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