Kirby (KEX) 10-Q 12 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 08, 2024
Cover [Abstract]
Entity Registrant Name	KIRBY CORPORATION
Entity Central Index Key	0000056047
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Document Transition Report	false
Securities Act File Number	1-7615
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	74-1884980
Entity Address, Address Line One	55 Waugh Drive
Entity Address, Address Line Two	Suite 1000
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77007
City Area Code	713
Local Phone Number	435-1000
Title of 12(b) Security	Common Stock
Trading Symbol	KEX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		57,400,000

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 67,073	$ 32,577
Accounts receivable:
Trade - less allowance for doubtful accounts	542,527	526,691
Other	47,965	52,025
Inventories - net	434,151	454,389
Prepaid expenses and other current assets	72,617	69,479
Total current assets	1,164,333	1,135,161
Property and equipment	6,045,965	5,824,038
Accumulated depreciation	(2,060,572)	(1,962,933)
Property and equipment - net	3,985,393	3,861,105
Operating lease right-of-use assets	163,455	152,216
Goodwill	438,748	438,748
Other intangibles, net	36,536	42,927
Other assets	82,258	92,040
Total assets	5,870,723	5,722,197
Current liabilities:
Bank notes payable	8,174	8,068
Income taxes payable	21,648	1,486
Accounts payable	248,899	269,378
Accrued liabilities	217,208	228,946
Current portion of operating lease liabilities	33,827	33,340
Deferred revenues	168,222	134,577
Total current liabilities	697,978	675,795
Long-term debt, net - less current portion	970,419	1,008,527
Deferred income taxes	735,290	696,557
Operating lease liabilities - less current portion	148,839	138,811
Other long-term liabilities	14,587	15,830
Total long-term liabilities	1,869,135	1,859,725
Contingencies and commitments	0	0
Kirby stockholders' equity:
Common stock, $0.10 par value per share. Authorized 120 million shares, issued 65.5 million shares	6,547	6,547
Additional paid-in capital	865,973	863,963
Accumulated other comprehensive income - net	34,618	35,006
Retained earnings	2,935,555	2,691,665
Treasury stock - at cost, 7.9 million shares at September 30, 2024 and 6.8 million at December 31, 2023	(540,367)	(411,750)
Total Kirby stockholders' equity	3,302,326	3,185,431
Noncontrolling interests	1,284	1,246
Total equity	3,303,610	3,186,677
Total liabilities and equity	$ 5,870,723	$ 5,722,197

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Kirby stockholders' equity:
Common stock, par value per share (in dollars per share)	$ 0.1	$ 0.1
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	65,500,000	65,500,000
Treasury stock, shares	7,900,000	6,800,000

CONDENSED STATEMENTS OF EARNING

CONDENSED STATEMENTS OF EARNINGS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Revenues	$ 831,149	$ 764,772	$ 2,463,561	$ 2,292,464
Costs and expenses:
Costs of sales and operating expenses	552,091	530,541	1,657,004	1,618,690
Selling, general and administrative	84,119	79,125	254,708	250,870
Taxes, other than on income	8,973	9,666	27,327	28,610
Depreciation and amortization	60,653	53,445	177,777	156,251
Gain on disposition of assets	(1,617)	(1,528)	(2,206)	(4,230)
Total costs and expenses	704,219	671,249	2,114,610	2,050,191
Operating income	126,930	93,523	348,951	242,273
Other income	2,949	1,589	9,306	9,296
Interest expense	(12,498)	(13,386)	(38,468)	(38,893)
Earnings before taxes on income	117,381	81,726	319,789	212,676
Provision for taxes on income	(27,350)	(18,722)	(75,861)	(51,733)
Net earnings	90,031	63,004	243,928	160,943
Net (earnings) loss attributable to noncontrolling interests	(63)	(40)	(38)	86
Net earnings attributable to Kirby	$ 89,968	$ 62,964	$ 243,890	$ 161,029
Net earnings per share attributable to Kirby common stockholders:
Basic	$ 1.56	$ 1.06	$ 4.2	$ 2.7
Diluted	$ 1.55	$ 1.05	$ 4.17	$ 2.68
Marine Transportation [Member]
Revenues:
Revenues	$ 486,054	$ 429,885	$ 1,446,274	$ 1,269,342
Distribution and Services [Member]
Revenues:
Revenues	$ 345,095	$ 334,887	$ 1,017,287	$ 1,023,122

CONDENSED STATEMENTS OF COMPREH

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net earnings	$ 90,031	$ 63,004	$ 243,928	$ 160,943
Other comprehensive income (loss), net of taxes:
Pension and postretirement benefits	(484)	(61)	107	1,152
Foreign currency translation adjustments	(22)	143	(495)	1,073
Total other comprehensive income (loss), net of taxes	(506)	82	(388)	2,225
Total comprehensive income, net of taxes	89,525	63,086	243,540	163,168
Net (earnings) loss attributable to noncontrolling interests	(63)	(40)	(38)	86
Comprehensive income attributable to Kirby	$ 89,462	$ 63,046	$ 243,502	$ 163,254

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net earnings	$ 243,928	$ 160,943
Adjustments to reconcile net earnings to net cash provided by operations:
Depreciation and amortization	177,777	156,251
Provision for deferred income taxes	38,698	46,441
Amortization of share-based compensation	12,837	12,310
Amortization of major maintenance costs	24,965	21,050
Other	(126)	(8,001)
Increase (decrease) in cash flows resulting from changes in operating assets and liabilities, net	11,031	(64,767)
Net cash provided by operating activities	509,110	324,227
Cash flows from investing activities:
Capital expenditures	(245,990)	(274,963)
Acquisitions of businesses and marine equipment	(65,232)	(37,500)
Proceeds from disposition of assets	13,832	21,846
Net cash used in investing activities	(297,390)	(290,617)
Cash flows from financing activities:
Borrowings (payments) on bank credit facilities, net	(38,893)	100,316
Borrowings on long-term debt	0	240,000
Payments on long-term debt	0	(350,000)
Payment of debt issuance costs	(3)	(1,237)
Proceeds from exercise of stock options	8,375	3,431
Payments related to tax withholding for share-based compensation	(5,356)	(3,598)
Treasury stock purchases	(141,272)	(60,910)
Other	(75)	(73)
Net cash used in financing activities	(177,224)	(72,071)
Increase (decrease) in cash and cash equivalents	34,496	(38,461)
Cash and cash equivalents, beginning of year	32,577	80,577
Cash and cash equivalents, end of period	67,073	42,116
Cash paid (received) during the period:
Interest paid	46,600	45,276
Income taxes paid (refunded), net	15,476	(67,118)
Operating cash outflow from operating leases	34,898	33,266
Non-cash investing activity:
Capital expenditures included in accounts payable	1,729	(2,305)
Right-of-use assets obtained in exchange for lease obligations	$ 38,730	$ 32,652

CONDENSED STATEMENTS OF STOCKHO

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income, Net [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Noncontrolling Interests [Member]
Beginning balance at Dec. 31, 2022	$ 3,045,168	$ 6,547	$ 859,345	$ 16,853	$ 2,468,730	$ (308,598)	$ 2,291
Beginning balance (in shares) at Dec. 31, 2022		65,472,000				(5,565,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises	3,431		357			$ 3,074
Stock option exercises (in shares)						61,000
Issuance of stock for equity awards, net of forfeitures			(10,084)			$ 10,084
Issuance of stock for equity awards, net of forfeitures (in shares)						182,000
Tax withholdings on equity award vesting	(3,598)					$ (3,598)
Tax withholdings on equity award vesting (in shares)						(55,000)
Amortization of share-based compensation	12,310		12,310
Treasury stock purchases	(60,910)					$ (60,910)
Treasury stock purchases (in shares)						(812,000)
Excise taxes on treasury stock purchases	(472)					$ (472)
Total comprehensive income, net of taxes	163,168			2,225	161,029		(86)
Return of investment to noncontrolling interests	(1,015)						(1,015)
Ending balance at Sep. 30, 2023	3,158,082	$ 6,547	861,928	19,078	2,629,759	$ (360,420)	1,190
Ending balance (in shares) at Sep. 30, 2023		65,472,000				(6,189,000)
Beginning balance at Jun. 30, 2023	3,112,809	$ 6,547	857,965	18,996	2,566,795	$ (339,659)	2,165
Beginning balance (in shares) at Jun. 30, 2023		65,472,000				(5,946,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises	3,313		574			$ 2,739
Stock option exercises (in shares)						48,000
Issuance of stock for equity awards, net of forfeitures			(9)			$ 9
Issuance of stock for equity awards, net of forfeitures (in shares)						0
Tax withholdings on equity award vesting	(2)					$ (2)
Amortization of share-based compensation	3,398		3,398
Treasury stock purchases	(23,310)					$ (23,310)
Treasury stock purchases (in shares)						(291,000)
Excise taxes on treasury stock purchases	(197)					$ (197)
Total comprehensive income, net of taxes	63,086			82	62,964		40
Return of investment to noncontrolling interests	(1,015)						(1,015)
Ending balance at Sep. 30, 2023	3,158,082	$ 6,547	861,928	19,078	2,629,759	$ (360,420)	1,190
Ending balance (in shares) at Sep. 30, 2023		65,472,000				(6,189,000)
Beginning balance at Dec. 31, 2023	3,186,677	$ 6,547	863,963	35,006	2,691,665	$ (411,750)	1,246
Beginning balance (in shares) at Dec. 31, 2023		65,472,000				(6,843,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises	8,375		1,750			$ 6,625
Stock option exercises (in shares)						113,000
Issuance of stock for equity awards, net of forfeitures			(12,577)			$ 12,577
Issuance of stock for equity awards, net of forfeitures (in shares)						208,000
Tax withholdings on equity award vesting	(5,356)					$ (5,356)
Tax withholdings on equity award vesting (in shares)						(68,000)
Amortization of share-based compensation	12,837		12,837
Treasury stock purchases	(141,272)					$ (141,272)
Treasury stock purchases (in shares)						(1,354,000)
Excise taxes on treasury stock purchases	(1,191)					$ (1,191)
Total comprehensive income, net of taxes	243,540			(388)	243,890		38
Ending balance at Sep. 30, 2024	3,303,610	$ 6,547	865,973	34,618	2,935,555	$ (540,367)	1,284
Ending balance (in shares) at Sep. 30, 2024		65,472,000				(7,944,000)
Beginning balance at Jun. 30, 2024	3,262,678	$ 6,547	862,258	35,124	2,845,587	$ (488,059)	1,221
Beginning balance (in shares) at Jun. 30, 2024		65,472,000				(7,520,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock option exercises	4,280		316			$ 3,964
Stock option exercises (in shares)						59,000
Issuance of stock for equity awards, net of forfeitures			(39)			$ 39
Issuance of stock for equity awards, net of forfeitures (in shares)						1,000
Tax withholdings on equity award vesting	(17)					$ (17)
Tax withholdings on equity award vesting (in shares)						(1,000)
Amortization of share-based compensation	3,438		3,438
Treasury stock purchases	(55,806)					$ (55,806)
Treasury stock purchases (in shares)						(483,000)
Excise taxes on treasury stock purchases	(488)					$ (488)
Total comprehensive income, net of taxes	89,525			(506)	89,968	0	63
Ending balance at Sep. 30, 2024	$ 3,303,610	$ 6,547	$ 865,973	$ 34,618	$ 2,935,555	$ (540,367)	$ 1,284
Ending balance (in shares) at Sep. 30, 2024		65,472,000				(7,944,000)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 89,968	$ 62,964	$ 243,890	$ 161,029

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Basis for Preparation of the Co

Basis for Preparation of the Condensed Financial Statements	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis for Preparation of the Condensed Financial Statements	(1) Basis for Preparation of the Condensed Financial Statements The condensed financial statements included herein have been prepared by Kirby Corporation and its consolidated subsidiaries (“Kirby” or 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, 2023. Certain reclassifications have been made to reflect the current presentation of financial information. Effective January 1, 2024, the power generation revenue source within the distribution and services segment has been broken out from the commercial and industrial and oil and gas revenue sources due to the significance of the power generation market to the Company’s growth. This change had no net impact on overall Company or segment revenues and has been reflected retrospectively for all periods presented.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2024
Business Combinations [Abstract]
Acquisitions	(2) Acquisitions On May 15, 2024, the Company completed the purchase of 13 inland tank barges, with a total capacity of 347,000 barrels, and two high horsepower towboats from an undisclosed seller for $ 65.2 million in cash. The 13 tank barges, including three specialty barges, transport petrochemicals and refined products on the Mississippi River System and Gulf Intracoastal Waterway. The average age of the 13 barges was 15 years. On July 14, 2023, the Company purchased 23 inland tank barges with a total capacity of 265,000 barrels from an undisclosed seller for $ 37 million in cash. The 23 tank barges transport petrochemicals and refined products on the Mississippi River System and the Gulf Intracoastal Waterway. The average age of the 23 barges was 14 years. The Company purchased four inland tank barges from a leasing company for $ 0.5 million in cash during the 2023 third quarter. The Company had been leasing the barges prior to the purchase.

Revenues

Revenues	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenues	(3) Revenues The following table sets forth the Company’s revenues by major source (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Marine transportation segment: Inland transportation $ 392,617 $ 353,635 $ 1,170,459 $ 1,043,330 Coastal transportation 93,437 76,250 275,815 226,012 $ 486,054 $ 429,885 $ 1,446,274 $ 1,269,342 Distribution and services segment: Commercial and industrial $ 162,285 $ 156,060 $ 470,567 $ 461,159 Power generation 111,573 119,004 355,025 308,319 Oil and gas 71,237 59,823 191,695 253,644 $ 345,095 $ 334,887 $ 1,017,287 $ 1,023,122 Contract liabilities represent advance consideration received from customers, and are recognized as revenue over time or at a point in time as the related performance obligation is satisfied. Revenues recognized during the nine months ended September 30, 2024 and 2023 that were included in the opening contract liability balances were $ 101.8 million and $ 76.8 million , respectively. The Company presents all contract liabilities within the deferred revenues financial statement caption on the balance sheets. The Company did no t have any contract assets at September 30, 2024 or December 31, 2023 . 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.

Segment Data

Segment Data	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Data	(4) Segment Data The Company’s operations are aggregated into two reportable business segments as follows: Marine Transportation Segment (“KMT”) — Provides marine transportation by United States flagged vessels principally of liquid cargoes throughout the United States inland waterway system, along all three United States coasts, and, to a lesser extent, in United States coastal transportation of dry-bulk cargoes. The principal products transported include petrochemicals, black oil, refined petroleum products, and agricultural chemicals. Distribution and Services Segment (“KDS”) — Provides after-market services and genuine replacement parts for engines, transmissions, reduction gears, and related equipment used in oilfield services, marine, power generation, on-highway, backup power and other industrial applications. The Company also rents equipment including generators, industrial compressors, high capacity lift trucks, and refrigeration trailers for use in a variety of industrial markets, and manufactures and remanufactures oilfield service equipment, including pressure pumping units, electric power generation equipment, and specialized electrical distribution and control equipment. The Company’s two reportable business segments are managed separately based on fundamental differences in their operations. The Company evaluates the performance of its segments based on the contributions to operating income of the respective segments, before income taxes, interest, gains or losses on disposition of assets, other nonoperating income, noncontrolling interests, accounting changes, and nonrecurring items. Intersegment revenues, based on market-based pricing, of KDS from KMT of $ 5.0 million and $ 19.1 million for the three months and nine months ended September 30, 2024, respectively, and $ 9.9 million and $ 29.6 million for the three months and nine months ended September 30, 2023, respectively, as well as the related intersegment profit of $ 0.5 million and $ 1.9 million for the three months and nine months ended September 30, 2024, respectively, and $ 1.0 million and $ 3.0 million for the three months and nine months ended September 30, 2023, respectively, have been eliminated from the tables below. The following tables set forth the Company’s revenues and profit or loss by reportable segment and total assets (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenues: Marine transportation $ 486,054 $ 429,885 $ 1,446,274 $ 1,269,342 Distribution and services 345,095 334,887 1,017,287 1,023,122 $ 831,149 $ 764,772 $ 2,463,561 $ 2,292,464 Segment profit: Marine transportation $ 99,476 $ 63,467 $ 277,335 $ 170,754 Distribution and services 30,378 33,194 81,828 85,828 Other ( 12,473 ) ( 14,935 ) ( 39,374 ) ( 43,906 ) $ 117,381 $ 81,726 $ 319,789 $ 212,676 September 30, December 31, Total assets: Marine transportation $ 4,547,989 $ 4,454,931 Distribution and services 1,176,845 1,156,384 Other 145,889 110,882 $ 5,870,723 $ 5,722,197 The following table presents the details of “Other” segment loss (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 General corporate expenses $ ( 4,541 ) $ ( 4,666 ) $ ( 12,418 ) $ ( 18,539 ) Gain on disposition of assets 1,617 1,528 2,206 4,230 Interest expense ( 12,498 ) ( 13,386 ) ( 38,468 ) ( 38,893 ) Other income 2,949 1,589 9,306 9,296 $ ( 12,473 ) $ ( 14,935 ) $ ( 39,374 ) $ ( 43,906 ) The following table presents the details of “Other” total assets (in thousands): September 30, December 31, General corporate assets $ 143,276 $ 108,306 Investment in affiliates 2,613 2,576 $ 145,889 $ 110,882

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	(5) Long-Term Debt The following table presents the carrying value and fair value (determined using inputs characteristic of a Level 2 fair value measurement) of debt outstanding (in thousands): September 30, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Revolving Credit Facility due July 29, 2027 (a) $ 5,000 $ 5,000 $ 44,000 $ 44,000 Term Loan due July 29, 2027 (a) 170,000 170,000 170,000 170,000 4.2 % senior notes due March 1, 2028 500,000 495,295 500,000 475,920 3.46 % senior notes due January 19, 2033 60,000 54,562 60,000 49,955 3.51 % senior notes due January 19, 2033 240,000 219,082 240,000 200,698 Credit line due June 30, 2026 — — — — Bank notes payable 8,174 8,174 8,068 8,068 983,174 952,113 1,022,068 948,641 Unamortized debt discounts and issuance costs ( 4,581 ) — ( 5,473 ) — $ 978,593 $ 952,113 $ 1,016,595 $ 948,641 (a) Variable interest rate o f 6.1 % at September 30, 2024 and 6.8 % at December 31, 2023 . On July 29, 2022, the Company entered into a credit agreement (the “2027 Credit Agreement”) with a group of commercial banks, with JPMorgan Chase Bank, N.A. as the administrative agent bank that allows for a $ 500 million unsecured revolving credit facility (the “2027 Revolving Credit Facility”) and a $ 250 million unsecured term loan (the “2027 Term Loan”) with a maturity date of July 29, 2027 . In October 2024, the Company repaid $ 10.0 million under the 2027 Term Loan prior to scheduled maturities. As a result, no repayments are required until September 30, 2025. Future repayments under the 2027 Term Loan are excluded from short term liabilities because the Company intends to use availability under the 2027 Revolving Credit Facility to repay these amounts upon maturity. Outstanding letters of credit under the 2027 Revolving Credit Facility were $ 6,000 and available borrowing capacity was $ 495.0 million as of September 30, 2024. On February 3, 2022, the Company entered into a note purchase agreement for the issuance of $ 300 million of unsecured senior notes with a group of institutional investors, consisting of $ 60 million of 3.46 % series A notes (“Series A Notes”) and $ 240 million of 3.51 % series B notes (“Series B Notes ”), each due January 19, 2033 (collectively, the “2033 Notes”). The Series A Notes were issued on October 20, 2022, and the Series B Notes were issued on January 19, 2023. No principal payments will be required until maturity. The Company has a $ 15 million line of credit (“Credit Line”) with Bank of America, N.A. (“Bank of America”) for short-term liquidity needs and letters of credit, with a maturity date of June 30, 2026 . Outstanding letters of credit under the Credit Line were $ 6.8 million and available borrowing capacity was $ 8.2 million as of September 30, 2024 .

Leases

Leases	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Leases	(6) 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 70 % 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): September 30, December 31, 2024 $ 10,497 $ 38,943 2025 38,144 27,638 2026 34,644 24,945 2027 28,510 22,842 2028 22,631 18,318 Thereafter 88,353 79,755 Total lease payments 222,779 212,441 Less: imputed interest ( 40,113 ) ( 40,290 ) Operating lease liabilities $ 182,666 $ 172,151 The following table summarizes lease costs (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Operating lease cost $ 11,728 $ 10,481 $ 34,608 $ 31,711 Variable lease cost 371 388 1,442 1,836 Short-term lease cost 9,515 8,167 28,503 23,597 Sublease income ( 836 ) ( 791 ) ( 2,520 ) ( 2,432 ) $ 20,778 $ 18,245 $ 62,033 $ 54,712 The following table summarizes other supplemental information about the Company’s operating leases: September 30, December 31, Weighted average discount rate 4.6 % 4.4 % Weighted average remaining lease term 8 years 9 years

Stock Award Plans

Stock Award Plans	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock Award Plans	(7) Stock Award Plans 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): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Compensation cost $ 3,438 $ 3,398 $ 12,837 $ 12,310 Income tax benefit $ 786 $ 747 $ 3,042 $ 2,994 During the nine months ended September 30, 2024, the Company grant ed 166,708 restricted stock units (“RSUs”) to selected officers and other key employees under the employee stock award plan, the majority of which vest ratably over five years . During April 2024, the Company granted 14,624 shares of restricted stock to nonemployee directors of the Company under the director stock plan which vest six months after the date of grant.

Taxes on Income

Taxes on Income	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Taxes on Income	(8) Taxes on Income Earnings (loss) before taxes on income and details of the provision (benefit) for taxes on income were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Earnings (loss) before taxes on income: United States $ 117,520 $ 81,989 $ 320,265 $ 212,014 Foreign ( 139 ) ( 263 ) ( 476 ) 662 $ 117,381 $ 81,726 $ 319,789 $ 212,676 Provision (benefit) for taxes on income: Federal: Current $ 10,031 $ ( 3 ) $ 29,987 $ ( 3 ) Deferred 13,547 16,083 35,825 44,282 State and local: Current 2,546 2,479 7,103 5,056 Deferred 1,225 121 2,873 2,159 Foreign - current 1 42 73 239 $ 27,350 $ 18,722 $ 75,861 $ 51,733

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	(9) Earnings Per Share The following table presents the components of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net earnings attributable to Kirby $ 89,968 $ 62,964 $ 243,890 $ 161,029 Undistributed earnings allocated to restricted shares ( 24 ) ( 31 ) ( 36 ) ( 50 ) Earnings available to Kirby common stockholders – basic 89,944 62,933 243,854 160,979 Undistributed earnings allocated to restricted shares 24 31 36 50 Undistributed earnings reallocated to restricted shares ( 23 ) ( 31 ) ( 35 ) ( 50 ) Earnings available to Kirby common stockholders – diluted $ 89,945 $ 62,933 $ 243,855 $ 160,979 Shares outstanding: Weighted average common stock issued and outstanding 57,767 59,413 58,138 59,739 Weighted average unvested restricted stock ( 14 ) ( 30 ) ( 9 ) ( 18 ) Weighted average common stock outstanding – basic 57,753 59,383 58,129 59,721 Dilutive effect of stock options and restricted stock units 433 363 397 312 Weighted average common stock outstanding – diluted 58,186 59,746 58,526 60,033 Net earnings per share attributable to Kirby common stockholders: Basic $ 1.56 $ 1.06 $ 4.20 $ 2.70 Diluted $ 1.55 $ 1.05 $ 4.17 $ 2.68 Certain outstanding options to purchase approximately 33,000 shares of common stock were excluded in the computation of diluted earnings per share as of September 30, 2023 , as such stock options would have been antidilutive. There were no antidilutive stock options as of September 30, 2024 . There were no antidilutive RSUs as of September 30, 2024 and 2023 .

Inventories

Inventories	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Inventories	(10) Inventories The following table presents the details of inventories – net (in thousands): September 30, December 31, Finished goods $ 366,877 $ 351,050 Work in process 67,274 103,339 $ 434,151 $ 454,389

Retirement Plans

Retirement Plans	9 Months Ended
	Sep. 30, 2024
Retirement Benefits [Abstract]
Retirement Plans	(11) 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 2024. 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 $ 1.4 million to the Higman pension plan during the nine months ended September 30, 2024 . The Company expects to make additional contributions of $ 0.3 million during the remainder of 2024. 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 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): Pension Benefits Pension Plans SERP Three Months Ended September 30, Three Months Ended September 30, 2024 2023 2024 2023 Components of net periodic benefit cost: Service cost $ 850 $ 924 $ — $ — Interest cost 4,294 4,589 10 11 Expected return on plan assets ( 6,221 ) ( 5,727 ) — — Amortization of actuarial (gain) loss ( 584 ) — 8 6 Net periodic benefit cost $ ( 1,661 ) $ ( 214 ) $ 18 $ 17 Pension Benefits Pension Plans SERP Nine Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Components of net periodic benefit cost: Service cost $ 2,547 $ 2,772 $ — $ — Interest cost 12,884 13,767 29 32 Expected return on plan assets ( 18,663 ) ( 17,182 ) — — Amortization of actuarial (gain) loss ( 1,748 ) — 24 18 Net periodic benefit cost $ ( 4,980 ) $ ( 643 ) $ 53 $ 50 The components of net periodic benefit cost for the Company’s postretirement benefit plan were as follows (in thousands): Other Postretirement Benefits Postretirement Welfare Plan Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Components of net periodic benefit cost: Interest cost $ 5 $ 6 $ 15 $ 17 Amortization of actuarial gain ( 70 ) ( 86 ) ( 210 ) ( 258 ) Net periodic benefit cost $ ( 65 ) $ ( 80 ) $ ( 195 ) $ ( 241 )

Other Comprehensive Income

Other Comprehensive Income	9 Months Ended
	Sep. 30, 2024
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax [Abstract]
Other Comprehensive Income	(12) Other Comprehensive Income The Company’s changes in other comprehensive income (loss) were as follows (in thousands): Three Months Ended September 30, 2024 2023 Gross Income Tax Benefit Net Amount Gross Income Tax Benefit Net Pension and postretirement benefits (a): Amortization of net actuarial gain $ ( 646 ) $ 162 $ ( 484 ) $ ( 80 ) $ 18 $ ( 62 ) Actuarial gains — — — 1 — 1 Foreign currency translation ( 22 ) — ( 22 ) 143 — 143 Total $ ( 668 ) $ 162 $ ( 506 ) $ 64 $ 18 $ 82 Nine Months Ended September 30, 2024 2023 Gross Income Tax (Provision) Benefit Net Amount Gross Income Tax (Provision) Benefit Net Pension and postretirement benefits (a): Amortization of net actuarial gain $ ( 1,934 ) $ 491 $ ( 1,443 ) $ ( 240 ) $ 58 $ ( 182 ) Actuarial gains 2,069 ( 519 ) 1,550 1,778 ( 444 ) 1,334 Foreign currency translation ( 495 ) — ( 495 ) 1,073 — 1,073 Total $ ( 360 ) $ ( 28 ) $ ( 388 ) $ 2,611 $ ( 386 ) $ 2,225 (a) Actuarial gains are amortized into other income (expense). ( See Note 11, Retirement Plans)

Contingencies and Commitments

Contingencies and Commitments	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	(13) Contingencies and Commitments 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 United States Coast Guard and the National Transportation Safety Board 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. 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 $ 31.5 million at September 30, 2024, including $ 11.6 million in letters of credit and $ 19.9 million 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.

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenues by Major Source	The following table sets forth the Company’s revenues by major source (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Marine transportation segment: Inland transportation $ 392,617 $ 353,635 $ 1,170,459 $ 1,043,330 Coastal transportation 93,437 76,250 275,815 226,012 $ 486,054 $ 429,885 $ 1,446,274 $ 1,269,342 Distribution and services segment: Commercial and industrial $ 162,285 $ 156,060 $ 470,567 $ 461,159 Power generation 111,573 119,004 355,025 308,319 Oil and gas 71,237 59,823 191,695 253,644 $ 345,095 $ 334,887 $ 1,017,287 $ 1,023,122

Segment Data (Tables)

Segment Data (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [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): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenues: Marine transportation $ 486,054 $ 429,885 $ 1,446,274 $ 1,269,342 Distribution and services 345,095 334,887 1,017,287 1,023,122 $ 831,149 $ 764,772 $ 2,463,561 $ 2,292,464 Segment profit: Marine transportation $ 99,476 $ 63,467 $ 277,335 $ 170,754 Distribution and services 30,378 33,194 81,828 85,828 Other ( 12,473 ) ( 14,935 ) ( 39,374 ) ( 43,906 ) $ 117,381 $ 81,726 $ 319,789 $ 212,676 September 30, December 31, Total assets: Marine transportation $ 4,547,989 $ 4,454,931 Distribution and services 1,176,845 1,156,384 Other 145,889 110,882 $ 5,870,723 $ 5,722,197
Other Segment Reporting Information	The following table presents the details of “Other” segment loss (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 General corporate expenses $ ( 4,541 ) $ ( 4,666 ) $ ( 12,418 ) $ ( 18,539 ) Gain on disposition of assets 1,617 1,528 2,206 4,230 Interest expense ( 12,498 ) ( 13,386 ) ( 38,468 ) ( 38,893 ) Other income 2,949 1,589 9,306 9,296 $ ( 12,473 ) $ ( 14,935 ) $ ( 39,374 ) $ ( 43,906 ) The following table presents the details of “Other” total assets (in thousands): September 30, December 31, General corporate assets $ 143,276 $ 108,306 Investment in affiliates 2,613 2,576 $ 145,889 $ 110,882

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Carrying Values and Fair Values of Debt Outstanding	The following table presents the carrying value and fair value (determined using inputs characteristic of a Level 2 fair value measurement) of debt outstanding (in thousands): September 30, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Revolving Credit Facility due July 29, 2027 (a) $ 5,000 $ 5,000 $ 44,000 $ 44,000 Term Loan due July 29, 2027 (a) 170,000 170,000 170,000 170,000 4.2 % senior notes due March 1, 2028 500,000 495,295 500,000 475,920 3.46 % senior notes due January 19, 2033 60,000 54,562 60,000 49,955 3.51 % senior notes due January 19, 2033 240,000 219,082 240,000 200,698 Credit line due June 30, 2026 — — — — Bank notes payable 8,174 8,174 8,068 8,068 983,174 952,113 1,022,068 948,641 Unamortized debt discounts and issuance costs ( 4,581 ) — ( 5,473 ) — $ 978,593 $ 952,113 $ 1,016,595 $ 948,641 (a) Variable interest rate o f 6.1 % at September 30, 2024 and 6.8 % at December 31, 2023 .

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
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): September 30, December 31, 2024 $ 10,497 $ 38,943 2025 38,144 27,638 2026 34,644 24,945 2027 28,510 22,842 2028 22,631 18,318 Thereafter 88,353 79,755 Total lease payments 222,779 212,441 Less: imputed interest ( 40,113 ) ( 40,290 ) Operating lease liabilities $ 182,666 $ 172,151
Lease Cost	The following table summarizes lease costs (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Operating lease cost $ 11,728 $ 10,481 $ 34,608 $ 31,711 Variable lease cost 371 388 1,442 1,836 Short-term lease cost 9,515 8,167 28,503 23,597 Sublease income ( 836 ) ( 791 ) ( 2,520 ) ( 2,432 ) $ 20,778 $ 18,245 $ 62,033 $ 54,712
Operating Leases Weighted Average Discount Rate and Remaining Lease Term	The following table summarizes other supplemental information about the Company’s operating leases: September 30, December 31, Weighted average discount rate 4.6 % 4.4 % Weighted average remaining lease term 8 years 9 years

Stock Award Plans (Tables)

Stock Award Plans (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [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): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Compensation cost $ 3,438 $ 3,398 $ 12,837 $ 12,310 Income tax benefit $ 786 $ 747 $ 3,042 $ 2,994

Taxes on Income (Tables)

Taxes on Income (Tables)	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [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): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Earnings (loss) before taxes on income: United States $ 117,520 $ 81,989 $ 320,265 $ 212,014 Foreign ( 139 ) ( 263 ) ( 476 ) 662 $ 117,381 $ 81,726 $ 319,789 $ 212,676 Provision (benefit) for taxes on income: Federal: Current $ 10,031 $ ( 3 ) $ 29,987 $ ( 3 ) Deferred 13,547 16,083 35,825 44,282 State and local: Current 2,546 2,479 7,103 5,056 Deferred 1,225 121 2,873 2,159 Foreign - current 1 42 73 239 $ 27,350 $ 18,722 $ 75,861 $ 51,733

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Loss Per Share	The following table presents the components of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net earnings attributable to Kirby $ 89,968 $ 62,964 $ 243,890 $ 161,029 Undistributed earnings allocated to restricted shares ( 24 ) ( 31 ) ( 36 ) ( 50 ) Earnings available to Kirby common stockholders – basic 89,944 62,933 243,854 160,979 Undistributed earnings allocated to restricted shares 24 31 36 50 Undistributed earnings reallocated to restricted shares ( 23 ) ( 31 ) ( 35 ) ( 50 ) Earnings available to Kirby common stockholders – diluted $ 89,945 $ 62,933 $ 243,855 $ 160,979 Shares outstanding: Weighted average common stock issued and outstanding 57,767 59,413 58,138 59,739 Weighted average unvested restricted stock ( 14 ) ( 30 ) ( 9 ) ( 18 ) Weighted average common stock outstanding – basic 57,753 59,383 58,129 59,721 Dilutive effect of stock options and restricted stock units 433 363 397 312 Weighted average common stock outstanding – diluted 58,186 59,746 58,526 60,033 Net earnings per share attributable to Kirby common stockholders: Basic $ 1.56 $ 1.06 $ 4.20 $ 2.70 Diluted $ 1.55 $ 1.05 $ 4.17 $ 2.68

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Details of Inventories	The following table presents the details of inventories – net (in thousands): September 30, December 31, Finished goods $ 366,877 $ 351,050 Work in process 67,274 103,339 $ 434,151 $ 454,389

Retirement Plans (Tables)

Retirement Plans (Tables)	9 Months Ended
	Sep. 30, 2024
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): Pension Benefits Pension Plans SERP Three Months Ended September 30, Three Months Ended September 30, 2024 2023 2024 2023 Components of net periodic benefit cost: Service cost $ 850 $ 924 $ — $ — Interest cost 4,294 4,589 10 11 Expected return on plan assets ( 6,221 ) ( 5,727 ) — — Amortization of actuarial (gain) loss ( 584 ) — 8 6 Net periodic benefit cost $ ( 1,661 ) $ ( 214 ) $ 18 $ 17 Pension Benefits Pension Plans SERP Nine Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Components of net periodic benefit cost: Service cost $ 2,547 $ 2,772 $ — $ — Interest cost 12,884 13,767 29 32 Expected return on plan assets ( 18,663 ) ( 17,182 ) — — Amortization of actuarial (gain) loss ( 1,748 ) — 24 18 Net periodic benefit cost $ ( 4,980 ) $ ( 643 ) $ 53 $ 50
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): Other Postretirement Benefits Postretirement Welfare Plan Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Components of net periodic benefit cost: Interest cost $ 5 $ 6 $ 15 $ 17 Amortization of actuarial gain ( 70 ) ( 86 ) ( 210 ) ( 258 ) Net periodic benefit cost $ ( 65 ) $ ( 80 ) $ ( 195 ) $ ( 241 )

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2024
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax [Abstract]
Changes in Other Comprehensive Income (Loss)	The Company’s changes in other comprehensive income (loss) were as follows (in thousands): Three Months Ended September 30, 2024 2023 Gross Income Tax Benefit Net Amount Gross Income Tax Benefit Net Pension and postretirement benefits (a): Amortization of net actuarial gain $ ( 646 ) $ 162 $ ( 484 ) $ ( 80 ) $ 18 $ ( 62 ) Actuarial gains — — — 1 — 1 Foreign currency translation ( 22 ) — ( 22 ) 143 — 143 Total $ ( 668 ) $ 162 $ ( 506 ) $ 64 $ 18 $ 82 Nine Months Ended September 30, 2024 2023 Gross Income Tax (Provision) Benefit Net Amount Gross Income Tax (Provision) Benefit Net Pension and postretirement benefits (a): Amortization of net actuarial gain $ ( 1,934 ) $ 491 $ ( 1,443 ) $ ( 240 ) $ 58 $ ( 182 ) Actuarial gains 2,069 ( 519 ) 1,550 1,778 ( 444 ) 1,334 Foreign currency translation ( 495 ) — ( 495 ) 1,073 — 1,073 Total $ ( 360 ) $ ( 28 ) $ ( 388 ) $ 2,611 $ ( 386 ) $ 2,225 (a) Actuarial gains are amortized into other income (expense). ( See Note 11, Retirement Plans)

Acquisition (Details)

Acquisition (Details) $ in Thousands			3 Months Ended	9 Months Ended
	May 15, 2024 USD ($) Barrels Barge Towboat	Jul. 14, 2023 USD ($) Barge Barrels	Sep. 30, 2023 USD ($) Barge	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($) Barge
Restructuring Cost and Reserve [Line Items]
Cash paid for acquisition				$ 245,990	$ 274,963
Equipment Purchase Agreement [Member]
Restructuring Cost and Reserve [Line Items]
Cash paid for acquisition	$ 65,200
Inland Tank Barges [Member]
Restructuring Cost and Reserve [Line Items]
Cash paid for acquisition		$ 37,000
Number of tank barges | Barge		23	4		4
Total capacity of barrels | Barrels		265,000
Cash paid for acquisition			$ 500
Average age		14 years
Inland Tank Barges [Member] | Equipment Purchase Agreement [Member]
Restructuring Cost and Reserve [Line Items]
Number of tank barges | Barge	13
Total capacity of barrels | Barrels	347,000
Average age	15 years
High Horsepower Towboats [Member] | Equipment Purchase Agreement [Member]
Restructuring Cost and Reserve [Line Items]
Number of horsepower towboats | Towboat	2
Specialty Barges [Member] | Equipment Purchase Agreement [Member]
Restructuring Cost and Reserve [Line Items]
Number of tank barges | Barge	3

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Abstract]
Revenues by major source	$ 831,149	$ 764,772	$ 2,463,561	$ 2,292,464
Revenue recognized			101,800	76,800
Marine Transportation [Member]
Disaggregation of Revenue [Abstract]
Revenues by major source	486,054	429,885	1,446,274	1,269,342
Marine Transportation [Member] | Inland Transportation [Member]
Disaggregation of Revenue [Abstract]
Revenues by major source	392,617	353,635	1,170,459	1,043,330
Marine Transportation [Member] | Coastal Transportation [Member]
Disaggregation of Revenue [Abstract]
Revenues by major source	93,437	76,250	275,815	226,012
Distribution and Services [Member]
Disaggregation of Revenue [Abstract]
Revenues by major source	345,095	334,887	1,017,287	1,023,122
Distribution and Services [Member] | Commercial and Industrial [Member]
Disaggregation of Revenue [Abstract]
Revenues by major source	162,285	156,060	470,567	461,159
Distribution and Services [Member] | Power generation [Member]
Disaggregation of Revenue [Abstract]
Revenues by major source	111,573	119,004	355,025	308,319
Distribution and Services [Member] | Oil and gas [Member]
Disaggregation of Revenue [Abstract]
Revenues by major source	$ 71,237	$ 59,823	$ 191,695	$ 253,644

Revenues, Remaining Performance

Revenues, Remaining Performance Obligation (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract assets	$ 0	$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-03-31
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction, period	1 year

Segment Data (Details)

Segment Data (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Segment	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | Segment			2
Revenues [Abstract]
Revenues	$ 831,149	$ 764,772	$ 2,463,561	$ 2,292,464
Earnings before taxes on income	117,381	81,726	319,789	212,676
Total assets	5,870,723		5,870,723		$ 5,722,197
Other segment disclosures [Abstract]
Gain on disposition of assets	1,617	1,528	2,206	4,230
Interest expense	(12,498)	(13,386)	(38,468)	(38,893)
Earnings before taxes on income	117,381	81,726	319,789	212,676
Marine Transportation (KMT) [Member]
Revenues [Abstract]
Revenues	486,054	429,885	1,446,274	1,269,342
Distribution and Services [Member]
Revenues [Abstract]
Revenues	345,095	334,887	1,017,287	1,023,122
Other [Member]
Revenues [Abstract]
Earnings before taxes on income	(12,473)	(14,935)	(39,374)	(43,906)
Total assets	145,889		145,889		110,882
Other segment disclosures [Abstract]
General corporate expenses	(4,541)	(4,666)	(12,418)	(18,539)
Gain on disposition of assets	1,617	1,528	2,206	4,230
Interest expense	(12,498)	(13,386)	(38,468)	(38,893)
Other income	2,949	1,589	9,306	9,296
Earnings before taxes on income	(12,473)	(14,935)	(39,374)	(43,906)
Details of "Other" total assets [Abstract]
General corporate assets	143,276		143,276		108,306
Investment in affiliates	2,613		2,613		2,576
Total other assets	145,889		145,889		110,882
Reporting Segments [Member] | Marine Transportation (KMT) [Member]
Revenues [Abstract]
Revenues	486,054	429,885	1,446,274	1,269,342
Earnings before taxes on income	99,476	63,467	277,335	170,754
Total assets	4,547,989		4,547,989		4,454,931
Other segment disclosures [Abstract]
Earnings before taxes on income	99,476	63,467	277,335	170,754
Reporting Segments [Member] | Distribution and Services [Member]
Revenues [Abstract]
Revenues	345,095	334,887	1,017,287	1,023,122
Earnings before taxes on income	30,378	33,194	81,828	85,828
Total assets	1,176,845		1,176,845		$ 1,156,384
Other segment disclosures [Abstract]
Earnings before taxes on income	30,378	33,194	81,828	85,828
Intersegment Eliminations [Member]
Revenues [Abstract]
Revenues	5,000	9,900	19,100	29,600
Earnings before taxes on income	500	1,000	1,900	3,000
Other segment disclosures [Abstract]
Earnings before taxes on income	$ 500	$ 1,000	$ 1,900	$ 3,000

Long-Term Debt, Carrying Value

Long-Term Debt, Carrying Value and Fair Value of Debt Outstanding (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Carrying Value and Fair Value of Debt Outstanding [Abstract]
Carrying value	$ 983,174	$ 1,022,068
Fair value	952,113	948,641
Unamortized debt discounts and issuance costs	(4,581)	(5,473)
Long-term debt	978,593	1,016,595
4.2% Senior Notes Due March 1, 2028 [Member]
Carrying Value and Fair Value of Debt Outstanding [Abstract]
Carrying value	500,000	500,000
Fair value	$ 495,295	475,920
Interest rate	4.20%
Maturity Date	Mar. 01, 2028
3.46% Senior Notes Due January 19, 2033 [Member]
Carrying Value and Fair Value of Debt Outstanding [Abstract]
Carrying value	$ 60,000	60,000
Fair value	$ 54,562	49,955
Interest rate	3.46%
Maturity Date	Jan. 19, 2033
3.51% senior notes due January 19, 2033 [Member]
Carrying Value and Fair Value of Debt Outstanding [Abstract]
Carrying value	$ 240,000	240,000
Fair value	$ 219,082	200,698
Interest rate	3.51%
Maturity Date	Jan. 19, 2033
Credit Line Due June 30, 2026 [Member]
Carrying Value and Fair Value of Debt Outstanding [Abstract]
Carrying value	$ 0	0
Fair value	$ 0	0
Maturity Date	Jun. 30, 2026
Bank Note Payable [Member]
Carrying Value and Fair Value of Debt Outstanding [Abstract]
Carrying value	$ 8,174	8,068
Fair value	8,174	8,068
Revolving Credit Facility [Member]
Carrying Value and Fair Value of Debt Outstanding [Abstract]
Carrying value	5,000	44,000
Fair value	$ 5,000	44,000
Maturity Date	Jul. 29, 2027
Term Loan Due July 29, 2027 [Member]
Carrying Value and Fair Value of Debt Outstanding [Abstract]
Carrying value	$ 170,000	170,000
Fair value	$ 170,000	$ 170,000
Variable interest rates	6.10%	6.80%
Maturity Date	Jul. 29, 2027

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($)			1 Months Ended		9 Months Ended
	Sep. 30, 2025	Feb. 03, 2022	Oct. 31, 2024	Jul. 29, 2022	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Long-term Debt [Abstract]
Payments on long-term debt					$ 0	$ 350,000,000
Term loan					$ 978,593,000		$ 1,016,595,000
3.46 Series A Notes Due January 19, 2023 [Member]
Long-term Debt [Abstract]
Long term debt, face amount		$ 60,000,000
Interest rate		3.46%
Maturity Date		Jan. 19, 2033
3.51 Series B Notes Due January 19, 2023 [Member]
Long-term Debt [Abstract]
Long term debt, face amount		$ 240,000,000
Interest rate		3.51%
Maturity Date		Jan. 19, 2033
Unsecured Debt [Member]
Long-term Debt [Abstract]
Long term debt, face amount		$ 300,000,000
Line of Credit [Member]
Long-term Debt [Abstract]
Credit facility, expiration date					Jun. 30, 2026
Line of credit facility, current borrowing capacity					$ 6,800,000
Available borrowing capacity					8,200,000
Maximum borrowing capacity					15,000,000
Revolving Credit Facility [Member]
Long-term Debt [Abstract]
Credit facility, amount outstanding					6,000
Available borrowing capacity					$ 495,000,000
Maturity Date					Jul. 29, 2027
Maximum borrowing capacity				$ 500,000,000
Term Loan [Member]
Long-term Debt [Abstract]
Term loan				$ 250,000,000
Credit facility, expiration date				Jul. 29, 2027
Term Loan [Member] | Subsequent Event [Member]
Long-term Debt [Abstract]
Payments on long-term debt			$ 10,000,000
Term Loan [Member] | Scenario Forecast [Member]
Long-term Debt [Abstract]
Payments on long-term debt	$ 0

Leases, Future Minimum Lease Pa

Leases, Future Minimum Lease Payments Under Operating Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Percentage of costs relate to service costs for leased towing vessels	70%
Future Minimum Lease Payments Under Operating Leases [Abstract]
2024	$ 10,497	$ 38,943
2025	38,144	27,638
2026	34,644	24,945
2027	28,510	22,842
2028	22,631	18,318
Thereafter	88,353	79,755
Total lease payments	222,779	212,441
Less: imputed interest	(40,113)	(40,290)
Operating lease liabilities	$ 182,666	$ 172,151

Leases, Lease Cost (Details)

Leases, Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lease, Cost [Abstract]
Operating lease cost	$ 11,728	$ 10,481	$ 34,608	$ 31,711
Variable lease cost	371	388	1,442	1,836
Short-term lease cost	9,515	8,167	28,503	23,597
Sublease income	(836)	(791)	(2,520)	(2,432)
Total lease cost	$ 20,778	$ 18,245	$ 62,033	$ 54,712

Leases, Other Supplemental Info

Leases, Other Supplemental Information (Details)	Sep. 30, 2024	Dec. 31, 2023
Other Supplemental Information about Operating Leases [Abstract]
Weighted average discount rate	4.60%	4.40%
Weighted average remaining lease term	8 years	9 years

Stock Award Plans, Compensation

Stock Award Plans, Compensation Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Compensation cost	$ 3,438	$ 3,398	$ 12,837	$ 12,310
Income tax benefit	$ 786	$ 747	$ 3,042	$ 2,994

Stock Award Plans (Details)

Stock Award Plans (Details) - shares	1 Months Ended	9 Months Ended
	Apr. 30, 2024	Sep. 30, 2024
Employee Stock Award Plan [Member] | RSUs [Member]
Stock Award Plan Information [Abstract]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period		166,708
Vesting period		5 years
Director Plan [Member] | Restricted Stock [Member]
Stock Award Plan Information [Abstract]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period	14,624
Vesting period	6 months

Taxes on Income (Details)

Taxes on Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings (loss) before taxes on income [Abstract]
Earnings (loss) before taxes on income	$ 117,381	$ 81,726	$ 319,789	$ 212,676
Federal:
Current	10,031	(3)	29,987	(3)
Deferred	13,547	16,083	35,825	44,282
State and local:
Current	2,546	2,479	7,103	5,056
Deferred	1,225	121	2,873	2,159
Foreign - current	1	42	73	239
Total provision for taxes on income	27,350	18,722	75,861	51,733
United States [Member]
Earnings (loss) before taxes on income [Abstract]
Earnings (loss) before taxes on income	117,520	81,989	320,265	212,014
Foreign [Member]
Earnings (loss) before taxes on income [Abstract]
Earnings (loss) before taxes on income	$ (139)	$ (263)	$ (476)	$ 662

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Income (Loss) Attributable to Parent [Abstract]
Net earnings attributable to Kirby	$ 89,968	$ 62,964	$ 243,890	$ 161,029
Undistributed earnings allocated to restricted shares	(24)	(31)	(36)	(50)
Earnings available to Kirby common stockholders - basic	89,944	62,933	243,854	160,979
Undistributed earnings allocated to restricted shares	24	31	36	50
Undistributed earnings reallocated to restricted shares	(23)	(31)	(35)	(50)
Earnings available to Kirby common stockholders - diluted	$ 89,945	$ 62,933	$ 243,855	$ 160,979
Shares outstanding [Abstract]
Weighted average common stock issued and outstanding (in shares)	57,767,000	59,413,000	58,138,000	59,739,000
Weighted average unvested restricted stock (in shares)	(14,000)	(30,000)	(9,000)	(18,000)
Weighted Average Number of Shares Outstanding, Basic (in Shares)	57,753,000	59,383,000	58,129,000	59,721,000
Dilutive effect of stock options and restricted stock units (in shares)	433,000	363,000	397,000	312,000
Weighted average common stock outstanding - diluted	58,186,000	59,746,000	58,526,000	60,033,000
Net earnings per share basic attributable to Kirby common stockholders:
Basic	$ 1.56	$ 1.06	$ 4.2	$ 2.7
Net earnings per share diluted attributable to Kirby common stockholders:
Diluted	$ 1.55	$ 1.05	$ 4.17	$ 2.68
Antidilutive securities excluded from computation of earnings per share (in shares)				33,000
Stock Options [Member]
Net earnings per share diluted attributable to Kirby common stockholders:
Antidilutive securities excluded from computation of earnings per share (in shares)			0
RSUs [Member]
Net earnings per share diluted attributable to Kirby common stockholders:
Antidilutive securities excluded from computation of earnings per share (in shares)			0	0

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Details of inventories [Abstract]
Inventory, Finished Goods, Gross	$ 366,877	$ 351,050
Inventory, Work in Process, Gross	67,274	103,339
Inventories - net	$ 434,151	$ 454,389

Retirement Plans (Details)

Retirement Plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2024	Sep. 30, 2024	Sep. 30, 2023
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
Higman [Member]
Retirement Plans [Abstract]
Pension contributions				$ 1,400
Higman [Member] | Scenario Forecast [Member]
Retirement Plans [Abstract]
Pension contributions			$ 300
Pension Plan [Member]
Components of net periodic benefit cost [Abstract]
Service cost	$ 850	$ 924		2,547	$ 2,772
Interest cost	4,294	4,589		12,884	13,767
Expected return on plan assets	(6,221)	(5,727)		(18,663)	(17,182)
Amortization of actuarial (gain) loss	(584)	0		(1,748)	0
Net periodic benefit cost	(1,661)	(214)		(4,980)	(643)
SERP [Member]
Components of net periodic benefit cost [Abstract]
Service cost	0	0		0	0
Interest cost	10	11		29	32
Expected return on plan assets	0	0		0	0
Amortization of actuarial (gain) loss	8	6		24	18
Net periodic benefit cost	18	17		53	50
Other Postretirement Benefits Plan [Member]
Components of net periodic benefit cost [Abstract]
Interest cost	5	6		15	17
Amortization of actuarial (gain) loss	(70)	(86)		(210)	(258)
Net periodic benefit cost	$ (65)	$ (80)		$ (195)	$ (241)

Other Comprehensive Income (Det

Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract]
Amortization of net actuarial gain, gross amount	$ (646)	$ (80)	$ (1,934)	$ (240)
Amortization of net actuarial gain, income tax (provision) benefit	162	18	491	58
Amortization of net actuarial gain, net amount	(484)	(62)	(1,443)	(182)
Actuarial gains, gross amount	0	1	2,069	1,778
Actuarial gains, income tax (provision) benefit	0	0	(519)	(444)
Actuarial gains, net amount	0	1	1,550	1,334
Foreign currency translation, gross amount	(22)	143	(495)	1,073
Foreign currency translation, income tax (provision) benefit	0	0	0	0
Foreign currency translation, net amount	(22)	143	(495)	1,073
Total other comprehensive income, gross amount	(668)	64	(360)	2,611
Total other comprehensive income, income tax (provision) benefit	162	18	(28)	(386)
Total other comprehensive income (loss), net of taxes	$ (506)	$ 82	$ (388)	$ 2,225

Contingencies and Commitments (

Contingencies and Commitments (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Guaranties [Abstract]
Issued guaranties	$ 31.5
Maximum [Member]
Guaranties [Abstract]
Guarantor obligations, expiration period	2 years
Performance Bonds [Member]
Guaranties [Abstract]
Issued guaranties	$ 19.9
Letters of Credit [Member]
Guaranties [Abstract]
Issued guaranties	$ 11.6