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Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2022

Defined Benefit Plan Disclosure [Line Items]

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


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

Change in Benefit Obligation

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


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

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

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

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

(a)

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

Funded Status at End of Year

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


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

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

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

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

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


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

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

Pension Benefits [Member]

Defined Benefit Plan Disclosure [Line Items]

Net Periodic Benefit Cost

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


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

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

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

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

(a)

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