0000950170-24-094676 | 10-Q | XBRL Viewer

Taxes on Income (Tables)

6 Months Ended

Jun. 30, 2024

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Earnings (loss) before taxes on income:
United States	$	111,091		$	76,162		$	202,745		$	130,025
Foreign		(324	)		116			(337	)		925
	$	110,767		$	76,278		$	202,408		$	130,950
Provision (benefit) for taxes on income:
Federal:
Current	$	9,337		$	—		$	19,956		$	—
Deferred		14,196			16,466			22,278			28,199
State and local:
Current		2,935			1,310			4,557			2,577
Deferred		319			1,199			1,648			2,039
Foreign - current		(2	)		(15	)		72			196
	$	26,785		$	18,960		$	48,511		$	33,011

Acquisitions	6 Months Ended
Jun. 30, 2024
Business Combinations [Abstract]
Acquisitions	(2) Acquisitions On May 15, 2024, the Company completed the purchase of 13 inland tank barges, with a total capacity of 347,000 barrels, and two high horsepower towboats from an undisclosed seller for approximately $65.2 million in cash. The 13 tank barges, including three specialty barges, transport petrochemicals and refined products on the Mississippi River System and Gulf Intracoastal Waterway. The average age of the 13 barges was 15 years. 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.

Acquisitions

6 Months Ended

Jun. 30, 2024

Business Combinations [Abstract]

Acquisitions

(2) Acquisitions

On May 15, 2024, the Company completed the purchase of 13 inland tank barges, with a total capacity of 347,000 barrels, and two high horsepower towboats from an undisclosed seller for approximately $65.2 million in cash. The 13 tank barges, including three specialty barges, transport petrochemicals and refined products on the Mississippi River System and Gulf Intracoastal Waterway. The average age of the 13 barges was 15 years.

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.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Aug. 08, 2024
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	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
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		57,900,000

Stock Award Plans, Compensation Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Compensation cost	$ 2,991	$ 3,104	$ 9,399	$ 8,912
Income tax benefit	$ 737	$ 754	$ 2,256	$ 2,247

Leases, Other Supplemental Information (Details)	Jun. 30, 2024	Dec. 31, 2023
Other Supplemental Information about Operating Leases [Abstract]
Weighted average discount rate	4.60%	4.40%
Weighted average remaining lease term	9 years	9 years

Segment Data

6 Months Ended

Jun. 30, 2024

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, backup power 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, and specialized electrical distribution and control equipment.

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 $7.5 million and $14.1 million for the three months and six months ended June 30, 2024, respectively, and $10.3 million and $19.7 million for the three months and six months ended June 30, 2023, respectively, as well as the related intersegment profit of $0.7 million and $1.4 million for the three months and six months ended June 30, 2024, respectively, and $1.0 million and $2.0 million for the three months and six months ended June 30, 2023, 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 June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Revenues:
Marine transportation	$	484,808		$	426,962		$	960,220		$	839,457
Distribution and services		339,582			350,286			672,192			688,235
	$	824,390		$	777,248		$	1,632,412		$	1,527,692
Segment profit:
Marine transportation	$	94,876		$	64,251		$	177,859		$	107,287
Distribution and services		29,436			29,842			51,450			52,634
Other		(13,545	)		(17,815	)		(26,901	)		(28,971	)
	$	110,767		$	76,278		$	202,408		$	130,950


	June 30, 2024		December 31, 2023
Total assets:
Marine transportation	$	4,557,755	$	4,454,931
Distribution and services		1,178,801		1,156,384
Other		129,342		110,882
	$	5,865,898	$	5,722,197

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
General corporate expenses	$	(4,329	)	$	(7,265	)	$	(7,877	)	$	(13,873	)
Gain on disposition of assets		515			472			589			2,702
Interest expense		(12,819	)		(12,286	)		(25,970	)		(25,507	)
Other income		3,088			1,264			6,357			7,707
	$	(13,545	)	$	(17,815	)	$	(26,901	)	$	(28,971	)

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


	June 30, 2024		December 31, 2023
General corporate assets	$	126,949	$	108,306
Investment in affiliates		2,393		2,576
	$	129,342	$	110,882

- 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.

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+ Details

Stock Award Plans

6 Months Ended

Jun. 30, 2024

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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Compensation cost	$	2,991	$	3,104	$	9,399	$	8,912
Income tax benefit	$	737	$	754	$	2,256	$	2,247

During the six months ended June 30, 2024, the Company granted 164,848 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. During April 2024, the Company granted 14,624 shares of restricted stock to nonemployee directors of the Company under the director stock plan which vest six months after the date of grant.

Basis for Preparation of the Condensed Financial Statements

6 Months Ended

Jun. 30, 2024

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, 2023. Certain reclassifications have been made to reflect the current presentation of financial information.

Effective January 1, 2024, the power generation revenue source within the distribution and services segment has been broken out from the commercial and industrial and oil and gas revenue sources due to the significance of the power generation market to the Company’s growth. This change had no net impact on overall Company or segment revenues and has been reflected retrospectively for all periods presented.

Revenues (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Marine transportation segment:
Inland transportation	$	391,835	$	351,807	$	777,842	$	689,695
Coastal transportation		92,973		75,155		182,378		149,762
	$	484,808	$	426,962	$	960,220	$	839,457
Distribution and services segment:
Commercial and industrial	$	165,658	$	152,045	$	308,282	$	305,099
Power generation		107,783		99,006		243,452		189,315
Oil and gas		66,141		99,235		120,458		193,821
	$	339,582	$	350,286	$	672,192	$	688,235

Leases, Future Minimum Lease Payments Under Operating Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Percentage of costs relate to service costs for leased towing vessels	70.00%
Future Minimum Lease Payments Under Operating Leases [Abstract]
2024	$ 20,448	$ 38,943
2025	35,387	27,638
2026	31,865	24,945
2027	25,643	22,842
2028	19,683	18,318
Thereafter	84,490	79,755
Total lease payments	217,516	212,441
Less: imputed interest	(39,867)	(40,290)
Operating lease liabilities	$ 177,649	$ 172,151

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net earnings	$ 83,982	$ 57,318	$ 153,897	$ 97,939
Other comprehensive income, net of taxes:
Pension and postretirement benefits	986	1,274	591	1,213
Foreign currency translation adjustments	(473)	705	(473)	930
Total other comprehensive income, net of taxes	513	1,979	118	2,143
Total comprehensive income, net of taxes	84,495	59,297	154,015	100,082
Net (earnings) loss attributable to noncontrolling interests	(128)	49	25	126
Comprehensive income attributable to Kirby	$ 84,367	$ 59,346	$ 154,040	$ 100,208

- 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).

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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

Other Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30,
	2024									2023
	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	$	(754	)	$	189		$	(565	)	$	(80	)	$	21		$	(59	)
Actuarial gains		2,069			(518	)		1,551			1,779			(446	)		1,333
Foreign currency translation		(473	)		—			(473	)		705			—			705
Total	$	842		$	(329	)	$	513		$	2,404		$	(425	)	$	1,979


	Six Months Ended June 30,
	2024									2023
	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	$	(1,289	)	$	329		$	(960	)	$	(160	)	$	40		$	(120	)
Actuarial gains		2,069			(518	)		1,551			1,779			(446	)		1,333
Foreign currency translation		(473	)		—			(473	)		930			—			930
Total	$	307		$	(189	)	$	118		$	2,549		$	(406	)	$	2,143

Leases, Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Leases, Lease Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Lease, Cost [Abstract]
Operating lease cost	$ 11,599	$ 10,653	$ 22,880	$ 21,230
Variable lease cost	578	690	1,071	1,448
Short-term lease cost	8,809	9,211	18,988	15,430
Sublease income	(830)	(798)	(1,684)	(1,641)
Total lease cost	$ 20,156	$ 19,756	$ 41,255	$ 36,467

Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract]
Amortization of net actuarial gain, gross amount	$ (754)	$ (80)	$ (1,289)	$ (160)
Amortization of net actuarial gain, income tax (provision) benefit	189	21	329	40
Amortization of net actuarial gain, net amount	(565)	(59)	(960)	(120)
Actuarial gains, gross amount	2,069	1,779	2,069	1,779
Actuarial gain , Income Tax (Provision) Benefit	(518)	(446)	(518)	(446)
Actuarial gains, net amount	1,551	1,333	1,551	1,333
Foreign currency translation, gross amount	(473)	705	(473)	930
Foreign currency translation, income tax (provision) benefit	0	0	0	0
Foreign currency translation, net amount	(473)	705	(473)	930
Total other comprehensive income, gross amount	842	2,404	307	2,549
Total other comprehensive income, income tax (provision) benefit	(329)	(425)	(189)	(406)
Total other comprehensive income, net of taxes	$ 513	$ 1,979	$ 118	$ 2,143

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 83,854	$ 57,367	$ 153,922	$ 98,065

- Definition

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

+ References

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+ Details

Earnings Per Share

6 Months Ended

Jun. 30, 2024

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 June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Net earnings attributable to Kirby	$	83,854		$	57,367		$	153,922		$	98,065
Undistributed earnings allocated to restricted shares		(13	)		(22	)		(13	)		(21	)
Earnings available to Kirby common stockholders – basic		83,841			57,345			153,909			98,044
Undistributed earnings allocated to restricted shares		13			22			13			21
Undistributed earnings reallocated to restricted shares		(13	)		(22	)		(13	)		(21	)
Earnings available to Kirby common stockholders – diluted	$	83,841		$	57,345		$	153,909		$	98,044

Shares outstanding:
Weighted average common stock issued and outstanding		58,190			59,829			58,329			59,905
Weighted average unvested restricted stock		(9	)		(23	)		(5	)		(13	)
Weighted average common stock outstanding – basic		58,181			59,806			58,324			59,892
Dilutive effect of stock options and restricted stock units		411			279			379			287
Weighted average common stock outstanding – diluted		58,592			60,085			58,703			60,179

Net earnings per share attributable to Kirby common stockholders:
Basic	$	1.44		$	0.96		$	2.64		$	1.64
Diluted	$	1.43		$	0.95		$	2.62		$	1.63

Certain outstanding options to purchase approximately 279,000 shares of common stock were excluded in the computation of diluted earnings per share as of June 30, 2023, as such stock options would have been antidilutive. There were no antidilutive stock options as of June 30, 2024. There were no antidilutive RSUs as of June 30, 2024 and 2023.

CONDENSED STATEMENTS OF EARNINGS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
CONDENSED STATEMENTS OF EARNINGS - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Revenues	$ 824,390	$ 777,248	$ 1,632,412	$ 1,527,692
Costs and expenses:
Costs of sales and operating expenses	554,232	546,069	1,104,913	1,088,149
Selling, general and administrative	80,383	82,896	170,589	171,745
Taxes, other than on income	10,310	9,758	18,354	18,944
Depreciation and amortization	59,482	51,697	117,124	102,806
Gain on disposition of assets	(515)	(472)	(589)	(2,702)
Total costs and expenses	703,892	689,948	1,410,391	1,378,942
Operating income	120,498	87,300	222,021	148,750
Other income	3,088	1,264	6,357	7,707
Interest expense	(12,819)	(12,286)	(25,970)	(25,507)
Earnings before taxes on income	110,767	76,278	202,408	130,950
Provision for taxes on income	(26,785)	(18,960)	(48,511)	(33,011)
Net earnings	83,982	57,318	153,897	97,939
Net (earnings) loss attributable to noncontrolling interests	(128)	49	25	126
Net earnings attributable to Kirby	$ 83,854	$ 57,367	$ 153,922	$ 98,065
Net earnings per share attributable to Kirby common stockholders:
Basic	$ 1.44	$ 0.96	$ 2.64	$ 1.64
Diluted	$ 1.43	$ 0.95	$ 2.62	$ 1.63
Marine Transportation [Member]
Revenues:
Revenues	$ 484,808	$ 426,962	$ 960,220	$ 839,457
Distribution and Services [Member]
Revenues:
Revenues	$ 339,582	$ 350,286	$ 672,192	$ 688,235

Revenues, Remaining Performance Obligation (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
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

Long-Term Debt

6 Months Ended

Jun. 30, 2024

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):


	June 30, 2024					December 31, 2023
	Carrying Value			Fair Value		Carrying Value			Fair Value
Revolving Credit Facility due July 29, 2027 (a)	$	74,000		$	74,000	$	44,000		$	44,000
Term Loan due July 29, 2027 (a)		170,000			170,000		170,000			170,000
4.2% senior notes due March 1, 2028		500,000			483,222		500,000			475,920
3.46% senior notes due January 19, 2033		60,000			51,681		60,000			49,955
3.51% senior notes due January 19, 2033		240,000			207,577		240,000			200,698
Credit line due June 30, 2026		—			—		—			—
Bank notes payable		8,970			8,970		8,068			8,068
		1,052,970			995,450		1,022,068			948,641
Unamortized debt discounts and issuance costs		(4,880	)		—		(5,473	)		—
	$	1,048,090		$	995,450	$	1,016,595		$	948,641

(a)

Variable interest rate of 6.6% at June 30, 2024 and 6.8% at December 31, 2023.

On July 29, 2022, the Company entered into a 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. No repayments are required until June 30, 2025. Future repayments under the 2027 Term Loan are excluded from short term liabilities because the Company intends to use availability under the 2027 Revolving Credit Facility to repay these amounts upon maturity. Outstanding letters of credit under the 2027 Revolving Credit Facility were $6,000 and available borrowing capacity was $426.0 million as of June 30, 2024.

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.

The Company has a $15 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, 2026. Outstanding letters of credit under the Credit Line were $6.8 million and available borrowing capacity was $8.2 million as of June 30, 2024.

Taxes on Income

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Taxes on Income

(8) Taxes on Income

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Earnings (loss) before taxes on income:
United States	$	111,091		$	76,162		$	202,745		$	130,025
Foreign		(324	)		116			(337	)		925
	$	110,767		$	76,278		$	202,408		$	130,950
Provision (benefit) for taxes on income:
Federal:
Current	$	9,337		$	—		$	19,956		$	—
Deferred		14,196			16,466			22,278			28,199
State and local:
Current		2,935			1,310			4,557			2,577
Deferred		319			1,199			1,648			2,039
Foreign - current		(2	)		(15	)		72			196
	$	26,785		$	18,960		$	48,511		$	33,011

- 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 (Tables)

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Details of Inventories

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


	June 30, 2024		December 31, 2023
Finished goods	$	373,438	$	351,050
Work in process		71,866		103,339
	$	445,304	$	454,389

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2024

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):


	June 30, 2024					December 31, 2023
	Carrying Value			Fair Value		Carrying Value			Fair Value
Revolving Credit Facility due July 29, 2027 (a)	$	74,000		$	74,000	$	44,000		$	44,000
Term Loan due July 29, 2027 (a)		170,000			170,000		170,000			170,000
4.2% senior notes due March 1, 2028		500,000			483,222		500,000			475,920
3.46% senior notes due January 19, 2033		60,000			51,681		60,000			49,955
3.51% senior notes due January 19, 2033		240,000			207,577		240,000			200,698
Credit line due June 30, 2026		—			—		—			—
Bank notes payable		8,970			8,970		8,068			8,068
		1,052,970			995,450		1,022,068			948,641
Unamortized debt discounts and issuance costs		(4,880	)		—		(5,473	)		—
	$	1,048,090		$	995,450	$	1,016,595		$	948,641

(a)

Variable interest rate of 6.6% at June 30, 2024 and 6.8% at December 31, 2023.

Stock Award Plans (Details) - shares	1 Months Ended	6 Months Ended
Stock Award Plans (Details) - shares	Apr. 30, 2024	Jun. 30, 2024
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		164,848
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	14,624
Vesting period	6 months

Long-Term Debt, Carrying Value and Fair Value of Debt Outstanding (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Carrying Value and Fair Value of Debt Outstanding [Abstract]
Carrying value	$ 1,052,970	$ 1,022,068
Fair value	995,450	948,641
Unamortized debt discounts and issuance costs	(4,880)	(5,473)
Long-term debt	1,048,090	1,016,595
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	$ 483,222	475,920
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	$ 51,681	49,955
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	240,000
Fair value	$ 207,577	200,698
Interest rate	3.51%
Maturity Date	Jan. 19, 2033
Credit Line Due June 30, 2026 [Member]
Carrying Value and Fair Value of Debt Outstanding [Abstract]
Carrying value	$ 0	0
Fair value	$ 0	0
Maturity Date	Jun. 30, 2026
Bank Note Payable [Member]
Carrying Value and Fair Value of Debt Outstanding [Abstract]
Carrying value	$ 8,970	8,068
Fair value	8,970	8,068
Revolving Credit Facility [Member]
Carrying Value and Fair Value of Debt Outstanding [Abstract]
Carrying value	74,000	44,000
Fair value	$ 74,000	44,000
Maturity Date	Jul. 29, 2027
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
Variable interest rates	6.60%	6.80%
Maturity Date	Jul. 29, 2027

Leases (Tables)

6 Months Ended

Jun. 30, 2024

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):


	June 30, 2024			December 31, 2023
2024	$	20,448		$	38,943
2025		35,387			27,638
2026		31,865			24,945
2027		25,643			22,842
2028		19,683			18,318
Thereafter		84,490			79,755
Total lease payments		217,516			212,441
Less: imputed interest		(39,867	)		(40,290	)
Operating lease liabilities	$	177,649		$	172,151

Lease Cost

The following table summarizes lease costs (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Operating lease cost	$	11,599		$	10,653		$	22,880		$	21,230
Variable lease cost		578			690			1,071			1,448
Short-term lease cost		8,809			9,211			18,988			15,430
Sublease income		(830	)		(798	)		(1,684	)		(1,641	)
	$	20,156		$	19,756		$	41,255		$	36,467

Operating Leases Weighted Average Discount Rate and Remaining Lease Term

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


	June 30, 2024			December 31, 2023
Weighted average discount rate		4.6	%		4.4	%
Weighted average remaining lease term	9 years			9 years

Contingencies and Commitments (Details) $ in Millions	6 Months Ended
Contingencies and Commitments (Details) $ in Millions	Jun. 30, 2024 USD ($)
Guaranties [Abstract]
Issued guaranties	$ 31.5
Maximum [Member]
Guaranties [Abstract]
Guarantor obligations, expiration period	2 years
Performance Bonds [Member]
Guaranties [Abstract]
Issued guaranties	$ 19.9
Letters of Credit [Member]
Guaranties [Abstract]
Issued guaranties	$ 11.6

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Net earnings attributable to Kirby	$	83,854		$	57,367		$	153,922		$	98,065
Undistributed earnings allocated to restricted shares		(13	)		(22	)		(13	)		(21	)
Earnings available to Kirby common stockholders – basic		83,841			57,345			153,909			98,044
Undistributed earnings allocated to restricted shares		13			22			13			21
Undistributed earnings reallocated to restricted shares		(13	)		(22	)		(13	)		(21	)
Earnings available to Kirby common stockholders – diluted	$	83,841		$	57,345		$	153,909		$	98,044

Shares outstanding:
Weighted average common stock issued and outstanding		58,190			59,829			58,329			59,905
Weighted average unvested restricted stock		(9	)		(23	)		(5	)		(13	)
Weighted average common stock outstanding – basic		58,181			59,806			58,324			59,892
Dilutive effect of stock options and restricted stock units		411			279			379			287
Weighted average common stock outstanding – diluted		58,592			60,085			58,703			60,179

Net earnings per share attributable to Kirby common stockholders:
Basic	$	1.44		$	0.96		$	2.64		$	1.64
Diluted	$	1.43		$	0.95		$	2.62		$	1.63

Acquisition (Details) $ in Thousands			3 Months Ended	6 Months Ended
Acquisition (Details) $ in Thousands	May 15, 2024 USD ($) Barge Barrels Towboat	Jul. 14, 2023 USD ($) Barge Barrels	Sep. 30, 2023 USD ($) Barge	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Cash paid for acquisition				$ 169,607	$ 171,245
Equipment Purchase Agreement [Member]
Restructuring Cost and Reserve [Line Items]
Cash paid for acquisition	$ 65,200
Inland Tank Barges [Member]
Restructuring Cost and Reserve [Line Items]
Cash paid for acquisition		$ 37,000
Number of tank barges \| Barge		23	4
Total capacity of barrels \| Barrels		265,000
Cash paid for acquisition			$ 500
Average age		14 years
Inland Tank Barges [Member] \| Equipment Purchase Agreement [Member]
Restructuring Cost and Reserve [Line Items]
Number of tank barges \| Barge	13
Total capacity of barrels \| Barrels	347,000
Average age	15 years
High Horsepower Towboats [Member] \| Equipment Purchase Agreement [Member]
Restructuring Cost and Reserve [Line Items]
Number of horsepower towboats \| Towboat	2
Specialty Barges [Member] \| Equipment Purchase Agreement [Member]
Restructuring Cost and Reserve [Line Items]
Number of tank barges \| Barge	3

Stock Award Plans (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Compensation Cost Breakdown in Statement of Earnings


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Compensation cost	$	2,991	$	3,104	$	9,399	$	8,912
Income tax benefit	$	737	$	754	$	2,256	$	2,247

Contingencies and Commitments

6 Months Ended

Jun. 30, 2024

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 $31.5 million at June 30, 2024, including $11.6 million in letters of credit and $19.9 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.

Segment Data (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Revenues:
Marine transportation	$	484,808		$	426,962		$	960,220		$	839,457
Distribution and services		339,582			350,286			672,192			688,235
	$	824,390		$	777,248		$	1,632,412		$	1,527,692
Segment profit:
Marine transportation	$	94,876		$	64,251		$	177,859		$	107,287
Distribution and services		29,436			29,842			51,450			52,634
Other		(13,545	)		(17,815	)		(26,901	)		(28,971	)
	$	110,767		$	76,278		$	202,408		$	130,950


	June 30, 2024		December 31, 2023
Total assets:
Marine transportation	$	4,557,755	$	4,454,931
Distribution and services		1,178,801		1,156,384
Other		129,342		110,882
	$	5,865,898	$	5,722,197

Other Segment Reporting Information

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
General corporate expenses	$	(4,329	)	$	(7,265	)	$	(7,877	)	$	(13,873	)
Gain on disposition of assets		515			472			589			2,702
Interest expense		(12,819	)		(12,286	)		(25,970	)		(25,507	)
Other income		3,088			1,264			6,357			7,707
	$	(13,545	)	$	(17,815	)	$	(26,901	)	$	(28,971	)

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


	June 30, 2024		December 31, 2023
General corporate assets	$	126,949	$	108,306
Investment in affiliates		2,393		2,576
	$	129,342	$	110,882

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net earnings	$ 153,897	$ 97,939
Adjustments to reconcile net earnings to net cash provided by operations:
Depreciation and amortization	117,124	102,806
Provision for deferred income taxes	23,926	30,238
Amortization of share-based compensation	9,399	8,912
Amortization of major maintenance costs	16,755	14,043
Other	915	(3,111)
Decrease in cash flows resulting from changes in operating assets and liabilities, net	(19,409)	(22,878)
Net cash provided by operating activities	302,607	227,949
Cash flows from investing activities:
Capital expenditures	(169,607)	(171,245)
Acquisitions of businesses and marine equipment	(65,232)	0
Proceeds from disposition of assets	9,054	20,529
Net cash used in investing activities	(225,785)	(150,716)
Cash flows from financing activities:
Borrowings on bank credit facilities, net	30,902	31,155
Borrowings on long-term debt	0	240,000
Payments on long-term debt	0	(350,000)
Payment of debt issuance costs	(3)	(1,236)
Proceeds from exercise of stock options	4,096	118
Payments related to tax withholding for share-based compensation	(5,339)	(3,595)
Treasury stock purchases	(85,466)	(37,600)
Other	(49)	(49)
Net cash used in financing activities	(55,859)	(121,207)
Increase (decrease) in cash and cash equivalents	20,963	(43,974)
Cash and cash equivalents, beginning of year	32,577	80,577
Cash and cash equivalents, end of period	53,540	36,603
Cash paid (received) during the period:
Interest paid	26,243	24,553
Income taxes paid (refunded), net	14,391	(67,921)
Operating cash outflow from operating leases	22,980	22,769
Non-cash investing activity:
Capital expenditures included in accounts payable	(2,015)	(5,064)
Right-of-use assets obtained in exchange for lease obligations	$ 21,045	$ 20,838

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Kirby stockholders' equity:
Common stock, par value per share (in dollars per share)	$ 0.1	$ 0.1
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	65,500,000	65,500,000
Treasury stock, shares	7,500,000	6,800,000

Inventories

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventories

(10) Inventories

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


	June 30, 2024		December 31, 2023
Finished goods	$	373,438	$	351,050
Work in process		71,866		103,339
	$	445,304	$	454,389

Leases

6 Months Ended

Jun. 30, 2024

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):


	June 30, 2024			December 31, 2023
2024	$	20,448		$	38,943
2025		35,387			27,638
2026		31,865			24,945
2027		25,643			22,842
2028		19,683			18,318
Thereafter		84,490			79,755
Total lease payments		217,516			212,441
Less: imputed interest		(39,867	)		(40,290	)
Operating lease liabilities	$	177,649		$	172,151

The following table summarizes lease costs (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Operating lease cost	$	11,599		$	10,653		$	22,880		$	21,230
Variable lease cost		578			690			1,071			1,448
Short-term lease cost		8,809			9,211			18,988			15,430
Sublease income		(830	)		(798	)		(1,684	)		(1,641	)
	$	20,156		$	19,756		$	41,255		$	36,467

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


	June 30, 2024			December 31, 2023
Weighted average discount rate		4.6	%		4.4	%
Weighted average remaining lease term	9 years			9 years

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 53,540	$ 32,577
Accounts receivable:
Trade - less allowance for doubtful accounts	550,159	526,691
Other	47,666	52,025
Inventories - net	445,304	454,389
Prepaid expense and other current assets	69,946	69,479
Total current assets	1,166,615	1,135,161
Property and equipment	5,990,523	5,824,038
Accumulated depreciation	(2,015,776)	(1,962,933)
Property and equipment - net	3,974,747	3,861,105
Operating lease right-of-use assets	157,950	152,216
Goodwill	438,748	438,748
Other intangibles, net	38,667	42,927
Other assets	89,171	92,040
Total assets	5,865,898	5,722,197
Current liabilities:
Bank notes payable	8,970	8,068
Income taxes payable	10,194	1,486
Accounts payable	266,820	269,378
Accrued liabilities	211,276	228,946
Current portion of operating lease liabilities	33,399	33,340
Deferred revenues	153,964	134,577
Total current liabilities	684,623	675,795
Long-term debt, net - less current portion	1,039,120	1,008,527
Deferred income taxes	720,679	696,557
Operating lease liabilities - less current portion	144,250	138,811
Other long-term liabilities	14,548	15,830
Total long-term liabilities	1,918,597	1,859,725
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	862,258	863,963
Accumulated other comprehensive income - net	35,124	35,006
Retained earnings	2,845,587	2,691,665
Treasury stock - at cost, 7.5 million shares at June 30, 2024 and 6.8 million at December 31, 2023	(488,059)	(411,750)
Total Kirby stockholders' equity	3,261,457	3,185,431
Noncontrolling interests	1,221	1,246
Total equity	3,262,678	3,186,677
Total liabilities and equity	$ 5,865,898	$ 5,722,197

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Details of inventories [Abstract]
Inventory, Finished Goods, Gross	$ 373,438	$ 351,050
Inventory, Work in Process, Gross	71,866	103,339
Inventories - net	$ 445,304	$ 454,389

Revenues

6 Months Ended

Jun. 30, 2024

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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Marine transportation segment:
Inland transportation	$	391,835	$	351,807	$	777,842	$	689,695
Coastal transportation		92,973		75,155		182,378		149,762
	$	484,808	$	426,962	$	960,220	$	839,457
Distribution and services segment:
Commercial and industrial	$	165,658	$	152,045	$	308,282	$	305,099
Power generation		107,783		99,006		243,452		189,315
Oil and gas		66,141		99,235		120,458		193,821
	$	339,582	$	350,286	$	672,192	$	688,235

Contract liabilities represent advance consideration received from customers, and are recognized as revenue over time or at a point in time as the related performance obligation is satisfied. Revenues recognized during the six months ended June 30, 2024 and 2023 that were included in the opening contract liability balances were $81.5 million and $60.3 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 June 30, 2024 or December 31, 2023. 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Insider Trading Arrangements

3 Months Ended

Jun. 30, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the 2024 second quarter, the following Section 16 officer adopted, modified or terminated a “Rule 10b5-1 trading arrangement” (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

      Scott P. Miller
Vice President and Chief Information Officer

      5/20/2024

      Rule 10b5-1 Trading Arrangement

      Up to 7,742 shares to be sold
 
      2/5/2025 - 8/5/2025

      N/A

      N/A

(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.

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 2024 second quarter 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.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Rule 10b5-1 Arrangement Modified

false

Non-Rule 10b5-1 Arrangement Modified

false

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

5/20/2024

Arrangement Duration

181 days

^[2]

Aggregate Available

7,742

Expiration Date

8/5/2025

[1]

[2]

Other Comprehensive Income

6 Months Ended

Jun. 30, 2024

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 June 30,
	2024									2023
	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	$	(754	)	$	189		$	(565	)	$	(80	)	$	21		$	(59	)
Actuarial gains		2,069			(518	)		1,551			1,779			(446	)		1,333
Foreign currency translation		(473	)		—			(473	)		705			—			705
Total	$	842		$	(329	)	$	513		$	2,404		$	(425	)	$	1,979


	Six Months Ended June 30,
	2024									2023
	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	$	(1,289	)	$	329		$	(960	)	$	(160	)	$	40		$	(120	)
Actuarial gains		2,069			(518	)		1,551			1,779			(446	)		1,333
Foreign currency translation		(473	)		—			(473	)		930			—			930
Total	$	307		$	(189	)	$	118		$	2,549		$	(406	)	$	2,143

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

Taxes on Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Taxes on Income (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings (loss) before taxes on income [Abstract]
Earnings (loss) before taxes on income	$ 110,767	$ 76,278	$ 202,408	$ 130,950
Federal:
Current	9,337	0	19,956	0
Deferred	14,196	16,466	22,278	28,199
State and local:
Current	2,935	1,310	4,557	2,577
Deferred	319	1,199	1,648	2,039
Foreign - current	(2)	(15)	72	196
Total provision for taxes on income	26,785	18,960	48,511	33,011
United States [Member]
Earnings (loss) before taxes on income [Abstract]
Earnings (loss) before taxes on income	111,091	76,162	202,745	130,025
Foreign [Member]
Earnings (loss) before taxes on income [Abstract]
Earnings (loss) before taxes on income	$ (324)	$ 116	$ (337)	$ 925

Retirement Plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Retirement Plans (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2024	Jun. 30, 2024	Jun. 30, 2023
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				$ 600
Higman [Member] \| Scenario Forecast [Member]
Retirement Plans [Abstract]
Pension contributions			$ 1,100
Pension Plan [Member]
Components of net periodic benefit cost [Abstract]
Service cost	$ 823	$ 956		1,697	$ 1,848
Interest cost	4,267	4,572		8,590	9,178
Expected return on plan assets	(6,224)	(5,732)		(12,442)	(11,455)
Amortization of actuarial (gain) loss	(692)	0		(1,165)	0
Net periodic benefit cost	(1,826)	(204)		(3,320)	(429)
SERP [Member]
Components of net periodic benefit cost [Abstract]
Service cost	0	0		0	0
Interest cost	9	10		19	21
Expected return on plan assets	0	0		0	0
Amortization of actuarial (gain) loss	8	6		16	12
Net periodic benefit cost	17	16		35	33
Other Postretirement Benefits Plan [Member]
Components of net periodic benefit cost [Abstract]
Interest cost	5	5		10	11
Amortization of actuarial (gain) loss	(70)	(86)		(140)	(172)
Net periodic benefit cost	$ (65)	$ (81)		$ (130)	$ (161)

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ 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, 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		65,472,000				(5,565,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises	118		(217)			$ 335
Stock option exercises (in shares)						13,000
Issuance of stock for equity awards, net of forfeitures			(10,075)			$ 10,075
Issuance of stock for equity awards, net of forfeitures (in shares)						182,000
Tax withholdings on equity award vesting	(3,595)					$ (3,595)
Tax withholdings on equity award vesting (in shares)						(54,000)
Amortization of share-based compensation	8,912		8,912
Treasury stock purchases	(37,600)					$ (37,600)
Treasury stock purchases (in shares)						(522,000)
Excise taxes on treasury stock purchases	(276)					$ (276)
Total comprehensive income, net of taxes	100,082			2,143	98,065		(126)
Ending balance at Jun. 30, 2023	3,112,809	$ 6,547	857,965	18,996	2,566,795	$ (339,659)	2,165
Ending balance (in shares) at Jun. 30, 2023		65,472,000				(5,946,000)
Beginning balance at Mar. 31, 2023	3,085,140	$ 6,547	856,680	17,017	2,509,428	$ (306,746)	2,214
Beginning balance (in shares) at Mar. 31, 2023		65,472,000				(5,504,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock for equity awards, net of forfeitures			(1,819)			$ 1,819
Issuance of stock for equity awards, net of forfeitures (in shares)						33,000
Tax withholdings on equity award vesting	(40)					$ (40)
Amortization of share-based compensation	3,104		3,104
Treasury stock purchases	(34,416)					$ (34,416)
Treasury stock purchases (in shares)						(475,000)
Excise taxes on treasury stock purchases	(276)					$ (276)
Total comprehensive income, net of taxes	59,297			1,979	57,367		(49)
Ending balance at Jun. 30, 2023	3,112,809	$ 6,547	857,965	18,996	2,566,795	$ (339,659)	2,165
Ending balance (in shares) at Jun. 30, 2023		65,472,000				(5,946,000)
Beginning balance at Dec. 31, 2023	3,186,677	$ 6,547	863,963	35,006	2,691,665	$ (411,750)	1,246
Beginning balance (in shares) at Dec. 31, 2023		65,472,000				(6,843,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises	4,096		1,434			$ 2,662
Stock option exercises (in shares)						54,000
Issuance of stock for equity awards, net of forfeitures			(12,538)			$ 12,538
Issuance of stock for equity awards, net of forfeitures (in shares)						207,000
Tax withholdings on equity award vesting	(5,339)					$ (5,339)
Tax withholdings on equity award vesting (in shares)						(67,000)
Amortization of share-based compensation	9,399		9,399
Treasury stock purchases	(85,466)					$ (85,466)
Treasury stock purchases (in shares)						(871,000)
Excise taxes on treasury stock purchases	(704)					$ (704)
Total comprehensive income, net of taxes	154,015			118	153,922		(25)
Ending balance at Jun. 30, 2024	3,262,678	$ 6,547	862,258	35,124	2,845,587	$ (488,059)	1,221
Ending balance (in shares) at Jun. 30, 2024		65,472,000				(7,520,000)
Beginning balance at Mar. 31, 2024	3,216,741	$ 6,547	859,150	34,611	2,761,733	$ (446,393)	1,093
Beginning balance (in shares) at Mar. 31, 2024		65,472,000				(7,199,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises	2,585		1,115			$ 1,470
Stock option exercises (in shares)						35,000
Issuance of stock for equity awards, net of forfeitures			(998)			$ 998
Issuance of stock for equity awards, net of forfeitures (in shares)						17,000
Tax withholdings on equity award vesting	(55)					$ (55)
Tax withholdings on equity award vesting (in shares)						(1,000)
Amortization of share-based compensation	2,991		2,991
Treasury stock purchases	(43,679)					$ (43,679)
Treasury stock purchases (in shares)						(372,000)
Excise taxes on treasury stock purchases	(400)					$ (400)
Total comprehensive income, net of taxes	84,495			513	83,854	0	128
Ending balance at Jun. 30, 2024	$ 3,262,678	$ 6,547	$ 862,258	$ 35,124	$ 2,845,587	$ (488,059)	$ 1,221
Ending balance (in shares) at Jun. 30, 2024		65,472,000				(7,520,000)

Retirement Plans (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30,						Three Months Ended June 30,
	2024			2023			2024		2023
Components of net periodic benefit cost:
Service cost	$	823		$	956		$	—	$	—
Interest cost		4,267			4,572			9		10
Expected return on plan assets		(6,224	)		(5,732	)		—		—
Amortization of actuarial (gain) loss		(692	)		—			8		6
Net periodic benefit cost	$	(1,826	)	$	(204	)	$	17	$	16


	Pension Benefits
	Pension Plans						SERP
	Six Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024		2023
Components of net periodic benefit cost:
Service cost	$	1,697		$	1,848		$	—	$	—
Interest cost		8,590			9,178			19		21
Expected return on plan assets		(12,442	)		(11,455	)		—		—
Amortization of actuarial (gain) loss		(1,165	)		—			16		12
Net periodic benefit cost	$	(3,320	)	$	(429	)	$	35	$	33

Long-Term Debt (Details) - USD ($)			1 Months Ended	6 Months Ended
Long-Term Debt (Details) - USD ($)	Jun. 30, 2025	Feb. 03, 2022	Jul. 29, 2022	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Long-term Debt [Abstract]
Payments on long-term debt				$ 0	$ 350,000,000
Term loan				$ 1,048,090,000		$ 1,016,595,000
3.46 Series A Notes Due January 19, 2023 [Member]
Long-term Debt [Abstract]
Long term debt, face amount		$ 60,000,000
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		$ 240,000,000
Interest rate		3.51%
Maturity Date		Jan. 19, 2033
Unsecured Debt [Member]
Long-term Debt [Abstract]
Long term debt, face amount		$ 300,000,000
Line of Credit [Member]
Long-term Debt [Abstract]
Credit facility, expiration date				Jun. 30, 2026
Line of credit facility, current borrowing capacity				$ 6,800,000
Available borrowing capacity				8,200,000
Maximum borrowing capacity				15,000,000
Revolving Credit Facility [Member]
Long-term Debt [Abstract]
Credit facility, amount outstanding				6,000
Available borrowing capacity				$ 426,000,000
Maturity Date				Jul. 29, 2027
Maximum borrowing capacity			$ 500,000,000
Term Loan [Member]
Long-term Debt [Abstract]
Term loan			$ 250,000,000
Credit facility, expiration date			Jul. 29, 2027
Term Loan [Member] \| Scenario Forecast [Member]
Long-term Debt [Abstract]
Payments on long-term debt	$ 0

Segment Data (Details) $ in Thousands	3 Months Ended		6 Months Ended
Segment Data (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) Segment	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment			2
Revenues [Abstract]
Revenues	$ 824,390	$ 777,248	$ 1,632,412	$ 1,527,692
Earnings before taxes on income	110,767	76,278	202,408	130,950
Total assets	5,865,898		5,865,898		$ 5,722,197
Other segment disclosures [Abstract]
Gain on disposition of assets	515	472	589	2,702
Interest expense	(12,819)	(12,286)	(25,970)	(25,507)
Earnings before taxes on income	110,767	76,278	202,408	130,950
Marine Transportation (KMT) [Member]
Revenues [Abstract]
Revenues	484,808	426,962	960,220	839,457
Distribution and Services [Member]
Revenues [Abstract]
Revenues	339,582	350,286	672,192	688,235
Other [Member]
Revenues [Abstract]
Earnings before taxes on income	(13,545)	(17,815)	(26,901)	(28,971)
Total assets	129,342		129,342		110,882
Other segment disclosures [Abstract]
General corporate expenses	(4,329)	(7,265)	(7,877)	(13,873)
Gain on disposition of assets	515	472	589	2,702
Interest expense	(12,819)	(12,286)	(25,970)	(25,507)
Other income	3,088	1,264	6,357	7,707
Earnings before taxes on income	(13,545)	(17,815)	(26,901)	(28,971)
Details of "Other" total assets [Abstract]
General corporate assets	126,949		126,949		108,306
Investment in affiliates	2,393		2,393		2,576
Total other assets	129,342		129,342		110,882
Reporting Segments [Member] \| Marine Transportation (KMT) [Member]
Revenues [Abstract]
Revenues	484,808	426,962	960,220	839,457
Earnings before taxes on income	94,876	64,251	177,859	107,287
Total assets	4,557,755		4,557,755		4,454,931
Other segment disclosures [Abstract]
Earnings before taxes on income	94,876	64,251	177,859	107,287
Reporting Segments [Member] \| Distribution and Services [Member]
Revenues [Abstract]
Revenues	339,582	350,286	672,192	688,235
Earnings before taxes on income	29,436	29,842	51,450	52,634
Total assets	1,178,801		1,178,801		$ 1,156,384
Other segment disclosures [Abstract]
Earnings before taxes on income	29,436	29,842	51,450	52,634
Intersegment Eliminations [Member]
Revenues [Abstract]
Revenues	7,500	10,300	14,100	19,700
Earnings before taxes on income	700	1,000	1,400	2,000
Other segment disclosures [Abstract]
Earnings before taxes on income	$ 700	$ 1,000	$ 1,400	$ 2,000

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Revenues (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Abstract]
Revenues by major source	$ 824,390	$ 777,248	$ 1,632,412	$ 1,527,692
Revenue recognized			81,500	60,300
Marine Transportation [Member]
Disaggregation of Revenue [Abstract]
Revenues by major source	484,808	426,962	960,220	839,457
Marine Transportation [Member] \| Inland Transportation [Member]
Disaggregation of Revenue [Abstract]
Revenues by major source	391,835	351,807	777,842	689,695
Marine Transportation [Member] \| Coastal Transportation [Member]
Disaggregation of Revenue [Abstract]
Revenues by major source	92,973	75,155	182,378	149,762
Distribution and Services [Member]
Disaggregation of Revenue [Abstract]
Revenues by major source	339,582	350,286	672,192	688,235
Distribution and Services [Member] \| Commercial and Industrial [Member]
Disaggregation of Revenue [Abstract]
Revenues by major source	165,658	152,045	308,282	305,099
Distribution and Services [Member] \| Power generation [Member]
Disaggregation of Revenue [Abstract]
Revenues by major source	107,783	99,006	243,452	189,315
Distribution and Services [Member] \| Oil and gas [Member]
Disaggregation of Revenue [Abstract]
Revenues by major source	$ 66,141	$ 99,235	$ 120,458	$ 193,821