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Basis for Preparation of the Condensed Financial Statements | 3 Months Ended
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Mar. 31, 2020
Basis for Preparation of the Condensed Financial Statements [Abstract] |
Basis for Preparation of the Condensed Financial Statements |
(1) | Basis for Preparation of the Condensed Financial Statements
The condensed financial statements included herein have been prepared by Kirby Corporation and its consolidated subsidiaries (the “Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Although the Company believes that the disclosures are adequate to make the information presented not misleading, certain information and footnote disclosures, including significant accounting policies normally included in annual financial statements, have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Certain reclassifications have been made to reflect the current presentation of financial information. The condensed financial statements for the quarter ended March 31, 2020 have been restated to apply a simultaneous equation to the calculated goodwill impairment, as prescribed by the accounting literature, to adjust for the cycle of goodwill impairment created by the decrease in deferred tax liabilities due to the impairment of tax deductible goodwill as described by paragraph 350-20-55-23A of Accounting Standards Update 2017-04, “Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”). ASU 2017-04 was adopted by the Company on January 1, 2020, as discussed in Note 2, Accounting Standards Adoptions. The following table summarizes the effects of the restatement resulting from the correction of this error (in thousands):
|  | Previously Reported |  |  | Adjustment |  |  | Restated |
Condensed Balance Sheet: |  |  |  |  |  |  |  |  |
Goodwill |  | $ | 704,098 |  |  | $ | (127,933 | ) |  | $ | 576,165 |
Total assets |  |  | 6,137,577 |  |  |  | (127,933 | ) |  |  | 6,009,644 |
Deferred income taxes |  |  | 582,150 |  |  |  | (29,160 | ) |  |  | 552,990 |
Total long-term liabilities |  |  | 2,516,718 |  |  |  | (29,160 | ) |  |  | 2,487,558 |
Retained earnings |  |  | 2,617,471 |  |  |  | (98,773 | ) |  |  | 2,518,698 |
Total Kirby stockholders’ equity |  |  | 3,121,482 |  |  |  | (98,773 | ) |  |  | 3,022,709 |
Total equity |  |  | 3,124,527 |  |  |  | (98,773 | ) |  |  | 3,025,754 |
Total liabilities and equity |  |  | 6,137,577 |  |  |  | (127,933 | ) |  |  | 6,009,644 |
Condensed Statement of Earnings: |  |  |  |  |  |  |  |  |  |  |  |
Impairments and other charges |  |  | 433,341 |  |  |  | 127,933 |  |  |  | 561,274 |
Total costs and expenses |  |  | 1,025,689 |  |  |  | 127,933 |  |  |  | 1,153,622 |
Operating income (loss) |  |  | (381,763 | ) |  |  | (127,933 | ) |  |  | (509,696 | )
Earnings (loss) before taxes on income |  |  | (391,839 | ) |  |  | (127,933 | ) |  |  | (519,772 | )
(Provision) benefit for taxes on income |  |  | 143,649 |  |  |  | 29,160 |  |  |  | 172,809 |
Net earnings (loss) |  |  | (248,190 | ) |  |  | (98,773 | ) |  |  | (346,963 | )
Net earnings (loss) attributable to Kirby |  |  | (248,468 | ) |  |  | (98,773 | ) |  |  | (347,241 | )
Net earnings (loss) per common share – basic and diluted |  |  | (4.15 | ) |  |  | (1.65 | ) |  |  | (5.80 | )
Condensed Statement of Comprehensive Income: |  |  |  |  |  |  |  |  |  |  |  |
Net earnings (loss) |  |  | (248,190 | ) |  |  | (98,773 | ) |  |  | (346,963 | )
Total comprehensive income (loss), net of taxes |  |  | (249,382 | ) |  |  | (98,773 | ) |  |  | (348,155 | )
Comprehensive income (loss) attributable to Kirby |  |  | (249,660 | ) |  |  | (98,773 | ) |  |  | (348,433 | )
Condensed Statement of Cash Flows: |  |  |  |  |  |  |  |  |  |  |  |
Net earnings (loss) |  |  | (248,190 | ) |  |  | (98,773 | ) |  |  | (346,963 | )
Provision (benefit) for deferred income taxes |  |  | (6,082 | ) |  |  | (29,160 | ) |  |  | (35,242 | )
Impairments and other charges |  |  | 433,341 |  |  |  | 127,933 |  |  |  | 561,274 |
Condensed Statement of Stockholders’ Equity: |  |  |  |  |  |  |  |  |  |  |  |
Total comprehensive loss, net of taxes |  |  | (249,382 | ) |  |  | (98,773 | ) |  |  | (348,155 | )
Retained earnings |  |  | 2,617,471 |  |  |  | (98,773 | ) |  |  | 2,518,698 |
Total equity |  |  | 3,124,527 |  |  |  | (98,773 | ) |  |  | 3,025,754 |

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- Definition The entire disclosure for the basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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