Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 6-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'KIRBY CORP | ' |
Entity Central Index Key | '0000056047 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 56,984,000 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
CONDENSED_BALANCE_SHEETS_Unaud
CONDENSED BALANCE SHEETS (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $19,244 | $4,022 |
Accounts receivable: | ' | ' |
Trade - less allowance for doubtful accounts | 326,760 | 311,549 |
Other | 131,126 | 43,053 |
Inventories - net | 122,009 | 135,887 |
Prepaid expenses and other current assets | 47,391 | 40,037 |
Deferred income taxes | 8,445 | 9,458 |
Total current assets | 654,975 | 544,006 |
Property and equipment | 3,434,944 | 3,375,893 |
Less accumulated depreciation | -1,041,168 | -1,005,090 |
Property and equipment - net | 2,393,776 | 2,370,803 |
Goodwill | 591,405 | 591,405 |
Other assets | 165,548 | 176,303 |
Total assets | 3,805,704 | 3,682,517 |
Current liabilities: | ' | ' |
Income taxes payable | 15,441 | 2,915 |
Accounts payable | 168,337 | 177,375 |
Accrued liabilities | 207,425 | 129,001 |
Deferred revenues | 48,927 | 36,698 |
Total current liabilities | 440,130 | 345,989 |
Long-term debt - less current portion | 708,000 | 749,150 |
Deferred income taxes | 551,956 | 544,110 |
Other long-term liabilities | 14,707 | 21,115 |
Total long-term liabilities | 1,274,663 | 1,314,375 |
Contingencies and commitments | ' | ' |
Kirby stockholders' equity: | ' | ' |
Common stock, $.10 par value per share. Authorized 120,000,000 shares, issued 59,776,000 shares | 5,978 | 5,978 |
Additional paid-in capital | 416,869 | 410,615 |
Accumulated other comprehensive income - net | -16,702 | -16,793 |
Retained earnings | 1,754,386 | 1,692,140 |
Treasury stock - at cost, 2,804,000 shares at March 31, 2014 and 2,930,000 at December 31, 2013 | -80,679 | -81,254 |
Total Kirby stockholders' equity | 2,079,852 | 2,010,686 |
Noncontrolling interests | 11,059 | 11,467 |
Total equity | 2,090,911 | 2,022,153 |
Total liabilities and equity | $3,805,704 | $3,682,517 |
CONDENSED_BALANCE_SHEETS_Unaud1
CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Equity: | ' | ' |
Common stock, par value per share (in dollars per share) | $0.10 | $0.10 |
Common stock, shares authorized (in shares) | 120,000,000 | 120,000,000 |
Common stock, shares issued (in shares) | 59,776,000 | 59,776,000 |
Treasury stock, shares (in shares) | 2,804,000 | 2,930,000 |
CONDENSED_STATEMENTS_OF_EARNIN
CONDENSED STATEMENTS OF EARNINGS (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues: | ' | ' |
Marine transportation | $435,771 | $418,518 |
Diesel engine services | 153,475 | 140,267 |
Total revenues | 589,246 | 558,785 |
Costs and expenses: | ' | ' |
Costs of sales and operating expenses | 383,229 | 369,274 |
Selling, general and administrative | 53,598 | 44,156 |
Taxes, other than on income | 4,580 | 4,478 |
Depreciation and amortization | 41,036 | 40,996 |
Loss (gain) on disposition of assets | -51 | 32 |
Total costs and expenses | 482,392 | 458,936 |
Operating income | 106,854 | 99,849 |
Other income (expense) | -236 | 75 |
Interest expense | -5,618 | -7,988 |
Earnings before taxes on income | 101,000 | 91,936 |
Provision for taxes on income | -37,989 | -34,384 |
Net earnings | 63,011 | 57,552 |
Less: Net earnings attributable to noncontrolling interests | -765 | -974 |
Net earnings attributable to Kirby | $62,246 | $56,578 |
Net earnings per share attributable to Kirby common stockholders: | ' | ' |
Basic (in dollars per share) | $1.09 | $1 |
Diluted (in dollars per share) | $1.09 | $1 |
CONDENSED_STATEMENTS_OF_COMPRE
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract] | ' | ' | ||
Net earnings | $63,011 | $57,552 | ||
Other comprehensive income (loss), net of taxes: | ' | ' | ||
Pension and postretirement benefits | 24 | 1,177 | ||
Foreign currency translation adjustments | -17 | [1] | 205 | [1] |
Change in fair value of derivative instruments | 84 | 974 | ||
Total comprehensive income (loss), net of taxes | 91 | [2] | 2,356 | [2] |
Total comprehensive income, net of taxes | 63,102 | 59,908 | ||
Net earnings attributable to noncontrolling interests | -765 | -974 | ||
Comprehensive income attributable to Kirby | $62,337 | $58,934 | ||
[1] | Actuarial losses are amortized into costs of sales and operating expenses or selling, general and administrative expenses as appropriate. (See Note 10 b Retirement Plans) | |||
[2] | Reclassifications to net earnings of derivatives qualifying as effective hedges are recognized in interest expense or costs of sales and operating expenses as appropriate. (See Note 4 b Derivative Instruments) |
CONDENSED_STATEMENTS_OF_CASH_F
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net earnings | $63,011 | $57,552 |
Adjustments to reconcile net earnings to net cash provided by operations: | ' | ' |
Depreciation and amortization | 41,036 | 40,996 |
Provision for deferred income taxes | 8,784 | 21,497 |
Amortization of unearned share-based compensation | 2,153 | 2,134 |
Other | 3,605 | 2,155 |
Decrease in cash flows resulting from changes in operating assets and liabilities, net | -3,378 | -26,538 |
Net cash provided by operating activities | 115,211 | 97,796 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -62,257 | -71,157 |
Acquisition of businesses and marine equipment | 0 | -2,111 |
Proceeds from disposition of assets | 363 | 1,861 |
Net cash used in investing activities | -61,894 | -71,407 |
Cash flows from financing activities: | ' | ' |
Payments on bank credit facilities, net | -41,150 | -43,650 |
Borrowings on long-term debt | 0 | 225,000 |
Payments on long-term debt | 0 | -213,000 |
Proceeds from exercise of stock options | 4,331 | 2,262 |
Payment of contingent liability | -4,756 | -5,000 |
Excess tax benefit from equity compensation plans | 4,653 | 1,866 |
Other | -1,173 | -1,088 |
Net cash used in financing activities | -38,095 | -33,610 |
Increase (decrease) in cash and cash equivalents | 15,222 | -7,221 |
Cash and cash equivalents, beginning of year | 4,022 | 11,059 |
Cash and cash equivalents, end of period | 19,244 | 3,838 |
Cash paid (received) during the period: | ' | ' |
Interest | 8,957 | 5,420 |
Income taxes | $565 | ($177) |
BASIS_FOR_PREPARATION_OF_THE_C
BASIS FOR PREPARATION OF THE CONDENSED FINANCIAL STATEMENTS | 3 Months Ended | |
Mar. 31, 2014 | ||
BASIS FOR PREPARATION OF THE CONDENSED 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 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, 2013. |
INVENTORIES
INVENTORIES | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
INVENTORIES [Abstract] | ' | ||||||||
INVENTORIES | ' | ||||||||
-2 | INVENTORIES | ||||||||
The following table presents the details of inventories as of March 31, 2014 and December 31, 2013 (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Finished goods | $ | 106,129 | $ | 120,751 | |||||
Work in process | 15,880 | 15,136 | |||||||
$ | 122,009 | $ | 135,887 |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
FAIR VALUE MEASUREMENTS [Abstract] | ' | ||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||||
-3 | FAIR VALUE MEASUREMENTS | ||||||||||||||||
The accounting guidance for using fair value to measure certain assets and liabilities establishes a three tier value hierarchy, which prioritizes the inputs to valuation techniques used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little, if any, market data exists, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing the asset or liability. | |||||||||||||||||
The following table summarizes the assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 (in thousands): | |||||||||||||||||
December 31, 2013: | Quoted | Significant | Significant | Total | |||||||||||||
Prices | Other | Unobservable | Fair Value | ||||||||||||||
in Active | Observable | Inputs | Measurements | ||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||
Identical | (Level 2) | ||||||||||||||||
Assets | |||||||||||||||||
(Level 1) | |||||||||||||||||
Assets: | |||||||||||||||||
Derivatives | $ | — | $ | — | $ | — | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | — | $ | 59 | $ | — | $ | 59 | |||||||||
Contingent liabilities | — | — | 4,903 | 4,903 | |||||||||||||
$ | — | $ | 59 | $ | 4,903 | $ | 4,962 | ||||||||||
In connection with the acquisition of Allied Transportation Company (“Allied”) on November 1, 2012, Allied’s former owners were eligible to receive up to an additional $10,000,000 payable in 2013 through 2015, contingent on developments with the sugar provisions in the United States Farm Bill. The fair value of the contingent liability recorded at the acquisition date was $9,756,000. The fair value of the contingent liability was based on a valuation of the estimated fair value of the liability after probability weighting and discounting various potential payments. Payments of $5,000,000 were made in the 2014 and 2013 first quarters on the contingent liability. The increase in the fair value of the contingent liability of $97,000 and $99,000 for the three months ended March 31, 2014 and 2013, respectively, was charged to selling, general and administrative expense. No Allied contingent liability was recorded as of March 31, 2014 and no further payments will be made. | |||||||||||||||||
In connection with the acquisition of United Holdings LLC (“United”) on April 15, 2011, United’s former owners were eligible to receive a three-year earnout provision for up to an additional $50,000,000 payable in 2014, dependent on achieving certain financial targets. The fair value of the contingent earnout liability recorded at the acquisition date was $16,300,000. The fair value of the earnout was based on a valuation of the estimated fair value of the liability after probability weighting and discounting various potential payments. As of December 31, 2013, the financial targets were not achieved and no payment will be made. The decrease in the fair value of the earnout liability of $4,300,000 for the three months ended March 31, 2013 was credited to selling, general and administrative expense. No United earnout liability was recorded as of December 31, 2013 and March 31, 2014. | |||||||||||||||||
The estimated fair value of total debt outstanding at March 31, 2014 and December 31, 2013 was $674,988,000 and $710,377,000, respectively, which differs from the carrying amounts of $708,000,000 and $749,150,000, respectively, included in the consolidated financial statements. The fair value was determined using an income approach that relies on inputs such as yield curves. Cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities have carrying values that approximate fair value due to the short-term maturity of these financial instruments. | |||||||||||||||||
Certain assets are measured at fair value on a nonrecurring basis and therefore are not included in the table above. These assets are adjusted to fair value when there is evidence of impairment. During the three months ended March 31, 2014, there was no indication that the Company’s long-lived assets were impaired, and accordingly, measurement at fair value was not required. | |||||||||||||||||
DERIVATIVE_INSTRUMENTS
DERIVATIVE INSTRUMENTS | 3 Months Ended | |
Mar. 31, 2014 | ||
DERIVATIVE INSTRUMENTS [Abstract] | ' | |
DERIVATIVE INSTRUMENTS | ' | |
-4 | DERIVATIVE INSTRUMENTS | |
The Company recognizes all derivative instruments at fair value in the balance sheet as either assets or liabilities. The accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative and the resulting designation, which is established at the inception date of a derivative. For derivative instruments designated as cash flow hedges, changes in fair value, to the extent the hedge is effective, are recognized in other comprehensive income until the hedged item is recognized in earnings. Hedge effectiveness is measured at least quarterly based on the cumulative difference between the fair value of the derivative contract and the hedged item over time. Any change in fair value resulting from ineffectiveness is recognized immediately in earnings. | ||
Interest Rate Risk Management | ||
From time to time, the Company has utilized derivative financial instruments with respect to a portion of its interest rate risks to achieve a more predictable cash flow by reducing its exposure to interest rate fluctuations. These transactions generally are interest rate swap agreements and are entered into with large multinational banks. On February 28, 2013, all of the Company’s outstanding interest rate swaps expired. These interest rate swaps, with a total notional amount of $200,000,000, were designated as cash flow hedges. | ||
Foreign Currency Risk Management | ||
From time to time, the Company has utilized derivative financial instruments with respect to its forecasted foreign currency transactions to attempt to reduce the risk of its exposure to foreign currency rate fluctuations in its transactions denominated in foreign currency. These transactions, which relate to foreign currency obligations for the purchase of equipment from foreign suppliers or foreign currency receipts from foreign customers, generally are forward contracts or purchased call options and are entered into with large multinational banks. During the 2014 first quarter, the Company’s remaining forward contract with a notional amount of $469,000 expired. |
STOCK_AWARD_PLANS
STOCK AWARD PLANS | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||
STOCK AWARD PLANS [Abstract] | ' | |||||||||||||||||||||||||
STOCK AWARD PLANS | ' | |||||||||||||||||||||||||
-5 | STOCK AWARD PLANS | |||||||||||||||||||||||||
The Company has share-based compensation plans which are described below. The compensation cost that has been charged against earnings for the Company’s stock award plans and the income tax benefit recognized in the statement of earnings for stock awards for the three months ended March 31, 2014 and 2013 were as follows (in thousands): | ||||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Compensation cost | $ | 2,153 | $ | 2,134 | ||||||||||||||||||||||
Income tax benefit | $ | 816 | $ | 807 | ||||||||||||||||||||||
The Company has an employee stock award plan for selected officers and other key employees which provides for the issuance of stock options and restricted stock. The exercise price for each option equals the fair market value per share of the Company’s common stock on the date of grant. The terms of the options granted prior to January 25, 2010 are five years and vest ratably over three years. Options granted on or after January 25, 2010 have terms of seven years and vest ratably over three years. No performance awards payable in stock have been awarded under the plan. At March 31, 2014, 2,541,079 shares were available for future grants under the employee plan and no outstanding stock options under the employee plan were issued with stock appreciation rights. | ||||||||||||||||||||||||||
The following is a summary of the stock option activity under the employee plan described above for the three months ended March 31, 2014: | ||||||||||||||||||||||||||
Outstanding | Weighted | |||||||||||||||||||||||||
Non- | Average | |||||||||||||||||||||||||
Qualified or | Exercise | |||||||||||||||||||||||||
Nonincentive | Price | |||||||||||||||||||||||||
Stock | ||||||||||||||||||||||||||
Awards | ||||||||||||||||||||||||||
Outstanding at December 31, 2013 | 379,604 | $ | 55.42 | |||||||||||||||||||||||
Granted | 73,191 | $ | 98.49 | |||||||||||||||||||||||
Exercised | (45,409 | ) | $ | 47.77 | ||||||||||||||||||||||
Forfeited | (12,576 | ) | $ | 68.89 | ||||||||||||||||||||||
Outstanding at March 31, 2014 | 394,810 | $ | 63.85 | |||||||||||||||||||||||
The following table summarizes information about the Company’s outstanding and exercisable stock options under the employee plan at March 31, 2014: | ||||||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||||||
Range of Exercise | Number | Weighted | Weighted | Aggregate | Number | Weighted | Aggregate | |||||||||||||||||||
Prices | Outstanding | Average | Average | Intrinsic | Exercisable | Average | Intrinsic | |||||||||||||||||||
Remaining | Exercise | Value | Exercise | Value | ||||||||||||||||||||||
Contractual | Price | Price | ||||||||||||||||||||||||
Life in | ||||||||||||||||||||||||||
Years | ||||||||||||||||||||||||||
$ | 31.35 - $36.35 | 68,012 | 2.9 | $ | 32.62 | 68,012 | $ | 32.62 | ||||||||||||||||||
$ | 46.74 | 73,496 | 3.8 | $ | 46.74 | 73,496 | $ | 46.74 | ||||||||||||||||||
$ | 65.28 - $70.65 | 178,144 | 5.3 | $ | 68.35 | 88,844 | $ | 67.55 | ||||||||||||||||||
$ | 86.96 - $96.85 | 37,730 | 6.8 | $ | 93.89 | ─ | $ | ─ | ||||||||||||||||||
$ | 101.46 - $104.37 | 37,428 | 6.9 | $ | 102.53 | ─ | $ | ─ | ||||||||||||||||||
$ | 31.35 - $104.37 | 394,810 | 4.9 | $ | 63.85 | $14,812,000 | 230,352 | $ | 50.6 | $11,668,000 | ||||||||||||||||
The following is a summary of the restricted stock award activity under the employee plan described above for the three months ended March 31, 2014: | ||||||||||||||||||||||||||
Unvested | Weighted | |||||||||||||||||||||||||
Restricted Stock | Average | |||||||||||||||||||||||||
Award Shares | Grant Date | |||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||
Per Share | ||||||||||||||||||||||||||
Nonvested balance at December 31, 2013 | 399,278 | $ | 54.92 | |||||||||||||||||||||||
Granted | 91,735 | $ | 96.47 | |||||||||||||||||||||||
Vested | (141,382 | ) | $ | 45.6 | ||||||||||||||||||||||
Forfeited | (25,810 | ) | $ | 61.54 | ||||||||||||||||||||||
Nonvested balance at March 31, 2014 | 323,821 | $ | 70.23 | |||||||||||||||||||||||
The Company has a director stock award plan for nonemployee directors of the Company which provides for the issuance of stock options and restricted stock. The director plan provides for the automatic grants of stock options and restricted stock to nonemployee directors on the date of first election as a director and after each annual meeting of stockholders. In addition, the director plan allows for the issuance of stock options or restricted stock in lieu of cash for all or part of the annual director fee at the option of the director. The exercise prices for all options granted under the plan are equal to the fair market value per share of the Company’s common stock on the date of grant. The terms of the options are ten years. The options granted to a director when first elected vest immediately. The options granted and restricted stock issued after each annual meeting of stockholders vest six months after the date of grant. Options granted and restricted stock issued in lieu of cash director fees vest in equal quarterly increments during the year to which they relate. At March 31, 2014, 610,041 shares were available for future grants under the director plan. The director stock award plan is intended as an incentive to attract and retain qualified independent directors. | ||||||||||||||||||||||||||
The following is a summary of the stock option activity under the director plan described above for the three months ended March 31, 2014: | ||||||||||||||||||||||||||
Outstanding | Weighted | |||||||||||||||||||||||||
Non- | Average | |||||||||||||||||||||||||
Qualified or | Exercise | |||||||||||||||||||||||||
Nonincentive | Price | |||||||||||||||||||||||||
Stock | ||||||||||||||||||||||||||
Awards | ||||||||||||||||||||||||||
Outstanding at December 31, 2013 | 320,322 | $ | 50.64 | |||||||||||||||||||||||
Exercised | (57,988 | ) | $ | 37.29 | ||||||||||||||||||||||
Outstanding at March 31, 2014 | 262,334 | $ | 53.6 | |||||||||||||||||||||||
The following table summarizes information about the Company’s outstanding and exercisable stock options under the director plan at March 31, 2014: | ||||||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||||||
Range of Exercise Prices | Number | Weighted | Weighted | Aggregate | Number | Weighted | Aggregate | |||||||||||||||||||
Outstanding | Average | Average | Intrinsic | Exercisable | Average | Intrinsic | ||||||||||||||||||||
Remaining | Exercise | Value | Exercise | Value | ||||||||||||||||||||||
Contractual | Price | Price | ||||||||||||||||||||||||
Life in | ||||||||||||||||||||||||||
Years | ||||||||||||||||||||||||||
$ | 20.28 — $29.60 | 30,000 | 3.5 | $ | 25.87 | 30,000 | $ | 25.87 | ||||||||||||||||||
$ | 35.17 — $36.82 | 32,048 | 2.6 | $ | 36.09 | 32,048 | $ | 36.09 | ||||||||||||||||||
$ | 41.24 — $56.45 | 97,022 | 6.1 | $ | 52.16 | 97,022 | $ | 52.16 | ||||||||||||||||||
$ | 61.89 — $62.48 | 54,306 | 8.2 | $ | 62.37 | 54,306 | $ | 62.37 | ||||||||||||||||||
$ | 75.17 | 48,958 | 9.1 | $ | 75.17 | 48,958 | $ | 75.17 | ||||||||||||||||||
$ | 20.28 — $75.17 | 262,334 | 6.4 | $ | 53.6 | $12,501,000 | 262,334 | $ | 53.6 | $12,501,000 | ||||||||||||||||
The following is a summary of the restricted stock award activity under the director plan described above for the three months ended March 31, 2014: | ||||||||||||||||||||||||||
Unvested | Weighted | |||||||||||||||||||||||||
Restricted Stock | Average | |||||||||||||||||||||||||
Award Shares | Grant Date | |||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||
Per Share | ||||||||||||||||||||||||||
Nonvested balance at December 31, 2013 | 384 | $ | 75.65 | |||||||||||||||||||||||
Vested | (384 | ) | $ | 75.65 | ||||||||||||||||||||||
Nonvested balance at March 31, 2014 | ─ | ─ | ||||||||||||||||||||||||
The total intrinsic value of all stock options exercised under all of the Company’s plans was $6,102,000 and $2,227,000 for the three months ended March 31, 2014 and 2013, respectively. The actual tax benefit realized for tax deductions from stock option exercises was $2,313,000 and $842,000 for the three months ended March 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||
The total intrinsic value of all the restricted stock vestings under all of the Company’s plans was $13,916,000 and $9,200,000 for the three months ended March 31, 2014 and 2013, respectively. The actual tax benefit realized for tax deductions from restricted stock vestings was $5,274,000 and $3,477,000 for the three months ended March 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||
As of March 31, 2014, there was $4,275,000 of unrecognized compensation cost related to nonvested stock options and $21,478,000 related to restricted stock. The stock options are expected to be recognized over a weighted average period of approximately 2.0 years and restricted stock over approximately 3.3 years. The total fair value of options vested was $2,076,000 and $1,707,000 during the three months ended March 31, 2014 and 2013, respectively. The fair value of the restricted stock vested was $13,916,000 and $9,200,000 for the three months ended March 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||
The weighted average per share fair value of stock options granted during the three months ended March 31, 2014 and 2013 was $34.20 and $23.66, respectively. The fair value of the stock options granted during the three months ended March 31, 2014 and 2013 was $2,503,000 and $2,592,000, respectively. The Company currently uses treasury stock shares for restricted stock grants and stock option exercises. The fair value of each stock option was determined using the Black-Scholes option pricing model. The key input variables used in valuing the options during the three months ended March 31, 2014 and 2013 were as follows: | ||||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Dividend yield | None | None | ||||||||||||||||||||||||
Average risk-free interest rate | 1.8 | % | 1 | % | ||||||||||||||||||||||
Stock price volatility | 33 | % | 34 | % | ||||||||||||||||||||||
Estimated option term | Six years | Six years |
OTHER_COMPREHENSIVE_INCOME
OTHER COMPREHENSIVE INCOME | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Other Comprehensive Income [Abstract] | ' | ||||||||||||||||||||||||
OTHER COMPREHENSIVE INCOME | ' | ||||||||||||||||||||||||
-6 | OTHER COMPREHENSIVE INCOME | ||||||||||||||||||||||||
The Company’s changes in other comprehensive income for the three months ended March 31, 2014 and 2013 were as follows (in thousands): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Gross | Income | Net | Gross | Income | Net | ||||||||||||||||||||
Amount | Tax | Amount | Amount | Tax | Amount | ||||||||||||||||||||
(Provision) | (Provision) | ||||||||||||||||||||||||
Benefit | Benefit | ||||||||||||||||||||||||
Pension and postretirement benefits (a): | |||||||||||||||||||||||||
Amortization of net actuarial loss | $ | 37 | $ | (13 | ) | $ | 24 | $ | 1,906 | $ | (729 | ) | $ | 1,177 | |||||||||||
Actuarial gains | — | — | — | — | — | — | |||||||||||||||||||
Foreign currency translation adjustments | (17 | ) | — | (17 | ) | 205 | — | 205 | |||||||||||||||||
Change in fair value of derivative instruments (b): | |||||||||||||||||||||||||
Unrealized gains | — | — | — | 2,889 | (1,012 | ) | 1,877 | ||||||||||||||||||
Reclassified to net earnings | 146 | (62 | ) | 84 | (1,389 | ) | 486 | (903 | ) | ||||||||||||||||
Total | $ | 166 | $ | (75 | ) | $ | 91 | $ | 3,611 | $ | (1,255 | ) | $ | 2,356 | |||||||||||
(a) | Actuarial losses are amortized into costs of sales and operating expenses or selling, general and administrative expenses as appropriate. (See Note 10 – Retirement Plans) | ||||||||||||||||||||||||
(b) | Reclassifications to net earnings of derivatives qualifying as effective hedges are recognized in interest expense or costs of sales and operating expenses as appropriate. (See Note 4 – Derivative Instruments) |
SEGMENT_DATA
SEGMENT DATA | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
SEGMENT DATA [Abstract] | ' | ||||||||
SEGMENT DATA | ' | ||||||||
-7 | SEGMENT DATA | ||||||||
The Company’s operations are classified into two reportable business segments as follows: | |||||||||
Marine Transportation — Marine transportation principally by United States flag vessels of liquid cargoes throughout the United States inland waterway system, along all three United States coasts, Alaska and Hawaii and, to a lesser extent, United States coastal transportation of dry-bulk cargoes. The principal products transported include petrochemicals, black oil, refined petroleum products and agricultural chemicals. | |||||||||
Diesel Engine Services — Provides after-market services for medium-speed and high-speed diesel engines, reduction gears and ancillary products for marine and power generation applications, and distributes and services high-speed diesel engines, transmissions, pumps and compression products, and manufactures and remanufactures oilfield service equipment, including pressure pumping units, for the land-based pressure pumping and oilfield service markets. | |||||||||
The Company’s two reportable business segments are managed separately based on fundamental differences in their operations. The Company evaluates the performance of its segments based on the contributions to operating income of the respective segments, and before income taxes, interest, gains or losses on disposition of assets, other nonoperating income, noncontrolling interests, accounting changes, and nonrecurring items. Intersegment sales for the three months ended March 31, 2014 and 2013 were not significant. | |||||||||
The following table sets forth the revenues and profit or loss by reportable segment for the three months ended March 31, 2014 and 2013 and total assets as of March 31, 2014 and December 31, 2013 (in thousands): | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Revenues: | |||||||||
Marine transportation | $ | 435,771 | $ | 418,518 | |||||
Diesel engine services | 153,475 | 140,267 | |||||||
$ | 589,246 | $ | 558,785 | ||||||
Segment profit (loss): | |||||||||
Marine transportation | $ | 97,551 | $ | 89,253 | |||||
Diesel engine services | 12,772 | 14,022 | |||||||
Other | (9,323 | ) | (11,339 | ) | |||||
$ | 101,000 | $ | 91,936 | ||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Total assets: | |||||||||
Marine transportation | $ | 3,165,657 | $ | 3,046,692 | |||||
Diesel engine services | 572,709 | 576,472 | |||||||
Other | 67,338 | 59,353 | |||||||
$ | 3,805,704 | $ | 3,682,517 | ||||||
The following table presents the details of “Other” segment loss for the three months ended March 31, 2014 and 2013 (in thousands): | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
General corporate expenses | $ | (3,520 | ) | $ | (3,394 | ) | |||
Gain (loss) on disposition of assets | 51 | (32 | ) | ||||||
Interest expense | (5,618 | ) | (7,988 | ) | |||||
Other income (expense) | (236 | ) | 75 | ||||||
$ | (9,323 | ) | $ | (11,339 | ) | ||||
The following table presents the details of “Other” total assets as of March 31, 2014 and December 31, 2013 (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
General corporate assets | $ | 65,095 | $ | 57,197 | |||||
Investment in affiliates | 2,243 | 2,156 | |||||||
$ | 67,338 | $ | 59,353 |
TAXES_ON_INCOME
TAXES ON INCOME | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
TAXES ON INCOME [Abstract] | ' | ||||||||
TAXES ON INCOME | ' | ||||||||
-8 | TAXES ON INCOME | ||||||||
Earnings before taxes on income and details of the provision for taxes on income for the three months ended March 31, 2014 and 2013 were as follows (in thousands): | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Earnings before taxes on income – United States | $ | 101,000 | $ | 91,936 | |||||
Provision for taxes on income: | |||||||||
Federal: | |||||||||
Current | $ | 25,496 | $ | 9,430 | |||||
Deferred | 8,784 | 21,497 | |||||||
State and local | 3,709 | 3,457 | |||||||
$ | 37,989 | $ | 34,384 |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
EARNINGS PER SHARE [Abstract] | ' | ||||||||
EARNINGS PER SHARE | ' | ||||||||
-9 | EARNINGS PER SHARE | ||||||||
The following table presents the components of basic and diluted earnings per share for the three months ended March 31, 2014 and 2013 (in thousands, except per share amounts): | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Net earnings attributable to Kirby | $ | 62,246 | $ | 56,578 | |||||
Undistributed earnings allocated to restricted shares | (370 | ) | (401 | ) | |||||
Income available to Kirby common stockholders – basic | 61,876 | 56,177 | |||||||
Undistributed earnings allocated to restricted shares | 370 | 401 | |||||||
Undistributed earnings reallocated to restricted shares | (368 | ) | (399 | ) | |||||
Income available to Kirby common stockholders – diluted | $ | 61,878 | $ | 56,179 | |||||
Shares outstanding: | |||||||||
Weighted average common stock issued and outstanding | 56,903 | 56,669 | |||||||
Weighted average unvested restricted stock | (338 | ) | (401 | ) | |||||
Weighted average common stock outstanding – basic | 56,565 | 56,268 | |||||||
Dilutive effect of stock options | 216 | 187 | |||||||
Weighted average common stock outstanding – diluted | 56,781 | 56,455 | |||||||
Net earnings per share attributable to Kirby common stockholders: | |||||||||
Basic | $ | 1.09 | $ | 1 | |||||
Diluted | $ | 1.09 | $ | 1 | |||||
Certain outstanding options to purchase approximately 75,000 and 209,000 shares of common stock were excluded in the computation of diluted earnings per share as of March 31, 2014 and 2013, respectively, as such stock options would have been antidilutive. |
RETIREMENT_PLANS
RETIREMENT PLANS | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
RETIREMENT PLANS [Abstract] | ' | ||||||||||||||||
RETIREMENT PLANS | ' | ||||||||||||||||
-10 | RETIREMENT PLANS | ||||||||||||||||
The Company sponsors a defined benefit plan for its inland vessel personnel and shore based tankermen. The plan benefits are based on an employee’s years of service and compensation. The plan assets consist primarily of equity and fixed income securities. | |||||||||||||||||
The Company’s pension plan funding strategy has historically been to contribute an amount equal to the greater of the minimum required contribution under ERISA or the amount necessary to fully fund the plan on an accumulated benefit obligation (“ABO”) basis at the end of the fiscal year. The ABO is based on a variety of demographic and economic assumptions, and the pension plan assets’ returns are subject to various risks, including market and interest rate risk, making an accurate prediction of the pension plan contribution difficult. Based on current pension plan assets and market conditions, the Company does not expect to make a contribution to its pension plan prior to December 31, 2014 to fund its 2014 pension plan obligations. As of March 31, 2014, no 2014 year contributions have been made. | |||||||||||||||||
The Company sponsors an unfunded defined benefit health care plan that provides limited postretirement medical benefits to employees who meet minimum age and service requirements, and to eligible dependents. The plan limits cost increases in the Company’s contribution to 4% per year. The plan is contributory, with retiree contributions adjusted annually. The plan eliminated coverage for future retirees as of December 31, 2011. The Company also has an unfunded defined benefit supplemental executive retirement plan (“SERP”) that was assumed in an acquisition in 1999. That plan ceased to accrue additional benefits effective January 1, 2000. | |||||||||||||||||
The components of net periodic benefit cost for the Company’s defined benefit plans for the three months ended March 31, 2014 and 2013 were as follows (in thousands): | |||||||||||||||||
Pension Benefits | |||||||||||||||||
Pension Plan | SERP | ||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||
Service cost | $ | 2,767 | $ | 3,171 | $ | — | $ | — | |||||||||
Interest cost | 3,223 | 2,835 | 18 | 17 | |||||||||||||
Expected return on plan assets | (4,713 | ) | (4,027 | ) | — | — | |||||||||||
Amortization of actuarial loss | 196 | 2,056 | 4 | 5 | |||||||||||||
Net periodic benefit cost | $ | 1,473 | $ | 4,035 | $ | 22 | $ | 22 | |||||||||
The components of net periodic benefit cost for the Company’s postretirement benefit plan for the three months ended March 31, 2014 and 2013 were as follows (in thousands): | |||||||||||||||||
Other Postretirement Benefits | |||||||||||||||||
Postretirement Welfare Plan | |||||||||||||||||
Three months ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||
Service cost | $ | — | $ | — | |||||||||||||
Interest cost | 28 | 28 | |||||||||||||||
Amortization of actuarial gain | (163 | ) | (155 | ) | |||||||||||||
Net periodic benefit cost | $ | (135 | ) | $ | (127 | ) |
CONTINGENCIES
CONTINGENCIES | 3 Months Ended | |
Mar. 31, 2014 | ||
CONTINGENCIES [Abstract] | ' | |
CONTINGENCIES | ' | |
-11 | CONTINGENCIES | |
On March 22, 2014, a tank barge owned by Kirby Inland Marine, LP, a wholly owned subsidiary of the Company, was in tow of the M/V Miss Susan and was involved in a collision with the M/S Summer Wind at the confluence of the Houston Ship Channel and the Texas City Y in the Texas City, Texas area. The tank barge was damaged in the collision resulting in a discharge of intermediate fuel oil out of one of its cargo tanks. There was no damage to the M/V Miss Susan. The M/S Summer Wind incurred damage to the bow of the ship. | ||
The Company received a letter from the United States Coast Guard (“USCG”) designating it as the owner of the source of the discharge, Kirby tank barge 27706, under the Oil Pollution Act of 1990 (“OPA”) which obligates the Company for removal costs and damages and imposes on the Company the obligation to advertise the claims process by which persons who have claims may submit claims to the Company. The Company has accepted the letter and has undertaken to advertise the claims process, as well as accepting its ongoing responsibility for cleanup as a result of the discharge from its tank barge consistent with its obligations under the OPA. | ||
The USCG and the National Transportation Safety Board are investigating the cause of the incident. The Company and the Captain of the M/V Miss Susan, as well as the owners and pilot of the M/S Summer Wind, have been named as parties of interest in the investigation. Sea Galaxy Ltd is the owner of the M/S Summer Wind. The Company continues to work with the Coast Guard and other federal, state and local authorities, response contractors and its own personnel to mitigate the environmental impact of this incident. | ||
The Company has been named as a defendant in class action lawsuits filed in the United States District Court for the Southern District Court-Galveston Division against it and Sea Galaxy Ltd/Summer Wind. The actions include allegation of business interruption, loss of profit, loss of use of natural resources and seek unspecified economic and compensatory damages. In addition, the Company has received claims from numerous parties claiming property damage and various economic damages. The Company has also been named as a defendant in a civil action by a crewmember of the M/V Miss Susan, alleging damages under the general maritime law and the Jones Act. The Company expects that additional lawsuits may be filed and claims submitted. | ||
The Company maintains certificates of financial responsibility as required by the USCG’s regulations. The Company has various insurance policies covering liabilities including pollution, property, marine and general liability. The Company believes it has satisfactory insurance coverage for the cost of the cleanup operations, as well as other potential liabilities arising from the incident. As of March 31, 2014, the Company recorded an accrued liability of $100,425,000 and an insurance receivable of $99,425,000 which takes the Company's $1,000,000 deductible into consideration. However, the accruals represent current estimates since the cleanup, litigation and claims process are ongoing. The Company does not expect the outcome of the incident to have a material adverse effect on its consolidated financial statements; however, there can be no assurance as to the ultimate outcome of the incident. | ||
The Company is also involved in various legal and other proceedings which are incidental to the conduct of its business, none of which in the opinion of management will have a material effect on the Company’s financial condition, results of operations or cash flows. Management believes that it has recorded adequate reserves and believes that it has adequate insurance coverage or has meritorious defenses for these other claims and contingencies. | ||
The Company has issued guaranties or obtained standby letters of credit and performance bonds supporting performance by the Company and its subsidiaries of contractual or contingent legal obligations of the Company and its subsidiaries incurred in the ordinary course of business. The aggregate notional value of these instruments is $41,922,000 at March 31, 2014, including $8,280,000 in letters of credit and $33,642,000 in performance bonds. All of these instruments have an expiration date within four years. The Company does not believe demand for payment under these instruments is likely and expects no material cash outlays to occur in connection with these instruments. |
INVENTORIES_Tables
INVENTORIES (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
INVENTORIES [Abstract] | ' | ||||||||
Schedule of details of inventories | ' | ||||||||
The following table presents the details of inventories as of March 31, 2014 and December 31, 2013 (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Finished goods | $ | 106,129 | $ | 120,751 | |||||
Work in process | 15,880 | 15,136 | |||||||
$ | 122,009 | $ | 135,887 |
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
FAIR VALUE MEASUREMENTS [Abstract] | ' | ||||||||||||||||
Schedule of summarized assets and liabilities measured at fair value on recurring basis | ' | ||||||||||||||||
The following table summarizes the assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 (in thousands): | |||||||||||||||||
December 31, 2013: | Quoted | Significant | Significant | Total | |||||||||||||
Prices | Other | Unobservable | Fair Value | ||||||||||||||
in Active | Observable | Inputs | Measurements | ||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||
Identical | (Level 2) | ||||||||||||||||
Assets | |||||||||||||||||
(Level 1) | |||||||||||||||||
Assets: | |||||||||||||||||
Derivatives | $ | — | $ | — | $ | — | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | — | $ | 59 | $ | — | $ | 59 | |||||||||
Contingent liabilities | — | — | 4,903 | 4,903 | |||||||||||||
$ | — | $ | 59 | $ | 4,903 | $ | 4,962 | ||||||||||
STOCK_AWARD_PLANS_Tables
STOCK AWARD PLANS (Tables) | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||
STOCK AWARD PLANS [Abstract] | ' | |||||||||||||||||||||||||
Compensation cost breakdown in statement of earnings | ' | |||||||||||||||||||||||||
The Company has share-based compensation plans which are described below. The compensation cost that has been charged against earnings for the Company’s stock award plans and the income tax benefit recognized in the statement of earnings for stock awards for the three months ended March 31, 2014 and 2013 were as follows (in thousands): | ||||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Compensation cost | $ | 2,153 | $ | 2,134 | ||||||||||||||||||||||
Income tax benefit | $ | 816 | $ | 807 | ||||||||||||||||||||||
Summary of stock option activity | ' | |||||||||||||||||||||||||
The following is a summary of the stock option activity under the employee plan described above for the three months ended March 31, 2014: | ||||||||||||||||||||||||||
Outstanding | Weighted | |||||||||||||||||||||||||
Non- | Average | |||||||||||||||||||||||||
Qualified or | Exercise | |||||||||||||||||||||||||
Nonincentive | Price | |||||||||||||||||||||||||
Stock | ||||||||||||||||||||||||||
Awards | ||||||||||||||||||||||||||
Outstanding at December 31, 2013 | 379,604 | $ | 55.42 | |||||||||||||||||||||||
Granted | 73,191 | $ | 98.49 | |||||||||||||||||||||||
Exercised | (45,409 | ) | $ | 47.77 | ||||||||||||||||||||||
Forfeited | (12,576 | ) | $ | 68.89 | ||||||||||||||||||||||
Outstanding at March 31, 2014 | 394,810 | $ | 63.85 | |||||||||||||||||||||||
The following table summarizes information about the Company’s outstanding and exercisable stock options under the employee plan at March 31, 2014: | ||||||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||||||
Range of Exercise | Number | Weighted | Weighted | Aggregate | Number | Weighted | Aggregate | |||||||||||||||||||
Prices | Outstanding | Average | Average | Intrinsic | Exercisable | Average | Intrinsic | |||||||||||||||||||
Remaining | Exercise | Value | Exercise | Value | ||||||||||||||||||||||
Contractual | Price | Price | ||||||||||||||||||||||||
Life in | ||||||||||||||||||||||||||
Years | ||||||||||||||||||||||||||
$ | 31.35 - $36.35 | 68,012 | 2.9 | $ | 32.62 | 68,012 | $ | 32.62 | ||||||||||||||||||
$ | 46.74 | 73,496 | 3.8 | $ | 46.74 | 73,496 | $ | 46.74 | ||||||||||||||||||
$ | 65.28 - $70.65 | 178,144 | 5.3 | $ | 68.35 | 88,844 | $ | 67.55 | ||||||||||||||||||
$ | 86.96 - $96.85 | 37,730 | 6.8 | $ | 93.89 | ─ | $ | ─ | ||||||||||||||||||
$ | 101.46 - $104.37 | 37,428 | 6.9 | $ | 102.53 | ─ | $ | ─ | ||||||||||||||||||
$ | 31.35 - $104.37 | 394,810 | 4.9 | $ | 63.85 | $14,812,000 | 230,352 | $ | 50.6 | $11,668,000 | ||||||||||||||||
The following is a summary of the restricted stock award activity under the employee plan described above for the three months ended March 31, 2014: | ||||||||||||||||||||||||||
Unvested | Weighted | |||||||||||||||||||||||||
Restricted Stock | Average | |||||||||||||||||||||||||
Award Shares | Grant Date | |||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||
Per Share | ||||||||||||||||||||||||||
Nonvested balance at December 31, 2013 | 399,278 | $ | 54.92 | |||||||||||||||||||||||
Granted | 91,735 | $ | 96.47 | |||||||||||||||||||||||
Vested | (141,382 | ) | $ | 45.6 | ||||||||||||||||||||||
Forfeited | (25,810 | ) | $ | 61.54 | ||||||||||||||||||||||
Nonvested balance at March 31, 2014 | 323,821 | $ | 70.23 | |||||||||||||||||||||||
The Company has a director stock award plan for nonemployee directors of the Company which provides for the issuance of stock options and restricted stock. The director plan provides for the automatic grants of stock options and restricted stock to nonemployee directors on the date of first election as a director and after each annual meeting of stockholders. In addition, the director plan allows for the issuance of stock options or restricted stock in lieu of cash for all or part of the annual director fee at the option of the director. The exercise prices for all options granted under the plan are equal to the fair market value per share of the Company’s common stock on the date of grant. The terms of the options are ten years. The options granted to a director when first elected vest immediately. The options granted and restricted stock issued after each annual meeting of stockholders vest six months after the date of grant. Options granted and restricted stock issued in lieu of cash director fees vest in equal quarterly increments during the year to which they relate. At March 31, 2014, 610,041 shares were available for future grants under the director plan. The director stock award plan is intended as an incentive to attract and retain qualified independent directors. | ||||||||||||||||||||||||||
The following is a summary of the stock option activity under the director plan described above for the three months ended March 31, 2014: | ||||||||||||||||||||||||||
Outstanding | Weighted | |||||||||||||||||||||||||
Non- | Average | |||||||||||||||||||||||||
Qualified or | Exercise | |||||||||||||||||||||||||
Nonincentive | Price | |||||||||||||||||||||||||
Stock | ||||||||||||||||||||||||||
Awards | ||||||||||||||||||||||||||
Outstanding at December 31, 2013 | 320,322 | $ | 50.64 | |||||||||||||||||||||||
Exercised | (57,988 | ) | $ | 37.29 | ||||||||||||||||||||||
Outstanding at March 31, 2014 | 262,334 | $ | 53.6 | |||||||||||||||||||||||
The following table summarizes information about the Company’s outstanding and exercisable stock options under the director plan at March 31, 2014: | ||||||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||||||
Range of Exercise Prices | Number | Weighted | Weighted | Aggregate | Number | Weighted | Aggregate | |||||||||||||||||||
Outstanding | Average | Average | Intrinsic | Exercisable | Average | Intrinsic | ||||||||||||||||||||
Remaining | Exercise | Value | Exercise | Value | ||||||||||||||||||||||
Contractual | Price | Price | ||||||||||||||||||||||||
Life in | ||||||||||||||||||||||||||
Years | ||||||||||||||||||||||||||
$ | 20.28 — $29.60 | 30,000 | 3.5 | $ | 25.87 | 30,000 | $ | 25.87 | ||||||||||||||||||
$ | 35.17 — $36.82 | 32,048 | 2.6 | $ | 36.09 | 32,048 | $ | 36.09 | ||||||||||||||||||
$ | 41.24 — $56.45 | 97,022 | 6.1 | $ | 52.16 | 97,022 | $ | 52.16 | ||||||||||||||||||
$ | 61.89 — $62.48 | 54,306 | 8.2 | $ | 62.37 | 54,306 | $ | 62.37 | ||||||||||||||||||
$ | 75.17 | 48,958 | 9.1 | $ | 75.17 | 48,958 | $ | 75.17 | ||||||||||||||||||
$ | 20.28 — $75.17 | 262,334 | 6.4 | $ | 53.6 | $12,501,000 | 262,334 | $ | 53.6 | $12,501,000 | ||||||||||||||||
Summary of restricted stock award activity | ' | |||||||||||||||||||||||||
The following is a summary of the restricted stock award activity under the employee plan described above for the three months ended March 31, 2014: | ||||||||||||||||||||||||||
Unvested | Weighted | |||||||||||||||||||||||||
Restricted Stock | Average | |||||||||||||||||||||||||
Award Shares | Grant Date | |||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||
Per Share | ||||||||||||||||||||||||||
Nonvested balance at December 31, 2013 | 399,278 | $ | 54.92 | |||||||||||||||||||||||
Granted | 91,735 | $ | 96.47 | |||||||||||||||||||||||
Vested | (141,382 | ) | $ | 45.6 | ||||||||||||||||||||||
Forfeited | (25,810 | ) | $ | 61.54 | ||||||||||||||||||||||
Nonvested balance at March 31, 2014 | 323,821 | $ | 70.23 | |||||||||||||||||||||||
The following is a summary of the restricted stock award activity under the director plan described above for the three months ended March 31, 2014: | ||||||||||||||||||||||||||
Unvested | Weighted | |||||||||||||||||||||||||
Restricted Stock | Average | |||||||||||||||||||||||||
Award Shares | Grant Date | |||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||
Per Share | ||||||||||||||||||||||||||
Nonvested balance at December 31, 2013 | 384 | $ | 75.65 | |||||||||||||||||||||||
Vested | (384 | ) | $ | 75.65 | ||||||||||||||||||||||
Nonvested balance at March 31, 2014 | ─ | ─ | ||||||||||||||||||||||||
Summary of Stock option valuation assumptions | ' | |||||||||||||||||||||||||
The key input variables used in valuing the options during the three months ended March 31, 2014 and 2013 were as follows: | ||||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Dividend yield | None | None | ||||||||||||||||||||||||
Average risk-free interest rate | 1.8 | % | 1 | % | ||||||||||||||||||||||
Stock price volatility | 33 | % | 34 | % | ||||||||||||||||||||||
Estimated option term | Six years | Six years |
OTHER_COMPREHENSIVE_INCOME_Tab
OTHER COMPREHENSIVE INCOME (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Other Comprehensive Income [Abstract] | ' | ||||||||||||||||||||||||
Schedule of changes in other comprehensive income | ' | ||||||||||||||||||||||||
The Company’s changes in other comprehensive income for the three months ended March 31, 2014 and 2013 were as follows (in thousands): | |||||||||||||||||||||||||
Three months ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Gross | Income | Net | Gross | Income | Net | ||||||||||||||||||||
Amount | Tax | Amount | Amount | Tax | Amount | ||||||||||||||||||||
(Provision) | (Provision) | ||||||||||||||||||||||||
Benefit | Benefit | ||||||||||||||||||||||||
Pension and postretirement benefits (a): | |||||||||||||||||||||||||
Amortization of net actuarial loss | $ | 37 | $ | (13 | ) | $ | 24 | $ | 1,906 | $ | (729 | ) | $ | 1,177 | |||||||||||
Actuarial gains | — | — | — | — | — | — | |||||||||||||||||||
Foreign currency translation adjustments | (17 | ) | — | (17 | ) | 205 | — | 205 | |||||||||||||||||
Change in fair value of derivative instruments (b): | |||||||||||||||||||||||||
Unrealized gains | — | — | — | 2,889 | (1,012 | ) | 1,877 | ||||||||||||||||||
Reclassified to net earnings | 146 | (62 | ) | 84 | (1,389 | ) | 486 | (903 | ) | ||||||||||||||||
Total | $ | 166 | $ | (75 | ) | $ | 91 | $ | 3,611 | $ | (1,255 | ) | $ | 2,356 | |||||||||||
(a) | Actuarial losses are amortized into costs of sales and operating expenses or selling, general and administrative expenses as appropriate. (See Note 10 – Retirement Plans) | ||||||||||||||||||||||||
(b) | Reclassifications to net earnings of derivatives qualifying as effective hedges are recognized in interest expense or costs of sales and operating expenses as appropriate. (See Note 4 – Derivative Instruments) |
SEGMENT_DATA_Tables
SEGMENT DATA (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
SEGMENT DATA [Abstract] | ' | ||||||||
Schedule of segment reporting information, by segment | ' | ||||||||
The following table sets forth the revenues and profit or loss by reportable segment for the three months ended March 31, 2014 and 2013 and total assets as of March 31, 2014 and December 31, 2013 (in thousands): | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Revenues: | |||||||||
Marine transportation | $ | 435,771 | $ | 418,518 | |||||
Diesel engine services | 153,475 | 140,267 | |||||||
$ | 589,246 | $ | 558,785 | ||||||
Segment profit (loss): | |||||||||
Marine transportation | $ | 97,551 | $ | 89,253 | |||||
Diesel engine services | 12,772 | 14,022 | |||||||
Other | (9,323 | ) | (11,339 | ) | |||||
$ | 101,000 | $ | 91,936 | ||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Total assets: | |||||||||
Marine transportation | $ | 3,165,657 | $ | 3,046,692 | |||||
Diesel engine services | 572,709 | 576,472 | |||||||
Other | 67,338 | 59,353 | |||||||
$ | 3,805,704 | $ | 3,682,517 | ||||||
Schedule of other segment reporting information | ' | ||||||||
The following table presents the details of “Other” segment loss for the three months ended March 31, 2014 and 2013 (in thousands): | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
General corporate expenses | $ | (3,520 | ) | $ | (3,394 | ) | |||
Gain (loss) on disposition of assets | 51 | (32 | ) | ||||||
Interest expense | (5,618 | ) | (7,988 | ) | |||||
Other income (expense) | (236 | ) | 75 | ||||||
$ | (9,323 | ) | $ | (11,339 | ) | ||||
The following table presents the details of “Other” total assets as of March 31, 2014 and December 31, 2013 (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
General corporate assets | $ | 65,095 | $ | 57,197 | |||||
Investment in affiliates | 2,243 | 2,156 | |||||||
$ | 67,338 | $ | 59,353 |
TAXES_ON_INCOME_Tables
TAXES ON INCOME (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
TAXES ON INCOME [Abstract] | ' | ||||||||
Earnings before taxes | ' | ||||||||
Earnings before taxes on income and details of the provision for taxes on income for the three months ended March 31, 2014 and 2013 were as follows (in thousands): | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Earnings before taxes on income – United States | $ | 101,000 | $ | 91,936 | |||||
Provision for taxes on income: | |||||||||
Federal: | |||||||||
Current | $ | 25,496 | $ | 9,430 | |||||
Deferred | 8,784 | 21,497 | |||||||
State and local | 3,709 | 3,457 | |||||||
$ | 37,989 | $ | 34,384 |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
EARNINGS PER SHARE [Abstract] | ' | ||||||||
Components of basic and diluted earnings per share | ' | ||||||||
The following table presents the components of basic and diluted earnings per share for the three months ended March 31, 2014 and 2013 (in thousands, except per share amounts): | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Net earnings attributable to Kirby | $ | 62,246 | $ | 56,578 | |||||
Undistributed earnings allocated to restricted shares | (370 | ) | (401 | ) | |||||
Income available to Kirby common stockholders – basic | 61,876 | 56,177 | |||||||
Undistributed earnings allocated to restricted shares | 370 | 401 | |||||||
Undistributed earnings reallocated to restricted shares | (368 | ) | (399 | ) | |||||
Income available to Kirby common stockholders – diluted | $ | 61,878 | $ | 56,179 | |||||
Shares outstanding: | |||||||||
Weighted average common stock issued and outstanding | 56,903 | 56,669 | |||||||
Weighted average unvested restricted stock | (338 | ) | (401 | ) | |||||
Weighted average common stock outstanding – basic | 56,565 | 56,268 | |||||||
Dilutive effect of stock options | 216 | 187 | |||||||
Weighted average common stock outstanding – diluted | 56,781 | 56,455 | |||||||
Net earnings per share attributable to Kirby common stockholders: | |||||||||
Basic | $ | 1.09 | $ | 1 | |||||
Diluted | $ | 1.09 | $ | 1 | |||||
RETIREMENT_PLANS_Tables
RETIREMENT PLANS (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Pension Benefits [Member] | ' | ||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||
Components Of Net Periodic Benefit Cost | ' | ||||||||||||||||
The components of net periodic benefit cost for the Company’s defined benefit plans for the three months ended March 31, 2014 and 2013 were as follows (in thousands): | |||||||||||||||||
Pension Benefits | |||||||||||||||||
Pension Plan | SERP | ||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||
Service cost | $ | 2,767 | $ | 3,171 | $ | — | $ | — | |||||||||
Interest cost | 3,223 | 2,835 | 18 | 17 | |||||||||||||
Expected return on plan assets | (4,713 | ) | (4,027 | ) | — | — | |||||||||||
Amortization of actuarial loss | 196 | 2,056 | 4 | 5 | |||||||||||||
Net periodic benefit cost | $ | 1,473 | $ | 4,035 | $ | 22 | $ | 22 | |||||||||
Other Postretirement Benefits [Member] | ' | ||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||
Components Of Net Periodic Benefit Cost | ' | ||||||||||||||||
The components of net periodic benefit cost for the Company’s postretirement benefit plan for the three months ended March 31, 2014 and 2013 were as follows (in thousands): | |||||||||||||||||
Other Postretirement Benefits | |||||||||||||||||
Postretirement Welfare Plan | |||||||||||||||||
Three months ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||
Service cost | $ | — | $ | — | |||||||||||||
Interest cost | 28 | 28 | |||||||||||||||
Amortization of actuarial gain | (163 | ) | (155 | ) | |||||||||||||
Net periodic benefit cost | $ | (135 | ) | $ | (127 | ) |
INVENTORIES_Details
INVENTORIES (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Details of inventories [Abstract] | ' | ' |
Finished goods | $106,129 | $120,751 |
Work in process | 15,880 | 15,136 |
Inventory, Net, Total | $122,009 | $135,887 |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Nov. 01, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Apr. 15, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Allied Transportation Company [Member] | Allied Transportation Company [Member] | Allied Transportation Company [Member] | United Holdings LLC [Member] | United Holdings LLC [Member] | United Holdings LLC [Member] | United Holdings LLC [Member] | Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||
Recurring [Member] | Recurring [Member] | Recurring [Member] | ||||||||||||
Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 | $0 |
Liabilities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,000 | 0 | 59,000 | 0 |
Contingent liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,903,000 | 0 | 0 | 4,903,000 |
Liabilities fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,962,000 | 0 | 59,000 | 4,903,000 |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnout Provision | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | 50,000,000 | ' | ' | ' | ' |
Fair value contingent earn out liability | ' | ' | ' | 0 | ' | 9,756,000 | ' | 0 | ' | 16,300,000 | ' | ' | ' | ' |
Payment of contingent liability | 4,756,000 | 5,000,000 | ' | 5,000,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (decrease) in fair value of contingent liability | ' | ' | ' | 97,000 | 99,000 | ' | 0 | -4,300,000 | 0 | ' | ' | ' | ' | ' |
Estimated fair value of outstanding debt | 674,988,000 | ' | 710,377,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying amount of debt | $708,000,000 | ' | $749,150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
DERIVATIVE_INSTRUMENTS_Fair_Va
DERIVATIVE INSTRUMENTS (Fair Value of Derivative Instruments) (Details) (Designated as Hedging Instrument [Member], USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Interest Rate Swap [Member] | ' |
Derivative instruments - risk management [Abstract] | ' |
Termination date | 28-Feb-13 |
Notional amount | $200,000,000 |
Forward Contracts [Member] | ' |
Derivative instruments - risk management [Abstract] | ' |
Termination date | 31-Mar-14 |
Notional amount | $469,000 |
STOCK_AWARD_PLANS_Details
STOCK AWARD PLANS (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
STOCK AWARD PLANS [Abstract] | ' | ' |
Compensation cost | $2,153,000 | $2,134,000 |
Income tax benefit | 816,000 | 807,000 |
Share based Compensation Plans Combined Disclosure [Abstract] | ' | ' |
Intrinsic value of stock options exercised | 6,102,000 | 2,227,000 |
Tax benefit from stock options exercised | 2,313,000 | 842,000 |
Intrinsic value of restricted stock vesting | 13,916,000 | 9,200,000 |
Tax benefit from restricted stock vesting | 5,274,000 | 3,477,000 |
Unrecognized compensation cost related to unvested awards | 4,275,000 | ' |
Fair value of options vested | 2,076,000 | 1,707,000 |
Fair value of restricted stock vested | 13,916,000 | 9,200,000 |
Fair value of stock options granted (in dollars per share) | $34.20 | $23.66 |
Fair value of stock options granted | 2,503,000 | 2,592,000 |
Fair Value Assumptions [Abstract] | ' | ' |
Dividend yield (in hundredths) | 0.00% | 0.00% |
Average risk-free interest rate (in hundredths) | 1.80% | 1.00% |
Stock price volatility (in hundredths) | 33.00% | 34.00% |
Estimated option term | '6 years | '6 years |
Sixth Price Range [Member] | ' | ' |
Outstanding and Exercisable Stock options [Abstract] | ' | ' |
Range of Exercise Prices, lower limit (in dollars per share) | $75.17 | ' |
Employee Stock Award Plan [Member] | ' | ' |
Stock Award Plan Information [Abstract] | ' | ' |
Shares available for future grants (in shares) | 2,541,079 | ' |
Elected director first grant vesting period | 'The options granted to a director when first elected vest immediately | ' |
Outstanding Non-Qualified or Nonincentive Stock Awards [Roll Forward] | ' | ' |
Outstanding at Period Start, Outstanding Non-Qualified or Nonincentive Stock Awards (in shares) | 379,604 | ' |
Granted, Outstanding Non-Qualified or Nonincentive Stock Awards (in shares) | 73,191 | ' |
Exercised, Outstanding Non-Qualified or Nonincentive Stock Awards (in shares) | -45,409 | ' |
Forfeited, Outstanding Non-Qualified or Nonincentive Stock Awards (in shares) | -12,576 | ' |
Outstanding at Period End, Outstanding Non-Qualified or Nonincentive Stock Awards (in shares) | 394,810 | ' |
Weighted Average Exercise Price [Abstract] | ' | ' |
Outstanding at Period Start, Weighted Average Exercise Price (in dollars per share) | $55.42 | ' |
Granted, Weighted Average Exercise Price (in dollars per share) | $98.49 | ' |
Exercised, Weighted Average Exercise Price (in dollars per share) | $47.77 | ' |
Forfeited, Weighted Average Exercise Price (in dollars per share) | $68.89 | ' |
Outstanding at Period End, Weighted Average Exercise Price (in dollars per share) | $63.85 | ' |
Unvested Restricted Stock Award Shares [Roll Forward] | ' | ' |
Nonvested balance beginning of period, Unvested Restricted Stock Award Shares (in shares) | 399,278 | ' |
Granted, Unvested Restricted Stock Award Shares (in shares) | 91,735 | ' |
Vested, Unvested Restricted Stock Award Shares (in shares) | -141,382 | ' |
Forfeited, Unvested Restricted Stock Award Shares (in shares) | -25,810 | ' |
Nonvested balance end of period, Unvested Restricted Stock Award Shares (in shares) | 323,821 | ' |
Weighted Average Grant Date Fair Value Per Share [Abstract] | ' | ' |
Nonvested balance beginning of period, Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $54.92 | ' |
Granted, Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $96.47 | ' |
Vested, Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $45.60 | ' |
Forfeited, Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $61.54 | ' |
Nonvested balance end of period, Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $70.23 | ' |
Employee Stock Award Plan [Member] | First Price Range [Member] | ' | ' |
Outstanding and Exercisable Stock options [Abstract] | ' | ' |
Range of Exercise Prices, upper limit (in dollars per share) | $36.35 | ' |
Range of Exercise Prices, lower limit (in dollars per share) | $31.35 | ' |
Options Outstanding [Abstract] | ' | ' |
Number Outstanding (in shares) | 68,012 | ' |
Weighted Average Remaining Contractual Life (in years) | '2 years 10 months 24 days | ' |
Weighted Average Exercise Price, Options Outstanding (in dollars per share) | $32.62 | ' |
Options Exercisable [Abstract] | ' | ' |
Number Exercisable (in shares) | 68,012 | ' |
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | $32.62 | ' |
Employee Stock Award Plan [Member] | Second Price Range [Member] | ' | ' |
Outstanding and Exercisable Stock options [Abstract] | ' | ' |
Range of Exercise Prices, lower limit (in dollars per share) | $46.74 | ' |
Options Outstanding [Abstract] | ' | ' |
Number Outstanding (in shares) | 73,496 | ' |
Weighted Average Remaining Contractual Life (in years) | '3 years 9 months 18 days | ' |
Weighted Average Exercise Price, Options Outstanding (in dollars per share) | $46.74 | ' |
Options Exercisable [Abstract] | ' | ' |
Number Exercisable (in shares) | 73,496 | ' |
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | $46.74 | ' |
Employee Stock Award Plan [Member] | Third Price Range [Member] | ' | ' |
Outstanding and Exercisable Stock options [Abstract] | ' | ' |
Range of Exercise Prices, upper limit (in dollars per share) | $70.65 | ' |
Range of Exercise Prices, lower limit (in dollars per share) | $65.28 | ' |
Options Outstanding [Abstract] | ' | ' |
Number Outstanding (in shares) | 178,144 | ' |
Weighted Average Remaining Contractual Life (in years) | '5 years 3 months 18 days | ' |
Weighted Average Exercise Price, Options Outstanding (in dollars per share) | $68.35 | ' |
Options Exercisable [Abstract] | ' | ' |
Number Exercisable (in shares) | 88,844 | ' |
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | $67.55 | ' |
Employee Stock Award Plan [Member] | Fourth Price Range [Member] | ' | ' |
Outstanding and Exercisable Stock options [Abstract] | ' | ' |
Range of Exercise Prices, upper limit (in dollars per share) | $96.85 | ' |
Range of Exercise Prices, lower limit (in dollars per share) | $86.96 | ' |
Options Outstanding [Abstract] | ' | ' |
Number Outstanding (in shares) | 37,730 | ' |
Weighted Average Remaining Contractual Life (in years) | '6 years 9 months 18 days | ' |
Weighted Average Exercise Price, Options Outstanding (in dollars per share) | $93.89 | ' |
Options Exercisable [Abstract] | ' | ' |
Number Exercisable (in shares) | 0 | ' |
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | $0 | ' |
Employee Stock Award Plan [Member] | Fifth Price Range [Member] | ' | ' |
Outstanding and Exercisable Stock options [Abstract] | ' | ' |
Range of Exercise Prices, upper limit (in dollars per share) | $104.37 | ' |
Range of Exercise Prices, lower limit (in dollars per share) | $101.46 | ' |
Options Outstanding [Abstract] | ' | ' |
Number Outstanding (in shares) | 37,428 | ' |
Weighted Average Remaining Contractual Life (in years) | '6 years 10 months 24 days | ' |
Weighted Average Exercise Price, Options Outstanding (in dollars per share) | $102.53 | ' |
Options Exercisable [Abstract] | ' | ' |
Number Exercisable (in shares) | 0 | ' |
Employee Stock Award Plan [Member] | Full Exercise Price Range [Member] | ' | ' |
Outstanding and Exercisable Stock options [Abstract] | ' | ' |
Range of Exercise Prices, upper limit (in dollars per share) | $104.37 | ' |
Range of Exercise Prices, lower limit (in dollars per share) | $31.35 | ' |
Options Outstanding [Abstract] | ' | ' |
Number Outstanding (in shares) | 394,810 | ' |
Weighted Average Remaining Contractual Life (in years) | '4 years 10 months 24 days | ' |
Weighted Average Exercise Price, Options Outstanding (in dollars per share) | $63.85 | ' |
Aggregate Intrinsic Value, Options Outstanding | 14,812,000 | ' |
Options Exercisable [Abstract] | ' | ' |
Number Exercisable (in shares) | 230,352 | ' |
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | $50.60 | ' |
Aggregate Intrinsic Value, Options Exercisable | 11,668,000 | ' |
2000 Director Plan [Member] | ' | ' |
Stock Award Plan Information [Abstract] | ' | ' |
Term of grant | '10 years | ' |
Vesting period | '6 months | ' |
Shares available for future grants (in shares) | 610,041 | ' |
Outstanding Non-Qualified or Nonincentive Stock Awards [Roll Forward] | ' | ' |
Outstanding at Period Start, Outstanding Non-Qualified or Nonincentive Stock Awards (in shares) | 320,322 | ' |
Exercised, Outstanding Non-Qualified or Nonincentive Stock Awards (in shares) | -57,988 | ' |
Outstanding at Period End, Outstanding Non-Qualified or Nonincentive Stock Awards (in shares) | 262,334 | ' |
Weighted Average Exercise Price [Abstract] | ' | ' |
Outstanding at Period Start, Weighted Average Exercise Price (in dollars per share) | $50.64 | ' |
Exercised, Weighted Average Exercise Price (in dollars per share) | $37.29 | ' |
Outstanding at Period End, Weighted Average Exercise Price (in dollars per share) | $53.60 | ' |
Unvested Restricted Stock Award Shares [Roll Forward] | ' | ' |
Nonvested balance beginning of period, Unvested Restricted Stock Award Shares (in shares) | 384 | ' |
Vested, Unvested Restricted Stock Award Shares (in shares) | -384 | ' |
Nonvested balance end of period, Unvested Restricted Stock Award Shares (in shares) | 0 | ' |
Weighted Average Grant Date Fair Value Per Share [Abstract] | ' | ' |
Nonvested balance beginning of period, Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $75.65 | ' |
Vested, Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $75.65 | ' |
Nonvested balance end of period, Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $0 | ' |
2000 Director Plan [Member] | First Price Range [Member] | ' | ' |
Outstanding and Exercisable Stock options [Abstract] | ' | ' |
Range of Exercise Prices, upper limit (in dollars per share) | $29.60 | ' |
Range of Exercise Prices, lower limit (in dollars per share) | $20.28 | ' |
Options Outstanding [Abstract] | ' | ' |
Number Outstanding (in shares) | 30,000 | ' |
Weighted Average Remaining Contractual Life (in years) | '3 years 6 months | ' |
Weighted Average Exercise Price, Options Outstanding (in dollars per share) | $25.87 | ' |
Options Exercisable [Abstract] | ' | ' |
Number Exercisable (in shares) | 30,000 | ' |
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | $25.87 | ' |
2000 Director Plan [Member] | Second Price Range [Member] | ' | ' |
Outstanding and Exercisable Stock options [Abstract] | ' | ' |
Range of Exercise Prices, upper limit (in dollars per share) | $36.82 | ' |
Range of Exercise Prices, lower limit (in dollars per share) | $35.17 | ' |
Options Outstanding [Abstract] | ' | ' |
Number Outstanding (in shares) | 32,048 | ' |
Weighted Average Remaining Contractual Life (in years) | '2 years 7 months 6 days | ' |
Weighted Average Exercise Price, Options Outstanding (in dollars per share) | $36.09 | ' |
Options Exercisable [Abstract] | ' | ' |
Number Exercisable (in shares) | 32,048 | ' |
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | $36.09 | ' |
2000 Director Plan [Member] | Third Price Range [Member] | ' | ' |
Outstanding and Exercisable Stock options [Abstract] | ' | ' |
Range of Exercise Prices, upper limit (in dollars per share) | $56.45 | ' |
Range of Exercise Prices, lower limit (in dollars per share) | $41.24 | ' |
Options Outstanding [Abstract] | ' | ' |
Number Outstanding (in shares) | 97,022 | ' |
Weighted Average Remaining Contractual Life (in years) | '6 years 1 month 6 days | ' |
Weighted Average Exercise Price, Options Outstanding (in dollars per share) | $52.16 | ' |
Options Exercisable [Abstract] | ' | ' |
Number Exercisable (in shares) | 97,022 | ' |
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | $52.16 | ' |
2000 Director Plan [Member] | Fourth Price Range [Member] | ' | ' |
Outstanding and Exercisable Stock options [Abstract] | ' | ' |
Range of Exercise Prices, upper limit (in dollars per share) | $62.48 | ' |
Range of Exercise Prices, lower limit (in dollars per share) | $61.89 | ' |
Options Outstanding [Abstract] | ' | ' |
Number Outstanding (in shares) | 54,306 | ' |
Weighted Average Remaining Contractual Life (in years) | '8 years 2 months 12 days | ' |
Weighted Average Exercise Price, Options Outstanding (in dollars per share) | $62.37 | ' |
Options Exercisable [Abstract] | ' | ' |
Number Exercisable (in shares) | 54,306 | ' |
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | $62.37 | ' |
2000 Director Plan [Member] | Sixth Price Range [Member] | ' | ' |
Options Outstanding [Abstract] | ' | ' |
Number Outstanding (in shares) | 48,958 | ' |
Weighted Average Remaining Contractual Life (in years) | '9 years 1 month 6 days | ' |
Weighted Average Exercise Price, Options Outstanding (in dollars per share) | $75.17 | ' |
Options Exercisable [Abstract] | ' | ' |
Number Exercisable (in shares) | 48,958 | ' |
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | $75.17 | ' |
2000 Director Plan [Member] | Full Exercise Price Range [Member] | ' | ' |
Outstanding and Exercisable Stock options [Abstract] | ' | ' |
Range of Exercise Prices, upper limit (in dollars per share) | $75.17 | ' |
Range of Exercise Prices, lower limit (in dollars per share) | $20.28 | ' |
Options Outstanding [Abstract] | ' | ' |
Number Outstanding (in shares) | 262,334 | ' |
Weighted Average Remaining Contractual Life (in years) | '6 years 4 months 24 days | ' |
Weighted Average Exercise Price, Options Outstanding (in dollars per share) | $53.60 | ' |
Aggregate Intrinsic Value, Options Outstanding | 12,501,000 | ' |
Options Exercisable [Abstract] | ' | ' |
Number Exercisable (in shares) | 262,334 | ' |
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | $53.60 | ' |
Aggregate Intrinsic Value, Options Exercisable | 12,501,000 | ' |
Employee Stock Award Plan - Options Granted After to January 25, 2010 [Member] | ' | ' |
Stock Award Plan Information [Abstract] | ' | ' |
Term of grant | '7 years | ' |
Vesting period | '3 years | ' |
Employee Stock Award Plan - Options Granted Prior to January 25, 2010 [Member] | ' | ' |
Stock Award Plan Information [Abstract] | ' | ' |
Term of grant | '5 years | ' |
Vesting period | '3 years | ' |
Stock Options [Member] | ' | ' |
Share based Compensation Plans Combined Disclosure [Abstract] | ' | ' |
Weighted average period of recognition in years | '2 years | ' |
Restricted Stock [Member] | ' | ' |
Share based Compensation Plans Combined Disclosure [Abstract] | ' | ' |
Unrecognized compensation cost related to unvested awards | $21,478,000 | ' |
Weighted average period of recognition in years | '3 years 3 months 18 days | ' |
OTHER_COMPREHENSIVE_INCOME_Det
OTHER COMPREHENSIVE INCOME (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Pension and postretirement benefits [Abstract] | ' | ' | ||
Amortization of net actuarial loss, Gross Amount | $37 | [1] | $1,906 | [1] |
Amortization of net actuarial loss, Income Tax (Provision) Benefit | -13 | [1] | -729 | [1] |
Amortization of net actuarial loss, Net Amount | 24 | [1] | 1,177 | [1] |
Actuarial gains, Gross Amount | 0 | [1] | 0 | [1] |
Actuarial gains, Income Tax (Provision) Benefit | 0 | [1] | 0 | [1] |
Actuarial gains, Net Amount | 0 | [1] | 0 | [1] |
Foreign currency translation adjustments, Gross Amount | -17 | [1] | 205 | [1] |
Foreign currency translation adjustments, Income Tax (Provision) Benefit | 0 | [1] | 0 | [1] |
Foreign currency translation adjustments, Net Amount | -17 | [1] | 205 | [1] |
Change in fair value of derivative instruments [Abstract] | ' | ' | ||
Unrealized gains, Gross Amount | 0 | [2] | 2,889 | [2] |
Unrealized gains, Income Tax (Provision) Benefit | 0 | [2] | -1,012 | [2] |
Unrealized gains, Net Amount | 0 | [2] | 1,877 | [2] |
Reclassified to net earnings, Gross Amount | 146 | [2] | -1,389 | [2] |
Reclassified to net earnings, Income Tax (Provision) Benefit | -62 | [2] | 486 | [2] |
Reclassified to net earnings, Net Amount | 84 | [2] | -903 | [2] |
Total other comprehensive income (loss), Gross Amount | 166 | [2] | 3,611 | [2] |
Total other comprehensive income (loss), Income Tax (Provision) Benefit | -75 | [2] | -1,255 | [2] |
Total comprehensive income (loss), net of taxes | $91 | [2] | $2,356 | [2] |
[1] | Actuarial losses are amortized into costs of sales and operating expenses or selling, general and administrative expenses as appropriate. (See Note 10 b Retirement Plans) | |||
[2] | Reclassifications to net earnings of derivatives qualifying as effective hedges are recognized in interest expense or costs of sales and operating expenses as appropriate. (See Note 4 b Derivative Instruments) |
SEGMENT_DATA_Details
SEGMENT DATA (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Segment | |||
SEGMENT DATA [Abstract] | ' | ' | ' |
Number of Reportable Segments | 2 | ' | ' |
Revenues [Abstract] | ' | ' | ' |
Marine transportation | $435,771 | $418,518 | ' |
Diesel engine services | 153,475 | 140,267 | ' |
Total revenues | 589,246 | 558,785 | ' |
Segment profit (loss) | 101,000 | 91,936 | ' |
Total assets | 3,805,704 | ' | 3,682,517 |
Other segment disclosures [Abstract] | ' | ' | ' |
Gain (loss) on disposition of assets | 51 | -32 | ' |
Interest expense | -5,618 | -7,988 | ' |
Other income (expense) | -236 | 75 | ' |
Details of "Other" total assets [Abstract] | ' | ' | ' |
Total assets | 3,805,704 | ' | 3,682,517 |
Marine transportation [Member] | ' | ' | ' |
Revenues [Abstract] | ' | ' | ' |
Segment profit (loss) | 97,551 | 89,253 | ' |
Total assets | 3,165,657 | ' | 3,046,692 |
Details of "Other" total assets [Abstract] | ' | ' | ' |
Total assets | 3,165,657 | ' | 3,046,692 |
Diesel engine services [Member] | ' | ' | ' |
Revenues [Abstract] | ' | ' | ' |
Segment profit (loss) | 12,772 | 14,022 | ' |
Total assets | 572,709 | ' | 576,472 |
Details of "Other" total assets [Abstract] | ' | ' | ' |
Total assets | 572,709 | ' | 576,472 |
Other [Member] | ' | ' | ' |
Revenues [Abstract] | ' | ' | ' |
Segment profit (loss) | -9,323 | -11,339 | ' |
Total assets | 67,338 | ' | 59,353 |
Other segment disclosures [Abstract] | ' | ' | ' |
General corporate expenses | -3,520 | -3,394 | ' |
Gain (loss) on disposition of assets | 51 | -32 | ' |
Interest expense | -5,618 | -7,988 | ' |
Other income (expense) | -236 | 75 | ' |
Profit (loss) from other segment | -9,323 | -11,339 | ' |
Details of "Other" total assets [Abstract] | ' | ' | ' |
General corporate assets | 65,095 | ' | 57,197 |
Investment in affiliates | 2,243 | ' | 2,156 |
Total assets | $67,338 | ' | $59,353 |
TAXES_ON_INCOME_Details
TAXES ON INCOME (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
TAXES ON INCOME [Abstract] | ' | ' |
Earnings before taxes on income - United States | $101,000 | $91,936 |
Federal [Abstract] | ' | ' |
Current | 25,496 | 9,430 |
Deferred | 8,784 | 21,497 |
State and local | 3,709 | 3,457 |
Total Provision for taxes on income | $37,989 | $34,384 |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
EARNINGS PER SHARE [Abstract] | ' | ' |
Net earnings attributable to Kirby | $62,246 | $56,578 |
Undistributed earnings allocated to restricted shares | -370 | -401 |
Income available to Kirby common stockholders - basic | 61,876 | 56,177 |
Undistributed earnings allocated to restricted shares | 370 | 401 |
Undistributed earnings reallocated to restricted shares | -368 | -399 |
Income available to Kirby common stockholders - diluted | $61,878 | $56,179 |
Weighted average common stock issued and outstanding (in shares) | 56,903,000 | 56,669,000 |
Weighted average unvested restricted stock (in shares) | -338,000 | -401,000 |
Weighted average common stock outstanding - basic (in shares) | 56,565,000 | 56,268,000 |
Dilutive effect of stock options (in shares) | 216,000 | 187,000 |
Weighted average common stock outstanding - diluted (in shares) | 56,781,000 | 56,455,000 |
Net earnings per share attributable to Kirby common stockholders: | ' | ' |
Basic (in dollars per share) | $1.09 | $1 |
Diluted (in dollars per share) | $1.09 | $1 |
Antidilutive Securities Excluded from Computation of Earnings Per Share (in shares) | 75,000 | 209,000 |
RETIREMENT_PLANS_Details
RETIREMENT PLANS (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan defined benefit plan cost increase limit percentage (in hundredths) | 4.00% | ' |
Pension Plan [Member] | ' | ' |
Components of net periodic benefit cost: [Abstract] | ' | ' |
Service cost | $2,767 | $3,171 |
Interest cost | 3,223 | 2,835 |
Expected return on plan assets | -4,713 | -4,027 |
Amortization of actuarial gain | 196 | 2,056 |
Net periodic benefit cost | 1,473 | 4,035 |
SERP [Member] | ' | ' |
Components of net periodic benefit cost: [Abstract] | ' | ' |
Service cost | 0 | 0 |
Interest cost | 18 | 17 |
Expected return on plan assets | 0 | 0 |
Amortization of actuarial gain | 4 | 5 |
Net periodic benefit cost | 22 | 22 |
Other Postretirement Benefits [Member] | ' | ' |
Components of net periodic benefit cost: [Abstract] | ' | ' |
Service cost | 0 | 0 |
Interest cost | 28 | 28 |
Amortization of actuarial gain | -163 | -155 |
Net periodic benefit cost | ($135) | ($127) |
CONTINGENCIES_Details
CONTINGENCIES (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Guarantor Obligations [Line Items] | ' | ' |
Issued guaranties | $41,922,000 | ' |
Guarantor obligations, term | 'All of these instruments have an expiration date within four years | ' |
Accrued liability | 207,425,000 | 129,001,000 |
Insurance receivable | 99,425,000 | ' |
Insurance deductible | 1,000,000 | ' |
Insurance Claim [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Accrued liability | 100,425,000 | ' |
Performance Bonds [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Issued guaranties | 33,642,000 | ' |
Standby Letters Of Credit [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Issued guaranties | $8,280,000 | ' |