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Retirement Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items] |
Asset Allocation | The aggregate fair value of plan assets of the Company’s pension plans was $375.9 million and $341.1 million at December 31, 2023 and 2022, respectively. Pension assets were allocated among asset categories as follows:
|  | December 31, |  |  | Current Minimum, Target and Maximum
Asset Category |  | 2023 |  |  | 2022 |  |  | Allocation Policy
U.S. equity securities |  |  | 51 | % |  |  | 50 | % |  |  | 45 | % | — 50% | — 55%
International equity securities |  |  | 20 |  |  |  | 20 |  |  |  | 12 | % | — 20% | — 28%
Debt securities |  |  | 29 |  |  |  | 30 |  |  |  | 20 | % | — 30% | — 40%
Cash and cash equivalents |  |  | — |  |  |  | — |  |  |  | 0 | % | — 0% | — 0%
|  |  | 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 |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Change in benefit obligation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 339,509 |  |  | $ | 495,272 |  |  | $ | 833 |  |  | $ | 1,033 |  |  | $ | 432 |  |  | $ | 582 |
Service cost |  |  | 3,695 |  |  |  | 6,538 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Interest cost |  |  | 18,356 |  |  |  | 14,779 |  |  |  | 43 |  |  |  | 29 |  |  |  | 22 |  |  |  | 17 |
Actuarial (gain) loss |  |  | 13,241 |  |  |  | (158,816 | ) |  |  | 91 |  |  |  | (74 | ) |  |  | 65 |  |  |  | (58 | )
Gross benefits paid |  |  | (32,052 | ) |  |  | (12,665 | ) |  |  | (153 | ) |  |  | (155 | ) |  |  | (104 | ) |  |  | (109 | )
Settlements |  |  | — |  |  |  | (5,599 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Benefit obligation at end of year |  | $ | 342,749 |  |  | $ | 339,509 |  |  | $ | 814 |  |  | $ | 833 |  |  | $ | 415 |  |  | $ | 432 |
Accumulated benefit obligation at end of year |  | $ | 326,987 |  |  | $ | 325,274 |  |  | $ | 814 |  |  | $ | 833 |  |  | $ | 415 |  |  | $ | 432 |
Weighted-average assumption used to determine benefit obligation at end of year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate (a) |  | 5.1%/5.2% |  |  |  | 5.5 | % |  |  | 5.1 | % |  |  | 5.5 | % |  |  | 5.1 | % |  |  | 5.5 | %
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 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | 2029 |  |  | 2029 |
Change in plan assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 341,061 |  |  | $ | 430,821 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Actual return on plan assets |  |  | 58,734 |  |  |  | (72,402 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Employer contribution |  |  | 8,174 |  |  |  | 906 |  |  |  | 153 |  |  |  | 155 |  |  |  | 104 |  |  |  | 109 |
Gross benefits paid |  |  | (32,052 | ) |  |  | (12,665 | ) |  |  | (153 | ) |  |  | (155 | ) |  |  | (104 | ) |  |  | (109 | )
Settlements |  |  | — |  |  |  | (5,599 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Fair value of plan assets at end of year |  | $ | 375,917 |  |  | $ | 341,061 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(a) The 2023 discount rate was 5.1% for the Kirby Pension Plan and 5.2% for the Higman Pension Plan. The 2022 discount rate was 5.5% for both the Kirby Pension Plan and 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 |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Funded status at end of year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets |  | $ | 375,917 |  |  | $ | 341,061 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Benefit obligations |  |  | (342,749 | ) |  |  | (339,509 | ) |  |  | (814 | ) |  |  | (833 | ) |  |  | (415 | ) |  |  | (432 | )
Funded status and amount recognized at end of year |  | $ | 33,168 |  |  | $ | 1,552 |  |  | $ | (814 | ) |  | $ | (833 | ) |  | $ | (415 | ) |  | $ | (432 | )
Amounts recognized in the consolidated balance sheets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noncurrent asset |  |  | 42,698 |  |  |  | 18,695 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Current liability |  |  | — |  |  |  | — |  |  |  | (106 | ) |  |  | (106 | ) |  |  | (46 | ) |  |  | (49 | )
Long-term liability |  |  | (9,530 | ) |  |  | (17,143 | ) |  |  | (708 | ) |  |  | (727 | ) |  |  | (369 | ) |  |  | (383 | )
Amounts recognized in accumulated other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial (gain) loss |  | $ | (48,033 | ) |  | $ | (25,449 | ) |  | $ | 391 |  |  | $ | 324 |  |  | $ | (1,890 | ) |  | $ | (2,299 | )
Prior service cost (credit) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Accumulated other compensation income |  | $ | (48,033 | ) |  | $ | (25,449 | ) |  | $ | 391 |  |  | $ | 324 |  |  | $ | (1,890 | ) |  | $ | (2,299 | )
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 |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Expected employer contributions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First year |  | $ | 1,770 |  |  | $ | 8,374 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Expected benefit payments (gross) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Year one |  | $ | 16,696 |  |  | $ | 16,312 |  |  | $ | 108 |  |  | $ | 108 |  |  | $ | 47 |  |  | $ | 50 |
Year two |  |  | 17,513 |  |  |  | 16,899 |  |  |  | 103 |  |  |  | 104 |  |  |  | 46 |  |  |  | 49 |
Year three |  |  | 18,169 |  |  |  | 17,808 |  |  |  | 98 |  |  |  | 99 |  |  |  | 44 |  |  |  | 47 |
Year four |  |  | 19,096 |  |  |  | 18,650 |  |  |  | 93 |  |  |  | 94 |  |  |  | 43 |  |  |  | 45 |
Year five |  |  | 19,860 |  |  |  | 19,707 |  |  |  | 88 |  |  |  | 90 |  |  |  | 41 |  |  |  | 43 |
Next five years |  |  | 108,717 |  |  |  | 110,417 |  |  |  | 337 |  |  |  | 359 |  |  |  | 167 |  |  |  | 176 |
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 |
|  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2023 |  |  | 2022 |  |  | 2021 |
Components of net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 3,695 |  |  | $ | 6,538 |  |  | $ | 7,961 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost |  |  | 18,356 |  |  |  | 14,779 |  |  |  | 14,239 |  |  |  | 43 |  |  |  | 29 |  |  |  | 31 |
Expected return on plan assets |  |  | (22,910 | ) |  |  | (28,399 | ) |  |  | (26,244 | ) |  |  | — |  |  |  | — |  |  |  | — |
Amortization of actuarial loss |  |  | — |  |  |  | 34 |  |  |  | 4,193 |  |  |  | 23 |  |  |  | 30 |  |  |  | 40 |
Net periodic benefit cost |  |  | (859 | ) |  |  | (7,048 | ) |  |  | 149 |  |  |  | 66 |  |  |  | 59 |  |  |  | 71 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current year actuarial (gain) loss |  |  | (22,583 | ) |  |  | (58,015 | ) |  |  | (44,583 | ) |  |  | 91 |  |  |  | (74 | ) |  |  | (12 | )
Recognition of actuarial loss |  |  | — |  |  |  | (34 | ) |  |  | (4,193 | ) |  |  | (23 | ) |  |  | (30 | ) |  |  | (40 | )
Total recognized in other comprehensive income |  |  | (22,583 | ) |  |  | (58,049 | ) |  |  | (48,776 | ) |  |  | 68 |  |  |  | (104 | ) |  |  | (52 | )
Total recognized in net periodic benefit cost and other comprehensive income |  | $ | (23,442 | ) |  | $ | (65,097 | ) |  | $ | (48,627 | ) |  | $ | 134 |  |  | $ | (45 | ) |  | $ | 19 |
Weighted average assumptions used to determine net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate (a) |  |  | 5.5 | % |  | 3.0% / 3.1% |  |  | 2.8% / 2.9% |  |  |  | 5.5 | % |  |  | 3.0 | % |  |  | 2.8 | %
Expected long-term rate of return on plan assets |  |  | 6.75 | % |  |  | 6.75 | % |  |  | 6.75 | % |  |  | — |  |  |  | — |  |  |  | — |
Rate of compensation increase |  | Service-based table |  |  | Service-based table |  |  | Service-based table |  |  |  | — |  |  |  | — |  |  |  | — |
(a) The 2023 discount rate for benefit cost is 5.5% for both the Kirby Pension Plan and the Higman Pension Plan. The 2022 discount rate for benefit cost is 3.0% 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 |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Components of net periodic benefit cost |  |  |  |  |  |  |  |  |
Interest cost |  | $ | 22 |  |  | $ | 17 |  |  | $ | 17 |
Amortization of actuarial gain |  |  | (344 | ) |  |  | (394 | ) |  |  | (451 | )
Net periodic benefit cost |  |  | (322 | ) |  |  | (377 | ) |  |  | (434 | )
Other changes in benefit obligations recognized in other comprehensive income |  |  |  |  |  |  |  |  |
Current year actuarial loss (gain) |  |  | 65 |  |  |  | (58 | ) |  |  | 104 |
Recognition of actuarial gain |  |  | 344 |  |  |  | 394 |  |  |  | 451 |
Total recognized in other comprehensive income |  |  | 409 |  |  |  | 336 |  |  |  | 555 |
Total recognized in net periodic benefit cost and other comprehensive income |  | $ | 87 |  |  | $ | (41 | ) |  | $ | 121 |
Weighted average assumptions used to determine net periodic benefit cost |  |  |  |  |  |  |  |  |
Discount rate |  |  | 5.5 | % |  |  | 3.0 | % |  |  | 2.8 | %
Health care cost trend rate: |  |  |  |  |  |  |  |  |
Initial rate |  |  | 6.50 | % |  |  | 6.25 | % |  |  | 6.50 | %
Ultimate rate |  |  | 5.0 | % |  |  | 5.0 | % |  |  | 5.0 | %
Years to ultimate |  | 2029 |  |  | 2027 |  |  | 2025 |

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