Kirby (KEX) 10-Q 5 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 04, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	KIRBY CORP
Entity Central Index Key	56,047
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		54,009,000
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015

CONDENSED BALANCE SHEETS (Unaud

CONDENSED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 2,515	$ 24,299
Accounts receivable:
Trade - less allowance for doubtful accounts	321,725	417,325
Other	90,035	115,598
Inventories - net	185,938	192,354
Prepaid expenses and other current assets	58,256	43,016
Deferred income taxes	12,511	10,562
Total current assets	670,980	803,154
Property and equipment	4,004,022	3,717,398
Less accumulated depreciation	(1,249,661)	(1,127,900)
Property and equipment - net	2,754,361	2,589,498
Goodwill	588,241	591,405
Other assets	152,357	157,852
Total assets	4,165,939	4,141,909
Current liabilities:
Current portion of long-term debt	0	116,700
Income taxes payable	1,669	3,470
Accounts payable	158,154	222,020
Accrued liabilities	191,097	201,033
Deferred revenues	39,422	50,804
Total current liabilities	390,342	594,027
Long-term debt - less current portion	810,448	600,000
Deferred income taxes	620,320	595,769
Other long-term liabilities	91,151	87,200
Total long-term liabilities	$ 1,521,919	$ 1,282,969
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	432,132	428,475
Accumulated other comprehensive income - net	(56,316)	(61,037)
Retained earnings	2,150,142	1,974,146
Treasury stock - at cost, 5,415,000 at September 30, 2015 and 2,906,000 at December 31, 2014	(289,165)	(93,526)
Total Kirby stockholders' equity	2,242,771	2,254,036
Noncontrolling interests	10,907	10,877
Total equity	2,253,678	2,264,913
Total liabilities and equity	$ 4,165,939	$ 4,141,909

CONDENSED BALANCE SHEETS (Unau3

CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Equity:
Common stock, par value per share (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	59,776,000	59,776,000
Treasury stock, shares (in shares)	5,415,000	2,906,000

CONDENSED STATEMENTS OF EARNING

CONDENSED STATEMENTS OF EARNINGS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Marine transportation	$ 418,343	$ 448,744	$ 1,263,301	$ 1,341,260
Diesel engine services	114,222	231,977	400,093	556,761
Total revenues	532,565	680,721	1,663,394	1,898,021
Costs and expenses:
Costs of sales and operating expenses	333,115	457,177	1,061,641	1,243,866
Selling, general and administrative	48,759	49,331	148,968	154,994
Taxes, other than on income	5,482	3,701	15,405	12,905
Depreciation and amortization	49,759	42,433	142,350	124,876
Loss (gain) on disposition of assets	400	(47)	(1,246)	(625)
Total costs and expenses	437,515	552,595	1,367,118	1,536,016
Operating income	95,050	128,126	296,276	362,005
Other income (expense)	22	27	(221)	(86)
Interest expense	(4,449)	(5,225)	(14,458)	(16,312)
Earnings before taxes on income	90,623	122,928	281,597	345,607
Provision for taxes on income	(33,512)	(45,715)	(104,699)	(129,472)
Net earnings	57,111	77,213	176,898	216,135
Less: Net earnings attributable to noncontrolling interests	(268)	(496)	(902)	(2,180)
Net earnings attributable to Kirby	$ 56,843	$ 76,717	$ 175,996	$ 213,955
Net earnings per share attributable to Kirby common stockholders:
Basic (in dollars per share)	$ 1.04	$ 1.34	$ 3.18	$ 3.75
Diluted (in dollars per share)	$ 1.04	$ 1.34	$ 3.17	$ 3.74

CONDENSED STATEMENTS OF COMPREH

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract]
Net earnings	$ 57,111	$ 77,213	$ 176,898	$ 216,135
Other comprehensive income (loss), net of taxes:
Pension and postretirement benefits	1,074	11	4,640	479
Foreign currency translation adjustments	49	(16)	81	(24)
Change in fair value of derivative instruments	0	0	0	84
Total other comprehensive income (loss), net of taxes	1,123	(5)	4,721	539
Total comprehensive income, net of taxes	58,234	77,208	181,619	216,674
Net earnings attributable to noncontrolling interests	(268)	(496)	(902)	(2,180)
Comprehensive income attributable to Kirby	$ 57,966	$ 76,712	$ 180,717	$ 214,494

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net earnings	$ 176,898	$ 216,135
Adjustments to reconcile net earnings to net cash provided by operations:
Depreciation and amortization	142,350	124,876
Provision for deferred income taxes	19,722	30,727
Amortization of unearned share-based compensation	8,378	8,824
Amortization of major maintenance costs	17,160	11,874
Other	844	(536)
Increase (decrease) in cash flows resulting from changes in operating assets and liabilities, net	12,117	(66,335)
Net cash provided by operating activities	377,469	325,565
Cash flows from investing activities:
Capital expenditures	(265,202)	(234,098)
Acquisitions of marine equipment	(41,250)	(6,500)
Proceeds from disposition of assets	13,102	8,139
Net cash used in investing activities	(293,350)	(232,459)
Cash flows from financing activities:
Borrowings on bank credit facilities, net	192,398	8,200
Payments on long-term debt	(100,000)	(108,000)
Proceeds from exercise of stock options	3,712	7,410
Purchase of treasury stock	(202,155)	0
Payment of contingent liability	0	(4,756)
Excess tax benefit from equity compensation plans	1,015	6,136
Other	(873)	(2,434)
Net cash used in financing activities	(105,903)	(93,444)
Decrease in cash and cash equivalents	(21,784)	(338)
Cash and cash equivalents, beginning of year	24,299	4,022
Cash and cash equivalents, end of period	2,515	3,684
Cash paid during the period:
Interest	19,476	18,375
Income taxes	$ 68,952	$ 84,983

BASIS FOR PREPARATION OF THE CO

BASIS FOR PREPARATION OF THE CONDENSED FINANCIAL STATEMENTS	9 Months Ended
	Sep. 30, 2015
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, 2014.

ACCOUNTING STANDARDS ADOPTIONS

ACCOUNTING STANDARDS ADOPTIONS	9 Months Ended
	Sep. 30, 2015
ACCOUNTING STANDARDS ADOPTIONS [Abstract]
ACCOUNTING STANDARDS ADOPTIONS	(2) ACCOUNTING STANDARDS ADOPTIONS In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory" (“ASU 2015-11”) which applies to inventory that is measured using first-in, first-out ("FIFO") or average cost. Under the guidance, an entity should measure inventory that is within the scope of this update at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Subsequent measurement is unchanged for inventory that is measured using last-in, last-out ("LIFO") or the retail inventory method. ASU 2015-11 is effective for annual and interim periods beginning after December 15, 2016, and should be applied prospectively with early adoption permitted at the beginning of an interim or annual reporting period. The Company is currently evaluating the impact of adopting this guidance. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). ASU 2015-03 requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. ASU 2015-03 requires retrospective application and is effective for the Company for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. The Company will adopt the standard in the first quarter of 2016 and does not expect the effect of ASU 2015-03 to have a material impact on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in United States Generally Accepted Accounting Principles when it becomes effective. In July 2015, the FASB voted to delay the effective date of ASU 2014-09 by one year, making it effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted as of the original effective date. ASU 2014-09 permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of ASU 2014-09 on its ongoing financial reporting.

INVENTORIES

INVENTORIES	9 Months Ended
	Sep. 30, 2015
INVENTORIES [Abstract]
INVENTORIES	(3) INVENTORIES The following table presents the details of inventories as of September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 December 31, 2014 Finished goods $ 157,463 $ 179,760 Work in process 28,475 12,594 $ 185,938 $ 192,354

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2015
FAIR VALUE MEASUREMENTS [Abstract]
FAIR VALUE MEASUREMENTS	(4) FAIR VALUE MEASUREMENTS The estimated fair value of total debt outstanding at September 30, 2015 and December 31, 2014 was $805,127,000 and $705,215,000, respectively, which differs from the carrying amounts of $810,448,000 and $716,700,000, respectively, included in the consolidated financial statements. The fair value was determined using an income approach that relies on inputs such as yield curves. Cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities have carrying values that approximate fair value due to the short-term maturity of these financial instruments. Certain assets are measured at fair value on a nonrecurring basis. These assets are adjusted to fair value when there is evidence of impairment. During the nine months ended September 30, 2015, there was no indication that the Company’s long-lived assets were impaired, and accordingly, measurement at fair value was not required.

STOCK AWARD PLANS

STOCK AWARD PLANS	9 Months Ended
	Sep. 30, 2015
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 and nine months ended September 30, 2015 and 2014 were as follows (in thousands): Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Compensation cost $ 3,127 $ 3,551 $ 8,378 $ 8,824 Income tax benefit $ 1,161 $ 1,329 $ 3,125 $ 3,327 The Company has an employee stock award plan for selected officers and other key employees which provides for the issuance of stock options, restricted stock and performance awards. The exercise price for each option equals the fair market value per share of the Company’s common stock on the date of grant. The options have seven year terms and vest ratably over three years. No performance awards payable in stock have been awarded under the plan. At September 30, 2015, 2,327,771 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 nine months ended September 30, 2015: Outstanding Non- Qualified or Nonincentive Stock Awards Weighted Average Exercise Price Outstanding at December 31, 2014 322,956 $ 69.95 Granted 114,894 $ 74.99 Exercised ─ $ ─ Forfeited (7,418 ) $ 86.28 Outstanding at September 30, 2015 430,432 $ 71.01 The following table summarizes information about the Company’s outstanding and exercisable stock options under the employee plan at September 30, 2015: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life in Years Weighted Average Exercise Price Aggregate Intrinsic Value Number Exercisable Weighted Average Exercise Price Aggregate Intrinsic Value $ 31.35 - $ 36.35 16,910 1.4 $ 32.82 16,910 $ 32.82 $ 46.74 56,629 2.3 $ 46.74 56,629 $ 46.74 $ 65.28 - $ 74.99 283,963 4.9 $ 70.98 141,669 $ 67.90 $ 93.64 - $ 96.85 35,763 5.3 $ 94.27 11,921 $ 94.27 $ 101.46 - $114.11 37,167 5.5 $ 103.22 12,389 $ 103.22 $ 31.35 -$114.11 430,432 4.5 $ 71.01 $ 1,354,000 239,518 $ 63.56 $ 1,354,000 The following is a summary of the restricted stock award activity under the employee plan described above for the nine months ended September 30, 2015: Unvested Restricted Stock Award Shares Weighted Average Grant Date Fair Value Per Share Nonvested balance at December 31, 2014 321,453 $ 71.04 Granted 122,740 $ 75.04 Vested (113,788 ) $ 60.74 Forfeited (17,041 ) $ 81.98 Nonvested balance at September 30, 2015 313,364 $ 75.75 The Company has a stock award plan for nonemployee directors of the Company which provides for the issuance of stock options and restricted stock. The director plan provides for automatic grants of restricted stock to nonemployee directors after each annual meeting of stockholders. In addition, the director plan allows for the issuance of stock options or restricted stock in lieu of cash for all or part of the annual director fee at the option of the director. The exercise prices for all options granted under the plan are equal to the fair market value per share of the Company’s common stock on the date of grant. The terms of the options are ten years. The restricted stock issued after each annual meeting of stockholders vests six months after the date of grant. Options granted and restricted stock issued in lieu of cash director fees vest in equal quarterly increments during the year to which they relate. At September 30, 2015, 541,038 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 nine months ended September 30, 2015: Outstanding Non- Qualified or Nonincentive Stock Options Weighted Average Exercise Price Outstanding at December 31, 2014 298,334 $ 60.01 Granted ─ $ ─ Exercised (77,905 ) $ 47.65 Outstanding at September 30, 2015 220,429 $ 64.37 The following table summarizes information about the Company’s outstanding and exercisable stock options under the director plan at September 30, 2015: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life in Years Weighted Average Exercise Price Aggregate Intrinsic Value Number Exercisable Weighted Average Exercise Price Aggregate Intrinsic Value $ 29.60 - $36.82 30,000 2.2 $ 33.60 30,000 $ 33.60 $ 41.24 - $56.45 71,276 4.6 $ 52.34 71,276 $ 52.34 $ 61.89 - $62.48 41,153 6.7 $ 62.34 41,153 $ 62.34 $ 75.17 - $99.52 78,000 7.5 $ 88.28 78,000 $ 88.28 $ 29.60 - $99.52 220,429 5.7 $ 64.37 $ 1,536,000 220,429 $ 64.37 $ 1,536,000 The following is a summary of the restricted stock award activity under the director plan described above for the nine months ended September 30, 2015: Unvested Restricted Stock Award Shares Weighted Average Grant Date Fair Value Per Share Nonvested balance at December 31, 2014 292 $ 99.52 Granted 18,843 $ 79.46 Vested (858 ) $ 86.29 Nonvested balance at September 30, 2015 18,277 $ 79.46 The total intrinsic value of all stock options exercised under all of the Company’s plans was $2,555,000 and $11,624,000 for the nine months ended September 30, 2015 and 2014, respectively. The actual tax benefit realized for tax deductions from stock option exercises was $953,000 and $4,382,000 for the nine months ended September 30, 2015 and 2014, respectively. The total intrinsic value of all the restricted stock vestings under all of the Company’s plans was $9,055,000 and $14,021,000 for the nine months ended September 30, 2015 and 2014, respectively. The actual tax benefit realized for tax deductions from restricted stock vestings was $3,378,000 and $5,286,000 for the nine months ended September 30, 2015 and 2014, respectively. As of September 30, 2015, there was $3,580,000 of unrecognized compensation cost related to nonvested stock options and $19,042,000 related to restricted stock. The stock options are expected to be recognized over a weighted average period of approximately 1.5 years and restricted stock over approximately 3.0 years. The total fair value of options vested was $2,194,000 and $2,103,000 during the nine months ended September 30, 2015 and 2014, respectively. The fair value of the restricted stock vested was $9,055,000 and $14,021,000 for the nine months ended September 30, 2015 and 2014, respectively. The weighted average per share fair value of stock options granted during the nine months ended September 30, 2015 and 2014 was $25.18 and $36.05, respectively. The fair value of the stock options granted during the nine months ended September 30, 2015 and 2014 was $2,893,000 and $4,226,000, 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 nine months ended September 30, 2015 and 2014 were as follows: Nine months ended September 30, 2015 2014 Dividend yield None None Average risk-free interest rate 1.3 % 2.0 % Stock price volatility 33 % 33 % Estimated option term Six years Six or seven years

OTHER COMPREHENSIVE INCOME

OTHER COMPREHENSIVE INCOME	9 Months Ended
	Sep. 30, 2015
OTHER COMPREHENSIVE INCOME [Abstract]
OTHER COMPREHENSIVE INCOME	(6) OTHER COMPREHENSIVE INCOME The Company’s changes in other comprehensive income for the three months and nine months ended September 30, 2015 and 2014 were as follows (in thousands): Three months ended September 30, 2015 2014 Gross Amount Income Tax (Provision) Benefit Net Amount Gross Amount Income Tax (Provision) Benefit Net Amount Pension and postretirement benefits (a): Amortization of net actuarial loss $ 1,740 $ (668 ) $ 1,072 $ 17 $ (6 ) $ 11 Actuarial gains 2 — 2 1 (1 ) — Foreign currency translation adjustments 49 — 49 (16 ) — (16 ) Change in fair value of derivative instruments (b): Reclassified to net earnings — — — — — — Total $ 1,791 $ (668 ) $ 1,123 $ 2 $ (7 ) $ (5 ) Nine months ended September 30, 2015 2014 Gross Amount Income Tax (Provision) Benefit Net Amount Gross Amount Income Tax (Provision) Benefit Net Amount Pension and postretirement benefits (a): Amortization of net actuarial loss $ 5,226 $ (2,000 ) $ 3,226 $ 52 $ (19 ) $ 33 Actuarial gains 2,295 (881 ) 1,414 722 (276 ) 446 Foreign currency translation adjustments 81 — 81 (24 ) — (24 ) Change in fair value of derivative instruments (b): Reclassified to net earnings — — — 146 (62 ) 84 Total $ 7,602 $ (2,881 ) $ 4,721 $ 896 $ (357 ) $ 539 (a) Actuarial gains (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 costs of sales and operating expenses.

SEGMENT DATA

SEGMENT DATA	9 Months Ended
	Sep. 30, 2015
SEGMENT DATA [Abstract]
SEGMENT DATA	(7) SEGMENT DATA The Company’s operations are classified into two reportable business segments as follows: Marine Transportation Diesel Engine Services 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 and nine months ended September 30, 2015 and 2014 were not significant. The following table sets forth the Company’s revenues and profit or loss by reportable segment for the three months and nine months ended September 30, 2015 and 2014 and total assets as of September 30, 2015 and December 31, 2014 (in thousands): Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Revenues: Marine transportation $ 418,343 $ 448,744 $ 1,263,301 $ 1,341,260 Diesel engine services 114,222 231,977 400,093 556,761 $ 532,565 $ 680,721 $ 1,663,394 $ 1,898,021 Segment profit (loss): Marine transportation $ 93,650 $ 112,141 $ 286,930 $ 325,660 Diesel engine services 5,611 20,027 19,385 47,136 Other (8,638 ) (9,240 ) (24,718 ) (27,189 ) $ 90,623 $ 122,928 $ 281,597 $ 345,607 September 30, 2015 December 31, 2014 Total assets: Marine transportation $ 3,443,971 $ 3,317,696 Diesel engine services 674,187 736,129 Other 47,781 88,084 $ 4,165,939 $ 4,141,909 On September 30, 2015, the Company signed an asset purchase agreement to sell substantially all of the net assets of UE Compression LLC (“UEC”), a subsidiary of the Company that is a manufacturer and packager of custom compression systems. The transaction closed in the 2015 fourth quarter. The sales price is subject to post-closing adjustments and is approximately equal to the book value of the net assets to be sold. The assets and liabilities to be sold have been classified as held for sale as of September 30, 2015 and are part of the diesel engine services segment. As of September 30, 2015, assets held for sale of $18,415,000 are classified as part of prepaid expenses and other current assets and liabilities held for sale of $6,158,000 are classified as part of accrued liabilities. The following table presents the details of “Other” segment loss for the three months and nine months ended September 30, 2015 and 2014 (in thousands): Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 General corporate expenses $ (3,811 ) $ (4,089 ) $ (11,285 ) $ (11,416 ) Gain (loss) on disposition of assets (400 ) 47 1,246 625 Interest expense (4,449 ) (5,225 ) (14,458 ) (16,312 ) Other income (expense) 22 27 (221 ) (86 ) $ (8,638 ) $ (9,240 ) $ (24,718 ) $ (27,189 ) The following table presents the details of “Other” total assets as of September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 December 31, 2014 General corporate assets $ 45,812 $ 85,545 Investment in affiliates 1,969 2,539 $ 47,781 $ 88,084

TAXES ON INCOME

TAXES ON INCOME	9 Months Ended
	Sep. 30, 2015
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 and nine months ended September 30, 2015 and 2014 were as follows (in thousands): Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Earnings before taxes on income – United States $ 90,623 $ 122,928 $ 281,597 $ 345,607 Provision for taxes on income: Federal: Current $ 24,671 $ 25,558 $ 75,937 $ 86,725 Deferred 6,221 16,314 20,622 30,727 State and local 2,620 3,843 8,140 12,020 $ 33,512 $ 45,715 $ 104,699 $ 129,472

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2015
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	(9) EARNINGS PER SHARE The following table presents the components of basic and diluted earnings per share of common stock for the three months and nine months ended September 30, 2015 and 2014 (in thousands, except per share amounts): Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Net earnings attributable to Kirby $ 56,843 $ 76,717 $ 175,996 $ 213,955 Undistributed earnings allocated to restricted shares (347 ) (449 ) (1,044 ) (1,255 ) Income available to Kirby common stockholders - basic 56,496 76,268 174,952 212,700 Undistributed earnings allocated to restricted shares 347 449 1,044 1,255 Undistributed earnings reallocated to restricted shares (347 ) (447 ) (1,042 ) (1,250 ) Income available to Kirby common stockholders - diluted $ 56,496 $ 76,270 $ 174,954 $ 212,705 Shares outstanding: Weighted average common stock issued and outstanding 54,721 57,059 55,414 56,992 Weighted average unvested restricted stock (335 ) (334 ) (329 ) (334 ) Weighted average common stock outstanding - basic 54,386 56,725 55,085 56,658 Dilutive effect of stock options 86 194 108 200 Weighted average common stock outstanding - diluted 54,472 56,919 55,193 56,858 Net earnings per share attributable to Kirby common stockholders: Basic $ 1.04 $ 1.34 $ 3.18 $ 3.75 Diluted $ 1.04 $ 1.34 $ 3.17 $ 3.74 Certain outstanding options to purchase approximately 227,000 and 46,000 shares of common stock were excluded in the computation of diluted earnings per share as of September 30, 2015 and 2014, respectively, as such stock options would have been antidilutive.

RETIREMENT PLANS

RETIREMENT PLANS	9 Months Ended
	Sep. 30, 2015
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 expects to make a contribution of up to $10,000,000 to its pension plan prior to December 31, 2015 to fund its 2015 pension plan obligations. As of September 30, 2015, no 2015 year contributions have been made. The Company sponsors an unfunded defined benefit health care plan that provides limited postretirement medical benefits to employees who meet minimum age and service requirements, and to eligible dependents. The plan limits cost increases in the Company’s contribution to 4% per year. The plan is contributory, with retiree contributions adjusted annually. The plan eliminated coverage for future retirees as of December 31, 2011. The Company also has an unfunded defined benefit supplemental executive retirement plan (“SERP”) that was assumed in an acquisition in 1999. That plan ceased to accrue additional benefits effective January 1, 2000. The components of net periodic benefit cost for the Company’s defined benefit plans for the three months and nine months ended September 30, 2015 and 2014 were as follows (in thousands): Pension Benefits Pension Plan SERP Three months ended September 30, Three months ended September 30, 2015 2014 2015 2014 Components of net periodic benefit cost: Service cost $ 3,673 $ 2,660 $ — $ — Interest cost 3,327 3,208 16 18 Expected return on plan assets (4,481 ) (4,712 ) — — Amortization of actuarial loss 1,932 175 7 4 Net periodic benefit cost $ 4,451 $ 1,331 $ 23 $ 22 Pension Benefits Pension Plan SERP Nine months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Components of net periodic benefit cost: Service cost $ 11,020 $ 7,983 $ — $ — Interest cost 9,983 9,629 48 55 Expected return on plan assets (13,449 ) (14,143 ) — — Amortization of actuarial loss 5,799 526 21 12 Net periodic benefit cost $ 13,353 $ 3,995 $ 69 $ 67 The components of net periodic benefit cost for the Company’s postretirement benefit plan for the three months and nine months ended September 30, 2015 and 2014 were as follows (in thousands): Other Postretirement Benefits Other Postretirement Benefits Postretirement Welfare Plan Postretirement Welfare Plan Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Components of net periodic benefit cost: Service cost $ — $ — $ — $ — Interest cost 9 27 27 82 Amortization of actuarial gain (199 ) (162 ) (594 ) (486 ) Net periodic benefit cost $ (190 ) $ (135 ) $ (567 ) $ (404 )

CONTINGENCIES

CONTINGENCIES	9 Months Ended
	Sep. 30, 2015
CONTINGENCIES [Abstract]
CONTINGENCIES	(11) CONTINGENCIES On March 22, 2014, two tank barges and a towboat (the M/V Miss Susan), owned by Kirby Inland Marine, LP, a wholly owned subsidiary of the Company, were involved in a collision with the M/S Summer Wind on the Houston Ship Channel near Texas City, Texas. The lead tank barge was damaged in the collision resulting in a discharge of intermediate fuel oil from one of its cargo tanks. The United States Coast Guard and the National Transportation Safety Board named the Company and the Captain of the M/V Miss Susan, as well as the owner and the pilot of the M/S Summer Wind, as parties of interest in their investigation as to the cause of the incident. Sea Galaxy Ltd is the owner of the M/S Summer Wind. The Company is participating in the natural resource damage assessment and restoration process with federal and state government natural resource trustees. The Company and the owner of the M/S Summer Wind have filed actions in the U.S. District Court for the Southern District of Texas seeking exoneration from or limitation of liability relating to the foregoing incident as provided for in the federal rules of procedure for maritime claims. The two actions have been consolidated for procedural purposes since they both arise out of the same occurrence. There is a separate process for making a claim under the Oil Pollution Act of 1990 (“OPA”). The Company is processing claims properly presented, documented and recoverable under OPA. The Company is named as a party in other lawsuits filed in connection with this incident which are currently stayed by orders entered into by the court in the limitation proceedings, some of which may also have been presented as claims in the limitation proceeding. The actions include allegation of business interruption, loss of profit, loss of use of natural resources and seek unspecified economic and compensatory damages. In addition, the Company has received claims from numerous parties claiming property damage and various economic damages. The Company has also been named as a defendant in a civil action by two crewmembers of the M/V Miss Susan, alleging damages under the general maritime law and the Jones Act. The litigation and claims process is ongoing. The Company believes it has adequate insurance coverage for pollution, marine and other potential liabilities arising from the incident. The Company believes it has accrued adequate reserves for the incident and does not expect the incident to have a material adverse effect on its business or financial condition. In June 2011, the Company as well as three other companies received correspondence from the United States Environmental Protection Agency (“EPA”) concerning ongoing cleanup and restoration activities under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) with respect to a Superfund site, the Gulfco Marine Maintenance Site (“Gulfco”), located in Freeport, Texas. In prior years, various subsidiaries of the Company utilized a successor to Gulfco to perform tank barge cleaning services, sand blasting and repair on certain Company vessels. Since 2005, four named Potentially Responsible Parties (“PRPs”) have participated in the investigation, cleanup and restoration of the site under an administrative order from EPA. Information provided by the PRPs indicates that approximately $9,943,000 was incurred in connection with the cleanup effort. The EPA has incurred oversight costs of approximately $2,258,000. The named PRPs filed suit against the Company and approximately 21 other defendants seeking contribution and indemnity under CERCLA for costs incurred in connection with its activities in cleaning up the Gulfco Site. The Company has filed responsive pleadings in this matter and believes it has accrued an adequate reserve based on the information provided by the plaintiffs to date. The EPA has issued notice letters under Section 107(a) of CERCLA to the Company and other nonparticipating PRPs to initiate settlement negotiations of EPA’s claim for its past costs for the Site. The Company and other nonparticipating PRPs continue to discuss resolution of this matter with EPA and the Gulfco Restoration Group. The Company is also involved in various legal and other proceedings which are incidental to the conduct of its business, none of which in the opinion of management will have a material effect on the Company’s business or financial condition. Management believes that it has recorded adequate reserves and believes that it has adequate insurance coverage or has meritorious defenses for these other claims and contingencies. The Company has issued guaranties or obtained standby letters of credit and performance bonds supporting performance by the Company and its subsidiaries of contractual or contingent legal obligations of the Company and its subsidiaries incurred in the ordinary course of business. The aggregate notional value of these instruments is $23,519,000 at September 30, 2015, including $6,643,000 in letters of credit and $16,876,000 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)	9 Months Ended
	Sep. 30, 2015
INVENTORIES [Abstract]
Schedule of details of inventories	The following table presents the details of inventories as of September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 December 31, 2014 Finished goods $ 157,463 $ 179,760 Work in process 28,475 12,594 $ 185,938 $ 192,354

STOCK AWARD PLANS (Tables)

STOCK AWARD PLANS (Tables)	9 Months Ended
	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost breakdown in statement of earnings	The Company has share-based compensation plans which are described below. The compensation cost that has been charged against earnings for the Company’s stock award plans and the income tax benefit recognized in the statement of earnings for stock awards for the three months and nine months ended September 30, 2015 and 2014 were as follows (in thousands): Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Compensation cost $ 3,127 $ 3,551 $ 8,378 $ 8,824 Income tax benefit $ 1,161 $ 1,329 $ 3,125 $ 3,327
Summary of Stock option valuation assumptions	The fair value of each stock option was determined using the Black-Scholes option pricing model. The key input variables used in valuing the options during the nine months ended September 30, 2015 and 2014 were as follows: Nine months ended September 30, 2015 2014 Dividend yield None None Average risk-free interest rate 1.3 % 2.0 % Stock price volatility 33 % 33 % Estimated option term Six years Six or seven years
Employee Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of stock option activity	The following is a summary of the stock option activity under the employee plan described above for the nine months ended September 30, 2015: Outstanding Non- Qualified or Nonincentive Stock Awards Weighted Average Exercise Price Outstanding at December 31, 2014 322,956 $ 69.95 Granted 114,894 $ 74.99 Exercised ─ $ ─ Forfeited (7,418 ) $ 86.28 Outstanding at September 30, 2015 430,432 $ 71.01
Summary of outstanding and exercisable stock options	The following table summarizes information about the Company’s outstanding and exercisable stock options under the employee plan at September 30, 2015: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life in Years Weighted Average Exercise Price Aggregate Intrinsic Value Number Exercisable Weighted Average Exercise Price Aggregate Intrinsic Value $ 31.35 - $ 36.35 16,910 1.4 $ 32.82 16,910 $ 32.82 $ 46.74 56,629 2.3 $ 46.74 56,629 $ 46.74 $ 65.28 - $ 74.99 283,963 4.9 $ 70.98 141,669 $ 67.90 $ 93.64 - $ 96.85 35,763 5.3 $ 94.27 11,921 $ 94.27 $ 101.46 - $114.11 37,167 5.5 $ 103.22 12,389 $ 103.22 $ 31.35 -$114.11 430,432 4.5 $ 71.01 $ 1,354,000 239,518 $ 63.56 $ 1,354,000
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 nine months ended September 30, 2015: Unvested Restricted Stock Award Shares Weighted Average Grant Date Fair Value Per Share Nonvested balance at December 31, 2014 321,453 $ 71.04 Granted 122,740 $ 75.04 Vested (113,788 ) $ 60.74 Forfeited (17,041 ) $ 81.98 Nonvested balance at September 30, 2015 313,364 $ 75.75
Director Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of stock option activity	The following is a summary of the stock option activity under the director plan described above for the nine months ended September 30, 2015: Outstanding Non- Qualified or Nonincentive Stock Options Weighted Average Exercise Price Outstanding at December 31, 2014 298,334 $ 60.01 Granted ─ $ ─ Exercised (77,905 ) $ 47.65 Outstanding at September 30, 2015 220,429 $ 64.37
Summary of outstanding and exercisable stock options	The following table summarizes information about the Company’s outstanding and exercisable stock options under the director plan at September 30, 2015: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life in Years Weighted Average Exercise Price Aggregate Intrinsic Value Number Exercisable Weighted Average Exercise Price Aggregate Intrinsic Value $ 29.60 - $36.82 30,000 2.2 $ 33.60 30,000 $ 33.60 $ 41.24 - $56.45 71,276 4.6 $ 52.34 71,276 $ 52.34 $ 61.89 - $62.48 41,153 6.7 $ 62.34 41,153 $ 62.34 $ 75.17 - $99.52 78,000 7.5 $ 88.28 78,000 $ 88.28 $ 29.60 - $99.52 220,429 5.7 $ 64.37 $ 1,536,000 220,429 $ 64.37 $ 1,536,000
Summary of restricted stock award activity	The following is a summary of the restricted stock award activity under the director plan described above for the nine months ended September 30, 2015: Unvested Restricted Stock Award Shares Weighted Average Grant Date Fair Value Per Share Nonvested balance at December 31, 2014 292 $ 99.52 Granted 18,843 $ 79.46 Vested (858 ) $ 86.29 Nonvested balance at September 30, 2015 18,277 $ 79.46

OTHER COMPREHENSIVE INCOME (Tab

OTHER COMPREHENSIVE INCOME (Tables)	9 Months Ended
	Sep. 30, 2015
OTHER COMPREHENSIVE INCOME [Abstract]
Schedule of changes in other comprehensive income	The Company’s changes in other comprehensive income for the three months and nine months ended September 30, 2015 and 2014 were as follows (in thousands): Three months ended September 30, 2015 2014 Gross Amount Income Tax (Provision) Benefit Net Amount Gross Amount Income Tax (Provision) Benefit Net Amount Pension and postretirement benefits (a): Amortization of net actuarial loss $ 1,740 $ (668 ) $ 1,072 $ 17 $ (6 ) $ 11 Actuarial gains 2 — 2 1 (1 ) — Foreign currency translation adjustments 49 — 49 (16 ) — (16 ) Change in fair value of derivative instruments (b): Reclassified to net earnings — — — — — — Total $ 1,791 $ (668 ) $ 1,123 $ 2 $ (7 ) $ (5 ) Nine months ended September 30, 2015 2014 Gross Amount Income Tax (Provision) Benefit Net Amount Gross Amount Income Tax (Provision) Benefit Net Amount Pension and postretirement benefits (a): Amortization of net actuarial loss $ 5,226 $ (2,000 ) $ 3,226 $ 52 $ (19 ) $ 33 Actuarial gains 2,295 (881 ) 1,414 722 (276 ) 446 Foreign currency translation adjustments 81 — 81 (24 ) — (24 ) Change in fair value of derivative instruments (b): Reclassified to net earnings — — — 146 (62 ) 84 Total $ 7,602 $ (2,881 ) $ 4,721 $ 896 $ (357 ) $ 539 (a) Actuarial gains (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 costs of sales and operating expenses.

SEGMENT DATA (Tables)

SEGMENT DATA (Tables)	9 Months Ended
	Sep. 30, 2015
SEGMENT DATA [Abstract]
Schedule of segment reporting information, by segment	The following table sets forth the Company’s revenues and profit or loss by reportable segment for the three months and nine months ended September 30, 2015 and 2014 and total assets as of September 30, 2015 and December 31, 2014 (in thousands): Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Revenues: Marine transportation $ 418,343 $ 448,744 $ 1,263,301 $ 1,341,260 Diesel engine services 114,222 231,977 400,093 556,761 $ 532,565 $ 680,721 $ 1,663,394 $ 1,898,021 Segment profit (loss): Marine transportation $ 93,650 $ 112,141 $ 286,930 $ 325,660 Diesel engine services 5,611 20,027 19,385 47,136 Other (8,638 ) (9,240 ) (24,718 ) (27,189 ) $ 90,623 $ 122,928 $ 281,597 $ 345,607 September 30, 2015 December 31, 2014 Total assets: Marine transportation $ 3,443,971 $ 3,317,696 Diesel engine services 674,187 736,129 Other 47,781 88,084 $ 4,165,939 $ 4,141,909
Schedule of other segment reporting information	The following table presents the details of “Other” segment loss for the three months and nine months ended September 30, 2015 and 2014 (in thousands): Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 General corporate expenses $ (3,811 ) $ (4,089 ) $ (11,285 ) $ (11,416 ) Gain (loss) on disposition of assets (400 ) 47 1,246 625 Interest expense (4,449 ) (5,225 ) (14,458 ) (16,312 ) Other income (expense) 22 27 (221 ) (86 ) $ (8,638 ) $ (9,240 ) $ (24,718 ) $ (27,189 ) The following table presents the details of “Other” total assets as of September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 December 31, 2014 General corporate assets $ 45,812 $ 85,545 Investment in affiliates 1,969 2,539 $ 47,781 $ 88,084

TAXES ON INCOME (Tables)

TAXES ON INCOME (Tables)	9 Months Ended
	Sep. 30, 2015
TAXES ON INCOME [Abstract]
Earnings before taxes	Earnings before taxes on income and details of the provision for taxes on income for the three months and nine months ended September 30, 2015 and 2014 were as follows (in thousands): Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Earnings before taxes on income – United States $ 90,623 $ 122,928 $ 281,597 $ 345,607 Provision for taxes on income: Federal: Current $ 24,671 $ 25,558 $ 75,937 $ 86,725 Deferred 6,221 16,314 20,622 30,727 State and local 2,620 3,843 8,140 12,020 $ 33,512 $ 45,715 $ 104,699 $ 129,472

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2015
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 of common stock for the three months and nine months ended September 30, 2015 and 2014 (in thousands, except per share amounts): Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Net earnings attributable to Kirby $ 56,843 $ 76,717 $ 175,996 $ 213,955 Undistributed earnings allocated to restricted shares (347 ) (449 ) (1,044 ) (1,255 ) Income available to Kirby common stockholders - basic 56,496 76,268 174,952 212,700 Undistributed earnings allocated to restricted shares 347 449 1,044 1,255 Undistributed earnings reallocated to restricted shares (347 ) (447 ) (1,042 ) (1,250 ) Income available to Kirby common stockholders - diluted $ 56,496 $ 76,270 $ 174,954 $ 212,705 Shares outstanding: Weighted average common stock issued and outstanding 54,721 57,059 55,414 56,992 Weighted average unvested restricted stock (335 ) (334 ) (329 ) (334 ) Weighted average common stock outstanding - basic 54,386 56,725 55,085 56,658 Dilutive effect of stock options 86 194 108 200 Weighted average common stock outstanding - diluted 54,472 56,919 55,193 56,858 Net earnings per share attributable to Kirby common stockholders: Basic $ 1.04 $ 1.34 $ 3.18 $ 3.75 Diluted $ 1.04 $ 1.34 $ 3.17 $ 3.74

RETIREMENT PLANS (Tables)

RETIREMENT PLANS (Tables)	9 Months Ended
	Sep. 30, 2015
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Components of Net Periodic Benefit Cost	The components of net periodic benefit cost for the Company’s defined benefit plans for the three months and nine months ended September 30, 2015 and 2014 were as follows (in thousands): Pension Benefits Pension Plan SERP Three months ended September 30, Three months ended September 30, 2015 2014 2015 2014 Components of net periodic benefit cost: Service cost $ 3,673 $ 2,660 $ — $ — Interest cost 3,327 3,208 16 18 Expected return on plan assets (4,481 ) (4,712 ) — — Amortization of actuarial loss 1,932 175 7 4 Net periodic benefit cost $ 4,451 $ 1,331 $ 23 $ 22 Pension Benefits Pension Plan SERP Nine months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Components of net periodic benefit cost: Service cost $ 11,020 $ 7,983 $ — $ — Interest cost 9,983 9,629 48 55 Expected return on plan assets (13,449 ) (14,143 ) — — Amortization of actuarial loss 5,799 526 21 12 Net periodic benefit cost $ 13,353 $ 3,995 $ 69 $ 67
Other Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Components of Net Periodic Benefit Cost	The components of net periodic benefit cost for the Company’s postretirement benefit plan for the three months and nine months ended September 30, 2015 and 2014 were as follows (in thousands): Other Postretirement Benefits Other Postretirement Benefits Postretirement Welfare Plan Postretirement Welfare Plan Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 Components of net periodic benefit cost: Service cost $ — $ — $ — $ — Interest cost 9 27 27 82 Amortization of actuarial gain (199 ) (162 ) (594 ) (486 ) Net periodic benefit cost $ (190 ) $ (135 ) $ (567 ) $ (404 )

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Details of inventories [Abstract]
Finished goods	$ 157,463	$ 179,760
Work in process	28,475	12,594
Inventory, Net, Total	$ 185,938	$ 192,354

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Estimated fair value of outstanding debt	$ 805,127,000	$ 705,215,000
Carrying amount of debt	$ 810,448,000	$ 716,700,000

STOCK AWARD PLANS (Details)

STOCK AWARD PLANS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
STOCK AWARD PLANS [Abstract]
Compensation cost	$ 3,127,000	$ 3,551,000	$ 8,378,000	$ 8,824,000
Income tax benefit	$ 1,161,000	$ 1,329,000	3,125,000	3,327,000
Share based Compensation Plans Combined Disclosure [Abstract]
Intrinsic value of stock options exercised			2,555,000	11,624,000
Tax benefit from stock options exercised			953,000	4,382,000
Intrinsic value of restricted stock vesting			9,055,000	14,021,000
Tax benefit from restricted stock vesting			3,378,000	5,286,000
Fair value of options vested			2,194,000	2,103,000
Fair value of restricted stock vested			$ 9,055,000	$ 14,021,000
Fair value of stock options granted (in dollars per share)			$ 25.18	$ 36.05
Fair value of stock options granted			$ 2,893,000	$ 4,226,000
Fair Value Assumptions [Abstract]
Dividend yield			0.00%	0.00%
Average risk-free interest rate			1.30%	2.00%
Stock price volatility			33.00%	33.00%
Estimated option term			6 years
Minimum [Member]
Fair Value Assumptions [Abstract]
Estimated option term				6 years
Maximum [Member]
Fair Value Assumptions [Abstract]
Estimated option term				7 years
Employee Stock Award Plan [Member]
Stock Award Plan Information [Abstract]
Term of grant			7 years
Vesting period			3 years
Shares available for future grants (in shares)	2,327,771		2,327,771
Outstanding Non-Qualified or Nonincentive Stock Awards [Roll Forward]
Outstanding at Period Start, Outstanding Non-Qualified or Nonincentive Stock Awards (in shares)			322,956
Granted, Outstanding Non-Qualified or Nonincentive Stock Awards (in shares)			114,894
Exercised, Outstanding Non-Qualified or Nonincentive Stock Awards (in shares)			0
Forfeited, Outstanding Non-Qualified or Nonincentive Stock Awards (in shares)			(7,418)
Outstanding at Period End, Outstanding Non-Qualified or Nonincentive Stock Awards (in shares)	430,432		430,432
Weighted Average Exercise Price [Abstract]
Outstanding at Period Start, Weighted Average Exercise Price (in dollars per share)			$ 69.95
Granted, Weighted Average Exercise Price (in dollars per share)			74.99
Exercised, Weighted Average Exercise Price (in dollars per share)			0
Forfeited, Weighted Average Exercise Price (in dollars per share)			86.28
Outstanding at Period End, Weighted Average Exercise Price (in dollars per share)	$ 71.01		$ 71.01
Unvested Restricted Stock Award Shares [Roll Forward]
Nonvested balance beginning of period, Unvested Restricted Stock Award Shares (in shares)			321,453
Granted, Unvested Restricted Stock Award Shares (in shares)			122,740
Vested, Unvested Restricted Stock Award Shares (in shares)			(113,788)
Forfeited, Unvested Restricted Stock Award Shares (in shares)			(17,041)
Nonvested balance end of period, Unvested Restricted Stock Award Shares (in shares)	313,364		313,364
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)			$ 71.04
Granted, Weighted Average Grant Date Fair Value Per Share (in dollars per share)			75.04
Vested, Weighted Average Grant Date Fair Value Per Share (in dollars per share)			60.74
Forfeited, Weighted Average Grant Date Fair Value Per Share (in dollars per share)			81.98
Nonvested balance end of period, Weighted Average Grant Date Fair Value Per Share (in dollars per share)	$ 75.75		75.75
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)	16,910		16,910
Weighted Average Remaining Contractual Life			1 year 4 months 24 days
Weighted Average Exercise Price, Options Outstanding (in dollars per share)	$ 32.82		$ 32.82
Options Exercisable [Abstract]
Number Exercisable (in shares)	16,910		16,910
Weighted Average Exercise Price, Options Exercisable (in dollars per share)	$ 32.82		$ 32.82
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)	56,629		56,629
Weighted Average Remaining Contractual Life			2 years 3 months 18 days
Weighted Average Exercise Price, Options Outstanding (in dollars per share)	$ 46.74		$ 46.74
Options Exercisable [Abstract]
Number Exercisable (in shares)	56,629		56,629
Weighted Average Exercise Price, Options Exercisable (in dollars per share)	$ 46.74		$ 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)			74.99
Range of Exercise Prices, lower limit (in dollars per share)			$ 65.28
Options Outstanding [Abstract]
Number Outstanding (in shares)	283,963		283,963
Weighted Average Remaining Contractual Life			4 years 10 months 24 days
Weighted Average Exercise Price, Options Outstanding (in dollars per share)	$ 70.98		$ 70.98
Options Exercisable [Abstract]
Number Exercisable (in shares)	141,669		141,669
Weighted Average Exercise Price, Options Exercisable (in dollars per share)	$ 67.90		$ 67.90
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)			$ 93.64
Options Outstanding [Abstract]
Number Outstanding (in shares)	35,763		35,763
Weighted Average Remaining Contractual Life			5 years 3 months 18 days
Weighted Average Exercise Price, Options Outstanding (in dollars per share)	$ 94.27		$ 94.27
Options Exercisable [Abstract]
Number Exercisable (in shares)	11,921		11,921
Weighted Average Exercise Price, Options Exercisable (in dollars per share)	$ 94.27		$ 94.27
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)			114.11
Range of Exercise Prices, lower limit (in dollars per share)			$ 101.46
Options Outstanding [Abstract]
Number Outstanding (in shares)	37,167		37,167
Weighted Average Remaining Contractual Life			5 years 6 months
Weighted Average Exercise Price, Options Outstanding (in dollars per share)	$ 103.22		$ 103.22
Options Exercisable [Abstract]
Number Exercisable (in shares)	12,389		12,389
Weighted Average Exercise Price, Options Exercisable (in dollars per share)	$ 103.22		$ 103.22
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)			114.11
Range of Exercise Prices, lower limit (in dollars per share)			$ 31.35
Options Outstanding [Abstract]
Number Outstanding (in shares)	430,432		430,432
Weighted Average Remaining Contractual Life			4 years 6 months
Weighted Average Exercise Price, Options Outstanding (in dollars per share)	$ 71.01		$ 71.01
Aggregate Intrinsic Value, Options Outstanding	$ 1,354,000		$ 1,354,000
Options Exercisable [Abstract]
Number Exercisable (in shares)	239,518		239,518
Weighted Average Exercise Price, Options Exercisable (in dollars per share)	$ 63.56		$ 63.56
Aggregate Intrinsic Value, Options Exercisable	$ 1,354,000		$ 1,354,000
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)	541,038		541,038
Outstanding Non-Qualified or Nonincentive Stock Awards [Roll Forward]
Outstanding at Period Start, Outstanding Non-Qualified or Nonincentive Stock Awards (in shares)			298,334
Granted, Outstanding Non-Qualified or Nonincentive Stock Awards (in shares)			0
Exercised, Outstanding Non-Qualified or Nonincentive Stock Awards (in shares)			(77,905)
Outstanding at Period End, Outstanding Non-Qualified or Nonincentive Stock Awards (in shares)	220,429		220,429
Weighted Average Exercise Price [Abstract]
Outstanding at Period Start, Weighted Average Exercise Price (in dollars per share)			$ 60.01
Granted, Weighted Average Exercise Price (in dollars per share)			0
Exercised, Weighted Average Exercise Price (in dollars per share)			47.65
Outstanding at Period End, Weighted Average Exercise Price (in dollars per share)	$ 64.37		$ 64.37
Unvested Restricted Stock Award Shares [Roll Forward]
Nonvested balance beginning of period, Unvested Restricted Stock Award Shares (in shares)			292
Granted, Unvested Restricted Stock Award Shares (in shares)			18,843
Vested, Unvested Restricted Stock Award Shares (in shares)			(858)
Nonvested balance end of period, Unvested Restricted Stock Award Shares (in shares)	18,277		18,277
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)			$ 99.52
Granted, Weighted Average Grant Date Fair Value Per Share (in dollars per share)			79.46
Vested, Weighted Average Grant Date Fair Value Per Share (in dollars per share)			86.29
Nonvested balance end of period, Weighted Average Grant Date Fair Value Per Share (in dollars per share)	$ 79.46		79.46
2000 Director Plan [Member] | First 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)			$ 29.60
Options Outstanding [Abstract]
Number Outstanding (in shares)	30,000		30,000
Weighted Average Remaining Contractual Life			2 years 2 months 12 days
Weighted Average Exercise Price, Options Outstanding (in dollars per share)	$ 33.60		$ 33.60
Options Exercisable [Abstract]
Number Exercisable (in shares)	30,000		30,000
Weighted Average Exercise Price, Options Exercisable (in dollars per share)	$ 33.60		$ 33.60
2000 Director Plan [Member] | Second 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)	71,276		71,276
Weighted Average Remaining Contractual Life			4 years 7 months 6 days
Weighted Average Exercise Price, Options Outstanding (in dollars per share)	$ 52.34		$ 52.34
Options Exercisable [Abstract]
Number Exercisable (in shares)	71,276		71,276
Weighted Average Exercise Price, Options Exercisable (in dollars per share)	$ 52.34		$ 52.34
2000 Director Plan [Member] | Third 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)	41,153		41,153
Weighted Average Remaining Contractual Life			6 years 8 months 12 days
Weighted Average Exercise Price, Options Outstanding (in dollars per share)	$ 62.34		$ 62.34
Options Exercisable [Abstract]
Number Exercisable (in shares)	41,153		41,153
Weighted Average Exercise Price, Options Exercisable (in dollars per share)	$ 62.34		$ 62.34
2000 Director Plan [Member] | Fourth Price Range [Member]
Outstanding and Exercisable Stock options [Abstract]
Range of Exercise Prices, upper limit (in dollars per share)			99.52
Range of Exercise Prices, lower limit (in dollars per share)			$ 75.17
Options Outstanding [Abstract]
Number Outstanding (in shares)	78,000		78,000
Weighted Average Remaining Contractual Life			7 years 6 months
Weighted Average Exercise Price, Options Outstanding (in dollars per share)	$ 88.28		$ 88.28
Options Exercisable [Abstract]
Number Exercisable (in shares)	78,000		78,000
Weighted Average Exercise Price, Options Exercisable (in dollars per share)	$ 88.28		$ 88.28
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)			99.52
Range of Exercise Prices, lower limit (in dollars per share)			$ 29.60
Options Outstanding [Abstract]
Number Outstanding (in shares)	220,429		220,429
Weighted Average Remaining Contractual Life			5 years 8 months 12 days
Weighted Average Exercise Price, Options Outstanding (in dollars per share)	$ 64.37		$ 64.37
Aggregate Intrinsic Value, Options Outstanding	$ 1,536,000		$ 1,536,000
Options Exercisable [Abstract]
Number Exercisable (in shares)	220,429		220,429
Weighted Average Exercise Price, Options Exercisable (in dollars per share)	$ 64.37		$ 64.37
Aggregate Intrinsic Value, Options Exercisable	$ 1,536,000		$ 1,536,000
Stock Options [Member]
Share based Compensation Plans Combined Disclosure [Abstract]
Unrecognized compensation cost related to unvested awards	3,580,000		$ 3,580,000
Weighted average period of recognition in years			1 year 6 months
Restricted Stock [Member]
Share based Compensation Plans Combined Disclosure [Abstract]
Unrecognized compensation cost related to unvested awards	$ 19,042,000		$ 19,042,000
Weighted average period of recognition in years			3 years

OTHER COMPREHENSIVE INCOME (Det

OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Pension and postretirement benefits [Abstract]
Amortization of net actuarial loss, Gross Amount	[1]	$ 1,740	$ 17	$ 5,226	$ 52
Amortization of net actuarial loss, Income Tax (Provision) Benefit	[1]	(668)	(6)	(2,000)	(19)
Amortization of net actuarial loss, Net Amount	[1]	1,072	11	3,226	33
Actuarial gains, Gross Amount	[1]	2	1	2,295	722
Actuarial gains, Income Tax (Provision) Benefit	[1]	0	(1)	(881)	(276)
Actuarial gains, Net Amount	[1]	2	0	1,414	446
Foreign currency translation adjustments, Gross Amount		49	(16)	81	(24)
Foreign currency translation adjustments, Income Tax (Provision) Benefit		0	0	0	0
Foreign currency translation adjustments, Net Amount		49	(16)	81	(24)
Change in fair value of derivative instruments [Abstract]
Reclassified to net earnings, Gross Amount	[2]	0	0	0	146
Reclassified to net earnings, Income Tax (Provision) Benefit	[2]	0	0	0	(62)
Reclassified to net earnings, Net Amount	[2]	0	0	0	84
Total other comprehensive income (loss), Gross Amount		1,791	2	7,602	896
Total other comprehensive income (loss), Income Tax (Provision) Benefit		(668)	(7)	(2,881)	(357)
Total other comprehensive income (loss), net of taxes		$ 1,123	$ (5)	$ 4,721	$ 539
[1]	Actuarial gains (losses) are amortized into costs of sales and operating expenses or selling, general and administrative expenses as appropriate. (See Note 10 - Retirement Plans)
[2]	Reclassifications to net earnings of derivatives qualifying as effective hedges are recognized in costs of sales and operating expenses.

SEGMENT DATA (Details)

SEGMENT DATA (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)Segment	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
SEGMENT DATA [Abstract]
Number of reportable segments | Segment			2
Revenues [Abstract]
Marine transportation	$ 418,343,000	$ 448,744,000	$ 1,263,301,000	$ 1,341,260,000
Diesel engine services	114,222,000	231,977,000	400,093,000	556,761,000
Total revenues	532,565,000	680,721,000	1,663,394,000	1,898,021,000
Segment profit (loss)	90,623,000	122,928,000	281,597,000	345,607,000
Total assets	4,165,939,000		4,165,939,000		$ 4,141,909,000
Other segment disclosures [Abstract]
Gain (loss) on disposition of assets	(400,000)	47,000	1,246,000	625,000
Interest expense	(4,449,000)	(5,225,000)	(14,458,000)	(16,312,000)
Other income (expense)	22,000	27,000	(221,000)	(86,000)
Prepaid Expenses and Other Current Assets [Member]
Asset Purchase Agreement [Abstract]
Assets held for sale, current	18,415,000		18,415,000
Accrued Liabilities [Member]
Asset Purchase Agreement [Abstract]
Liabilities held for sale, current	6,158,000		6,158,000
Other [Member]
Revenues [Abstract]
Segment profit (loss)	(8,638,000)	(9,240,000)	(24,718,000)	(27,189,000)
Total assets	47,781,000		47,781,000		88,084,000
Other segment disclosures [Abstract]
General corporate expenses	(3,811,000)	(4,089,000)	(11,285,000)	(11,416,000)
Gain (loss) on disposition of assets	(400,000)	47,000	1,246,000	625,000
Interest expense	(4,449,000)	(5,225,000)	(14,458,000)	(16,312,000)
Other income (expense)	22,000	27,000	(221,000)	(86,000)
Profit (loss) from other segment	(8,638,000)	(9,240,000)	(24,718,000)	(27,189,000)
Details of "Other" total assets [Abstract]
General corporate assets	45,812,000		45,812,000		85,545,000
Investment in affiliates	1,969,000		1,969,000		2,539,000
Total other assets	47,781,000		47,781,000		88,084,000
Reporting Segments [Member] | Marine transportation [Member]
Revenues [Abstract]
Marine transportation	418,343,000	448,744,000	1,263,301,000	1,341,260,000
Segment profit (loss)	93,650,000	112,141,000	286,930,000	325,660,000
Total assets	3,443,971,000		3,443,971,000		3,317,696,000
Reporting Segments [Member] | Diesel engine services [Member]
Revenues [Abstract]
Diesel engine services	114,222,000	231,977,000	400,093,000	556,761,000
Segment profit (loss)	5,611,000	$ 20,027,000	19,385,000	$ 47,136,000
Total assets	$ 674,187,000		$ 674,187,000		$ 736,129,000

TAXES ON INCOME (Details)

TAXES ON INCOME (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
TAXES ON INCOME [Abstract]
Earnings before taxes on income - United States	$ 90,623	$ 122,928	$ 281,597	$ 345,607
Federal [Abstract]
Current	24,671	25,558	75,937	86,725
Deferred	6,221	16,314	20,622	30,727
State and local	2,620	3,843	8,140	12,020
Total Provision for taxes on income	$ 33,512	$ 45,715	$ 104,699	$ 129,472

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
EARNINGS PER SHARE [Abstract]
Net earnings attributable to Kirby	$ 56,843	$ 76,717	$ 175,996	$ 213,955
Undistributed earnings allocated to restricted shares	(347)	(449)	(1,044)	(1,255)
Income available to Kirby common stockholders - basic	56,496	76,268	174,952	212,700
Undistributed earnings allocated to restricted shares	347	449	1,044	1,255
Undistributed earnings reallocated to restricted shares	(347)	(447)	(1,042)	(1,250)
Income available to Kirby common stockholders - diluted	$ 56,496	$ 76,270	$ 174,954	$ 212,705
Shares Outstanding: [Abstract]
Weighted average common stock issued and outstanding (in shares)	54,721,000	57,059,000	55,414,000	56,992,000
Weighted average unvested restricted stock (in shares)	(335,000)	(334,000)	(329,000)	(334,000)
Weighted average common stock outstanding - basic (in shares)	54,386,000	56,725,000	55,085,000	56,658,000
Dilutive effect of stock options (in shares)	86,000	194,000	108,000	200,000
Weighted average common stock outstanding - diluted (in shares)	54,472,000	56,919,000	55,193,000	56,858,000
Net earnings per share attributable to Kirby common stockholders:
Basic (in dollars per share)	$ 1.04	$ 1.34	$ 3.18	$ 3.75
Diluted (in dollars per share)	$ 1.04	$ 1.34	$ 3.17	$ 3.74
Antidilutive Securities Excluded from Computation of Earnings Per Share (in shares)			227,000	46,000

RETIREMENT PLANS (Details)

RETIREMENT PLANS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Pension Plan [Member]
Components of net periodic benefit cost: [Abstract]
Service cost	$ 3,673,000	$ 2,660,000	$ 11,020,000	$ 7,983,000
Interest cost	3,327,000	3,208,000	9,983,000	9,629,000
Expected return on plan assets	(4,481,000)	(4,712,000)	(13,449,000)	(14,143,000)
Amortization of actuarial loss	1,932,000	175,000	5,799,000	526,000
Net periodic benefit cost	4,451,000	1,331,000	13,353,000	3,995,000
Pension Plan [Member] | Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan of asset contributions to pension plan obligations	10,000,000		10,000,000
SERP [Member]
Components of net periodic benefit cost: [Abstract]
Service cost	0	0	0	0
Interest cost	16,000	18,000	48,000	55,000
Expected return on plan assets	0	0	0	0
Amortization of actuarial loss	7,000	4,000	21,000	12,000
Net periodic benefit cost	23,000	22,000	$ 69,000	67,000
Other Postretirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension plan defined benefit plan cost increase limit percentage			4.00%
Components of net periodic benefit cost: [Abstract]
Service cost	0	0	$ 0	0
Interest cost	9,000	27,000	27,000	82,000
Amortization of actuarial loss	(199,000)	(162,000)	(594,000)	(486,000)
Net periodic benefit cost	$ (190,000)	$ (135,000)	$ (567,000)	$ (404,000)

CONTINGENCIES (Details)

CONTINGENCIES (Details)	9 Months Ended
	Sep. 30, 2015USD ($)TankBargeLawsuitPlaintiffDefendantPotentiallyResponsibleParty
Guarantor Obligations [Line Items]
Issued guaranties	$ 23,519,000
Maximum [Member]
Guarantor Obligations [Line Items]
Guarantor obligations, expiration period	4 years
Performance Bonds [Member]
Guarantor Obligations [Line Items]
Issued guaranties	$ 16,876,000
Standby Letters Of Credit [Member]
Guarantor Obligations [Line Items]
Issued guaranties	$ 6,643,000
Gulfco Marine Superfund Site [Member]
Guarantor Obligations [Line Items]
Number of other companies also named as Potentially Responsible Parties ("PRPs") | PotentiallyResponsibleParty	3
Number of companies named as Potentially Responsible Parties ("PRPs") | PotentiallyResponsibleParty	4
EPA incurred cleanup expense	$ 9,943,000
EPA oversight costs	$ 2,258,000
Number of defendants seeking contribution and indemnity under CERCLA | Defendant	21
Collision with M/S Summer Wind [Member]
Loss Contingencies [Line Items]
Number of vessels damaged in collision resulting in fuel oil discharge | TankBarge	1
Number of actions filed against the Company | Lawsuit	2
Number of crewmembers alleging damages | Plaintiff	2