XML 48 R35.htm IDEA: XBRL DOCUMENT
v3.20.4

Retirement Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items] |
Asset Allocation | The aggregate fair value of plan assets of the Company’s pension plans was $395,137,000 and $358,197,000 at December 31, 2020 and 2019 respectively. Pension assets were allocated among asset categories as follows:
|  | December 31, |  |  | Current Minimum, Target and Maximum |
Asset Category |  | 2020 |  |  | 2019 |  |  | Allocation Policy |
U.S. equity securities |  |  | 53 | % |  |  | 53 | % |  |  | 30% — 50%— 70 | %
International equity securities |  |  | 20 |  |  |  | 19 |  |  |  | 0% — 20%— 30 | %
Debt securities |  |  | 25 |  |  |  | 26 |  |  |  | 15% — 30%— 55 | %
Cash and cash equivalents |  |  | 2 |  |  |  | 2 |  |  |  | 0% — 0%— 5 | %
|  |  | 100 | % |  |  | 100 | % |  |  |  |
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 Welfare Plan |
|  | Pension Plans |  |  | SERP |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Change in benefit obligation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 442,861 |  |  | $ | 381,483 |  |  | $ | 1,225 |  |  | $ | 1,246 |  |  | $ | 662 |  |  | $ | 743 |
Service cost |  |  | 7,671 |  |  |  | 7,364 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Interest cost |  |  | 15,630 |  |  |  | 16,493 |  |  |  | 40 |  |  |  | 52 |  |  |  | 22 |  |  |  | 31 |
Actuarial loss (gain) |  |  | 58,851 |  |  |  | 49,478 |  |  |  | 55 |  |  |  | 72 |  |  |  | 84 |  |  |  | (22 | )
Gross benefits paid |  |  | (11,029 | ) |  |  | (11,957 | ) |  |  | (146 | ) |  |  | (145 | ) |  |  | (139 | ) |  |  | (90 | )
Settlements |  |  | (5,290 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Benefit obligation at end of year |  | $ | 508,694 |  |  | $ | 442,861 |  |  | $ | 1,174 |  |  | $ | 1,225 |  |  | $ | 629 |  |  | $ | 662 |
Accumulated benefit obligation at end of year |  | $ | 479,999 |  |  | $ | 417,981 |  |  | $ | 1,174 |  |  | $ | 1,225 |  |  | $ | 629 |  |  | $ | 662 |
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 (a) |  |  | 2.8% / 2.9 | % |  |  | 3.5 | % |  |  | 2.8 | % |  |  | 3.5 | % |  |  | 2.8 | % |  |  | 3.5 | %
Rate of compensation increase |  | Service-based table |  |  | Service-based table |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Health care cost trend rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Initial rate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6.5 | % |  |  | 6.75 | %
Ultimate rate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5.0 | % |  |  | 5.0 | %
Years to ultimate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2025 |  |  |  | 2025 |
(a) | The 2020 discount rate was 2.8% for the Kirby pension plan and 2.9% for the Higman pension plan.
Change in Plan Assets |
Change in plan assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 358,197 |  |  | $ | 303,151 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Actual return on plan assets |  |  | 51,024 |  |  |  | 63,939 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Employer contribution |  |  | 2,235 |  |  |  | 3,064 |  |  |  | 146 |  |  |  | 145 |  |  |  | 139 |  |  |  | 90 |
Gross benefits paid |  |  | (11,029 | ) |  |  | (11,957 | ) |  |  | (146 | ) |  |  | (145 | ) |  |  | (139 | ) |  |  | (90 | )
Settlements |  |  | (5,290 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Fair value of plan assets at end of year |  | $ | 395,137 |  |  | $ | 358,197 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
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 (in thousands):
|  |  |  |  | Other Postretirement Benefits |
|  | Pension Benefits |  |  | Postretirement Welfare Plan |
|  | Pension Plans |  |  | SERP |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Funded status at end of year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets |  | $ | 395,137 |  |  | $ | 358,197 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Benefit obligations |  |  | (508,694 | ) |  |  | (442,861 | ) |  |  | (1,174 | ) |  |  | (1,225 | ) |  |  | (629 | ) |  |  | (662 | )
Funded status and amount recognized at end of year |  | $ | (113,557 | ) |  | $ | (84,664 | ) |  | $ | (1,174 | ) |  | $ | (1,225 | ) |  | $ | (629 | ) |  | $ | (662 | )
Amounts Recognized in the Consolidated Balance Sheets |
Amounts recognized in the consolidated balance sheets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liability |  |  | — |  |  |  | — |  |  |  | (159 | ) |  |  | (159 | ) |  |  | (58 | ) |  |  | (60 | )
Long-term liability |  |  | (113,557 | ) |  |  | (84,664 | ) |  |  | (1,015 | ) |  |  | (1,066 | ) |  |  | (571 | ) |  |  | (602 | )
Amounts Recognized in Accumulated Other Comprehensive Income |
Amounts recognized in accumulated other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss (gain) |  | $ | 81,376 |  |  | $ | 52,160 |  |  | $ | 480 |  |  | $ | 460 |  |  | $ | (3,189 | ) |  | $ | (3,795 | )
Prior service cost (credit) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Accumulated other compensation income |  | $ | 81,376 |  |  | $ | 52,160 |  |  | $ | 480 |  |  | $ | 460 |  |  | $ | (3,189 | ) |  | $ | (3,795 | )
Expected Cash Flows for the Defined Benefit Plans and Postretirement Benefit Plan | The following table presents the expected cash flows for the Company’s defined benefit plans and postretirement benefit plan (in thousands):
|  |  |  |  | Other Postretirement Benefits |
|  | Pension Benefits |  |  | Postretirement Welfare Plan |
|  | Pension Plans |  |  | SERP |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Expected employer contributions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First year |  | $ | 2,385 |  |  | $ | 2,407 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Expected benefit payments (gross) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Year one |  | $ | 13,902 |  |  | $ | 12,063 |  |  | $ | 162 |  |  | $ | 162 |  |  | $ | 59 |  |  | $ | 61 |
Year two |  |  | 14,902 |  |  |  | 13,123 |  |  |  | 136 |  |  |  | 158 |  |  |  | 49 |  |  |  | 62 |
Year three |  |  | 16,123 |  |  |  | 14,300 |  |  |  | 110 |  |  |  | 133 |  |  |  | 48 |  |  |  | 51 |
Year four |  |  | 17,284 |  |  |  | 15,572 |  |  |  | 106 |  |  |  | 107 |  |  |  | 47 |  |  |  | 51 |
Year five |  |  | 18,315 |  |  |  | 16,857 |  |  |  | 101 |  |  |  | 103 |  |  |  | 46 |  |  |  | 49 |
Next five years |  |  | 106,400 |  |  |  | 100,587 |  |  |  | 406 |  |  |  | 426 |  |  |  | 202 |  |  |  | 220 |
Pension Benefits [Member] |
Defined Benefit Plan Disclosure [Line Items] |
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 were as follows (in thousands):
|  | Pension Benefits |
|  | Pension Plans |  |  | SERP |
|  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2020 |  |  | 2019 |  |  | 2018 |
Components of net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 7,671 |  |  | $ | 7,364 |  |  | $ | 7,622 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost |  |  | 15,630 |  |  |  | 16,493 |  |  |  | 15,499 |  |  |  | 40 |  |  |  | 52 |  |  |  | 49 |
Expected return on plan assets |  |  | (23,790 | ) |  |  | (20,956 | ) |  |  | (22,406 | ) |  |  | — |  |  |  | — |  |  |  | — |
Amortization of actuarial loss |  |  | 2,399 |  |  |  | 1,438 |  |  |  | 2,890 |  |  |  | 35 |  |  |  | 28 |  |  |  | 23 |
Net periodic benefit cost |  |  | 1,910 |  |  |  | 4,339 |  |  |  | 3,605 |  |  |  | 75 |  |  |  | 80 |  |  |  | 72 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current year actuarial loss (gain) |  |  | 31,616 |  |  |  | 6,497 |  |  |  | (7,396 | ) |  |  | 55 |  |  |  | 73 |  |  |  | (70 | )
Recognition of actuarial loss |  |  | (2,399 | ) |  |  | (1,438 | ) |  |  | (2,890 | ) |  |  | (35 | ) |  |  | (28 | ) |  |  | (23 | )
Total recognized in other comprehensive income |  |  | 29,217 |  |  |  | 5,059 |  |  |  | (10,286 | ) |  |  | 20 |  |  |  | 45 |  |  |  | (93 | )
Total recognized in net periodic benefit cost and other comprehensive income |  | $ | 31,127 |  |  | $ | 9,398 |  |  | $ | (6,681 | ) |  | $ | 95 |  |  | $ | 125 |  |  | $ | (21 | )
Weighted average assumptions used to determine net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate (a) |  |  | 3.5% / 3.10 | % |  |  | 4.4 | % |  |  | 3.7 | % |  |  | 3.5 | % |  |  | 4.4 | % |  |  | 3.7 | %
Expected long-term rate of return on plan assets |  |  | 6.75 | % |  |  | 7.0 | % |  |  | 7.0 | % |  |  | — |  |  |  | — |  |  |  | — |
Rate of compensation increase |  | Service- based table |  |  | Service- based table |  |  | Service- based table |  |  |  | — |  |  |  | — |  |  |  | — |
(a) | The 2020 discount rate for benefit cost is 3.5% for the Kirby pension plan and 3.1% for the Higman pension plan. The 2018 discount rate for benefit cost for the Higman pension plan was changed from 4.13% as of February 14, 2018 and 4.02% as of March 31, 2018 to 4.40% as of December 31, 2018.
Other Postretirement Benefits [Member] |
Defined Benefit Plan Disclosure [Line Items] |
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 were as follows (in thousands):
|  | Other Postretirement Benefits |
|  | Postretirement Welfare Plan |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Components of net periodic benefit cost |  |  |  |  |  |  |  |  |
Interest cost |  | $ | 22 |  |  | $ | 31 |  |  | $ | 24 |
Amortization of actuarial gain |  |  | (522 | ) |  |  | (540 | ) |  |  | (596 | )
Net periodic benefit cost |  |  | (500 | ) |  |  | (509 | ) |  |  | (572 | )
Other changes in benefit obligations recognized in other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |
Current year actuarial loss (gain) |  |  | 84 |  |  |  | (22 | ) |  |  | 144 |
Recognition of actuarial gain |  |  | 522 |  |  |  | 540 |  |  |  | 596 |
Total recognized in other comprehensive income |  |  | 606 |  |  |  | 518 |  |  |  | 740 |
Total recognized in net periodic benefit cost and other comprehensive income |  | $ | 106 |  |  | $ | 9 |  |  | $ | 168 |
Weighted average assumptions used to determine net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 3.5 | % |  |  | 4.4 | % |  |  | 3.7 | %
Health care cost trend rate: |  |  |  |  |  |  |  |  |  |  |  |
Initial rate |  |  | 6.75 | % |  |  | 7.0 | % |  |  | 7.0 | %
Ultimate rate |  |  | 5.0 | % |  |  | 5.0 | % |  |  | 5.0 | %
Years to ultimate |  |  | 2025 |  |  |  | 2025 |  |  |  | 2022 |

X
- Definition Tabular disclosure of benefits expected to be paid by or contributed to pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References No definition available. + Details
Name: | kex_ScheduleOfExpectedCashFlowsTableTextBlock
Namespace Prefix: | kex_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_DefinedBenefitPlanDisclosureLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income (loss) expected to be recognized as components of net periodic benefit cost over the next fiscal year, including the net gain (loss), net prior service cost or credit, and net transition asset or obligation. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (s) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAmountsInAccumulatedOtherComprehensiveIncomeLossToBeRecognizedOverNextFiscalYearTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfChangesInProjectedBenefitObligationsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2439-114920 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2410-114920 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2417-114920 + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of net funded status of pension plans and/or other employee benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetFundedStatusTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_RetirementPlanTypeAxis=us-gaap_PensionPlansDefinedBenefitMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_RetirementPlanTypeAxis=us-gaap_OtherPostretirementBenefitPlansDefinedBenefitMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |