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Acquisitions | 12 Months Ended
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Dec. 31, 2022
Acquisitions [Abstract] |
Acquisitions | (2) Acquisitions On March 31, 2022, the Company paid $3.9 million in cash to purchase assets of a gearbox repair company in KDS. Assets acquired consisted primarily of property and equipment. The Company purchased four inland tank barges from a leasing company for $7.5 million in cash during 2021. The Company had been leasing the barges prior to the purchase. On October 4, 2021, the Company paid $1.6 million in cash to purchase assets of an energy storage systems manufacturer based in Texas which have been key to the development of new power generation solutions for electric fracturing equipment. Assets acquired and liabilities assumed consisted primarily of a right of use lease asset and lease liability for an operating lease assumed as part of the acquisition. During 2020, the Company purchased six newly constructed inland pressure barges for $39.4 million in cash. On April 1, 2020, the Company completed the acquisition of the inland tank barge fleet of Savage Inland Marine, LLC (“Savage”) for $279 million 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 (“KMT”), expanding the capabilities of the Company’s inland based marine transportation business and lowering 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 $37.2 million 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 |
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 |
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 $2.3 million from Savage with an amortization period of 10 years. Acquisition related costs of $0.4 million, 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 million for customer relationships with an amortization period of 10 years, $8 million for distributorships with an amortization period of 12 years and $0.2 million for non-compete agreements with an amortization period of three years. All goodwill recorded for the Convoy acquisition will be deductible for tax purposes.

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- 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
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