☒ | Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
☐ | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Nevada
|
74-1884980
|
|
(State or other jurisdiction of incorporation or organization)
|
(IRS Employer Identification No.)
|
55 Waugh Drive, Suite 1000
|
||
Houston, TX
|
77007
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Large accelerated filer
|
☒
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☐
|
Smaller reporting company
|
☐
|
Item 1. | Financial Statements |
June 30,
2016
|
December 31,
2015
|
|||||||
($ in thousands)
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
2,859
|
$
|
5,885
|
||||
Accounts receivable:
|
||||||||
Trade – less allowance for doubtful accounts
|
271,698
|
290,931
|
||||||
Other
|
88,477
|
102,443
|
||||||
Inventories – net
|
187,717
|
184,511
|
||||||
Prepaid expenses and other current assets
|
58,480
|
45,283
|
||||||
Deferred income taxes
|
11,302
|
11,723
|
||||||
Total current assets
|
620,533
|
640,776
|
||||||
Property and equipment
|
4,259,895
|
4,059,763
|
||||||
Less accumulated depreciation
|
(1,342,645
|
)
|
(1,280,783
|
)
|
||||
Property and equipment – net
|
2,917,250
|
2,778,980
|
||||||
Goodwill
|
587,703
|
586,718
|
||||||
Other assets
|
143,329
|
145,807
|
||||||
Total assets
|
$
|
4,268,815
|
$
|
4,152,281
|
June 30,
2016
|
December 31,
2015
|
|||||||
($ in thousands)
|
||||||||
Current liabilities:
|
||||||||
Income taxes payable
|
$
|
3,173
|
$
|
3,564
|
||||
Accounts payable
|
134,480
|
132,799
|
||||||
Accrued liabilities
|
173,039
|
184,254
|
||||||
Deferred revenues
|
33,757
|
41,300
|
||||||
Total current liabilities
|
344,449
|
361,917
|
||||||
Long-term debt – less current portion
|
798,687
|
774,849
|
||||||
Deferred income taxes
|
697,517
|
669,808
|
||||||
Other long-term liabilities
|
77,483
|
66,511
|
||||||
Total long-term liabilities
|
1,573,687
|
1,511,168
|
||||||
Contingencies and commitments
|
—
|
—
|
||||||
Equity:
|
||||||||
Kirby stockholders’ equity:
|
||||||||
Common stock, $.10 par value per share. Authorized 120,000,000 shares, issued 59,776,000 shares
|
5,978
|
5,978
|
||||||
Additional paid-in capital
|
427,173
|
434,783
|
||||||
Accumulated other comprehensive income – net
|
(47,186
|
)
|
(44,686
|
)
|
||||
Retained earnings
|
2,277,871
|
2,200,830
|
||||||
Treasury stock – at cost, 5,920,000 at June 30, 2016 and 6,056,000 at December 31, 2015
|
(320,301
|
)
|
(328,094
|
)
|
||||
Total Kirby stockholders’ equity
|
2,343,535
|
2,268,811
|
||||||
Noncontrolling interests
|
7,144
|
10,385
|
||||||
Total equity
|
2,350,679
|
2,279,196
|
||||||
Total liabilities and equity
|
$
|
4,268,815
|
$
|
4,152,281
|
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
($ in thousands, except per share amounts)
|
||||||||||||||||
Revenues:
|
||||||||||||||||
Marine transportation
|
$
|
378,303
|
$
|
425,053
|
$
|
756,646
|
$
|
844,958
|
||||||||
Diesel engine services
|
63,279
|
118,103
|
143,669
|
285,871
|
||||||||||||
Total revenues
|
441,582
|
543,156
|
900,315
|
1,130,829
|
||||||||||||
Costs and expenses:
|
||||||||||||||||
Costs of sales and operating expenses
|
276,897
|
343,745
|
565,807
|
728,526
|
||||||||||||
Selling, general and administrative
|
42,842
|
49,165
|
93,303
|
100,209
|
||||||||||||
Taxes, other than on income
|
5,468
|
5,378
|
10,872
|
9,923
|
||||||||||||
Depreciation and amortization
|
49,661
|
46,825
|
98,285
|
92,591
|
||||||||||||
Gain on disposition of assets
|
(94
|
)
|
(91
|
)
|
(161
|
)
|
(1,646
|
)
|
||||||||
Total costs and expenses
|
374,774
|
445,022
|
768,106
|
929,603
|
||||||||||||
Operating income
|
66,808
|
98,134
|
132,209
|
201,226
|
||||||||||||
Other income (expense)
|
179
|
(303
|
)
|
314
|
(243
|
)
|
||||||||||
Interest expense
|
(4,513
|
)
|
(4,759
|
)
|
(8,706
|
)
|
(10,009
|
)
|
||||||||
|
||||||||||||||||
Earnings before taxes on income
|
62,474
|
93,072
|
123,817
|
190,974
|
||||||||||||
Provision for taxes on income
|
(23,365
|
)
|
(34,696
|
)
|
(46,224
|
)
|
(71,187
|
)
|
||||||||
Net earnings
|
39,109
|
58,376
|
77,593
|
119,787
|
||||||||||||
Less: Net earnings attributable to noncontrolling interests
|
(167
|
)
|
(301
|
)
|
(552
|
)
|
(634
|
)
|
||||||||
Net earnings attributable to Kirby
|
$
|
38,942
|
$
|
58,075
|
$
|
77,041
|
$
|
119,153
|
||||||||
Net earnings per share attributable to Kirby common stockholders:
|
||||||||||||||||
Basic
|
$
|
0.72
|
$
|
1.04
|
$
|
1.43
|
$
|
2.14
|
||||||||
Diluted
|
$
|
0.72
|
$
|
1.04
|
$
|
1.43
|
$
|
2.13
|
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
($ in thousands)
|
||||||||||||||||
Net earnings
|
$
|
39,109
|
$
|
58,376
|
$
|
77,593
|
$
|
119,787
|
||||||||
Other comprehensive income (loss), net of taxes:
|
||||||||||||||||
Pension and postretirement benefits
|
(3,149
|
)
|
2,458
|
(2,500
|
)
|
3,566
|
||||||||||
Foreign currency translation adjustments
|
—
|
129
|
—
|
32
|
||||||||||||
Total other comprehensive income (loss), net of taxes
|
(3,149
|
)
|
2,587
|
(2,500
|
)
|
3,598
|
||||||||||
Total comprehensive income, net of taxes
|
35,960
|
60,963
|
75,093
|
123,385
|
||||||||||||
Net earnings attributable to noncontrolling interests
|
(167
|
)
|
(301
|
)
|
(552
|
)
|
(634
|
)
|
||||||||
Comprehensive income attributable to Kirby
|
$
|
35,793
|
$
|
60,662
|
$
|
74,541
|
$
|
122,751
|
Six months ended
June 30,
|
|||||||||
2016
|
2015
|
||||||||
($ in thousands)
|
|||||||||
Cash flows from operating activities:
|
|||||||||
Net earnings
|
$
|
77,593
|
|
$
|
119,787
|
||||
Adjustments to reconcile net earnings to net cash provided by operations:
|
|||||||||
Depreciation and amortization
|
98,285
|
92,591
|
|||||||
Provision for deferred income taxes
|
29,682
|
13,801
|
|||||||
Amortization of unearned share-based compensation
|
5,545
|
5,251
|
|||||||
Amortization of major maintenance costs
|
9,295
|
10,360
|
|||||||
Amortization of debt issuance costs
|
401
|
977
|
|||||||
Other
|
(661
|
)
|
70
|
||||||
Increase (decrease) in cash flows resulting from changes in operating assets and liabilities, net
|
(10,273
|
)
|
3,081
|
||||||
Net cash provided by operating activities
|
209,867
|
245,918
|
|||||||
Cash flows from investing activities:
|
|||||||||
Capital expenditures
|
(111,048
|
)
|
(190,152
|
)
|
|||||
Acquisitions of businesses and marine equipment
|
(120,991
|
)
|
(41,250
|
)
|
|||||
Proceeds from disposition of assets
|
3,147
|
10,636
|
|||||||
Net cash used in investing activities
|
(228,892
|
)
|
(220,766
|
)
|
|||||
Cash flows from financing activities:
|
|||||||||
Borrowings on bank credit facilities, net
|
23,438
|
190,321
|
|||||||
Payments on long-term debt
|
─
|
(100,000
|
)
|
||||||
Proceeds from exercise of stock options
|
321
|
3,712
|
|||||||
Purchase of treasury stock
|
(1,827
|
)
|
(138,851
|
)
|
|||||
Acquisition of noncontrolling interest
|
(4,160
|
)
|
─
|
||||||
Excess tax benefit from equity compensation plans
|
─
|
1,064
|
|||||||
Other
|
(1,773
|
)
|
(708
|
)
|
|||||
Net cash provided by (used in) financing activities
|
15,999
|
(44,462
|
)
|
||||||
Decrease in cash and cash equivalents
|
(3,026
|
)
|
(19,310
|
)
|
|||||
Cash and cash equivalents, beginning of year
|
5,885
|
24,299
|
|||||||
Cash and cash equivalents, end of period
|
$
|
2,859
|
|
$
|
4,989
|
||||
Supplemental disclosures of cash flow information:
|
|||||||||
Interest paid
|
$
|
9,823
|
|
$
|
10,550
|
||||
Income taxes paid
|
$
|
14,519
|
|
$
|
45,360
|
||||
Capital expenditures included in accounts payable
|
$
|
(9,769
|
)
|
$
|
─
|
||||
Fair value of property transferred in acquisition
|
$
|
3,681
|
$
|
─
|
(1) | BASIS FOR PREPARATION OF THE CONDENSED FINANCIAL STATEMENTS |
(2) | ACCOUNTING STANDARDS ADOPTIONS |
(3) | ACQUISITIONS |
(4) | INVENTORIES |
June 30,
2016
|
December 31,
2015
|
|||||||
Finished goods
|
$
|
168,938
|
$
|
163,501
|
||||
Work in process
|
18,779
|
21,010
|
||||||
$
|
187,717
|
$
|
184,511
|
(5) | FAIR VALUE MEASUREMENTS |
(6) | STOCK AWARD PLANS |
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Compensation cost
|
$
|
2,961
|
$
|
2,713
|
$
|
5,545
|
$
|
5,251
|
||||||||
Income tax benefit
|
$
|
1,110
|
$
|
1,015
|
$
|
2,079
|
$
|
1,964
|
Outstanding
Non-
Qualified or
Nonincentive
Stock
Awards
|
Weighted
Average
Exercise
Price
|
|||||||
Outstanding at December 31, 2015
|
430,432
|
$
|
71.01
|
|||||
Granted
|
186,706
|
$
|
53.50
|
|||||
Forfeited
|
(12,910
|
)
|
$
|
77.35
|
||||
Outstanding at June 30, 2016
|
604,228
|
$
|
65.47
|
Options Outstanding
|
Options Exercisable
|
|||||||||||||||||||||||||||||
Range of
Exercise Prices
|
Number
Outstanding
|
Weighted
Average
Remaining
Contractual
Life in
Years
|
Weighted
Average
Exercise
Price
|
Aggregate
Intrinsic Value
|
Number
Exercisable
|
Weighted
Average
Exercise
Price
|
Aggregate
Intrinsic
Value
|
|||||||||||||||||||||||
$
|
31.35 - $36.35
|
16,910
|
0.6
|
$
|
32.82
|
16,910
|
$
|
32.82
|
||||||||||||||||||||||
$
|
46.74 - $51.23
|
212,335
|
5.3
|
$
|
50.03
|
56,629
|
$
|
46.74
|
||||||||||||||||||||||
$
|
64.89 - $ 74.99
|
304,500
|
4.5
|
$
|
70.32
|
204,074
|
$
|
69.56
|
||||||||||||||||||||||
$
|
93.64 - $ 96.85
|
33,987
|
4.6
|
$
|
94.31
|
22,658
|
$
|
94.31
|
||||||||||||||||||||||
$
|
101.46 -$114.11
|
36,496
|
4.5
|
$
|
103.02
|
24,778
|
$
|
103.22
|
||||||||||||||||||||||
$
|
31.35 -$114.11
|
604,228
|
4.7
|
$
|
65.47
|
$
|
3,124,000
|
325,049
|
$
|
67.96
|
$
|
1,386,000
|
Unvested
Restricted
Stock
Award
Shares
|
Weighted
Average
Grant Date
Fair Value
Per Share
|
|||||||
Nonvested balance at December 31, 2015
|
311,727
|
$
|
75.73
|
|||||
Granted
|
190,150
|
$
|
53.55
|
|||||
Vested
|
(104,781
|
)
|
$
|
69.94
|
||||
Forfeited
|
(18,001
|
)
|
$
|
76.82
|
||||
Nonvested balance at June 30, 2016
|
379,095
|
$
|
66.15
|
Outstanding
Non-
Qualified or
Nonincentive
Stock
Options
|
Weighted
Average
Exercise
Price
|
|||||||
Outstanding at December 31, 2015
|
220,429
|
$
|
64.37
|
|||||
Granted
|
─
|
$
|
─
|
|||||
Exercised
|
(9,000
|
) |
$
|
35.72
|
||||
Forfeited
|
(6,000
|
) |
$
|
99.52
|
||||
Outstanding at June 30, 2016
|
205,429
|
$
|
64.60
|
Options Outstanding
|
Options Exercisable
|
|||||||||||||||||||||||||||||
Range of Exercise
Prices
|
Number
Outstanding
|
Weighted
Average
Remaining
Contractual
Life in
Years
|
Weighted
Average
Exercise
Price
|
Aggregate
Intrinsic Value
|
Number
Exercisable
|
Weighted
Average
Exercise
Price
|
Aggregate
Intrinsic
Value
|
|||||||||||||||||||||||
$
|
29.60 - $36.82
|
21,000
|
1.4
|
$
|
32.69
|
21,000
|
$
|
32.69
|
||||||||||||||||||||||
$
|
41.24 - $56.45
|
71,276
|
3.1
|
$
|
52.34
|
71,276
|
$
|
52.34
|
||||||||||||||||||||||
$
|
61.89 - $62.48
|
41,153
|
5.3
|
$
|
62.34
|
41,153
|
$
|
62.34
|
||||||||||||||||||||||
$
|
75.17 - $99.52
|
72,000
|
6.2
|
$
|
87.35
|
72,000
|
$
|
87.35
|
||||||||||||||||||||||
$
|
29.60 - $99.52
|
205,429
|
4.5
|
$
|
64.60
|
$
|
1,345,000
|
205,429
|
$
|
64.60
|
$
|
1,345,000
|
Unvested
Restricted
Stock
Award
Shares
|
Weighted
Average
Grant Date
Fair Value
Per Share
|
|||||||
Nonvested balance at December 31, 2015
|
1,791
|
$
|
68.73
|
|||||
Granted
|
23,074
|
$
|
64.89
|
|||||
Vested
|
(2,138
|
)
|
$
|
68.11
|
||||
Nonvested balance at June 30, 2016
|
22,727
|
$
|
64.89
|
Six months ended
June 30,
|
||||||||
2016
|
2015
|
|||||||
Dividend yield
|
None
|
None
|
||||||
Average risk-free interest rate
|
1.5%
|
|
1.3%
|
|||||
Stock price volatility
|
30%
|
|
33%
|
|
||||
Estimated option term
|
Six years
|
Six years
|
(7) | OTHER COMPREHENSIVE INCOME |
Three months ended June 30,
|
||||||||||||||||||||||||
2016
|
2015
|
|||||||||||||||||||||||
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 loss
|
$
|
1,345
|
$
|
(524
|
)
|
$
|
821
|
$
|
1,688
|
$
|
(642
|
)
|
$
|
1,046
|
||||||||||
Actuarial gains (losses)
|
(6,435
|
)
|
2,465
|
(3,970
|
)
|
2,293
|
(881
|
)
|
1,412
|
|||||||||||||||
Foreign currency translation adjustments
|
—
|
—
|
—
|
129
|
—
|
129
|
||||||||||||||||||
Total
|
$
|
(5,090
|
)
|
$
|
1,941
|
$
|
(3,149
|
)
|
$
|
4,110
|
$
|
(1,523
|
)
|
$
|
2,587
|
Six months ended June 30,
|
||||||||||||||||||||||||
2016
|
2015
|
|||||||||||||||||||||||
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 loss
|
$
|
2,382
|
$
|
(912
|
)
|
$
|
1,470
|
$
|
3,486
|
$
|
(1,332
|
)
|
$
|
2,154
|
||||||||||
Actuarial gains (losses)
|
(6,435
|
)
|
2,465
|
(3,970
|
)
|
2,293
|
(881
|
)
|
1,412
|
|||||||||||||||
Foreign currency translation adjustments
|
—
|
—
|
—
|
32
|
—
|
32
|
||||||||||||||||||
Total
|
$
|
(4,053
|
)
|
$
|
1,553
|
$
|
(2,500
|
)
|
$
|
5,811
|
$
|
(2,213
|
)
|
$
|
3,598
|
(a) | Actuarial gains (losses) are amortized into costs of sales and operating expenses or selling, general and administrative expenses as appropriate. (See Note 11 – Retirement Plans) |
(8) | SEGMENT DATA |
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Revenues:
|
||||||||||||||||
Marine transportation
|
$
|
378,303
|
$
|
425,053
|
$
|
756,646
|
$
|
844,958
|
||||||||
Diesel engine services
|
63,279
|
118,103
|
143,669
|
285,871
|
||||||||||||
$
|
441,582
|
$
|
543,156
|
$
|
900,315
|
$
|
1,130,829
|
|||||||||
Segment profit (loss):
|
||||||||||||||||
Marine transportation
|
$
|
72,726
|
$
|
97,011
|
$
|
142,521
|
$
|
193,280
|
||||||||
Diesel engine services
|
(1,968
|
)
|
4,931
|
(2,774
|
)
|
13,774
|
||||||||||
Other
|
(8,284
|
)
|
(8,870
|
)
|
(15,930
|
)
|
(16,080
|
)
|
||||||||
$
|
62,474
|
$
|
93,072
|
$
|
123,817
|
$
|
190,974
|
June 30,
2015
|
December 31,
2015
|
|||||||
Total assets:
|
||||||||
Marine transportation
|
$
|
3,596,923
|
$
|
3,451,553
|
||||
Diesel engine services
|
607,995
|
637,549
|
||||||
Other
|
63,897
|
63,179
|
||||||
$
|
4,268,815
|
$
|
4,152,281
|
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
General corporate expenses
|
$
|
(4,044
|
)
|
$
|
(3,899
|
)
|
$
|
(7,699
|
)
|
$
|
(7,474
|
)
|
||||
Gain on disposition of assets
|
94
|
91
|
161
|
1,646
|
||||||||||||
Interest expense
|
(4,513
|
)
|
(4,759
|
)
|
(8,706
|
)
|
(10,009
|
)
|
||||||||
Other income (expense)
|
179
|
(303
|
)
|
314
|
(243
|
)
|
||||||||||
$
|
(8,284
|
)
|
$
|
(8,870
|
)
|
$
|
(15,930
|
)
|
$
|
(16,080
|
)
|
June 30,
2016
|
December 31,
2015
|
|||||||
General corporate assets
|
$
|
61,505
|
$
|
61,089
|
||||
Investment in affiliates
|
2,392
|
2,090
|
||||||
$
|
63,897
|
$
|
63,179
|
(9) | TAXES ON INCOME |
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Earnings before taxes on income – United States
|
$
|
62,474
|
$
|
93,072
|
$
|
123,817
|
$
|
190,974
|
||||||||
Provision for taxes on income:
|
||||||||||||||||
Federal:
|
||||||||||||||||
Current
|
$
|
6,651
|
$
|
25,086
|
$
|
13,091
|
$
|
51,266
|
||||||||
Deferred
|
14,969
|
6,919
|
29,682
|
14,401
|
||||||||||||
State and local
|
1,745
|
2,691
|
3,451
|
5,520
|
||||||||||||
$
|
23,365
|
$
|
34,696
|
$
|
46,224
|
$
|
71,187
|
(10) | EARNINGS PER SHARE |
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Net earnings attributable to Kirby
|
$
|
38,942
|
$
|
58,075
|
$
|
77,041
|
$
|
119,153
|
||||||||
Undistributed earnings allocated to restricted shares
|
(284
|
)
|
(350
|
)
|
(524
|
)
|
(696
|
)
|
||||||||
Income available to Kirby common stockholders - basic
|
38,658
|
57,725
|
76,517
|
118,457
|
||||||||||||
Undistributed earnings allocated to restricted shares
|
284
|
350
|
524
|
696
|
||||||||||||
Undistributed earnings reallocated to restricted shares
|
(285
|
)
|
(349
|
)
|
(524
|
)
|
(695
|
)
|
||||||||
Income available to Kirby common stockholders - diluted
|
$
|
38,657
|
$
|
57,726
|
$
|
76,517
|
$
|
118,458
|
||||||||
Shares outstanding:
|
||||||||||||||||
Weighted average common stock issued and outstanding
|
53,844
|
55,651
|
53,813
|
55,772
|
||||||||||||
Weighted average unvested restricted stock
|
(393
|
)
|
(336
|
)
|
(367
|
)
|
(326
|
)
|
||||||||
Weighted average common stock outstanding - basic
|
53,451
|
55,315
|
53,446
|
55,446
|
||||||||||||
Dilutive effect of stock options
|
75
|
117
|
59
|
119
|
||||||||||||
Weighted average common stock outstanding - diluted
|
53,526
|
55,432
|
53,505
|
55,565
|
||||||||||||
Net earnings per share attributable to Kirby common stockholders:
|
||||||||||||||||
Basic
|
$
|
0.72
|
$
|
1.04
|
$
|
1.43
|
$
|
2.14
|
||||||||
Diluted
|
$
|
0.72
|
$
|
1.04
|
$
|
1.43
|
$
|
2.13
|
(11) | RETIREMENT PLANS |
Pension Benefits
|
||||||||||||||||
Pension Plan
|
SERP
|
|||||||||||||||
Three months ended
June 30,
|
Three months ended
June 30,
|
|||||||||||||||
2016 |
2015
|
2016
|
2015
|
|||||||||||||
Components of net periodic benefit cost:
|
||||||||||||||||
Service cost
|
$
|
3,482
|
$
|
3,517
|
$
|
—
|
$
|
—
|
||||||||
Interest cost
|
3,651
|
3,302
|
17
|
16
|
||||||||||||
Expected return on plan assets
|
(4,251
|
)
|
(4,485
|
)
|
—
|
—
|
||||||||||
Amortization of actuarial loss
|
1,525
|
1,903
|
6
|
7
|
||||||||||||
Net periodic benefit cost
|
$
|
4,407
|
$
|
4,237
|
$
|
23
|
$
|
23
|
Pension Benefits
|
||||||||||||||||
Pension Plan
|
SERP
|
|||||||||||||||
Six months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Components of net periodic benefit cost:
|
||||||||||||||||
Service cost
|
$
|
6,702
|
$
|
7,347
|
$
|
—
|
$
|
—
|
||||||||
Interest cost
|
7,063
|
6,656
|
33
|
32
|
||||||||||||
Expected return on plan assets
|
(8,404
|
)
|
(8,968
|
)
|
—
|
—
|
||||||||||
Amortization of actuarial loss
|
2,743
|
3,867
|
13
|
14
|
||||||||||||
Net periodic benefit cost
|
$
|
8,104
|
$
|
8,902
|
$
|
46
|
$
|
46
|
Other Postretirement
Benefits
|
Other Postretirement
Benefits
|
|||||||||||||||
Postretirement Welfare Plan
|
Postretirement Welfare Plan
|
|||||||||||||||
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Components of net periodic benefit cost:
|
||||||||||||||||
Service cost
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||
Interest cost
|
3
|
5
|
15
|
18
|
||||||||||||
Amortization of actuarial gain
|
(186
|
)
|
(222
|
)
|
(374
|
)
|
(395
|
)
|
||||||||
Net periodic benefit cost
|
$
|
(183
|
)
|
$
|
(217
|
)
|
$
|
(359
|
)
|
$
|
(377
|
)
|
(12) | CONTINGENCIES |
Item 1A. | Risk Factors |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Weighted average number of common stock - diluted
|
53,526
|
55,432
|
53,505
|
55,565
|
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||||||||||||||||||
2016
|
%
|
2015
|
%
|
2016
|
%
|
2015
|
%
|
|||||||||||||||||||||||||
Marine transportation
|
$
|
378,303
|
86
|
%
|
$
|
425,053
|
78
|
%
|
$
|
756,646
|
84
|
%
|
$
|
844,958
|
75
|
%
|
||||||||||||||||
Diesel engine services
|
63,279
|
14
|
118,103
|
22
|
143,669
|
16
|
285,871
|
25
|
||||||||||||||||||||||||
$
|
441,582
|
100
|
%
|
$
|
543,156
|
100
|
%
|
$
|
900,315
|
100
|
%
|
$
|
1,130,829
|
100
|
%
|
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||||||||||
2016
|
2015
|
%
Change
|
2016
|
2015
|
%
Change
|
|||||||||||||||||||
Marine transportation revenues
|
$
|
378,303
|
$
|
425,053
|
(11
|
)%
|
$
|
756,646
|
$
|
844,958
|
(10
|
)%
|
||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||
Costs of sales and operating expenses
|
228,592
|
251,784
|
(9
|
)
|
455,344
|
500,868
|
(9
|
)
|
||||||||||||||||
Selling, general and administrative
|
26,600
|
28,660
|
(7
|
)
|
59,297
|
57,393
|
3
|
|||||||||||||||||
Taxes, other than on income
|
4,953
|
4,816
|
3
|
9,791
|
8,947
|
9
|
||||||||||||||||||
Depreciation and amortization
|
45,432
|
42,782
|
6
|
89,693
|
84,470
|
6
|
||||||||||||||||||
305,577
|
328,042
|
(7
|
)
|
614,125
|
651,678
|
(6
|
)
|
|||||||||||||||||
Operating income
|
$
|
72,726
|
$
|
97,011
|
(25
|
)%
|
$
|
142,521
|
$
|
193,280
|
(26
|
)%
|
||||||||||||
Operating margins
|
19.2
|
%
|
22.8
|
%
|
18.8
|
%
|
22.9
|
%
|
Markets Serviced
|
2016 Second
Quarter
Revenue
Distribution
|
2016 Six
Months
Revenue
Distribution
|
Products Moved
|
Drivers
|
|||||||
Petrochemicals
|
49%
|
49%
|
Benzene, Styrene, Methanol, Acrylonitrile, Xylene, Naphtha, Caustic Soda, Butadiene, Propylene
|
Consumer non-durables – 70%, Consumer durables – 30%
|
|||||||
Black Oil
|
24%
|
25%
|
Residual Fuel Oil, Coker Feedstock, Vacuum Gas Oil, Asphalt, Carbon Black Feedstock, Crude Oil, Ship Bunkers
|
Fuel for Power Plants and Ships, Feedstock for Refineries, Road Construction
|
|||||||
Refined Petroleum Products
|
24%
|
23%
|
Gasoline, No. 2 Oil, Jet Fuel, Heating Oil, Diesel Fuel, Ethanol
|
Vehicle Usage, Air Travel, Weather Conditions, Refinery Utilization
|
|||||||
Agricultural Chemicals
|
3%
|
3%
|
Anhydrous Ammonia, Nitrogen – Based Liquid Fertilizer, Industrial Ammonia
|
Corn, Cotton and Wheat Production, Chemical Feedstock Usage
|
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||||||||||
2016
|
2015
|
%
Change
|
2016
|
2015
|
%
Change
|
|||||||||||||||||||
Diesel engine services revenues
|
$
|
63,279
|
$
|
118,103
|
(46
|
)%
|
$
|
143,669
|
$
|
285,871
|
(50
|
)%
|
||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||
Costs of sales and operating expenses
|
48,305
|
91,961
|
(47
|
)
|
110,463
|
227,658
|
(51
|
)
|
||||||||||||||||
Selling, general and administrative
|
13,178
|
17,603
|
(25
|
)
|
28,309
|
37,335
|
(24
|
)
|
||||||||||||||||
Taxes, other than on income
|
502
|
549
|
(9
|
)
|
1,053
|
947
|
11
|
|||||||||||||||||
Depreciation and amortization
|
3,262
|
3,059
|
7
|
6,618
|
6,157
|
7
|
||||||||||||||||||
65,247
|
113,172
|
(42
|
)
|
146,443
|
272,097
|
(46
|
)
|
|||||||||||||||||
Operating income (loss)
|
$
|
(1,968
|
)
|
$
|
4,931
|
(140
|
)%
|
$
|
(2,774
|
)
|
$
|
13,774
|
(120
|
)%
|
||||||||||
Operating margins
|
(3.1
|
)%
|
4.2
|
%
|
(1.9
|
)%
|
4.8
|
%
|
Markets Serviced
|
2016 Second
Quarter
Revenue
Distribution
|
2016 Six
Months
Revenue
Distribution
|
Customers
|
||||||
Marine
|
46%
|
44%
|
Inland River Carriers – Dry and Liquid, Offshore Towing – Dry and Liquid, Offshore Oilfield Services – Drilling Rigs & Supply Boats, Harbor Towing, Dredging, Great Lakes Ore Carriers
|
||||||
Land-Based
|
36%
|
38%
|
Land-Based Oilfield Services, Oil and Gas Operators and Producers, On- Highway Transportation
|
||||||
Power Generation
|
18%
|
18%
|
Standby Power Generation, Pumping Stations
|
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||||||||||
2016
|
2015
|
%
Change
|
2016
|
2015
|
%
Change
|
|||||||||||||||||||
Other income (expense)
|
$
|
179
|
$
|
(303
|
)
|
─
|
$
|
314
|
$
|
(243
|
)
|
─
|
||||||||||||
Noncontrolling interests
|
$
|
(167
|
)
|
$
|
(301
|
)
|
(45
|
)%
|
$
|
(552
|
)
|
$
|
(634
|
)
|
(13
|
)%
|
||||||||
Interest expense
|
$
|
(4,513
|
)
|
$
|
(4,759
|
)
|
(5
|
)%
|
$
|
(8,706
|
)
|
$
|
(10,009
|
)
|
(13
|
)%
|
June 30,
2016
|
December 31,
2015
|
%
Change
|
||||||||||
Assets:
|
||||||||||||
Current assets
|
$
|
620,533
|
$
|
640,776
|
(3
|
)%
|
||||||
Property and equipment, net
|
2,917,250
|
2,778,980
|
5
|
|||||||||
Goodwill
|
587,703
|
586,718
|
─
|
|||||||||
Other assets
|
143,329
|
145,807
|
(2
|
)
|
||||||||
$
|
4,268,815
|
$
|
4,152,281
|
3
|
%
|
|||||||
Liabilities and stockholders’ equity:
|
||||||||||||
Current liabilities
|
$
|
344,449
|
$
|
361,917
|
(5
|
)%
|
||||||
Long-term debt – less current portion
|
798,687
|
774,849
|
3
|
|||||||||
Deferred income taxes
|
697,517
|
669,808
|
4
|
|||||||||
Other long-term liabilities
|
77,483
|
66,511
|
16
|
|||||||||
Total equity
|
2,350,679
|
2,279,196
|
3
|
|||||||||
$
|
4,268,815
|
$
|
4,152,281
|
3
|
%
|
Item 3. | Quantitative and Qualitative Disclosures about Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 6.
|
Exhibits
|
–
|
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)
|
|
–
|
Certification of Chief Financial Officer Pursuant to Rule 13a-14(a)
|
|
–
|
Certification Pursuant to 18 U.S.C. Section 1350
|
|
101.INS*
|
–
|
XBRL Instance Document
|
101.SCH*
|
–
|
XBRL Taxonomy Extension Schema Document
|
101.CAL*
|
–
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF*
|
–
|
XBRL Taxonomy Extension Definition Linkbase Document
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101.LAB*
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XBRL Taxonomy Extension Label Linkbase Document
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101.PRE*
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XBRL Taxonomy Extension Presentation Linkbase Document
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* | These exhibits are furnished herewith. In accordance with Rule 406T of Regulation S-T, these exhibits are not deemed to be filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are not deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections. |
KIRBY CORPORATION
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(Registrant)
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By:
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/s/ C. ANDREW SMITH
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C. Andrew Smith
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Executive Vice President and
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Chief Financial Officer
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Dated: August 8, 2016
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1. | I have reviewed this report on Form 10-Q of Kirby Corporation (the “registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/S/ DAVID W. GRZEBINSKI
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David W. Grzebinski
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President and Chief Executive Officer
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Dated: August 8, 2016
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1. | I have reviewed this report on Form 10-Q of Kirby Corporation (the “registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/S/ C. ANDREW SMITH
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C. Andrew Smith
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Executive Vice President and
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Chief Financial Officer
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Dated: August 8, 2016
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1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/S/ DAVID W. GRZEBINSKI
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David W. Grzebinski
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President and Chief Executive Officer
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/S/ C. ANDREW SMITH
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C. Andrew Smith
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Executive Vice President and
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Chief Financial Officer
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Dated: August 8, 2016
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Document and Entity Information - shares |
6 Months Ended | |
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Jun. 30, 2016 |
Aug. 05, 2016 |
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Document and Entity Information [Abstract] | ||
Entity Registrant Name | KIRBY CORP | |
Entity Central Index Key | 0000056047 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 53,856,000 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 |
CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares |
Jun. 30, 2016 |
Dec. 31, 2015 |
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Equity: | ||
Common stock, par value per share (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 120,000,000 | 120,000,000 |
Common stock, shares issued (in shares) | 59,776,000 | 59,776,000 |
Treasury stock, shares (in shares) | 5,920,000 | 6,056,000 |
CONDENSED STATEMENTS OF EARNINGS (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
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Revenues: | ||||
Marine transportation | $ 378,303 | $ 425,053 | $ 756,646 | $ 844,958 |
Diesel engine services | 63,279 | 118,103 | 143,669 | 285,871 |
Total revenues | 441,582 | 543,156 | 900,315 | 1,130,829 |
Costs and expenses: | ||||
Costs of sales and operating expenses | 276,897 | 343,745 | 565,807 | 728,526 |
Selling, general and administrative | 42,842 | 49,165 | 93,303 | 100,209 |
Taxes, other than on income | 5,468 | 5,378 | 10,872 | 9,923 |
Depreciation and amortization | 49,661 | 46,825 | 98,285 | 92,591 |
Gain on disposition of assets | (94) | (91) | (161) | (1,646) |
Total costs and expenses | 374,774 | 445,022 | 768,106 | 929,603 |
Operating income | 66,808 | 98,134 | 132,209 | 201,226 |
Other income (expense) | 179 | (303) | 314 | (243) |
Interest expense | (4,513) | (4,759) | (8,706) | (10,009) |
Earnings before taxes on income | 62,474 | 93,072 | 123,817 | 190,974 |
Provision for taxes on income | (23,365) | (34,696) | (46,224) | (71,187) |
Net earnings | 39,109 | 58,376 | 77,593 | 119,787 |
Less: Net earnings attributable to noncontrolling interests | (167) | (301) | (552) | (634) |
Net earnings attributable to Kirby | $ 38,942 | $ 58,075 | $ 77,041 | $ 119,153 |
Net earnings per share attributable to Kirby common stockholders: | ||||
Basic (in dollars per share) | $ 0.72 | $ 1.04 | $ 1.43 | $ 2.14 |
Diluted (in dollars per share) | $ 0.72 | $ 1.04 | $ 1.43 | $ 2.13 |
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
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CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract] | ||||
Net earnings | $ 39,109 | $ 58,376 | $ 77,593 | $ 119,787 |
Other comprehensive income (loss), net of taxes: | ||||
Pension and postretirement benefits | (3,149) | 2,458 | (2,500) | 3,566 |
Foreign currency translation adjustments | 0 | 129 | 0 | 32 |
Total other comprehensive income (loss), net of taxes | (3,149) | 2,587 | (2,500) | 3,598 |
Total comprehensive income, net of taxes | 35,960 | 60,963 | 75,093 | 123,385 |
Net earnings attributable to noncontrolling interests | (167) | (301) | (552) | (634) |
Comprehensive income attributable to Kirby | $ 35,793 | $ 60,662 | $ 74,541 | $ 122,751 |
BASIS FOR PREPARATION OF THE CONDENSED FINANCIAL STATEMENTS |
6 Months Ended | ||
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Jun. 30, 2016 | |||
BASIS FOR PREPARATION OF THE CONDENSED FINANCIAL STATEMENTS [Abstract] | |||
BASIS FOR PREPARATION OF THE CONDENSED FINANCIAL STATEMENTS |
The condensed financial statements included herein have been prepared by Kirby Corporation (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, 2015. |
ACCOUNTING STANDARDS ADOPTIONS |
6 Months Ended | ||
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Jun. 30, 2016 | |||
ACCOUNTING STANDARDS ADOPTIONS [Abstract] | |||
ACCOUNTING STANDARDS ADOPTIONS |
In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, “Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”) which simplifies several aspects of the accounting for share-based payment transactions, including income tax consequences, forfeitures, minimum statutory tax withholding requirements, classification as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for annual and interim periods beginning after December 15, 2016. Early adoption is permitted with any adjustments reflected as of the beginning of the fiscal year of adoption. The Company is currently evaluating the impact of adopting this guidance. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”) to increase transparency and comparability among organizations by requiring recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. ASU 2016-02 is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements and disclosures. In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes” (“ASU 2015-17”) which requires that deferred tax liabilities and assets be classified as noncurrent on the balance sheet. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by this guidance. ASU 2015-17 is effective for annual and interim periods beginning after December 15, 2016 but early application is permitted and the guidance may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company does not anticipate a material impact on its consolidated financial statements at the time of adoption of this new standard. In July 2015, the FASB issued ASU 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory” (“ASU 2015-11”) which applies to inventory that is measured using first-in, first-out (“FIFO”) or average cost. Under the guidance, an entity should measure inventory that is within the scope of this update at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. ASU 2015-11 is effective for annual and interim periods beginning after December 15, 2016, and should be applied prospectively with early adoption permitted at the beginning of an interim or annual reporting period. The Company is currently evaluating the impact of adopting this guidance. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). ASU 2015-03 requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. Effective January 1, 2016, the Company adopted the provisions of ASU 2015-03 and prior period amounts have been reclassified to conform to the current period presentation. The December 31, 2015 net debt issuance costs of $3,985,000 have been reclassified in the consolidated balance sheet from other assets to long-term debt, less current portion. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in United States Generally Accepted Accounting Principles when it becomes effective. In July 2015, the FASB voted to delay the effective date of ASU 2014-09 by one year, making it effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted as of the original effective date. ASU 2014-09 permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of ASU 2014-09 on its ongoing financial reporting. |
ACQUISITIONS |
6 Months Ended | ||
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Jun. 30, 2016 | |||
ACQUISITIONS [Abstract] | |||
ACQUISITIONS |
On April 15, 2016, the Company purchased the inland tank barge fleet of SEACOR Holdings Inc. (“Seacor”) from subsidiaries of Seacor for a total value of $91,681,000. The assets purchased consisted of 27 inland 30,000 barrel tank barges and 13 inland towboats, as well as one 30,000 barrel inland tank barge and one towboat under construction. The purchase price was comprised of a $79,200,000 cash payment on April 15, 2016 and holdbacks of $7,000,000 for new construction and $1,800,000 for inland tank barge maintenance and repairs and the Company transferred ownership to Seacor of a Florida-based ship docking tugboat with a value of $3,681,000. The $1,800,000 holdback for maintenance and repairs was paid in May 2016 and $4,500,000 of the $7,000,000 holdback for new construction was paid in July 2016 with the remaining $2,500,000 expected to be paid by December 31, 2016. The average age of the 27 inland tank barges was ten years. Seacor, through its subsidiary, SCF Waxler Marine LLC, transported refined petroleum products, petrochemicals and black oil on the Mississippi River System and the Gulf Intracoastal Waterway. As a result of the acquisition, the Company recorded $985,000 of goodwill and expects all of the goodwill to be deductible for tax purposes. No intangibles other than goodwill were identified in the acquisition. On June 2, 2016, the Company purchased four coastal tugboats from Crosby Marine Transportation LLC (“Crosby Marine”) for $26,450,000 in cash. The four coastal tugboats have an average age of 13 years. On June 30, 2016, the Company purchased an 80,000 barrel coastal tank barge from TD Equipment Finance, Inc. (“TD Equipment”) for $13,541,000 in cash. The Company had been leasing the barge from TD Equipment prior to its purchase. Pro forma results of the acquisitions made in the 2016 first six months have not been presented as the pro forma revenues, earnings before taxes on income, net earnings and net earnings per share would not be materially different from the Company’s actual results. |
INVENTORIES |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||
INVENTORIES [Abstract] | |||||||||||||||||||||||||||||||||||||||
INVENTORIES |
The following table presents the details of inventories as of June 30, 2016 and December 31, 2015 (in thousands):
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FAIR VALUE MEASUREMENTS |
6 Months Ended | ||
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Jun. 30, 2016 | |||
FAIR VALUE MEASUREMENTS [Abstract] | |||
FAIR VALUE MEASUREMENTS |
The estimated fair value of total debt outstanding at June 30, 2016 and December 31, 2015 was $811,743,000 and $764,781,000, respectively, which differs from the carrying amounts of $798,687,000 and $774,849,000, respectively, included in the consolidated financial statements. The fair value was determined using an income approach that relies on inputs such as yield curves. Cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities have carrying values that approximate fair value due to the short-term maturity of these financial instruments. Certain assets are measured at fair value on a nonrecurring basis. These assets are adjusted to fair value when there is evidence of impairment. During the six months ended June 30, 2016, there was no indication that the Company’s long-lived assets were impaired, and accordingly, measurement at fair value was not required. |
STOCK AWARD PLANS |
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STOCK AWARD PLANS [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCK AWARD PLANS |
The Company has share-based compensation plans which are described below. 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 for the three months and six months ended June 30, 2016 and 2015 were as follows (in thousands):
The Company has an employee stock award plan for selected officers and other key employees which provides for the issuance of stock options, restricted stock and performance awards. The exercise price for each option equals the fair market value per share of the Company’s common stock on the date of grant. Substantially all stock options outstanding under the plan have terms of seven years and vest ratably over three years. No performance awards payable in stock have been awarded under the plan. At June 30, 2016, 1,983,293 shares were available for future grants under the employee plan and no outstanding stock options under the employee plan were issued with stock appreciation rights. The following is a summary of the stock option activity under the employee plan described above for the six months ended June 30, 2016:
The following table summarizes information about the Company’s outstanding and exercisable stock options under the employee plan at June 30, 2016:
The following is a summary of the restricted stock award activity under the employee plan described above for the six months ended June 30, 2016:
The Company has a stock award plan for nonemployee directors of the Company which provides for the issuance of stock options and restricted stock. The director plan provides for automatic grants of restricted stock to nonemployee directors after each annual meeting of stockholders. In addition, the director plan allows for the issuance of stock options or restricted stock in lieu of cash for all or part of the annual director fee at the option of the director. The exercise prices for all options granted under the plan are equal to the fair market value per share of the Company’s common stock on the date of grant. The terms of the options are ten years. The restricted stock issued after each annual meeting of stockholders vests six months after the date of grant. Options granted and restricted stock issued in lieu of cash director fees vest in equal quarterly increments during the year to which they relate. At June 30, 2016, 522,457 shares were available for future grants under the director plan. The director stock award plan is intended as an incentive to attract and retain qualified independent directors. The following is a summary of the stock option activity under the director plan described above for the six months ended June 30, 2016:
The following table summarizes information about the Company’s outstanding and exercisable stock options under the director plan at June 30, 2016:
The following is a summary of the restricted stock award activity under the director plan described above for the six months ended June 30, 2016:
The total intrinsic value of all stock options exercised under all of the Company’s plans was $266,000 and $2,555,000 for the six months ended June 30, 2016 and 2015, respectively. The actual tax benefit realized for tax deductions from stock option exercises was $100,000 and $956,000 for the six months ended June 30, 2016 and 2015, respectively. The total intrinsic value of all the restricted stock vestings under all of the Company’s plans was $5,556,000 and $9,015,000 for the six months ended June 30, 2016 and 2015, respectively. The actual tax benefit realized for tax deductions from restricted stock vestings was $2,083,000 and $3,372,000 for the six months ended June 30, 2016 and 2015, respectively. As of June 30, 2016, there was $4,738,000 of unrecognized compensation cost related to nonvested stock options and $22,948,000 related to restricted stock. The stock options are expected to be recognized over a weighted average period of approximately 1.9 years and restricted stock over approximately 3.6 years. The total fair value of options vested was $2,495,000 and $2,194,000 during the six months ended June 30, 2016 and 2015, respectively. The fair value of the restricted stock vested was $5,556,000 and $9,015,000 for the six months ended June 30, 2016 and 2015, respectively. The weighted average per share fair value of stock options granted during the six months ended June 30, 2016 and 2015 was $17.30 and $25.18, respectively. The fair value of the stock options granted during the six months ended June 30, 2016 and 2015 was $3,231,000 and $2,893,000, respectively. The Company currently uses treasury stock shares for restricted stock grants and stock option exercises. The fair value of each stock option was determined using the Black-Scholes option pricing model. The key input variables used in valuing the options during the six months ended June 30, 2016 and 2015 were as follows:
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OTHER COMPREHENSIVE INCOME |
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OTHER COMPREHENSIVE INCOME [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER COMPREHENSIVE INCOME |
The Company’s changes in other comprehensive income for the three months and six months ended June 30, 2016 and 2015 were as follows (in thousands):
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SEGMENT DATA |
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SEGMENT DATA [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT DATA |
The Company’s operations are aggregated into two reportable business segments as follows: Marine Transportation — Provides marine transportation principally by United States flag vessels of liquid cargoes throughout the United States inland waterway system, along all three United States coasts, in Alaska and Hawaii 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. Diesel Engine Services — Provides after-market services for medium-speed and high-speed diesel engines, reduction gears and ancillary products for marine and power generation applications, distributes and services high-speed diesel engines, transmissions and pumps, and manufactures and remanufactures oilfield service equipment, including pressure pumping units, for the land-based oilfield service and oil and gas operator and producer markets. 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 the diesel engine services segment from the marine transportation segment of $6,167,000 and $10,551,000 for the three months and six months ending June 30, 2016, respectively, and $5,930,000 and $13,290,000 for the three months and six months ending June 30, 2015, respectively, have been eliminated from the tables below. The related intersegment profit of $617,000 and $1,055,000 for the three months and six months ending June 30, 2016, respectively, and $593,000 and $1,329,000 for the three months and six months ending June 30, 2015, respectively, have also been eliminated from the tables below. The following table sets forth the Company’s revenues and profit or loss by reportable segment for the three months and six months ended June 30, 2016 and 2015 and total assets as of June 30, 2016 and December 31, 2015 (in thousands):
The following table presents the details of “Other” segment loss for the three months and six months ended June 30, 2016 and 2015 (in thousands):
The following table presents the details of “Other” total assets as of June 30, 2016 and December 31, 2015 (in thousands):
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TAXES ON INCOME |
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TAXES ON INCOME [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TAXES ON INCOME |
Earnings before taxes on income and details of the provision for taxes on income for the three months and six months ended June 30, 2016 and 2015 were as follows (in thousands):
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EARNINGS PER SHARE |
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EARNINGS PER SHARE [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE |
The following table presents the components of basic and diluted earnings per share for the three months and six months ended June 30, 2016 and 2015 (in thousands, except per share amounts):
Certain outstanding options to purchase approximately 243,000 and 185,000 shares of common stock were excluded in the computation of diluted earnings per share as of June 30, 2016 and 2015, respectively, as such stock options would have been antidilutive. |
RETIREMENT PLANS |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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RETIREMENT PLANS [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RETIREMENT PLANS |
The Company sponsors a defined benefit plan for its inland vessel personnel and shore based tankermen. The plan benefits are based on an employee’s years of service and compensation. The plan assets consist primarily of equity and fixed income securities. The Company’s pension plan funding strategy has historically been to contribute an amount equal to the greater of the minimum required contribution under ERISA or the amount necessary to fully fund the plan on an accumulated benefit obligation (“ABO”) basis at the end of the fiscal year. The ABO is based on a variety of demographic and economic assumptions, and the pension plan assets’ returns are subject to various risks, including market and interest rate risk, making an accurate prediction of the pension plan contribution difficult. Based on current pension plan assets and market conditions, the Company expects to make a contribution between $20,000,000 and $30,000,000 to its pension plan prior to December 31, 2016 to fund its 2016 pension plan obligations. As of June 30, 2016, no 2016 year contributions have been made. The Company sponsors an unfunded defined benefit health care plan that provides limited postretirement medical benefits to employees who meet minimum age and service requirements, and to eligible dependents. The plan limits cost increases in the Company’s contribution to 4% per year. The plan is contributory, with retiree contributions adjusted annually. The plan eliminated coverage for future retirees as of December 31, 2011. The Company also has an unfunded defined benefit supplemental executive retirement plan (“SERP”) that was assumed in an acquisition in 1999. That plan ceased to accrue additional benefits effective January 1, 2000. The components of net periodic benefit cost for the Company’s defined benefit plans for the three months and six months ended June 30, 2016 and 2015 were as follows (in thousands):
The components of net periodic benefit cost for the Company’s postretirement benefit plan for the three months and six months ended June 30, 2016 and 2015 were as follows (in thousands):
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CONTINGENCIES |
6 Months Ended | ||
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Jun. 30, 2016 | |||
CONTINGENCIES [Abstract] | |||
CONTINGENCIES |
On March 22, 2014, two tank barges and a towboat (the M/V Miss Susan), owned by Kirby Inland Marine, LP, a wholly owned subsidiary of the Company, were involved in a collision with the M/S Summer Wind on the Houston Ship Channel near Texas City, Texas. The lead tank barge was damaged in the collision resulting in a discharge of intermediate fuel oil from one of its cargo tanks. The United States Coast Guard (“USCG”) and the National Transportation Safety Board named the Company and the Captain of the M/V Miss Susan, as well as the owner and the pilot of the M/S Summer Wind, as parties of interest in their investigation as to the cause of the incident. Sea Galaxy Ltd is the owner of the M/S Summer Wind. The Company is participating in the natural resource damage assessment and restoration process with federal and state government natural resource trustees. The Company and the owner of the M/S Summer Wind filed actions in the U.S. District Court for the Southern District of Texas seeking exoneration from or limitation of liability relating to the foregoing incident as provided for in the federal rules of procedure for maritime claims. The two actions were consolidated for procedural purposes since they both arise out of the same occurrence. There is a separate process for making a claim under the Oil Pollution Act of 1990 (“OPA”). The Company is processing claims properly presented, documented and recoverable under OPA. The Company is named as a party in other lawsuits filed in connection with this incident which are currently stayed by orders entered into by the court in the limitation proceedings, some of which may also have been presented as claims in the limitation proceeding. The actions include allegation of business interruption, loss of profit, loss of use of natural resources and seek unspecified economic and compensatory damages. In addition, the Company has received claims from numerous parties claiming property damage and various economic damages. The Company has also been named as a defendant in a civil action by two crewmembers of the M/V Miss Susan, alleging damages under the general maritime law and the Jones Act. The litigation and claims process is ongoing. In December 2015, the Company submitted evidence in the liability trial in connection with the consolidated limitation actions. The damages phase of the trial was reset to the third quarter of 2016 in order to accommodate ongoing negotiation of the OPA claims filed in the limitation. The Company is also subject to penalties under the provisions of the Clean Water Act for the discharge of cargo from its barge as a result of the collision and is in negotiations with the Department of Justice and USCG with respect to the penalties to be assessed against the Company under that Act. The Company believes it has adequate insurance coverage for pollution, marine and other potential liabilities arising from the incident. The Company believes it has accrued adequate reserves for the incident and does not expect the incident to have a material adverse effect on its business or financial condition. The Company is also 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 business or financial condition. Management believes that it has recorded adequate reserves 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 $18,061,000 at June 30, 2016, including $4,393,000 in letters of credit and $13,668,000 in performance bonds. All of these instruments have an expiration date within four years. The Company does not believe demand for payment under these instruments is likely and expects no material cash outlays to occur in connection with these instruments. |
INVENTORIES (Tables) |
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||
INVENTORIES [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of Details of Inventories | The following table presents the details of inventories as of June 30, 2016 and December 31, 2015 (in thousands):
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STOCK AWARD PLANS (Tables) |
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation Cost Breakdown in Statement of Earnings | The Company has share-based compensation plans which are described below. 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 for the three months and six months ended June 30, 2016 and 2015 were as follows (in thousands):
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Summary of Stock Option Valuation Assumptions | The fair value of each stock option was determined using the Black-Scholes option pricing model. The key input variables used in valuing the options during the six months ended June 30, 2016 and 2015 were as follows:
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Employee Plan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Stock Option Activity | The following is a summary of the stock option activity under the employee plan described above for the six months ended June 30, 2016:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Outstanding and Exercisable Stock Options | The following table summarizes information about the Company’s outstanding and exercisable stock options under the employee plan at June 30, 2016:
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Restricted Stock Award Activity | The following is a summary of the restricted stock award activity under the employee plan described above for the six months ended June 30, 2016:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Director Plan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Stock Option Activity | The following is a summary of the stock option activity under the director plan described above for the six months ended June 30, 2016:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Outstanding and Exercisable Stock Options | The following table summarizes information about the Company’s outstanding and exercisable stock options under the director plan at June 30, 2016:
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Summary of Restricted Stock Award Activity | The following is a summary of the restricted stock award activity under the director plan described above for the six months ended June 30, 2016:
|
OTHER COMPREHENSIVE INCOME (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER COMPREHENSIVE INCOME [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Other Comprehensive Income | The Company’s changes in other comprehensive income for the three months and six months ended June 30, 2016 and 2015 were as follows (in thousands):
|
SEGMENT DATA (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT DATA [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | The following table sets forth the Company’s revenues and profit or loss by reportable segment for the three months and six months ended June 30, 2016 and 2015 and total assets as of June 30, 2016 and December 31, 2015 (in thousands):
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Schedule of Other Segment Reporting Information | The following table presents the details of “Other” segment loss for the three months and six months ended June 30, 2016 and 2015 (in thousands):
The following table presents the details of “Other” total assets as of June 30, 2016 and December 31, 2015 (in thousands):
|
TAXES ON INCOME (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TAXES ON INCOME [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Before Taxes | Earnings before taxes on income and details of the provision for taxes on income for the three months and six months ended June 30, 2016 and 2015 were as follows (in thousands):
|
EARNINGS PER SHARE (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Basic and Diluted Earnings per Share | The following table presents the components of basic and diluted earnings per share for the three months and six months ended June 30, 2016 and 2015 (in thousands, except per share amounts):
|
RETIREMENT PLANS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost for the Company’s defined benefit plans for the three months and six months ended June 30, 2016 and 2015 were as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Postretirement Benefits [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost for the Company’s postretirement benefit plan for the three months and six months ended June 30, 2016 and 2015 were as follows (in thousands):
|
ACCOUNTING STANDARDS ADOPTIONS (Details) |
Dec. 31, 2015
USD ($)
|
---|---|
Accounting Standards Update 2015-03 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Reclassification of debt issuance cost from other assets to long term debt, less current portion | $ 3,985,000 |
INVENTORIES (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Details of inventories [Abstract] | ||
Finished goods | $ 168,938 | $ 163,501 |
Work in process | 18,779 | 21,010 |
Inventory, Net, Total | $ 187,717 | $ 184,511 |
FAIR VALUE MEASUREMENTS (Details) - USD ($) |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
FAIR VALUE MEASUREMENTS [Abstract] | ||
Estimated fair value of outstanding debt | $ 811,743,000 | $ 764,781,000 |
Carrying amount of debt | $ 798,687,000 | $ 774,849,000 |
SEGMENT DATA (Details) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2016
USD ($)
|
Jun. 30, 2015
USD ($)
|
Jun. 30, 2016
USD ($)
Segment
|
Jun. 30, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
|
|
SEGMENT DATA [Abstract] | |||||
Number of reportable segments | Segment | 2 | ||||
Revenues [Abstract] | |||||
Marine transportation | $ 378,303,000 | $ 425,053,000 | $ 756,646,000 | $ 844,958,000 | |
Diesel engine services | 63,279,000 | 118,103,000 | 143,669,000 | 285,871,000 | |
Total revenues | 441,582,000 | 543,156,000 | 900,315,000 | 1,130,829,000 | |
Segment profit (loss) | 62,474,000 | 93,072,000 | 123,817,000 | 190,974,000 | |
Total assets | 4,268,815,000 | 4,268,815,000 | $ 4,152,281,000 | ||
Other segment disclosures [Abstract] | |||||
Gain on disposition of assets | 94,000 | 91,000 | 161,000 | 1,646,000 | |
Interest expense | (4,513,000) | (4,759,000) | (8,706,000) | (10,009,000) | |
Other income (expense) | 179,000 | (303,000) | 314,000 | (243,000) | |
Other [Member] | |||||
Revenues [Abstract] | |||||
Segment profit (loss) | (8,284,000) | (8,870,000) | (15,930,000) | (16,080,000) | |
Total assets | 63,897,000 | 63,897,000 | 63,179,000 | ||
Other segment disclosures [Abstract] | |||||
General corporate expenses | (4,044,000) | (3,899,000) | (7,699,000) | (7,474,000) | |
Gain on disposition of assets | 94,000 | 91,000 | 161,000 | 1,646,000 | |
Interest expense | (4,513,000) | (4,759,000) | (8,706,000) | (10,009,000) | |
Other income (expense) | 179,000 | (303,000) | 314,000 | (243,000) | |
Loss from other segment | (8,284,000) | (8,870,000) | (15,930,000) | (16,080,000) | |
Details of "Other" total assets [Abstract] | |||||
General corporate assets | 61,505,000 | 61,505,000 | 61,089,000 | ||
Investment in affiliates | 2,392,000 | 2,392,000 | 2,090,000 | ||
Total other assets | 63,897,000 | 63,897,000 | 63,179,000 | ||
Reporting Segments [Member] | |||||
Revenues [Abstract] | |||||
Marine transportation | 378,303,000 | 425,053,000 | |||
Diesel engine services | 63,279,000 | 118,103,000 | |||
Reporting Segments [Member] | Marine Transportation [Member] | |||||
Revenues [Abstract] | |||||
Marine transportation | 756,646,000 | 844,958,000 | |||
Segment profit (loss) | 72,726,000 | 97,011,000 | 142,521,000 | 193,280,000 | |
Total assets | 3,596,923,000 | 3,596,923,000 | 3,451,553,000 | ||
Reporting Segments [Member] | Diesel Engine Services [Member] | |||||
Revenues [Abstract] | |||||
Diesel engine services | 143,669,000 | 285,871,000 | |||
Segment profit (loss) | (1,968,000) | 4,931,000 | (2,774,000) | 13,774,000 | |
Total assets | 607,995,000 | 607,995,000 | $ 637,549,000 | ||
Intersegment Eliminations [Member] | Marine Transportation [Member] | |||||
Revenues [Abstract] | |||||
Total revenues | 6,167,000 | 5,930,000 | 10,551,000 | 13,290,000 | |
Segment profit (loss) | $ 617,000 | $ 593,000 | $ 1,055,000 | $ 1,329,000 |
TAXES ON INCOME (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
TAXES ON INCOME [Abstract] | ||||
Earnings before taxes on income - United States | $ 62,474 | $ 93,072 | $ 123,817 | $ 190,974 |
Federal [Abstract] | ||||
Current | 6,651 | 25,086 | 13,091 | 51,266 |
Deferred | 14,969 | 6,919 | 29,682 | 14,401 |
State and local | 1,745 | 2,691 | 3,451 | 5,520 |
Total Provision for taxes on income | $ 23,365 | $ 34,696 | $ 46,224 | $ 71,187 |
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
EARNINGS PER SHARE [Abstract] | ||||
Net earnings attributable to Kirby | $ 38,942 | $ 58,075 | $ 77,041 | $ 119,153 |
Undistributed earnings allocated to restricted shares | (284) | (350) | (524) | (696) |
Income available to Kirby common stockholders - basic | 38,658 | 57,725 | 76,517 | 118,457 |
Undistributed earnings allocated to restricted shares | 284 | 350 | 524 | 696 |
Undistributed earnings reallocated to restricted shares | (285) | (349) | (524) | (695) |
Income available to Kirby common stockholders - diluted | $ 38,657 | $ 57,726 | $ 76,517 | $ 118,458 |
Shares Outstanding [Abstract] | ||||
Weighted average common stock issued and outstanding (in shares) | 53,844,000 | 55,651,000 | 53,813,000 | 55,772,000 |
Weighted average unvested restricted stock (in shares) | (393,000) | (336,000) | (367,000) | (326,000) |
Weighted average common stock outstanding - basic (in shares) | 53,451,000 | 55,315,000 | 53,446,000 | 55,446,000 |
Dilutive effect of stock options (in shares) | 75,000 | 117,000 | 59,000 | 119,000 |
Weighted average common stock outstanding - diluted (in shares) | 53,526,000 | 55,432,000 | 53,505,000 | 55,565,000 |
Net earnings per share attributable to Kirby common stockholders [Abstract] | ||||
Basic (in dollars per share) | $ 0.72 | $ 1.04 | $ 1.43 | $ 2.14 |
Diluted (in dollars per share) | $ 0.72 | $ 1.04 | $ 1.43 | $ 2.13 |
Antidilutive securities excluded from computation of earnings per share (in shares) | 243,000 | 185,000 |
RETIREMENT PLANS (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan defined benefit plan cost increase limit percentage | 4.00% | |||
Pension Benefits [Member] | ||||
Components of net periodic benefit cost [Abstract] | ||||
Service cost | $ 3,482,000 | $ 3,517,000 | $ 6,702,000 | $ 7,347,000 |
Interest cost | 3,651,000 | 3,302,000 | 7,063,000 | 6,656,000 |
Expected return on plan assets | (4,251,000) | (4,485,000) | (8,404,000) | (8,968,000) |
Amortization of actuarial (gain) loss | 1,525,000 | 1,903,000 | 2,743,000 | 3,867,000 |
Net periodic benefit cost | 4,407,000 | 4,237,000 | 8,104,000 | 8,902,000 |
Pension Benefits [Member] | Minimum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan of asset contributions to pension plan obligations | 20,000,000 | 20,000,000 | ||
Pension Benefits [Member] | Maximum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan of asset contributions to pension plan obligations | 30,000,000 | 30,000,000 | ||
SERP [Member] | ||||
Components of net periodic benefit cost [Abstract] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 17,000 | 16,000 | 33,000 | 32,000 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of actuarial (gain) loss | 6,000 | 7,000 | 13,000 | 14,000 |
Net periodic benefit cost | 23,000 | 23,000 | 46,000 | 46,000 |
Other Postretirement Benefits [Member] | ||||
Components of net periodic benefit cost [Abstract] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 3,000 | 5,000 | 15,000 | 18,000 |
Amortization of actuarial (gain) loss | (186,000) | (222,000) | (374,000) | (395,000) |
Net periodic benefit cost | $ (183,000) | $ (217,000) | $ (359,000) | $ (377,000) |
CONTINGENCIES (Details) |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2016
USD ($)
TankBarge
Lawsuit
|
Jun. 30, 2016
USD ($)
TankBarge
Lawsuit
Plaintiff
|
|
Guarantor Obligations [Line Items] | ||
Issued guaranties | $ 18,061,000 | $ 18,061,000 |
Maximum [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor obligations, expiration period | 4 years | |
Performance Bonds [Member] | ||
Guarantor Obligations [Line Items] | ||
Issued guaranties | $ 13,668,000 | $ 13,668,000 |
Collision with M/S Summer Wind [Member] | ||
Loss Contingencies [Line Items] | ||
Number of tank barges | TankBarge | 2 | 2 |
Number of vessels damaged in collision resulting in fuel oil discharge | TankBarge | 1 | 1 |
Number of actions filed against the Company | Lawsuit | 2 | 2 |
Number of crewmembers alleging damages | Plaintiff | 2 | |
Standby Letters Of Credit [Member] | ||
Guarantor Obligations [Line Items] | ||
Issued guaranties | $ 4,393,000 | $ 4,393,000 |
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