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Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2023

Defined Benefit Plan Disclosure [Line Items]

The aggregate fair value of plan assets of the Company’s pension plans was $375.9 million and $341.1 million at December 31, 2023 and 2022, respectively. Pension assets were allocated among asset categories as follows:


	December 31,						Current Minimum, Target and Maximum
Asset Category	2023			2022			Allocation Policy
U.S. equity securities		51	%		50	%		45	%	— 50%	— 55%
International equity securities		20			20			12	%	— 20%	— 28%
Debt securities		29			30			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
	2023			2022			2023			2022			2023			2022
Change in benefit obligation
Benefit obligation at beginning of year	$	339,509		$	495,272		$	833		$	1,033		$	432		$	582
Service cost		3,695			6,538			—			—			—			—
Interest cost		18,356			14,779			43			29			22			17
Actuarial (gain) loss		13,241			(158,816	)		91			(74	)		65			(58	)
Gross benefits paid		(32,052	)		(12,665	)		(153	)		(155	)		(104	)		(109	)
Settlements		—			(5,599	)		—			—			—			—
Benefit obligation at end of year	$	342,749		$	339,509		$	814		$	833		$	415		$	432

Accumulated benefit obligation at end of year	$	326,987		$	325,274		$	814		$	833		$	415		$	432

Weighted-average assumption used to determine benefit obligation at end of year
Discount rate (a)	5.1%/5.2%				5.5	%		5.1	%		5.5	%		5.1	%		5.5	%
Rate of compensation increase	Service-based table			Service-based table				—			—			—			—
Health care cost trend rate
Initial rate		—			—			—			—			6.25	%		6.50	%
Ultimate rate		—			—			—			—			5.0	%		5.0	%
Years to ultimate		—			—			—			—		2029			2029

Change in plan assets
Fair value of plan assets at beginning of year	$	341,061		$	430,821		$	—		$	—		$	—		$	—
Actual return on plan assets		58,734			(72,402	)		—			—			—			—
Employer contribution		8,174			906			153			155			104			109
Gross benefits paid		(32,052	)		(12,665	)		(153	)		(155	)		(104	)		(109	)
Settlements		—			(5,599	)		—			—			—			—
Fair value of plan assets at end of year	$	375,917		$	341,061		$	—		$	—		$	—		$	—

(a)

The 2023 discount rate was 5.1% for the Kirby Pension Plan and 5.2% for the Higman Pension Plan. The 2022 discount rate was 5.5% for both the Kirby Pension Plan and 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
	2023			2022			2023			2022			2023			2022
Funded status at end of year
Fair value of plan assets	$	375,917		$	341,061		$	—		$	—		$	—		$	—
Benefit obligations		(342,749	)		(339,509	)		(814	)		(833	)		(415	)		(432	)
Funded status and amount recognized at end of year	$	33,168		$	1,552		$	(814	)	$	(833	)	$	(415	)	$	(432	)

Amounts recognized in the consolidated balance sheets
Noncurrent asset		42,698			18,695			—			—			—			—
Current liability		—			—			(106	)		(106	)		(46	)		(49	)
Long-term liability		(9,530	)		(17,143	)		(708	)		(727	)		(369	)		(383	)

Amounts recognized in accumulated other comprehensive income
Net actuarial (gain) loss	$	(48,033	)	$	(25,449	)	$	391		$	324		$	(1,890	)	$	(2,299	)
Prior service cost (credit)		—			—			—			—			—			—
Accumulated other compensation income	$	(48,033	)	$	(25,449	)	$	391		$	324		$	(1,890	)	$	(2,299	)

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
	2023		2022		2023		2022		2023		2022
Expected employer contributions
First year	$	1,770	$	8,374	$	—	$	—	$	—	$	—

Expected benefit payments (gross)
Year one	$	16,696	$	16,312	$	108	$	108	$	47	$	50
Year two		17,513		16,899		103		104		46		49
Year three		18,169		17,808		98		99		44		47
Year four		19,096		18,650		93		94		43		45
Year five		19,860		19,707		88		90		41		43
Next five years		108,717		110,417		337		359		167		176

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
	2023			2022			2021			2023			2022			2021
Components of net periodic benefit cost
Service cost	$	3,695		$	6,538		$	7,961		$	—		$	—		$	—
Interest cost		18,356			14,779			14,239			43			29			31
Expected return on plan assets		(22,910	)		(28,399	)		(26,244	)		—			—			—
Amortization of actuarial loss		—			34			4,193			23			30			40
Net periodic benefit cost		(859	)		(7,048	)		149			66			59			71

Other changes in plan assets and benefit obligations recognized in other comprehensive income
Current year actuarial (gain) loss		(22,583	)		(58,015	)		(44,583	)		91			(74	)		(12	)
Recognition of actuarial loss		—			(34	)		(4,193	)		(23	)		(30	)		(40	)
Total recognized in other comprehensive income		(22,583	)		(58,049	)		(48,776	)		68			(104	)		(52	)

Total recognized in net periodic benefit cost and other comprehensive income	$	(23,442	)	$	(65,097	)	$	(48,627	)	$	134		$	(45	)	$	19

Weighted average assumptions used to determine net periodic benefit cost
Discount rate (a)		5.5	%	3.0% / 3.1%			2.8% / 2.9%				5.5	%		3.0	%		2.8	%
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 2023 discount rate for benefit cost is 5.5% for both the Kirby Pension Plan and the Higman Pension Plan. The 2022 discount rate for benefit cost is 3.0% for the Kirby Pension Plan and 3.1% for the Higman Pension Plan.