What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-05-12 compared with 2024-11-12 · 78 added, 136 removed, 283 unchanged (43% of the section changed)

2 unchanged sentences

CONDENSED BALANCE SHEETS

September 30,

($ in thousands)

32 unchanged sentences

Retained earnings

Treasury stock – at cost, 7.9 million shares at September 30, 2024 and 6.8 million at December 31, 2023

Treasury stock – at cost, 9.1 million shares at March 31, 2025 and 8.2 million at December 31, 2024

Total Kirby stockholders’ equity

4 unchanged sentences

CONDENSED STATEMENTS OF EARNINGS

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

($ in thousands, except per share amounts)

19 unchanged sentences

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

($ in thousands)

Other comprehensive income (loss), net of taxes:

Other comprehensive loss, net of taxes:

Pension and postretirement benefits

Foreign currency translation adjustments

Total other comprehensive income (loss), net of taxes

Total other comprehensive loss, net of taxes

Total comprehensive income, net of taxes

4 unchanged sentences

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended September 30,

Three Months Ended March 31,

($ in thousands)

5 unchanged sentences

Amortization of major maintenance costs

Increase (decrease) in cash flows resulting from changes in operating assets and liabilities, net

Decrease in cash flows resulting from changes in operating assets and liabilities, net

Net cash provided by operating activities

5 unchanged sentences

Cash flows from financing activities:

Borrowings (payments) on bank credit facilities, net

Borrowings on long-term debt

Payments on long-term debt

Borrowings on bank credit facilities, net

Payment of debt issuance costs

2 unchanged sentences

Treasury stock purchases

Net cash used in financing activities

Net cash provided by (used in) financing activities

Increase (decrease) in cash and cash equivalents

2 unchanged sentences

Supplemental disclosures of cash flow information:

Cash paid (received) during the period:

Cash paid during the period:

Interest paid

Income taxes paid (refunded), net

Income taxes paid, net

Operating cash outflow from operating leases

9 unchanged sentences

(in thousands)

Balance at June 30, 2024

Stock option exercises

Issuance of stock for equity awards, net of forfeitures

Tax withholdings on equity award vesting

Amortization of share-based compensation

Treasury stock purchases

Excise taxes on treasury stock purchases

Total comprehensive income, net of taxes

Balance at September 30, 2024

Comprehensive

Treasury Stock

Noncontrolling

(in thousands)

Balance at June 30, 2023

Stock option exercises

Issuance of stock for equity awards, net of forfeitures

Tax withholdings on equity award vesting

Amortization of share-based compensation

Treasury stock purchases

Excise taxes on treasury stock purchases

Total comprehensive income, net of taxes

Return of investment to noncontrolling interests

Balance at September 30, 2023

See accompanying notes to condensed financial statements.

KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY

Accumulated Other

Comprehensive

Treasury Stock

Noncontrolling

(in thousands)

Balance at December 31, 2024

6 unchanged sentences

Total comprehensive income, net of taxes

Balance at September 30, 2024

Accumulated Other

Balance at March 31, 2025

Comprehensive

10 unchanged sentences

Total comprehensive income, net of taxes

Return of investment to noncontrolling interests

Balance at September 30, 2023

Balance at March 31, 2024

See accompanying notes to condensed financial statements.

6 unchanged sentences

Certain reclassifications have been made to reflect the current presentation of financial information.

Effective January 1, 2024, the power generation revenue source within the distribution and services segment has been broken out from the commercial and industrial and oil and gas revenue sources due to the significance of the power generation market to the Company’s growth.

This change had no net impact on overall Company or segment revenues and has been reflected retrospectively for all periods presented.

(2) Acquisitions

On March 27, 2025, the Company purchased 14 inland tank barges with a total capacity of 364,000 barrels, including four specialty barges, and four high horsepower towboats from an undisclosed seller for $ 97.3 million in cash.

The 14 tank barges, including four specialty barges, transport petrochemicals and refined products on the Mississippi River System and Gulf Intracoastal Waterway.

The average age of the 14 barges was 16 years.

On December 31, 2024, the Company purchased an inland tank barge from a leasing company for $ 2.7 million in cash.

The Company had been leasing the barge prior to purchase .

On December 30, 2024, the Company purchased three inland tank barges from an undisclosed seller for $ 9.9 million in cash.

On May 15, 2024, the Company completed the purchase of 13 inland tank barges, with a total capacity of 347,000 barrels, and two high horsepower towboats from an undisclosed seller for $ 65.2 million in cash.

1 unchanged sentence

The average age of the 13 barges was 15 years.

On July 14, 2023, the Company purchased 23 inland tank barges with a total capacity of 265,000 barrels from an undisclosed seller for $ 37 million in cash.

The 23 tank barges transport petrochemicals and refined products on the Mississippi River System and the Gulf Intracoastal Waterway.

The average age of the 23 barges was 14 years.

The Company purchased four inland tank barges from a leasing company for $ 0.5 million in cash during the 2023 third quarter.

The Company had been leasing the barges prior to the purchase.

The following table sets forth the Company’s revenues by major source (in thousands):

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

Marine transportation segment:

5 unchanged sentences

Contract liabilities represent advance consideration received from customers, and are recognized as revenue over time or at a point in time as the related performance obligation is satisfied.

Revenues recognized during the nine months ended September 30, 2024 and 2023 that were included in the opening contract liability balances were $ 101.8 million and $ 76.8 million , respectively.

Revenues recognized during the three months ended March 31, 2025 and 2024 that were included in the opening contract liability balances were $ 60.2 million and $ 54.4 million , respectively.

The Company presents all contract liabilities within the deferred revenues financial statement caption on the balance sheets.

The Company did no t have any contract assets at September 30, 2024 or December 31, 2023 .

The Company applies the practical expedient that allows non-disclosure of information about remaining performance obligations that have original expected durations of one year or less.

The Company did no t have any contract assets as of March 31, 2025 or December 31, 2024 .

(4) Segment Data

2 unchanged sentences

The principal products transported include petrochemicals, black oil, refined petroleum products and agricultural chemicals.

Distribution and Services Segment (“KDS”) — Provides after-market services and genuine replacement parts for engines, transmissions, reduction gears, and related equipment used in oilfield services, marine, power generation, on-highway, backup power and other industrial applications.

The Company also rents equipment including generators, industrial compressors, high capacity lift trucks, and refrigeration trailers for use in a variety of industrial markets, and manufactures and remanufactures oilfield service equipment, including pressure pumping units, electric power generation equipment, and specialized electrical distribution and control equipment.

The Company’s two reportable business segments are managed separately based on fundamental differences in their operations.

The Company evaluates the performance of its segments based on the contributions to operating income of the respective segments, before income taxes, interest, gains or losses on disposition of assets, other nonoperating income, noncontrolling interests, accounting changes, and nonrecurring items.

Intersegment revenues, based on market-based pricing, of KDS from KMT of $ 5.0 million and $ 19.1 million for the three months and nine months ended September 30, 2024, respectively, and $ 9.9 million and $ 29.6 million for the three months and nine months ended September 30, 2023, respectively, as well as the related intersegment profit of $ 0.5 million and $ 1.9 million for the three months and nine months ended September 30, 2024, respectively, and $ 1.0 million and $ 3.0 million for the three months and nine months ended September 30, 2023, respectively, have been eliminated from the tables below.

The following tables set forth the Company’s revenues and profit or loss by reportable segment and total assets (in thousands):

Three Months Ended September 30,

Nine Months Ended September 30,

Marine transportation

Distribution and services

Segment profit:

Marine transportation

Distribution and services

September 30,

Total assets:

Marine transportation

Distribution and services

The following table presents the details of “Other” segment loss (in thousands):

Three Months Ended September 30,

Nine Months Ended September 30,

Distribution and Services Segment (“KDS”) — Provides after-market services and genuine replacement parts for engines, transmissions, reduction gears, electric motors, drives, and controls, specialized electrical distribution and control systems, and related equipment used in oilfield services, marine, power generation, on-highway, and other industrial applications.

The Company also rents equipment including generators, industrial compressors, high-capacity lift trucks, construction equipment and refrigeration trailers for use in a variety of industrial markets.

The Company also manufactures and remanufactures specialized equipment, including pressure pumping units, electric power generation equipment, and specialized electrical distribution and control equipment for oilfield service, railroad and other industrial customers.

The Company’s two reportable business segments are managed separately by the Company’s chief operating decision maker (“CODM” ) , its Chief Executive Officer , based on fundamental differences in their operations.

The Company’s accounting policies for the business segments are the same as those described in Note 1, Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements in the Company’s 2024 Annual Report on Form 10-K.

The CODM evaluates the performance of the Company’s segments based on the contributions to operating income of the respective segments, and before income taxes, interest, gains or losses on disposition of assets, other nonoperating income, noncontrolling interests, accounting changes, and nonrecurring items.

The CODM uses segment operating income to allocate resources for each segment during the annual budget and forecasting process.

The CODM considers budget-to-actual variances on a monthly basis for segment operating income when making decisions about allocating capital and personnel to the segments.

The CODM also uses segment operating income to assess the performance for each segment by comparing the results and return on invested capital of each segment.

Intersegment revenues, based on market-based pricing, of KDS from KMT of $ 11.1 million for the three months ended March 31, 2025 and $ 6.6 million for the three months ended March 31, 2024, as well as the related intersegment profit of $ 1.1 million for the three months ended March 31, 2025 and $ 0.7 million for the three months ended March 31, 2024, have been eliminated from the tables below.

The following tables set forth the Company’s revenues, depreciation and amortization, and income or loss by reportable segment and total assets (in thousands):

Three Months Ended March 31,

Revenue from external customers

Costs of sales and operating expenses

Administrative payroll expense

Taxes, other than on income

Depreciation and amortization

Other segment items (a)

Segment operating income

Reconciliation of segment operating income

Unallocated amounts:

General corporate expenses

Gain on disposition of assets

Operating income

Interest expense

Earnings before taxes on income

(a) Other segment items for each reportable segment includes:

KMT – selling expense, professional service expense, occupancy expense, and certain overhead expenses.

KDS – inventory-related expense, warranty expense, selling expense, professional service expense, occupancy expense, and certain overhead expenses.

Total assets:

Marine transportation

Distribution and services

The following table presents the details of “Other” total assets (in thousands):

September 30,

General corporate assets

2 unchanged sentences

The following table presents the carrying value and fair value (determined using inputs characteristic of a Level 2 fair value measurement) of debt outstanding (in thousands):

September 30, 2024

March 31, 2025

December 31, 2024

9 unchanged sentences

Unamortized debt discounts and issuance costs

(a) Variable interest rate o f 6.1 % at September 30, 2024 and 6.8 % at December 31, 2023 .

(a) Variable interest rate o f 5.6 % at March 31, 2025 and December 31, 2024 .

On July 29, 2022, the Company entered into a credit agreement (the “2027 Credit Agreement”) with a group of commercial banks, with JPMorgan Chase Bank, N.A.

as the administrative agent bank that allows for a $ 500 million unsecured revolving credit facility (the “2027 Revolving Credit Facility”) and a $ 250 million unsecured term loan (the “2027 Term Loan”) with a maturity date of July 29, 2027 .

In October 2024, the Company repaid $ 10.0 million under the 2027 Term Loan prior to scheduled maturities.

As a result, no repayments are required until September 30, 2025.

In the fourth quarter of 2022, the Company repaid $ 80 million under the 2027 Term Loan prior to scheduled maturities.

In the fourth quarter of 2024, the Company repaid $ 100 million under the 2027 Term Loan prior to scheduled maturities.

As a result, no repayments are required until March 31, 2027.

Future repayments under the 2027 Term Loan are excluded from short term liabilities because the Company intends to use availability under the 2027 Revolving Credit Facility to repay these amounts upon maturity.

Outstanding letters of credit under the 2027 Revolving Credit Facility were $ 6,000 and available borrowing capacity was $ 495.0 million as of September 30, 2024.

Outstanding letters of credit under the 2027 Revolving Credit Facility were $ 6,000 and available borrowing capacity was $ 275.0 million as of March 31, 2025.

On February 3, 2022, the Company entered into a note purchase agreement for the issuance of $ 300 million of unsecured senior notes with a group of institutional investors, consisting of $ 60 million of 3.46 % series A notes (“Series A Notes”) and $ 240 million of 3.51 % series B notes (“Series B Notes ”), each due January 19, 2033 (collectively, the “2033 Notes”).

3 unchanged sentences

(“Bank of America”) for short-term liquidity needs and letters of credit, with a maturity date of June 30, 2026 .

Outstanding letters of credit under the Credit Line were $ 6.8 million and available borrowing capacity was $ 8.2 million as of September 30, 2024 .

Outstanding letters of credit under the Credit Line were $ 6.8 million and available borrowing capacity was $ 8.2 million as of March 31, 2025 .

The Company currently leases various facilities and equipment under cancelable and noncancelable operating leases.

5 unchanged sentences

Future minimum lease payments under operating leases that have initial noncancelable lease terms in excess of one year were as follows (in thousands):

September 30,

Total lease payments

2 unchanged sentences

The following table summarizes lease costs (in thousands):

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

Operating lease cost

3 unchanged sentences

The following table summarizes other supplemental information about the Company’s operating leases:

September 30,

Weighted average discount rate

2 unchanged sentences

The compensation cost that has been charged against earnings for the Company’s stock award plans and the income tax benefit recognized in the statement of earnings for stock awards were as follows (in thousands):

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

Compensation cost

Income tax benefit

During the nine months ended September 30, 2024, the Company grant ed 166,708 restricted stock units (“RSUs”) to selected officers and other key employees under the employee stock award plan, the majority of which vest ratably over five years .

During April 2024, the Company granted 14,624 shares of restricted stock to nonemployee directors of the Company under the director stock plan which vest six months after the date of grant.

During the three months ended March 31, 2025, the Company grant ed 131,170 restricted stock units (“RSUs”) to selected officers and other key employees under the employee stock award plan that vest ratably over five years .

During May 2025, the Company granted 15,384 shares of restricted stock to nonemployee directors of the Company under the director stock plan which vest six months after the date of grant.

(8) Taxes on Income

Earnings (loss) before taxes on income and details of the provision (benefit) for taxes on income were as follows (in thousands):

Three Months Ended September 30,

Nine Months Ended September 30,

Earnings (loss) before taxes on income and details of the provision for taxes on income were as follows (in thousands):

Three Months Ended March 31,

Earnings (loss) before taxes on income:

United States

Provision (benefit) for taxes on income:

Provision for taxes on income:

State and local:

2 unchanged sentences

The following table presents the components of basic and diluted earnings per share (in thousands, except per share amounts):

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

Net earnings attributable to Kirby

11 unchanged sentences

Net earnings per share attributable to Kirby common stockholders:

Certain outstanding options to purchase approximately 33,000 shares of common stock were excluded in the computation of diluted earnings per share as of September 30, 2023 , as such stock options would have been antidilutive.

There were no antidilutive stock options as of September 30, 2024 .

There were no antidilutive RSUs as of September 30, 2024 and 2023 .

Certain outstanding options to purchase approximately 23,000 shares of common stock were excluded in the computation of diluted earnings per share as of March 31, 2024 , as such stock options would have been antidilutive.

There were no antidilutive stock options as of March 31, 2025 .

There were no antidilutive RSUs as of March 31, 2025 and 2024 .

(10) Inventories

The following table presents the details of inventories – net (in thousands):

September 30,

Finished goods

13 unchanged sentences

On March 27, 2018, the Company amended the Higman pension plan to close it to all new entrants and cease all benefit accruals for periods after May 15, 2018 for all participants.

The Company made contributions of $ 1.4 million to the Higman pension plan during the nine months ended September 30, 2024 .

The Company made contributions of $ 0.3 million to the Higman pension plan during the three months ended March 31, 2025 .

The Company expects to make additional contributions of $ 0.9 million during the remainder of 2025.

7 unchanged sentences

Pension Plans

Three Months Ended September 30,

Components of net periodic benefit cost:

Interest cost

Expected return on plan assets

Amortization of actuarial (gain) loss

Net periodic benefit cost

Pension Benefits

Pension Plans

Nine Months Ended September 30,

Three Months Ended March 31,

Components of net periodic benefit cost:

6 unchanged sentences

Postretirement Welfare Plan

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

Components of net periodic benefit cost:

3 unchanged sentences

(12) Other Comprehensive Income

The Company’s changes in other comprehensive income (loss) were as follows (in thousands):

Three Months Ended September 30,

The Company’s changes in other comprehensive loss were as follows (in thousands):

Three Months Ended March 31,

Income Tax Benefit

2 unchanged sentences

Amortization of net actuarial gain

Actuarial gains

Foreign currency translation

Nine Months Ended September 30,

Income Tax (Provision) Benefit

Pension and postretirement benefits (a):

Amortization of net actuarial gain

Actuarial gains

Foreign currency translation

(a) Actuarial gains are amortized into other income (expense).

(a) Actuarial gains (losses) are amortized into other income (expense).

( See Note 11, Retirement Plans)

9 unchanged sentences

The Heiltsuk First Nation’s civil claim has been consolidated into the Federal Court limitation action as of July 26, 2019 and it is expected that the Federal Court of Canada will decide all claims against the Company.

The Company is unable to estimate

the potential exposure in the civil proceeding.

The Company is unable to estimate the potential exposure in the civil proceeding.

The Company has various insurance policies covering liabilities including pollution, property, marine and general liability and believes that it has satisfactory insurance coverage for the cost of cleanup and salvage operations as well as other potential liabilities arising from the incident.

3 unchanged sentences

The Company has issued guaranties or obtained standby letters of credit and performance bonds supporting performance by the Company and its subsidiaries of contractual or contingent legal obligations of the Company and its subsidiaries incurred in the ordinary course of business.

The aggregate notional value of these instruments is $ 31.5 million at September 30, 2024, including $ 11.6 million in letters of credit and $ 19.9 million in performance bonds.

The aggregate notional value of these instruments is $ 32.8 million at March 31, 2025, including $ 11.6 million in letters of credit and $ 21.1 million in performance bonds.

All of these instruments have an expiration date within two years .

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements