0000950170-23-059177 | 10-Q | XBRL Viewer

Basis for Preparation of the Condensed Financial Statements	9 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis for Preparation of the Condensed Financial Statements	(1) Basis for Preparation of the Condensed Financial Statements The condensed financial statements included herein have been prepared by Kirby Corporation and its consolidated subsidiaries (“Kirby” or the “Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Although the Company believes that the disclosures are adequate to make the information presented not misleading, certain information and footnote disclosures, including significant accounting policies normally included in annual financial statements, have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Certain reclassifications have been made to reflect the current presentation of financial information.

Basis for Preparation of the Condensed Financial Statements

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis for Preparation of the Condensed Financial Statements

(1) Basis for Preparation of the Condensed Financial Statements

The condensed financial statements included herein have been prepared by Kirby Corporation and its consolidated subsidiaries (“Kirby” or the “Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Although the Company believes that the disclosures are adequate to make the information presented not misleading, certain information and footnote disclosures, including significant accounting policies normally included in annual financial statements, have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Certain reclassifications have been made to reflect the current presentation of financial information.

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Details of inventories [Abstract]
Inventory, Finished Goods, Gross	$ 386,353	$ 358,702
Inventory, Work in Process, Gross	119,153	103,146
Inventories - net	$ 505,506	$ 461,848

Long-Term Debt, Carrying Value and Fair Value of Debt Outstanding (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Jul. 29, 2022	Sep. 30, 2023	Dec. 31, 2022
Carrying Value and Fair Value of Debt Outstanding [Abstract]
Carrying value		$ 1,073,608	$ 1,083,292
Fair value		953,883	1,045,874
Unamortized debt discounts and issuance costs		(5,752)	(3,674)
Long-term debt		1,067,856	1,079,618
Debt Instrument, Basis Spread on Variable Rate	0.50%
Amount excluded on unamortized debt discounts and issuance costs			1,800
3.29% Senior Notes Due February, 27 2023 [Member]
Carrying Value and Fair Value of Debt Outstanding [Abstract]
Carrying value		0	350,000
Fair value		$ 0	352,275
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		$ 451,293	477,660
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	60,000
Fair value		$ 45,631	42,647
Interest rate		3.46%
Maturity Date		Jan. 19, 2033
3.51% senior notes due January 19, 2033 [Member]
Carrying Value and Fair Value of Debt Outstanding [Abstract]
Carrying value		$ 240,000	0
Fair value		$ 183,351	0
Interest rate		3.51%
Maturity Date		Jan. 19, 2033
Credit Line Due June 30, 2024 [Member]
Carrying Value and Fair Value of Debt Outstanding [Abstract]
Carrying value		$ 0	0
Fair value		$ 0	0
Maturity Date		Jun. 30, 2024
Bank Note Payable [Member]
Carrying Value and Fair Value of Debt Outstanding [Abstract]
Carrying value		$ 9,608	3,292
Fair value		9,608	3,292
Revolving Credit Facility [Member]
Carrying Value and Fair Value of Debt Outstanding [Abstract]
Carrying value		94,000	0
Fair value		$ 94,000	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	170,000
Fair value		$ 170,000	$ 170,000
Debt Instrument, Basis Spread on Variable Rate		6.80%
Maturity Date		Jul. 29, 2027

Revenues

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenues

(3) Revenues

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Marine transportation segment:
Inland transportation	$	353,635	$	345,052	$	1,043,330	$	939,910
Coastal transportation		76,250		87,988		226,012		254,321
	$	429,885	$	433,040	$	1,269,342	$	1,194,231
Distribution and services segment:
Commercial and industrial	$	211,485	$	165,361	$	581,275	$	474,515
Oil and gas		123,402		147,442		441,847		385,843
	$	334,887	$	312,803	$	1,023,122	$	860,358

Contract liabilities represent advance consideration received from customers, and are recognized as revenue over time as the related performance obligation is satisfied. Revenues recognized during the nine months ended September 30, 2023 and 2022 that were included in the opening contract liability balances were $76.8 million and $54.6 million, respectively. The Company presents all contract liabilities within the deferred revenues financial statement caption on the balance sheets. The Company did not have any contract assets at September 30, 2023 or December 31, 2022. 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
-Topic 606
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Insider Trading Arrangements

9 Months Ended

Sep. 30, 2023

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the three months ended September 30, 2023, the following Section 16 officers adopted, modified or terminated “Rule 10b5-1 trading arrangements” (as defined in Item 408 of Regulation S-K of the Exchange Act):

Name & Title

Date Adopted

Character of Trading Arrangement(a)

Aggregate Number of Shares of Common Stock to be Purchased or Sold Pursuant to Trading Arrangement

Duration(b)

Other Material Terms

Date Terminated

David W. Grzebinski
President & Chief Executive Officer

9/20/2023

Rule 10b5-1 Trading Arrangement

Up to 18,000 shares to be sold

2/12/2024 - 2/23/2024

N/A

N/A

Raj Kumar
Executive Vice President and Chief Financial Officer

8/21/2023

Rule 10b5-1 Trading Arrangement

Up to 9,178 shares to be sold

12/12/2023 - 7/31/2024

N/A

N/A

Scott P. Miller
Vice President and Chief Information Officer

8/2/2023

Rule 10b5-1 Trading Arrangement

Up to 7,915 shares to be sold

1/26/2024 - 4/15/2024

N/A

N/A

Scott P. Miller
Vice President and Chief Information Officer

3/8/2023

Rule 10b5-1 Trading Arrangement

Up to 8,718 shares to be sold(c)

6/15/2023 - 4/15/2024

N/A

8/2/2023

(a)

Except as indicated by footnote, each trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” is intended to satisfy the affirmative defense of Rule 10b5-1(c), as amended (the “Rule”).

(b)

Except as indicated by footnote, each trading arrangement permitted or permits transactions through and including the earlier to occur of (a) the completion of all purchases or sales or (b) the date listed in the table, subject to certain conditions. Each trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” only permitted or only permits transactions upon expiration of the applicable mandatory cooling-off period under the Rule, which is at least 90 days for executive officers and directors under the Company's insider trading policies.

(c)

As of the date of termination, 607 shares had been sold under this Rule 10b5-1 trading arrangement.

There were no “non-Rule 10b5-1 trading arrangements” (as defined in Item 408 of Regulation S-K of the Exchange Act) adopted, modified or terminated during the three months ended September 30, 2023 by the Company’s directors and Section 16 officers. Each of the trading arrangements are in accordance with the Company’s policy against insider trading, and actual sale transactions made pursuant to such trading arrangements have been or will be disclosed publicly in Section 16 filings with the SEC in accordance with applicable securities laws, rules and regulations.

Rule 10b5-1 Arrangement Adopted

true

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

true

Non-Rule 10b5-1 Arrangement Terminated

false

David W. Grzebinski

Trading Arrangements, by Individual

Name

David W. Grzebinski

Title

President & Chief Executive Officer

Rule 10b5-1 Arrangement Adopted

true

^[1]

Adoption Date

9/20/2023

Arrangement Duration

12 days

^[2]

Aggregate Available

18,000

Raj Kumar

Trading Arrangements, by Individual

Name

Raj Kumar

Title

Executive Vice President and Chief Financial Officer

Rule 10b5-1 Arrangement Adopted

true

^[1]

Adoption Date

8/21/2023

Arrangement Duration

232 days

^[2]

Aggregate Available

9,178

Scott P. Miller

Trading Arrangements, by Individual

Name

Scott P. Miller

Title

Vice President and Chief Information Officer

Rule 10b5-1 Arrangement Adopted

true

^[1]

Adoption Date

8/2/2023

Arrangement Duration

80 days

^[2]

Aggregate Available

7,915

Scott P. Miller Date Adopted 3/08/2023

Trading Arrangements, by Individual

Name

Scott P. Miller

Title

Vice President and Chief Information Officer

Rule 10b5-1 Arrangement Adopted

true

^[1]

Adoption Date

3/8/2023

Termination Date

8/2/2023

Arrangement Duration

305 days

^[2]

Aggregate Available

8,718

^[3]

[1]	Except as indicated by footnote, each trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” is intended to satisfy the affirmative defense of Rule 10b5-1(c), as amended (the “Rule”).
[2]	Except as indicated by footnote, each trading arrangement permitted or permits transactions through and including the earlier to occur of (a) the completion of all purchases or sales or (b) the date listed in the table, subject to certain conditions. Each trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” only permitted or only permits transactions upon expiration of the applicable mandatory cooling-off period under the Rule, which is at least 90 days for executive officers and directors under the Company's insider trading policies.
[3]	As of the date of termination, 607 shares had been sold under this Rule 10b5-1 trading arrangement.

Long-Term Debt (Details) - USD ($) $ in Thousands					1 Months Ended	3 Months Ended	9 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	Sep. 30, 2023	Sep. 30, 2022
Long-term Debt [Abstract]
Payments on long-term debt							$ 350,000	$ 315,000
Term loan						$ 1,079,618	$ 1,067,856
Unpaid balance					$ 43,800
Debt Instrument, Basis Spread on Variable Rate					0.50%
SOFR [Member]
Long-term Debt [Abstract]
Interest rate					1.00%
Credit Line Due June 30, 2024 [Member]
Long-term Debt [Abstract]
Maturity Date							Jun. 30, 2024
Senior Notes Series B Due February 27, 2023 [Member]
Long-term Debt [Abstract]
Interest rate							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
Unsecured Debt [Member]
Long-term Debt [Abstract]
Long term debt, face amount				$ 300,000
Line of Credit [Member] \| Credit Line Due June 30, 2024 [Member]
Long-term Debt [Abstract]
Credit facility, expiration date							Jun. 30, 2024
Line of Credit [Member] \| Credit Line Due June 30, 2024 [Member]
Long-term Debt [Abstract]
Line of credit facility, current borrowing capacity							$ 7,300
Available borrowing capacity							2,700
Maximum borrowing capacity							10,000
Revolving Credit Facility [Member]
Long-term Debt [Abstract]
Credit facility, amount outstanding							100
Available borrowing capacity					$ 35,000		$ 405,900
Maturity Date							Jul. 29, 2027
Maximum borrowing capacity					500,000		$ 850,000
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

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net earnings	$ 160,943	$ 85,436
Adjustments to reconcile net earnings to net cash provided by operations:
Depreciation and amortization	156,251	150,498
Provision for deferred income taxes	46,441	25,986
Amortization of share-based compensation	12,310	11,448
Amortization of major maintenance costs	21,050	21,677
Other	(8,001)	(7,608)
Decrease in cash flows resulting from changes in operating assets and liabilities, net	(64,767)	(126,252)
Net cash provided by operating activities	324,227	161,185
Cash flows from investing activities:
Capital expenditures	(274,963)	(120,263)
Acquisitions of businesses and marine equipment	(37,500)	(3,900)
Proceeds from disposition of assets	21,846	32,904
Net cash used in investing activities	(290,617)	(91,259)
Cash flows from financing activities:
Borrowings on bank credit facilities, net	100,316	21,664
Borrowings on long-term debt	240,000	250,000
Payments on long-term debt	(350,000)	(315,000)
Payment of debt issuance costs	(1,237)	(1,538)
Proceeds from exercise of stock options	3,431	3,885
Payments related to tax withholding for share-based compensation	(3,598)	(3,193)
Treasury stock purchases	(60,910)	(22,901)
Return of investment to noncontrolling interest and other	(73)	(665)
Net cash used in financing activities	(72,071)	(67,748)
Increase(decrease) in cash and cash equivalents	(38,461)	2,178
Cash and cash equivalents, beginning of year	80,577	34,813
Cash and cash equivalents, end of period	42,116	36,991
Cash paid(received) during the period:
Interest paid	45,276	39,754
Income taxes paid(refunded) net	(67,118)	2,097
Operating cash outflow from operating leases	33,266	33,412
Non-cash investing activity:
Capital expenditures included in accounts payable	(2,305)	(8,508)
Right-of-use assets obtained in exchange for lease obligations	$ 32,652	$ 14,329

Acquisitions

9 Months Ended

Sep. 30, 2023

Business Combinations [Abstract]

Acquisitions

(2) Acquisitions

On July 14, 2023, the Company purchased 23 inland tank barges with a total capacity of 265,000 barrels from an undisclosed seller for $37 million in cash. The 23 tank barges transport petrochemicals and refined products on the Mississippi River System and the Gulf Intracoastal Waterway. The average age of the 23 barges was 14 years.

The Company purchased four inland tank barges from a leasing company for $0.5 million in cash during the 2023 third quarter. The Company had been leasing the barges prior to the purchase.

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

Segment Data

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment Data

(4) Segment Data

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

Marine Transportation Segment (“KMT”) — 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 Segment (“KDS”) — Provides after-market services 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 evaluates the performance of its segments based on the contributions to operating income of the respective segments, before income taxes, interest, gains or losses on disposition of assets, other nonoperating income, noncontrolling interests, accounting changes, and nonrecurring items. Intersegment revenues, based on market-based pricing, of KDS from KMT of $9.9 million and $29.6 million for the three months and nine months ended September 30, 2023, respectively, and $8.0 million and $21.9 million for the three and nine months ended September 30, 2022, respectively, as well as the related intersegment profit of $1.0 million and $3.0 million for the three months and nine months ended September 30, 2023, respectively, and $0.8 million and $2.2 million for the three and nine months ended September 30, 2022, respectively, have been eliminated from the tables below.

The following tables set forth the Company’s revenues and profit or loss by reportable segment and total assets (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Revenues:
Marine transportation	$	429,885		$	433,040		$	1,269,342		$	1,194,231
Distribution and services		334,887			312,803			1,023,122			860,358
	$	764,772		$	745,843		$	2,292,464		$	2,054,589
Segment profit:
Marine transportation	$	63,467		$	41,713		$	170,754		$	89,465
Distribution and services		33,194			22,268			85,828			49,976
Other		(14,935	)		(13,024	)		(43,906	)		(25,049	)
	$	81,726		$	50,957		$	212,676		$	114,392


	September 30, 2023		December 31, 2022
Total assets:
Marine transportation	$	4,379,866	$	4,285,647
Distribution and services		1,180,067		1,041,841
Other		122,947		227,436
	$	5,682,880	$	5,554,924

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
General corporate expenses	$	(4,666	)	$	(5,451	)	$	(18,539	)	$	(12,275	)
Gain on disposition of assets		1,528			377			4,230			7,971
Interest expense		(13,386	)		(11,755	)		(38,893	)		(32,598	)
Other income		1,589			3,805			9,296			11,853
	$	(14,935	)	$	(13,024	)	$	(43,906	)	$	(25,049	)

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


	September 30, 2023		December 31, 2022
General corporate assets	$	120,620	$	225,265
Investment in affiliates		2,327		2,171
	$	122,947	$	227,436

- 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
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Sep. 30, 2023	Dec. 31, 2022
Kirby stockholders' equity:
Common stock, par value per share (in dollars per share)	$ 0.1	$ 0.1
Common stock, shares authorized (in shares)	120.0	120.0
Common stock, shares issued (in shares)	65.5	65.5
Treasury Stock, Shares	6.2	5.6

Inventories (Tables)

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Details of Inventories

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


	September 30, 2023		December 31, 2022
Finished goods	$	386,353	$	358,702
Work in process		119,153		103,146
	$	505,506	$	461,848

Acquisition (Details) $ in Thousands			3 Months Ended	9 Months Ended
Acquisition (Details) $ in Thousands	Jul. 14, 2023 USD ($) Barge Barrels	Mar. 31, 2022 USD ($)	Sep. 30, 2023 USD ($) Barge	Sep. 30, 2023 USD ($) Barge	Sep. 30, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Cash paid for acquisition				$ 274,963	$ 120,263
Gearbox Repair [Member]
Restructuring Cost and Reserve [Line Items]
Cash paid for acquisition		$ 3,900
Inland Tank Barges [Member]
Restructuring Cost and Reserve [Line Items]
Cash paid for acquisition	$ 37,000
Number of tank barges \| Barge	23		4	4
Total capacity of barrels \| Barrels	265,000
Cash paid for acquisition			$ 500
Average age	14 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income, Net [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Noncontrolling Interests [Member]
Beginning balance at Dec. 31, 2021	$ 2,888,782	$ 6,547	$ 854,512	$ (25,966)	$ 2,346,439	$ (295,208)	$ 2,458
Beginning balance (in shares) at Dec. 31, 2021		65,472				(5,361)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises	3,885		691			$ 3,194
Stock option exercises (in shares)						58
Issuance of stock for equity awards, net of forfeitures			(8,977)			$ 8,977
Issuance of stock for equity awards, net of forfeitures (in shares)						162
Tax withholdings on equity award vesting	(3,192)					$ (3,192)
Tax withholdings on equity award vesting (in shares)						(50)
Amortization of unearned share-based compensation	11,448		11,448
Treasury stock purchases	(22,901)					$ (22,901)
Treasury stock purchases (in shares)						(386)
Total comprehensive income, net of taxes	97,947			12,511	84,982		454
Return of investment to noncontrolling interests	(606)						(606)
Ending balance at Sep. 30, 2022	2,975,363	$ 6,547	857,674	(13,455)	2,431,421	$ (309,130)	2,306
Ending balance (in shares) at Sep. 30, 2022		65,472				(5,577)
Beginning balance at Jun. 30, 2022	2,929,744	$ 6,547	854,781	(21,957)	2,392,330	$ (304,314)	2,357
Beginning balance (in shares) at Jun. 30, 2022		65,472				(5,501)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Amortization of unearned share-based compensation	2,893		2,893
Treasury stock purchases	(4,816)					$ (4,816)
Treasury stock purchases (in shares)						(76)
Total comprehensive income, net of taxes	47,746			8,502	39,091	$ 0	153
Return of investment to noncontrolling interests	(204)						(204)
Ending balance at Sep. 30, 2022	2,975,363	$ 6,547	857,674	(13,455)	2,431,421	$ (309,130)	2,306
Ending balance (in shares) at Sep. 30, 2022		65,472				(5,577)
Beginning balance at Dec. 31, 2022	3,045,168	$ 6,547	859,345	16,853	2,468,730	$ (308,598)	2,291
Beginning balance (in shares) at Dec. 31, 2022		65,472				(5,565)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises	3,431		357			$ 3,074
Stock option exercises (in shares)						61
Issuance of stock for equity awards, net of forfeitures			(10,084)			$ 10,084
Issuance of stock for equity awards, net of forfeitures (in shares)						182
Tax withholdings on equity award vesting	(3,598)					$ (3,598)
Tax withholdings on equity award vesting (in shares)						(55)
Amortization of unearned share-based compensation	12,310		12,310
Treasury stock purchases	(60,910)					$ (60,910)
Treasury stock purchases (in shares)						(812)
Excise taxes on treasury stock purchases	(472)					$ (472)
Total comprehensive income, net of taxes	163,168			2,225	161,029		(86)
Return of investment to noncontrolling interests	(1,015)						(1,015)
Ending balance at Sep. 30, 2023	3,158,082	$ 6,547	861,928	19,078	2,629,759	$ (360,420)	1,190
Ending balance (in shares) at Sep. 30, 2023		65,472				(6,189)
Beginning balance at Jun. 30, 2023	3,112,809	$ 6,547	857,965	18,996	2,566,795	$ (339,659)	2,165
Beginning balance (in shares) at Jun. 30, 2023		65,472				(5,946)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises	3,313		574			$ 2,739
Stock option exercises (in shares)						48
Issuance of stock for equity awards, net of forfeitures			(9)			$ 9
Tax withholdings on equity award vesting	(2)					(2)
Amortization of unearned share-based compensation	3,398		3,398
Treasury stock purchases	(23,310)					$ (23,310)
Treasury stock purchases (in shares)						(291)
Excise taxes on treasury stock purchases	(197)					$ (197)
Total comprehensive income, net of taxes	63,086			82	62,964	0	40
Return of investment to noncontrolling interests	(1,015)						(1,015)
Ending balance at Sep. 30, 2023	$ 3,158,082	$ 6,547	$ 861,928	$ 19,078	$ 2,629,759	$ (360,420)	$ 1,190
Ending balance (in shares) at Sep. 30, 2023		65,472				(6,189)

Stock Award Plans

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock Award Plans

(7) Stock Award Plans

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):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Compensation cost	$	3,398	$	2,893	$	12,310	$	11,448
Income tax benefit	$	747	$	581	$	2,994	$	2,881

During the nine months ended September 30, 2023, the Company granted 184,375 restricted stock units (“RSUs”) to selected officers and other key employees under the employee stock award plan, the majority of which vest ratably over five years and 31,526 shares of restricted stock to nonemployees directors of the Company under the director stock plan, the majority of which vest six months after the date of grant.

Retirement Plans (Tables)

9 Months Ended

Sep. 30, 2023

Defined Benefit Plan Disclosure [Line Items]

Net Periodic Benefit Cost

The components of net periodic benefit cost for the Company’s defined benefit plans were as follows (in thousands):


	Pension Benefits
	Pension Plans						SERP
	Three Months Ended September 30,						Three Months Ended September 30,
	2023			2022			2023		2022
Components of net periodic benefit cost:
Service cost	$	924		$	1,634		$	—	$	—
Interest cost		4,589			3,694			11		7
Expected return on plan assets		(5,727	)		(7,099	)		—		—
Amortization of actuarial loss		—			6			6		7
Net periodic benefit cost	$	(214	)	$	(1,765	)	$	17	$	14


	Pension Benefits
	Pension Plans						SERP
	Nine Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023		2022
Components of net periodic benefit cost:
Service cost	$	2,772		$	4,903		$	—	$	—
Interest cost		13,767			11,056			32		22
Expected return on plan assets		(17,182	)		(21,395	)		—		—
Amortization of actuarial loss		—			248			18		22
Net periodic benefit cost	$	(643	)	$	(5,188	)	$	50	$	44

Other Postretirement Benefits [Member]

Defined Benefit Plan Disclosure [Line Items]

Net Periodic Benefit Cost

The components of net periodic benefit cost for the Company’s postretirement benefit plan were as follows (in thousands):


	Other Postretirement Benefits
	Postretirement Welfare Plan
	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Components of net periodic benefit cost:
Interest cost	$	6		$	5		$	17		$	13
Amortization of actuarial gain		(86	)		(98	)		(258	)		(295	)
Net periodic benefit cost	$	(80	)	$	(93	)	$	(241	)	$	(282	)

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenues (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Abstract]
Revenues by major source	$ 764,772	$ 745,843	$ 2,292,464	$ 2,054,589
Revenue recognized			76,800	54,600
Marine Transportation [Member]
Disaggregation of Revenue [Abstract]
Revenues by major source	429,885	433,040	1,269,342	1,194,231
Marine Transportation [Member] \| Inland Transportation [Member]
Disaggregation of Revenue [Abstract]
Revenues by major source	353,635	345,052	1,043,330	939,910
Marine Transportation [Member] \| Coastal Transportation [Member]
Disaggregation of Revenue [Abstract]
Revenues by major source	76,250	87,988	226,012	254,321
Distribution and Services [Member]
Disaggregation of Revenue [Abstract]
Revenues by major source	334,887	312,803	1,023,122	860,358
Distribution and Services [Member] \| Commercial and Industrial [Member]
Disaggregation of Revenue [Abstract]
Revenues by major source	211,485	165,361	581,275	474,515
Distribution and Services [Member] \| Oil and Gas [Member]
Disaggregation of Revenue [Abstract]
Revenues by major source	$ 123,402	$ 147,442	$ 441,847	$ 385,843

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Nov. 03, 2023
Cover [Abstract]
Entity Registrant Name	KIRBY CORPORATION
Entity Central Index Key	0000056047
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Document Transition Report	false
Securities Act File Number	1-7615
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	74-1884980
Entity Address, Address Line One	55 Waugh Drive
Entity Address, Address Line Two	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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		59,100,000

Revenues (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenues by Major Source

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Marine transportation segment:
Inland transportation	$	353,635	$	345,052	$	1,043,330	$	939,910
Coastal transportation		76,250		87,988		226,012		254,321
	$	429,885	$	433,040	$	1,269,342	$	1,194,231
Distribution and services segment:
Commercial and industrial	$	211,485	$	165,361	$	581,275	$	474,515
Oil and gas		123,402		147,442		441,847		385,843
	$	334,887	$	312,803	$	1,023,122	$	860,358

Long-Term Debt, Borrowings and Payments under Bank Credit Facilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Proceeds from (Repayments of) Debt [Abstract]
Borrowings (Payments) on bank credit facilities	$ 100,316	$ 21,664
Revolving Credit Facility [Member]
Proceeds from (Repayments of) Debt [Abstract]
Borrowings on bank credit facilities	379,760	171,884
Payments on bank credit facilities	(279,444)	(150,220)
Borrowings (Payments) on bank credit facilities	$ 100,316	$ 21,664

Taxes on Income

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Taxes on Income

(8) Taxes on Income

At December 31, 2022, the Company had a federal income tax receivable of $70.4 million included in Accounts Receivable – Other on the balance sheet. During the first quarter of 2023, the Internal Revenue Service (“IRS”) communicated to the Company that it had completed its examination of the Company’s federal income tax returns for the years 2013 through 2020. In April 2023, the Company received its tax refund of $70.4 million plus accrued interest.

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Earnings (loss) before taxes on income:
United States	$	81,989		$	50,906		$	212,014		$	114,167
Foreign		(263	)		51			662			225
	$	81,726		$	50,957		$	212,676		$	114,392
Provision (benefit) for taxes on income:
Federal:
Current	$	(3	)	$	(6	)	$	(3	)	$	513
Deferred		16,083			10,043			44,282			23,764
State and local:
Current		2,479			1,015			5,056			2,313
Deferred		121			608			2,159			2,222
Foreign - current		42			53			239			144
	$	18,722		$	11,713		$	51,733		$	28,956

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Inventories

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Inventories

(10) Inventories

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


	September 30, 2023		December 31, 2022
Finished goods	$	386,353	$	358,702
Work in process		119,153		103,146
	$	505,506	$	461,848

Other Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2023

Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax [Abstract]

Changes in Other Comprehensive Income

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


	Three Months Ended September 30,
	2023								2022
	Gross Amount			Income Tax Benefit		Net Amount			Gross Amount			Income Tax (Provision) Benefit			Net Amount
Pension and postretirement benefits (a):
Amortization of net actuarial gain	$	(80	)	$	18	$	(62	)	$	(85	)	$	21		$	(64	)
Actuarial gains		1			—		1			12,265			(3,091	)		9,174
Foreign currency translation		143			—		143			(608	)		—			(608	)
Total	$	64		$	18	$	82		$	11,572		$	(3,070	)	$	8,502


	Nine Months Ended September 30,
	2023									2022
	Gross Amount			Income Tax (Provision) Benefit			Net Amount			Gross Amount			Income Tax (Provision) Benefit			Net Amount
Pension and postretirement benefits (a):
Amortization of net actuarial gain	$	(240	)	$	58		$	(182	)	$	(25	)	$	4		$	(21	)
Actuarial gains		1,778			(444	)		1,334			17,737			(4,462	)		13,275
Foreign currency translation		1,073			—			1,073			(743	)		—			(743	)
Total	$	2,611		$	(386	)	$	2,225		$	16,969		$	(4,458	)	$	12,511

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Carrying Values and Fair Values of Debt Outstanding

The following table presents the carrying value and fair value (determined using inputs characteristic of a Level 2 fair value measurement) of debt outstanding (in thousands):


	September 30, 2023					December 31, 2022
	Carrying Value			Fair Value		Carrying Value			Fair Value
Revolving Credit Facility due July 29, 2027 (a)	$	94,000		$	94,000	$	—		$	—
Term Loan due July 29, 2027 (a)		170,000			170,000		170,000			170,000
3.29% senior notes due February 27, 2023		—			—		350,000			352,275
4.2% senior notes due March 1, 2028		500,000			451,293		500,000			477,660
3.46% senior notes due January 19, 2033		60,000			45,631		60,000			42,647
3.51% senior notes due January 19, 2033		240,000			183,351		—			—
Credit line due June 30, 2024		—			—		—			—
Bank notes payable		9,608			9,608		3,292			3,292
		1,073,608			953,883		1,083,292			1,045,874
Unamortized debt discounts and issuance costs (b)		(5,752	)		—		(3,674	)		—
	$	1,067,856		$	953,883	$	1,079,618		$	1,045,874

(a)

Variable interest rate of 6.8% at September 30, 2023.

(b)

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

Borrowings and Payments Under the Bank Credit Facilities

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


	Nine Months Ended September 30,
	2023			2022
Borrowings on bank credit facilities	$	379,760		$	171,884
Payments on bank credit facilities		(279,444	)		(150,220	)
	$	100,316		$	21,664

Leases (Tables)

9 Months Ended

Sep. 30, 2023

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):


	September 30, 2023			December 31, 2022
2023	$	9,909		$	41,227
2024		35,206			32,716
2025		26,222			24,807
2026		24,556			21,467
2027		22,453			19,253
Thereafter		97,780			95,582
Total lease payments		216,126			235,052
Less: imputed interest		(41,719	)		(56,468	)
Operating lease liabilities	$	174,407		$	178,584

Lease Cost

The following table summarizes lease costs (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Operating lease cost	$	10,481		$	10,058		$	31,711		$	31,512
Variable lease cost		388			462			1,836			1,327
Short-term lease cost		8,167			7,567			23,597			18,296
Sublease income		(791	)		(69	)		(2,432	)		(206	)
	$	18,245		$	18,018		$	54,712		$	50,929

Operating Leases, Weighted Average Discount Rate and Remaining Lease Term

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


	September 30, 2023			December 31, 2022
Weighted average discount rate		4.4	%		4.1	%
Weighted average remaining lease term	9 years			9 years

Leases

9 Months Ended

Sep. 30, 2023

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 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):


	September 30, 2023			December 31, 2022
2023	$	9,909		$	41,227
2024		35,206			32,716
2025		26,222			24,807
2026		24,556			21,467
2027		22,453			19,253
Thereafter		97,780			95,582
Total lease payments		216,126			235,052
Less: imputed interest		(41,719	)		(56,468	)
Operating lease liabilities	$	174,407		$	178,584

The following table summarizes lease costs (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Operating lease cost	$	10,481		$	10,058		$	31,711		$	31,512
Variable lease cost		388			462			1,836			1,327
Short-term lease cost		8,167			7,567			23,597			18,296
Sublease income		(791	)		(69	)		(2,432	)		(206	)
	$	18,245		$	18,018		$	54,712		$	50,929

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


	September 30, 2023			December 31, 2022
Weighted average discount rate		4.4	%		4.1	%
Weighted average remaining lease term	9 years			9 years

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 62,964	$ 39,091	$ 161,029	$ 84,982

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/exampleRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Stock Award Plans, Compensation Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Compensation cost	$ 3,398	$ 2,893	$ 12,310	$ 11,448
Income tax benefit	$ 747	$ 581	$ 2,994	$ 2,881

Leases, Future Minimum Lease Payments Under Operating Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Percentage of costs relate to service costs for leased towing vessels	70.00%
Future Minimum Lease Payments Under Operating Leases [Abstract]
2023	$ 9,909	$ 41,227
2024	35,206	32,716
2025	26,222	24,807
2026	24,556	21,467
2027	22,453	19,253
Thereafter	97,780	95,582
Total lease payments	216,126	235,052
Less: imputed interest	(41,719)	(56,468)
Operating lease liabilities	$ 174,407	$ 178,584

Retirement Plans (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
Retirement Plans (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Retirement Plans [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
Higman [Member]
Retirement Plans [Abstract]
Pension contributions				$ 8,000
Higman [Member] \| Subsequent Event [Member]
Retirement Plans [Abstract]
Pension contributions	$ 200
Pension Plan [Member]
Components of net periodic benefit cost [Abstract]
Service cost		$ 924	$ 1,634	2,772	$ 4,903
Interest cost		4,589	3,694	13,767	11,056
Expected return on plan assets		(5,727)	(7,099)	(17,182)	(21,395)
Amortization of actuarial (gain) loss		0	6	0	248
Net periodic benefit cost		(214)	(1,765)	(643)	(5,188)
SERP [Member]
Components of net periodic benefit cost [Abstract]
Service cost		0	0	0	0
Interest cost		11	7	32	22
Expected return on plan assets		0	0	0	0
Amortization of actuarial (gain) loss		6	7	18	22
Net periodic benefit cost		17	14	50	44
Other Postretirement Benefits Plan [Member]
Components of net periodic benefit cost [Abstract]
Interest cost		6	5	17	13
Amortization of actuarial (gain) loss		(86)	(98)	(258)	(295)
Net periodic benefit cost		$ (80)	$ (93)	$ (241)	$ (282)

Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract]
Amortization of net actuarial gain, gross amount	$ (80)	$ (85)	$ (240)	$ (25)
Amortization of net actuarial gain, income tax (provision) benefit	18	21	58	4
Amortization of net actuarial gain, net amount	(62)	(64)	(182)	(21)
Actuarial gains, Gross Amount	1	12,265	1,778	17,737
Actuarial gains, Income Tax Provision	0	(3,091)	(444)	(4,462)
Actuarial gains, Net Amount	1	9,174	1,334	13,275
Foreign currency translation, gross amount	143	(608)	1,073	(743)
Foreign currency translation, income tax (provision) benefit	0	0	0	0
Foreign currency translation, net amount	143	(608)	1,073	(743)
Total other comprehensive income, gross amount	64	11,572	2,611	16,969
Total other comprehensive income, income tax (provision) benefit	18	(3,070)	(386)	(4,458)
Total other comprehensive income, net of taxes	$ 82	$ 8,502	$ 2,225	$ 12,511

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 42,116	$ 80,577
Accounts receivable:
Trade - less allowance for doubtful accounts	514,631	483,406
Other	53,936	114,556
Inventories - net	505,506	461,848
Prepaid expense and other current assets	79,382	71,372
Total current assets	1,195,571	1,211,759
Property and equipment	5,710,443	5,452,143
Accumulated depreciation	(1,928,319)	(1,818,681)
Property and equipment - net	3,782,124	3,633,462
Operating lease right-of-use assets	155,098	154,507
Goodwill	438,748	438,748
Other intangibles, net	45,058	51,463
Other assets	66,281	64,985
Total assets	5,682,880	5,554,924
Current liabilities:
Bank notes payable	9,608	3,292
Income taxes payable	2,247	323
Accounts payable	258,126	278,081
Accrued liabilities	199,124	204,752
Current portion of operating lease liabilities	32,170	36,444
Deferred revenues	134,577	119,305
Total current liabilities	635,852	642,197
Long-term debt, net - less current portion	1,058,248	1,076,326
Deferred income taxes	672,711	625,884
Operating lease liabilities - less current portion	142,237	142,140
Other long-term liabilities	15,750	23,209
Total long-term liabilities	1,888,946	1,867,559
Contingencies and commitments	0	0
Kirby stockholders' equity:
Common stock, $0.10 par value per share. Authorized 120 million shares, issued 65.5 million shares	6,547	6,547
Additional paid-in capital	861,928	859,345
Accumulated other comprehensive income - net	19,078	16,853
Retained earnings	2,629,759	2,468,730
Treasury stock - at cost, 6.2 million shares at September 30, 2023 and 5.6 million at December 31, 2022	(360,420)	(308,598)
Total Kirby stockholders' equity	3,156,892	3,042,877
Noncontrolling interests	1,190	2,291
Total equity	3,158,082	3,045,168
Total liabilities and equity	$ 5,682,880	$ 5,554,924

Leases, Other Supplemental Information (Details)	Sep. 30, 2023	Dec. 31, 2022
Other Supplemental Information about Operating Leases [Abstract]
Weighted average discount rate	4.40%	4.10%
Weighted average remaining lease term	9 years	9 years

Other Comprehensive Income

9 Months Ended

Sep. 30, 2023

Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax [Abstract]

Other Comprehensive Income

(12) Other Comprehensive Income

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


	Three Months Ended September 30,
	2023								2022
	Gross Amount			Income Tax Benefit		Net Amount			Gross Amount			Income Tax (Provision) Benefit			Net Amount
Pension and postretirement benefits (a):
Amortization of net actuarial gain	$	(80	)	$	18	$	(62	)	$	(85	)	$	21		$	(64	)
Actuarial gains		1			—		1			12,265			(3,091	)		9,174
Foreign currency translation		143			—		143			(608	)		—			(608	)
Total	$	64		$	18	$	82		$	11,572		$	(3,070	)	$	8,502


	Nine Months Ended September 30,
	2023									2022
	Gross Amount			Income Tax (Provision) Benefit			Net Amount			Gross Amount			Income Tax (Provision) Benefit			Net Amount
Pension and postretirement benefits (a):
Amortization of net actuarial gain	$	(240	)	$	58		$	(182	)	$	(25	)	$	4		$	(21	)
Actuarial gains		1,778			(444	)		1,334			17,737			(4,462	)		13,275
Foreign currency translation		1,073			—			1,073			(743	)		—			(743	)
Total	$	2,611		$	(386	)	$	2,225		$	16,969		$	(4,458	)	$	12,511

(a) Actuarial gains are amortized into other income (expense). (See Note 11, Retirement Plans)

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net earnings	$ 63,004	$ 39,244	$ 160,943	$ 85,436
Other comprehensive income, net of taxes:
Pension and postretirement benefits	(61)	9,110	1,152	13,254
Foreign currency translation adjustments	143	(608)	1,073	(743)
Total other comprehensive income, net of taxes	82	8,502	2,225	12,511
Total comprehensive income, net of taxes	63,086	47,746	163,168	97,947
Net (earnings) loss attributable to noncontrolling interests	(40)	(153)	86	(454)
Comprehensive income attributable to Kirby	$ 63,046	$ 47,593	$ 163,254	$ 97,493

- 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.

+ References + Details

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References + Details

- Definition

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

+ References

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Retirement Plans

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Retirement Plans

(11) Retirement Plans

The Company sponsors a defined benefit plan for certain of 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 its 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.

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. Based on current pension plan assets and market conditions, the Company does not expect to make a contribution to the Kirby pension plan during 2023.

On February 14, 2018, with the acquisition of Higman Marine, Inc. and its affiliated companies (“Higman”), the Company assumed Higman’s 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 of $8.0 million to the Higman pension plan during the nine months ended September 30, 2023. The Company expects to make additional contributions of $0.2 million during the remainder of 2023.

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

The components of net periodic benefit cost for the Company’s defined benefit plans were as follows (in thousands):


	Pension Benefits
	Pension Plans						SERP
	Three Months Ended September 30,						Three Months Ended September 30,
	2023			2022			2023		2022
Components of net periodic benefit cost:
Service cost	$	924		$	1,634		$	—	$	—
Interest cost		4,589			3,694			11		7
Expected return on plan assets		(5,727	)		(7,099	)		—		—
Amortization of actuarial loss		—			6			6		7
Net periodic benefit cost	$	(214	)	$	(1,765	)	$	17	$	14


	Pension Benefits
	Pension Plans						SERP
	Nine Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023		2022
Components of net periodic benefit cost:
Service cost	$	2,772		$	4,903		$	—	$	—
Interest cost		13,767			11,056			32		22
Expected return on plan assets		(17,182	)		(21,395	)		—		—
Amortization of actuarial loss		—			248			18		22
Net periodic benefit cost	$	(643	)	$	(5,188	)	$	50	$	44

The components of net periodic benefit cost for the Company’s postretirement benefit plan were as follows (in thousands):


	Other Postretirement Benefits
	Postretirement Welfare Plan
	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Components of net periodic benefit cost:
Interest cost	$	6		$	5		$	17		$	13
Amortization of actuarial gain		(86	)		(98	)		(258	)		(295	)
Net periodic benefit cost	$	(80	)	$	(93	)	$	(241	)	$	(282	)

- Definition

The entire disclosure for retirement benefits.

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Contingencies and Commitments (Details) $ in Millions	9 Months Ended
Contingencies and Commitments (Details) $ in Millions	Sep. 30, 2023 USD ($)
Guaranties [Abstract]
Issued guaranties	$ 27.6
Maximum [Member]
Guaranties [Abstract]
Guarantor obligations, expiration period	2 years
Performance Bonds [Member]
Guaranties [Abstract]
Issued guaranties	$ 14.6
Letters of Credit [Member]
Guaranties [Abstract]
Issued guaranties	$ 13.0

Contingencies and Commitments

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Contingencies and Commitments

(13) Contingencies and Commitments

On October 13, 2016, the tug Nathan E. Stewart and barge DBL 55, an articulated tank barge and tugboat unit (“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 United States Coast Guard and the National Transportation Safety Board 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.

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 $27.6 million at September 30, 2023, including $13.0 million in letters of credit and $14.6 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 regarding these instruments.

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Loss Per Share

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Net earnings attributable to Kirby	$	62,964		$	39,091		$	161,029		$	84,982
Undistributed earnings allocated to restricted shares		(31	)		(18	)		(50	)		(27	)
Earnings available to Kirby common stockholders – basic		62,933			39,073			160,979			84,955
Undistributed earnings allocated to restricted shares		31			18			50			27
Undistributed earnings reallocated to restricted shares		(31	)		(18	)		(50	)		(27	)
Earnings available to Kirby common stockholders – diluted	$	62,933		$	39,073		$	160,979		$	84,955

Shares outstanding:
Weighted average common stock issued and outstanding		59,413			59,923			59,739			60,107
Weighted average unvested restricted stock		(30	)		(27	)		(18	)		(19	)
Weighted average common stock outstanding – basic		59,383			59,896			59,721			60,088
Dilutive effect of stock options and restricted stock units		363			286			312			281
Weighted average common stock outstanding – diluted		59,746			60,182			60,033			60,369

Net earnings per share attributable to Kirby common stockholders:
Basic	$	1.06		$	0.65		$	2.70		$	1.41
Diluted	$	1.05		$	0.65		$	2.68		$	1.41

Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

(9) Earnings Per Share

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Net earnings attributable to Kirby	$	62,964		$	39,091		$	161,029		$	84,982
Undistributed earnings allocated to restricted shares		(31	)		(18	)		(50	)		(27	)
Earnings available to Kirby common stockholders – basic		62,933			39,073			160,979			84,955
Undistributed earnings allocated to restricted shares		31			18			50			27
Undistributed earnings reallocated to restricted shares		(31	)		(18	)		(50	)		(27	)
Earnings available to Kirby common stockholders – diluted	$	62,933		$	39,073		$	160,979		$	84,955

Shares outstanding:
Weighted average common stock issued and outstanding		59,413			59,923			59,739			60,107
Weighted average unvested restricted stock		(30	)		(27	)		(18	)		(19	)
Weighted average common stock outstanding – basic		59,383			59,896			59,721			60,088
Dilutive effect of stock options and restricted stock units		363			286			312			281
Weighted average common stock outstanding – diluted		59,746			60,182			60,033			60,369

Net earnings per share attributable to Kirby common stockholders:
Basic	$	1.06		$	0.65		$	2.70		$	1.41
Diluted	$	1.05		$	0.65		$	2.68		$	1.41

Certain outstanding options to purchase approximately 33,000 and 396,000 shares of common stock were excluded in the computation of diluted earnings per share as of September 30, 2023 and 2022, respectively, as such stock options would have been antidilutive. Certain outstanding RSUs to convert to 11,000 shares of common stock were also excluded in the computation of diluted earnings per share as of September 30, 2022 as such RSUs would have been antidilutive. There were no antidilutive RSUs as of September 30, 2023.

Stock Award Plans (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Compensation Cost Breakdown in Statement of Earnings


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Compensation cost	$	3,398	$	2,893	$	12,310	$	11,448
Income tax benefit	$	747	$	581	$	2,994	$	2,881

Taxes on Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Taxes on Income (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Apr. 30, 2023	Dec. 31, 2022
Income Taxes [Abstract]
Income tax receivable						$ 70,400
Tax refund amount					$ 70,400
Earnings before taxes on income [Abstract]
Earnings before taxes on income	$ 81,726	$ 50,957	$ 212,676	$ 114,392
Federal:
Current	(3)	(6)	(3)	513
Deferred	16,083	10,043	44,282	23,764
State and local:
Current	2,479	1,015	5,056	2,313
Deferred	121	608	2,159	2,222
Foreign - current	42	53	239	144
Total provision for taxes on income	18,722	11,713	51,733	28,956
United States [Member]
Earnings before taxes on income [Abstract]
Earnings before taxes on income	81,989	50,906	212,014	114,167
Foreign [Member]
Earnings before taxes on income [Abstract]
Earnings before taxes on income	$ (263)	$ 51	$ 662	$ 225

Taxes on Income (Tables)

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Earnings Before Taxes

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Earnings (loss) before taxes on income:
United States	$	81,989		$	50,906		$	212,014		$	114,167
Foreign		(263	)		51			662			225
	$	81,726		$	50,957		$	212,676		$	114,392
Provision (benefit) for taxes on income:
Federal:
Current	$	(3	)	$	(6	)	$	(3	)	$	513
Deferred		16,083			10,043			44,282			23,764
State and local:
Current		2,479			1,015			5,056			2,313
Deferred		121			608			2,159			2,222
Foreign - current		42			53			239			144
	$	18,722		$	11,713		$	51,733		$	28,956

Segment Data (Details) $ in Thousands	3 Months Ended		9 Months Ended
Segment Data (Details) $ in Thousands	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) Segment	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment			2
Revenues [Abstract]
Revenues	$ 764,772	$ 745,843	$ 2,292,464	$ 2,054,589
Segment profit	81,726	50,957	212,676	114,392
Total assets	5,682,880		5,682,880		$ 5,554,924
Other segment disclosures [Abstract]
Gain on disposition of assets	1,528	377	4,230	7,971
Interest expense	(13,386)	(11,755)	(38,893)	(32,598)
Earnings before taxes on income	81,726	50,957	212,676	114,392
Marine Transportation (KMT) [Member]
Revenues [Abstract]
Revenues	429,885	433,040	1,269,342	1,194,231
Distribution and Services [Member]
Revenues [Abstract]
Revenues	334,887	312,803	1,023,122	860,358
Other [Member]
Revenues [Abstract]
Segment profit	(14,935)	(13,024)	(43,906)	(25,049)
Total assets	122,947		122,947		227,436
Other segment disclosures [Abstract]
General corporate expenses	(4,666)	(5,451)	(18,539)	(12,275)
Gain on disposition of assets	1,528	377	4,230	7,971
Interest expense	(13,386)	(11,755)	(38,893)	(32,598)
Other income	1,589	3,805	9,296	11,853
Earnings before taxes on income	(14,935)	(13,024)	(43,906)	(25,049)
Details of "Other" total assets [Abstract]
General corporate assets	120,620		120,620		225,265
Investment in affiliates	2,327		2,327		2,171
Total other assets	122,947		122,947		227,436
Reporting Segments [Member] \| Marine Transportation (KMT) [Member]
Revenues [Abstract]
Revenues	429,885	433,040	1,269,342	1,194,231
Segment profit	63,467	41,713	170,754	89,465
Total assets	4,379,866		4,379,866		4,285,647
Other segment disclosures [Abstract]
Earnings before taxes on income	63,467	41,713	170,754	89,465
Reporting Segments [Member] \| Distribution and Services [Member]
Revenues [Abstract]
Revenues	334,887	312,803	1,023,122	860,358
Segment profit	33,194	22,268	85,828	49,976
Total assets	1,180,067		1,180,067		$ 1,041,841
Other segment disclosures [Abstract]
Earnings before taxes on income	33,194	22,268	85,828	49,976
Intersegment Eliminations [Member]
Revenues [Abstract]
Revenues	9,900	8,000	29,600	21,900
Segment profit	1,000	800	3,000	2,200
Other segment disclosures [Abstract]
Earnings before taxes on income	$ 1,000	$ 800	$ 3,000	$ 2,200

Stock Award Plans (Details)	9 Months Ended
Stock Award Plans (Details)	Sep. 30, 2023 shares
Employee Stock Award Plan [Member] \| RSUs [Member]
Stock Award Plan Information [Abstract]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period	184,375
Vesting period	5 years
Director Plan [Member] \| Restricted Stock [Member]
Stock Award Plan Information [Abstract]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period	31,526
Vesting period	6 months

Segment Data (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment Reporting Information, by Segment

The following tables set forth the Company’s revenues and profit or loss by reportable segment and total assets (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Revenues:
Marine transportation	$	429,885		$	433,040		$	1,269,342		$	1,194,231
Distribution and services		334,887			312,803			1,023,122			860,358
	$	764,772		$	745,843		$	2,292,464		$	2,054,589
Segment profit:
Marine transportation	$	63,467		$	41,713		$	170,754		$	89,465
Distribution and services		33,194			22,268			85,828			49,976
Other		(14,935	)		(13,024	)		(43,906	)		(25,049	)
	$	81,726		$	50,957		$	212,676		$	114,392


	September 30, 2023		December 31, 2022
Total assets:
Marine transportation	$	4,379,866	$	4,285,647
Distribution and services		1,180,067		1,041,841
Other		122,947		227,436
	$	5,682,880	$	5,554,924

Other Segment Reporting Information

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
General corporate expenses	$	(4,666	)	$	(5,451	)	$	(18,539	)	$	(12,275	)
Gain on disposition of assets		1,528			377			4,230			7,971
Interest expense		(13,386	)		(11,755	)		(38,893	)		(32,598	)
Other income		1,589			3,805			9,296			11,853
	$	(14,935	)	$	(13,024	)	$	(43,906	)	$	(25,049	)

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


	September 30, 2023		December 31, 2022
General corporate assets	$	120,620	$	225,265
Investment in affiliates		2,327		2,171
	$	122,947	$	227,436

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net Income (Loss) Attributable to Parent [Abstract]
Net earnings attributable to Kirby	$ 62,964	$ 39,091	$ 161,029	$ 84,982
Undistributed earnings allocated to restricted shares	(31)	(18)	(50)	(27)
Earnings (loss) available to Kirby common stockholders - basic	62,933	39,073	160,979	84,955
Undistributed earnings allocated to restricted shares	31	18	50	27
Undistributed earnings reallocated to restricted shares	(31)	(18)	(50)	(27)
Earnings (loss) available to Kirby common stockholders - diluted	$ 62,933	$ 39,073	$ 160,979	$ 84,955
Shares outstanding [Abstract]
Weighted average common stock issued and outstanding (in shares)	59,413,000	59,923,000	59,739,000	60,107,000
Weighted average unvested restricted stock (in shares)	(30,000)	(27,000)	(18,000)	(19,000)
Weighted Average Number of Shares Outstanding, Basic (in shares)	59,383,000	59,896,000	59,721,000	60,088,000
Dilutive effect of stock options and restricted stock units (in shares)	363,000	286,000	312,000	281,000
Weighted Average Number of Shares Outstanding, Diluted (in shares)	59,746,000	60,182,000	60,033,000	60,369,000
Net earnings per share basic attributable to Kirby common stockholders:
Basic	$ 1.06	$ 0.65	$ 2.7	$ 1.41
Net earnings per share diluted attributable to Kirby common stockholders:
Diluted	$ 1.05	$ 0.65	$ 2.68	$ 1.41
Antidilutive securities excluded from computation of earnings per share (in shares)			33,000	396,000
RSUs [Member]
Net earnings per share diluted attributable to Kirby common stockholders:
Antidilutive securities excluded from computation of earnings per share (in shares)			0	11,000

CONDENSED STATEMENTS OF EARNINGS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
CONDENSED STATEMENTS OF EARNINGS - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Revenues	$ 764,772	$ 745,843	$ 2,292,464	$ 2,054,589
Costs and expenses:
Costs of sales and operating expenses	530,541	552,392	1,618,690	1,526,872
Selling, general and administrative	79,125	75,381	250,870	221,721
Taxes, other than on income	9,666	9,121	28,610	28,332
Depreciation and amortization	53,445	50,419	156,251	150,498
Gain on disposition of assets	(1,528)	(377)	(4,230)	(7,971)
Total costs and expenses	671,249	686,936	2,050,191	1,919,452
Operating income	93,523	58,907	242,273	135,137
Other income	1,589	3,805	9,296	11,853
Interest expense	(13,386)	(11,755)	(38,893)	(32,598)
Earnings before taxes on income	81,726	50,957	212,676	114,392
Provision for taxes on income	(18,722)	(11,713)	(51,733)	(28,956)
Net earnings	63,004	39,244	160,943	85,436
Net (earnings) loss attributable to noncontrolling interests	(40)	(153)	86	(454)
Net earnings attributable to Kirby	$ 62,964	$ 39,091	$ 161,029	$ 84,982
Net earnings per share attributable to Kirby common stockholders:
Basic	$ 1.06	$ 0.65	$ 2.7	$ 1.41
Diluted	$ 1.05	$ 0.65	$ 2.68	$ 1.41
Marine Transportation [Member]
Revenues:
Revenues	$ 429,885	$ 433,040	$ 1,269,342	$ 1,194,231
Distribution and Services [Member]
Revenues:
Revenues	$ 334,887	$ 312,803	$ 1,023,122	$ 860,358

Leases, Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases, Lease Cost (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Lease, Cost [Abstract]
Operating lease cost	$ 10,481	$ 10,058	$ 31,711	$ 31,512
Variable lease cost	388	462	1,836	1,327
Short-term lease cost	8,167	7,567	23,597	18,296
Sublease income	(791)	(69)	(2,432)	(206)
Total lease cost	$ 18,245	$ 18,018	$ 54,712	$ 50,929

Long-Term Debt

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Long-Term Debt

(5) Long-Term Debt

The following table presents the carrying value and fair value (determined using inputs characteristic of a Level 2 fair value measurement) of debt outstanding (in thousands):


	September 30, 2023					December 31, 2022
	Carrying Value			Fair Value		Carrying Value			Fair Value
Revolving Credit Facility due July 29, 2027 (a)	$	94,000		$	94,000	$	—		$	—
Term Loan due July 29, 2027 (a)		170,000			170,000		170,000			170,000
3.29% senior notes due February 27, 2023		—			—		350,000			352,275
4.2% senior notes due March 1, 2028		500,000			451,293		500,000			477,660
3.46% senior notes due January 19, 2033		60,000			45,631		60,000			42,647
3.51% senior notes due January 19, 2033		240,000			183,351		—			—
Credit line due June 30, 2024		—			—		—			—
Bank notes payable		9,608			9,608		3,292			3,292
		1,073,608			953,883		1,083,292			1,045,874
Unamortized debt discounts and issuance costs (b)		(5,752	)		—		(3,674	)		—
	$	1,067,856		$	953,883	$	1,079,618		$	1,045,874

(a)

Variable interest rate of 6.8% at September 30, 2023.

(b)

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

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


	Nine Months Ended September 30,
	2023			2022
Borrowings on bank credit facilities	$	379,760		$	171,884
Payments on bank credit facilities		(279,444	)		(150,220	)
	$	100,316		$	21,664

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 $0.1 million and available borrowing capacity was $405.9 million as of September 30, 2023.

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.

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 will be due semi-annually on January 19 and July 19 of each year, with the exception of the first payment on January 19, 2023, which 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”) were repaid using a combination of the proceeds from the issuance of the 2033 Notes and availability under the 2027 Revolving Credit Facility.

The Company has a $10 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. Outstanding letters of credit under the $10 million credit line were $7.3 million and available borrowing capacity was $2.7 million as of September 30, 2023.

Revenues, Remaining Performance Obligation (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 0	$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-03-31
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction, period	1 year