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Basis for Preparation of the Condensed Financial Statements (Tables) | 3 Months Ended
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Mar. 31, 2020
Basis for Preparation of the Condensed Financial Statements [Abstract] |
Effects of Restatement Resulting from Error Correction | 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 Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794 + Details
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