2020
Net earnings (loss) attributable to Kirby	$	122,291		$	(246,954	)	$	(272,546	)
Undistributed earnings allocated to restricted shares		(33	)		—			—
Earnings (loss) available to Kirby common stockholders — basic		122,258			(246,954	)		(272,546	)
Undistributed earnings allocated to restricted shares		33			—			—
Undistributed earnings reallocated to restricted shares		(33	)		—			—
Earnings (loss) available to Kirby common stockholders — diluted	$	122,258		$	(246,954	)	$	(272,546	)

Shares outstanding:
Weighted average common stock issued and outstanding		60,055			60,099			60,021
Weighted average unvested restricted stock		(17	)		(46	)		(109	)
Weighted average common stock outstanding — basic		60,038			60,053			59,912
Dilutive effect of stock options and restricted stock units		291			—			—
Weighted average common stock outstanding — diluted		60,329			60,053			59,912

Net earnings (loss) per share attributable to Kirby common stockholders:
Basic	$	2.04		$	(4.11	)	$	(4.55	)
Diluted	$	2.03		$	(4.11	)	$	(4.55	)

Inventories (Tables)

12 Months Ended

Dec. 31, 2022

Inventories [Abstract]

Details of Inventories

The following table presents the details of inventories (in thousands):


	December 31,
	2022		2021
Finished goods	$	358,702	$	260,707
Work in process		103,146		70,643
	$	461,848	$	331,350

Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2022

Defined Benefit Plan Disclosure [Line Items]

Asset Allocation


	December 31,						Current Minimum, Target and Maximum
Asset Category	2022			2021			Allocation Policy
U.S. equity securities		50	%		51	%		45	%	— 50%	— 55%
International equity securities		20			20			12	%	— 20%	— 28%
Debt securities		30			29			20	%	— 30%	— 40%
Cash and cash equivalents		—			—			0	%	— 0%	— 0%
		100	%		100	%

Change in Benefit Obligation

The following table presents the change in benefit obligation and plan assets for the Company’s defined benefit plans and postretirement benefit plan (in thousands):


	Pension Benefits												Other Postretirement Benefits
	Pension Plans						SERP						Postretirement Welfare Plan
	2022			2021			2022			2021			2022			2021
Change in benefit obligation
Benefit obligation at beginning of year	$	495,272		$	508,694		$	1,033		$	1,174		$	582		$	629
Service cost		6,538			7,961			—			—			—			—
Interest cost		14,779			14,239			29			31			17			17
Actuarial (gain) loss		(158,816	)		(20,208	)		(74	)		(12	)		(58	)		104
Gross benefits paid		(12,665	)		(11,967	)		(155	)		(160	)		(109	)		(168	)
Settlements		(5,599	)		(3,447	)		—			—			—			—
Benefit obligation at end of year	$	339,509		$	495,272		$	833		$	1,033		$	432		$	582

Accumulated benefit obligation at end of year	$	325,274		$	469,508		$	833		$	1,033		$	432		$	582

Weighted-average assumption used to determine benefit obligation at end of year
Discount rate (a)		5.5	%	3.0% / 3.1%				5.5	%		3.0	%		5.5	%		3.0	%
Rate of compensation increase	Service-based table			Service-based table				—			—			—			—
Health care cost trend rate
Initial rate		—			—			—			—			6.50	%		6.25	%
Ultimate rate		—			—			—			—			5.0	%		5.0	%
Years to ultimate		—			—			—			—		2029			2027

Change in plan assets
Fair value of plan assets at beginning of year	$	430,821		$	395,137		$	—		$	—		$	—		$	—
Actual return on plan assets		(72,402	)		50,619			—			—			—			—
Employer contribution		906			479			155			160			109			168
Gross benefits paid		(12,665	)		(11,967	)		(155	)		(160	)		(109	)		(168	)
Settlements		(5,599	)		(3,447	)		—			—			—			—
Fair value of plan assets at end of year	$	341,061		$	430,821		$	—		$	—		$	—		$	—

(a)

The 2022 discount rate was 5.5% for both the Kirby Pension Plan and the Higman Pension Plan. The 2021 discount rate was 3.0% for the Kirby Pension Plan and 3.1% for the Higman Pension Plan.

Funded Status at End of Year


	Pension Benefits												Other Postretirement Benefits
	Pension Plans						SERP						Postretirement Welfare Plan
	2022			2021			2022			2021			2022			2021
Funded status at end of year
Fair value of plan assets	$	341,061		$	430,821		$	—		$	—		$	—		$	—
Benefit obligations		(339,509	)		(495,272	)		(833	)		(1,033	)		(432	)		(582	)
Funded status and amount recognized at end of year	$	1,552		$	(64,451	)	$	(833	)	$	(1,033	)	$	(432	)	$	(582	)

Amounts recognized in the consolidated balance sheets
Noncurrent asset		18,695			—			—			—			—			—
Current liability		—			—			(106	)		(128	)		(49	)		(49	)
Long-term liability		(17,143	)		(64,451	)		(727	)		(905	)		(383	)		(533	)

Amounts recognized in accumulated other comprehensive income
Net actuarial (gain) loss	$	(25,449	)	$	32,600		$	324		$	428		$	(2,299	)	$	(2,634	)
Prior service cost (credit)		—			—			—			—			—			—
Accumulated other compensation income	$	(25,449	)	$	32,600		$	324		$	428		$	(2,299	)	$	(2,634	)

Expected Cash Flows for the Defined Benefit Plans and Postretirement Benefit Plan

The following table presents the expected cash flows for the Company’s defined benefit plans and postretirement benefit plan (in thousands):


	Pension Benefits								Other Postretirement Benefits
	Pension Plans				SERP				Postretirement Welfare Plan
	2022		2021		2022		2021		2022		2021
Expected employer contributions
First year	$	8,374	$	145	$	—	$	—	$	—	$	—

Expected benefit payments (gross)
Year one	$	16,312	$	15,480	$	108	$	130	$	50	$	50
Year two		16,899		16,678		104		104		49		49
Year three		17,808		17,598		99		100		47		48
Year four		18,650		18,382		94		96		45		47
Year five		19,707		19,127		90		91		43		45
Next five years		110,417		109,845		359		381		176		194

Pension Benefits [Member]

Defined Benefit Plan Disclosure [Line Items]

Net Periodic Benefit Cost


	Pension Benefits
	Pension Plans									SERP
	2022			2021			2020			2022			2021			2020
Components of net periodic benefit cost
Service cost	$	6,538		$	7,961		$	7,671		$	—		$	—		$	—
Interest cost		14,779			14,239			15,630			29			31			40
Expected return on plan assets		(28,399	)		(26,244	)		(23,790	)		—			—			—
Amortization of actuarial loss		34			4,193			2,399			30			40			35
Net periodic benefit cost		(7,048	)		149			1,910			59			71			75

Other changes in plan assets and benefit obligations recognized in other comprehensive income
Current year actuarial (gain) loss		(58,015	)		(44,583	)		31,616			(74	)		(12	)		55
Recognition of actuarial loss		(34	)		(4,193	)		(2,399	)		(30	)		(40	)		(35	)
Total recognized in other comprehensive income		(58,049	)		(48,776	)		29,217			(104	)		(52	)		20

Total recognized in net periodic benefit cost and other comprehensive income	$	(65,097	)	$	(48,627	)	$	31,127		$	(45	)	$	19		$	95

Weighted average assumptions used to determine net periodic benefit cost
Discount rate (a)	3.0% / 3.1%			2.8% / 2.9%			3.5% / 3.1%				3.0	%		2.8	%		3.5	%
Expected long-term rate of return on plan assets		6.75	%		6.75	%		6.75	%		—			—			—
Rate of compensation increase	Service-based table			Service-based table			Service-based table				—			—			—

(a)

Other Postretirement Benefits [Member]

Defined Benefit Plan Disclosure [Line Items]

Net Periodic Benefit Cost


	Other Postretirement Benefits
	Postretirement Welfare Plan
	2022			2021			2020
Components of net periodic benefit cost
Interest cost	$	17		$	17		$	22
Amortization of actuarial gain		(394	)		(451	)		(522	)
Net periodic benefit cost		(377	)		(434	)		(500	)

Other changes in benefit obligations recognized in other comprehensive income
Current year actuarial loss (gain)		(58	)		104			84
Recognition of actuarial gain		394			451			522
Total recognized in other comprehensive income		336			555			606

Total recognized in net periodic benefit cost and other comprehensive income	$	(41	)	$	121		$	106

Weighted average assumptions used to determine net periodic benefit cost
Discount rate		3.0	%		2.8	%		3.5	%
Health care cost trend rate:
Initial rate		6.25	%		6.50	%		6.75	%
Ultimate rate		5.0	%		5.0	%		5.0	%
Years to ultimate	2027			2025			2025

Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2022

Other Comprehensive Income (Loss) [Abstract]

Changes in Other Comprehensive Income (Loss)

The Company’s changes in other comprehensive income (loss) were as follows (in thousands):


	Year Ended December 31,
	2022									2021									2020
	Gross Amount			Income Tax (Provision) Benefit			Net Amount			Gross Amount			Income Tax Provision			Net Amount			Gross Amount			Income Tax (Provision) Benefit			Net Amount
Pension and postretirement benefits (a):
Amortization of net actuarial (gain) loss	$	(330	)	$	81		$	(249	)	$	3,782		$	(952	)	$	2,830		$	1,912		$	(483	)	$	1,429
Actuarial gains (losses)		58,147			(14,030	)		44,117			44,491			(10,774	)		33,717			(31,755	)		7,006			(24,749	)
Foreign currency translation adjustments		(1,049	)		—			(1,049	)		(1,061	)		—			(1,061	)		(333	)		—			(333	)
Total	$	56,768		$	(13,949	)	$	42,819		$	47,212		$	(11,726	)	$	35,486		$	(30,176	)	$	6,523		$	(23,653	)

(a)

Actuarial gains (losses) are amortized into other income (expense). (See Note 12 – Retirement Plans)

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable [Abstract]
Accruals for revenues earned included in accounts receivable	$ 139,500	$ 92,700
Receivables from insurance companies to cover claims in excess included in accounts receivable	$ 27,700	69,600
Drydocking on Ocean-Going Vessels [Abstract]
Period in which recertification of ocean going vessels occur twice	5 years
Recognized amortization of major maintenance costs	$ 29,000	33,200	$ 30,200
Capitalized interest excluded from interest expense	$ 0	$ 0	$ 0
Minimum [Member]
Drydocking on Ocean-Going Vessels [Abstract]
Period of amortization of shipyard costs	30 months
Maximum [Member]
Drydocking on Ocean-Going Vessels [Abstract]
Period of amortization of shipyard costs	60 months
Marine Transportation Equipment [Member] \| Minimum [Member]
Property, Maintenance and Repairs [Abstract]
Estimated useful lives of the individual assets	5 years
Marine Transportation Equipment [Member] \| Maximum [Member]
Property, Maintenance and Repairs [Abstract]
Estimated useful lives of the individual assets	40 years
Buildings [Member] \| Minimum [Member]
Property, Maintenance and Repairs [Abstract]
Estimated useful lives of the individual assets	10 years
Buildings [Member] \| Maximum [Member]
Property, Maintenance and Repairs [Abstract]
Estimated useful lives of the individual assets	40 years
Other Equipment [Member] \| Minimum [Member]
Property, Maintenance and Repairs [Abstract]
Estimated useful lives of the individual assets	2 years
Other Equipment [Member] \| Maximum [Member]
Property, Maintenance and Repairs [Abstract]
Estimated useful lives of the individual assets	10 years

Summary of Significant Accounting Policies, Goodwill and Other Intangibles (Details) - USD ($)		3 Months Ended	12 Months Ended
	Jan. 03, 2020	Mar. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Abstract]
Balance (gross)			$ 1,065,939,000	$ 1,065,939,000
Accumulated impairment and amortization			(627,191,000)	(408,139,000)
Balance			438,748,000	657,800,000
Impairment		$ (388,000,000.0)		(219,052,000)
Balance (gross)				1,065,939,000	$ 1,065,939,000
Accumulated impairment and amortization			(627,191,000)	(627,191,000)	(408,139,000)
Balance			438,748,000	438,748,000	657,800,000
Other Intangibles [Abstract]
Other intangible assets - gross			203,242,000	203,217,000
Accumulated amortization			(151,779,000)	(143,147,000)
Other intangible assets - net			51,463,000	60,070,000
Other intangible liabilities - gross			13,860,000	13,860,000
Accumulated amortization			(13,280,000)	(12,120,000)
Other intangible liabilities - net			580,000	1,740,000
Amortization of intangible assets			7,600,000	7,800,000	9,200,000
Intangible Assets and liabilities, Estimated Amortization Expense, Fiscal Year Maturity [Abstract]
2023			8,000,000.0
2024			8,500,000
2025			8,500,000
2026			6,300
2027			5,000,000.0
Thereafter			$ 14,600,000
Weighted average amortization period for intangible assets and liabilities			7 years
Convoy [Member]
Goodwill [Abstract]
Savage acquisition	$ 37,200,000
Balance	$ 10,309,000
Marine Transportation Segment [Member]
Goodwill [Abstract]
Balance (gross)			$ 505,784,000	505,784,000
Accumulated impairment and amortization			(237,626,000)	(18,574,000)
Balance			268,158,000	487,210,000
Impairment				(219,052,000)
Balance (gross)				505,784,000	505,784,000
Accumulated impairment and amortization			(237,626,000)	(237,626,000)	(18,574,000)
Balance			268,158,000	268,158,000	487,210,000
Distribution and Services Segment [Member]
Goodwill [Abstract]
Balance (gross)			560,155,000	560,155,000
Accumulated impairment and amortization			(389,565,000)	(389,565,000)
Balance			170,590,000	170,590,000
Impairment				0
Balance (gross)				560,155,000	560,155,000
Accumulated impairment and amortization			(389,565,000)	(389,565,000)	(389,565,000)
Balance			$ 170,590,000	$ 170,590,000	$ 170,590,000

Summary of Significant Accounting Policies, Revenue Recognition through Accrued Insurance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accrued Insurance [Abstract]
Accrued insurance liabilities	$ 39.1	$ 37.8	$ 30.6
Marine Transportation Segment [Member] \| Minimum [Member]
Revenue Recognition [Abstract]
Range of term contracts	1 year
Marine Transportation Segment [Member] \| Maximum [Member]
Revenue Recognition [Abstract]
Range of term contracts	3 years

Acquisitions, 2022 (Details) - USD ($) $ in Thousands		12 Months Ended
Acquisitions, 2022 (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Acquisitions [Abstract]
Cash paid for acquisition		$ 172,606	$ 98,015	$ 148,185
Gearbox Repair [Member]
Acquisitions [Abstract]
Cash paid for acquisition	$ 3,900

Acquisitions, 2021 (Details) $ in Millions		12 Months Ended
Acquisitions, 2021 (Details) $ in Millions	Oct. 01, 2020 USD ($)	Dec. 31, 2021 USD ($) Vessel
Inland Tank Barges [Member]
Acquisitions [Abstract]
Number of maritime vessels acquired \| Vessel		4
Cash paid for acquisition		$ 7.5
Energy Storage System [Member]
Acquisitions [Abstract]
Cash paid for acquisition	$ 1.6

Acquisitions, 2020 (Details) $ in Thousands, MMBbls in Millions			3 Months Ended	12 Months Ended
	Mar. 31, 2020 USD ($) MMBbls Vessel	Jan. 03, 2020 USD ($)	Dec. 31, 2020 USD ($) Vessel	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) Vessel	Dec. 31, 2020 USD ($) Vessel
Acquisitions [Abstract]
Cash paid for acquisition				$ 172,606	$ 98,015	$ 148,185
Fair values of assets acquired and liabilities assumed, net [Abstract]
Goodwill			$ 657,800	$ 438,748	$ 438,748	$ 657,800
Inland Pressure Barges [Member]
Acquisitions [Abstract]
Number of maritime vessels acquired \| Vessel			6			6
Cash paid for acquisition						$ 39,400
Inland Tank Barges [Member]
Acquisitions [Abstract]
Number of maritime vessels acquired \| Vessel					4
Cash paid for acquisition					$ 7,500
Savage Inland Marine, LLC [Member]
Acquisitions [Abstract]
Cash paid for acquisition	$ 279,000
Fair values of assets acquired and liabilities assumed, net [Abstract]
Accounts receivable	0
Inventories	0
Prepaid expenses	1,067
Property and equipment	210,065
Operating lease right-of-use assets	27,085
Goodwill	81,635
Other intangibles	2,300
Total assets	322,152
Accounts payable and accrued liabilities	68
Operating lease liabilities, including current portion	43,085
Total liabilities	43,153
Net assets acquired	278,999
Acquisition related costs			$ 400
Savage Inland Marine, LLC [Member] \| Customer Relationships [Member]
Fair values of assets acquired and liabilities assumed, net [Abstract]
Other intangibles	$ 2,300
Intangible assets amortization period						10 years
Savage Inland Marine, LLC [Member] \| Inland Tank Barges [Member]
Acquisitions [Abstract]
Number of maritime vessels acquired \| Vessel	92
Tank barge barrel capacity (in barrels) \| MMBbls	2.5
Savage Inland Marine, LLC [Member] \| Inland Towboats [Member]
Acquisitions [Abstract]
Number of maritime vessels acquired \| Vessel	45
Convoy [Member]
Acquisitions [Abstract]
Cash paid for acquisition		$ 37,200
Fair values of assets acquired and liabilities assumed, net [Abstract]
Accounts receivable		5,677
Inventories		11,771
Prepaid expenses		177
Property and equipment		415
Operating lease right-of-use assets		3,713
Goodwill		10,309
Other intangibles		17,170
Total assets		49,232
Accounts payable and accrued liabilities		8,339
Operating lease liabilities, including current portion		3,713
Total liabilities		12,052
Net assets acquired		37,180
Weighted average amortization period of intangibles						11 years
Convoy [Member] \| Customer Relationships [Member]
Fair values of assets acquired and liabilities assumed, net [Abstract]
Other intangibles		9,000
Intangible assets amortization period						10 years
Convoy [Member] \| Distributorships [Member]
Fair values of assets acquired and liabilities assumed, net [Abstract]
Other intangibles		8,000
Intangible assets amortization period						12 years
Convoy [Member] \| Non-compete Agreements [Member]
Fair values of assets acquired and liabilities assumed, net [Abstract]
Other intangibles		$ 200
Intangible assets amortization period						3 years

Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
Revenues (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Abstract]
Revenues by major source	$ 2,784,754	$ 2,246,660	$ 2,171,408
Revenue recognized	61,700	40,900	38,500
Marine Transportation (KMT) [Member]
Disaggregation of Revenue [Abstract]
Revenues by major source	1,616,967	1,322,918	1,404,265
Marine Transportation (KMT) [Member] \| Inland Transportation [Member]
Disaggregation of Revenue [Abstract]
Revenues by major source	1,277,010	1,005,145	1,094,630
Marine Transportation (KMT) [Member] \| Coastal Transportation [Member]
Disaggregation of Revenue [Abstract]
Revenues by major source	339,957	317,773	309,635
Distribution and Services [Member]
Disaggregation of Revenue [Abstract]
Revenues by major source	1,167,787	923,742	767,143
Distribution and Services [Member] \| Oil and Gas [Member]
Disaggregation of Revenue [Abstract]
Revenues by major source	516,221	345,731	200,817
Distribution and Services [Member] \| Commercial and Industrial [Member]
Disaggregation of Revenue [Abstract]
Revenues by major source	$ 651,566	$ 578,011	$ 566,326

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenues, Remaining Performance Obligation (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Revenues [Abstract]
Contract assets	$ 0	$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-12-31
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction, period	1 year

Segment Data (Details) $ in Thousands	3 Months Ended	12 Months Ended
Segment Data (Details) $ in Thousands	Mar. 31, 2020 USD ($)	Dec. 31, 2022 USD ($) Segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Segment Data [Abstract]
Number of reportable segments \| Segment		2
Revenues [Abstract]
Revenues		$ 2,784,754	$ 2,246,660	$ 2,171,408
Segment profit (loss)		164,975	(290,601)	(461,351)
Total assets		5,554,924	5,399,063
Depreciation and amortization		201,443	213,718	219,921
Capital expenditures		172,606	98,015	148,185
Other segment disclosures [Abstract]
Gain on disposition of assets		8,279	5,761	118
Impairments and other charges	$ (8,000)
Interest expense		(44,588)	(42,469)	(48,739)
Earnings (loss) before taxes on income		164,975	(290,601)	(461,351)
Details of "Other" total assets [Abstract]
Investment in affiliates		2,171	2,134
Marine Transportation (KMT) [Member]
Revenues [Abstract]
Revenues		1,616,967	1,322,918	1,404,265
Distribution and Services [Member]
Revenues [Abstract]
Revenues		1,167,787	923,742	767,143
Other [Member]
Revenues [Abstract]
Segment profit (loss)		(38,246)	(381,223)	(612,798)
Total assets		227,436	187,380
Depreciation and amortization		7,116	7,166	4,868
Capital expenditures		3,723	5,558	9,341
Other segment disclosures [Abstract]
General corporate expenses		(18,614)	(13,803)	(11,050)
Gain on disposition of assets		8,279	5,761	118
Impairments and other charges		0	(340,713)	(561,274)
Interest expense		(44,588)	(42,469)	(48,739)
Other income		16,677	10,001	8,147
Earnings (loss) before taxes on income		(38,246)	(381,223)	(612,798)
Details of "Other" total assets [Abstract]
General corporate assets		225,265	185,246
Investment in affiliates		2,171	2,134
Total other assets		227,436	187,380
Reportable Segments [Member] \| Marine Transportation (KMT) [Member]
Revenues [Abstract]
Revenues		1,616,967	1,322,918	1,404,265
Segment profit (loss)		136,184	63,015	163,638
Total assets		4,285,647	4,319,080
Depreciation and amortization		177,551	185,979	186,798
Capital expenditures		147,170	84,353	133,990
Other segment disclosures [Abstract]
Earnings (loss) before taxes on income		136,184	63,015	163,638
Reportable Segments [Member] \| Distribution and Services [Member]
Revenues [Abstract]
Revenues		1,167,787	923,742	767,143
Segment profit (loss)		67,037	27,607	(12,191)
Total assets		1,041,841	892,603
Depreciation and amortization		16,776	20,573	28,255
Capital expenditures		21,713	8,104	4,854
Other segment disclosures [Abstract]
Earnings (loss) before taxes on income		67,037	27,607	(12,191)
Intersegment Eliminations [Member]
Revenues [Abstract]
Revenues		31,900	23,600	27,800
Segment profit (loss)		3,200	2,400	2,800
Other segment disclosures [Abstract]
Earnings (loss) before taxes on income		$ 3,200	$ 2,400	$ 2,800

Long-Term Debt, Carrying Value and Fair Value of Debt Outstanding (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 29, 2022	Dec. 31, 2022	Dec. 31, 2021
Carrying Value and Fair Value of Debt Outstanding [Abstract]
Carrying value		$ 1,083,292	$ 1,166,934
Fair value		1,045,874	1,224,563
Unamortized debt discounts and issuance costs		(3,674)	(3,567)
Long-term debt		1,079,618	1,163,367
Debt Instrument, Basis Spread on Variable Rate	0.50%
Amount excluded on unamortized debt discounts and issuance costs		1,800	1,400
3.29% Senior Notes Due February, 27 2023 [Member]
Carrying Value and Fair Value of Debt Outstanding [Abstract]
Carrying value		350,000	350,000
Fair value		$ 352,275	358,390
Interest rate		3.29%
Maturity Date		Feb. 27, 2023
4.2% Senior Notes Due March 1, 2028 [Member]
Carrying Value and Fair Value of Debt Outstanding [Abstract]
Carrying value		$ 500,000	500,000
Fair value		$ 477,660	549,239
Interest rate		4.20%
Maturity Date		Mar. 01, 2028
3.46% Senior Notes Due January 19, 2033 [Member]
Carrying Value and Fair Value of Debt Outstanding [Abstract]
Carrying value		$ 60,000	0
Fair value		$ 42,647	0
Interest rate		3.46%
Maturity Date		Jan. 19, 2033
Bank Note Payable [Member]
Carrying Value and Fair Value of Debt Outstanding [Abstract]
Carrying value		$ 3,292	1,934
Fair value		3,292	1,934
Credit Line due June 30, 2024 [Member]
Carrying Value and Fair Value of Debt Outstanding [Abstract]
Carrying value		0	0
Fair value		0	0
Revolving Credit Facility [Member]
Carrying Value and Fair Value of Debt Outstanding [Abstract]
Carrying value		0	0
Fair value		$ 0	0
Maturity Date		Jul. 29, 2027
Term Loan [Member]
Carrying Value and Fair Value of Debt Outstanding [Abstract]
Long-term debt	$ 250,000
Term Loan Due July 29,2027 [Member]
Carrying Value and Fair Value of Debt Outstanding [Abstract]
Carrying value		$ 170,000	0
Fair value		$ 170,000	0
Debt Instrument, Basis Spread on Variable Rate		5.80%
Maturity Date		Jul. 29, 2027
Term Loan Due March 27,2024 [Member]
Carrying Value and Fair Value of Debt Outstanding [Abstract]
Carrying value		$ 0	315,000
Fair value		$ 0	$ 315,000
Debt Instrument, Basis Spread on Variable Rate			1.50%
Maturity Date		Mar. 27, 2024

Long-Term Debt, Borrowings and Payments under Bank Credit Facilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Borrowings and Payments under the Revolving Credit Facility [Abstract]
Borrowings (Payments) on bank credit facilities	$ 1,358	$ (248,105)	$ 250,024
Revolving Credit Facility [Member]
Borrowings and Payments under the Revolving Credit Facility [Abstract]
Borrowings on bank credit facilities	175,545	6,162	582,277
Payments on bank credit facilities	(174,187)	(254,267)	(332,253)
Borrowings (Payments) on bank credit facilities	$ 1,358	$ (248,105)	$ 250,024

Long-Term Debt, Schedule of Aggregate Payments Due on Long-Term Debt (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Jul. 29, 2022	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Long-Term Debt [Abstract]
2023		$ 353,292	$ 353,292
2024		0	0
2025		0	0
2026		0	0
2027		170,000	170,000
Thereafter		560,000	560,000
Long-term Debt		1,083,292	1,083,292	$ 1,166,934
Long-term Debt [Abstract]
Basis spread on variable rate	0.50%
Term loan		1,079,618	1,079,618	1,163,367
Payments on long-term debt			395,000	60,000	$ 150,000
Revolving Credit Facility [Member]
Long-Term Debt [Abstract]
Long-term Debt		0	0	$ 0
Long-term Debt [Abstract]
Maximum borrowing capacity	$ 500,000	850,000	850,000
Commitment amount	25,000
Credit facility, amount outstanding		5,100	5,100
Available borrowing capacity	$ 35,000	494,900	$ 494,900
Revolving Credit Facility [Member] \| Alternate Base Rate [Member]
Long-term Debt [Abstract]
Basis spread on variable rate	37.50%
Term Loan [Member]
Long-term Debt [Abstract]
Credit facility, expiration date	Jul. 29, 2027		Mar. 27, 2024
Term loan	$ 250,000
Payments on long-term debt	$ 250,000	$ 80,000

Long-Term Debt (Details) - USD ($) $ in Thousands					1 Months Ended	3 Months Ended	12 Months Ended
Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Jul. 19, 2023	Jan. 19, 2023	Feb. 03, 2022	Jul. 29, 2022	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Long-term Debt [Abstract]
Payments on long-term debt							$ 395,000	$ 60,000	$ 150,000
Term loan						$ 1,079,618	1,079,618	1,163,367
Unpaid balance					$ 43,800
Debt Instrument, Basis Spread on Variable Rate					0.50%
Senior Notes Due March 1, 2028 [Member]
Long-term Debt [Abstract]
Long term debt, face amount						$ 500,000	$ 500,000
Interest rate						4.20%	4.20%
Maturity Date							Mar. 01, 2028
Periodic payment, interest							$ 10,500
Senior Notes Series B Due February 27, 2023 [Member]
Long-term Debt [Abstract]
Long term debt, face amount						$ 350,000	$ 350,000
Interest rate						3.29%	3.29%
Maturity Date							Feb. 27, 2023
3.46 Series A Notes Due January 19, 2023 [Member]
Long-term Debt [Abstract]
Long term debt, face amount				$ 60,000
Interest rate				3.46%
Maturity Date				Jan. 19, 2033
3.51 Series B Notes Due January 19, 2023 [Member]
Long-term Debt [Abstract]
Long term debt, face amount				$ 240,000
Interest rate				3.51%
Maturity Date				Jan. 19, 2033
Periodic payment, interest		$ 5,300	$ 500
SOFR [Member]
Long-term Debt [Abstract]
Interest rate					1.00%
Revolving Credit Facility [Member]
Long-term Debt [Abstract]
Maturity Date							Jul. 29, 2027
Maximum borrowing capacity					$ 500,000	$ 850,000	$ 850,000
Credit facility, amount outstanding						5,100	5,100
Available borrowing capacity					35,000	494,900	$ 494,900
Commitment Amount					$ 25,000
Revolving Credit Facility [Member] \| SOFR [Member]
Long-term Debt [Abstract]
Debt Instrument, Basis Spread on Variable Rate					137.50%
Revolving Credit Facility [Member] \| Base Rate [Member]
Long-term Debt [Abstract]
Debt Instrument, Basis Spread on Variable Rate					37.50%
Term Loan [Member]
Long-term Debt [Abstract]
Payments on long-term debt					$ 250,000	80,000
Term loan					$ 250,000
Credit facility, expiration date					Jul. 29, 2027		Mar. 27, 2024
Term Loan [Member] \| Forecast [Member]
Long-term Debt [Abstract]
Payments on long-term debt	$ 0
Line Of Credit [Member]
Long-term Debt [Abstract]
Maximum borrowing capacity						10,000	$ 10,000
Credit facility, expiration date							Jun. 30, 2024
Credit facility, amount outstanding						600	$ 600
Available borrowing capacity						9,400	9,400
Secured Debt [Member]
Long-term Debt [Abstract]
Short-term debt						$ 3,300	$ 3,300	$ 1,900
Unsecured Debt [Member]
Long-term Debt [Abstract]
Long term debt, face amount				$ 300,000

Leases, Future Minimum Lease Payments Under Operating Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Leases [Abstract]
Percentage of costs relate to service costs for leased towing vessels	70.00%
Future Minimum Lease Payments Under Operating Leases [Abstract]
2023	$ 41,227
2024	32,716
2025	24,807
2026	21,467
2027	19,253
Thereafter	95,582
Total lease payments	235,052
Less: imputed interest	(56,468)
Operating lease liabilities	$ 178,584

Leases, Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases, Lease Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lease, Cost [Abstract]
Operating lease cost	$ 42,319	$ 40,786	$ 43,810
Variable lease cost	1,780	1,793	1,550
Short-term lease cost	25,365	17,914	25,387
Sublease income	(305)	(1,032)	(1,143)
Total lease cost	$ 69,159	$ 59,461	$ 69,604

Leases, Other Supplemental Information (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Supplemental Information about Operating Leases [Abstract]
Weighted average discount rate	4.10%	3.80%	4.10%
Weighted average remaining lease term	9 years	9 years	10 years

Impairments and Other Charges (Details) $ in Thousands	3 Months Ended		12 Months Ended
Impairments and Other Charges (Details) $ in Thousands	Sep. 30, 2021 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2022 USD ($) Segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Impairment Effects on Earnings Per Share [Line Items]
Non-cash pre-tax impairment charge		$ 8,000
Proceeds from sale of assets			$ 36,905	$ 51,342	$ 17,310
Impairment charge		165,300
Impairment of intangible assets other than goodwill		148,900
Impairment of property and equipment		16,400
Goodwill impairment charge		$ 388,000		$ 219,052
Marine Transportation (KMT) [Member]
Impairment Effects on Earnings Per Share [Line Items]
Number of reporting units \| Segment			1
Goodwill impairment charge	$ 219,100
Level 3 [Member] \| Marine Transportation (KMT) [Member]
Impairment Effects on Earnings Per Share [Line Items]
Non-cash pre-tax impairment charge	24,200
HAWAII \| Marine Transportation (KMT) [Member]
Impairment Effects on Earnings Per Share [Line Items]
Proceeds from sale of assets	17,200
Impairment charge	$ 97,500

Stock Award Plans, Compensation Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock Award Plans [Abstract]
Compensation cost	$ 13,865	$ 15,713	$ 14,722
Income tax benefit	$ 3,533	$ 4,410	$ 4,143

Stock Award Plans, Employee Plan Stock Option Activity (Details) - Employee Stock Award Plan [Member]	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Stock Options [Member]
Stock Award Plan Information [Abstract]
Term of grant	7 years
Vesting period	3 years
Outstanding Non-Qualified or Nonincentive Stock Awards [Roll Forward]
Outstanding at Period Start (in shares)	537,767
Exercised (in shares)	(47,436)
Forfeited or expired (in shares)	(94,166)
Outstanding at Period End (in shares)	396,165
Weighted Average Exercise Price [Abstract]
Outstanding at Period Start (in dollars per share) \| $ / shares	$ 70.66
Exercised (in dollars per share) \| $ / shares	68.09
Expired (in dollars per share) \| $ / shares	74.50
Outstanding at Period End (in dollars per share) \| $ / shares	$ 70.06
Stock Appreciation Rights [Member]
Outstanding Non-Qualified or Nonincentive Stock Awards [Roll Forward]
Outstanding at Period End (in shares)	0
RSUs [Member]
Stock Award Plan Information [Abstract]
Vesting period	5 years

Stock Award Plans, Employee Plan Outstanding and Exercisable Options (Details) - Employee Stock Award Plan [Member] - Stock Options [Member] $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
First Price Range [Member]
Outstanding and Exercisable Stock options [Abstract]
Range of Exercise Prices, upper limit (in dollars per share)	$ 51.23
Options Outstanding [Abstract]
Number Outstanding (in shares) \| shares	56,207
Weighted Average Remaining Contractual Life	1 month 6 days
Weighted Average Exercise Price, Options Outstanding (in dollars per share)	$ 51.23
Options Exercisable [Abstract]
Number Exercisable (in shares) \| shares	56,207
Weighted Average Exercise Price, Options Exercisable (in dollars per share)	$ 51.23
Second Price Range [Member]
Outstanding and Exercisable Stock options [Abstract]
Range of Exercise Prices, lower limit (in dollars per share)	64.89
Range of Exercise Prices, upper limit (in dollars per share)	$ 68.50
Options Outstanding [Abstract]
Number Outstanding (in shares) \| shares	66,097
Weighted Average Remaining Contractual Life	1 year 4 months 24 days
Weighted Average Exercise Price, Options Outstanding (in dollars per share)	$ 67.65
Options Exercisable [Abstract]
Number Exercisable (in shares) \| shares	66,097
Weighted Average Exercise Price, Options Exercisable (in dollars per share)	$ 67.65
Third Price Range [Member]
Outstanding and Exercisable Stock options [Abstract]
Range of Exercise Prices, lower limit (in dollars per share)	73.29
Range of Exercise Prices, upper limit (in dollars per share)	$ 75.50
Options Outstanding [Abstract]
Number Outstanding (in shares) \| shares	267,156
Weighted Average Remaining Contractual Life	3 years 1 month 6 days
Weighted Average Exercise Price, Options Outstanding (in dollars per share)	$ 74.25
Options Exercisable [Abstract]
Number Exercisable (in shares) \| shares	237,050
Weighted Average Exercise Price, Options Exercisable (in dollars per share)	$ 74.37
Fourth Price Range [Member]
Outstanding and Exercisable Stock options [Abstract]
Range of Exercise Prices, lower limit (in dollars per share)	$ 84.90
Options Outstanding [Abstract]
Number Outstanding (in shares) \| shares	6,705
Weighted Average Remaining Contractual Life	3 years 3 months 18 days
Weighted Average Exercise Price, Options Outstanding (in dollars per share)	$ 84.90
Options Exercisable [Abstract]
Number Exercisable (in shares) \| shares	6,705
Weighted Average Exercise Price, Options Exercisable (in dollars per share)	$ 84.90
Full Exercise Price Range [Member]
Outstanding and Exercisable Stock options [Abstract]
Range of Exercise Prices, lower limit (in dollars per share)	51.23
Range of Exercise Prices, upper limit (in dollars per share)	$ 84.90
Options Outstanding [Abstract]
Number Outstanding (in shares) \| shares	396,165
Weighted Average Remaining Contractual Life	2 years 4 months 24 days
Weighted Average Exercise Price, Options Outstanding (in dollars per share)	$ 70.06
Aggregate Intrinsic Value, Options Outstanding \| $	$ 737
Options Exercisable [Abstract]
Number Exercisable (in shares) \| shares	366,059
Weighted Average Exercise Price, Options Exercisable (in dollars per share)	$ 69.80
Aggregate Intrinsic Value, Options Exercisable \| $	$ 737

Stock Award Plans, Employee Plan Restricted Stock Award Activity (Details) - Employee Stock Award Plan [Member] - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Unvested RSU Shares [Roll Forward]
Nonvested balance beginning of period (in shares)	18,424
Vested (in shares)	(17,769)
Forfeited (in shares)	(655)
Nonvested balance end of period (in shares)	0	18,424
Weighted Average Grant Date Fair Value Per Share [Abstract]
Nonvested balance beginning of period (in dollars per share)	$ 68.72
Vested (in dollars per share)	68.75
Forfeited (in dollars per share)	67.70
Nonvested balance end of period (in dollars per share)	$ 0	$ 68.72
Granted (in shares)	0	0	0

Stock Award Plans, Employee Plan RSU Activity (Details) - Employee Stock Award Plan [Member] - RSUs [Member] - $ / shares	1 Months Ended	12 Months Ended
	Feb. 28, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Unvested RSU Shares [Roll Forward]
Nonvested balance beginning of period (in shares)		590,979
Granted (in shares)		208,766
Vested (in shares)		(149,565)
Forfeited (in shares)		(91,361)
Nonvested balance end of period (in shares)		558,819	590,979
Weighted Average Grant Date Fair Value Per Share [Abstract]
Nonvested balance beginning of period (in dollars per share)		$ 61.07
Granted (in dollars per share)		66.13	$ 51.36	$ 73.04
Vested (in dollars per share)		64.43
Forfeited or expired (in dollars per share)		60.69
Nonvested balance end of period (in dollars per share)		$ 62.13	$ 61.07
Vesting period		5 years
Subsequent Events [Member]
Unvested RSU Shares [Roll Forward]
Granted (in shares)	180,425
Weighted Average Grant Date Fair Value Per Share [Abstract]
Vesting period	5 years

Stock Award Plans, Director Plan Stock Option Activity (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
2005 Stock and Incentive Plan [Member]
Stock Award Plan Information [Abstract]
Shares available for future grants (in shares)	2,180,005
Director Plan [Member]
Stock Award Plan Information [Abstract]
Shares available for future grants (in shares)	374,751
Director Plan [Member] \| Stock Options [Member]
Stock Award Plan Information [Abstract]
Term of grant	10 years
Outstanding Non-Qualified or Nonincentive Stock Awards [Roll Forward]
Outstanding at Period Start (in shares)	88,980
Exercised (in shares)	(20,500)
Forfeited or expired (in shares)	(12,000)
Outstanding at Period End (in shares)	56,480
Weighted Average Exercise Price [Abstract]
Outstanding at Period Start (in dollars per share) \| $ / shares	$ 80.82
Exercised (in dollars per share) \| $ / shares	62.19
Expired (in dollars per share) \| $ / shares	87.35
Outstanding at Period End (in dollars per share) \| $ / shares	$ 86.19
Director Plan [Member] \| Restricted Stock [Member]
Stock Award Plan Information [Abstract]
Vesting period	6 months

Stock Award Plans, Director Plan Outstanding and Exercisable Options (Details) - Director Plan [Member] - Stock Options [Member] $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
First Price Range [Member]
Outstanding and Exercisable Stock options [Abstract]
Range of Exercise Prices, lower limit (in dollars per share)	$ 70.65
Range of Exercise Prices, upper limit (in dollars per share)	$ 85.30
Options Outstanding [Abstract]
Number Outstanding (in shares) \| shares	24,000
Weighted Average Remaining Contractual Life	1 year 1 month 6 days
Weighted Average Exercise Price, Options Outstanding (in dollars per share)	$ 99.52
Options Exercisable [Abstract]
Number Exercisable (in shares) \| shares	24,000
Weighted Average Exercise Price, Options Exercisable (in dollars per share)	$ 99.52
Second Price Range [Member]
Outstanding and Exercisable Stock options [Abstract]
Range of Exercise Prices, lower limit (in dollars per share)	$ 99.52
Options Outstanding [Abstract]
Number Outstanding (in shares) \| shares	32,480
Weighted Average Remaining Contractual Life	1 year 7 months 6 days
Weighted Average Exercise Price, Options Outstanding (in dollars per share)	$ 76.34
Options Exercisable [Abstract]
Number Exercisable (in shares) \| shares	32,480
Weighted Average Exercise Price, Options Exercisable (in dollars per share)	$ 76.34
Third Price Range [Member]
Outstanding and Exercisable Stock options [Abstract]
Range of Exercise Prices, lower limit (in dollars per share)	70.65
Range of Exercise Prices, upper limit (in dollars per share)	$ 99.52
Options Outstanding [Abstract]
Number Outstanding (in shares) \| shares	56,480
Weighted Average Remaining Contractual Life	1 year 4 months 24 days
Weighted Average Exercise Price, Options Outstanding (in dollars per share)	$ 86.19
Options Exercisable [Abstract]
Number Exercisable (in shares) \| shares	56,480
Weighted Average Exercise Price, Options Exercisable (in dollars per share)	$ 86.19
Full Exercise Price Range [Member]
Options Outstanding [Abstract]
Aggregate Intrinsic Value, Options Outstanding \| $	$ 0
Options Exercisable [Abstract]
Aggregate Intrinsic Value, Options Exercisable \| $	$ 0

Stock Award Plans, Director Plan Restricted Stock Award Activity (Details) - Director Plan [Member] - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Unvested RSU Shares [Roll Forward]
Nonvested balance beginning of period (in shares)	3,337
Granted (in shares)	28,696
Vested (in shares)	(30,335)
Nonvested balance end of period (in shares)	1,698	3,337
Weighted Average Grant Date Fair Value Per Share [Abstract]
Nonvested balance beginning of period (in dollars per share)	$ 58.70
Granted (in dollars per share)	64.61	$ 65.13	$ 49.84
Vested (in dollars per share)	63.92
Nonvested balance end of period (in dollars per share)	$ 65.36	$ 58.70

Stock Award Plans, All Plans Options and Restricted Stock Award Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Plans Combined Disclosure [Abstract]
Intrinsic value of stock options exercised	$ 400,000	$ 100,000	$ 700,000
Intrinsic value of restricted stock vesting	3,200,000	5,300,000	5,600,000
Tax benefit from restricted stock vesting	800,000	1,500,000	$ 1,600,000
Fair value of stock options granted (in dollars per share)			$ 20.19
Fair value of stock options granted	0	0	$ 2,300,000
Employee Stock Award Plan [Member]
Share-based Compensation Plans Combined Disclosure [Abstract]
Intrinsic value of restricted stock vesting	9,500,000	4,400,000	5,200,000
Tax benefit from restricted stock vesting	2,400,000	$ 1,200,000	$ 1,500,000
Stock Options [Member]
Fair Value Assumptions [Abstract]
Dividend yield			0.00%
Average risk-free interest rate			1.30%
Stock price volatility			28.00%
Estimated option term			5 years 3 months 18 days
Restricted Stock [Member]
Share-based Compensation Plans Combined Disclosure [Abstract]
Unrecognized compensation cost related to unvested awards	$ 100,000
Weighted average period of recognition in years	4 months 24 days
Restricted Stock [Member] \| Employee Stock Award Plan [Member]
Share-based Compensation Plans Combined Disclosure [Abstract]
Vesting (in shares)	17,769
RSUs [Member]
Share-based Compensation Plans Combined Disclosure [Abstract]
Unrecognized compensation cost related to unvested awards	$ 16.2
Weighted average period of recognition in years	2 years 10 months 24 days
RSUs [Member] \| Employee Stock Award Plan [Member]
Share-based Compensation Plans Combined Disclosure [Abstract]
Vesting (in shares)	149,565

Taxes on Income, Earnings (Loss) Before Taxes (Details) - USD ($) $ in Thousands			12 Months Ended
	Nov. 13, 2021	Nov. 12, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2017
Earnings (loss) before taxes on income [Abstract]
Earnings (loss) before taxes on income			$ 164,975	$ (290,601)	$ (461,351)
U.S. Federal [Abstract]
Current			513	(460)	(218,613)
Deferred			34,980	(48,843)	37,436
Federal Income Tax Expense (Benefit), Continuing Operations			35,493	(49,303)	(181,177)
U.S. State [Abstract]
Current			3,793	1,560	3,421
Deferred			2,802	4,424	(12,273)
State and Local Income Tax Expense (Benefit), Continuing Operations			6,595	5,984	(8,852)
Foreign [Abstract]
Current			126	(511)	270
Foreign Income Tax Expense (Benefit), Continuing Operations			126	(511)	270
Consolidated [Abstract]
Current			4,432	589	(214,922)
Deferred			37,782	(44,419)	25,163
Total Provision (benefit) for taxes on income			$ 42,214	$ (43,830)	$ (189,759)
Income Taxes [Abstract]
Effective income tax rate			21.00%	21.00%	21.00%	35.00%
Tax refund amount				$ 119,500	$ 30,600
Income tax receivable			$ 70,400	$ 71,000
State and local taxes, net of federal benefit			3.10%	(1.70%)	1.20%
COVID-19 [Member]
Income Taxes [Abstract]
Operating losses tax year			2013 2014 2015 2016 2017
Tax benefit related to CARES Act			$ 59,700
Decrease in deferred tax asset			$ 88,300
COVID-19 [Member] \| Maximum [Member]
Income Taxes [Abstract]
Number of years net operating losses carried			5 years
United States [Member]
Earnings (loss) before taxes on income [Abstract]
Earnings (loss) before taxes on income			$ 164,590	$ (290,181)	$ (461,569)
Foreign [Member]
Earnings (loss) before taxes on income [Abstract]
Earnings (loss) before taxes on income			$ 385	$ (420)	$ 218
Louisiana [Member]
Income Taxes [Abstract]
Operating losses tax year			2016 2017 2018 2019 2020 2021
Effective income tax rate	8.00%	7.50%
State and local taxes, net of federal benefit	7.50%	6.30%
One-time deferred tax provision	$ 5,700

Taxes on Income, Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2017
Company's provision for taxes on income varied from the statutory federal income tax rate [Abstract]
United States income tax statutory rate	21.00%	21.00%	21.00%	35.00%
State and local taxes, net of federal benefit	3.10%	(1.70%)	1.20%
CARES Act - net operating loss carryback	0.00%	0.00%	21.30%
Other - net	1.50%	(4.20%)	(2.40%)
Effective income tax rate	25.60%	15.10%	41.10%

Taxes on Income, Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets [Abstract]
Allowance for doubtful accounts	$ 1,556	$ 1,657
Inventory	11,679	13,180
Insurance accruals	4,856	4,052
Deferred compensation	7,703	6,081
Unrealized (gain) loss on defined benefit plans	(5,532)	6,126
Goodwill and other intangibles	52,847	65,852
Operating loss carryforwards	79,699	89,966
Retirement benefits	5,472	7,194
Other	9,962	6,247
Deferred tax assets, gross	168,242	200,355
Valuation allowances	(19,960)	(20,095)
Deferred tax assets, net of valuation allowance	148,282	180,260
Deferred tax liabilities [Abstract]
Property	(671,830)	(655,550)
Deferred state taxes	(87,445)	(83,491)
Other	(14,891)	(15,371)
Deferred tax liabilities	(774,166)	(754,412)
Net deferred tax liabilities	(625,884)	(574,152)
Operating Loss Carryforward [Abstract]
Federal operating loss deferred tax assets	47,900	57,200
State operating loss deferred tax assets	26,600	27,600
Valuation allowance for state deferred tax assets	14,800	$ 14,900
Unrecognized tax benefits including interest and penalties	800
Amount that would impact the effective tax rate, if recognized	$ 600
Maximum [Member]
Operating Loss Carryforward [Abstract]
Expiration dates, operating loss carryforwards	Dec. 31, 2042
Minimum [Member]
Operating Loss Carryforward [Abstract]
Expiration dates, operating loss carryforwards	Dec. 31, 2037
Canada [Member]
Operating Loss Carryforward [Abstract]
Operating loss carryforwards	$ 5,200
Expiration dates, operating loss carryforwards	Dec. 31, 2029
Internal Revenue Service (IRS) [Member]
Open Tax Year [Abstract]
Years open to audit under the statute of limitations	2017 2018 2019 2020
State and Local Jurisdiction [Member]
Open Tax Year [Abstract]
Years open to audit under the statute of limitations	2016 2017 2018 2019 2020 2021

Taxes on Income, Reconciliation of Liability for Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of the beginning and ending amount of the liability for unrecognized tax benefits [Roll Forward]
Balance at beginning of year	$ 737	$ 783	$ 883
Additions based on tax positions related to the current year	13	13	262
Additions for tax positions of prior years	66	281	114
Reductions for tax positions of prior years	(154)	(340)	(266)
Settlements	0	0	(210)
Balance at end of year	662	737	$ 783
Accrued liabilities for payment of interest and penalties	$ 100	$ 100

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net Income (Loss) Attributable to Parent [Abstract]
Net earnings (loss) attributable to Kirby	$ 122,291	$ (246,954)	$ (272,546)
Undistributed earnings allocated to restricted shares	(33)	0	0
Earnings (loss) available to Kirby common stockholders - basic	122,258	(246,954)	(272,546)
Undistributed earnings allocated to restricted shares	33	0	0
Undistributed earnings reallocated to restricted shares	(33)	0	0
Earnings (loss) available to Kirby common stockholders - diluted	$ 122,258	$ (246,954)	$ (272,546)
Shares outstanding [Abstract]
Weighted average common stock issued and outstanding (in shares)	60,055,000	60,099,000	60,021,000
Weighted average unvested restricted stock (in shares)	(17,000)	(46,000)	(109,000)
Weighted Average Number of Shares Outstanding, Basic (in Shares)	60,038,000	60,053,000	59,912,000
Dilutive effect of stock options and restricted stock units (in shares)	291,000	0	0
Weighted Average Number of Shares Outstanding, Diluted (in Shares)	60,329,000	60,053,000	59,912,000
Net earnings (loss) per share basic attributable to Kirby common stockholders:
Basic (in dollars per share)	$ 2.04	$ (4.11)	$ (4.55)
Net earnings (loss) per share diluted attributable to Kirby common stockholders:
Diluted (in dollars per share)	$ 2.03	$ (4.11)	$ (4.55)
Antidilutive securities excluded from computation of earnings per share (in shares)	400,000	600,000	700,000
RSUs [Member]
Net earnings (loss) per share diluted attributable to Kirby common stockholders:
Antidilutive securities excluded from computation of earnings per share (in shares)	0	7,000	11,000

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Details of inventories [Abstract]
Finished goods	$ 358,702	$ 260,707
Work in process	103,146	70,643
Inventories - net	$ 461,848	$ 331,350

Retirement Plans, Information About Plan Assets and Asset Allocation (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Information about Plan Assets [Abstract]

Service period of participants not impacted by pension plan amendment

15 years

Age of plan participants not impacted by pension plan amendment

50 years

Service period of participants who are age fifty not impacted by pension plan amendment

10 years

Level 3 [Member]

Information about Plan Assets [Abstract]

Fair value of plan assets

$ 0

Cash and Equity Securities [Member] | Level 1 [Member]

Information about Plan Assets [Abstract]

Fair value of plan assets

4,800

5,400

Higman [Member]

Information about Plan Assets [Abstract]

Pension contributions

900

500

$ 2,200

Pension Plan [Member]

Information about Plan Assets [Abstract]

Pension contributions

906

479

Fair value of plan assets

$ 341,061

$ 430,821

$ 395,137

Expected long-term rate of return on plan assets

6.75%

Contribution percentage to defined contribution plan

105.00%

Discount rate

3.00%

2.80%

Asset Allocation Among Asset Categories [Abstract]

Asset allocations

100.00%

Pension Plan [Member] | Minimum [Member]

Information about Plan Assets [Abstract]

Discount rate

3.00%

^[1]

2.80%

3.50%

Pension Plan [Member] | Maximum [Member]

Information about Plan Assets [Abstract]

Discount rate

3.10%

^[1]

2.90%

3.10%

Pension Plan [Member] | Higman [Member]

Information about Plan Assets [Abstract]

Discount rate

3.10%

2.90%

Pension Plan [Member] | U.S. Equity Securities [Member]

Asset Allocation Among Asset Categories [Abstract]

Asset allocations

50.00%

51.00%

Target allocations

50.00%

Pension Plan [Member] | U.S. Equity Securities [Member] | Minimum [Member]

Asset Allocation Among Asset Categories [Abstract]

Target allocations

45.00%

Pension Plan [Member] | U.S. Equity Securities [Member] | Maximum [Member]

Asset Allocation Among Asset Categories [Abstract]

Target allocations

55.00%

Pension Plan [Member] | International Equity Securities [Member]

Asset Allocation Among Asset Categories [Abstract]

Asset allocations

20.00%

Target allocations

20.00%

Pension Plan [Member] | International Equity Securities [Member] | Minimum [Member]

Asset Allocation Among Asset Categories [Abstract]

Target allocations

12.00%

Pension Plan [Member] | International Equity Securities [Member] | Maximum [Member]

Asset Allocation Among Asset Categories [Abstract]

Target allocations

28.00%

Pension Plan [Member] | Debt Securities [Member]

Asset Allocation Among Asset Categories [Abstract]

Asset allocations

30.00%

29.00%

Target allocations

30.00%

Pension Plan [Member] | Debt Securities [Member] | Minimum [Member]

Asset Allocation Among Asset Categories [Abstract]

Target allocations

20.00%

Pension Plan [Member] | Debt Securities [Member] | Maximum [Member]

Asset Allocation Among Asset Categories [Abstract]

Target allocations

40.00%

Pension Plan [Member] | Cash and Cash Equivalents [Member]

Asset Allocation Among Asset Categories [Abstract]

Asset allocations

0.00%

Target allocations

0.00%

Pension Plan [Member] | Cash and Cash Equivalents [Member] | Minimum [Member]

Asset Allocation Among Asset Categories [Abstract]

Target allocations

0.00%

Pension Plan [Member] | Cash and Cash Equivalents [Member] | Maximum [Member]

Asset Allocation Among Asset Categories [Abstract]

Target allocations

0.00%

SERP [Member]

Information about Plan Assets [Abstract]

Pension contributions

$ 155

$ 160

Fair value of plan assets

$ 0

Expected long-term rate of return on plan assets

0.00%

Discount rate

^[1]

3.00%

2.80%

3.50%

Retirement Plans, Summary of Funded Status at End of Year (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension Plan [Member]
Funded status at end of year [Abstract]
Fair value of plan assets	$ 341,061	$ 430,821	$ 395,137
Benefit obligations	(339,509)	(495,272)	(508,694)
Funded status and amount recognized at end of year	(1,552)	(64,451)
SERP [Member]
Funded status at end of year [Abstract]
Fair value of plan assets	0	0	0
Benefit obligations	(833)	(1,033)	(1,174)
Funded status and amount recognized at end of year	(833)	(1,033)
Other Postretirement Benefits [Member]
Funded status at end of year [Abstract]
Fair value of plan assets	0	0	0
Benefit obligations	(432)	(582)	$ (629)
Funded status and amount recognized at end of year	$ (432)	$ (582)

Retirement Plans, Amounts Recognized in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Pension Plan [Member]
Amounts recognized in the consolidated balance sheets [Abstract]
Noncurrent asset	$ 18,695	$ 0
Current liability	0	0
Long-term liability	(17,143)	(64,451)
SERP [Member]
Amounts recognized in the consolidated balance sheets [Abstract]
Noncurrent asset	0	0
Current liability	(106)	(128)
Long-term liability	(727)	(905)
Other Postretirement Benefits [Member]
Amounts recognized in the consolidated balance sheets [Abstract]
Noncurrent asset	0	0
Current liability	(49)	(49)
Long-term liability	$ (383)	$ (533)

Retirement Plans, Amounts Recognized in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Pension Plan [Member]
Amounts recognized in accumulated other comprehensive income [Abstract]
Net actuarial (gain) loss	$ 25,449	$ 32,600
Prior service cost (credit)	0	0
Accumulated other compensation income	25,449	32,600
SERP [Member]
Amounts recognized in accumulated other comprehensive income [Abstract]
Net actuarial (gain) loss	324	428
Prior service cost (credit)	0	0
Accumulated other compensation income	324	428
Other Postretirement Benefits [Member]
Amounts recognized in accumulated other comprehensive income [Abstract]
Net actuarial (gain) loss	2,299	(2,634)
Prior service cost (credit)	0	0
Accumulated other compensation income	$ 2,299	$ (2,634)

Retirement Plans, Expected Employer Contribution and Benefit Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Pension Plan [Member]
Expected employer contributions [Abstract]
First year	$ 8,374	$ 145
Expected benefit payments (gross) [Abstract]
Year one	16,312	15,480
Year two	16,899	16,678
Year three	17,808	17,598
Year four	18,650	18,382
Year five	19,707	19,127
Next five years	110,417	109,845
SERP [Member]
Expected employer contributions [Abstract]
First year	0	0
Expected benefit payments (gross) [Abstract]
Year one	108	130
Year two	104	104
Year three	99	100
Year four	94	96
Year five	90	91
Next five years	359	381
Other Postretirement Benefits [Member]
Expected employer contributions [Abstract]
First year	0	0
Expected benefit payments (gross) [Abstract]
Year one	50	50
Year two	49	49
Year three	47	48
Year four	45	47
Year five	43	45
Next five years	$ 176	$ 194

Contingencies and Commitments (Details)	12 Months Ended
Contingencies and Commitments (Details)	Dec. 31, 2022 Bargeslip Company Spill
Portland Harbor Superfund Site [Member]
Loss Contingencies [Line Items]
Number of other companies also named as Potentially Responsible Parties ("PRPs") \| Company	250
Number of spills \| Spill	4
SBA Shipyard Site [Member]
Loss Contingencies [Line Items]
Number of barge slips \| Bargeslip	3

Contingencies and Commitments, Certain Significant Risks and Uncertainties (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Issued guaranties	$ 19.3
Maximum [Member]
Loss Contingencies [Line Items]
Guarantor obligations, expiration period	2 years
Performance Bonds [Member]
Loss Contingencies [Line Items]
Issued guaranties	$ 7.1
Letters Of Credit [Member]
Loss Contingencies [Line Items]
Issued guaranties	$ 12.2

Related Party Transactions (Details) - USD ($)	12 Months Ended
Related Party Transactions (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ABS [Member]
Related Party [Abstract]
Related party expenses	$ 1,300,000	$ 1,600,000	$ 2,400,000
UK Protection & Indemnity Association [Member]
Related Party [Abstract]
Related party expenses	3,400,000	3,200,000	3,000,000.0
Signal [Member]
Related Party [Abstract]
Related party expenses	800,000	600,000	700,000
Strasburger & Price, LLP [Member]
Related Party [Abstract]
Legal services	$ 1,000,000.0	$ 2,900,000	1,600,000
W. Sean O'Neil Attorney [Member]
Related Party [Abstract]
Legal services			$ 135,000