Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 22, 2017 | Jun. 30, 2016 | |
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 Public Float | $ 3,278,025,000 | ||
Entity Common Stock, Shares Outstanding | 53,957,000 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 5,634 | $ 5,885 |
Accounts receivable: | ||
Trade - less allowance for doubtful accounts of $7,240 ($9,374 in 2015) | 297,177 | 290,931 |
Other | 95,327 | 102,443 |
Inventories - at lower of average cost or market | 185,402 | 184,511 |
Prepaid expenses and other current assets | 49,411 | 45,283 |
Deferred income taxes | 13,604 | 11,723 |
Total current assets | 646,555 | 640,776 |
Property and equipment: | ||
Marine transportation equipment | 4,071,972 | 3,806,850 |
Land, buildings and equipment | 256,925 | 252,913 |
Property and equipment | 4,328,897 | 4,059,763 |
Accumulated depreciation | 1,407,523 | 1,280,783 |
Property and equipment - net | 2,921,374 | 2,778,980 |
Investment in affiliates | 2,622 | 2,090 |
Goodwill | 598,131 | 586,718 |
Other assets | 134,817 | 143,717 |
Total assets | 4,303,499 | 4,152,281 |
Current liabilities: | ||
Current portion of long-term debt | 0 | 0 |
Income taxes payable | 3,288 | 3,564 |
Accounts payable | 134,571 | 132,799 |
Accrued liabilities: | ||
Interest | 5,397 | 5,412 |
Insurance premiums and claims | 123,371 | 111,705 |
Employee compensation | 26,916 | 37,243 |
Taxes - other than on income | 15,481 | 13,525 |
Other | 13,313 | 16,369 |
Deferred revenues | 36,001 | 41,300 |
Total current liabilities | 358,338 | 361,917 |
Long-term debt - less current portion | 722,802 | 774,849 |
Deferred income taxes | 719,057 | 669,808 |
Other long-term liabilities | 90,435 | 66,511 |
Total long-term liabilities | 1,532,294 | 1,511,168 |
Contingencies and commitments | ||
Kirby stockholders' equity: | ||
Common stock, $.10 par value per share. Authorized 120,000,000 shares, issued 59,776,000 in 2016 and 2015 | 5,978 | 5,978 |
Additional paid-in capital | 432,459 | 434,783 |
Accumulated other comprehensive income - net | (51,007) | (44,686) |
Retained earnings | 2,342,236 | 2,200,830 |
Treasury stock - at cost, 5,921,000 shares in 2016 and 6,056,000 in 2015 | (320,348) | (328,094) |
Total Kirby stockholders' equity | 2,409,318 | 2,268,811 |
Noncontrolling interests | 3,549 | 10,385 |
Total equity | 2,412,867 | 2,279,196 |
Total liabilities and equity | $ 4,303,499 | $ 4,152,281 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Trade, allowance for doubtful accounts | $ 7,240 | $ 9,374 |
Kirby stockholders' equity: | ||
Common stock, par value per share (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 120,000,000 | 120,000,000 |
Common stock, shares issued (in shares) | 59,776,000 | 59,776,000 |
Treasury stock, shares (in shares) | 5,921,000 | 6,056,000 |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | |||
Marine transportation | $ 1,471,893 | $ 1,663,090 | $ 1,770,684 |
Diesel engine services | 298,780 | 484,442 | 795,634 |
Total revenues | 1,770,673 | 2,147,532 | 2,566,318 |
Costs and expenses: | |||
Costs of sales and operating expenses | 1,126,952 | 1,362,366 | 1,694,882 |
Selling, general and administrative | 174,752 | 193,237 | 210,416 |
Taxes, other than on income | 22,730 | 20,699 | 16,677 |
Depreciation and amortization | 200,917 | 192,240 | 169,312 |
Loss (gain) on disposition of assets | 127 | (1,672) | (781) |
Total costs and expenses | 1,525,478 | 1,766,870 | 2,090,506 |
Operating income | 245,195 | 380,662 | 475,812 |
Equity in earnings of affiliates | 532 | 451 | 384 |
Other expense | (291) | (663) | (345) |
Interest expense | (17,690) | (18,738) | (21,461) |
Earnings before taxes on income | 227,746 | 361,712 | 454,390 |
Provision for taxes on income | (84,942) | (133,742) | (169,782) |
Net earnings | 142,804 | 227,970 | 284,608 |
Less: Net earnings attributable to noncontrolling interests | (1,398) | (1,286) | (2,602) |
Net earnings attributable to Kirby | $ 141,406 | $ 226,684 | $ 282,006 |
Net earnings per share attributable to Kirby common stockholders: | |||
Basic (in dollars per share) | $ 2.63 | $ 4.12 | $ 4.95 |
Diluted (in dollars per share) | $ 2.62 | $ 4.11 | $ 4.93 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | |||
Net earnings | $ 142,804 | $ 227,970 | $ 284,608 |
Other comprehensive income (loss), net of taxes: | |||
Pension and postretirement benefits | (6,321) | 16,322 | (44,294) |
Foreign currency translation adjustments | 0 | 29 | (35) |
Change in fair value of derivative instruments | 0 | 0 | 85 |
Total other comprehensive income (loss), net of taxes | (6,321) | 16,351 | (44,244) |
Total comprehensive income, net of taxes | 136,483 | 244,321 | 240,364 |
Net earnings attributable to noncontrolling interests | (1,398) | (1,286) | (2,602) |
Comprehensive income attributable to Kirby | $ 135,085 | $ 243,035 | $ 237,762 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net earnings | $ 142,804 | $ 227,970 | $ 284,608 |
Adjustments to reconcile net earnings to net cash provided by operations: | |||
Depreciation and amortization | 200,917 | 192,240 | 169,312 |
Provision (credit) for doubtful accounts | (467) | 1,426 | 3,577 |
Provision for deferred income taxes | 51,296 | 62,755 | 77,976 |
Loss (gain) on disposition of assets | 127 | (1,672) | (781) |
Equity in earnings of affiliates, net of distributions and contributions | (532) | 449 | (384) |
Amortization of unearned share-based compensation | 11,675 | 11,104 | 11,591 |
Amortization of major maintenance costs | 19,869 | 22,126 | 16,409 |
Amortization of debt issuance costs | 801 | 1,377 | 2,362 |
Increase (decrease) in cash flows resulting from changes in: | |||
Accounts receivable | (12,750) | 129,908 | (176,544) |
Inventory | 3,182 | (7,320) | (56,468) |
Other assets | (30,853) | (15,551) | (14,145) |
Income taxes payable | 15,413 | 477 | (4,544) |
Accounts payable | (1,739) | (81,808) | 44,645 |
Accrued and other liabilities | 14,295 | (22,176) | 81,295 |
Net cash provided by operating activities | 414,038 | 521,305 | 438,909 |
Cash flows from investing activities: | |||
Capital expenditures | (231,066) | (345,475) | (355,144) |
Acquisitions of businesses and marine equipment | (137,072) | (41,250) | (31,800) |
Proceeds from disposition of assets | 18,617 | 24,429 | 10,393 |
Net cash used in investing activities | (349,521) | (362,296) | (376,551) |
Cash flows from financing activities: | |||
Borrowings (payments) on bank credit facilities, net | (52,848) | 160,784 | 75,550 |
Payments on long-term debt | 0 | (100,000) | (108,000) |
Return of investment to noncontrolling interests | (1,976) | (1,778) | (3,192) |
Proceeds from exercise of stock options | 321 | 3,712 | 7,519 |
Purchase of treasury stock | (1,827) | (241,105) | (15,321) |
Payment of contingent liability | 0 | 0 | (4,756) |
Acquisition of noncontrolling interest | (8,438) | 0 | 0 |
Excess tax benefit from equity compensation plans | 0 | 964 | 6,119 |
Net cash used in financing activities | (64,768) | (177,423) | (42,081) |
Increase (decrease) in cash and cash equivalents | (251) | (18,414) | 20,277 |
Cash and cash equivalents, beginning of year | 5,885 | 24,299 | 4,022 |
Cash and cash equivalents, end of year | 5,634 | 5,885 | 24,299 |
Supplemental disclosures of cash flow information: | |||
Interest paid | 19,878 | 20,586 | 19,622 |
Income taxes paid | 18,162 | 69,584 | 90,460 |
Capital expenditures included in accounts payable | (2,037) | 2,206 | 0 |
Fair value of property transferred in acquisition | $ 3,681 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Noncontrolling Interests [Member] | Total |
Balance at beginning of year at Dec. 31, 2013 | $ 5,978 | $ 410,615 | $ (16,793) | $ 1,692,140 | $ (81,254) | $ 11,467 | |
Excess (deficit) of proceeds received upon exercise of stock options and issuance of restricted stock over cost of treasury stock issued | 8,345 | ||||||
Tax benefit (expense) realized from equity compensation plans | 6,119 | $ 6,119 | |||||
Issuance of restricted stock, net of forfeitures | (8,195) | ||||||
Amortization of unearned compensation | 11,591 | ||||||
Acquisitions of noncontrolling interests | 0 | 0 | |||||
Net earnings attributable to Kirby for the year | 282,006 | 282,006 | |||||
Purchase of treasury stock (35,000 in 2016 and 3,316,000 in 2015) | (15,321) | ||||||
Cost of treasury stock issued upon exercise of stock options and issuance of restricted stock (170,000 in 2016, 166,000 in 2015 and 211,000 in 2014) | 3,049 | ||||||
Net earnings attributable to noncontrolling interests | 2,602 | 2,602 | |||||
Return of investment to noncontrolling interests | (3,192) | 3,192 | |||||
Other comprehensive income (loss), net of taxes | (44,244) | (44,244) | |||||
Balance at end of year at Dec. 31, 2014 | 5,978 | 428,475 | (61,037) | 1,974,146 | (93,526) | 10,877 | |
Excess (deficit) of proceeds received upon exercise of stock options and issuance of restricted stock over cost of treasury stock issued | 3,530 | ||||||
Tax benefit (expense) realized from equity compensation plans | 964 | 964 | |||||
Issuance of restricted stock, net of forfeitures | (9,290) | ||||||
Amortization of unearned compensation | 11,104 | ||||||
Acquisitions of noncontrolling interests | 0 | 0 | |||||
Net earnings attributable to Kirby for the year | 226,684 | 226,684 | |||||
Purchase of treasury stock (35,000 in 2016 and 3,316,000 in 2015) | (241,105) | ||||||
Cost of treasury stock issued upon exercise of stock options and issuance of restricted stock (170,000 in 2016, 166,000 in 2015 and 211,000 in 2014) | 6,537 | ||||||
Net earnings attributable to noncontrolling interests | 1,286 | 1,286 | |||||
Return of investment to noncontrolling interests | (1,778) | 1,778 | |||||
Other comprehensive income (loss), net of taxes | 16,351 | 16,351 | |||||
Balance at end of year at Dec. 31, 2015 | 5,978 | 434,783 | (44,686) | 2,200,830 | (328,094) | 10,385 | 2,279,196 |
Excess (deficit) of proceeds received upon exercise of stock options and issuance of restricted stock over cost of treasury stock issued | (755) | ||||||
Tax benefit (expense) realized from equity compensation plans | (824) | (824) | |||||
Issuance of restricted stock, net of forfeitures | (10,218) | ||||||
Amortization of unearned compensation | 11,675 | ||||||
Acquisitions of noncontrolling interests | (2,202) | (6,258) | |||||
Net earnings attributable to Kirby for the year | 141,406 | 141,406 | |||||
Purchase of treasury stock (35,000 in 2016 and 3,316,000 in 2015) | (1,827) | ||||||
Cost of treasury stock issued upon exercise of stock options and issuance of restricted stock (170,000 in 2016, 166,000 in 2015 and 211,000 in 2014) | 9,573 | ||||||
Net earnings attributable to noncontrolling interests | 1,398 | 1,398 | |||||
Return of investment to noncontrolling interests | (1,976) | 1,976 | |||||
Other comprehensive income (loss), net of taxes | (6,321) | (6,321) | |||||
Balance at end of year at Dec. 31, 2016 | $ 5,978 | $ 432,459 | $ (51,007) | $ 2,342,236 | $ (320,348) | $ 3,549 | $ 2,412,867 |
CONSOLIDATED STATEMENTS OF STO8
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - Treasury Stock [Member] - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Purchase of treasury stock (in shares) | 35,000 | 3,316,000 | |
Treasury stock issued upon exercise of stock options and issuance of restricted stock (in shares) | 170,000 | 166,000 | 211,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | (1) Summary of Significant Accounting Policies Principles of Consolidation. Accounting Policies Cash Equivalents. Accounts Receivable. The Company’s marine transportation and diesel engine services operations are subject to hazards associated with such businesses. The Company maintains insurance coverage against these hazards with insurance companies. Included in accounts receivable as of December 31, 2016 and 2015 were $88,182,000 and $77,684,000, respectively, of receivables from insurance companies to cover claims in excess of the Company’s deductible. Concentrations of Credit Risk. Fair Value of Financial Instruments. Property, Maintenance and Repairs. Drydocking on Ocean-Going Vessels. Environmental Liabilities. Goodwill. Net goodwill for the marine transportation segment was $382,227,000 and $381,243,000 at December 31, 2016 and 2015, respectively. The increase in net goodwill for the marine transportation segment was due to the purchase of an inland tank barge fleet in 2016 which is more fully described in Note 2, Acquisitions. Net goodwill for the diesel engine services segment was $215,904,000 and $205,475,000 at December 31, 2016 and 2015, respectively. The increase in net goodwill for the diesel engine services segment was mainly due to the acquisition of an engine supply and repair business in 2016, also more fully described in Note 2, Acquisitions. Revenue Recognition. Diesel engine service products and services are generally sold based upon purchase orders or preferential service agreements with the customer that include fixed or determinable prices and that do not include right of return or significant post-delivery performance obligations. Diesel engine parts sales are recognized when title passes upon shipment to customers or when customer-specific acceptance requirements are met. Service revenue is recognized as the service is provided. Diesel manufacturing and assembly projects revenue is reported on the percentage of completion method of accounting using measurements of progress towards completion appropriate for the work performed. Stock-Based Compensation. Taxes on Income. Accrued Insurance. Noncontrolling Interests. Treasury Stock. Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of. Recoverability on marine transportation assets is assessed based on vessel classes, not on individual assets, because identifiable cash flows for individual marine transportation assets are not available. Projecting customer contract volumes allows estimation of future cash flows by projecting pricing and utilization by vessel class but it is not practical to project which individual marine transportation asset will be utilized for any given contract. Because customers do not specify which particular vessel is used, prices are quoted based on vessel classes not individual assets. Nominations of vessels for specific jobs are determined on a day by day basis and are a function of the equipment class required and the geographic position of vessels within that class at that particular time as vessels within a class are interchangeable and provide the same service. The Company’s vessels are mobile assets and equipped to operate in geographic regions throughout the United States and the Company has in the past and expects to continue to move vessels from one region to another when it is necessary due to changing markets and it is economical to do so. Barge vessel classes are based on similar capacities, hull type, and type of product and towing vessels are based on similar hull type and horsepower. Recoverability of the vessel classes is measured by a comparison of the carrying amount of the assets to future net cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. Accounting Standards In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”) to create consistency in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for annual and interim periods beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”) which simplifies several aspects of the accounting for share-based payment transactions, including income tax consequences, forfeitures, minimum statutory tax withholding requirements, classification as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for annual and interim periods beginning after December 15, 2016. The Company will adopt the provisions of ASU 2016-09 on January 1, 2017 and the Company does not expect the adoption of ASU 2016-09 to have a material impact on its consolidated financial statements. However, the adoption will result in some income statement volatility in 2017 and beyond due to the requirement that the tax effects of exercised or vested equity awards be recognized as discrete items in income tax expense or benefit in the income statement in the reporting period in which they occur. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”) to increase transparency and comparability among organizations by requiring recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. ASU 2016-02 is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. A modified retrospective approach is required. The Company has formed a project team to evaluate the impact that the adoption of this standard will have on its consolidated financial statements and disclosures. The project team has completed training on the new standard and has started lease review and documentation, but the Company has not yet determined the effect of ASU 2016-02 on its ongoing financial reporting. In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes” (“ASU 2015-17”) which requires that deferred tax liabilities and assets be classified as noncurrent on the balance sheet. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by this guidance. ASU 2015-17 is effective for annual and interim periods beginning after December 15, 2016 but early application is permitted and the guidance may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company will adopt the provisions of ASU 2015-17 on January 1, 2017 and the Company does not expect the adoption of ASU 2015-17 to have a material impact on its consolidated financial statements. In July 2015, the FASB issued 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. 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 period or annual reporting period. The Company will adopt the provisions of ASU 2015-11 on January 1, 2017 and the Company does not expect the adoption of ASU 2015-11 to have a material impact on its consolidated financial statements. 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. Effective January 1, 2016, the Company adopted the provisions of ASU 2015-03 and prior period amounts have been reclassified to conform to the current period presentation. The December 31, 2015 net debt issuance costs of $3,985,000 have been reclassified in the consolidated balance sheet from other assets to long-term debt, less current portion. In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”), which provides guidance about management's responsibility in evaluating whether there is substantial doubt relating to an entity’s ability to continue as a going concern and to provide related footnote disclosures as applicable. Adoption of ASU 2014-15 as of December 31, 2016 did not impact the Company’s financial statements or disclosures. 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, modified retrospective or prospective with a cumulative catch-up approach. The Company has formed a project team to evaluate the standard and determine the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Acquisitions [Abstract] | |
Acquisitions | (2) A CQUISITIONS On October 11, 2016, the Company purchased certain assets of Valley Power Systems, Inc. and Valley Power Systems Northwest, Inc. (collectively “VPS”) for $11,440,000 in cash. The assets purchased are mainly related to the EMD Power Products (“EMD”) engine supply and repair business of VPS and include an EMD distributor agreement to sell engines in nine western states. As a result of the acquisition, the Company recorded $8,330,000 of goodwill and $2,070,000 of intangibles with a weighted average amortization period of approximately 15 years. The Company expects all of the goodwill to be deductible for tax purposes. On June 30, 2016, the Company purchased an 80,000 barrel coastal tank barge from TD Equipment Finance, Inc. (“TD Equipment”) for $13,682,000 in cash. The Company had been leasing the barge from TD Equipment prior to its purchase. On June 2, 2016, the Company purchased four coastal tugboats from Crosby Marine Transportation LLC for $26,450,000 in cash. The four coastal tugboats have an average age of 13 years. On April 15, 2016, the Company purchased the inland tank barge fleet of SEACOR Holdings Inc. (“Seacor”) from subsidiaries of Seacor for a total value of $89,181,000. The assets purchased consisted of 27 inland 30,000 barrel tank barges and 14 inland towboats. The purchase price was comprised of $85,500,000 in cash and the transfer to Seacor of a Florida-based ship docking tugboat with a value of $3,681,000. The average age of the 27 inland tank barges was ten years. Seacor, through its subsidiary, SCF Waxler Marine LLC, transported refined petroleum products, petrochemicals and black oil on the Mississippi River System and the Gulf Intracoastal Waterway. As a result of the acquisition, the Company recorded $985,000 of goodwill and expects all of the goodwill to be deductible for tax purposes. No intangibles other than goodwill were identified in the acquisition. Pro forma results of the acquisitions made in 2016 have not been presented as the pro forma revenues, earnings before taxes on income, net earnings and net earnings per share would not be materially different from the Company’s actual results. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Inventories [Abstract] | |
Inventories | (3) Inventories The following table presents the details of inventories as of December 31, 2016 and 2015 (in thousands): December 31, 2016 December 31, 2015 Finished goods $ 178,740 $ 163,501 Work in process 6,662 21,010 $ 185,402 $ 184,511 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | (4) Fair Value Measurements The accounting guidance for using fair value to measure certain assets and liabilities establishes a three tier value hierarchy, which prioritizes the inputs to valuation techniques used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little, if any, market data exists, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing the asset or liability. 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. The fair value of the Company’s debt instruments is described in Note 5, Long-Term Debt. 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 years ended December 31, 2016 and 2015, there was no indication that the Company’s long-lived assets were impaired, and accordingly, measurement at fair value was not required. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | (5) Long-Term Debt Long-term debt at December 31, 2016 and 2015 consisted of the following (in thousands): 2016 2015 Long-term debt, including current portion: $550,000,000 revolving credit facility due April 30, 2020 $ 225,986 $ 278,834 $150,000,000 senior notes Series A due February 27, 2020 150,000 150,000 $350,000,000 senior notes Series B due February 27, 2023 350,000 350,000 $10,000,000 credit line due June 30, 2017 — — $ 725,986 $ 778,834 Unamortized debt issuance costs (3,184 ) (3,985 ) $ 722,802 $ 774,849 The aggregate payments due on the long-term debt in each of the next five years were as follows (in thousands): 2017 $ — 2018 — 2019 — 2020 375,986 2021 — Thereafter 350,000 $ 725,986 The Company has a $550,000,000 unsecured revolving credit facility (“Revolving Credit Facility”) with a syndicate of banks, with JPMorgan Chase Bank, N.A. as the administrative agent bank, with a maturity date of April 30, 2020. In addition, the credit agreement allows for a $300,000,000 increase in the aggregate commitments of the banks in the form of revolving credit loans or term loans, subject to the consent of each bank that elects to participate in the increased commitment. The variable interest rate spread varies with the Company’s senior debt rating and is currently 1.00% over the London Interbank Offered Rate (“LIBOR”) or equal to an alternate base rate calculated with reference to the agent bank’s prime rate, among other factors (“Alternate Base Rate”). The commitment fee is currently 0.10%. The Revolving Credit Facility contains certain restrictive financial covenants including an interest coverage ratio and a debt-to-capitalization ratio. In addition to financial covenants, the Revolving Credit Facility contains covenants that, subject to exceptions, restrict debt incurrence, mergers and acquisitions, sales of assets, dividends and investments, liquidations and dissolutions, capital leases, transactions with affiliates and changes in lines of business. Borrowings under the Revolving Credit Facility may be used for general corporate purposes, the purchase of existing or new equipment, the purchase of the Company’s common stock, or for business acquisitions. As of December 31, 2016, the Company was in compliance with all Revolving Credit Facility covenants and had $225,986,000 of debt outstanding under the Revolving Credit Facility. The average borrowing under the Revolving Credit Facility during 2016 was $249,247,000, computing by averaging the daily balance, and the weighted average interest rate was 1.5%, computed by dividing the interest expense under the Revolving Credit Facility by the average Revolving Credit Facility borrowing. The Revolving Credit Facility includes a $25,000,000 commitment which may be used for standby letters of credit. Outstanding letters of credit under the Revolving Credit Facility were $2,518,000 as of December 31, 2016. The Company has $500,000,000 of unsecured senior notes (“Senior Notes Series A” and “Senior Notes Series B”) with a group of institutional investors, consisting of $150,000,000 of 2.72% Senior Notes Series A due February 27, 2020 and $350,000,000 of 3.29% Senior Notes Series B due February 27, 2023. No principal payments are required until maturity. The Senior Notes Series A and Series B contain certain covenants on the part of the Company, including an interest coverage covenant, a debt-to-capitalization covenant and covenants relating to liens, asset sales and mergers, among others. The Senior Notes Series A and Series B also specify certain events of default, upon the occurrence of which the maturity of the notes may be accelerated, including failure to pay principal and interest, violation of covenants or default on other indebtedness, among others. As of December 31, 2016, the Company was in compliance with all Senior Notes Series A and Series B covenants and had $150,000,000 of Senior Notes Series A outstanding and $350,000,000 of Senior Notes Series B outstanding. The Company has a $10,000,000 line of credit (“Credit Line”) with Bank of America, N.A. (“Bank of America”) for short-term liquidity needs and letters of credit, with a maturity date of June 30, 2017. The Credit Line allows the Company to borrow at an interest rate agreed to by Bank of America and the Company at the time each borrowing is made or continued. The Company had no borrowings outstanding under the Credit Line as December 31, 2016. Outstanding letters of credit under the Credit Line were $1,012,000 as of December 31, 2016. The estimated fair value of total debt outstanding at December 31, 2016 and 2015 was $715,330,000 and $764,781,000, respectively, which differs from the carrying amount of $722,802,000 and $774,849,000, respectively, included in the consolidated financial statements. The fair value was determined using an income approach that relies on inputs such as yield curves. |
Taxes on Income
Taxes on Income | 12 Months Ended |
Dec. 31, 2016 | |
Taxes on Income [Abstract] | |
Taxes on Income | (6) Taxes on Income Earnings before taxes on income and details of the provision for taxes on income for the years ended December 31, 2016, 2015 and 2014 were as follows (in thousands): 2016 2015 2014 Earnings before taxes on income — United States $ 227,746 $ 361,712 $ 454,390 Provision for taxes on income: Federal: Current $ 28,919 $ 64,707 $ 81,953 Deferred 49,685 59,582 72,920 State and local 6,338 9,453 14,909 $ 84,942 $ 133,742 $ 169,782 During the three years ended December 31, 2016, 2015 and 2014, the tax benefit (expense) related to the exercise of stock options and the issuance of restricted stock that were allocated directly to additional paid-in capital were $(824,000), $964,000 and $6,119,000, respectively. The Company’s provision for taxes on income varied from the statutory federal income tax rate for the years ended December 31, 2016, 2015 and 2014 due to the following: 2016 2015 2014 United States income tax statutory rate 35.0 % 35.0 % 35.0 % State and local taxes, net of federal benefit 1.8 1.7 2.2 Other – net .5 .3 .2 37.3 % 37.0 % 37.4 % The tax effects of temporary differences that give rise to significant portions of the current deferred tax assets and non-current deferred tax assets and liabilities at December 31, 2016 and 2015 were as follows (in thousands): 2016 2015 Current deferred tax assets: Compensated absences $ 739 $ 829 Allowance for doubtful accounts 2,534 3,288 Insurance accruals 6,218 4,234 Other 4,113 3,372 $ 13,604 $ 11,723 Non-current deferred tax assets and liabilities: Deferred tax assets: Postretirement health care benefits $ 2,234 $ 2,501 Insurance accruals 2,910 3,410 Deferred compensation 11,124 10,534 Unrealized loss on defined benefit plans 28,832 25,245 Operating loss carryforwards 7,846 5,188 Other 21,622 20,702 Valuation allowances (7,417) (4,716) 67,151 62,864 Deferred tax liabilities: Property (654,751 ) (604,737 ) Deferred state taxes (54,812 ) (53,542 ) Pension benefits (2,799 ) (8,471 ) Goodwill and other intangibles (51,551 ) (44,185 ) Other (22,295 ) (21,737 ) (786,208 ) (732,672 ) $ (719,057 ) $ (669,808 ) The Company has determined that it is more likely than not that all federal deferred tax assets at December 31, 2016 will be realized, including its operating loss carryforwards of $429,000 that expire in various amounts through 2030. The valuation allowance for state deferred tax assets as of December 31, 2016 and 2015 was $7,417,000 and $4,716,000, respectively, related to the Company’s state net operating loss carryforwards based on the Company’s determination that it is more likely than not that the deferred tax assets will not be realized. Expiration of these state net operating loss carryforwards vary by state through 2036 and none will expire in fiscal 2017. Total deferred tax assets were $88,172,000 and $79,303,000 as of December 31, 2016 and 2015, respectively. Total deferred tax assets, net of valuation allowances, were $80,755,000 and $74,587,000 as of December 31, 2016 and 2015, respectively. The Company or one of its subsidiaries files income tax returns in the United States federal jurisdiction and various state jurisdictions. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service for the 2013 through 2015 tax years. With few exceptions, the Company and its subsidiaries’ state income tax returns are open to audit under the statute of limitations for the 2010 through 2015 tax years. As of December 31, 2016, the Company has provided a liability of $2,573,000 for unrecognized tax benefits related to various income tax issues which includes interest and penalties. The amount that would impact the Company’s effective tax rate, if recognized, is $1,737,000, with the difference between the total amount of unrecognized tax benefits and the amount that would impact the effective tax rate being primarily related to the federal tax benefit of state income tax items. It is not reasonably possible to determine if the liability for unrecognized tax benefits will significantly change prior to December 31, 2017 due to the uncertainty of possible examination results. A reconciliation of the beginning and ending amount of the liability for unrecognized tax benefits for the years ended December 31, 2016, 2015 and 2014, is as follows (in thousands): 2016 2015 2014 Balance at beginning of year $ 1,958 $ 1,171 $ 949 Additions based on tax positions related to the current year 187 339 470 Additions for tax positions of prior years 867 785 39 Reductions for tax positions of prior years (441 ) (337 ) (287 ) Settlements (552 ) — — Balance at end of year $ 2,019 $ 1,958 $ 1,171 The Company accounts for interest and penalties related to uncertain tax positions as part of its provision for federal and state income taxes. The Company recognized net expense of $88,000, $216,000 and $40,000 in interest and penalties for the years ended December 31, 2016, 2015 and 2014, respectively. The Company had $554,000, $522,000 and $306,000 of accrued liabilities for the payment of interest and penalties at December 31, 2016, 2015 and 2014, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Leases | (7) Leases The Company and its subsidiaries currently lease various facilities and equipment under a number of cancelable and noncancelable operating leases. Lease agreements for barges have terms from one to 12 years expiring at various dates through 2023. Lease agreements for towing vessels chartered by the Company have terms from 30 days to five years expiring at various dates through 2019; however, approximately half of the towing vessel charter agreements are for terms of one year or less. Total rental expense for the years ended December 31, 2016, 2015 and 2014 was as follows (in thousands): 2016 2015 2014 Rental expense: Marine equipment — barges $ 13,791 $ 14,092 $ 19,780 Marine equipment — towing vessels 137,609 143,067 136,331 Other buildings and equipment 11,182 9,383 9,146 Rental expense $ 162,582 $ 166,542 $ 165,257 Future minimum lease payments under operating leases that have initial or remaining noncancelable lease terms in excess of one year at December 31, 2016 were as follows (in thousands): Land, Buildings Marine Equipment And Equipment Barges Towing Vessels Total 2017 $ 12,027 $ 10,419 $ 83,949 $ 106,395 2018 11,049 8,718 20,532 40,299 2019 8,829 4,581 314 13,724 2020 7,508 3,813 — 11,321 2021 7,007 1,574 — 8,581 Thereafter 74,390 2,474 — 76,864 $ 120,810 $ 31,579 $ 104,795 $ 257,184 |
Stock Award Plans
Stock Award Plans | 12 Months Ended |
Dec. 31, 2016 | |
Stock Award Plans [Abstract] | |
Stock Award Plans | (8) 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 years ended December 31, 2016, 2015 and 2014 were as follows (in thousands): 2016 2015 2014 Compensation cost $ 11,675 $ 11,104 $ 11,591 Income tax benefit $ 4,378 $ 4,120 $ 4,358 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. Substantially all stock options outstanding under the plan have terms of seven years and vest ratably over three years. No performance awards payable in stock have been awarded under the plan. At December 31, 2016, 1,987,512 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 years ended December 31, 2016, 2015 and 2014: Outstanding Non- Qualified or Nonincentive Stock Awards Weighted Average Exercise Price Outstanding at December 31, 2013 379,604 $ 55.42 Granted 75,204 $ 98.91 Exercised (119,276 ) $ 42.07 Canceled or expired (12,576 ) $ 68.89 Outstanding at December 31, 2014 322,956 $ 69.95 Granted 114,894 $ 74.99 Exercised — $ — Canceled or expired (7,418 ) $ 86.28 Outstanding at December 31, 2015 430,432 $ 71.01 Granted 186,706 $ 53.50 Exercised — $ — Canceled or expired (16,017 ) $ 80.17 Outstanding at December 31, 2016 601,121 $ 65.33 Under the employee plan, stock options exercisable were 321,942, 239,518 and 157,140 at December 31, 2016, 2015 and 2014, respectively. The following table summarizes information about the Company’s outstanding and exercisable stock options under the employee plan at December 31, 2016: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life in Years Weighted Average Exercise Price Aggregated Intrinsic Value Number Exercisable Weighted Average Exercise Price Aggregated Intrinsic Value $ 31.35 – $36.35 16,910 0.1 $ 32.82 16,910 $ 32.82 $ 46.74 – $51.23 212,335 4.8 $ 50.03 56,629 $ 46.74 $ 64.89 – $74.99 302,735 4.1 $ 70.29 202,309 $ 69.51 $ 93.64 – $96.85 33,987 4.1 $ 94.31 22,658 $ 94.31 $ 101.46 – $104.37 35,154 4.2 $ 102.60 23,436 $ 102.60 $ 31.35 – $104.37 601,121 4.2 $ 65.33 $ 4,175,000 321,942 $ 67.73 $ 1,747,000 The following is a summary of the restricted stock award activity under the employee plan described above for the years ended December 31, 2016, 2015 and 2014: Unvested Restricted Stock Award Shares Weighted Average Grant Date Fair Value Per Share Nonvested balance at December 31, 2013 399,278 $ 54.92 Granted 97,706 $ 97.46 Vested (141,870 ) $ 45.64 Forfeited (33,661 ) $ 63.56 Nonvested balance at December 31, 2014 321,453 $ 71.04 Granted 122,740 $ 75.04 Vested (113,958 ) $ 60.73 Forfeited (18,508 ) $ 82.00 Nonvested balance at December 31, 2015 311,727 $ 75.73 Granted 190,610 $ 53.56 Vested (105,109 ) $ 69.93 Forfeited (19,573 ) $ 76.06 Nonvested balance at December 31, 2016 377,655 $ 66.14 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 December 31 2016, 522,457 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 years ended December 31, 2016, 2015, and 2014: Outstanding Non- Qualified or Nonincentive Stock Awards Weighted Average Exercise Price Outstanding at December 31, 2013 320,322 $ 50.64 Granted 42,000 $ 99.52 Exercised (63,988 ) $ 39.08 Outstanding at December 31, 2014 298,334 $ 60.01 Exercised (77,905 ) $ 47.65 Outstanding at December 31, 2015 220,429 $ 64.37 Exercised (9,000 ) $ 35.72 Canceled or expired (6,000 ) $ 99.52 Outstanding at December 31, 2016 205,429 $ 64.60 Under the director plan, options exercisable were 205,429, 220,429 and 298,334 at December 31, 2016, 2015 and 2014, respectively. The following table summarizes information about the Company’s outstanding and exercisable stock options under the director plan at December 31, 2016: 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 21,000 0.9 $ 32.69 21,000 $ 32.69 $ 41.24 – $56.45 71,276 2.7 $ 52.34 71,276 $ 52.34 $ 61.89 – $62.48 41,153 4.8 $ 62.34 41,153 $ 62.34 $ 75.17 – $99.52 72,000 5.7 $ 87.35 72,000 $ 87.35 $ 29.60 – $99.52 205,429 4.0 $ 64.60 $ 1,891,000 205,429 $ 64.60 $ 1,891,000 The following is a summary of the restricted stock award activity under the director plan described above for the years ended December 31, 2016, 2015 and 2014: Unvested Restricted Stock Award Shares Weighted Average Grant Date Fair Value Per Share Nonvested balance at December 31, 2013 384 $ 75.65 Granted 8,160 $ 99.52 Vested (8,252 ) $ 98.41 Nonvested balance at December 31, 2014 292 $ 99.52 Granted 20,350 $ 78.52 Vested (18,851 ) $ 79.77 Nonvested balance at December 31, 2015 1,791 $ 68.73 Granted 23,074 $ 64.89 Vested (24,518 ) $ 65.17 Nonvested balance at December 31, 2016 347 $ 64.89 The total intrinsic value of all stock options exercised under all of the Company’s plans was $266,000, $2,555,000 and $11,671,000 for the years ended December 31, 2016, 2015 and 2014, respectively. The actual tax benefit realized for tax deductions from stock option exercises was $100,000, $948,000 and $4,388,000 for the years ended December 31, 2016, 2015 and 2014, respectively. The total intrinsic value of all the restricted stock vestings under all of the Company’s plans was $6,928,000, $10,270,000 and $14,847,000 for the years ended December 31, 2016, 2015 and 2014, respectively. The actual tax benefit realized for tax deductions from restricted stock vestings was $2,598,000, $3,810,000 and $5,583,000 for the years ended December 31, 2016, 2015 and 2014, respectively. As of December 31, 2016, there was $3,422,000 of unrecognized compensation cost related to nonvested stock options and $18,055,000 related to restricted stock. The stock options are expected to be recognized over a weighted average period of approximately 1.4 years and restricted stock over approximately 3.1 years. The total fair value of stock options vested was $2,495,000, $2,180,000 and $3,759,000 during the years ended December 31, 2016, 2015 and 2014, respectively. The fair value of the restricted stock vested was $6,928,000, $10,270,000 and $14,847,000 for the years ended December 31, 2016, 2015 and 2014, respectively. The weighted average per share fair value of stock options granted during the years ended December 31, 2016, 2015 and 2014 was $17.30, $25.18 and $36.05, respectively. The fair value of the stock options granted during the years ended December 31, 2016, 2015 and 2014 was $3,231,000, $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 stock options during the years ended December 31, 2016, 2015 and 2014 were as follows: 2016 2015 2014 Dividend yield None None None Average risk-free interest rate 1.5 % 1.3 % 2.0 % Stock price volatility 30 % 33 % 33 % Estimated option term Six years Six years Six years or seven years |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2016 | |
Retirement Plans [Abstract] | |
Retirement Plans | (9) 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 fair value of plan assets was $257,517,000 and $243,588,000 at December 31, 2016 and 2015 respectively. As of December 31, 2016 and 2015, these assets were allocated among asset categories as follows: Asset Category 2016 2015 Current Minimum, Target and Maximum Allocation Policy U.S. equity securities 51 % 50 % 30% — 50%— 70 % International equity securities 19 % 18 % 0% — 20%— 30 % Debt securities 30 % 28 % 15% — 30%— 55 % Cash and cash equivalents — % 4 % 0% — 0%— 5 % 100 % 100 % The plan assets are invested entirely in common collective trusts. These instruments are public investment vehicles valued using the net asset value provided by the administrator of the fund. The net asset value is classified within Level 2 of the valuation hierarchy as set forth in the accounting guidance for fair value measurements because the net asset value price is quoted on an inactive private market although the underlying investments are traded on an active market. The Company’s investment strategy focuses on total return on invested assets (capital appreciation plus dividend and interest income). The primary objective in the investment management of assets is to achieve long-term growth of principal while avoiding excessive risk. Risk is managed through diversification of investments within and among asset classes, as well as by choosing securities that have an established trading and underlying operating history. The Company makes various assumptions when determining defined benefit plan costs including, but not limited to, the current discount rate and the expected long-term return on plan assets. Discount rates are determined annually and are based on a yield curve that consists of a hypothetical portfolio of high quality corporate bonds with maturities matching the projected benefit cash flows. The Company assumed that plan assets would generate a long-term rate of return of 7.0% and 7.5% in 2016 and 2015, respectively. The Company developed its expected long-term rate of return assumption by evaluating input from investment consultants comparing historical returns for various asset classes with its actual and targeted plan investments. The Company believes that its long-term asset allocation, on average, will approximate the targeted allocation. 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. The Company’s pension plan funding was 94% of the pension plan’s ABO at December 31, 2016. The Company sponsors an unfunded defined benefit health care plan that provides limited postretirement medical benefits to employees who met 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 following table presents the change in benefit obligation and plan assets for the Company’s defined benefit plans and postretirement benefit plan (in thousands): Other Postretirement Benefits Pension Benefits Postretirement Pension Plan SERP Welfare Plan 2016 2015 2016 2015 2016 2015 Change in benefit obligation Benefit obligation at beginning of year $ 297,325 $ 315,075 $ 1,526 $ 1,637 $ 891 $ 1,264 Service cost 13,402 14,683 — — — — Interest cost 14,123 13,302 65 64 29 36 Actuarial loss (gain) 19,120 (39,474 ) 12 (30 ) (198 ) (321 ) Gross benefits paid (6,794 ) (6,261 ) (146 ) (145 ) (47 ) (88 ) Benefit obligation at end of year $ 337,176 $ 297,325 $ 1,457 $ 1,526 $ 675 $ 891 Accumulated benefit obligation at end of year $ 272,591 $ 238,775 $ 1,457 $ 1,526 $ 675 $ 891 Weighted-average assumption used to determine benefit obligation at end of year Discount rate 4.2 % 4.5 % 4.2 % 4.5 % 4.2 % 4.5 % Rate of compensation increase Service- based table Service- based table — — — — Health care cost trend rate Initial rate — — — — 7.0 % 6.5 % Ultimate rate — — — — 5.0 % 5.0 % Years to ultimate — — — — 2021 2019 Effect of one-percentage-point change in assumed health care cost trend rate on postretirement obligation Increase $ — $ — $ — $ — $ 74 $ 107 Decrease — — — — (64 ) (93 ) Change in plan assets Fair value of plan assets at beginning of year $ 243,588 $ 242,275 $ — $ — $ — $ — Actual return on plan assets 20,723 (2,426 ) — — — — Employer contribution — 10,000 146 145 47 88 Gross benefits paid (6,794 ) (6,261 ) (146 ) (145 ) (47 ) (88 ) Fair value of plan assets at end of year $ 257,517 $ 243,588 $ — $ — $ — $ — The following table presents the funded status and amounts recognized in the Company’s consolidated balance sheet for the Company’s defined benefit plans and postretirement benefit plan at December 31, 2016 and 2015 (in thousands): Other Postretirement Benefits Pension Benefits Postretirement Pension Plan SERP Welfare Plan 2016 2015 2016 2015 2016 2015 Funded status at end of year Fair value of plan assets $ 257,517 $ 243,588 $ — $ — $ — $ — Benefit obligations (337,176 ) (297,325 ) (1,457 ) (1,526 ) (675 ) (891 ) Funded status and amount recognized at end of year $ (79,659 ) $ (53,737 ) $ (1,457 ) $ (1,526 ) $ (675 ) $ (891 ) Amounts recognized in the consolidated balance sheets Noncurrent asset $ — $ — $ — $ — $ — $ — Current liability — — (150 ) (149 ) (56 ) (68 ) Long-term liability (79,659 ) (53,737 ) (1,307 ) (1,377 ) (619 ) (823 ) Amounts recognized in accumulated other comprehensive income Net actuarial loss (gain) $ 87,658 $ 77,940 $ 494 $ 508 $ (5,773 ) $ (6,319 ) Prior service cost (credit) — — — — — — Accumulated other compensation income $ 87,658 $ 77,940 $ 494 $ 508 $ (5,773 ) $ (6,319 ) The projected benefit obligation and fair value of plan assets for pension plans with a projected benefit obligation in excess of plan assets at December 31, 2016 and 2015 were as follows (in thousands): Pension Benefits Pension Plan SERP 2016 2015 2016 2015 Projected benefit obligation in excess of plan assets Projected benefit obligation at end of year $ 337,176 $ 297,325 $ 1,457 $ 1,526 Fair value of plan assets at end of year 257,517 243,588 — — The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2016 and 2015 were as follows (in thousands): Pension Benefits Pension Plan SERP 2016 2015 2016 2015 Accumulated benefit obligation in excess of plan assets Projected benefit obligation at end of year $ 337,176 $ — $ 1,457 $ 1,526 Accumulated benefit obligation at end of year 272,591 — 1,457 1,526 Fair value of plan assets at end of year 257,517 — — — The following tables presents the expected cash flows for the Company’s defined benefit plans and postretirement benefit plan at December 31, 2016 and 2015 (in thousands): Other Postretirement Benefits Pension Benefits Postretirement Pension Plan SERP Welfare Plan 2016 2015 2016 2015 2016 2015 Expected employer contributions First year $ — $ — $ 153 $ 152 $ 50 $ 70 Other Postretirement Benefits Pension Benefits Postretirement Pension Plan SERP Welfare Plan 2016 2015 2016 2015 2016 2015 Expected benefit payments (gross) Year one $ 8,032 $ 7,678 $ 153 $ 152 $ 58 $ 81 Year two 8,835 8,298 157 157 58 86 Year three 9,646 9,013 155 154 58 86 Year four 10,400 9,748 151 152 58 86 Year five 11,201 10,415 148 149 57 85 Next five years 70,419 63,860 514 608 199 341 Other Postretirement Benefits Pension Benefits Postretirement Pension Plan SERP Welfare Plan 2016 2015 2016 2015 2016 2015 Expected federal subsidy Year one $ — $ — $ — $ — $ (7 ) $ (11 ) Year two — — — — (7 ) (11 ) Year three — — — — (7 ) (11 ) Year four — — — — (7 ) (12 ) Year five — — — — (7 ) (12 ) Next five years — — — — (33 ) (55 ) The components of net periodic benefit cost and other changes in plan assets and benefit obligations recognized in other comprehensive income for the Company’s defined benefit plans for the years ended December 31, 2016, 2015 and 2014 were as follows (in thousands): Pension Benefits Pension Plan SERP 2016 2015 2014 2016 2015 2014 Components of net periodic benefit cost Service cost $ 13,402 $ 14,683 $ 10,645 $ — $ — $ — Interest cost 14,123 13,302 12,839 65 64 73 Expected return on plan assets (16,805 ) (17,921 ) (18,858 ) — — — Amortization: Actuarial loss 5,484 7,728 701 26 28 16 Prior service credit — — — — — — Net periodic benefit cost 16,204 17,792 5,327 91 92 89 Other changes in plan assets and benefit obligations recognized in other comprehensive income Current year actuarial loss (gain) 15,203 (19,127 ) 72,737 12 (30 ) 180 Recognition of actuarial loss (5,484 ) (7,728 ) (701 ) (26 ) (28 ) (16 ) Recognition of prior service credit — — — — — — Total recognized in other comprehensive income 9,719 (26,855 ) 72,036 (14 ) (58 ) 164 Total recognized in net periodic benefit cost and other comprehensive income $ 25,923 $ (9,063 ) $ 77,363 $ 77 $ 34 $ 253 Weighted average assumptions used to determine net periodic benefit cost Discount rate 4.5 % 4.1 % 5.0 % 4.5 % 4.1 % 5.0 % Expected long-term rate of return on plan assets 7.0 % 7.5 % 7.5 % — — — Rate of compensation increase Service- based table 4.25 % 4.25 % — — — The estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2017 are as follows (in thousands): Pension Benefits Pension Plan SERP Actuarial loss $ 5,477 $ 28 Prior service credit — — $ 5,477 $ 28 The components of net periodic benefit cost and other changes in benefit obligations recognized in other comprehensive income for the Company’s postretirement benefit plan for the years ended December 31, 2016, 2015 and 2014 were as follows (in thousands): Other Postretirement Benefits Postretirement Welfare Plan 2016 2015 2014 Components of net periodic benefit cost Service cost $ — $ — $ — Interest cost 29 36 110 Amortization: Actuarial gain (747 ) (793 ) (649 ) Prior service cost — — — Net periodic benefit cost (718 ) (757 ) (539 ) Other changes in benefit obligations recognized in other comprehensive income Current year actuarial gain (198 ) (322 ) (1,065 ) Recognition of actuarial gain 747 793 649 Recognition of prior service cost — — — Adjustment for actual Medicare Part D reimbursement (3 ) (3 ) (8 ) Total recognized in other comprehensive income 546 468 (424 ) Total recognized in net periodic benefit cost and other comprehensive income $ (172 ) $ (289 ) $ (963 ) Weighted average assumptions used to determine net periodic benefit cost Discount rate 4.5 % 4.1 % 5.0 % Health care cost trend rate: Initial rate 6.5 % 7.0 % 7.0 % Ultimate rate 5.0 % 5.0 % 5.0 % Years to ultimate 2019 2019 2018 Effect of one-percentage-point change in assumed health care cost trend rate on aggregate service and interest cost Increase $ 4 $ 5 $ 7 Decrease (3 ) (4 ) (6 ) The estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2017 are as follows (in thousands): Other Postretirement Benefits Postretirement Welfare Plan Actuarial gain $ (668 ) Prior service cost — $ (668 ) The Company also contributes to a multiemployer pension plan pursuant to a collective bargaining agreement which covers certain vessel crew members of its coastal operations and expires on April 30, 2018. The Company began participation in the Seafarers Pension Trust (“SPT”) with the Penn Maritime, Inc. acquisition on December 14, 2012. Contributions to the SPT are made currently based on a per day worked basis and charged to expense as incurred and included in costs of sales and operating expenses in the consolidated statement of earnings. During 2016 and 2015, the Company made contributions of $877,000 and $1,202,000, respectively, to the SPT. The Company’s contributions to the SPT exceeded 5% of total contributions to the SPT in 2015. Total contributions for 2016 are not yet available. The Company did not pay any material surcharges in 2015 or 2016. The federal identification number of the SPT is 13-6100329 and the Certified Zone Status is Green at December 31, 2015. The Company’s future minimum contribution requirements under the SPT are unavailable because actuarial reports for the 2016 plan year are not yet complete and such contributions are subject to negotiations between the employers and the unions. The SPT was neither in endangered or critical status for the 2015 plan year, the latest period for which a report is available, as the funded status was in excess of 100%. Based on an actuarial valuation performed as of December 31, 2015, there would be no withdrawal liability if the Company chose to withdraw from the SPT although the Company currently has no intention of terminating its participation in the SPT. In addition to the defined benefit plans, the Company sponsors various defined contribution plans for substantially all employees. The aggregate contributions to the plans were $18,213,000, $24,077,000 and $23,356,000 in 2016, 2015 and 2014, respectively. |
Other Comprehensive Income
Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2016 | |
Other Comprehensive Income [Abstract] | |
Other Comprehensive Income | (10) Other Comprehensive Income The Company’s changes in other comprehensive income for the years ended December 31, 2016, 2015 and 2014 were as follows (in thousands): 2016 2015 2014 Gross Amount Income Tax (Provision) Benefit Net Amount 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 $ 4,763 $ (1,825 ) $ 2,938 $ 6,963 $ (2,667 ) $ 4,296 $ 68 $ (26 ) $ 42 Actuarial gains (losses) (15,013 ) 5,754 (9,259 ) 19,482 (7,456 ) 12,026 (71,843 ) 27,507 (44,336 ) Foreign currency translation adjustments — — — 29 — 29 (35 ) — (35 ) Change in fair value of derivative instruments (b): Unrealized gains (losses) — — — — — — 24 (9 ) 15 Reclassified to net earnings — — — — — — 121 (51 ) 70 Total $ (10,250 ) $ 3,929 $ (6,321 ) $ 26,474 $ (10,123 ) $ 16,351 $ (71,665 ) $ 27,421 $ (44,244 ) (a) Actuarial gains (losses) are amortized into costs of sales and operating expenses or selling, general and administrative expenses as appropriate. (See Note 9 – Retirement Plans) (b) Reclassifications to net earnings of derivatives qualifying as effective hedges are recognized in costs of sales and operating expenses. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (11) Earnings Per Share The following table presents the components of basic and diluted earnings per share for the years ended December 31, 2016, 2015 and 2014 (in thousands, except per share amounts): 2016 2015 2014 Net earnings attributable to Kirby $ 141,406 $ 226,684 $ 282,006 Undistributed earnings allocated to restricted shares (999 ) (1,345 ) (1,643 ) Income available to Kirby common stockholders — basic 140,407 225,339 280,363 Undistributed earnings allocated to restricted shares 999 1,345 1,643 Undistributed earnings reallocated to restricted shares (997 ) (1,343 ) (1,637 ) Income available to Kirby common stockholders — diluted $ 140,409 $ 225,341 $ 280,369 Shares outstanding: Weighted average common stock issued and outstanding 53,834 55,056 57,006 Weighted average unvested restricted stock (380 ) (327 ) (332 ) Weighted average common stock outstanding — basic 53,454 54,729 56,674 Dilutive effect of stock options 58 97 193 Weighted average common stock outstanding — diluted 53,512 54,826 56,867 Net earnings per share attributable to Kirby common stockholders: Basic $ 2.63 $ 4.12 $ 4.95 Diluted $ 2.62 $ 4.11 $ 4.93 Certain outstanding options to purchase approximately 240,000, 227,000 and 75,000 shares of common stock were excluded in the computation of diluted earnings per share as of December 31, 2016, 2015 and 2014, respectively, as such stock options would have been antidilutive. |
Quarterly Results (Unaudited)
Quarterly Results (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Results (Unaudited) [Abstract] | |
Quarterly Results (Unaudited) | (12) Quarterly Results (Unaudited) The unaudited quarterly results for the year ended December 31, 2016 were as follows (in thousands, except per share amounts): Three Months Ended March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 Revenues $ 458,733 $ 441,582 $ 434,708 $ 435,650 Costs and expenses 393,399 374,868 378,400 378,684 Gain (loss) on disposition of assets 67 94 (122 ) (166 ) Operating income 65,401 66,808 56,186 56,800 Other income (expense) 135 179 (120 ) 47 Interest expense (4,193 ) (4,513 ) (4,507 ) (4,477 ) Earnings before taxes on income 61,343 62,474 51,559 52,370 Provision for taxes on income (22,859 ) (23,365 ) (19,206 ) (19,512 ) Net earnings 38,484 39,109 32,353 32,858 Less: Net earnings attributable to noncontrolling interests (385 ) (167 ) (343 ) (503 ) Net earnings attributable to Kirby $ 38,099 $ 38,942 $ 32,010 $ 32,355 Net earnings per share attributable to Kirby common stockholders: Basic $ 0.71 $ 0.72 $ 0.59 $ 0.60 Diluted $ 0.71 $ 0.72 $ 0.59 $ 0.60 The unaudited quarterly results for the year ended December 31, 2015 were as follows (in thousands, except per share amounts): Three Months Ended March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Revenues $ 587,673 $ 543,156 $ 532,565 $ 484,138 Costs and expenses 486,136 445,113 437,115 400,178 Gain (loss) on disposition of assets 1,555 91 (400 ) 426 Operating income 103,092 98,134 95,050 84,386 Other income (expense) 60 (303 ) 22 9 Interest expense (5,250 ) (4,759 ) (4,449 ) (4,280 ) Earnings before taxes on income 97,902 93,072 90,623 80,115 Provision for taxes on income (36,491 ) (34,696 ) (33,512 ) (29,043 ) Net earnings 61,411 58,376 57,111 51,072 Less: Net earnings attributable to noncontrolling interests (333 ) (301 ) (268 ) (384 ) Net earnings attributable to Kirby $ 61,078 $ 58,075 $ 56,843 $ 50,688 Net earnings per share attributable to Kirby common stockholders: Basic $ 1.09 $ 1.04 $ 1.04 $ 0.94 Diluted $ 1.09 $ 1.04 $ 1.04 $ 0.94 Quarterly basic and diluted earnings per share may not total to the full year per share amounts, as the weighted average number of shares outstanding for each quarter fluctuates as a result of the assumed exercise of stock options. |
Contingencies and Commitments
Contingencies and Commitments | 12 Months Ended |
Dec. 31, 2016 | |
Contingencies and Commitments [Abstract] | |
Contingencies and Commitments | (13) Contingencies and Commitments In 2009, the Company was named a Potentially Responsible Party (“PRP”) in addition to a group of approximately 250 named PRPs under the Comprehensive Environmental Response, Compensation and Liability Act of 1981 (“CERCLA”) with respect to a Superfund site, the Portland Harbor Superfund site (“Portland Harbor”) in Portland, Oregon. The site was declared a Superfund site in December 2000 as a result of historical heavily industrialized use due to manufacturing, shipbuilding, petroleum storage and distribution, metals salvaging, and electrical power generation activities which led to contamination of Portland Harbor, an urban and industrial reach of the lower Willamette River located immediately downstream of downtown Portland. The Company’s involvement arises from four spills at the site after it was declared a Superfund site, as a result of predecessor entities’ actions in the area. To date, there is no information suggesting the extent of the costs or damages to be claimed from the 250 notified PRPs. Based on the nature of the involvement at the Portland Harbor site, the Company believes its potential contribution is de minimis; however, to date neither the Environmental Protection Agency (“EPA”) nor the named PRPs have performed an allocation of potential liability in connection with the site nor have they provided costs and expenses in connection with the site. In January 2015, the Company was named as a defendant in a Complaint filed in the U.S. District Court of the Southern District of Texas, USOR Site PRP Group vs. A&M Contractors, USES, Inc. et al. On October 13, 2016, the Company, as a successor to Hollywood Marine, Inc., was issued a General Notice under CERCLA in which it was named as a PRP for liabilities associated with the SBA Shipyard Site located near Jennings, Louisiana (“Site”). The Site was added to the EPA’s National Priorities List of sites under CERCLA in September 2016. SBA used the facility for construction, repair, retrofitting, sandblasting, and cleaning and painting of barges beginning in 1965. Three barge slips and a dry dock are located off the Mermentau River. The slips were used to dock barges during cleaning or repair. In 2001, a group of PRPs that had been former customers of the SBA Shipyard facility formed an organization called the SSIC Remediation, LLC (hereinafter, “the Companies”) to address removal actions at the Site. In 2002, EPA approved an Interim Measures/Removal Action of Hazardous/Principal Threat Wastes at SBA Shipyards, Inc. (pursuant to RCRA Section 3008(h)) that was proposed by SBA Shipyard and the Companies. Interim removal activities were conducted from March 2001 through January 2005 under an EPA 2002 Order and Agreement. In September 2012, the Louisiana Department of Environmental Quality requested EPA address the SBA Shipyard site under CERCLA authority. The Company is investigating its activities in connection with Site. With respect to the above sites, the Company has recorded reserves, if applicable, for its estimated potential liability for its portion of the EPA’s past costs claim based on information developed to date including various factors such as the Company’s liability in proportion to other responsible parties and the extent to which such costs are recoverable from third parties. On October 13, 2016, the tug Nathan E. Stewart and barge DBL 55, an articulated tank barge and tugboat unit, ran aground at the entrance to Seaforth Channel on Atholone Island, British Columbia. The grounding resulted in a breach of a portion of the Nathan E. Stewart’s fuel tanks causing a discharge of diesel fuel into the water. The USCG and the National Transportation Safety Board (“NTSB”) designated the Company as a party of interest in their investigation as to the cause of the incident. The Canadian authorities including Transport Canada and the Canadian Transportation Safety Board are also investigating the cause of the incident. The Company is subject to claims from third parties as well as the provincial and federal government as a result of the incident. The Company has various insurance policies covering liabilities including pollution, property, marine and general liability and believes that it has satisfactory insurance coverage for the cost of cleanup and salvage operations as well as other potential liabilities arising from the incident. 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 USCG and the NTSB 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 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 were consolidated for procedural purposes since they both arise out of the same occurrence. Multiple parties filed claims in limitation seeking various damages under the Oil Pollution Act of 1990 (“OPA”), including claims for business interruption, loss of profit and loss of use of natural resources (OPA claimants). On November 2, 2016, the Company, the M/S Summer Wind and its owners and the OPA claimants entered into a settlement agreement pursuant to which the parties have resolved their respective claims against one another. The dismissal of the OPA claims was entered by the Court on November 14, 2016. 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 Company is defending the civil action in the proceeding in Galveston Civil District Court. The Company is processing claims that have not been filed in the limitation matter that are properly presented, documented and recoverable under OPA. On September 13, 2016, the Company entered into a Consent Decree with the Department of Justice (“DOJ”) to settle civil penalty provisions under Section 311(b) of the Clean Water Act involving the discharge of intermediate fuel oil as a result of the collision between the tank barge and the M/S Summer Wind. Under the Consent Decree, the Company agreed to pay a civil penalty of $4,900,000 and undertake certain actions relating to navigation procedures. On September 27, 2016, the DOJ filed the proposed Consent Decree with the U.S. District Court for the Southern District of Texas along with an Original Complaint setting out the allegations that the Company is civilly liable for violation of Section 311(b) of the Clean Water Act. The Consent Decree was approved by the federal court on November 14, 2016. 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 addition, the Company is involved in various legal and other proceedings which are incidental to the conduct of its business, none of which in the opinion of management will have a material effect on the Company’s financial condition, results of operations or cash flows. Management believes that it has recorded adequate reserves and believes that it has adequate insurance coverage or has meritorious defenses for these other claims and contingencies. Certain Significant Risks and Uncertainties. The customer base of the marine transportation segment includes major industrial petrochemical and chemical manufacturers, refining companies and agricultural chemical manufacturers operating in the United States. During the first nine months of 2016, approximately 80% of marine transportation’s inland revenues were from movements of such products under term contracts and during the 2016 fourth quarter, approximately 75% of inland marine transportation revenues were under term contracts, typically ranging from one year to five years, some with renewal options. During 2016, approximately 80% of the marine transportation’s coastal revenues were under term contracts. While the manufacturing and refining companies have generally been customers of the Company for numerous years (some as long as 40 years) and management anticipates a continuing relationship, there is no assurance that any individual contract will be renewed. No single customer of the marine transportation segment accounted for 10% of the Company’s revenues in 2016, 2015 and 2014. Major customers of the diesel engine services segment include inland and offshore barge operators, oilfield service companies, oil and gas operators and producers, offshore fishing companies, marine and on-highway transportation companies, the United States government, and power generation, nuclear and industrial companies. The segment operates as an authorized distributor in 17 eastern states, nine western states and the Caribbean, and as non-exclusive authorized service centers for EMD throughout the rest of the United States for marine and power generation applications. The diesel engine services segment’s relationship with EMD has been maintained for 51 years. The segment also operates factory-authorized full service marine dealerships for Cummins, Detroit Diesel and John Deere high-speed diesel engines and Twin Disc marine gears in the Gulf Coast region, as well as an authorized marine dealer for Caterpillar in Alabama, Kentucky, Louisiana and New Jersey. United has maintained continuous exclusive distribution rights for MTU and Allison since 1946. United is one of MTU’s top five distributors of MTU off-highway engines in North America with exclusive distribution rights in Oklahoma, Arkansas, Louisiana and Mississippi. In addition, as a distributor of Allison transmission products, United has distribution rights in Oklahoma, Arkansas and Louisiana. Finally, United is also the distributor for parts service and warranty on Daimler engines and related equipment in Oklahoma, Arkansas and Louisiana. The results of the diesel engine services segment are largely tied to the industries it serves and, therefore, can be influenced by the cycles of such industries. No single customer of the diesel engine services segment accounted for 10% of the Company’s revenues in 2016, 2015 and 2014. Weather can be a major factor in the day-to-day operations of the marine transportation segment. Adverse weather conditions, such as high or low water, tropical storms, hurricanes, tsunamis, fog and ice, can impair the operating efficiencies of the marine fleet. Shipments of products can be delayed or postponed by weather conditions, which are totally beyond the control of the Company. Adverse water conditions are also factors which impair the efficiency of the fleet and can result in delays, diversions and limitations on night passages, and dictate horsepower requirements and size of tows. Additionally, much of the inland waterway system is controlled by a series of locks and dams designed to provide flood control, maintain pool levels of water in certain areas of the country and facilitate navigation on the inland river system. Maintenance and operation of the navigable inland waterway infrastructure is a government function handled by the Army Corps of Engineers with costs shared by industry. Significant changes in governmental policies or appropriations with respect to maintenance and operation of the infrastructure could adversely affect the Company. The Company’s marine transportation segment is subject to regulation by the USCG, federal laws, state laws and certain international conventions, as well as numerous environmental regulations. The Company believes that additional safety, environmental and occupational health regulations may be imposed on the marine industry. There can be no assurance that any such new regulations or requirements, or any discharge of pollutants by the Company, will not have an adverse effect on the Company. The Company’s marine transportation segment competes principally in markets subject to the Jones Act, a federal cabotage law that restricts domestic marine transportation in the United States to vessels built and registered in the United States, and manned and owned by United States citizens. The Jones Act cabotage provisions occasionally come under attack by interests seeking to facilitate foreign flag competition in trades reserved for domestic companies and vessels under the Jones Act. The Company believes that continued efforts will be made to modify or eliminate the cabotage provisions of the Jones Act. If such efforts are successful, certain elements could have an adverse effect on the Company. 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 $13,983,000 at December 31, 2016, including $3,799,000 in letters of credit and $10,184,000 in performance bonds. All of these instruments have an expiration date within three 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. |
Segment Data
Segment Data | 12 Months Ended |
Dec. 31, 2016 | |
Segment Data [Abstract] | |
Segment Data | (14) Segment Data The Company’s operations are aggregated 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’s accounting policies for the business segments are the same as those described in Note 1, Summary of Significant Accounting Policies. 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 revenues, based on market-based pricing, of the diesel engine services segment from the marine transportation segment of $24,672,000, $26,203,000 and $25,769,000 in 2016, 2015 and 2014, respectively, as well as the related intersegment profit of $2,467,000, $2,620,000 and $2,577,000 in 2016, 2015 and 2014, respectively, have been eliminated from the tables below. The following table sets forth by reportable segment the revenues, profit or loss, total assets, depreciation and amortization, and capital expenditures attributable to the principal activities of the Company for the years ended December 31, 2016, 2015 and 2014 (in thousands): 2016 2015 2014 Revenues: Marine transportation $ 1,471,893 $ 1,663,090 $ 1,770,684 Diesel engine services 298,780 484,442 795,634 $ 1,770,673 $ 2,147,532 $ 2,566,318 Segment profit (loss): Marine transportation $ 257,102 $ 374,842 $ 429,864 Diesel engine services 3,186 18,921 60,063 Other (32,542 ) (32,051 ) (35,537 ) $ 227,746 $ 361,712 $ 454,390 Total assets: Marine transportation $ 3,622,348 $ 3,451,553 $ 3,317,696 Diesel engine services 628,290 637,549 736,129 Other 52,861 63,179 83,789 $ 4,303,499 $ 4,152,281 $ 4,137,614 Depreciation and amortization: Marine transportation $ 184,291 $ 175,798 $ 154,019 Diesel engine services 12,833 12,498 11,463 Other 3,793 3,944 3,830 $ 200,917 $ 192,240 $ 169,312 Capital expenditures: Marine transportation $ 217,423 $ 311,862 $ 340,315 Diesel engine services 5,915 28,907 7,486 Other 7,728 4,706 7,343 $ 231,066 $ 345,475 $ 355,144 The following table presents the details of “Other” segment profit (loss) for the years ended December 31, 2016, 2015 and 2014 (in thousands): 2016 2015 2014 General corporate expenses $ (14,966 ) $ (14,773 ) $ (14,896 ) Interest expense (17,690 ) (18,738 ) (21,461 ) Gain (loss) on disposition of assets (127 ) 1,672 781 Other income (expense) 241 (212 ) 39 $ (32,542 ) $ (32,051 ) $ (35,537 ) The following table presents the details of “Other” total assets as of December 31, 2016, 2015 and 2014 (in thousands): 2016 2015 2014 General corporate assets $ 50,239 $ 61,089 $ 81,250 Investment in affiliates 2,622 2,090 2,539 $ 52,861 $ 63,179 $ 83,789 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (15) Related Party Transactions Richard J. Alario, a current director of the Company, was Chief Executive Officer of Key Energy Services, Inc. (“Key Energy”) until his retirement on March 1, 2016. Key Energy paid the Company $80,000 during the period of January 1, 2016 to March 1, 2016, $572,000 in 2015 and $1,232,000 in 2014 for oilfield service equipment and for parts and service. Such sales and service were in the ordinary course of business of the Company. The Company is a 50% owner of The Hollywood Camp, L.L.C. (“The Hollywood Camp”), a company that owns and operates a hunting and fishing facility used by the Company primarily for customer entertainment. The Hollywood Camp allocates lease and lodging expenses to its members based on their usage of the facilities. Key Energy paid The Hollywood Camp $221,000 during the period of January 1, 2016 to March 1, 2016, $1,236,000 in 2015 and $1,634,000 in 2014 for use of the facility. The Company paid The Hollywood Camp $3,143,000 in 2016, $2,830,000 in 2015 and $2,303,000 in 2014 for its share of facility expenses. The husband of Amy D. Husted, Vice President and General Counsel of the Company, is a partner in the law firm of Strasburger & Price, LLP. The Company paid the law firm $779,000 in 2016, $596,000 in 2015 and $1,184,000 in 2014 for legal services in connection with matters in the ordinary course of business of the Company. The Company is a 50% owner of Bolivar Terminal Co., Inc. (“Bolivar”), a company that provides barge fleeting services (temporary barge storage facilities) in the Houston, Texas area. The Company paid Bolivar $1,314,000 in 2016, $895,000 in 2015 and $561,000 in 2014 for barge fleeting services. Such services were in the ordinary course of business of the Company. |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation. |
Cash Equivalents | Cash Equivalents. |
Accounts Receivable | Accounts Receivable. The Company’s marine transportation and diesel engine services operations are subject to hazards associated with such businesses. The Company maintains insurance coverage against these hazards with insurance companies. Included in accounts receivable as of December 31, 2016 and 2015 were $88,182,000 and $77,684,000, respectively, of receivables from insurance companies to cover claims in excess of the Company’s deductible. |
Concentrations of Credit Risk | Concentrations of Credit Risk. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments. |
Property, Maintenance and Repairs | Property, Maintenance and Repairs. |
Drydocking on Ocean-Going Vessels | Drydocking on Ocean-Going Vessels. |
Environmental Liabilities | Environmental Liabilities. |
Goodwill | Goodwill. Net goodwill for the marine transportation segment was $382,227,000 and $381,243,000 at December 31, 2016 and 2015, respectively. The increase in net goodwill for the marine transportation segment was due to the purchase of an inland tank barge fleet in 2016 which is more fully described in Note 2, Acquisitions. Net goodwill for the diesel engine services segment was $215,904,000 and $205,475,000 at December 31, 2016 and 2015, respectively. The increase in net goodwill for the diesel engine services segment was mainly due to the acquisition of an engine supply and repair business in 2016, also more fully described in Note 2, Acquisitions. |
Revenue Recognition | Revenue Recognition. Diesel engine service products and services are generally sold based upon purchase orders or preferential service agreements with the customer that include fixed or determinable prices and that do not include right of return or significant post-delivery performance obligations. Diesel engine parts sales are recognized when title passes upon shipment to customers or when customer-specific acceptance requirements are met. Service revenue is recognized as the service is provided. Diesel manufacturing and assembly projects revenue is reported on the percentage of completion method of accounting using measurements of progress towards completion appropriate for the work performed. |
Stock-Based Compensation | Stock-Based Compensation. |
Taxes on Income | Taxes on Income. |
Accrued Insurance | Accrued Insurance. |
Noncontrolling Interests | Noncontrolling Interests. |
Treasury Stock | Treasury Stock. |
Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of | Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of. Recoverability on marine transportation assets is assessed based on vessel classes, not on individual assets, because identifiable cash flows for individual marine transportation assets are not available. Projecting customer contract volumes allows estimation of future cash flows by projecting pricing and utilization by vessel class but it is not practical to project which individual marine transportation asset will be utilized for any given contract. Because customers do not specify which particular vessel is used, prices are quoted based on vessel classes not individual assets. Nominations of vessels for specific jobs are determined on a day by day basis and are a function of the equipment class required and the geographic position of vessels within that class at that particular time as vessels within a class are interchangeable and provide the same service. The Company’s vessels are mobile assets and equipped to operate in geographic regions throughout the United States and the Company has in the past and expects to continue to move vessels from one region to another when it is necessary due to changing markets and it is economical to do so. Barge vessel classes are based on similar capacities, hull type, and type of product and towing vessels are based on similar hull type and horsepower. Recoverability of the vessel classes is measured by a comparison of the carrying amount of the assets to future net cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. |
Accounting Standards | Accounting Standards In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”) to create consistency in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for annual and interim periods beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”) which simplifies several aspects of the accounting for share-based payment transactions, including income tax consequences, forfeitures, minimum statutory tax withholding requirements, classification as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for annual and interim periods beginning after December 15, 2016. The Company will adopt the provisions of ASU 2016-09 on January 1, 2017 and the Company does not expect the adoption of ASU 2016-09 to have a material impact on its consolidated financial statements. However, the adoption will result in some income statement volatility in 2017 and beyond due to the requirement that the tax effects of exercised or vested equity awards be recognized as discrete items in income tax expense or benefit in the income statement in the reporting period in which they occur. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”) to increase transparency and comparability among organizations by requiring recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. ASU 2016-02 is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. A modified retrospective approach is required. The Company has formed a project team to evaluate the impact that the adoption of this standard will have on its consolidated financial statements and disclosures. The project team has completed training on the new standard and has started lease review and documentation, but the Company has not yet determined the effect of ASU 2016-02 on its ongoing financial reporting. In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes” (“ASU 2015-17”) which requires that deferred tax liabilities and assets be classified as noncurrent on the balance sheet. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by this guidance. ASU 2015-17 is effective for annual and interim periods beginning after December 15, 2016 but early application is permitted and the guidance may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company will adopt the provisions of ASU 2015-17 on January 1, 2017 and the Company does not expect the adoption of ASU 2015-17 to have a material impact on its consolidated financial statements. In July 2015, the FASB issued 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. 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 period or annual reporting period. The Company will adopt the provisions of ASU 2015-11 on January 1, 2017 and the Company does not expect the adoption of ASU 2015-11 to have a material impact on its consolidated financial statements. 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. Effective January 1, 2016, the Company adopted the provisions of ASU 2015-03 and prior period amounts have been reclassified to conform to the current period presentation. The December 31, 2015 net debt issuance costs of $3,985,000 have been reclassified in the consolidated balance sheet from other assets to long-term debt, less current portion. In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”), which provides guidance about management's responsibility in evaluating whether there is substantial doubt relating to an entity’s ability to continue as a going concern and to provide related footnote disclosures as applicable. Adoption of ASU 2014-15 as of December 31, 2016 did not impact the Company’s financial statements or disclosures. 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, modified retrospective or prospective with a cumulative catch-up approach. The Company has formed a project team to evaluate the standard and determine the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventories [Abstract] | |
Schedule of Details of Inventories | The following table presents the details of inventories as of December 31, 2016 and 2015 (in thousands): December 31, 2016 December 31, 2015 Finished goods $ 178,740 $ 163,501 Work in process 6,662 21,010 $ 185,402 $ 184,511 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Long-Term Debt [Abstract] | |
Schedule of Long-Term Debt | Long-term debt at December 31, 2016 and 2015 consisted of the following (in thousands): 2016 2015 Long-term debt, including current portion: $550,000,000 revolving credit facility due April 30, 2020 $ 225,986 $ 278,834 $150,000,000 senior notes Series A due February 27, 2020 150,000 150,000 $350,000,000 senior notes Series B due February 27, 2023 350,000 350,000 $10,000,000 credit line due June 30, 2017 — — $ 725,986 $ 778,834 Unamortized debt issuance costs (3,184 ) (3,985 ) $ 722,802 $ 774,849 |
Schedule of Aggregate Payments due on the Long-Term Debt | The aggregate payments due on the long-term debt in each of the next five years were as follows (in thousands): 2017 $ — 2018 — 2019 — 2020 375,986 2021 — Thereafter 350,000 $ 725,986 |
Taxes on Income (Tables)
Taxes on Income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Taxes on Income [Abstract] | |
Earnings Before Taxes | Earnings before taxes on income and details of the provision for taxes on income for the years ended December 31, 2016, 2015 and 2014 were as follows (in thousands): 2016 2015 2014 Earnings before taxes on income — United States $ 227,746 $ 361,712 $ 454,390 Provision for taxes on income: Federal: Current $ 28,919 $ 64,707 $ 81,953 Deferred 49,685 59,582 72,920 State and local 6,338 9,453 14,909 $ 84,942 $ 133,742 $ 169,782 |
Schedule of Effective Income Tax Rate Reconciliation | The Company’s provision for taxes on income varied from the statutory federal income tax rate for the years ended December 31, 2016, 2015 and 2014 due to the following: 2016 2015 2014 United States income tax statutory rate 35.0 % 35.0 % 35.0 % State and local taxes, net of federal benefit 1.8 1.7 2.2 Other – net .5 .3 .2 37.3 % 37.0 % 37.4 % |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the current deferred tax assets and non-current deferred tax assets and liabilities at December 31, 2016 and 2015 were as follows (in thousands): 2016 2015 Current deferred tax assets: Compensated absences $ 739 $ 829 Allowance for doubtful accounts 2,534 3,288 Insurance accruals 6,218 4,234 Other 4,113 3,372 $ 13,604 $ 11,723 Non-current deferred tax assets and liabilities: Deferred tax assets: Postretirement health care benefits $ 2,234 $ 2,501 Insurance accruals 2,910 3,410 Deferred compensation 11,124 10,534 Unrealized loss on defined benefit plans 28,832 25,245 Operating loss carryforwards 7,846 5,188 Other 21,622 20,702 Valuation allowances (7,417) (4,716) 67,151 62,864 Deferred tax liabilities: Property (654,751 ) (604,737 ) Deferred state taxes (54,812 ) (53,542 ) Pension benefits (2,799 ) (8,471 ) Goodwill and other intangibles (51,551 ) (44,185 ) Other (22,295 ) (21,737 ) (786,208 ) (732,672 ) $ (719,057 ) $ (669,808 ) |
Reconciliation of Liability for Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of the liability for unrecognized tax benefits for the years ended December 31, 2016, 2015 and 2014, is as follows (in thousands): 2016 2015 2014 Balance at beginning of year $ 1,958 $ 1,171 $ 949 Additions based on tax positions related to the current year 187 339 470 Additions for tax positions of prior years 867 785 39 Reductions for tax positions of prior years (441 ) (337 ) (287 ) Settlements (552 ) — — Balance at end of year $ 2,019 $ 1,958 $ 1,171 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Schedule of Rent Expense | Total rental expense for the years ended December 31, 2016, 2015 and 2014 was as follows (in thousands): 2016 2015 2014 Rental expense: Marine equipment — barges $ 13,791 $ 14,092 $ 19,780 Marine equipment — towing vessels 137,609 143,067 136,331 Other buildings and equipment 11,182 9,383 9,146 Rental expense $ 162,582 $ 166,542 $ 165,257 |
Schedule of Future Minimum Lease Payments under Operating Leases | Future minimum lease payments under operating leases that have initial or remaining noncancelable lease terms in excess of one year at December 31, 2016 were as follows (in thousands): Land, Buildings Marine Equipment And Equipment Barges Towing Vessels Total 2017 $ 12,027 $ 10,419 $ 83,949 $ 106,395 2018 11,049 8,718 20,532 40,299 2019 8,829 4,581 314 13,724 2020 7,508 3,813 — 11,321 2021 7,007 1,574 — 8,581 Thereafter 74,390 2,474 — 76,864 $ 120,810 $ 31,579 $ 104,795 $ 257,184 |
Stock Award Plans (Tables)
Stock Award Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 years ended December 31, 2016, 2015 and 2014 were as follows (in thousands): 2016 2015 2014 Compensation cost $ 11,675 $ 11,104 $ 11,591 Income tax benefit $ 4,378 $ 4,120 $ 4,358 |
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 stock options during the years ended December 31, 2016, 2015 and 2014 were as follows: 2016 2015 2014 Dividend yield None None None Average risk-free interest rate 1.5 % 1.3 % 2.0 % Stock price volatility 30 % 33 % 33 % Estimated option term Six years Six years Six years 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 years ended December 31, 2016, 2015 and 2014: Outstanding Non- Qualified or Nonincentive Stock Awards Weighted Average Exercise Price Outstanding at December 31, 2013 379,604 $ 55.42 Granted 75,204 $ 98.91 Exercised (119,276 ) $ 42.07 Canceled or expired (12,576 ) $ 68.89 Outstanding at December 31, 2014 322,956 $ 69.95 Granted 114,894 $ 74.99 Exercised — $ — Canceled or expired (7,418 ) $ 86.28 Outstanding at December 31, 2015 430,432 $ 71.01 Granted 186,706 $ 53.50 Exercised — $ — Canceled or expired (16,017 ) $ 80.17 Outstanding at December 31, 2016 601,121 $ 65.33 |
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 December 31, 2016: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life in Years Weighted Average Exercise Price Aggregated Intrinsic Value Number Exercisable Weighted Average Exercise Price Aggregated Intrinsic Value $ 31.35 – $36.35 16,910 0.1 $ 32.82 16,910 $ 32.82 $ 46.74 – $51.23 212,335 4.8 $ 50.03 56,629 $ 46.74 $ 64.89 – $74.99 302,735 4.1 $ 70.29 202,309 $ 69.51 $ 93.64 – $96.85 33,987 4.1 $ 94.31 22,658 $ 94.31 $ 101.46 – $104.37 35,154 4.2 $ 102.60 23,436 $ 102.60 $ 31.35 – $104.37 601,121 4.2 $ 65.33 $ 4,175,000 321,942 $ 67.73 $ 1,747,000 |
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 years ended December 31, 2016, 2015 and 2014: Unvested Restricted Stock Award Shares Weighted Average Grant Date Fair Value Per Share Nonvested balance at December 31, 2013 399,278 $ 54.92 Granted 97,706 $ 97.46 Vested (141,870 ) $ 45.64 Forfeited (33,661 ) $ 63.56 Nonvested balance at December 31, 2014 321,453 $ 71.04 Granted 122,740 $ 75.04 Vested (113,958 ) $ 60.73 Forfeited (18,508 ) $ 82.00 Nonvested balance at December 31, 2015 311,727 $ 75.73 Granted 190,610 $ 53.56 Vested (105,109 ) $ 69.93 Forfeited (19,573 ) $ 76.06 Nonvested balance at December 31, 2016 377,655 $ 66.14 |
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 years ended December 31, 2016, 2015, and 2014: Outstanding Non- Qualified or Nonincentive Stock Awards Weighted Average Exercise Price Outstanding at December 31, 2013 320,322 $ 50.64 Granted 42,000 $ 99.52 Exercised (63,988 ) $ 39.08 Outstanding at December 31, 2014 298,334 $ 60.01 Exercised (77,905 ) $ 47.65 Outstanding at December 31, 2015 220,429 $ 64.37 Exercised (9,000 ) $ 35.72 Canceled or expired (6,000 ) $ 99.52 Outstanding at December 31, 2016 205,429 $ 64.60 |
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 December 31, 2016: 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 21,000 0.9 $ 32.69 21,000 $ 32.69 $ 41.24 – $56.45 71,276 2.7 $ 52.34 71,276 $ 52.34 $ 61.89 – $62.48 41,153 4.8 $ 62.34 41,153 $ 62.34 $ 75.17 – $99.52 72,000 5.7 $ 87.35 72,000 $ 87.35 $ 29.60 – $99.52 205,429 4.0 $ 64.60 $ 1,891,000 205,429 $ 64.60 $ 1,891,000 |
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 years ended December 31, 2016, 2015 and 2014: Unvested Restricted Stock Award Shares Weighted Average Grant Date Fair Value Per Share Nonvested balance at December 31, 2013 384 $ 75.65 Granted 8,160 $ 99.52 Vested (8,252 ) $ 98.41 Nonvested balance at December 31, 2014 292 $ 99.52 Granted 20,350 $ 78.52 Vested (18,851 ) $ 79.77 Nonvested balance at December 31, 2015 1,791 $ 68.73 Granted 23,074 $ 64.89 Vested (24,518 ) $ 65.17 Nonvested balance at December 31, 2016 347 $ 64.89 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |
Summary of Asset Allocation | As of December 31, 2016 and 2015, these assets were allocated among asset categories as follows: Asset Category 2016 2015 Current Minimum, Target and Maximum Allocation Policy U.S. equity securities 51 % 50 % 30% — 50%— 70 % International equity securities 19 % 18 % 0% — 20%— 30 % Debt securities 30 % 28 % 15% — 30%— 55 % Cash and cash equivalents — % 4 % 0% — 0%— 5 % 100 % 100 % |
Schedule of Change in Benefit Obligation | The following table presents the change in benefit obligation and plan assets for the Company’s defined benefit plans and postretirement benefit plan (in thousands): Other Postretirement Benefits Pension Benefits Postretirement Pension Plan SERP Welfare Plan 2016 2015 2016 2015 2016 2015 Change in benefit obligation Benefit obligation at beginning of year $ 297,325 $ 315,075 $ 1,526 $ 1,637 $ 891 $ 1,264 Service cost 13,402 14,683 — — — — Interest cost 14,123 13,302 65 64 29 36 Actuarial loss (gain) 19,120 (39,474 ) 12 (30 ) (198 ) (321 ) Gross benefits paid (6,794 ) (6,261 ) (146 ) (145 ) (47 ) (88 ) Benefit obligation at end of year $ 337,176 $ 297,325 $ 1,457 $ 1,526 $ 675 $ 891 Accumulated benefit obligation at end of year $ 272,591 $ 238,775 $ 1,457 $ 1,526 $ 675 $ 891 |
Weighted-Average Assumption Used to Determine Benefit Obligation and Net Periodic Benefit Cost | Weighted-average assumption used to determine benefit obligation at end of year Discount rate 4.2 % 4.5 % 4.2 % 4.5 % 4.2 % 4.5 % Rate of compensation increase Service- based table Service- based table — — — — Health care cost trend rate Initial rate — — — — 7.0 % 6.5 % Ultimate rate — — — — 5.0 % 5.0 % Years to ultimate — — — — 2021 2019 |
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rate | Effect of one-percentage-point change in assumed health care cost trend rate on postretirement obligation Increase $ — $ — $ — $ — $ 74 $ 107 Decrease — — — — (64 ) (93 ) |
Summary of Change in Plan Assets | Change in plan assets Fair value of plan assets at beginning of year $ 243,588 $ 242,275 $ — $ — $ — $ — Actual return on plan assets 20,723 (2,426 ) — — — — Employer contribution — 10,000 146 145 47 88 Gross benefits paid (6,794 ) (6,261 ) (146 ) (145 ) (47 ) (88 ) Fair value of plan assets at end of year $ 257,517 $ 243,588 $ — $ — $ — $ — |
Summary of Funded Status at End of Year | The following table presents the funded status and amounts recognized in the Company’s consolidated balance sheet for the Company’s defined benefit plans and postretirement benefit plan at December 31, 2016 and 2015 (in thousands): Other Postretirement Benefits Pension Benefits Postretirement Pension Plan SERP Welfare Plan 2016 2015 2016 2015 2016 2015 Funded status at end of year Fair value of plan assets $ 257,517 $ 243,588 $ — $ — $ — $ — Benefit obligations (337,176 ) (297,325 ) (1,457 ) (1,526 ) (675 ) (891 ) Funded status and amount recognized at end of year $ (79,659 ) $ (53,737 ) $ (1,457 ) $ (1,526 ) $ (675 ) $ (891 ) |
Amounts Recognized in the Consolidated Balance Sheets | Amounts recognized in the consolidated balance sheets Noncurrent asset $ — $ — $ — $ — $ — $ — Current liability — — (150 ) (149 ) (56 ) (68 ) Long-term liability (79,659 ) (53,737 ) (1,307 ) (1,377 ) (619 ) (823 ) |
Amounts Recognized in Accumulated Other Comprehensive Income | Amounts recognized in accumulated other comprehensive income Net actuarial loss (gain) $ 87,658 $ 77,940 $ 494 $ 508 $ (5,773 ) $ (6,319 ) Prior service cost (credit) — — — — — — Accumulated other compensation income $ 87,658 $ 77,940 $ 494 $ 508 $ (5,773 ) $ (6,319 ) |
Projected Benefit Obligation in Excess of Plan Assets | The projected benefit obligation and fair value of plan assets for pension plans with a projected benefit obligation in excess of plan assets at December 31, 2016 and 2015 were as follows (in thousands): Pension Benefits Pension Plan SERP 2016 2015 2016 2015 Projected benefit obligation in excess of plan assets Projected benefit obligation at end of year $ 337,176 $ 297,325 $ 1,457 $ 1,526 Fair value of plan assets at end of year 257,517 243,588 — — |
Accumulated Benefit Obligation in Excess of Plan Assets | The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2016 and 2015 were as follows (in thousands): Pension Benefits Pension Plan SERP 2016 2015 2016 2015 Accumulated benefit obligation in excess of plan assets Projected benefit obligation at end of year $ 337,176 $ — $ 1,457 $ 1,526 Accumulated benefit obligation at end of year 272,591 — 1,457 1,526 Fair value of plan assets at end of year 257,517 — — — |
Schedule of Employer Contribution | The following tables presents the expected cash flows for the Company’s defined benefit plans and postretirement benefit plan at December 31, 2016 and 2015 (in thousands): Other Postretirement Benefits Pension Benefits Postretirement Pension Plan SERP Welfare Plan 2016 2015 2016 2015 2016 2015 Expected employer contributions First year $ — $ — $ 153 $ 152 $ 50 $ 70 |
Expected Benefit Payments | Other Postretirement Benefits Pension Benefits Postretirement Pension Plan SERP Welfare Plan 2016 2015 2016 2015 2016 2015 Expected benefit payments (gross) Year one $ 8,032 $ 7,678 $ 153 $ 152 $ 58 $ 81 Year two 8,835 8,298 157 157 58 86 Year three 9,646 9,013 155 154 58 86 Year four 10,400 9,748 151 152 58 86 Year five 11,201 10,415 148 149 57 85 Next five years 70,419 63,860 514 608 199 341 |
Summary of Expected Federal Subsidy | Other Postretirement Benefits Pension Benefits Postretirement Pension Plan SERP Welfare Plan 2016 2015 2016 2015 2016 2015 Expected federal subsidy Year one $ — $ — $ — $ — $ (7 ) $ (11 ) Year two — — — — (7 ) (11 ) Year three — — — — (7 ) (11 ) Year four — — — — (7 ) (12 ) Year five — — — — (7 ) (12 ) Next five years — — — — (33 ) (55 ) |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost and other changes in plan assets and benefit obligations recognized in other comprehensive income for the Company’s defined benefit plans for the years ended December 31, 2016, 2015 and 2014 were as follows (in thousands): Pension Benefits Pension Plan SERP 2016 2015 2014 2016 2015 2014 Components of net periodic benefit cost Service cost $ 13,402 $ 14,683 $ 10,645 $ — $ — $ — Interest cost 14,123 13,302 12,839 65 64 73 Expected return on plan assets (16,805 ) (17,921 ) (18,858 ) — — — Amortization: Actuarial loss 5,484 7,728 701 26 28 16 Prior service credit — — — — — — Net periodic benefit cost 16,204 17,792 5,327 91 92 89 Other changes in plan assets and benefit obligations recognized in other comprehensive income Current year actuarial loss (gain) 15,203 (19,127 ) 72,737 12 (30 ) 180 Recognition of actuarial loss (5,484 ) (7,728 ) (701 ) (26 ) (28 ) (16 ) Recognition of prior service credit — — — — — — Total recognized in other comprehensive income 9,719 (26,855 ) 72,036 (14 ) (58 ) 164 Total recognized in net periodic benefit cost and other comprehensive income $ 25,923 $ (9,063 ) $ 77,363 $ 77 $ 34 $ 253 |
Weighted-Average Assumption Used to Determine Benefit Obligation and Net Periodic Benefit Cost | Weighted average assumptions used to determine net periodic benefit cost Discount rate 4.5 % 4.1 % 5.0 % 4.5 % 4.1 % 5.0 % Expected long-term rate of return on plan assets 7.0 % 7.5 % 7.5 % — — — Rate of compensation increase Service- based table 4.25 % 4.25 % — — — |
Estimated Amounts that will be Amortized from Accumulated Other Comprehensive Income into Net Periodic Benefit Cost | The estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2017 are as follows (in thousands): Pension Benefits Pension Plan SERP Actuarial loss $ 5,477 $ 28 Prior service credit — — $ 5,477 $ 28 |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost and other changes in benefit obligations recognized in other comprehensive income for the Company’s postretirement benefit plan for the years ended December 31, 2016, 2015 and 2014 were as follows (in thousands): Other Postretirement Benefits Postretirement Welfare Plan 2016 2015 2014 Components of net periodic benefit cost Service cost $ — $ — $ — Interest cost 29 36 110 Amortization: Actuarial gain (747 ) (793 ) (649 ) Prior service cost — — — Net periodic benefit cost (718 ) (757 ) (539 ) Other changes in benefit obligations recognized in other comprehensive income Current year actuarial gain (198 ) (322 ) (1,065 ) Recognition of actuarial gain 747 793 649 Recognition of prior service cost — — — Adjustment for actual Medicare Part D reimbursement (3 ) (3 ) (8 ) Total recognized in other comprehensive income 546 468 (424 ) Total recognized in net periodic benefit cost and other comprehensive income $ (172 ) $ (289 ) $ (963 ) |
Weighted-Average Assumption Used to Determine Benefit Obligation and Net Periodic Benefit Cost | Weighted average assumptions used to determine net periodic benefit cost Discount rate 4.5 % 4.1 % 5.0 % Health care cost trend rate: Initial rate 6.5 % 7.0 % 7.0 % Ultimate rate 5.0 % 5.0 % 5.0 % Years to ultimate 2019 2019 2018 |
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rate | Effect of one-percentage-point change in assumed health care cost trend rate on aggregate service and interest cost Increase $ 4 $ 5 $ 7 Decrease (3 ) (4 ) (6 ) |
Estimated Amounts that will be Amortized from Accumulated Other Comprehensive Income into Net Periodic Benefit Cost | The estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2017 are as follows (in thousands): Other Postretirement Benefits Postretirement Welfare Plan Actuarial gain $ (668 ) Prior service cost — $ (668 ) |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Comprehensive Income [Abstract] | |
Schedule of Changes in Other Comprehensive income | The Company’s changes in other comprehensive income for the years ended December 31, 2016, 2015 and 2014 were as follows (in thousands): 2016 2015 2014 Gross Amount Income Tax (Provision) Benefit Net Amount 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 $ 4,763 $ (1,825 ) $ 2,938 $ 6,963 $ (2,667 ) $ 4,296 $ 68 $ (26 ) $ 42 Actuarial gains (losses) (15,013 ) 5,754 (9,259 ) 19,482 (7,456 ) 12,026 (71,843 ) 27,507 (44,336 ) Foreign currency translation adjustments — — — 29 — 29 (35 ) — (35 ) Change in fair value of derivative instruments (b): Unrealized gains (losses) — — — — — — 24 (9 ) 15 Reclassified to net earnings — — — — — — 121 (51 ) 70 Total $ (10,250 ) $ 3,929 $ (6,321 ) $ 26,474 $ (10,123 ) $ 16,351 $ (71,665 ) $ 27,421 $ (44,244 ) (a) Actuarial gains (losses) are amortized into costs of sales and operating expenses or selling, general and administrative expenses as appropriate. (See Note 9 – Retirement Plans) (b) Reclassifications to net earnings of derivatives qualifying as effective hedges are recognized in costs of sales and operating expenses. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | The following table presents the components of basic and diluted earnings per share for the years ended December 31, 2016, 2015 and 2014 (in thousands, except per share amounts): 2016 2015 2014 Net earnings attributable to Kirby $ 141,406 $ 226,684 $ 282,006 Undistributed earnings allocated to restricted shares (999 ) (1,345 ) (1,643 ) Income available to Kirby common stockholders — basic 140,407 225,339 280,363 Undistributed earnings allocated to restricted shares 999 1,345 1,643 Undistributed earnings reallocated to restricted shares (997 ) (1,343 ) (1,637 ) Income available to Kirby common stockholders — diluted $ 140,409 $ 225,341 $ 280,369 Shares outstanding: Weighted average common stock issued and outstanding 53,834 55,056 57,006 Weighted average unvested restricted stock (380 ) (327 ) (332 ) Weighted average common stock outstanding — basic 53,454 54,729 56,674 Dilutive effect of stock options 58 97 193 Weighted average common stock outstanding — diluted 53,512 54,826 56,867 Net earnings per share attributable to Kirby common stockholders: Basic $ 2.63 $ 4.12 $ 4.95 Diluted $ 2.62 $ 4.11 $ 4.93 |
Quarterly Results (Unaudited) (
Quarterly Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Results (Unaudited) [Abstract] | |
Schedule of Quarterly Results | The unaudited quarterly results for the year ended December 31, 2016 were as follows (in thousands, except per share amounts): Three Months Ended March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 Revenues $ 458,733 $ 441,582 $ 434,708 $ 435,650 Costs and expenses 393,399 374,868 378,400 378,684 Gain (loss) on disposition of assets 67 94 (122 ) (166 ) Operating income 65,401 66,808 56,186 56,800 Other income (expense) 135 179 (120 ) 47 Interest expense (4,193 ) (4,513 ) (4,507 ) (4,477 ) Earnings before taxes on income 61,343 62,474 51,559 52,370 Provision for taxes on income (22,859 ) (23,365 ) (19,206 ) (19,512 ) Net earnings 38,484 39,109 32,353 32,858 Less: Net earnings attributable to noncontrolling interests (385 ) (167 ) (343 ) (503 ) Net earnings attributable to Kirby $ 38,099 $ 38,942 $ 32,010 $ 32,355 Net earnings per share attributable to Kirby common stockholders: Basic $ 0.71 $ 0.72 $ 0.59 $ 0.60 Diluted $ 0.71 $ 0.72 $ 0.59 $ 0.60 The unaudited quarterly results for the year ended December 31, 2015 were as follows (in thousands, except per share amounts): Three Months Ended March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Revenues $ 587,673 $ 543,156 $ 532,565 $ 484,138 Costs and expenses 486,136 445,113 437,115 400,178 Gain (loss) on disposition of assets 1,555 91 (400 ) 426 Operating income 103,092 98,134 95,050 84,386 Other income (expense) 60 (303 ) 22 9 Interest expense (5,250 ) (4,759 ) (4,449 ) (4,280 ) Earnings before taxes on income 97,902 93,072 90,623 80,115 Provision for taxes on income (36,491 ) (34,696 ) (33,512 ) (29,043 ) Net earnings 61,411 58,376 57,111 51,072 Less: Net earnings attributable to noncontrolling interests (333 ) (301 ) (268 ) (384 ) Net earnings attributable to Kirby $ 61,078 $ 58,075 $ 56,843 $ 50,688 Net earnings per share attributable to Kirby common stockholders: Basic $ 1.09 $ 1.04 $ 1.04 $ 0.94 Diluted $ 1.09 $ 1.04 $ 1.04 $ 0.94 |
Segment Data (Tables)
Segment Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Data [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following table sets forth by reportable segment the revenues, profit or loss, total assets, depreciation and amortization, and capital expenditures attributable to the principal activities of the Company for the years ended December 31, 2016, 2015 and 2014 (in thousands): 2016 2015 2014 Revenues: Marine transportation $ 1,471,893 $ 1,663,090 $ 1,770,684 Diesel engine services 298,780 484,442 795,634 $ 1,770,673 $ 2,147,532 $ 2,566,318 Segment profit (loss): Marine transportation $ 257,102 $ 374,842 $ 429,864 Diesel engine services 3,186 18,921 60,063 Other (32,542 ) (32,051 ) (35,537 ) $ 227,746 $ 361,712 $ 454,390 Total assets: Marine transportation $ 3,622,348 $ 3,451,553 $ 3,317,696 Diesel engine services 628,290 637,549 736,129 Other 52,861 63,179 83,789 $ 4,303,499 $ 4,152,281 $ 4,137,614 Depreciation and amortization: Marine transportation $ 184,291 $ 175,798 $ 154,019 Diesel engine services 12,833 12,498 11,463 Other 3,793 3,944 3,830 $ 200,917 $ 192,240 $ 169,312 Capital expenditures: Marine transportation $ 217,423 $ 311,862 $ 340,315 Diesel engine services 5,915 28,907 7,486 Other 7,728 4,706 7,343 $ 231,066 $ 345,475 $ 355,144 |
Schedule of Other Segment Reporting Information | The following table presents the details of “Other” segment profit (loss) for the years ended December 31, 2016, 2015 and 2014 (in thousands): 2016 2015 2014 General corporate expenses $ (14,966 ) $ (14,773 ) $ (14,896 ) Interest expense (17,690 ) (18,738 ) (21,461 ) Gain (loss) on disposition of assets (127 ) 1,672 781 Other income (expense) 241 (212 ) 39 $ (32,542 ) $ (32,051 ) $ (35,537 ) The following table presents the details of “Other” total assets as of December 31, 2016, 2015 and 2014 (in thousands): 2016 2015 2014 General corporate assets $ 50,239 $ 61,089 $ 81,250 Investment in affiliates 2,622 2,090 2,539 $ 52,861 $ 63,179 $ 83,789 |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts Receivable [Abstract] | |||
Accruals for revenues earned included in accounts receivable | $ 84,453,000 | $ 90,166,000 | |
Receivables from insurance companies to cover claims in excess included in accounts receivable | $ 88,182,000 | 77,684,000 | |
Drydocking on Ocean-Going Vessels [Abstract] | |||
Period in which recertification of ocean going vessels occur twice | 5 years | ||
Recognized amortization of major maintenance costs | $ 19,869,000 | 22,126,000 | $ 16,409,000 |
Capitalized interest excluded from interest expense | 2,974,000 | 3,026,000 | 639,000 |
Goodwill [Abstract] | |||
Impairment of goodwill | 0 | 0 | |
Gross carrying value of goodwill | 615,598,000 | 604,185,000 | |
Accumulated amortization | 15,566,000 | 15,566,000 | |
Accumulated impairment losses | 1,901,000 | 1,901,000 | |
Net goodwill | 598,131,000 | 586,718,000 | |
Accrued Insurance [Abstract] | |||
Accrued insurance liabilities | $ 23,085,000 | 23,737,000 | $ 25,416,000 |
Minimum [Member] | |||
Drydocking on Ocean-Going Vessels [Abstract] | |||
Period of amortization of shipyard costs | 30 months | ||
Maximum [Member] | |||
Drydocking on Ocean-Going Vessels [Abstract] | |||
Period of amortization of shipyard costs | 60 months | ||
Marine Transportation Equipment [Member] | Minimum [Member] | |||
Property, Maintenance and Repairs [Abstract] | |||
Estimated useful lives of the individual assets | 5 years | ||
Marine Transportation Equipment [Member] | Maximum [Member] | |||
Property, Maintenance and Repairs [Abstract] | |||
Estimated useful lives of the individual assets | 40 years | ||
Buildings [Member] | Minimum [Member] | |||
Property, Maintenance and Repairs [Abstract] | |||
Estimated useful lives of the individual assets | 10 years | ||
Buildings [Member] | Maximum [Member] | |||
Property, Maintenance and Repairs [Abstract] | |||
Estimated useful lives of the individual assets | 40 years | ||
Other Equipment [Member] | Minimum [Member] | |||
Property, Maintenance and Repairs [Abstract] | |||
Estimated useful lives of the individual assets | 2 years | ||
Other Equipment [Member] | Maximum [Member] | |||
Property, Maintenance and Repairs [Abstract] | |||
Estimated useful lives of the individual assets | 10 years | ||
Marine Transportation Segment [Member] | |||
Goodwill [Abstract] | |||
Net goodwill | $ 382,227,000 | 381,243,000 | |
Marine Transportation Segment [Member] | Minimum [Member] | |||
Revenue Recognition [Abstract] | |||
Range of term contracts | 1 year | ||
Marine Transportation Segment [Member] | Maximum [Member] | |||
Revenue Recognition [Abstract] | |||
Range of term contracts | 3 years | ||
Diesel Engine Services Segment [Member] | |||
Goodwill [Abstract] | |||
Net goodwill | $ 215,904,000 | $ 205,475,000 | |
ASU 2015-03 [Member] | |||
Accounting Standards [Abstract] | |||
Reclassification of debt issuance cost from other assets to long term debt, less current portion | $ 3,985,000 |
Acquisitions (Details)
Acquisitions (Details) | Oct. 11, 2016USD ($)State | Jun. 30, 2016USD ($)Vesselbbl | Jun. 02, 2016USD ($)Vessel | Apr. 15, 2016USD ($)Vesselbbl | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | ||||||
Goodwill acquired | $ 598,131,000 | $ 586,718,000 | ||||
Valley Power Systems Northwest, Inc. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase price | $ 11,440,000 | |||||
Number of western states included in distributor agreement | State | 9 | |||||
Goodwill acquired | $ 8,330,000 | |||||
Intangible assets acquired | $ 2,070,000 | |||||
Weighted average amortization period of intangibles | 15 years | |||||
TD Equipment Finance, Inc. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash paid for acquisition | $ 13,682,000 | |||||
TD Equipment Finance, Inc. [Member] | Coastal Tank Barge [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of maritime vessels | Vessel | 1 | |||||
Tank barge barrel capacity | bbl | 80,000 | |||||
Crosby Marine Transportation LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash paid for acquisition | $ 26,450,000 | |||||
Crosby Marine Transportation LLC [Member] | Coastal Tugboats [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of maritime vessels | Vessel | 4 | |||||
Average age of property | 13 years | |||||
SEACOR Holdings Inc. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Purchase price | $ 89,181,000 | |||||
Cash paid for acquisition | 85,500,000 | |||||
Ownership transferred, value | 3,681,000 | |||||
Goodwill acquired | 985,000 | |||||
Intangible assets acquired | $ 0 | |||||
SEACOR Holdings Inc. [Member] | Inland Tank Barges [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of maritime vessels | Vessel | 27 | |||||
Tank barge barrel capacity | bbl | 30,000 | |||||
Average age of property | 10 years | |||||
SEACOR Holdings Inc. [Member] | Inland Towboats [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of maritime vessels | Vessel | 14 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Details of inventories [Abstract] | ||
Finished goods | $ 178,740 | $ 163,501 |
Work in process | 6,662 | 21,010 |
Inventory, Net, Total | $ 185,402 | $ 184,511 |
Long-Term Debt, Schedule of Lon
Long-Term Debt, Schedule of Long-Term Debt (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 725,986,000 | $ 778,834,000 |
Unamortized debt issuance costs | (3,184,000) | (3,985,000) |
Total | 722,802,000 | 774,849,000 |
Revolving Credit Facility Due April 30, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility, amount outstanding | $ 225,986,000 | 278,834,000 |
Credit facility, expiration date | Apr. 30, 2020 | |
Long term debt, face amount | $ 550,000,000 | |
Senior Notes Series A Due February 27, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility, amount outstanding | $ 150,000,000 | 150,000,000 |
Credit facility, expiration date | Feb. 27, 2020 | |
Long term debt, face amount | $ 150,000,000 | |
Senior Notes Series B Due February 27, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility, amount outstanding | $ 350,000,000 | 350,000,000 |
Credit facility, expiration date | Feb. 27, 2023 | |
Long term debt, face amount | $ 350,000,000 | |
Credit Line Due June 30, 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility, amount outstanding | $ 0 | 0 |
Credit facility, expiration date | Jun. 30, 2017 | |
Long term debt, face amount | $ 10,000,000 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt, face amount | $ 550,000,000 |
Long-Term Debt, Schedule of Agg
Long-Term Debt, Schedule of Aggregate Payments Due on The Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Long-Term Debt [Abstract] | ||
2,017 | $ 0 | |
2,018 | 0 | |
2,019 | 0 | |
2,020 | 375,986 | |
2,021 | 0 | |
Thereafter | 350,000 | |
Long-term Debt | $ 725,986 | $ 778,834 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Line of credit, increase in aggregate commitments | $ 300,000,000 | |
Senior Notes | 500,000,000 | |
Total debt outstanding, Fair value | $ 715,330,000 | $ 764,781,000 |
Senior Notes Series A Due February 27, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 2.72% | |
Credit facility, amount outstanding | $ 150,000,000 | 150,000,000 |
Senior Notes Series B Due February 27, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 3.29% | |
Credit facility, amount outstanding | $ 350,000,000 | $ 350,000,000 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Average borrowing under revolving credit facility | 249,247,000 | |
Commitment amount | $ 25,000,000 | |
Commitment fee | 0.10% | |
Weighted average interest rate | 1.50% | |
Revolving Credit Facility [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, variable rate basis | LIBOR | |
Basis spread on variable rate | 1.00% | |
Line Of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility, amount outstanding | $ 1,012,000 | |
Line Of Credit [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Credit facility, amount outstanding | $ 2,518,000 |
Taxes on Income, Earnings Befor
Taxes on Income, Earnings Before Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Taxes on Income [Abstract] | |||||||||||
Earnings before taxes on income - United States | $ 52,370 | $ 51,559 | $ 62,474 | $ 61,343 | $ 80,115 | $ 90,623 | $ 93,072 | $ 97,902 | $ 227,746 | $ 361,712 | $ 454,390 |
Federal [Abstract] | |||||||||||
Current | 28,919 | 64,707 | 81,953 | ||||||||
Deferred | 49,685 | 59,582 | 72,920 | ||||||||
State and local | 6,338 | 9,453 | 14,909 | ||||||||
Total provision for taxes on income | $ 19,512 | $ 19,206 | $ 23,365 | $ 22,859 | $ 29,043 | $ 33,512 | $ 34,696 | $ 36,491 | 84,942 | 133,742 | 169,782 |
Tax benefit (expense) realized from equity compensation plans | $ (824) | $ 964 | $ 6,119 |
Taxes on Income, Schedule of Ef
Taxes on Income, Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Company's provision for taxes on income varied from the statutory federal income tax rate [Abstract] | |||
United States income tax statutory rate | 35.00% | 35.00% | 35.00% |
State and local taxes, net of federal benefit | 1.80% | 1.70% | 2.20% |
Other - net | 0.50% | 0.30% | 0.20% |
Effective income tax rate | 37.30% | 37.00% | 37.40% |
Taxes on Income, Schedule of De
Taxes on Income, Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Current deferred tax assets [Abstract] | ||
Compensated absences | $ 739 | $ 829 |
Allowance for doubtful accounts | 2,534 | 3,288 |
Insurance accruals | 6,218 | 4,234 |
Other | 4,113 | 3,372 |
Current deferred tax assets, Total | 13,604 | 11,723 |
Deferred tax assets [Abstract] | ||
Postretirement health care benefits | 2,234 | 2,501 |
Insurance accruals | 2,910 | 3,410 |
Deferred compensation | 11,124 | 10,534 |
Unrealized loss on defined benefit plans | 28,832 | 25,245 |
Operating loss carryforwards | 7,846 | 5,188 |
Other | 21,622 | 20,702 |
Valuation allowances | (7,417) | (4,716) |
Deferred tax assets | 67,151 | 62,864 |
Deferred tax liabilities [Abstract] | ||
Property | (654,751) | (604,737) |
Deferred state taxes | (54,812) | (53,542) |
Pension benefits | (2,799) | (8,471) |
Goodwill and other intangibles | (51,551) | (44,185) |
Other | (22,295) | (21,737) |
Deferred tax liabilities | (786,208) | (732,672) |
Net deferred tax liabilities | (719,057) | (669,808) |
Operating loss carryforwards, net of valuation allowance | $ 429 | |
Expiration dates, operating loss carryforwards | Dec. 31, 2030 | |
Deferred tax assets | $ 88,172 | 79,303 |
Deferred tax assets, net of valuation allowance | 80,755 | $ 74,587 |
Unrecognized tax benefits including interest and penalties | 2,573 | |
Amount that would impact the effective tax rate, if recognized | $ 1,737 | |
Minimum [Member] | State and Local Jurisdiction [Member] | ||
Income Tax Examination [Line Items] | ||
Years open to audit under the statute of limitations | 2,010 | |
Minimum [Member] | Internal Revenue Service (IRS) [Member] | ||
Income Tax Examination [Line Items] | ||
Years open to audit under the statute of limitations | 2,013 | |
Maximum [Member] | State and Local Jurisdiction [Member] | ||
Income Tax Examination [Line Items] | ||
Years open to audit under the statute of limitations | 2,015 | |
Maximum [Member] | Internal Revenue Service (IRS) [Member] | ||
Income Tax Examination [Line Items] | ||
Years open to audit under the statute of limitations | 2,015 |
Taxes on Income, Reconciliation
Taxes on Income, Reconciliation of Liability for Unrecognized Tax Benefits (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of the beginning and ending amount of the liability for unrecognized tax benefits [Roll Forward] | |||
Balance at beginning of year | $ 1,958,000 | $ 1,171,000 | $ 949,000 |
Additions based on tax positions related to the current year | 187,000 | 339,000 | 470,000 |
Additions for tax positions of prior years | 867,000 | 785,000 | 39,000 |
Reductions for tax positions of prior years | (441,000) | (337,000) | (287,000) |
Settlements | (552,000) | 0 | 0 |
Balance at end of year | 2,019,000 | 1,958,000 | 1,171,000 |
Income tax penalties and interest recognized | 88,000 | 216,000 | 40,000 |
Accrued liabilities for payment of interest and penalties | $ 554,000 | $ 522,000 | $ 306,000 |
Leases, Schedule of Rent Expens
Leases, Schedule of Rent Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property Subject To Or Available for Operating Lease [Line Items] | |||
Rental expense | $ 162,582 | $ 166,542 | $ 165,257 |
Other Buildings and Equipment [Member] | |||
Property Subject To Or Available for Operating Lease [Line Items] | |||
Rental expense | 11,182 | 9,383 | 9,146 |
Tank Barges [Member] | Marine Equipment [Member] | |||
Property Subject To Or Available for Operating Lease [Line Items] | |||
Rental expense | 13,791 | 14,092 | 19,780 |
Towing Vessels [Member] | Marine Equipment [Member] | |||
Property Subject To Or Available for Operating Lease [Line Items] | |||
Rental expense | $ 137,609 | $ 143,067 | $ 136,331 |
Minimum [Member] | Tank Barges [Member] | |||
Property Subject To Or Available for Operating Lease [Line Items] | |||
Lease agreements expiring terms | 1 year | ||
Minimum [Member] | Towing Vessels [Member] | |||
Property Subject To Or Available for Operating Lease [Line Items] | |||
Lease agreements expiring terms | 30 days | ||
Maximum [Member] | Tank Barges [Member] | |||
Property Subject To Or Available for Operating Lease [Line Items] | |||
Lease agreements expiring terms | 12 years | ||
Maximum [Member] | Towing Vessels [Member] | |||
Property Subject To Or Available for Operating Lease [Line Items] | |||
Lease agreements expiring terms | 5 years |
Leases, Schedule of Future Mini
Leases, Schedule of Future Minimum Lease Payments Under Operating Leases (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Operating Leased Assets [Line Items] | |
2,017 | $ 106,395 |
2,018 | 40,299 |
2,019 | 13,724 |
2,020 | 11,321 |
2,021 | 8,581 |
Thereafter | 76,864 |
Future minimum lease payments under operating leases | 257,184 |
Marine Equipment [Member] | Tank Barges [Member] | |
Operating Leased Assets [Line Items] | |
2,017 | 10,419 |
2,018 | 8,718 |
2,019 | 4,581 |
2,020 | 3,813 |
2,021 | 1,574 |
Thereafter | 2,474 |
Future minimum lease payments under operating leases | 31,579 |
Marine Equipment [Member] | Towing Vessels [Member] | |
Operating Leased Assets [Line Items] | |
2,017 | 83,949 |
2,018 | 20,532 |
2,019 | 314 |
2,020 | 0 |
2,021 | 0 |
Thereafter | 0 |
Future minimum lease payments under operating leases | 104,795 |
Land Buildings and Equipment [Member] | |
Operating Leased Assets [Line Items] | |
2,017 | 12,027 |
2,018 | 11,049 |
2,019 | 8,829 |
2,020 | 7,508 |
2,021 | 7,007 |
Thereafter | 74,390 |
Future minimum lease payments under operating leases | $ 120,810 |
Stock Award Plans (Details)
Stock Award Plans (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock Award Plans [Abstract] | |||
Compensation cost | $ 11,675,000 | $ 11,104,000 | $ 11,591,000 |
Income tax benefit | 4,378,000 | 4,120,000 | 4,358,000 |
Share-based Compensation Plans Combined Disclosure [Abstract] | |||
Intrinsic value of stock options exercised | 266,000 | 2,555,000 | 11,671,000 |
Tax benefit from stock options exercised | 100,000 | 948,000 | 4,388,000 |
Intrinsic value of restricted stock vesting | 6,928,000 | 10,270,000 | 14,847,000 |
Tax benefit from restricted stock vesting | 2,598,000 | 3,810,000 | 5,583,000 |
Fair value of options vested | 2,495,000 | 2,180,000 | 3,759,000 |
Fair value of restricted stock vested | $ 6,928,000 | $ 10,270,000 | $ 14,847,000 |
Fair value of stock options granted (in dollars per share) | $ 17.30 | $ 25.18 | $ 36.05 |
Fair value of stock options granted | $ 3,231,000 | $ 2,893,000 | $ 4,226,000 |
Stock Options [Member] | |||
Share-based Compensation Plans Combined Disclosure [Abstract] | |||
Unrecognized compensation cost related to unvested awards | $ 3,422,000 | ||
Weighted average period of recognition in years | 1 year 4 months 24 days | ||
Fair Value Assumptions [Abstract] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Average risk-free interest rate | 1.50% | 1.30% | 2.00% |
Stock price volatility | 30.00% | 33.00% | 33.00% |
Estimated option term | 6 years | 6 years | |
Stock Options [Member] | Minimum [Member] | |||
Fair Value Assumptions [Abstract] | |||
Estimated option term | 6 years | ||
Stock Options [Member] | Maximum [Member] | |||
Fair Value Assumptions [Abstract] | |||
Estimated option term | 7 years | ||
Restricted Stock [Member] | |||
Share-based Compensation Plans Combined Disclosure [Abstract] | |||
Unrecognized compensation cost related to unvested awards | $ 18,055,000 | ||
Weighted average period of recognition in years | 3 years 1 month 6 days | ||
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) | 1,987,512 | ||
Options Exercisable [Abstract] | |||
Stock options exercisable (in shares) | 321,942 | 239,518 | 157,140 |
Employee Stock Award Plan [Member] | Stock Options [Member] | |||
Outstanding Non-Qualified or Nonincentive Stock Awards [Roll Forward] | |||
Outstanding at Period Start, (in shares) | 430,432 | 322,956 | 379,604 |
Granted (in shares) | 186,706 | 114,894 | 75,204 |
Exercised (in shares) | 0 | 0 | (119,276) |
Canceled or expired (in shares) | (16,017) | (7,418) | (12,576) |
Outstanding at Period End (in shares) | 601,121 | 430,432 | 322,956 |
Weighted Average Exercise Price [Abstract] | |||
Outstanding at Period Start (in dollars per share) | $ 71.01 | $ 69.95 | $ 55.42 |
Granted (in dollars per share) | 53.50 | 74.99 | 98.91 |
Exercised (in dollars per share) | 0 | 0 | 42.07 |
Canceled or expired (in dollars per share) | 80.17 | 86.28 | 68.89 |
Outstanding at Period End (in dollars per share) | 65.33 | $ 71.01 | $ 69.95 |
Employee Stock Award Plan [Member] | Stock Options [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 | ||
Weighted Average Remaining Contractual Life | 1 month 6 days | ||
Weighted Average Exercise Price, Options Outstanding (in dollars per share) | $ 32.82 | ||
Options Exercisable [Abstract] | |||
Number Exercisable (in shares) | 16,910 | ||
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | $ 32.82 | ||
Employee Stock Award Plan [Member] | Stock Options [Member] | Second Price Range [Member] | |||
Outstanding and Exercisable Stock options [Abstract] | |||
Range of Exercise Prices, upper limit (in dollars per share) | 51.23 | ||
Range of Exercise Prices, lower limit (in dollars per share) | $ 46.74 | ||
Options Outstanding [Abstract] | |||
Number Outstanding (in shares) | 212,335 | ||
Weighted Average Remaining Contractual Life | 4 years 9 months 18 days | ||
Weighted Average Exercise Price, Options Outstanding (in dollars per share) | $ 50.03 | ||
Options Exercisable [Abstract] | |||
Number Exercisable (in shares) | 56,629 | ||
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | $ 46.74 | ||
Employee Stock Award Plan [Member] | Stock Options [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) | $ 64.89 | ||
Options Outstanding [Abstract] | |||
Number Outstanding (in shares) | 302,735 | ||
Weighted Average Remaining Contractual Life | 4 years 1 month 6 days | ||
Weighted Average Exercise Price, Options Outstanding (in dollars per share) | $ 70.29 | ||
Options Exercisable [Abstract] | |||
Number Exercisable (in shares) | 202,309 | ||
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | $ 69.51 | ||
Employee Stock Award Plan [Member] | Stock Options [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) | 33,987 | ||
Weighted Average Remaining Contractual Life | 4 years 1 month 6 days | ||
Weighted Average Exercise Price, Options Outstanding (in dollars per share) | $ 94.31 | ||
Options Exercisable [Abstract] | |||
Number Exercisable (in shares) | 22,658 | ||
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | $ 94.31 | ||
Employee Stock Award Plan [Member] | Stock Options [Member] | Fifth Price Range [Member] | |||
Outstanding and Exercisable Stock options [Abstract] | |||
Range of Exercise Prices, upper limit (in dollars per share) | 104.37 | ||
Range of Exercise Prices, lower limit (in dollars per share) | $ 101.46 | ||
Options Outstanding [Abstract] | |||
Number Outstanding (in shares) | 35,154 | ||
Weighted Average Remaining Contractual Life | 4 years 2 months 12 days | ||
Weighted Average Exercise Price, Options Outstanding (in dollars per share) | $ 102.60 | ||
Options Exercisable [Abstract] | |||
Number Exercisable (in shares) | 23,436 | ||
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | $ 102.60 | ||
Employee Stock Award Plan [Member] | Stock Options [Member] | Full Exercise Price Range [Member] | |||
Outstanding and Exercisable Stock options [Abstract] | |||
Range of Exercise Prices, upper limit (in dollars per share) | 104.37 | ||
Range of Exercise Prices, lower limit (in dollars per share) | $ 31.35 | ||
Options Outstanding [Abstract] | |||
Number Outstanding (in shares) | 601,121 | ||
Weighted Average Remaining Contractual Life | 4 years 2 months 12 days | ||
Weighted Average Exercise Price, Options Outstanding (in dollars per share) | $ 65.33 | ||
Aggregate Intrinsic Value, Options Outstanding | $ 4,175,000 | ||
Options Exercisable [Abstract] | |||
Number Exercisable (in shares) | 321,942 | ||
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | $ 67.73 | ||
Aggregate Intrinsic Value, Options Exercisable | $ 1,747,000 | ||
Employee Stock Award Plan [Member] | Restricted Stock [Member] | |||
Unvested Restricted Stock Award Shares [Roll Forward] | |||
Nonvested balance beginning of period (in shares) | 311,727 | 321,453 | 399,278 |
Granted (in shares) | 190,610 | 122,740 | 97,706 |
Vested (in shares) | (105,109) | (113,958) | (141,870) |
Forfeited (in shares) | (19,573) | (18,508) | (33,661) |
Nonvested balance end of period (in shares) | 377,655 | 311,727 | 321,453 |
Weighted Average Grant Date Fair Value Per Share [Abstract] | |||
Nonvested balance beginning of period (in dollars per share) | $ 75.73 | $ 71.04 | $ 54.92 |
Granted (in dollars per share) | 53.56 | 75.04 | 97.46 |
Vested (in dollars per share) | 69.93 | 60.73 | 45.64 |
Forfeited (in dollars per share) | 76.06 | 82 | 63.56 |
Nonvested balance end of period (in dollars per share) | $ 66.14 | $ 75.73 | $ 71.04 |
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) | 522,457 | ||
Options Exercisable [Abstract] | |||
Stock options exercisable (in shares) | 205,429 | 220,429 | 298,334 |
2000 Director Plan [Member] | Stock Options [Member] | |||
Outstanding Non-Qualified or Nonincentive Stock Awards [Roll Forward] | |||
Outstanding at Period Start, (in shares) | 220,429 | 298,334 | 320,322 |
Granted (in shares) | 42,000 | ||
Exercised (in shares) | (9,000) | (77,905) | (63,988) |
Canceled or expired (in shares) | (6,000) | ||
Outstanding at Period End (in shares) | 205,429 | 220,429 | 298,334 |
Weighted Average Exercise Price [Abstract] | |||
Outstanding at Period Start (in dollars per share) | $ 64.37 | $ 60.01 | $ 50.64 |
Granted (in dollars per share) | 99.52 | ||
Exercised (in dollars per share) | 35.72 | 47.65 | 39.08 |
Canceled or expired (in dollars per share) | 99.52 | ||
Outstanding at Period End (in dollars per share) | 64.60 | $ 64.37 | $ 60.01 |
2000 Director Plan [Member] | Stock Options [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) | 21,000 | ||
Weighted Average Remaining Contractual Life | 10 months 24 days | ||
Weighted Average Exercise Price, Options Outstanding (in dollars per share) | $ 32.69 | ||
Options Exercisable [Abstract] | |||
Number Exercisable (in shares) | 21,000 | ||
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | $ 32.69 | ||
2000 Director Plan [Member] | Stock Options [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 | ||
Weighted Average Remaining Contractual Life | 2 years 8 months 12 days | ||
Weighted Average Exercise Price, Options Outstanding (in dollars per share) | $ 52.34 | ||
Options Exercisable [Abstract] | |||
Number Exercisable (in shares) | 71,276 | ||
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | $ 52.34 | ||
2000 Director Plan [Member] | Stock Options [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 | ||
Weighted Average Remaining Contractual Life | 4 years 9 months 18 days | ||
Weighted Average Exercise Price, Options Outstanding (in dollars per share) | $ 62.34 | ||
Options Exercisable [Abstract] | |||
Number Exercisable (in shares) | 41,153 | ||
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | $ 62.34 | ||
2000 Director Plan [Member] | Stock Options [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) | 72,000 | ||
Weighted Average Remaining Contractual Life | 5 years 8 months 12 days | ||
Weighted Average Exercise Price, Options Outstanding (in dollars per share) | $ 87.35 | ||
Options Exercisable [Abstract] | |||
Number Exercisable (in shares) | 72,000 | ||
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | $ 87.35 | ||
2000 Director Plan [Member] | Stock Options [Member] | Sixth 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 | ||
2000 Director Plan [Member] | Stock Options [Member] | Full Exercise Price Range [Member] | |||
Options Outstanding [Abstract] | |||
Number Outstanding (in shares) | 205,429 | ||
Weighted Average Remaining Contractual Life | 4 years | ||
Weighted Average Exercise Price, Options Outstanding (in dollars per share) | $ 64.60 | ||
Aggregate Intrinsic Value, Options Outstanding | $ 1,891,000 | ||
Options Exercisable [Abstract] | |||
Number Exercisable (in shares) | 205,429 | ||
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | $ 64.60 | ||
Aggregate Intrinsic Value, Options Exercisable | $ 1,891,000 | ||
2000 Director Plan [Member] | Restricted Stock [Member] | |||
Unvested Restricted Stock Award Shares [Roll Forward] | |||
Nonvested balance beginning of period (in shares) | 1,791 | 292 | 384 |
Granted (in shares) | 23,074 | 20,350 | 8,160 |
Vested (in shares) | (24,518) | (18,851) | (8,252) |
Nonvested balance end of period (in shares) | 347 | 1,791 | 292 |
Weighted Average Grant Date Fair Value Per Share [Abstract] | |||
Nonvested balance beginning of period (in dollars per share) | $ 68.73 | $ 99.52 | $ 75.65 |
Granted (in dollars per share) | 64.89 | 78.52 | 99.52 |
Vested (in dollars per share) | 65.17 | 79.77 | 98.41 |
Nonvested balance end of period (in dollars per share) | $ 64.89 | $ 68.73 | $ 99.52 |
Retirement Plans (Details)
Retirement Plans (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term rate of return on plan assets | 7.00% | 7.50% | |
Contribution percentage to defined contribution plan | 94.00% | ||
Pension plan defined benefit plan cost increase limit percentage | 4.00% | ||
Aggregate contributions to the plans | $ 18,213,000 | $ 24,077,000 | $ 23,356,000 |
Seafarers Pension Trust [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension contributions | $ 877,000 | $ 1,202,000 | |
Contribution percentage to defined contribution plan | 100.00% | ||
Maximum contribution limit | 5.00% |
Retirement Plans, Summary of As
Retirement Plans, Summary of Asset Allocation (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocations | 100.00% | 100.00% |
U.S. Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocations | 51.00% | 50.00% |
Target allocations, minimum | 30.00% | |
Target allocations | 50.00% | |
Target allocations, maximum | 70.00% | |
International Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocations | 19.00% | 18.00% |
Target allocations, minimum | 0.00% | |
Target allocations | 20.00% | |
Target allocations, maximum | 30.00% | |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocations | 30.00% | 28.00% |
Target allocations, minimum | 15.00% | |
Target allocations | 30.00% | |
Target allocations, maximum | 55.00% | |
Cash And Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocations | 0.00% | 4.00% |
Target allocations, minimum | 0.00% | |
Target allocations | 0.00% | |
Target allocations, maximum | 5.00% |
Retirement Plans, Schedule of C
Retirement Plans, Schedule of Change in Benefit Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | $ 297,325 | $ 315,075 | |
Service cost | 13,402 | 14,683 | $ 10,645 |
Interest cost | 14,123 | 13,302 | 12,839 |
Actuarial loss (gain) | 19,120 | (39,474) | |
Gross benefits paid | (6,794) | (6,261) | |
Benefit obligation at end of year | 337,176 | 297,325 | 315,075 |
Accumulated benefit obligation at end of year | 272,591 | 238,775 | |
SERP [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | 1,526 | 1,637 | |
Service cost | 0 | 0 | 0 |
Interest cost | 65 | 64 | 73 |
Actuarial loss (gain) | 12 | (30) | |
Gross benefits paid | (146) | (145) | |
Benefit obligation at end of year | 1,457 | 1,526 | 1,637 |
Accumulated benefit obligation at end of year | 1,457 | 1,526 | |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | 891 | 1,264 | |
Service cost | 0 | 0 | 0 |
Interest cost | 29 | 36 | 110 |
Actuarial loss (gain) | (198) | (321) | |
Gross benefits paid | (47) | (88) | |
Benefit obligation at end of year | 675 | 891 | $ 1,264 |
Accumulated benefit obligation at end of year | $ 675 | $ 891 |
Retirement Plans, Weighted-Aver
Retirement Plans, Weighted-Average Assumption Used to Determine Benefit Obligation (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.20% | 4.50% |
Health care cost trend rate [Abstract] | ||
Initial rate | 0.00% | 0.00% |
Ultimate rate | 0.00% | 0.00% |
SERP [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.20% | 4.50% |
Rate of compensation increase | 0.00% | 0.00% |
Health care cost trend rate [Abstract] | ||
Initial rate | 0.00% | 0.00% |
Ultimate rate | 0.00% | 0.00% |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.20% | 4.50% |
Rate of compensation increase | 0.00% | 0.00% |
Health care cost trend rate [Abstract] | ||
Initial rate | 7.00% | 6.50% |
Ultimate rate | 5.00% | 5.00% |
Years to ultimate | 2,021 | 2,019 |
Retirement Plans, Effect of One
Retirement Plans, Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Effect of one-percentage-point change in assumed health care cost trend rate on postretirement obligation, Increase | $ 0 | $ 0 | |
Effect of one-percentage-point change in assumed health care cost trend rate on postretirement obligation, Decrease | 0 | 0 | |
SERP [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Effect of one-percentage-point change in assumed health care cost trend rate on postretirement obligation, Increase | 0 | 0 | |
Effect of one-percentage-point change in assumed health care cost trend rate on postretirement obligation, Decrease | 0 | 0 | |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Effect of one-percentage-point change in assumed health care cost trend rate on postretirement obligation, Increase | 74 | 107 | |
Effect of one-percentage-point change in assumed health care cost trend rate on postretirement obligation, Decrease | (64) | (93) | |
Effect of one-percentage-point change in assumed health care cost trend rate on aggregate service and interest cost, Increase | 4 | 5 | $ 7 |
Effect of one-percentage-point change in assumed health care cost trend rate on aggregate service and interest cost, Decrease | $ (3) | $ (4) | $ (6) |
Retirement Plans, Summary of Ch
Retirement Plans, Summary of Change in Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | $ 243,588 | $ 242,275 |
Actual return on plan assets | 20,723 | (2,426) |
Employer contribution | 0 | 10,000 |
Gross benefits paid | (6,794) | (6,261) |
Fair value of plan assets at end of year | 257,517 | 243,588 |
SERP [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 0 | 0 |
Actual return on plan assets | 0 | 0 |
Employer contribution | 146 | 145 |
Gross benefits paid | (146) | (145) |
Fair value of plan assets at end of year | 0 | 0 |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 0 | 0 |
Actual return on plan assets | 0 | 0 |
Employer contribution | 47 | 88 |
Gross benefits paid | (47) | (88) |
Fair value of plan assets at end of year | $ 0 | $ 0 |
Retirement Plans, Summary of Fu
Retirement Plans, Summary of Funded Status at End of Year (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 257,517 | $ 243,588 | $ 242,275 |
Benefit obligations | (337,176) | (297,325) | (315,075) |
Funded status and amount recognized at end of year | (79,659) | (53,737) | |
SERP [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | 0 |
Benefit obligations | (1,457) | (1,526) | (1,637) |
Funded status and amount recognized at end of year | (1,457) | (1,526) | |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | 0 |
Benefit obligations | (675) | (891) | $ (1,264) |
Funded status and amount recognized at end of year | $ (675) | $ (891) |
Retirement Plans, Amounts Recog
Retirement Plans, Amounts Recognized in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent asset | $ 0 | $ 0 |
Current liability | 0 | 0 |
Long-term liability | (79,659) | (53,737) |
SERP [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent asset | 0 | 0 |
Current liability | (150) | (149) |
Long-term liability | (1,307) | (1,377) |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent asset | 0 | 0 |
Current liability | (56) | (68) |
Long-term liability | $ (619) | $ (823) |
Retirement Plans, Amounts Rec56
Retirement Plans, Amounts Recognized in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) | $ 87,658 | $ 77,940 |
Prior service cost (credit) | 0 | 0 |
Accumulated other compensation income | 87,658 | 77,940 |
SERP [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) | 494 | 508 |
Prior service cost (credit) | 0 | 0 |
Accumulated other compensation income | 494 | 508 |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss (gain) | (5,773) | (6,319) |
Prior service cost (credit) | 0 | 0 |
Accumulated other compensation income | $ (5,773) | $ (6,319) |
Retirement Plans, Projected Ben
Retirement Plans, Projected Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation at end of year | $ 337,176 | $ 297,325 |
Fair value of plan assets at end of year | 257,517 | 243,588 |
SERP [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation at end of year | 1,457 | 1,526 |
Fair value of plan assets at end of year | $ 0 | $ 0 |
Retirement Plans, Accumulated B
Retirement Plans, Accumulated Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation at end of year | $ 337,176 | $ 0 |
Accumulated benefit obligation at end of year | 272,591 | 0 |
Fair value of plan assets at end of year | 257,517 | 0 |
SERP [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation at end of year | 1,457 | 1,526 |
Accumulated benefit obligation at end of year | 1,457 | 1,526 |
Fair value of plan assets at end of year | $ 0 | $ 0 |
Retirement Plans, Schedule of E
Retirement Plans, Schedule of Employer Contribution (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected employer contributions | $ 0 | $ 0 |
SERP [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected employer contributions | 153 | 152 |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected employer contributions | $ 50 | $ 70 |
Retirement Plans, Expected Bene
Retirement Plans, Expected Benefit Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Year one | $ 8,032 | $ 7,678 |
Year two | 8,835 | 8,298 |
Year three | 9,646 | 9,013 |
Year four | 10,400 | 9,748 |
Year five | 11,201 | 10,415 |
Next five years | 70,419 | 63,860 |
SERP [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Year one | 153 | 152 |
Year two | 157 | 157 |
Year three | 155 | 154 |
Year four | 151 | 152 |
Year five | 148 | 149 |
Next five years | 514 | 608 |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Year one | 58 | 81 |
Year two | 58 | 86 |
Year three | 58 | 86 |
Year four | 58 | 86 |
Year five | 57 | 85 |
Next five years | $ 199 | $ 341 |
Retirement Plans, Summary of Ex
Retirement Plans, Summary of Expected Federal Subsidy (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Year one | $ 0 | $ 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Next five years | 0 | 0 |
SERP [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Next five years | 0 | 0 |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Year one | (7) | (11) |
Year two | (7) | (11) |
Year three | (7) | (11) |
Year four | (7) | (12) |
Year five | (7) | (12) |
Next five years | $ (33) | $ (55) |
Retirement Plans, Components of
Retirement Plans, Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Recognition of actuarial loss (gain) | [1] | $ 15,013 | $ (19,482) | $ 71,843 |
Recognition of prior service credit (cost) | [1] | (4,763) | (6,963) | (68) |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 13,402 | 14,683 | 10,645 | |
Interest cost | 14,123 | 13,302 | 12,839 | |
Expected return on plan assets | (16,805) | (17,921) | (18,858) | |
Actuarial loss (gain) | 5,484 | 7,728 | 701 | |
Prior service (credit) cost | 0 | 0 | 0 | |
Net periodic benefit cost | 16,204 | 17,792 | 5,327 | |
Current year actuarial loss (gain) | 15,203 | (19,127) | 72,737 | |
Recognition of actuarial loss (gain) | (5,484) | (7,728) | (701) | |
Recognition of prior service credit (cost) | 0 | 0 | 0 | |
Total recognized in other comprehensive income | 9,719 | (26,855) | 72,036 | |
Total recognized in net periodic benefit cost and other comprehensive income | 25,923 | (9,063) | 77,363 | |
SERP [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 0 | 0 | |
Interest cost | 65 | 64 | 73 | |
Expected return on plan assets | 0 | 0 | 0 | |
Actuarial loss (gain) | 26 | 28 | 16 | |
Prior service (credit) cost | 0 | 0 | 0 | |
Net periodic benefit cost | 91 | 92 | 89 | |
Current year actuarial loss (gain) | 12 | (30) | 180 | |
Recognition of actuarial loss (gain) | (26) | (28) | (16) | |
Recognition of prior service credit (cost) | 0 | 0 | 0 | |
Total recognized in other comprehensive income | (14) | (58) | 164 | |
Total recognized in net periodic benefit cost and other comprehensive income | 77 | 34 | 253 | |
Other Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 0 | 0 | |
Interest cost | 29 | 36 | 110 | |
Actuarial loss (gain) | (747) | (793) | (649) | |
Prior service (credit) cost | 0 | 0 | 0 | |
Net periodic benefit cost | (718) | (757) | (539) | |
Current year actuarial loss (gain) | (198) | (322) | (1,065) | |
Recognition of actuarial loss (gain) | 747 | 793 | 649 | |
Recognition of prior service credit (cost) | 0 | 0 | 0 | |
Adjustment for actual Medicare Part D reimbursement | (3) | (3) | (8) | |
Total recognized in other comprehensive income | 546 | 468 | (424) | |
Total recognized in net periodic benefit cost and other comprehensive income | $ (172) | $ (289) | $ (963) | |
[1] | Actuarial gains (losses) are amortized into costs of sales and operating expenses or selling, general and administrative expenses as appropriate. (See Note 9 - Retirement Plans) |
Retirement Plans, Weighted Aver
Retirement Plans, Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term rate of return on plan assets | 7.00% | 7.50% | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.50% | 4.10% | 5.00% |
Expected long-term rate of return on plan assets | 7.00% | 7.50% | 7.50% |
Rate of compensation increase | 4.25% | 4.25% | |
SERP [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.50% | 4.10% | 5.00% |
Expected long-term rate of return on plan assets | 0.00% | 0.00% | 0.00% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.50% | 4.10% | 5.00% |
Initial rate | 6.50% | 7.00% | 7.00% |
Ultimate rate | 5.00% | 5.00% | 5.00% |
Years to ultimate | 2,019 | 2,019 | 2,018 |
Retirement Plans, Estimated Amo
Retirement Plans, Estimated Amounts That Will be Amortized from Accumulated Other Comprehensive Income Into Net Periodic Benefit Cost (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial gain (loss) | $ 5,477 |
Prior service cost (credit) | 0 |
Estimated amounts to be amortized | 5,477 |
SERP [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial gain (loss) | 28 |
Prior service cost (credit) | 0 |
Estimated amounts to be amortized | 28 |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial gain (loss) | (668) |
Prior service cost (credit) | 0 |
Estimated amounts to be amortized | $ (668) |
Other Comprehensive Income (Det
Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Pension and postretirement benefits [Abstract] | ||||
Amortization of net actuarial loss, Gross Amount | [1] | $ 4,763 | $ 6,963 | $ 68 |
Amortization of net actuarial loss, Income Tax (Provision) Benefit | [1] | (1,825) | (2,667) | (26) |
Amortization of net actuarial loss, Net Amount | [1] | 2,938 | 4,296 | 42 |
Actuarial gains (losses), Gross Amount | [1] | (15,013) | 19,482 | (71,843) |
Actuarial gains (losses), Income Tax (Provision) Benefit | [1] | 5,754 | (7,456) | 27,507 |
Actuarial gains (losses), Net Amount | [1] | (9,259) | 12,026 | (44,336) |
Foreign currency translation adjustments, Gross Amount | 0 | 29 | (35) | |
Foreign currency translation adjustments, Income Tax (Provision) Benefit | 0 | 0 | 0 | |
Foreign currency translation adjustments, Net Amount | 0 | 29 | (35) | |
Change in fair value of derivative instruments [Abstract] | ||||
Unrealized gains (losses), Gross Amount | [2] | 0 | 0 | 24 |
Unrealized gains (losses), Income Tax (Provision) Benefit | [2] | 0 | 0 | (9) |
Unrealized gains (losses), Net Amount | [2] | 0 | 0 | 15 |
Reclassified to net earnings, Gross Amount | [2] | 0 | 0 | 121 |
Reclassified to net earnings, Income Tax (Provision) Benefit | [2] | 0 | 0 | (51) |
Reclassified to net earnings, Net Amount | [2] | 0 | 0 | 70 |
Total other comprehensive income, Gross Amount | (10,250) | 26,474 | (71,665) | |
Total other comprehensive income, Income Tax (Provision) Benefit | 3,929 | (10,123) | 27,421 | |
Total other comprehensive income (loss), net of taxes | $ (6,321) | $ 16,351 | $ (44,244) | |
[1] | Actuarial gains (losses) are amortized into costs of sales and operating expenses or selling, general and administrative expenses as appropriate. (See Note 9 - Retirement Plans) | |||
[2] | Reclassifications to net earnings of derivatives qualifying as effective hedges are recognized in costs of sales and operating expenses. |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||||||||||
Net earnings attributable to Kirby | $ 32,355 | $ 32,010 | $ 38,942 | $ 38,099 | $ 50,688 | $ 56,843 | $ 58,075 | $ 61,078 | $ 141,406 | $ 226,684 | $ 282,006 |
Undistributed earnings allocated to restricted shares | (999) | (1,345) | (1,643) | ||||||||
Income available to Kirby common stockholders - basic | 140,407 | 225,339 | 280,363 | ||||||||
Undistributed earnings allocated to restricted shares | 999 | 1,345 | 1,643 | ||||||||
Undistributed earnings reallocated to restricted shares | (997) | (1,343) | (1,637) | ||||||||
Income available to Kirby common stockholders - diluted | $ 140,409 | $ 225,341 | $ 280,369 | ||||||||
Shares Outstanding [Abstract] | |||||||||||
Weighted average common stock issued and outstanding (in shares) | 53,834 | 55,056 | 57,006 | ||||||||
Weighted average unvested restricted stock (in shares) | (380) | (327) | (332) | ||||||||
Weighted average common stock outstanding - basic (in shares) | 53,454 | 54,729 | 56,674 | ||||||||
Dilutive effect of stock options (in shares) | 58 | 97 | 193 | ||||||||
Weighted average common stock outstanding - diluted (in shares) | 53,512 | 54,826 | 56,867 | ||||||||
Net earnings per share attributable to Kirby common stockholders [Abstract] | |||||||||||
Basic (in dollars per share) | $ 0.60 | $ 0.59 | $ 0.72 | $ 0.71 | $ 0.94 | $ 1.04 | $ 1.04 | $ 1.09 | $ 2.63 | $ 4.12 | $ 4.95 |
Diluted (in dollars per share) | $ 0.60 | $ 0.59 | $ 0.72 | $ 0.71 | $ 0.94 | $ 1.04 | $ 1.04 | $ 1.09 | $ 2.62 | $ 4.11 | $ 4.93 |
Antidilutive securities excluded from computation of earnings per share (in shares) | 240,000 | 227,000 | 75,000 |
Quarterly Results (Unaudited)67
Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Results (Unaudited) [Abstract] | |||||||||||
Revenues | $ 435,650 | $ 434,708 | $ 441,582 | $ 458,733 | $ 484,138 | $ 532,565 | $ 543,156 | $ 587,673 | $ 1,770,673 | $ 2,147,532 | $ 2,566,318 |
Costs and expenses | 378,684 | 378,400 | 374,868 | 393,399 | 400,178 | 437,115 | 445,113 | 486,136 | 1,525,478 | 1,766,870 | 2,090,506 |
Gain (loss) on disposition of assets | (166) | (122) | 94 | 67 | 426 | (400) | 91 | 1,555 | (127) | 1,672 | 781 |
Operating income | 56,800 | 56,186 | 66,808 | 65,401 | 84,386 | 95,050 | 98,134 | 103,092 | 245,195 | 380,662 | 475,812 |
Other income (expense) | 47 | (120) | 179 | 135 | 9 | 22 | (303) | 60 | (291) | (663) | (345) |
Interest expense | (4,477) | (4,507) | (4,513) | (4,193) | (4,280) | (4,449) | (4,759) | (5,250) | (17,690) | (18,738) | (21,461) |
Earnings before taxes on income | 52,370 | 51,559 | 62,474 | 61,343 | 80,115 | 90,623 | 93,072 | 97,902 | 227,746 | 361,712 | 454,390 |
Provision for taxes on income | (19,512) | (19,206) | (23,365) | (22,859) | (29,043) | (33,512) | (34,696) | (36,491) | (84,942) | (133,742) | (169,782) |
Net earnings | 32,858 | 32,353 | 39,109 | 38,484 | 51,072 | 57,111 | 58,376 | 61,411 | 142,804 | 227,970 | 284,608 |
Less: Net earnings attributable to noncontrolling interests | (503) | (343) | (167) | (385) | (384) | (268) | (301) | (333) | (1,398) | (1,286) | (2,602) |
Net earnings attributable to Kirby | $ 32,355 | $ 32,010 | $ 38,942 | $ 38,099 | $ 50,688 | $ 56,843 | $ 58,075 | $ 61,078 | $ 141,406 | $ 226,684 | $ 282,006 |
Net earnings per share attributable to Kirby common stockholders [Abstract] | |||||||||||
Basic (in dollars per share) | $ 0.60 | $ 0.59 | $ 0.72 | $ 0.71 | $ 0.94 | $ 1.04 | $ 1.04 | $ 1.09 | $ 2.63 | $ 4.12 | $ 4.95 |
Diluted (in dollars per share) | $ 0.60 | $ 0.59 | $ 0.72 | $ 0.71 | $ 0.94 | $ 1.04 | $ 1.04 | $ 1.09 | $ 2.62 | $ 4.11 | $ 4.93 |
Contingencies and Commitments (
Contingencies and Commitments (Details) | 12 Months Ended | ||
Dec. 31, 2016PotentiallyResponsiblePartySpillBargeSlipLawsuitPlaintiff | Sep. 13, 2016USD ($) | Mar. 22, 2014Vessel | |
Collision with M/S Summer Wind [Member] | |||
Loss Contingencies [Line Items] | |||
Number of actions filed against the Company | Lawsuit | 2 | ||
Number of crewmembers alleging damages | Plaintiff | 2 | ||
Amount of civil penalty | $ | $ 4,900,000 | ||
Collision with M/S Summer Wind [Member] | Tank Barge [Member] | |||
Loss Contingencies [Line Items] | |||
Number of vessels involved in collision | 2 | ||
Number of vessels damaged in collision resulting in fuel oil discharge | 1 | ||
Collision with M/S Summer Wind [Member] | Towboat [Member] | |||
Loss Contingencies [Line Items] | |||
Number of vessels involved in collision | 1 | ||
Portland Harbor Superfund Site [Member] | |||
Site Contingency [Line Items] | |||
Number of other companies also named as Potentially Responsible Parties ("PRPs") | PotentiallyResponsibleParty | 250 | ||
Number of spills | Spill | 4 | ||
SBA Shipyard Site [Member] | |||
Site Contingency [Line Items] | |||
Number of barge slips | BargeSlip | 3 |
Contingencies and Commitments,
Contingencies and Commitments, Certain Significant Risks and Uncertainties (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Sep. 30, 2016 | Dec. 31, 2016USD ($)StateCustomers | Dec. 31, 2015Customers | Dec. 31, 2014Customers | |
Guaranties [Abstract] | |||||
Issued guaranties | $ 13,983 | $ 13,983 | |||
Guarantor obligations, expiration period | 3 years | ||||
Performance Bonds [Member] | |||||
Guaranties [Abstract] | |||||
Issued guaranties | $ 10,184 | $ 10,184 | |||
Marine Transportation [Member] | |||||
Certain Significant Risks and Uncertainties [Abstract] | |||||
Percentage of inland revenue | 75.00% | 80.00% | |||
Marine Transportation [Member] | Minimum [Member] | |||||
Certain Significant Risks and Uncertainties [Abstract] | |||||
Range of renewal options under term contracts | 1 year | ||||
Marine Transportation [Member] | Maximum [Member] | |||||
Certain Significant Risks and Uncertainties [Abstract] | |||||
Range of renewal options under term contracts | 5 years | ||||
Marine Transportation [Member] | Customers [Member] | |||||
Certain Significant Risks and Uncertainties [Abstract] | |||||
Percentage of costal revenue | 80.00% | ||||
Customer relationship period | 40 years | ||||
Number of single customers accounting more than 10% of segment revenue | Customers | 0 | 0 | 0 | ||
Diesel Engine Services [Member] | |||||
Certain Significant Risks and Uncertainties [Abstract] | |||||
Diesel engine services segment's relationship | 51 years | ||||
Diesel Engine Services [Member] | Eastern States [Member] | |||||
Certain Significant Risks and Uncertainties [Abstract] | |||||
Segment operating as authorized distributors | State | 17 | ||||
Diesel Engine Services [Member] | Western States [Member] | |||||
Certain Significant Risks and Uncertainties [Abstract] | |||||
Segment operating as authorized distributors | State | 9 | ||||
Diesel Engine Services [Member] | Customers [Member] | |||||
Certain Significant Risks and Uncertainties [Abstract] | |||||
Number of single customers accounting more than 10% of segment revenue | Customers | 0 | 0 | 0 | ||
Letters Of Credit [Member] | |||||
Guaranties [Abstract] | |||||
Issued guaranties | $ 3,799 | $ 3,799 |
Segment Data (Details)
Segment Data (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)Segment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Segment Data [Abstract] | |||||||||||
Number of reportable segments | Segment | 2 | ||||||||||
Revenues [Abstract] | |||||||||||
Marine transportation | $ 1,471,893 | $ 1,663,090 | $ 1,770,684 | ||||||||
Diesel engine services | 298,780 | 484,442 | 795,634 | ||||||||
Total revenues | $ 435,650 | $ 434,708 | $ 441,582 | $ 458,733 | $ 484,138 | $ 532,565 | $ 543,156 | $ 587,673 | 1,770,673 | 2,147,532 | 2,566,318 |
Segment profit (loss) | 52,370 | 51,559 | 62,474 | 61,343 | 80,115 | 90,623 | 93,072 | 97,902 | 227,746 | 361,712 | 454,390 |
Total assets | 4,303,499 | 4,152,281 | 4,303,499 | 4,152,281 | 4,137,614 | ||||||
Depreciation and amortization | 200,917 | 192,240 | 169,312 | ||||||||
Capital expenditures | 231,066 | 345,475 | 355,144 | ||||||||
Other segment disclosures [Abstract] | |||||||||||
Interest expense | (4,477) | (4,507) | (4,513) | (4,193) | (4,280) | (4,449) | (4,759) | (5,250) | (17,690) | (18,738) | (21,461) |
Loss (gain) on disposition of assets | 166 | 122 | (94) | (67) | (426) | 400 | (91) | (1,555) | 127 | (1,672) | (781) |
Other income (expense) | 47 | $ (120) | $ 179 | $ 135 | 9 | $ 22 | $ (303) | $ 60 | (291) | (663) | (345) |
Details of "Other" total assets [Abstract] | |||||||||||
Investment in affiliates | 2,622 | 2,090 | 2,622 | 2,090 | |||||||
Total assets | 4,303,499 | 4,152,281 | 4,303,499 | 4,152,281 | 4,137,614 | ||||||
Reporting Segments [Member] | |||||||||||
Revenues [Abstract] | |||||||||||
Marine transportation | 1,471,893 | 1,663,090 | 1,770,684 | ||||||||
Diesel engine services | 298,780 | 484,442 | 795,634 | ||||||||
Other [Member] | |||||||||||
Revenues [Abstract] | |||||||||||
Segment profit (loss) | (32,542) | (32,051) | (35,537) | ||||||||
Total assets | 52,861 | 63,179 | 52,861 | 63,179 | 83,789 | ||||||
Depreciation and amortization | 3,793 | 3,944 | 3,830 | ||||||||
Capital expenditures | 7,728 | 4,706 | 7,343 | ||||||||
Other segment disclosures [Abstract] | |||||||||||
General corporate expenses | (14,966) | (14,773) | (14,896) | ||||||||
Interest expense | (17,690) | (18,738) | (21,461) | ||||||||
Loss (gain) on disposition of assets | (127) | 1,672 | 781 | ||||||||
Other income (expense) | 241 | (212) | 39 | ||||||||
Profit (loss) from other segment | (32,542) | (32,051) | (35,537) | ||||||||
Details of "Other" total assets [Abstract] | |||||||||||
General corporate assets | 50,239 | 61,089 | 50,239 | 61,089 | 81,250 | ||||||
Investment in affiliates | 2,622 | 2,090 | 2,622 | 2,090 | 2,539 | ||||||
Total assets | 52,861 | 63,179 | 52,861 | 63,179 | 83,789 | ||||||
Intersegment Eliminations [Member] | |||||||||||
Revenues [Abstract] | |||||||||||
Total revenues | 24,672 | 26,203 | 25,769 | ||||||||
Segment profit (loss) | 2,467 | 2,620 | 2,577 | ||||||||
Marine Transportation [Member] | Reporting Segments [Member] | |||||||||||
Revenues [Abstract] | |||||||||||
Segment profit (loss) | 257,102 | 374,842 | 429,864 | ||||||||
Total assets | 3,622,348 | 3,451,553 | 3,622,348 | 3,451,553 | 3,317,696 | ||||||
Depreciation and amortization | 184,291 | 175,798 | 154,019 | ||||||||
Capital expenditures | 217,423 | 311,862 | 340,315 | ||||||||
Details of "Other" total assets [Abstract] | |||||||||||
Total assets | 3,622,348 | 3,451,553 | 3,622,348 | 3,451,553 | 3,317,696 | ||||||
Diesel Engine Services [Member] | Reporting Segments [Member] | |||||||||||
Revenues [Abstract] | |||||||||||
Segment profit (loss) | 3,186 | 18,921 | 60,063 | ||||||||
Total assets | 628,290 | 637,549 | 628,290 | 637,549 | 736,129 | ||||||
Depreciation and amortization | 12,833 | 12,498 | 11,463 | ||||||||
Capital expenditures | 5,915 | 28,907 | 7,486 | ||||||||
Details of "Other" total assets [Abstract] | |||||||||||
Total assets | $ 628,290 | $ 637,549 | $ 628,290 | $ 637,549 | $ 736,129 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Richard J. Alario [Member] | |||
Related Party Transaction [Line Items] | |||
Oilfield service equipment | $ 80,000 | $ 572,000 | $ 1,232,000 |
Hollywood Camp [Member] | |||
Related Party Transaction [Line Items] | |||
Ownership percentage | 50.00% | ||
Facility expenses | $ 221,000 | 1,236,000 | 1,634,000 |
Share of facility expenses | 3,143,000 | 2,830,000 | 2,303,000 |
Amy D. Husted [Member] | |||
Related Party Transaction [Line Items] | |||
Legal services | $ 779,000 | 596,000 | 1,184,000 |
Bolivar [Member] | |||
Related Party Transaction [Line Items] | |||
Ownership percentage | 50.00% | ||
Share of facility expenses | $ 1,314,000 | $ 895,000 | $ 561,000 |