XML 54 R36.htm IDEA: XBRL DOCUMENT

Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2024

Defined Benefit Plan Disclosure [Line Items]

The aggregate fair value of plan assets of the Company’s pension plans was $411.4 million and $375.9 million at December 31, 2024 and 2023, respectively. Pension assets were allocated among asset categories as follows:


	December 31,						Current Minimum, Target and Maximum
Asset Category	2024			2023			Allocation Policy
U.S. equity securities		51	%		51	%		45	%	— 50%	— 55%
International equity securities		18			20			12	%	— 20%	— 28%
Debt securities		31			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
	2024			2023			2024			2023			2024			2023
Change in benefit obligation
Benefit obligation at beginning of year	$	342,749		$	339,509		$	814		$	833		$	415		$	432
Service cost		3,395			3,695			—			—			—			—
Interest cost		17,179			18,356			39			43			20			22
Actuarial (gain) loss		(26,541	)		13,241			(33	)		91			(3	)		65
Gross benefits paid		(15,572	)		(32,052	)		(68	)		(153	)		(36	)		(104	)
Benefit obligation at end of year	$	321,210		$	342,749		$	752		$	814		$	396		$	415

Accumulated benefit obligation at end of year	$	310,714		$	326,987		$	752		$	814		$	396		$	415

Weighted-average assumption used to determine benefit obligation at end of year
Discount rate (a)		5.7	%	5.1%/5.2%				5.7	%		5.1	%		5.7	%		5.1	%
Rate of compensation increase	Service-based table			Service-based table				—			—			—			—
Health care cost trend rate
Initial rate		—			—			—			—			6.75	%		6.25	%
Ultimate rate		—			—			—			—			5.0	%		5.0	%
Years to ultimate		—			—			—			—		2032			2029

Change in plan assets
Fair value of plan assets at beginning of year	$	375,917		$	341,061		$	—		$	—		$	—		$	—
Actual return on plan assets		49,450			58,734			—			—			—			—
Employer contribution		1,654			8,174			68			153			36			104
Gross benefits paid		(15,572	)		(32,052	)		(68	)		(153	)		(36	)		(104	)
Fair value of plan assets at end of year	$	411,449		$	375,917		$	—		$	—		$	—		$	—

(a)

The 2024 discount rate was 5.7% for both the Kirby Pension Plan and the Higman Pension Plan. The 2023 discount rate was 5.1% for the Kirby Pension Plan and 5.2% 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
	2024			2023			2024			2023			2024			2023
Funded status at end of year
Fair value of plan assets	$	411,449		$	375,917		$	—		$	—		$	—		$	—
Benefit obligations		(321,210	)		(342,749	)		(752	)		(814	)		(396	)		(415	)
Funded status and amount recognized at end of year	$	90,239		$	33,168		$	(752	)	$	(814	)	$	(396	)	$	(415	)

Amounts recognized in the consolidated balance sheets
Noncurrent asset		93,023			42,698			—			—			—			—
Current liability		—			—			(105	)		(106	)		(47	)		(46	)
Long-term liability		(2,784	)		(9,530	)		(647	)		(708	)		(349	)		(369	)

Amounts recognized in accumulated other comprehensive income
Net actuarial (gain) loss	$	(96,817	)	$	(48,033	)	$	327		$	391		$	(1,613	)	$	(1,890	)
Prior service cost (credit)		—			—			—			—			—			—
Accumulated other compensation income	$	(96,817	)	$	(48,033	)	$	327		$	391		$	(1,613	)	$	(1,890	)

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
	2024		2023		2024		2023		2024		2023
Expected employer contributions
First year	$	1,480	$	1,770	$	—	$	—	$	—	$	—

Expected benefit payments (gross)
Year one	$	17,765	$	16,696	$	108	$	108	$	48	$	47
Year two		18,247		17,513		102		103		47		46
Year three		19,056		18,169		97		98		45		44
Year four		19,656		19,096		91		93		43		43
Year five		20,356		19,860		85		88		40		41
Next five years		109,082		108,717		314		337		163		167

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
	2024			2023			2022			2024			2023			2022
Components of net periodic benefit cost
Service cost	$	3,395		$	3,695		$	6,538		$	—		$	—		$	—
Interest cost		17,179			18,356			14,779			39			43			29
Expected return on plan assets		(24,885	)		(22,910	)		(28,399	)		—			—			—
Amortization of actuarial (gain) loss		(2,330	)		—			34			32			23			30
Net periodic benefit cost		(6,641	)		(859	)		(7,048	)		71			66			59

Other changes in plan assets and benefit obligations recognized in other comprehensive income
Current year actuarial (gain) loss		(51,114	)		(22,583	)		(58,015	)		(32	)		91			(74	)
Recognition of actuarial (gain) loss		2,330			—			(34	)		(32	)		(23	)		(30	)
Total recognized in other comprehensive income		(48,784	)		(22,583	)		(58,049	)		(64	)		68			(104	)

Total recognized in net periodic benefit cost and other comprehensive income	$	(55,425	)	$	(23,442	)	$	(65,097	)	$	7		$	134		$	(45	)

Weighted average assumptions used to determine net periodic benefit cost
Discount rate (a)	5.1%/5.2%				5.5	%	3.0% / 3.1%				5.1	%		5.5	%		3.0	%
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 2024 discount rate for benefit cost is 5.1% for the Kirby Pension Plan and 5.2% for the Higman Pension Plan. The 2023 discount rate for benefit cost is 5.5% for both the Kirby Pension Plan and the Higman Pension Plan.