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 |
(State or other jurisdiction of incorporation or organization) |
(IRS Employer Identification No.) |
(Address of principal executive offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
☒ |
Accelerated filer |
☐ |
||
Non-accelerated filer |
☐ |
Smaller reporting company |
||
Emerging growth company |
September 30, 2020 |
December 31, 2019 |
|||||||
($ in thousands) |
||||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ |
$ |
||||||
Accounts receivable: |
||||||||
Trade – less allowance for doubtful accounts |
||||||||
Other |
||||||||
Inventories – net |
||||||||
Prepaid expenses and other current assets |
||||||||
Total current assets |
||||||||
Property and equipment |
||||||||
Accumulated depreciation |
( |
) |
( |
) |
||||
Property and equipment – net |
||||||||
Operating lease right-of-use assets |
||||||||
Goodwill |
||||||||
Other intangibles, net |
||||||||
Other assets |
||||||||
Total assets |
$ |
$ |
||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||
Current liabilities: |
||||||||
Bank notes payable |
$ |
$ |
||||||
Income taxes payable |
||||||||
Accounts payable |
||||||||
Accrued liabilities |
||||||||
Current portion of operating lease liabilities |
||||||||
Deferred revenues |
||||||||
Total current liabilities |
||||||||
Long-term debt, net – less current portion |
||||||||
Deferred income taxes |
||||||||
Operating lease liabilities – less current portion |
||||||||
Other long-term liabilities |
||||||||
Total long-term liabilities |
||||||||
Contingencies and commitments |
||||||||
Equity: |
||||||||
Kirby stockholders’ equity: |
||||||||
Common stock, $ |
||||||||
Additional paid-in capital |
||||||||
Accumulated other comprehensive income – net |
( |
) |
( |
) |
||||
Retained earnings |
||||||||
Treasury stock – at cost, |
( |
) |
( |
) |
||||
Total Kirby stockholders’ equity |
||||||||
Noncontrolling interests |
||||||||
Total equity |
||||||||
Total liabilities and equity |
$ |
$ |
||||||
Three months ended September 30, |
Nine months ended September 30, |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
($ in thousands, except per share amounts) |
||||||||||||||||
Revenues: |
||||||||||||||||
Marine transportation |
$ |
$ |
$ |
$ |
||||||||||||
Distribution and services |
||||||||||||||||
Total revenues |
||||||||||||||||
Costs and expenses: |
||||||||||||||||
Costs of sales and operating expenses |
||||||||||||||||
Selling, general and administrative |
||||||||||||||||
Taxes, other than on income |
||||||||||||||||
Depreciation and amortization |
||||||||||||||||
Impairments and other charges |
||||||||||||||||
(Gain) loss on disposition of assets |
( |
) |
||||||||||||||
Total costs and expenses |
||||||||||||||||
Operating income (loss) |
( |
) |
||||||||||||||
Other income |
||||||||||||||||
Interest expense |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Earnings (loss) before taxes on income |
( |
) |
||||||||||||||
(Provision) benefit for taxes on income |
( |
) |
( |
) |
||||||||||||
Net earnings (loss) |
( |
) |
||||||||||||||
Less: Net earnings attributable to noncontrolling interests |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Net earnings (loss) attributable to Kirby |
$ |
$ |
$ |
( |
) |
$ |
||||||||||
Net earnings (loss) per share attributable to Kirby common stockholders: |
||||||||||||||||
Basic |
$ |
$ |
$ |
( |
) |
$ |
||||||||||
Diluted |
$ |
$ |
$ |
( |
) |
$ |
||||||||||
Three months ended September 30, |
Nine months ended September 30, |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
($ in thousands) |
||||||||||||||||
Net earnings (loss) |
$ |
$ |
$ |
( |
) |
$ |
||||||||||
Other comprehensive income (loss), net of taxes: |
||||||||||||||||
Pension and postretirement benefits |
( |
) |
( |
) |
||||||||||||
Foreign currency translation adjustments |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Total other comprehensive income (loss), net of taxes |
( |
) |
( |
) |
( |
) |
||||||||||
Total comprehensive income (loss), net of taxes |
( |
) |
||||||||||||||
Net earnings attributable to noncontrolling interests |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Comprehensive income (loss) attributable to Kirby |
$ |
$ |
$ |
( |
) |
$ |
||||||||||
Nine months ended September 30, |
||||||||
2020 |
2019 |
|||||||
($ in thousands) |
||||||||
Cash flows from operating activities: |
||||||||
Net earnings (loss) |
$ |
( |
) |
$ |
||||
Adjustments to reconcile net earnings (loss) to net cash provided by operations: |
||||||||
Depreciation and amortization |
||||||||
Provision for deferred income taxes |
||||||||
Impairments and other charges |
||||||||
Amortization of unearned share-based compensation |
||||||||
Amortization of major maintenance costs |
||||||||
Other |
( |
) |
||||||
Increase (decrease) in cash flows resulting from changes in operating assets and liabilities, net |
( |
) |
||||||
Net cash provided by operating activities |
||||||||
Cash flows from investing activities: |
||||||||
Capital expenditures |
( |
) |
( |
) |
||||
Acquisitions of businesses and marine equipment |
( |
) |
( |
) |
||||
Proceeds from disposition of assets |
||||||||
Net cash used in investing activities |
( |
) |
( |
) |
||||
Cash flows from financing activities: |
||||||||
Borrowings (payments) on bank credit facilities, net |
( |
) |
||||||
Borrowings on long-term debt |
||||||||
Payments on long-term debt |
( |
) |
( |
) |
||||
Payments of debt issue costs |
( |
) |
||||||
Proceeds from exercise of stock options |
||||||||
Payments related to tax withholding for share-based compensation |
( |
) |
( |
) |
||||
Other |
( |
) |
( |
) |
||||
Net cash provided by financing activities |
||||||||
Increase in cash and cash equivalents |
||||||||
Cash and cash equivalents, beginning of year |
||||||||
Cash and cash equivalents, end of period |
$ |
$ |
||||||
Supplemental disclosures of cash flow information: |
||||||||
Cash paid (received) during the period: |
||||||||
Interest paid |
$ |
$ |
||||||
Income taxes paid (refunded) |
$ |
( |
) |
$ |
||||
Operating cash outflow from operating leases |
$ |
$ |
||||||
Non-cash investing activity: |
||||||||
Capital expenditures included in accounts payable |
$ |
$ |
||||||
Right-of-use assets obtained in exchange for lease obligations |
$ |
$ |
||||||
Common Stock |
Additional Paid-in- |
Accumulated Other Comprehensive |
Retained |
Treasury Stock |
Noncontrolling |
|||||||||||||||||||||||||||||||
Shares |
Amount |
Capital |
Income |
Earnings |
Shares |
Amount |
Interests |
Total |
||||||||||||||||||||||||||||
(in thousands) |
||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
|||||||||||||||||||||||
Issuance of stock for equity awards, net of forfeitures |
( |
) |
||||||||||||||||||||||||||||||||||
Tax withholdings on equity award vesting |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||
Amortization of unearned share-based compensation |
— |
— |
||||||||||||||||||||||||||||||||||
Total comprehensive income, net of taxes |
— |
( |
) |
— |
||||||||||||||||||||||||||||||||
Return of investment to noncontrolling interests |
— |
— |
( |
) |
( |
) |
||||||||||||||||||||||||||||||
Balance at September 30, 2020 |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
|||||||||||||||||||||||
Common Stock |
Additional Paid-in- |
Accumulated Other Comprehensive |
Retained |
Treasury Stock |
Noncontrolling |
|||||||||||||||||||||||||||||||
Shares |
Amount |
Capital |
Income |
Earnings |
Shares |
Amount |
Interests |
Total |
||||||||||||||||||||||||||||
(in thousands) |
||||||||||||||||||||||||||||||||||||
Balance at June 30, 2019 |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
|||||||||||||||||||||||
Stock option exercises |
||||||||||||||||||||||||||||||||||||
Issuance of stock for equity awards, net of forfeitures |
( |
) |
||||||||||||||||||||||||||||||||||
Tax withholdings on equity award vesting |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||
Amortization of unearned share-based compensation |
— |
— |
||||||||||||||||||||||||||||||||||
Total comprehensive income, net of taxes |
— |
( |
) |
— |
||||||||||||||||||||||||||||||||
Return of investment to noncontrolling interests |
— |
— |
( |
) |
( |
) |
||||||||||||||||||||||||||||||
Balance at September 30, 2019 |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
|||||||||||||||||||||||
Common Stock |
Additional Paid-in- |
Accumulated Other Comprehensive |
Retained |
Treasury Stock |
Noncontrolling |
|||||||||||||||||||||||||||||||
Shares |
Amount |
Capital |
Income |
Earnings |
Shares |
Amount |
Interests |
Total |
||||||||||||||||||||||||||||
(in thousands) |
||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
|||||||||||||||||||||||
Stock option exercises |
||||||||||||||||||||||||||||||||||||
Issuance of stock for equity awards, net of forfeitures |
( |
) |
||||||||||||||||||||||||||||||||||
Tax withholdings on equity award vesting |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||
Amortization of unearned share-based compensation |
— |
— |
||||||||||||||||||||||||||||||||||
Total comprehensive loss, net of taxes |
— |
( |
) |
( |
) |
— |
( |
) |
||||||||||||||||||||||||||||
Return of investment to noncontrolling interests |
— |
— |
( |
) |
( |
) |
||||||||||||||||||||||||||||||
Balance at September 30, 2020 |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
|||||||||||||||||||||||
Common Stock |
Additional Paid-in- |
Accumulated Other Comprehensive |
Retained |
Treasury Stock |
Noncontrolling |
|||||||||||||||||||||||||||||||
Shares |
Amount |
Capital |
Income |
Earnings |
Shares |
Amount |
Interests |
Total |
||||||||||||||||||||||||||||
(in thousands) |
||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
|||||||||||||||||||||||
Stock option exercises |
||||||||||||||||||||||||||||||||||||
Issuance of stock for equity awards, net of forfeitures |
( |
) |
||||||||||||||||||||||||||||||||||
Tax withholdings on equity award vesting |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||
Amortization of unearned share-based compensation |
— |
— |
||||||||||||||||||||||||||||||||||
Total comprehensive income, net of taxes |
— |
— |
||||||||||||||||||||||||||||||||||
Return of investment to noncontrolling interests |
— |
— |
( |
) |
( |
) |
||||||||||||||||||||||||||||||
Balance at September 30, 2019 |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
|||||||||||||||||||||||
| (1) | Basis for Preparation of the Condensed Financial Statements |
| (2) | Accounting Standards Adoptions |
| (3) | Acquisitions |
Savage |
Convoy |
|||||||
Assets: |
||||||||
Accounts receivable |
$ |
$ |
||||||
Inventories |
||||||||
Prepaid expenses |
||||||||
Property and equipment |
||||||||
Operating lease right-of-use assets |
||||||||
Goodwill |
||||||||
Other intangibles |
||||||||
Total assets |
$ |
$ |
||||||
Liabilities: |
||||||||
Accounts payable and accrued liabilities |
$ |
$ |
||||||
Operating lease liabilities, including current portion |
||||||||
Total liabilities |
$ |
$ |
||||||
Net assets acquired |
$ |
$ |
||||||
| (4) | Revenues |
Three months ended September 30, |
Nine months ended September 30, |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Marine transportation segment: |
||||||||||||||||
Inland transportation |
$ |
$ |
$ |
$ |
||||||||||||
Coastal transportation |
||||||||||||||||
$ |
$ |
$ |
$ |
|||||||||||||
Distribution and services segment: |
||||||||||||||||
Oil and gas |
$ |
$ |
$ |
$ |
||||||||||||
Commercial and industrial |
||||||||||||||||
$ |
$ |
$ |
$ |
|||||||||||||
| (5) | Segment Data |
Three months ended September 30, |
Nine months ended September 30, |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Revenues: |
||||||||||||||||
Marine transportation |
$ |
$ |
$ |
$ |
||||||||||||
Distribution and services |
||||||||||||||||
$ |
$ |
$ |
$ |
|||||||||||||
Segment profit (loss): |
||||||||||||||||
Marine transportation |
$ |
$ |
$ |
$ |
||||||||||||
Distribution and services |
( |
) |
||||||||||||||
Other |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
$ |
$ |
$ |
( |
) |
$ |
|||||||||||
September 30, 2020 |
December 31, 2019 |
|||||||
Total assets: |
||||||||
Marine transportation |
$ |
$ |
||||||
Distribution and services |
||||||||
Other |
||||||||
$ |
$ |
|||||||
Three months ended September 30, |
Nine months ended September 30, |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
General corporate expenses |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
||||
Gain (loss) on disposition of assets |
( |
) |
( |
) |
( |
) |
||||||||||
Impairments and other charges |
( |
) |
||||||||||||||
Interest expense |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Other income |
||||||||||||||||
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
|||||
September 30, 2020 |
December 31, 2019 |
|||||||
General corporate assets |
$ |
$ |
||||||
Investment in affiliates |
||||||||
$ |
$ |
|||||||
| (6) | Long-Term Debt |
September 30, 2020 |
December 31, 2019 |
|||||||||||||||
Carrying Value |
Fair Value |
Carrying Value |
Fair Value |
|||||||||||||
Revolving Credit Facility (a) |
$ |
$ |
$ |
$ |
||||||||||||
Term Loan (a) |
||||||||||||||||
Bank notes payable |
||||||||||||||||
Unamortized debt discounts and issuance costs (b) |
( |
) |
— |
( |
) |
— |
||||||||||
$ |
$ |
$ |
$ |
|||||||||||||
Nine months ended September 30, |
||||||||
2020 |
2019 |
|||||||
Borrowings on bank credit facilities |
$ |
$ |
||||||
Payments on bank credit facilities |
( |
) |
( |
) |
||||
$ |
$ |
( |
) |
|||||
| (7) | Leases |
September 30, 2020 |
December 31, 2019 |
|||||||
2020 |
$ |
$ |
||||||
2021 |
||||||||
2022 |
||||||||
2023 |
||||||||
2024 |
||||||||
Thereafter |
||||||||
Total lease payments |
||||||||
Less: imputed interest |
( |
) |
( |
) |
||||
Operating lease liabilities |
$ |
$ |
||||||
Three months ended September 30, |
Nine months ended September 30, |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Operating lease cost |
$ |
$ |
$ |
$ |
||||||||||||
Variable lease cost |
||||||||||||||||
Short-term lease cost |
||||||||||||||||
Sublease income |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
$ |
$ |
$ |
$ |
|||||||||||||
September 30, 2020 |
December 31, 2019 |
|||||||
Weighted average discount rate |
% |
% |
||||||
Weighted average remaining lease term |
||||||||
| (8) | Impairments and Other Charges |
Marine Transportation |
Distribution and Services |
Total |
||||||||||
Balance at December 31, 2019 (gross) |
$ |
$ |
$ |
|||||||||
Accumulated impairment and amortization |
( |
) |
( |
) |
( |
) |
||||||
Balance at December 31, 2019 |
||||||||||||
Impairment |
( |
) |
( |
) |
||||||||
Savage acquisition |
||||||||||||
Convoy acquisition |
||||||||||||
Balance at September 30, 2020 (gross) |
||||||||||||
Accumulated impairment and amortization |
( |
) |
( |
) |
( |
) |
||||||
Balance at September 30, 2020 |
$ |
$ |
$ |
|||||||||
| (9) | Stock Award Plans |
Three months ended September 30, |
Nine months ended September 30, |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Compensation cost |
$ |
$ |
$ |
$ |
||||||||||||
Income tax benefit |
$ |
$ |
$ |
$ |
||||||||||||
| (10) | Taxes on Income |
Three months ended September 30, |
Nine months ended September 30, |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Earnings (loss) before taxes on income: |
||||||||||||||||
United States |
$ |
$ |
$ |
( |
) |
$ |
||||||||||
Foreign |
( |
) |
( |
) |
( |
) |
||||||||||
$ |
$ |
$ |
( |
) |
$ |
|||||||||||
Provision (benefit) for taxes on income: |
||||||||||||||||
Federal: |
||||||||||||||||
Current |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
||||||||
Deferred |
||||||||||||||||
State and local: |
||||||||||||||||
Current |
||||||||||||||||
Deferred |
( |
) |
||||||||||||||
Foreign - current |
||||||||||||||||
$ |
( |
) |
$ |
$ |
( |
) |
$ |
|||||||||
| (11) | Earnings Per Share |
Three months ended September 30, |
Nine months ended September 30, |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Net earnings (loss) attributable to Kirby |
$ |
$ |
$ |
( |
) |
$ |
||||||||||
Undistributed earnings allocated to restricted shares |
( |
) |
( |
) |
( |
) |
||||||||||
Income (loss) available to Kirby common stockholders – basic |
( |
) |
||||||||||||||
Undistributed earnings allocated to restricted shares |
||||||||||||||||
Undistributed earnings reallocated to restricted shares |
( |
) |
( |
) |
( |
) |
||||||||||
Income (loss) available to Kirby common stockholders – diluted |
$ |
$ |
$ |
( |
) |
$ |
||||||||||
Shares outstanding: |
||||||||||||||||
Weighted average common stock issued and outstanding |
||||||||||||||||
Weighted average unvested restricted stock |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Weighted average common stock outstanding – basic |
||||||||||||||||
Dilutive effect of stock options and restricted stock units |
||||||||||||||||
Weighted average common stock outstanding – diluted |
||||||||||||||||
Net earnings (loss) per share attributable to Kirby common stockholders: |
||||||||||||||||
Basic |
$ |
$ |
$ |
( |
) |
$ |
||||||||||
Diluted |
$ |
$ |
$ |
( |
) |
$ |
||||||||||
| (12) | Inventories |
September 30, 2020 |
December 31, 2019 |
|||||||
Finished goods |
$ |
$ |
||||||
Work in process |
||||||||
$ |
$ |
|||||||
| (13) | Retirement Plans |
Pension Benefits |
||||||||||||||||
Pension Plan |
SERP |
|||||||||||||||
Three months ended September 30, |
Three months ended September 30, |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Components of net periodic benefit cost: |
||||||||||||||||
Service cost |
$ |
$ |
$ |
$ |
||||||||||||
Interest cost |
||||||||||||||||
Expected return on plan assets |
( |
) |
( |
) |
||||||||||||
Amortization of actuarial loss |
||||||||||||||||
Net periodic benefit cost |
$ |
$ |
$ |
$ |
||||||||||||
Pension Benefits |
||||||||||||||||
Pension Plan |
SERP |
|||||||||||||||
Nine months ended September 30, |
Nine months ended September 30, |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Components of net periodic benefit cost: |
||||||||||||||||
Service cost |
$ |
$ |
$ |
$ |
||||||||||||
Interest cost |
||||||||||||||||
Expected return on plan assets |
( |
) |
( |
) |
||||||||||||
Amortization of actuarial loss |
||||||||||||||||
Net periodic benefit cost |
$ |
$ |
$ |
$ |
||||||||||||
Other Postretirement Benefits |
||||||||||||||||
Postretirement Welfare Plan |
||||||||||||||||
Three months ended September 30, |
Nine months ended September 30, |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Components of net periodic benefit cost: |
||||||||||||||||
Service cost |
$ |
$ |
$ |
$ |
||||||||||||
Interest cost |
||||||||||||||||
Amortization of actuarial gain |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Net periodic benefit cost |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
||||
| (14) | Other Comprehensive Income |
Three months ended September 30, |
||||||||||||||||||||||||
2020 |
2019 |
|||||||||||||||||||||||
Gross Amount |
Income Tax (Provision) Benefit |
Net Amount |
Gross Amount |
Income Tax Provision |
Net Amount |
|||||||||||||||||||
Pension and postretirement benefits (a): |
||||||||||||||||||||||||
Amortization of net actuarial loss |
$ |
$ |
( |
) |
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||
Actuarial losses |
( |
) |
( |
) |
||||||||||||||||||||
Foreign currency translation |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||
Total |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
||||||||
Nine months ended September 30, |
||||||||||||||||||||||||
2020 |
2019 |
|||||||||||||||||||||||
Gross Amount |
Income Tax (Provision) Benefit |
Net Amount |
Gross Amount |
Income Tax Provision |
Net Amount |
|||||||||||||||||||
Pension and postretirement benefits (a): |
||||||||||||||||||||||||
Amortization of net actuarial loss |
$ |
$ |
( |
) |
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||
Actuarial gains (losses) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||
Foreign currency translation |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||
Total |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
||||||||||||
| (a) |
| (15) | Contingencies |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Three months ended September 30, |
Nine months ended September 30, |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Weighted average common stock outstanding - diluted |
59,931 |
59,906 |
59,903 |
59,879 |
||||||||||||
Three months ended September 30, |
Nine months ended September 30, |
|||||||||||||||||||||||||||||||
2020 |
% |
2019 |
% |
2020 |
% |
2019 |
% |
|||||||||||||||||||||||||
Marine transportation |
$ |
320,602 |
65 |
% |
$ |
412,665 |
62 |
% |
$ |
1,104,846 |
66 |
% |
$ |
1,185,072 |
54 |
% |
||||||||||||||||
Distribution and services |
175,965 |
35 |
254,144 |
38 |
576,806 |
34 |
997,400 |
46 |
||||||||||||||||||||||||
$ |
496,567 |
100 |
% |
$ |
666,809 |
100 |
% |
$ |
1,681,652 |
100 |
% |
$ |
2,182,472 |
100 |
% |
|||||||||||||||||
Three months ended September 30, |
Nine months ended September 30, |
|||||||||||||||||||||||
2020 |
2019 |
% Change |
2020 |
2019 |
% Change |
|||||||||||||||||||
Marine transportation revenues |
$ |
320,602 |
$ |
412,665 |
(22 |
)% |
$ |
1,104,846 |
$ |
1,185,072 |
(7 |
)% |
||||||||||||
Costs and expenses: |
||||||||||||||||||||||||
Costs of sales and operating expenses |
207,038 |
257,869 |
(20 |
) |
717,923 |
771,596 |
(7 |
) |
||||||||||||||||
Selling, general and administrative |
26,554 |
28,424 |
(7 |
) |
85,294 |
90,896 |
(6 |
) |
||||||||||||||||
Taxes, other than on income |
7,307 |
9,230 |
(21 |
) |
27,852 |
26,355 |
6 |
|||||||||||||||||
Depreciation and amortization |
47,312 |
44,445 |
6 |
139,295 |
134,861 |
3 |
||||||||||||||||||
288,211 |
339,968 |
(15 |
) |
970,364 |
1,023,708 |
(5 |
) |
|||||||||||||||||
Operating income |
$ |
32,391 |
$ |
72,697 |
(55 |
)% |
$ |
134,482 |
$ |
161,364 |
(17 |
)% |
||||||||||||
Operating margins |
10.1 |
% |
17.6 |
% |
12.2 |
% |
13.6 |
% |
||||||||||||||||
Markets Serviced |
2020 Third Quarter Revenue Distribution |
2020 Nine Months Revenue Distribution |
Products Moved |
Drivers |
||||
Petrochemicals |
51% |
51% |
Benzene, Styrene, Methanol, Acrylonitrile, Xylene, Naphtha, Caustic Soda, Butadiene, Propylene |
Consumer non-durables – 70%, Consumer durables – 30% |
||||
Black Oil |
27% |
27% |
Residual Fuel Oil, Coker Feedstock, Vacuum Gas Oil, Asphalt, Carbon Black Feedstock, Crude Oil, Natural Gas Condensate, Ship Bunkers |
Fuel for Power Plants and Ships, Feedstock for Refineries, Road Construction |
||||
Refined Petroleum Products |
19% |
19% |
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 September 30, |
Nine months ended September 30, |
|||||||||||||||||||||||
2020 |
2019 |
% Change |
2020 |
2019 |
% Change |
|||||||||||||||||||
Distribution and services revenues |
$ |
175,965 |
$ |
254,144 |
(31 |
)% |
$ |
576,806 |
$ |
997,400 |
(42 |
)% |
||||||||||||
Costs and expenses: |
||||||||||||||||||||||||
Costs of sales and operating expenses |
133,726 |
200,645 |
(33 |
) |
449,948 |
787,068 |
(43 |
) |
||||||||||||||||
Selling, general and administrative |
33,098 |
33,608 |
(2 |
) |
108,295 |
108,194 |
— |
|||||||||||||||||
Taxes, other than on income |
1,754 |
1,674 |
5 |
5,636 |
5,102 |
10 |
||||||||||||||||||
Depreciation and amortization |
6,283 |
9,085 |
(31 |
) |
22,252 |
27,167 |
(18 |
) |
||||||||||||||||
174,861 |
245,012 |
(29 |
) |
586,131 |
927,531 |
(37 |
) |
|||||||||||||||||
Operating income (loss) |
$ |
1,104 |
$ |
9,132 |
(88 |
)% |
$ |
(9,325 |
) |
$ |
69,869 |
(113 |
)% |
|||||||||||
Operating margins |
0.6 |
% |
3.6 |
% |
(1.6 |
)% |
7.0 |
% |
||||||||||||||||
Markets Serviced |
2020 Third Quarter Revenue Distribution |
2020 Nine Months Revenue Distribution |
Customers |
|||
Oil and Gas |
28% |
27% |
Oilfield Services, Oil and Gas Operators and Producers |
|||
Commercial and Industrial |
72% |
73% |
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, Pleasure Crafts, On and Off-Highway Transportation, Power Generation, Standby Power Generation, Pumping Stations, Mining |
Three months ended September 30, |
Nine months ended September 30, |
|||||||||||||||||||||||
2020 |
2019 |
% Change |
2020 |
2019 |
% Change |
|||||||||||||||||||
Impairments and other charges |
$ |
— |
$ |
— |
— |
% |
$ |
(561,274 |
) |
$ |
— |
N/A |
||||||||||||
Other income |
$ |
1,172 |
$ |
864 |
36 |
% |
$ |
6,185 |
$ |
2,677 |
131 |
% |
||||||||||||
Noncontrolling interests |
$ |
(204 |
) |
$ |
(163 |
) |
25 |
% |
$ |
(743 |
) |
$ |
(477 |
) |
56 |
% |
||||||||
Interest expense |
$ |
(11,809 |
) |
$ |
(14,310 |
) |
(17 |
)% |
$ |
(37,316 |
) |
$ |
(43,026 |
) |
(13 |
)% |
||||||||
Three months ended September 30, |
Nine months ended September 30, |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Average debt |
$ |
1,609,367 |
$ |
1,513,607 |
$ |
1,583,846 |
$ |
1,538,097 |
||||||||
Average interest rate |
2.9 |
% |
3.7 |
% |
3.1 |
% |
3.8 |
% |
||||||||
Capitalized interest |
$ |
— |
$ |
137 |
$ |
— |
$ |
962 |
||||||||
September 30, 2020 |
December 31, 2019 |
% Change |
||||||||||
Assets: |
||||||||||||
Current assets |
$ |
1,060,719 |
$ |
917,579 |
16 |
% |
||||||
Property and equipment, net |
3,958,144 |
3,777,110 |
5 |
|||||||||
Operating lease right-of-use assets |
178,714 |
159,641 |
12 |
|||||||||
Goodwill |
657,800 |
953,826 |
(31 |
) |
||||||||
Other intangibles, net |
71,313 |
210,682 |
(66 |
) |
||||||||
Other assets |
54,430 |
60,259 |
(10 |
) |
||||||||
$ |
5,981,120 |
$ |
6,079,097 |
(2 |
)% |
|||||||
Liabilities and stockholders’ equity: |
||||||||||||
Current liabilities |
$ |
450,065 |
$ |
514,115 |
(12 |
)% |
||||||
Long-term debt, net – less current portion |
1,578,189 |
1,369,751 |
15 |
|||||||||
Deferred income taxes |
591,346 |
588,204 |
1 |
|||||||||
Operating lease liabilities – less current portion |
167,884 |
139,457 |
20 |
|||||||||
Other long-term liabilities |
115,269 |
95,978 |
20 |
|||||||||
Total equity |
3,078,367 |
3,371,592 |
(9 |
) |
||||||||
$ |
5,981,120 |
$ |
6,079,097 |
(2 |
)% |
|||||||
September 30, 2020 |
December 31, 2019 |
|||||||
Long-term debt, including current portion: |
||||||||
Revolving Credit Facility due March 27, 2024 (a) |
$ |
360,000 |
$ |
— |
||||
Term Loan due March 27, 2024 (a) |
375,000 |
375,000 |
||||||
2.72% senior notes due February 27, 2020 |
— |
150,000 |
||||||
3.29% senior notes due February 27, 2023 |
350,000 |
350,000 |
||||||
4.2% senior notes due March 1, 2028 |
500,000 |
500,000 |
||||||
Credit line due June 30, 2021 |
— |
— |
||||||
Bank notes payable |
155 |
16 |
||||||
1,585,155 |
1,375,016 |
|||||||
Unamortized debt discounts and issuance costs (b) |
(6,811 |
) |
(5,249 |
) |
||||
$ |
1,578,344 |
$ |
1,369,767 |
|||||
| (a) | Variable interest rates of 1.5% and 2.9% at September 30, 2020 and December 31, 2019, respectively. |
| (b) | Excludes $2,650,000 attributable to the Revolving Credit Facility included in other assets at December 31, 2019. |
| Item 3. | Quantitative and Qualitative Disclosures about Market Risk |
| Item 4. | Controls and Procedures |
| Item 1. | Legal Proceedings |
| Item 1A. | Risk Factors |
| Item 6. | Exhibits |
Exhibit Number |
Description of Exhibits |
|
– |
Restated Articles of Incorporation of the Company with all amendments to date (incorporated by reference to Exhibit 3.1 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2014) |
|
– |
Bylaws of the Company, as amended to March 17, 2020 (incorporated by reference to Exhibit 3.2 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2014) |
|
– |
Amendment to Bylaws of Kirby Corporation dated March 18, 2020 (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed with the Commission on March 19, 2020) |
|
4.1 |
– |
See Exhibits 3.1, 3.2, and 3.3 hereof for provisions of our Restated Articles of Incorporation of the Company with all amendments to date, the Bylaws of the Company, as amended to March 17, 2020, and Amendment to Bylaws of the Company dated March 18, 2020 (incorporated by reference to Exhibit 3.1 and 3.2, respectively, to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2014 and Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed with the Commission on March 19, 2020 ). |
– |
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 |
– |
Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
101.SCH |
– |
Inline XBRL Taxonomy Extension Schema Document |
101.CAL |
– |
Inline XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF |
– |
Inline XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB |
– |
Inline XBRL Taxonomy Extension Label Linkbase Document |
101.PRE |
– |
Inline XBRL Taxonomy Extension Presentation Linkbase Document |
104 |
– |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
KIRBY CORPORATION |
||
(Registrant) |
||
By: |
/s/ WILLIAM G. HARVEY |
|
William G. Harvey |
||
Executive Vice President and |
||
Chief Financial Officer |
||
Dated: November 9, 2020 |
||
| 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
|
|
|
David W. Grzebinski
|
|
|
President and Chief Executive Officer
|
|
|
Dated: November 9, 2020
|
| 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/ WILLIAM G. HARVEY
|
|
|
William G. Harvey
|
|
|
Executive Vice President and
|
|
|
Chief Financial Officer
|
|
|
Dated: November 9, 2020
|
| 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
|
|
|
David W. Grzebinski
|
|
|
President and Chief Executive Officer
|
|
|
/S/ WILLIAM G. HARVEY
|
|
|
William G. Harvey
|
|
|
Executive Vice President and
|
|
|
Chief Financial Officer
|
|
|
Dated: November 9, 2020
|
CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares |
Sep. 30, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Kirby stockholders' 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) | 65,472,000 | 65,472,000 |
| Treasury stock, shares (in shares) | 5,434,000 | 5,513,000 |
CONDENSED STATEMENTS OF EARNINGS (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
| Revenues: | ||||
| Total revenues | $ 496,567 | $ 666,809 | $ 1,681,652 | $ 2,182,472 |
| Costs and expenses: | ||||
| Costs of sales and operating expenses | 340,764 | 458,514 | 1,167,871 | 1,558,664 |
| Selling, general and administrative | 61,720 | 64,656 | 199,412 | 206,602 |
| Taxes, other than on income | 9,077 | 10,909 | 33,548 | 31,486 |
| Depreciation and amortization | 54,779 | 54,455 | 165,067 | 164,771 |
| Impairments and other charges | 0 | 0 | 561,274 | 0 |
| (Gain) loss on disposition of assets | 316 | 374 | 13 | (4,901) |
| Total costs and expenses | 466,656 | 588,908 | 2,127,185 | 1,956,622 |
| Operating income (loss) | 29,911 | 77,901 | (445,533) | 225,850 |
| Other income | 1,172 | 864 | 6,185 | 2,677 |
| Interest expense | (11,809) | (14,310) | (37,316) | (43,026) |
| Earnings (loss) before taxes on income | 19,274 | 64,455 | (476,664) | 185,501 |
| (Provision) benefit for taxes on income | 8,419 | (16,305) | 182,657 | (45,454) |
| Net earnings (loss) | 27,693 | 48,150 | (294,007) | 140,047 |
| Less: Net earnings attributable to noncontrolling interests | (204) | (163) | (743) | (477) |
| Net earnings (loss) attributable to Kirby | $ 27,489 | $ 47,987 | $ (294,750) | $ 139,570 |
| Net earnings (loss) per share attributable to Kirby common stockholders: | ||||
| Basic (in dollars per share) | $ 0.46 | $ 0.80 | $ (4.92) | $ 2.33 |
| Diluted (in dollars per share) | $ 0.46 | $ 0.80 | $ (4.92) | $ 2.32 |
| Marine Transportation [Member] | ||||
| Revenues: | ||||
| Total revenues | $ 320,602 | $ 412,665 | $ 1,104,846 | $ 1,185,072 |
| Distribution and Services [Member] | ||||
| Revenues: | ||||
| Total revenues | $ 175,965 | $ 254,144 | $ 576,806 | $ 997,400 |
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
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| CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract] | ||||
| Net earnings (loss) | $ 27,693 | $ 48,150 | $ (294,007) | $ 140,047 |
| Other comprehensive income (loss), net of taxes: | ||||
| Pension and postretirement benefits | (4,279) | 172 | (6,674) | 6,640 |
| Foreign currency translation adjustments | (239) | (618) | (1,162) | (542) |
| Total other comprehensive income (loss), net of taxes | (4,518) | (446) | (7,836) | 6,098 |
| Total comprehensive income (loss), net of taxes | 23,175 | 47,704 | (301,843) | 146,145 |
| Net earnings attributable to noncontrolling interests | (204) | (163) | (743) | (477) |
| Comprehensive income (loss) attributable to Kirby | $ 22,971 | $ 47,541 | $ (302,586) | $ 145,668 |
Basis for Preparation of the Condensed Financial Statements |
9 Months Ended | ||
|---|---|---|---|
Sep. 30, 2020 | |||
| 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 and its consolidated subsidiaries (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, 2019. Certain reclassifications have been made to reflect the current presentation of financial information. Such reclassifications have no impact on previously reported net earnings (loss), stockholders’ equity, or cash flows.
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Accounting Standards Adoptions |
9 Months Ended | ||
|---|---|---|---|
Sep. 30, 2020 | |||
| Accounting Standards Adoptions [Abstract] | |||
| Accounting Standards Adoptions |
In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, Income Taxes. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Company is currently evaluating this guidance to determine the impact on its consolidated financial statements.
In August 2018, the FASB issued ASU 2018-14, “Compensation – Retirement Benefits - Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans” which amends the annual disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by removing certain requirements, providing clarification on existing requirements and adding new requirements including adding an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. The guidance is effective for fiscal years ending after December 15, 2020. Early adoption is permitted. The amendments in this update are required to be applied on a retrospective basis to all periods presented. The Company is currently evaluating this guidance to determine the impact on its disclosures.
In January 2017, the FASB issued ASU 2017-04, “Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”) which simplifies the subsequent measurement of goodwill by eliminating Step 2 in the goodwill impairment test that required an entity to perform procedures to determine the fair value of its assets and liabilities at the testing date. An entity instead shall perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying value and record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value, incorporating all tax impacts caused by the recognition of the impairment loss. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The Company adopted ASU 2017-04 on January 1, 2020 on a prospective basis. See Note 8, Impairments and Other Charges for further details.
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Acquisitions |
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| Acquisitions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisitions |
During the nine months ended September 30, 2020, the Company purchased five newly constructed inland pressure barges for $33,150,000 in cash.
On April 1, 2020, the Company completed the acquisition of the inland tank barge fleet of Savage Inland Marine, LLC (“Savage”) for $278,999,000 in cash. Savage’s tank barge fleet consisted of 92 inland tank barges with approximately 2.5 million barrels of capacity and 45 inland towboats. The Savage assets that were acquired primarily move petrochemicals, refined products, and crude oil on the Mississippi River, its tributaries, and the Gulf Intracoastal Waterway. The Company also acquired Savage’s ship bunkering business and barge fleeting business along the Gulf Coast. The Company considers Savage to be a natural extension of the current marine transportation segment, expanding the capabilities of the Company’s inland based marine transportation business and lowers the average age of its fleet.
On January 3, 2020, the Company completed the acquisition of substantially all the assets of Convoy Servicing Company and Agility Fleet Services, LLC (collectively “Convoy”) for $37,180,000 in cash. Convoy is an authorized dealer for Thermo King refrigeration systems for trucks, railroad cars and other land transportation markets for North and East Texas and Colorado.
The fair values of the assets acquired and liabilities assumed from the Savage and Convoy acquisitions recorded at the respective acquisition dates were as follows (in thousands):
The Company acquired customer relationships with an estimated value of $2,300,000 from Savage with an amortization period of 10 years. The fair values of the Savage acquisition have not been finalized and are provisional, pending completion of the tangible and intangible valuation studies. Acquisition related costs of $376,000, consisting primarily of legal and other professional fees, were expensed as incurred to selling, general and administrative expense. All goodwill recorded for the Savage acquisition will be deductible for tax purposes.
The Company acquired intangible assets from Convoy with a weighted average amortization period of 11 years, consisting of $9,000,000 for customer relationships with an amortization period of 10 years, $8,000,000 for distributorships with an amortization period of 12 years and $170,000 for non-compete agreements with an amortization period of three years. All goodwill recorded for the Convoy acquisition will be deductible for tax purposes.
Pro forma results of the acquisitions made in the 2020 first nine months have not been presented as the pro forma revenues and net earnings attributable to Kirby would not be materially different from the Company’s actual results.
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Revenues |
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| Revenues [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues |
The following table sets forth the Company’s revenues by major source (in thousands):
Contract Assets and Liabilities. Contract liabilities represent advance consideration received from customers, and are recognized as revenue over time as the related performance obligation is satisfied. Revenues recognized in the 2020 and 2019 first nine months that were included in the opening contract liability balances were $37,153,000 and $75,105,000, respectively. The Company presents all contract liabilities within the deferred revenues financial statement caption on the balance sheets. The Company did not have any contract assets at September 30, 2020 or December 31, 2019.
The Company applies the practical expedient that allows non-disclosure of information about remaining performance obligations that have original expected durations of one year or less.
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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.
Distribution and Services — Provides after-market services and parts for engines, transmissions, reduction gears and related equipment used in oilfield service, marine, power generation, on-highway, and other industrial applications. The Company also rents equipment including generators, industrial compressors, railcar movers, and high capacity lift trucks for use in a variety of industrial markets, and manufactures and remanufactures oilfield service equipment, including pressure pumping units, for land-based oilfield service customers.
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 distribution and services segment from the marine transportation segment of $6,768,000 and $23,115,000 for the three months and nine months ended September 30, 2020, respectively, and $7,201,000 and $22,182,000 for the three months and nine months ended September 30, 2019, respectively, have been eliminated from the tables below. The related intersegment profit of $676,000 and $2,311,000 for the three months and nine months ending September 30, 2020, respectively, and $720,000 and $2,218,000 for the three months and nine months ended September 30, 2019, respectively, have also been eliminated from the tables below.
The following tables set forth the Company’s revenues and profit or loss by reportable segment and total assets (in thousands):
The following table presents the details of “Other” segment loss (in thousands):
The following table presents the details of “Other” total assets (in thousands):
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Long-Term Debt |
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| Long-Term Debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt |
The Company has an amended and restated credit agreement (the “Credit Agreement”) with a group of commercial banks, with JPMorgan Chase Bank, N.A. as the administrative agent bank, allowing for an $850,000,000 unsecured revolving credit facility (“Revolving Credit Facility”) and an unsecured term loan (“Term Loan”) with a maturity date of March 27, 2024. The Term Loan is repayable in quarterly installments currently scheduled to commence September 30, 2023, with $343,750,000 due on March 27, 2024. The Term Loan is prepayable, in whole or in part, without penalty. As of September 30, 2020, the Company had availability of $484,637,000 under the Revolving Credit Facility.
On February 27, 2020, upon maturity, the Company repaid in full $150,000,000 of 2.72% unsecured senior notes.
The following table presents the carrying value and fair value of debt outstanding (in thousands):
(a) Variable interest rates of 1.5% and 2.9% at September 30, 2020 and December 31, 2019, respectively.
(b) Excludes $2,650,000 attributable to the Revolving Credit Facility included in other assets at December 31, 2019.
The fair value of debt outstanding was determined using inputs characteristic of a Level 2 fair value measurement.
The following table presents borrowings and payments under the bank credit facilities (in thousands):
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Leases |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases |
The Company currently leases various facilities and equipment under cancelable and noncancelable operating leases. The accounting for the Company’s leases may require judgments, which include determining whether a contract contains a lease, allocating the consideration between lease and non-lease components, and determining the incremental borrowing rates. Leases with an initial noncancelable term of 12 months or less are not recorded on the balance sheet and related lease expense is recognized on a straight-line basis over the lease term. The Company has also elected to combine lease and non-lease components on all classes of leased assets, except for leased towing vessels for which the Company estimates approximately 75% of the costs relate to service costs and other non-lease components. Variable lease costs relate primarily to real estate executory costs (i.e. taxes, insurance and maintenance).
Future minimum lease payments under operating leases that have initial noncancelable lease terms in excess of one year were as follows (in thousands):
The following table sets forth lease costs (in thousands):
The following table summarizes other supplemental information about the Company’s operating leases :
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Impairments and Other Charges |
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| Impairments and Other Charges [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Impairments and Other Charges |
During the 2020 first quarter, Kirby’s market capitalization declined significantly compared to the 2019 fourth quarter. Over the same period, the overall United States stock market also declined significantly amid market volatility. In addition, as a result of uncertainty surrounding the outbreak of COVID-19 and a sharp decline in oil prices during the 2020 first quarter, many of the Company’s oil and gas customers responded by quickly cutting 2020 capital spending budgets and activity levels quickly declined. Lower activity levels have resulted in a decline in drilling activity, resulting in lower demand for new and remanufactured oilfield equipment and related parts and service in the distribution and services segment. As a result, the Company concluded that a triggering event had occurred and performed interim quantitative impairment tests as of March 31, 2020 for certain of the distribution and services segment’s long-lived assets and goodwill.
The Company determined the estimated fair value of such long-lived assets and reporting units using a discounted cash flow analysis and a market approach for comparable companies. This analysis included management’s judgment regarding short-term and long-term internal forecasts, updated for recent events, appropriate discount rates, and capital expenditures using inputs characteristic of a Level 3 fair value measurement.
In performing the impairment test of long-lived assets within the distribution and services segment, the Company determined that the carrying value of certain long-lived assets, including property and equipment as well as intangible assets associated with customer relationships, tradenames, and distributorships, were no longer recoverable, resulting in an impairment charge of $165,304,000 to reduce such long-lived assets to fair value during the three months ended March 31, 2020.
Based upon the results of the goodwill impairment test, the Company concluded that the carrying value of one reporting unit in the distribution and services segment exceeded its estimated fair value. For the three months ended March 31, 2020, the goodwill impairment charge of $387,970,000 was calculated as the amount that the carrying value of the reporting unit, including goodwill, and after recording impairments of long-lived assets identified above, exceeded its estimated fair value, incorporating all tax impacts caused by the recognition of the impairment loss.
In addition, the Company determined cost exceeded net realizable value for certain oilfield and pressure pumping related inventory, resulting in an $8,000,000 non-cash write-down during the three months ended March 31, 2020.
The following table summarizes the changes in goodwill (in thousands):
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Stock Award Plans |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock Award Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock Award Plans |
During the nine months ended September 30, 2020, the Company granted 153,460 restricted stock units (“RSUs”) and 114,600 stock options to selected officers and other key employees under its employee stock award plan. The RSUs vest ratably over five years and the stock options become exercisable ratably over three years and expire after seven years.
During the nine months ended September 30, 2020, the Company granted 39,913 shares of restricted stock to nonemployee directors of the Company under the director stock award plan. The restricted stock vests six months after the date of grant except that restricted stock granted in lieu of cash director fees vests in equal quarterly increments through March 31, 2021.
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 were as follows (in thousands):
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Taxes on Income |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxes on Income [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxes on Income |
On March 27, 2020, the United States Congress passed and the President signed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) into law to address the COVID-19 pandemic. One provision of the CARES Act allows net operating losses generated in 2018 through 2020 to be carried back up to five years. Pursuant to this provision of the CARES Act, the Company recorded a federal current benefit for taxes on income for the nine months ended September 30, 2020 due to carrying back net operating losses generated between 2018 and 2020 used to offset taxable income generated between 2013 and 2017. This caused a reduction in the effective tax rate during the nine months ended September 30, 2020 as net operating losses carried back to tax years are applied at a federal tax rate of 35% applicable to those tax years, compared to a 21% tax rate effective at September 30, 2020. Net operating losses generated in 2018 and 2019 were used to offset taxable income generated between 2013 and 2017 taxed at 35% resulting in a tax benefit of $58,746,000 and a decrease in the Company’s deferred tax asset related to federal net operating losses of $89,358,000. During the nine months ended September 30, 2020, the Company received a tax refund of $30,606,000 for its 2018 tax return related to net operating losses being carried back to offset taxable income generated during 2013. At September 30, 2020, the Company had a federal income tax receivable of $159,557,000 included in Accounts Receivable – Other on the balance sheet.
Earnings (loss) before taxes on income and details of the provision (benefit) for taxes on income 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 (loss) per share (in thousands, except per share amounts):
Certain outstanding options to purchase approximately 681,000 and 297,000 shares of common stock were excluded in the computation of diluted earnings per share as of September 30, 2020 and 2019, respectively, as such stock options would have been antidilutive. Certain outstanding RSUs to convert to 162,000 and 5,000 shares of common stock were also excluded in the computation of diluted earnings per share as of September 30, 2020 and 2019, respectively, as such RSUs would have been antidilutive.
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Inventories |
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||
| Inventories [Abstract] | |||||||||||||||||||||||||||||||||||||||
| Inventories |
The following table presents the details of inventories – net (in thousands):
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Retirement Plans |
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| Retirement Plans [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Plans |
The Company sponsors a defined benefit plan for certain of 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.
On April 12, 2017, the Company amended its pension plan to cease all benefit accruals for periods after May 31, 2017 for certain participants. Participants grandfathered and not impacted were those, as of the close of business on May 31, 2017, who either (a) had completed 15 years of pension service or (b) had attained age 50 and completed 10 years of pension service. Participants non-grandfathered are eligible to receive discretionary 401(k) plan contributions.
The Company’s pension plan funding strategy is to make annual contributions in amounts equal to or greater than amounts necessary to meet minimum government funding requirements. The plan’s benefit obligations are 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 does not expect to make a contribution to the Kirby pension plan during 2020.
On February 14, 2018, with the acquisition of Higman Marine, Inc. and its affiliated companies (“Higman”), the Company assumed Higman’s pension plan for its inland vessel personnel and office staff. On March 27, 2018, the Company amended the Higman pension plan to close it to all new entrants and cease all benefit accruals for periods after May 15, 2018 for all participants. The Company made contributions of $797,000 and $958,000 to the Higman pension plan in the nine months ended September 30,2020 for the 2019 and 2020 plan years, respectively. In addition, the Company made its final anticipated 2020 contribution of $480,000 to the Higman pension plan during October 2020 for the 2020 plan year.
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 were as follows (in thousands):
The components of net periodic benefit cost for the Company’s postretirement benefit plan were as follows (in thousands):
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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 were as follows (in thousands):
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Contingencies |
9 Months Ended | ||
|---|---|---|---|
Sep. 30, 2020 | |||
| Contingencies [Abstract] | |||
| Contingencies |
On May 10, 2019, two tank barges and a towboat, the M/V Voyager, owned and operated by Kirby Inland Marine, LP (“Kirby Inland Marine”), a wholly owned subsidiary of the Company, were struck by the LPG tanker, the Genesis River, in the Houston Ship Channel. The bow of the Genesis River penetrated the Kirby 30015T and capsized the MMI 3014. The collision penetrated the hull of the Kirby 30015T causing its cargo, reformate, to be discharged into the water. The United States Coast Guard (“USCG”) and the National Transportation Safety Board (“NTSB”) designated the owner and pilot of the Genesis River as well as the subsidiary of the Company as parties of interest in their investigation into the cause of the incident. On June 19, 2019, the Company filed a limitation action in the U.S. District Court of the Southern District of Texas - Galveston Division seeking limitation of liability and asserting that the Genesis River and her owner/manager are at fault for damages including removal costs and claims under the Oil Pollution Act of 1990 and maritime law. Multiple claimants have filed claims in the limitation seeking damages under the Oil Pollution Act of 1990. The Company has various insurance policies covering liabilities including pollution, marine and general liability and believes that it has satisfactory insurance coverage for the potential liabilities arising from the incident. The Company believes its accrual of such estimated liability is adequate for the incident and does not expect the incident to have a material adverse effect on its business or financial condition.
On October 13, 2016, the tug Nathan E. Stewart and barge DBL 55, an articulated tank barge and tugboat unit (“ATB”) owned and operated by Kirby Offshore Marine, LLC, a wholly owned subsidiary of the Company, ran aground at the entrance to Seaforth Channel on Atholone Island, British Columbia. The grounding resulted in a breach of a portion of the Nathan E. Stewart’s fuel tanks causing a discharge of diesel fuel into the water. The USCG and the NTSB designated the Company as a party of interest in their investigation as to the cause of the incident. The Canadian authorities including Transport Canada and the Canadian Transportation Safety Board investigated the cause of the incident. On October 10, 2018, the Heiltsuk First Nation filed a civil action in the British Columbia Supreme Court against a subsidiary of the Company, the master and pilot of the tug, the vessels and the Canadian government seeking unquantified damages as a result of the incident. On May 1, 2019, the Company filed a limitation action in the Federal Court of Canada seeking limitation of liability relating to the incident as provided under admiralty law. The Heiltsuk First Nation’s civil claim has been consolidated into the Federal Court limitation action as of July 26, 2019 and it is expected that the Federal Court of Canada will decide all claims against the Company. The Company is unable to estimate the potential exposure in the civil proceeding. The Company has various insurance policies covering liabilities including pollution, property, marine and general liability and believes that it has satisfactory insurance coverage for the cost of cleanup and salvage operations as well as other potential liabilities arising from the incident. The Company believes its accrual of such estimated liability is adequate for the incident and does not expect the incident to have a material adverse effect on its business or financial condition.
On March 22, 2014, two tank barges and a towboat, the M/V Miss Susan, owned by Kirby Inland Marine, 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 Company is participating in the natural resource damage assessment and restoration process with federal and state government natural resource trustees. The Company believes it has adequate insurance coverage for pollution, marine and other potential liabilities arising from the incident. The Company believes its accrual of such estimated liability is adequate for the incident and does not expect the incident to have a material adverse effect on its business or financial condition.
In addition, the Company is 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 financial condition, results of operations, or cash flows. Management believes its accrual of such estimated liability is adequate 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 $22,954,000 at September 30, 2020, including $11,181,000 in letters of credit and $11,773,000 in performance bonds. All of these instruments have an expiration date within two years. The Company does not believe demand for payment under these instruments is likely and expects no material cash outlays to occur regarding these instruments.
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Accounting Standards Adoptions (Policies) |
9 Months Ended |
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Sep. 30, 2020 | |
| Accounting Standards Adoptions [Abstract] | |
| Accounting Standards Adoptions |
In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, Income Taxes. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Company is currently evaluating this guidance to determine the impact on its consolidated financial statements.
In August 2018, the FASB issued ASU 2018-14, “Compensation – Retirement Benefits - Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans” which amends the annual disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by removing certain requirements, providing clarification on existing requirements and adding new requirements including adding an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. The guidance is effective for fiscal years ending after December 15, 2020. Early adoption is permitted. The amendments in this update are required to be applied on a retrospective basis to all periods presented. The Company is currently evaluating this guidance to determine the impact on its disclosures.
In January 2017, the FASB issued ASU 2017-04, “Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”) which simplifies the subsequent measurement of goodwill by eliminating Step 2 in the goodwill impairment test that required an entity to perform procedures to determine the fair value of its assets and liabilities at the testing date. An entity instead shall perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying value and record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value, incorporating all tax impacts caused by the recognition of the impairment loss. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The Company adopted ASU 2017-04 on January 1, 2020 on a prospective basis. See Note 8, Impairments and Other Charges for further details.
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Acquisitions (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisitions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Values of Assets Acquired and Liabilities Assumed |
The fair values of the assets acquired and liabilities assumed from the Savage and Convoy acquisitions recorded at the respective acquisition dates were as follows (in thousands):
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Revenues (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues by Major Source |
The following table sets forth the Company’s revenues by major source (in thousands):
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Segment Data (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Data [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting Information, by Segment |
The following tables set forth the Company’s revenues and profit or loss by reportable segment and total assets (in thousands):
|
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| Other Segment Reporting Information |
The following table presents the details of “Other” segment loss (in thousands):
The following table presents the details of “Other” total assets (in thousands):
|
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Long-Term Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Carrying Values and Fair Values of Debt Outstanding |
The following table presents the carrying value and fair value of debt outstanding (in thousands):
(a) Variable interest rates of 1.5% and 2.9% at September 30, 2020 and December 31, 2019, respectively.
(b) Excludes $2,650,000 attributable to the Revolving Credit Facility included in other assets at December 31, 2019.
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| Borrowings and Payments Under the Bank Credit Facilities |
The following table presents borrowings and payments under the bank credit facilities (in thousands):
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Leases (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Future Minimum Lease Payments under Operating Leases |
Future minimum lease payments under operating leases that have initial noncancelable lease terms in excess of one year were as follows (in thousands):
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| Lease Cost |
The following table sets forth lease costs (in thousands):
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| Operating Leases, Weighted Average Discount Rate and Remaining Lease Term |
The following table summarizes other supplemental information about the Company’s operating leases :
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Impairments and Other Charges (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Impairments and Other Charges [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes in Goodwill |
The following table summarizes the changes in goodwill (in thousands):
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Stock Award Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock Award Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Compensation Cost Breakdown in Statement of Earnings |
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 were as follows (in thousands):
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Taxes on Income (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxes on Income [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Before Taxes |
Earnings (loss) before taxes on income and details of the provision (benefit) for taxes on income were as follows (in thousands):
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Earnings Per Share (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basic and Diluted Earnings per Share |
The following table presents the components of basic and diluted earnings (loss) per share (in thousands, except per share amounts):
|
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Inventories (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||
| Inventories [Abstract] | |||||||||||||||||||||||||||||||||||||
| Details of Inventories |
The following table presents the details of inventories – net (in thousands):
|
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Retirement Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension Plan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Periodic Benefit Cost |
The components of net periodic benefit cost for the Company’s defined benefit plans were as follows (in thousands):
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| Other Postretirement Benefits [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Periodic Benefit Cost |
The components of net periodic benefit cost for the Company’s postretirement benefit plan were as follows (in thousands):
|
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Other Comprehensive Income (Tables) |
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| Other Comprehensive Income [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes in Other Comprehensive Income |
The Company’s changes in other comprehensive income were as follows (in thousands):
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Segment Data (Details) |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
|
Sep. 30, 2020
USD ($)
|
Sep. 30, 2019
USD ($)
|
Sep. 30, 2020
USD ($)
Segment
|
Sep. 30, 2019
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
| Segment Data [Abstract] | |||||
| Number of reportable segments | Segment | 2 | ||||
| Revenues [Abstract] | |||||
| Revenues | $ 496,567,000 | $ 666,809,000 | $ 1,681,652,000 | $ 2,182,472,000 | |
| Segment profit (loss) | 19,274,000 | 64,455,000 | (476,664,000) | 185,501,000 | |
| Total assets | 5,981,120,000 | 5,981,120,000 | $ 6,079,097,000 | ||
| Other segment disclosures [Abstract] | |||||
| Gain (loss) on disposition of assets | (316,000) | (374,000) | (13,000) | 4,901,000 | |
| Interest expense | (11,809,000) | (14,310,000) | (37,316,000) | (43,026,000) | |
| Other income | 1,172,000 | 864,000 | 6,185,000 | 2,677,000 | |
| Earnings (loss) before taxes on income | 19,274,000 | 64,455,000 | (476,664,000) | 185,501,000 | |
| Marine Transportation [Member] | |||||
| Revenues [Abstract] | |||||
| Revenues | 320,602,000 | 412,665,000 | 1,104,846,000 | 1,185,072,000 | |
| Distribution and Services [Member] | |||||
| Revenues [Abstract] | |||||
| Revenues | 175,965,000 | 254,144,000 | 576,806,000 | 997,400,000 | |
| Other [Member] | |||||
| Revenues [Abstract] | |||||
| Segment profit (loss) | (14,221,000) | (17,374,000) | (601,821,000) | (45,732,000) | |
| Total assets | 371,568,000 | 371,568,000 | 120,335,000 | ||
| Other segment disclosures [Abstract] | |||||
| General corporate expenses | (3,268,000) | (3,554,000) | (9,403,000) | (10,284,000) | |
| Gain (loss) on disposition of assets | (316,000) | (374,000) | (13,000) | 4,901,000 | |
| Impairments and other charges | 0 | 0 | (561,274,000) | 0 | |
| Interest expense | (11,809,000) | (14,310,000) | (37,316,000) | (43,026,000) | |
| Other income | 1,172,000 | 864,000 | 6,185,000 | 2,677,000 | |
| Earnings (loss) before taxes on income | (14,221,000) | (17,374,000) | (601,821,000) | (45,732,000) | |
| Details of "Other" total assets [Abstract] | |||||
| General corporate assets | 369,084,000 | 369,084,000 | 118,310,000 | ||
| Investment in affiliates | 2,484,000 | 2,484,000 | 2,025,000 | ||
| Total other assets | 371,568,000 | 371,568,000 | 120,335,000 | ||
| Reporting Segments [Member] | Marine Transportation [Member] | |||||
| Revenues [Abstract] | |||||
| Revenues | 320,602,000 | 412,665,000 | 1,104,846,000 | 1,185,072,000 | |
| Segment profit (loss) | 32,391,000 | 72,697,000 | 134,482,000 | 161,364,000 | |
| Total assets | 4,795,002,000 | 4,795,002,000 | 4,536,368,000 | ||
| Other segment disclosures [Abstract] | |||||
| Earnings (loss) before taxes on income | 32,391,000 | 72,697,000 | 134,482,000 | 161,364,000 | |
| Reporting Segments [Member] | Distribution and Services [Member] | |||||
| Revenues [Abstract] | |||||
| Revenues | 175,965,000 | 254,144,000 | 576,806,000 | 997,400,000 | |
| Segment profit (loss) | 1,104,000 | 9,132,000 | (9,325,000) | 69,869,000 | |
| Total assets | 814,550,000 | 814,550,000 | $ 1,422,394,000 | ||
| Other segment disclosures [Abstract] | |||||
| Earnings (loss) before taxes on income | 1,104,000 | 9,132,000 | (9,325,000) | 69,869,000 | |
| Intersegment Eliminations [Member] | |||||
| Revenues [Abstract] | |||||
| Revenues | 6,768,000 | 7,201,000 | 23,115,000 | 22,182,000 | |
| Segment profit (loss) | 676,000 | 720,000 | 2,311,000 | 2,218,000 | |
| Other segment disclosures [Abstract] | |||||
| Earnings (loss) before taxes on income | $ 676,000 | $ 720,000 | $ 2,311,000 | $ 2,218,000 | |
Leases, Future Minimum Lease Payments Under Operating Leases (Details) - USD ($) $ in Thousands |
9 Months Ended | |
|---|---|---|
Sep. 30, 2020 |
Dec. 31, 2019 |
|
| Leases [Abstract] | ||
| Percentage of costs relate to service costs for leased towing vessels | 75.00% | |
| Future Minimum Lease Payments Under Operating Leases [Abstract] | ||
| 2020 | $ 10,643 | |
| 2021/2020 | 38,059 | $ 33,374 |
| 2022/2021 | 33,014 | 25,911 |
| 2023/2022 | 27,500 | 23,098 |
| 2024/2023 | 23,063 | 19,162 |
| 2024 | 15,330 | |
| Thereafter | 117,351 | |
| Thereafter | 92,991 | |
| Total lease payments | 249,630 | 209,866 |
| Less: imputed interest | (49,201) | (43,085) |
| Operating lease liabilities | $ 200,429 | $ 166,781 |
Leases, Lease Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
| Lease Cost [Abstract] | ||||
| Operating lease cost | $ 11,553 | $ 9,490 | $ 32,467 | $ 29,461 |
| Variable lease cost | 485 | 386 | 1,081 | 1,417 |
| Short-term lease cost | 4,645 | 7,727 | 17,998 | 24,582 |
| Sublease income | (418) | (366) | (792) | (924) |
| Total lease cost | $ 16,265 | $ 17,237 | $ 50,754 | $ 54,536 |
Leases, Other Supplemental Information (Details) |
Sep. 30, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Other Supplemental Information about Operating Leases [Abstract] | ||
| Weighted average discount rate | 4.10% | 4.00% |
| Weighted average remaining lease term | 10 years | 11 years |
Impairments and Other Charges (Details) - USD ($) |
3 Months Ended | 9 Months Ended |
|---|---|---|
Mar. 31, 2020 |
Sep. 30, 2020 |
|
| Impairments and Other Charges [Abstract] | ||
| Impairment charge | $ 165,304,000 | |
| Non-cash write-down | 8,000,000 | |
| Changes in Goodwill [Roll Forward] | ||
| Balance (gross) | 973,995,000 | $ 973,995,000 |
| Accumulated impairment and amortization | (20,169,000) | (20,169,000) |
| Balance | 953,826,000 | 953,826,000 |
| Impairment | (387,970,000) | |
| Savage acquisition | 81,635,000 | |
| Convoy acquisition | 10,309,000 | |
| Balance (gross) | 1,065,939,000 | |
| Accumulated impairment and amortization | (408,139,000) | |
| Balance | 657,800,000 | |
| Marine Transportation [Member] | ||
| Changes in Goodwill [Roll Forward] | ||
| Balance (gross) | 424,149,000 | 424,149,000 |
| Accumulated impairment and amortization | (18,574,000) | (18,574,000) |
| Balance | 405,575,000 | 405,575,000 |
| Impairment | 0 | |
| Savage acquisition | 81,635,000 | |
| Convoy acquisition | 0 | |
| Balance (gross) | 505,784,000 | |
| Accumulated impairment and amortization | (18,574,000) | |
| Balance | 487,210,000 | |
| Distribution and Services [Member] | ||
| Changes in Goodwill [Roll Forward] | ||
| Balance (gross) | 549,846,000 | 549,846,000 |
| Accumulated impairment and amortization | (1,595,000) | (1,595,000) |
| Balance | $ 548,251,000 | 548,251,000 |
| Impairment | (387,970,000) | |
| Savage acquisition | 0 | |
| Convoy acquisition | 10,309,000 | |
| Balance (gross) | 560,155,000 | |
| Accumulated impairment and amortization | (389,565,000) | |
| Balance | $ 170,590,000 |
Stock Award Plans (Details) |
9 Months Ended |
|---|---|
|
Sep. 30, 2020
shares
| |
| Employee Stock Award Plan [Member] | RSUs [Member] | |
| Stock Award Plan Information [Abstract] | |
| Number of restricted stock and units granted (in shares) | 153,460 |
| Vesting period | 5 years |
| Employee Stock Award Plan [Member] | Stock Options [Member] | |
| Stock Award Plan Information [Abstract] | |
| Number of stock options granted (in shares) | 114,600 |
| Vesting period | 3 years |
| Stock options expiration period | 7 years |
| Director Plan [Member] | Restricted Stock [Member] | |
| Stock Award Plan Information [Abstract] | |
| Number of restricted stock and units granted (in shares) | 39,913 |
| Vesting period | 6 months |
Stock Award Plans, Compensation Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
| Stock Award Plans [Abstract] | ||||
| Compensation cost | $ 3,414 | $ 3,172 | $ 12,066 | $ 11,079 |
| Income tax benefit | $ 1,181 | $ 813 | $ 3,332 | $ 2,722 |
Taxes on Income (Details) - USD ($) |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2017 |
|
| Income Taxes [Abstract] | |||||
| Effective income tax rate | 21.00% | 35.00% | |||
| Tax refund amount | $ (30,606,000) | $ (30,606,000) | |||
| Income tax receivable | 159,557,000 | 159,557,000 | |||
| Earnings (loss) before taxes on income [Abstract] | |||||
| Earnings (loss) before taxes on income | 19,274,000 | $ 64,455,000 | (476,664,000) | $ 185,501,000 | |
| Federal [Abstract] | |||||
| Current | (33,690,000) | 0 | (189,994,000) | 0 | |
| Deferred | 23,350,000 | 14,495,000 | 16,056,000 | 40,502,000 | |
| State and local [Abstract] | |||||
| Current | 1,257,000 | 1,675,000 | 1,875,000 | 4,820,000 | |
| Deferred | 620,000 | 0 | (10,674,000) | 0 | |
| Foreign - current | 44,000 | 135,000 | 80,000 | 132,000 | |
| Total Provision (benefit) for taxes on income | (8,419,000) | 16,305,000 | $ (182,657,000) | 45,454,000 | |
| COVID-19 [Member] | |||||
| Income Taxes [Abstract] | |||||
| Operating losses tax year | 2013 2014 2015 2016 2017 | ||||
| Tax benefit related to CARES Act | $ (58,746,000) | ||||
| Decrease in deferred tax asset | $ (89,358,000) | ||||
| COVID-19 [Member] | Maximum [Member] | |||||
| Income Taxes [Abstract] | |||||
| Number of years net operating losses carried | 5 years | ||||
| United States [Member] | |||||
| Earnings (loss) before taxes on income [Abstract] | |||||
| Earnings (loss) before taxes on income | 19,246,000 | 64,550,000 | $ (476,382,000) | 186,205,000 | |
| Foreign [Member] | |||||
| Earnings (loss) before taxes on income [Abstract] | |||||
| Earnings (loss) before taxes on income | $ 28,000 | $ (95,000) | $ (282,000) | $ (704,000) | |
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
| Net Income (Loss) Attributable to Parent [Abstract] | ||||
| Net earnings (loss) attributable to Kirby | $ 27,489 | $ 47,987 | $ (294,750) | $ 139,570 |
| Undistributed earnings allocated to restricted shares | (57) | (128) | 0 | (369) |
| Income (loss) available to Kirby common stockholders - basic | 27,432 | 47,859 | (294,750) | 139,201 |
| Undistributed earnings allocated to restricted shares | 57 | 128 | 0 | 369 |
| Undistributed earnings reallocated to restricted shares | (57) | (128) | 0 | (368) |
| Income (loss) available to Kirby common stockholders - diluted | $ 27,432 | $ 47,859 | $ (294,750) | $ 139,202 |
| Shares outstanding [Abstract] | ||||
| Weighted average common stock issued and outstanding (in shares) | 60,038,000 | 59,908,000 | 60,015,000 | 59,891,000 |
| Weighted average unvested restricted stock (in shares) | (123,000) | (159,000) | (112,000) | (158,000) |
| Weighted average common stock outstanding - basic (in shares) | 59,915,000 | 59,749,000 | 59,903,000 | 59,733,000 |
| Dilutive effect of stock options and restricted stock units (in shares) | 16,000 | 157,000 | 0 | 146,000 |
| Weighted average common stock outstanding - diluted (in shares) | 59,931,000 | 59,906,000 | 59,903,000 | 59,879,000 |
| Net earnings (loss) per share attributable to Kirby common stockholders: | ||||
| Basic (in dollars per share) | $ 0.46 | $ 0.80 | $ (4.92) | $ 2.33 |
| Diluted (in dollars per share) | $ 0.46 | $ 0.80 | $ (4.92) | $ 2.32 |
| Antidilutive securities excluded from computation of earnings per share (in shares) | 681,000 | 297,000 | ||
| RSUs [Member] | ||||
| Net earnings (loss) per share attributable to Kirby common stockholders: | ||||
| Antidilutive securities excluded from computation of earnings per share (in shares) | 162,000 | 5,000 | ||
Inventories (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Details of inventories [Abstract] | ||
| Finished goods | $ 269,604 | $ 291,214 |
| Work in process | 51,829 | 60,187 |
| Inventories - net | $ 321,433 | $ 351,401 |
Retirement Plans (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|---|
Oct. 31, 2020 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
| Retirement Plans [Abstract] | |||||
| Service period of participants not impacted by pension plan amendment | 15 years | ||||
| Age of plan participants not impacted by pension plan amendment | 50 years | ||||
| Service period of participants who are age fifty not impacted by pension plan amendment | 10 years | ||||
| Pension plan defined benefit plan cost increase limit percentage | 4.00% | ||||
| Higman [Member] | Plan 2019 [Member] | |||||
| Retirement Plans [Abstract] | |||||
| Pension contributions | $ 797,000 | ||||
| Higman [Member] | Plan 2020 [Member] | |||||
| Retirement Plans [Abstract] | |||||
| Pension contributions | 958,000 | ||||
| Higman [Member] | Plan 2020 [Member] | Subsequent Event [Member] | |||||
| Retirement Plans [Abstract] | |||||
| Pension contributions | $ 480,000 | ||||
| Pension Plan [Member] | |||||
| Components of net periodic benefit cost [Abstract] | |||||
| Service cost | $ 1,917,000 | $ 1,841,000 | 5,753,000 | $ 5,523,000 | |
| Interest cost | 3,919,000 | 4,123,000 | 11,758,000 | 12,370,000 | |
| Expected return on plan assets | (5,960,000) | (5,239,000) | (17,883,000) | (15,717,000) | |
| Amortization of actuarial (loss) gain | 994,000 | 359,000 | 1,651,000 | 1,078,000 | |
| Net periodic benefit cost | 870,000 | 1,084,000 | 1,279,000 | 3,254,000 | |
| SERP [Member] | |||||
| Components of net periodic benefit cost [Abstract] | |||||
| Service cost | 0 | 0 | 0 | 0 | |
| Interest cost | 10,000 | 13,000 | 30,000 | 39,000 | |
| Expected return on plan assets | 0 | 0 | 0 | 0 | |
| Amortization of actuarial (loss) gain | 8,000 | 7,000 | 26,000 | 21,000 | |
| Net periodic benefit cost | 18,000 | 20,000 | 56,000 | 60,000 | |
| Other Postretirement Benefits [Member] | |||||
| Components of net periodic benefit cost [Abstract] | |||||
| Service cost | 0 | 0 | 0 | 0 | |
| Interest cost | 6,000 | 7,000 | 17,000 | 23,000 | |
| Amortization of actuarial (loss) gain | (131,000) | (135,000) | (392,000) | (405,000) | |
| Net periodic benefit cost | $ (125,000) | $ (128,000) | $ (375,000) | $ (382,000) | |
Other Comprehensive Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|||
| Pension and postretirement benefits [Abstract] | ||||||
| Amortization of net actuarial loss, Gross Amount | [1] | $ 871 | $ 231 | $ 1,285 | $ 694 | |
| Amortization of net actuarial loss, Income Tax (Provision) Benefit | [1] | (219) | (59) | (324) | (177) | |
| Amortization of net actuarial loss, Net Amount | [1] | 652 | 172 | 961 | 517 | |
| Actuarial gains (losses), Gross Amount | [1] | (6,592) | 0 | (10,201) | 8,167 | |
| Actuarial gains (losses), Income Tax (Provision) Benefit | [1] | 1,661 | 0 | 2,566 | (2,044) | |
| Actuarial gains (losses), Net Amount | [1] | (4,931) | 0 | (7,635) | 6,123 | |
| Foreign currency translation, Gross Amount | (239) | (618) | (1,162) | (542) | ||
| Foreign currency translation, Income Tax (Provision) Benefit | 0 | 0 | 0 | 0 | ||
| Foreign currency translation, Net Amount | (239) | (618) | (1,162) | (542) | ||
| Total other comprehensive income, Gross Amount | (5,960) | (387) | (10,078) | 8,319 | ||
| Total other comprehensive income, Income Tax (Provision) Benefit | 1,442 | (59) | 2,242 | (2,221) | ||
| Total other comprehensive income (loss), net of taxes | $ (4,518) | $ (446) | $ (7,836) | $ 6,098 | ||
| ||||||
Contingencies (Details) |
9 Months Ended | ||
|---|---|---|---|
|
Sep. 30, 2020
USD ($)
|
May 10, 2019
Vessel
|
Mar. 22, 2014
Vessel
TankBarge
|
|
| Guaranties [Abstract] | |||
| Issued guaranties | $ 22,954,000 | ||
| Maximum [Member] | |||
| Guaranties [Abstract] | |||
| Guarantor obligations, expiration period | 2 years | ||
| Performance Bonds [Member] | |||
| Guaranties [Abstract] | |||
| Issued guaranties | $ 11,773,000 | ||
| Struck by LPG Tanker, the Genesis River [Member] | |||
| Loss Contingency [Abstract] | |||
| Number of vessels involved in collision | Vessel | 2 | ||
| Collision with M/S Summer Wind [Member] | |||
| Loss Contingency [Abstract] | |||
| Number of vessels involved in collision | Vessel | 2 | ||
| Number of vessels damaged in collision resulting in fuel oil discharge | TankBarge | 1 | ||
| Letters of Credit [Member] | |||
| Guaranties [Abstract] | |||
| Issued guaranties | $ 11,181,000 |