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Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2021

Defined Benefit Plan Disclosure [Line Items]

Asset Allocation

The aggregate fair value of plan assets of the Company’s pension plans was $430,821,000 and $395,137,000 at December 31, 2021 and 2020 respectively. Pension assets were allocated among asset categories as follows:

		December 31,								Current Minimum, Target and Maximum
Asset Category		2021				2020				Allocation Policy
U.S. equity securities			51	%			53	%			30	%	— 50%	— 70%
International equity securities			20				20				0	%	— 20%	— 30%
Debt securities			29				25				15	%	— 30%	— 55%
Cash and cash equivalents			—				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):

		Pension Benefits																Other Postretirement Benefits
		Pension Plans								SERP								Postretirement Welfare Plan
		2021				2020				2021				2020				2021				2020
Change in benefit obligation
Benefit obligation at beginning of year		$	508,694			$	442,861			$	1,174			$	1,225			$	629			$	662
Service cost			7,961				7,671				—				—				—				—
Interest cost			14,239				15,630				31				40				17				22
Actuarial (gain) loss			(20,208	)			58,851				(12	)			55				104				84
Gross benefits paid			(11,967	)			(11,029	)			(160	)			(146	)			(168	)			(139	)
Settlements			(3,447	)			(5,290	)			—				—				—				—
Benefit obligation at end of year		$	495,272			$	508,694			$	1,033			$	1,174			$	582			$	629
Accumulated benefit obligation at end of year		$	469,508			$	479,999			$	1,033			$	1,174			$	582			$	629
Weighted-average assumption used to determine benefit obligation at end of year
Discount rate (a)		3.0% / 3.1%				2.8% / 2.9%					3.0	%			2.8	%			3.0	%			2.8	%
Rate of compensation increase		Service-based table				Service-based table					—				—				—				—
Health care cost trend rate
Initial rate			—				—				—				—				6.25	%			6.50	%
Ultimate rate			—				—				—				—				5.0	%			5.0	%
Years to ultimate			—				—				—				—			2027				2025
Change in plan assets
Fair value of plan assets at beginning of year		$	395,137			$	358,197			$	—			$	—			$	—			$	—
Actual return on plan assets			50,619				51,024				—				—				—				—
Employer contribution			479				2,235				160				146				168				139
Gross benefits paid			(11,967	)			(11,029	)			(160	)			(146	)			(168	)			(139	)
Settlements			(3,447	)			(5,290	)			—				—				—				—
Fair value of plan assets at end of year		$	430,821			$	395,137			$	—			$	—			$	—			$	—

(a)The 2021 discount rate was 3.0% for the Kirby Pension Plan and 3.1% for the Higman Pension Plan. The 2020 discount rate was 2.8% for the Kirby Pension Plan and 2.9% for the Higman Pension Plan.

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):

		Pension Benefits																Other Postretirement Benefits
		Pension Plans								SERP								Postretirement Welfare Plan
		2021				2020				2021				2020				2021				2020
Funded status at end of year
Fair value of plan assets		$	430,821			$	395,137			$	—			$	—			$	—			$	—
Benefit obligations			(495,272	)			(508,694	)			(1,033	)			(1,174	)			(582	)			(629	)
Funded status and amount recognized at end of year		$	(64,451	)		$	(113,557	)		$	(1,033	)		$	(1,174	)		$	(582	)		$	(629	)
Amounts recognized in the consolidated balance sheets
Current liability			—				—				(128	)			(159	)			(49	)			(58	)
Long-term liability			(64,451	)			(113,557	)			(905	)			(1,015	)			(533	)			(571	)
Amounts recognized in accumulated other comprehensive income
Net actuarial (gain) loss		$	32,600			$	81,376			$	428			$	480			$	(2,634	)		$	(3,189	)
Prior service cost (credit)			—				—				—				—				—				—
Accumulated other compensation income		$	32,600			$	81,376			$	428			$	480			$	(2,634	)		$	(3,189	)

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):

		Pension Benefits																Other Postretirement Benefits
		Pension Plans								SERP								Postretirement Welfare Plan
		2021				2020				2021				2020				2021				2020
Expected employer contributions
First year		$	145			$	2,385			$	—			$	—			$	—			$	—
Expected benefit payments (gross)
Year one		$	15,480			$	13,902			$	130			$	162			$	50			$	59
Year two			16,678				14,902				104				136				49				49
Year three			17,598				16,123				100				110				48				48
Year four			18,382				17,284				96				106				47				47
Year five			19,127				18,315				91				101				45				46
Next five years			109,845				106,400				381				406				194				202

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
		2021				2020				2019				2021				2020				2019
Components of net periodic benefit cost
Service cost		$	7,961			$	7,671			$	7,364			$	—			$	—			$	—
Interest cost			14,239				15,630				16,493				31				40				52
Expected return on plan assets			(26,244	)			(23,790	)			(20,956	)			—				—				—
Amortization of actuarial loss			4,193				2,399				1,438				40				35				28
Net periodic benefit cost			149				1,910				4,339				71				75				80
Other changes in plan assets and benefit obligations recognized in other comprehensive income
Current year actuarial (gain) loss			(44,583	)			31,616				6,497				(12	)			55				73
Recognition of actuarial loss			(4,193	)			(2,399	)			(1,438	)			(40	)			(35	)			(28	)
Total recognized in other comprehensive income			(48,776	)			29,217				5,059				(52	)			20				45
Total recognized in net periodic benefit cost and other comprehensive income		$	(48,627	)		$	31,127			$	9,398			$	19			$	95			$	125
Weighted average assumptions used to determine net periodic benefit cost
Discount rate (a)		2.8% / 2.9%				3.5% / 3.1%					4.4	%			2.8	%			3.5	%			4.4	%
Expected long-term rate of return on plan assets			6.75	%			6.75	%			7.0	%			—				—				—
Rate of compensation increase		Service-based table				Service-based table				Service-based table					—				—				—

(a)The 2021 discount rate for benefit cost is 2.8% for the Kirby Pension Plan and 2.9% for the Higman Pension Plan. The 2020 discount rate for benefit cost is 3.5% for the Kirby Pension Plan and 3.1% for the Higman Pension Plan.

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
		2021				2020				2019
Components of net periodic benefit cost
Interest cost		$	17			$	22			$	31
Amortization of actuarial gain			(451	)			(522	)			(540	)
Net periodic benefit cost			(434	)			(500	)			(509	)
Other changes in benefit obligations recognized in other comprehensive income
Current year actuarial loss (gain)			104				84				(22	)
Recognition of actuarial gain			451				522				540
Total recognized in other comprehensive income			555				606				518
Total recognized in net periodic benefit cost and other    comprehensive income		$	121			$	106			$	9
Weighted average assumptions used to determine net periodic benefit cost
Discount rate			2.8	%			3.5	%			4.4	%
Health care cost trend rate:
Initial rate			6.50	%			6.75	%			7.0	%
Ultimate rate			5.0	%			5.0	%			5.0	%
Years to ultimate		2025				2025				2025

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