XML 20 R10.htm IDEA: XBRL DOCUMENT
v3.20.2

Acquisitions | 9 Months Ended
--- | ---
Sep. 30, 2020
Acquisitions [Abstract] |
Acquisitions |
(3) | Acquisitions
During the nine months ended September 30, 2020, the Company purchased five newly constructed inland pressure barges for $33,150,000 in cash. On April 1, 2020, the Company completed the acquisition of the inland tank barge fleet of Savage Inland Marine, LLC (“Savage”) for $278,999,000 in cash. Savage’s tank barge fleet consisted of 92 inland tank barges with approximately 2.5 million barrels of capacity and 45 inland towboats. The Savage assets that were acquired primarily move petrochemicals, refined products, and crude oil on the Mississippi River, its tributaries, and the Gulf Intracoastal Waterway. The Company also acquired Savage’s ship bunkering business and barge fleeting business along the Gulf Coast. The Company considers Savage to be a natural extension of the current marine transportation segment, expanding the capabilities of the Company’s inland based marine transportation business and lowers the average age of its fleet. On January 3, 2020, the Company completed the acquisition of substantially all the assets of Convoy Servicing Company and Agility Fleet Services, LLC (collectively “Convoy”) for $37,180,000 in cash. Convoy is an authorized dealer for Thermo King refrigeration systems for trucks, railroad cars and other land transportation markets for North and East Texas and Colorado. The fair values of the assets acquired and liabilities assumed from the Savage and Convoy acquisitions recorded at the respective acquisition dates were as follows (in thousands):
|  | Savage |  |  | Convoy |
Assets: |  |  |  |  |  |
Accounts receivable |  | $ | — |  |  | $ | 5,677 |
Inventories |  |  | — |  |  |  | 11,771 |
Prepaid expenses |  |  | 1,067 |  |  |  | 177 |
Property and equipment |  |  | 210,065 |  |  |  | 415 |
Operating lease right-of-use assets |  |  | 27,085 |  |  |  | 3,713 |
Goodwill |  |  | 81,635 |  |  |  | 10,309 |
Other intangibles |  |  | 2,300 |  |  |  | 17,170 |
Total assets |  | $ | 322,152 |  |  | $ | 49,232 |
Liabilities: |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | 68 |  |  | $ | 8,339 |
Operating lease liabilities, including current portion |  |  | 43,085 |  |  |  | 3,713 |
Total liabilities |  | $ | 43,153 |  |  | $ | 12,052 |
Net assets acquired |  | $ | 278,999 |  |  | $ | 37,180 |
The Company acquired customer relationships with an estimated value of $2,300,000 from Savage with an amortization period of 10 years. The fair values of the Savage acquisition have not been finalized and are provisional, pending completion of the tangible and intangible valuation studies. Acquisition related costs of $376,000, consisting primarily of legal and other professional fees, were expensed as incurred to selling, general and administrative expense. All goodwill recorded for the Savage acquisition will be deductible for tax purposes. The Company acquired intangible assets from Convoy with a weighted average amortization period of 11 years, consisting of $9,000,000 for customer relationships with an amortization period of 10 years, $8,000,000 for distributorships with an amortization period of 12 years and $170,000 for non-compete agreements with an amortization period of three years. All goodwill recorded for the Convoy acquisition will be deductible for tax purposes. Pro forma results of the acquisitions made in the 2020 first nine months have not been presented as the pro forma revenues and net earnings attributable to Kirby would not be materially different from the Company’s actual results.

X
- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
Name: | us-gaap_BusinessCombinationDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration