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 |