Kirby

2 0 23 Annual Report
2 0 23 Annual Report

80075herD1R2.indd  1-3

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Financial Highlights

In thousands, except per share amounts

2023
2023

2022

2021
2021

2020

2019
2019

As of or for the Year Ended December 31,

Revenues:

Marine transportation

Distribution and services

Net earnings (loss) attributable to Kirby

Net earnings attributable to Kirby,

excluding one-time items*

Net earnings (loss) per share attributable

to Kirby (diluted)

Net earnings per share attributable to Kirby,

excluding one-time items* (diluted)

Adjusted EBITDA:**

$
$

$
$

$
$

$
$

$
$

$
$

1,721,937
1,721,937

1,369,703
1,369,703

3,091,640
3,091,640

222,935
222,935

223,1161
223,1161

3.72
3.72

3.721
3.721

$

$

$

$

$

$

1,616,967

1,617,787

2,784,754

122,291

126,6522

2.03

2.102

$
$

$
$

$
$

$
$

$
$

$
$

1,322,918
1,322,918

923,742
923,742

2,246,660
2,246,660

(246,954)
(246,954)

33,7703
33,7703

(4.11)
(4.11)

0.563
0.563

$

$

$

$

$

$

1,404,265

767,143

2,171,408

(272,546)

109,9714

(4.55)

1.844

$
$

$
$

$
$

$
$

$
$

$
$

1,587,082
1,587,082

1,251,317
1,251,317

2,838,399
2,838,399

142,347
142,347

174,0725
174,0725

2.37
2.37

2.905
2.905

Net earnings (loss) attributable to Kirby

$
$

222,935
222,935

$

122,291

$
$

(246,954)
(246,954)

$

(272,546)

$
$

142,347
142,347

Interest expense

Provision (benefit) for taxes on income

Impairment of long-lived assets

Impairment of goodwill

52,008
52,008

71,220
71,220

—
—

—
—

44,588

42,214

—

—

Depreciation and amortization

211,156
211,156

201,443

Adjusted EBITDA**

Property and equipment, net

Total assets

Long-term debt, including current portion

Total equity

$
$

$
$

$
$

$
$

$
$

557,319
557,319

3,861,105
3,861,105

5,722,197
5,722,197

1,016,595
1,016,595

3,186,677
3,186,677

$

$

$

$

$

410,536

3,633,462

5,554,924

1,079,618

3,045,168

$
$

$
$

$
$

$
$

$
$

42,469
42,469

(43,830)
(43,830)

121,661
121,661

219,052
219,052

213,718
213,718

306,116
306,116

3,678,515
3,678,515

5,399,063
5,399,063

1,163,367
1,163,367

2,888,782
2,888,782

48,739

(189,759)

165,304

387,970

219,921

359,629

3,917,070

5,924,174

1,468,586

3,087,553

$

$

$

$

$

55,994
55,994

46,801
46,801

—
—

—
—

219,632
219,632

464,774
464,774

3,777,110
3,777,110

6,079,097
6,079,097

1,369,767
1,369,767

3,371,592
3,371,592

$
$

$
$

$
$

$
$

$
$

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Kirby Corporation | 2023 Annual Report

80075herD1R2.indd  4-6

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To Our Stockholders

2023 in Review
2023 was an exciting year for Kirby.
Strong demand and solid execution
on our strategy across both of our
business segments resulted in
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to further improve in 2024.
We remained focused on our strategy of being the preeminent
marine transportation company known for its reliability and safety
performance and continued to make strident steps towards
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Resilient Financial Performance

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While the Company experienced strong market conditions in both
the marine transportation segment “KMT” and the distributions and
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chain constraints delayed product sales and manufacturing
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HIGHLIGHTS

2023 REVENUES INCREASED 11%
TO $3.09 BILLION

ADJUSTED EARNINGS PER SHARE
INCREASED 77% TO $3.72

CASH FLOW FROM OPERATIONS
TOTALING $540.2 MILLION

WE REPAID $63 MILLION IN DEBT,
IMPROVING OUR DEBT-TO-CAPITALIZATION
RATIO TO 24.2%

Kirby Corporation | 2023 Annual Report

1

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To Our Stockholders continued

Marine Transportation Group

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solid execution and strong pricing kept margins in the high teens
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further strengthened with solid customer demand and limited
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Distribution & Services

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(cid:80)(cid:85)(cid:75)(cid:92)(cid:90)(cid:91)(cid:89)(cid:80)(cid:72)(cid:83)(cid:3)(cid:73)(cid:92)(cid:90)(cid:80)(cid:85)(cid:76)(cid:90)(cid:90)(cid:3)(cid:94)(cid:80)(cid:91)(cid:79)(cid:80)(cid:85)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:43)(cid:13)(cid:58)(cid:3)(cid:90)(cid:76)(cid:78)(cid:84)(cid:76)(cid:85)(cid:91)(cid:21)(cid:3)

REVENUES

ADJUSTED
EARNINGS PER
SHARE1

ADJUSTED
EBITDA2

IN MILLIONS

EXCLUDING ONE-TIME ITEMS

IN MILLIONS

TOTAL
DEBT

IN MILLIONS

$2,171

$2,247

$2,785

$3,092

$1.84

$0.56

$2.10

$3.72

$360

$306

$411

$557

$1,469

$1,163

$1,080

$1,017

2020

2021

2022

2023

2020

2021

2022

2023

2020

2021

2022

2023

2020

2021

2022

2023

1 See Financial Highlights for Adjusted Earnings Per Share reconciliation.

2 See Financial Highlights for Adjusted EBITDA reconciliation.

2

Kirby Corporation | 2023 Annual Report

80075herD1R2.indd  2

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Thank you

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Joseph H. Pyne
Chairman of the Board

David W. Grzebinski
President and Chief, 
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Throughout 2023, we continued to 
remain focused on safety and our 
commitment to “No Harm” and we are 
proud of what our teams accomplished 
as safety directly impacts our 
employees and our customers.

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Looking Forward

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marine business and based on these fundamentals we expect 
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80075herD1R2.indd   3

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Kirby Corporation  | 2023 Annual Report

3

Marine Transportation

In the marine transportation segment, Kirby Corporation

(“Kirby” or the “Company”) operates through its wholly

owned subsidiaries Kirby Inland Marine, LP and Kirby

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1,076 tank barges and 281 boats, transporting

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agricultural chemicals, and dry-bulk products for major

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12,000-mile inland waterway system of commercially

navigable and interconnected rivers and canals, as well as

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2,350 were vessel crew members.

Barge transportation is the most environmentally friendly and energy-
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(cid:74)(cid:86)(cid:84)(cid:87)(cid:72)(cid:89)(cid:76)(cid:75)(cid:3)(cid:94)(cid:80)(cid:91)(cid:79)(cid:3)(cid:89)(cid:72)(cid:80)(cid:83)(cid:89)(cid:86)(cid:72)(cid:75)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:91)(cid:89)(cid:92)(cid:74)(cid:82)(cid:80)(cid:85)(cid:78)1. From an emissions perspective,
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(cid:31)(cid:23)(cid:23)(cid:12)(cid:3)(cid:84)(cid:86)(cid:89)(cid:76)(cid:3)(cid:42)(cid:54)2 per million ton-miles of cargo transported than marine
transportation. The cargo capacity of one inland unit tow, consisting of two
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(cid:74)(cid:72)(cid:89)(cid:90)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:28)(cid:25)(cid:28)(cid:3)(cid:91)(cid:89)(cid:72)(cid:74)(cid:91)(cid:86)(cid:89)(cid:20)(cid:91)(cid:89)(cid:72)(cid:80)(cid:83)(cid:76)(cid:89)(cid:3)(cid:91)(cid:72)(cid:85)(cid:82)(cid:3)(cid:91)(cid:89)(cid:92)(cid:74)(cid:82)(cid:90)(cid:21)(cid:3)(cid:3)

2

Inland
Units

27,500-BARREL
CARGO CAPACITY

VS.

1
(cid:3)(cid:58)(cid:86)(cid:92)(cid:89)(cid:74)(cid:76)(cid:33)(cid:3)(cid:53)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:72)(cid:83)(cid:3)(cid:62)(cid:72)(cid:91)(cid:76)(cid:89)(cid:94)(cid:72)(cid:96)(cid:90)(cid:3)(cid:45)(cid:86)(cid:92)(cid:85)(cid:75)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:3)(cid:90)(cid:91)(cid:92)(cid:75)(cid:96)(cid:3)(cid:182)(cid:3)(cid:49)(cid:72)(cid:85)(cid:92)(cid:72)(cid:89)(cid:96)(cid:3)(cid:25)(cid:23)(cid:24)(cid:30)

+(cid:32)(cid:25)

Railroad Tank Cars

(cid:27)(cid:23)(cid:20)(cid:31)(cid:23)(cid:23)(cid:12)

288

CO2 EMISSIONS
PER MILLION
TON-MILES

Tractor-Trailer
Tank Trucks

12k

Miles of
Waterway

Kirby operates on 12,000 miles
of navigable U.S. waterways

Agricultural chemicals

Petrochemicals

3%

Refined
products

20%

REVENUES BY
Products

51%

Black oil

26%

18%

Coastal

REVENUES BY
Market

82%

Inland

KIRBY OPER ATING
Waterways

Mississippi river system
Gulf intracoastal waterway

(cid:27)

Kirby Corporation | 2023 Annual Report

80075herD1R2.indd  4

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INLAND MARINE

(cid:50)(cid:80)(cid:89)(cid:73)(cid:96)(cid:3)(cid:48)(cid:85)(cid:83)(cid:72)(cid:85)(cid:75)(cid:3)(cid:52)(cid:72)(cid:89)(cid:80)(cid:85)(cid:76)(cid:3)(cid:80)(cid:90)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:83)(cid:72)(cid:89)(cid:78)(cid:76)(cid:90)(cid:91)(cid:3)(cid:80)(cid:85)(cid:83)(cid:72)(cid:85)(cid:75)(cid:3)(cid:91)(cid:72)(cid:85)(cid:82)(cid:3)(cid:73)(cid:72)(cid:89)(cid:78)(cid:76)(cid:3)(cid:74)(cid:86)(cid:84)(cid:87)(cid:72)(cid:85)(cid:96)(cid:3)(cid:80)(cid:85)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)
(cid:85)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:19)(cid:3)(cid:86)(cid:87)(cid:76)(cid:89)(cid:72)(cid:91)(cid:80)(cid:85)(cid:78)(cid:3)(cid:72)(cid:3)(cid:197)(cid:76)(cid:76)(cid:91)(cid:3)(cid:86)(cid:77)(cid:3)(cid:24)(cid:19)(cid:23)(cid:30)(cid:29)(cid:3)(cid:91)(cid:72)(cid:85)(cid:82)(cid:3)(cid:73)(cid:72)(cid:89)(cid:78)(cid:76)(cid:90)(cid:3)(cid:94)(cid:80)(cid:91)(cid:79)(cid:3)(cid:72)(cid:3)(cid:74)(cid:86)(cid:84)(cid:73)(cid:80)(cid:85)(cid:76)(cid:75)(cid:3)
(cid:74)(cid:72)(cid:87)(cid:72)(cid:74)(cid:80)(cid:91)(cid:96)(cid:3)(cid:86)(cid:77)(cid:3)(cid:25)(cid:26)(cid:21)(cid:30)(cid:3)(cid:84)(cid:80)(cid:83)(cid:83)(cid:80)(cid:86)(cid:85)(cid:3)(cid:73)(cid:72)(cid:89)(cid:89)(cid:76)(cid:83)(cid:90)(cid:3)(cid:91)(cid:79)(cid:89)(cid:86)(cid:92)(cid:78)(cid:79)(cid:86)(cid:92)(cid:91)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:52)(cid:80)(cid:90)(cid:90)(cid:80)(cid:90)(cid:90)(cid:80)(cid:87)(cid:87)(cid:80)(cid:3)(cid:57)(cid:80)(cid:93)(cid:76)(cid:89)(cid:3)
System, Gulf Intracoastal Waterway, and Houston Ship Channel.  
(cid:59)(cid:79)(cid:76)(cid:3)(cid:42)(cid:86)(cid:84)(cid:87)(cid:72)(cid:85)(cid:96)(cid:3)(cid:91)(cid:89)(cid:72)(cid:85)(cid:90)(cid:87)(cid:86)(cid:89)(cid:91)(cid:90)(cid:3)(cid:87)(cid:76)(cid:91)(cid:89)(cid:86)(cid:74)(cid:79)(cid:76)(cid:84)(cid:80)(cid:74)(cid:72)(cid:83)(cid:90)(cid:19)(cid:3)(cid:73)(cid:83)(cid:72)(cid:74)(cid:82)(cid:3)(cid:86)(cid:80)(cid:83)(cid:19)(cid:3)(cid:89)(cid:76)(cid:196)(cid:85)(cid:76)(cid:75)(cid:3)(cid:87)(cid:76)(cid:91)(cid:89)(cid:86)(cid:83)(cid:76)(cid:92)(cid:84)(cid:3)
(cid:87)(cid:89)(cid:86)(cid:75)(cid:92)(cid:74)(cid:91)(cid:90)(cid:19)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:72)(cid:78)(cid:89)(cid:80)(cid:74)(cid:92)(cid:83)(cid:91)(cid:92)(cid:89)(cid:72)(cid:83)(cid:3)(cid:74)(cid:79)(cid:76)(cid:84)(cid:80)(cid:74)(cid:72)(cid:83)(cid:90)(cid:21)(cid:3)(cid:59)(cid:79)(cid:76)(cid:3)(cid:80)(cid:85)(cid:83)(cid:72)(cid:85)(cid:75)(cid:3)(cid:91)(cid:72)(cid:85)(cid:82)(cid:3)(cid:73)(cid:72)(cid:89)(cid:78)(cid:76)(cid:3)(cid:80)(cid:85)(cid:75)(cid:92)(cid:90)(cid:91)(cid:89)(cid:96)(cid:19)(cid:3)
(cid:94)(cid:79)(cid:80)(cid:74)(cid:79)(cid:3)(cid:80)(cid:90)(cid:3)(cid:72)(cid:3)(cid:74)(cid:86)(cid:84)(cid:73)(cid:80)(cid:85)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:3)(cid:86)(cid:77)(cid:3)(cid:72)(cid:87)(cid:87)(cid:89)(cid:86)(cid:95)(cid:80)(cid:84)(cid:72)(cid:91)(cid:76)(cid:83)(cid:96)(cid:3)(cid:25)(cid:28)(cid:3)(cid:83)(cid:72)(cid:89)(cid:78)(cid:76)(cid:3)(cid:80)(cid:85)(cid:91)(cid:76)(cid:78)(cid:89)(cid:72)(cid:91)(cid:76)(cid:75)(cid:3)
(cid:91)(cid:89)(cid:72)(cid:85)(cid:90)(cid:87)(cid:86)(cid:89)(cid:91)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:3)(cid:74)(cid:86)(cid:84)(cid:87)(cid:72)(cid:85)(cid:80)(cid:76)(cid:90)(cid:19)(cid:3)(cid:90)(cid:84)(cid:72)(cid:83)(cid:83)(cid:3)(cid:86)(cid:87)(cid:76)(cid:89)(cid:72)(cid:91)(cid:86)(cid:89)(cid:90)(cid:19)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:74)(cid:72)(cid:87)(cid:91)(cid:80)(cid:93)(cid:76)(cid:3)(cid:197)(cid:76)(cid:76)(cid:91)(cid:90)(cid:3)(cid:86)(cid:94)(cid:85)(cid:76)(cid:75)(cid:3)
(cid:73)(cid:96)(cid:3)(cid:89)(cid:76)(cid:196)(cid:85)(cid:80)(cid:85)(cid:78)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:87)(cid:76)(cid:91)(cid:89)(cid:86)(cid:74)(cid:79)(cid:76)(cid:84)(cid:80)(cid:74)(cid:72)(cid:83)(cid:3)(cid:74)(cid:86)(cid:84)(cid:87)(cid:72)(cid:85)(cid:80)(cid:76)(cid:90)(cid:19)(cid:3)(cid:74)(cid:86)(cid:85)(cid:90)(cid:80)(cid:90)(cid:91)(cid:90)(cid:3)(cid:86)(cid:77)(cid:3)(cid:72)(cid:87)(cid:87)(cid:89)(cid:86)(cid:95)(cid:80)(cid:84)(cid:72)(cid:91)(cid:76)(cid:83)(cid:96)(cid:3)
(cid:27)(cid:19)(cid:23)(cid:23)(cid:23)(cid:3)(cid:80)(cid:85)(cid:83)(cid:72)(cid:85)(cid:75)(cid:3)(cid:91)(cid:72)(cid:85)(cid:82)(cid:3)(cid:73)(cid:72)(cid:89)(cid:78)(cid:76)(cid:90)(cid:19)(cid:3)(cid:86)(cid:77)(cid:3)(cid:94)(cid:79)(cid:80)(cid:74)(cid:79)(cid:3)(cid:50)(cid:80)(cid:89)(cid:73)(cid:96)(cid:3)(cid:89)(cid:76)(cid:87)(cid:89)(cid:76)(cid:90)(cid:76)(cid:85)(cid:91)(cid:90)(cid:3)(cid:72)(cid:87)(cid:87)(cid:89)(cid:86)(cid:95)(cid:80)(cid:84)(cid:72)(cid:91)(cid:76)(cid:83)(cid:96)(cid:3)
(cid:25)(cid:30)(cid:12)(cid:3)(cid:86)(cid:77)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:80)(cid:85)(cid:75)(cid:92)(cid:90)(cid:91)(cid:89)(cid:96)(cid:21)(cid:3)(cid:43)(cid:92)(cid:89)(cid:80)(cid:85)(cid:78)(cid:3)(cid:25)(cid:23)(cid:25)(cid:26)(cid:19)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:50)(cid:80)(cid:89)(cid:73)(cid:96)(cid:3)(cid:48)(cid:85)(cid:83)(cid:72)(cid:85)(cid:75)(cid:3)(cid:52)(cid:72)(cid:89)(cid:80)(cid:85)(cid:76)(cid:3)(cid:84)(cid:86)(cid:93)(cid:76)(cid:75)(cid:3)(cid:86)(cid:93)(cid:76)(cid:89)(cid:3)
(cid:28)(cid:29)(cid:3)(cid:84)(cid:80)(cid:83)(cid:83)(cid:80)(cid:86)(cid:85)(cid:3)(cid:91)(cid:86)(cid:85)(cid:90)(cid:3)(cid:86)(cid:77)(cid:3)(cid:83)(cid:80)(cid:88)(cid:92)(cid:80)(cid:75)(cid:3)(cid:74)(cid:72)(cid:89)(cid:78)(cid:86)(cid:90)(cid:3)(cid:86)(cid:85)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:80)(cid:85)(cid:83)(cid:72)(cid:85)(cid:75)(cid:3)(cid:94)(cid:72)(cid:91)(cid:76)(cid:89)(cid:94)(cid:72)(cid:96)(cid:3)(cid:90)(cid:96)(cid:90)(cid:91)(cid:76)(cid:84)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)
(cid:74)(cid:86)(cid:85)(cid:91)(cid:89)(cid:80)(cid:73)(cid:92)(cid:91)(cid:76)(cid:75)(cid:3)(cid:72)(cid:87)(cid:87)(cid:89)(cid:86)(cid:95)(cid:80)(cid:84)(cid:72)(cid:91)(cid:76)(cid:83)(cid:96)(cid:3)(cid:31)(cid:25)(cid:12)(cid:3)(cid:86)(cid:77)(cid:3)(cid:84)(cid:72)(cid:89)(cid:80)(cid:85)(cid:76)(cid:3)(cid:91)(cid:89)(cid:72)(cid:85)(cid:90)(cid:87)(cid:86)(cid:89)(cid:91)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:3)(cid:89)(cid:76)(cid:93)(cid:76)(cid:85)(cid:92)(cid:76)(cid:90)(cid:21)

Inland Tank Barge Fleet

Inland Towboat Fleet

(cid:31)(cid:25)(cid:29)

800 - 1300 HP

157

83

(cid:24)(cid:23)

1,076

23.7 MM

1400 -1900 HP

2000 - 2400 HP

2500 - 3200 HP

3300 - 4800 HP

5000 HP and greater

Total

(cid:25)(cid:32)

31

(cid:24)(cid:29)(cid:28)

(cid:27)(cid:25)

(cid:32)

5

281

Petrochemicals/
refined products

Black oil

Pressure

Anhydrous ammonia

Total

Total Barrel 
Capacity

COASTAL MARINE

(cid:50)(cid:80)(cid:89)(cid:73)(cid:96)(cid:3)(cid:54)(cid:584)(cid:90)(cid:79)(cid:86)(cid:89)(cid:76)(cid:3)(cid:52)(cid:72)(cid:89)(cid:80)(cid:85)(cid:76)(cid:3)(cid:80)(cid:90)(cid:3)(cid:72)(cid:3)(cid:82)(cid:76)(cid:96)(cid:3)(cid:87)(cid:72)(cid:89)(cid:91)(cid:80)(cid:74)(cid:80)(cid:87)(cid:72)(cid:85)(cid:91)(cid:3)(cid:80)(cid:85)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:85)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:187)(cid:90)(cid:3)(cid:74)(cid:86)(cid:72)(cid:90)(cid:91)(cid:72)(cid:83)(cid:3)(cid:91)(cid:72)(cid:85)(cid:82)(cid:3)
(cid:73)(cid:72)(cid:89)(cid:78)(cid:76)(cid:3)(cid:80)(cid:85)(cid:75)(cid:92)(cid:90)(cid:91)(cid:89)(cid:96)(cid:19)(cid:3)(cid:94)(cid:79)(cid:80)(cid:74)(cid:79)(cid:3)(cid:74)(cid:86)(cid:85)(cid:90)(cid:80)(cid:90)(cid:91)(cid:90)(cid:3)(cid:86)(cid:77)(cid:3)(cid:72)(cid:87)(cid:87)(cid:89)(cid:86)(cid:95)(cid:80)(cid:84)(cid:72)(cid:91)(cid:76)(cid:83)(cid:96)(cid:3)(cid:25)(cid:23)(cid:3)(cid:80)(cid:85)(cid:91)(cid:76)(cid:78)(cid:89)(cid:72)(cid:91)(cid:76)(cid:75)(cid:3)(cid:84)(cid:72)(cid:89)(cid:80)(cid:85)(cid:76)(cid:3)
(cid:91)(cid:89)(cid:72)(cid:85)(cid:90)(cid:87)(cid:86)(cid:89)(cid:91)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:3)(cid:74)(cid:86)(cid:84)(cid:87)(cid:72)(cid:85)(cid:80)(cid:76)(cid:90)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:90)(cid:84)(cid:72)(cid:83)(cid:83)(cid:3)(cid:86)(cid:87)(cid:76)(cid:89)(cid:72)(cid:91)(cid:86)(cid:89)(cid:90)(cid:3)(cid:94)(cid:79)(cid:80)(cid:74)(cid:79)(cid:3)(cid:91)(cid:89)(cid:72)(cid:85)(cid:90)(cid:87)(cid:86)(cid:89)(cid:91)(cid:3)(cid:89)(cid:76)(cid:196)(cid:85)(cid:76)(cid:75)(cid:3)
(cid:87)(cid:76)(cid:91)(cid:89)(cid:86)(cid:83)(cid:76)(cid:92)(cid:84)(cid:3)(cid:87)(cid:89)(cid:86)(cid:75)(cid:92)(cid:74)(cid:91)(cid:90)(cid:19)(cid:3)(cid:73)(cid:83)(cid:72)(cid:74)(cid:82)(cid:3)(cid:86)(cid:80)(cid:83)(cid:19)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:87)(cid:76)(cid:91)(cid:89)(cid:86)(cid:74)(cid:79)(cid:76)(cid:84)(cid:80)(cid:74)(cid:72)(cid:83)(cid:90)(cid:3)(cid:72)(cid:83)(cid:86)(cid:85)(cid:78)(cid:3)(cid:72)(cid:83)(cid:83)(cid:3)(cid:91)(cid:79)(cid:89)(cid:76)(cid:76)(cid:3)(cid:60)(cid:21)(cid:58)(cid:21)(cid:3)
(cid:74)(cid:86)(cid:72)(cid:90)(cid:91)(cid:90)(cid:21)(cid:3)(cid:59)(cid:79)(cid:76)(cid:3)(cid:85)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:187)(cid:90)(cid:3)(cid:74)(cid:86)(cid:72)(cid:90)(cid:91)(cid:72)(cid:83)(cid:3)(cid:91)(cid:72)(cid:85)(cid:82)(cid:3)(cid:73)(cid:72)(cid:89)(cid:78)(cid:76)(cid:3)(cid:197)(cid:76)(cid:76)(cid:91)(cid:3)(cid:80)(cid:85)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:24)(cid:32)(cid:28)(cid:19)(cid:23)(cid:23)(cid:23)(cid:3)(cid:73)(cid:72)(cid:89)(cid:89)(cid:76)(cid:83)(cid:90)(cid:3)(cid:86)(cid:89)(cid:3)
(cid:83)(cid:76)(cid:90)(cid:90)(cid:3)(cid:74)(cid:72)(cid:91)(cid:76)(cid:78)(cid:86)(cid:89)(cid:96)(cid:3)(cid:74)(cid:86)(cid:85)(cid:90)(cid:80)(cid:90)(cid:91)(cid:90)(cid:3)(cid:86)(cid:77)(cid:3)(cid:72)(cid:87)(cid:87)(cid:89)(cid:86)(cid:95)(cid:80)(cid:84)(cid:72)(cid:91)(cid:76)(cid:83)(cid:96)(cid:3)(cid:25)(cid:29)(cid:27)(cid:3)(cid:73)(cid:72)(cid:89)(cid:78)(cid:76)(cid:90)(cid:21)(cid:3)(cid:40)(cid:91)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:76)(cid:85)(cid:75)(cid:3)(cid:86)(cid:77)(cid:3)
(cid:25)(cid:23)(cid:25)(cid:26)(cid:19)(cid:3)(cid:50)(cid:80)(cid:89)(cid:73)(cid:96)(cid:187)(cid:90)(cid:3)(cid:197)(cid:76)(cid:76)(cid:91)(cid:3)(cid:74)(cid:86)(cid:84)(cid:87)(cid:89)(cid:80)(cid:90)(cid:76)(cid:75)(cid:3)(cid:25)(cid:31)(cid:3)(cid:74)(cid:86)(cid:72)(cid:90)(cid:91)(cid:72)(cid:83)(cid:3)(cid:91)(cid:72)(cid:85)(cid:82)(cid:3)(cid:73)(cid:72)(cid:89)(cid:78)(cid:76)(cid:90)(cid:3)(cid:94)(cid:80)(cid:91)(cid:79)(cid:3)(cid:25)(cid:21)(cid:32)(cid:3)(cid:84)(cid:80)(cid:83)(cid:83)(cid:80)(cid:86)(cid:85)(cid:3)
(cid:73)(cid:72)(cid:89)(cid:89)(cid:76)(cid:83)(cid:90)(cid:3)(cid:86)(cid:77)(cid:3)(cid:74)(cid:72)(cid:87)(cid:72)(cid:74)(cid:80)(cid:91)(cid:96)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:25)(cid:28)(cid:3)(cid:91)(cid:92)(cid:78)(cid:73)(cid:86)(cid:72)(cid:91)(cid:90)(cid:19)(cid:3)(cid:89)(cid:76)(cid:87)(cid:89)(cid:76)(cid:90)(cid:76)(cid:85)(cid:91)(cid:80)(cid:85)(cid:78)(cid:3)(cid:72)(cid:87)(cid:87)(cid:89)(cid:86)(cid:95)(cid:80)(cid:84)(cid:72)(cid:91)(cid:76)(cid:83)(cid:96)(cid:3)(cid:24)(cid:24)(cid:12)(cid:3)
(cid:86)(cid:77)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:85)(cid:92)(cid:84)(cid:73)(cid:76)(cid:89)(cid:3)(cid:86)(cid:77)(cid:3)(cid:80)(cid:85)(cid:75)(cid:92)(cid:90)(cid:91)(cid:89)(cid:96)(cid:3)(cid:74)(cid:86)(cid:72)(cid:90)(cid:91)(cid:72)(cid:83)(cid:3)(cid:91)(cid:72)(cid:85)(cid:82)(cid:3)(cid:73)(cid:72)(cid:89)(cid:78)(cid:76)(cid:90)(cid:21)(cid:3)

(cid:50)(cid:80)(cid:89)(cid:73)(cid:96)(cid:3)(cid:54)(cid:584)(cid:90)(cid:79)(cid:86)(cid:89)(cid:76)(cid:3)(cid:52)(cid:72)(cid:89)(cid:80)(cid:85)(cid:76)(cid:187)(cid:90)(cid:3)(cid:197)(cid:76)(cid:76)(cid:91)(cid:3)(cid:72)(cid:83)(cid:90)(cid:86)(cid:3)(cid:80)(cid:85)(cid:74)(cid:83)(cid:92)(cid:75)(cid:76)(cid:90)(cid:3)(cid:91)(cid:94)(cid:86)(cid:3)(cid:86)(cid:584)(cid:90)(cid:79)(cid:86)(cid:89)(cid:76)(cid:3)(cid:75)(cid:89)(cid:96)(cid:20)(cid:73)(cid:92)(cid:83)(cid:82)(cid:3)(cid:73)(cid:72)(cid:89)(cid:78)(cid:76)(cid:3)
(cid:72)(cid:85)(cid:75)(cid:3)(cid:91)(cid:92)(cid:78)(cid:73)(cid:86)(cid:72)(cid:91)(cid:3)(cid:92)(cid:85)(cid:80)(cid:91)(cid:90)(cid:3)(cid:94)(cid:79)(cid:80)(cid:74)(cid:79)(cid:3)(cid:91)(cid:89)(cid:72)(cid:85)(cid:90)(cid:87)(cid:86)(cid:89)(cid:91)(cid:3)(cid:89)(cid:72)(cid:94)(cid:3)(cid:90)(cid:92)(cid:78)(cid:72)(cid:89)(cid:3)(cid:77)(cid:89)(cid:86)(cid:84)(cid:3)(cid:45)(cid:83)(cid:86)(cid:89)(cid:80)(cid:75)(cid:72)(cid:3)(cid:91)(cid:86)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:44)(cid:72)(cid:90)(cid:91)(cid:3)
(cid:42)(cid:86)(cid:72)(cid:90)(cid:91)(cid:21)(cid:3)(cid:40)(cid:75)(cid:75)(cid:80)(cid:91)(cid:80)(cid:86)(cid:85)(cid:72)(cid:83)(cid:83)(cid:96)(cid:19)(cid:3)(cid:50)(cid:80)(cid:89)(cid:73)(cid:96)(cid:3)(cid:54)(cid:74)(cid:76)(cid:72)(cid:85)(cid:3)(cid:59)(cid:89)(cid:72)(cid:85)(cid:90)(cid:87)(cid:86)(cid:89)(cid:91)(cid:3)(cid:74)(cid:72)(cid:89)(cid:89)(cid:80)(cid:76)(cid:90)(cid:3)(cid:74)(cid:86)(cid:72)(cid:83)(cid:3)(cid:72)(cid:74)(cid:89)(cid:86)(cid:90)(cid:90)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:46)(cid:92)(cid:83)(cid:77)(cid:3)
(cid:86)(cid:77)(cid:3)(cid:52)(cid:76)(cid:95)(cid:80)(cid:74)(cid:86)(cid:3)(cid:91)(cid:86)(cid:3)(cid:72)(cid:3)(cid:87)(cid:86)(cid:94)(cid:76)(cid:89)(cid:3)(cid:78)(cid:76)(cid:85)(cid:76)(cid:89)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:3)(cid:77)(cid:72)(cid:74)(cid:80)(cid:83)(cid:80)(cid:91)(cid:96)(cid:3)(cid:80)(cid:85)(cid:3)(cid:45)(cid:83)(cid:86)(cid:89)(cid:80)(cid:75)(cid:72)(cid:3)(cid:94)(cid:80)(cid:91)(cid:79)(cid:3)(cid:91)(cid:94)(cid:86)(cid:3)(cid:86)(cid:584)(cid:90)(cid:79)(cid:86)(cid:89)(cid:76)(cid:3)
(cid:75)(cid:89)(cid:96)(cid:20)(cid:73)(cid:92)(cid:83)(cid:82)(cid:3)(cid:73)(cid:72)(cid:89)(cid:78)(cid:76)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:91)(cid:92)(cid:78)(cid:73)(cid:86)(cid:72)(cid:91)(cid:3)(cid:92)(cid:85)(cid:80)(cid:91)(cid:90)(cid:21)(cid:3)

(cid:48)(cid:85)(cid:3)(cid:25)(cid:23)(cid:25)(cid:26)(cid:19)(cid:3)(cid:50)(cid:80)(cid:89)(cid:73)(cid:96)(cid:3)(cid:54)(cid:584)(cid:90)(cid:79)(cid:86)(cid:89)(cid:76)(cid:3)(cid:52)(cid:72)(cid:89)(cid:80)(cid:85)(cid:76)(cid:3)(cid:74)(cid:86)(cid:85)(cid:91)(cid:89)(cid:80)(cid:73)(cid:92)(cid:91)(cid:76)(cid:75)(cid:3)(cid:72)(cid:87)(cid:87)(cid:89)(cid:86)(cid:95)(cid:80)(cid:84)(cid:72)(cid:91)(cid:76)(cid:83)(cid:96)(cid:3)(cid:24)(cid:31)(cid:12)(cid:3)(cid:86)(cid:77)(cid:3)
marine transportation revenues.

Coastal Tank Barge Fleet

Coastal Towboat Fleet

Petrochemicals/
refined products

Black oil

Total

Total Barrel 
Capacity

(cid:25)(cid:23)

8

28

2000 - 2400 HP

3000 -3900 HP

4000 - 4900 HP

5000 - 6900 HP

2.9 MM

7000 HP and greater

Total

1

1

7

(cid:24)(cid:23)

(cid:29)

25

80075herD1R2.indd  5

(cid:22)(cid:18)(cid:24)(cid:18)(cid:21)(cid:23)(cid:3)(cid:3)(cid:3)(cid:20)(cid:19)(cid:29)(cid:21)(cid:28)(cid:592)(cid:36)(cid:48)

Kirby Corporation  | 2023 Annual Report

5

Distribution and Services

In the Distribution and Services segment, Kirby Corporation

operates through its wholly owned subsidiaries Stewart &

(cid:54)(cid:87)(cid:72)(cid:89)(cid:72)(cid:81)(cid:86)(cid:82)(cid:81)(cid:15)(cid:3)(cid:56)(cid:81)(cid:76)(cid:87)(cid:72)(cid:71)(cid:3)(cid:43)(cid:82)(cid:79)(cid:71)(cid:76)(cid:81)(cid:74)(cid:86)(cid:15)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:39)(cid:76)(cid:72)(cid:86)(cid:72)(cid:79)(cid:3)(cid:39)(cid:68)(cid:86)(cid:75)(cid:15)(cid:3)(cid:68)(cid:86)(cid:3)(cid:90)(cid:72)(cid:79)(cid:79)(cid:3)(cid:68)(cid:86)(cid:3)

(cid:87)(cid:75)(cid:85)(cid:82)(cid:88)(cid:74)(cid:75)(cid:3)(cid:46)(cid:76)(cid:85)(cid:69)(cid:92)(cid:3)(cid:40)(cid:81)(cid:74)(cid:76)(cid:81)(cid:72)(cid:3)(cid:54)(cid:92)(cid:86)(cid:87)(cid:72)(cid:80)(cid:86)(cid:226)(cid:3)(cid:90)(cid:75)(cid:82)(cid:79)(cid:79)(cid:92)(cid:3)(cid:82)(cid:90)(cid:81)(cid:72)(cid:71)(cid:3)(cid:86)(cid:88)(cid:69)(cid:86)(cid:76)(cid:71)(cid:76)(cid:68)(cid:85)(cid:76)(cid:72)(cid:86)(cid:3)
Marine Systems and Engine Systems. Kirby is a nationwide

service provider and distributor of engines, transmissions,

(cid:83)(cid:68)(cid:85)(cid:87)(cid:86)(cid:15)(cid:3)(cid:76)(cid:81)(cid:71)(cid:88)(cid:86)(cid:87)(cid:85)(cid:76)(cid:68)(cid:79)(cid:3)(cid:72)(cid:84)(cid:88)(cid:76)(cid:83)(cid:80)(cid:72)(cid:81)(cid:87)(cid:15)(cid:3)(cid:82)(cid:76)(cid:79)(cid:240)(cid:72)(cid:79)(cid:71)(cid:3)(cid:86)(cid:72)(cid:85)(cid:89)(cid:76)(cid:70)(cid:72)(cid:86)(cid:3)(cid:72)(cid:84)(cid:88)(cid:76)(cid:83)(cid:80)(cid:72)(cid:81)(cid:87)(cid:15)(cid:3)

(cid:68)(cid:81)(cid:71)(cid:3)(cid:72)(cid:79)(cid:72)(cid:70)(cid:87)(cid:85)(cid:76)(cid:70)(cid:3)(cid:83)(cid:82)(cid:90)(cid:72)(cid:85)(cid:3)(cid:74)(cid:72)(cid:81)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:72)(cid:84)(cid:88)(cid:76)(cid:83)(cid:80)(cid:72)(cid:81)(cid:87)(cid:17)(cid:3)(cid:46)(cid:76)(cid:85)(cid:69)(cid:92)(cid:226)(cid:86)(cid:3)
distribution and services businesses operate in two distinct

(cid:68)(cid:81)(cid:71)(cid:3)(cid:71)(cid:76)(cid:89)(cid:72)(cid:85)(cid:86)(cid:76)(cid:240)(cid:72)(cid:71)(cid:3)(cid:80)(cid:68)(cid:85)(cid:78)(cid:72)(cid:87)(cid:86)(cid:29)(cid:3)(cid:70)(cid:82)(cid:80)(cid:80)(cid:72)(cid:85)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:76)(cid:81)(cid:71)(cid:88)(cid:86)(cid:87)(cid:85)(cid:76)(cid:68)(cid:79)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)

(cid:82)(cid:76)(cid:79)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:74)(cid:68)(cid:86)(cid:17)(cid:3)(cid:36)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:72)(cid:81)(cid:71)(cid:3)(cid:82)(cid:73)(cid:3)(cid:21)(cid:19)(cid:21)(cid:22)(cid:15)(cid:3)(cid:46)(cid:76)(cid:85)(cid:69)(cid:92)(cid:226)(cid:86)(cid:3)(cid:39)(cid:76)(cid:86)(cid:87)(cid:85)(cid:76)(cid:69)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)

(cid:54)(cid:72)(cid:85)(cid:89)(cid:76)(cid:70)(cid:72)(cid:86)(cid:3)(cid:86)(cid:72)(cid:74)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:75)(cid:68)(cid:71)(cid:3)(cid:68)(cid:83)(cid:83)(cid:85)(cid:82)(cid:91)(cid:76)(cid:80)(cid:68)(cid:87)(cid:72)(cid:79)(cid:92)(cid:3)(cid:21)(cid:15)(cid:21)(cid:26)(cid:19)(cid:3)(cid:72)(cid:80)(cid:83)(cid:79)(cid:82)(cid:92)(cid:72)(cid:72)(cid:86)(cid:17)

Oil and gas

Commercial
and industrial

650

Service and
Assembly Bays

41%

59%

RE VENUES BY
Industry

2.5MM
~1,000

Square feet of
shop capacity

Qualified
Technicians

170

Sales
Professionals

COMMERCIAL & INDUSTRIAL

KIRBY BRANDS

In commercial and industrial (“C&I”), which represented
(cid:68)(cid:83)(cid:83)(cid:85)(cid:82)(cid:91)(cid:76)(cid:80)(cid:68)(cid:87)(cid:72)(cid:79)(cid:92)(cid:3)(cid:24)(cid:28)(cid:8)(cid:3)(cid:82)(cid:73)(cid:3)(cid:21)(cid:19)(cid:21)(cid:22)(cid:3)(cid:86)(cid:72)(cid:74)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:85)(cid:72)(cid:89)(cid:72)(cid:81)(cid:88)(cid:72)(cid:86)(cid:15)(cid:3)(cid:46)(cid:76)(cid:85)(cid:69)(cid:92)(cid:3)(cid:86)(cid:88)(cid:83)(cid:83)(cid:82)(cid:85)(cid:87)(cid:86)(cid:3)
domestic and international customers through the distribution and
service of medium-speed and high-speed diesel engines and
(cid:68)(cid:81)(cid:70)(cid:76)(cid:79)(cid:79)(cid:68)(cid:85)(cid:92)(cid:3)(cid:72)(cid:84)(cid:88)(cid:76)(cid:83)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:88)(cid:86)(cid:72)(cid:71)(cid:3)(cid:83)(cid:85)(cid:76)(cid:80)(cid:68)(cid:85)(cid:76)(cid:79)(cid:92)(cid:3)(cid:76)(cid:81)(cid:3)(cid:80)(cid:68)(cid:85)(cid:76)(cid:81)(cid:72)(cid:15)(cid:3)(cid:83)(cid:82)(cid:90)(cid:72)(cid:85)(cid:3)(cid:74)(cid:72)(cid:81)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:15)(cid:3)
(cid:68)(cid:81)(cid:71)(cid:3)(cid:82)(cid:81)(cid:16)(cid:75)(cid:76)(cid:74)(cid:75)(cid:90)(cid:68)(cid:92)(cid:3)(cid:68)(cid:83)(cid:83)(cid:79)(cid:76)(cid:70)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:17)(cid:3)(cid:46)(cid:76)(cid:85)(cid:69)(cid:92)(cid:3)(cid:68)(cid:79)(cid:86)(cid:82)(cid:3)(cid:86)(cid:72)(cid:79)(cid:79)(cid:86)(cid:3)(cid:72)(cid:84)(cid:88)(cid:76)(cid:83)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:83)(cid:68)(cid:85)(cid:87)(cid:86)(cid:3)
(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:82)(cid:963)(cid:16)(cid:75)(cid:76)(cid:74)(cid:75)(cid:90)(cid:68)(cid:92)(cid:3)(cid:80)(cid:68)(cid:85)(cid:78)(cid:72)(cid:87)(cid:15)(cid:3)(cid:80)(cid:68)(cid:81)(cid:88)(cid:73)(cid:68)(cid:70)(cid:87)(cid:88)(cid:85)(cid:72)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:86)(cid:72)(cid:79)(cid:79)(cid:86)(cid:3)(cid:85)(cid:68)(cid:76)(cid:79)(cid:70)(cid:68)(cid:85)(cid:3)(cid:80)(cid:82)(cid:89)(cid:72)(cid:85)(cid:86)(cid:15)(cid:3)
and rents high-capacity lift trucks, industrial compressors, and
refrigerated trailers.

photo

MARINE In marine, Kirby is a major
original engine manufacturer (“OEM”)
distributor and service provider for diesel
engines, ancillary products, and parts with
locations across the United States. Kirby’s
marine engine businesses participate in
many sectors of the marine vessel
industry, including inland towboats and
offshore tugboats, oilfield supply vessels,
U.S. Coast Guard vessels, fishing vessels, harbor docking equipment, ferries, and
luxury yachts. Marine distributorships include EMD throughout the United States,
as well as MTU, Volvo Penta, and Alfa Laval in various geographies. Kirby also
operates factory-authorized dealerships for Caterpillar, Cummins, and John Deere
commercial marine diesel engines. OEM Brands: EMD, MTU, Volvo Penta, Alfa
Laval, CAT, Cummins, John Deere.

POWER GENERATION In power
generation, Kirby primarily sells
pre-packaged and fabricated back-up
power systems for emergency, standby,
and auxiliary power for nuclear,
commercial, and industrial applications.
Kirby also rents mobile stand by
generator systems. Power generation
customers include the worldwide nuclear
power industry, domestic utilities,
municipalities, universities, medical facilities, data centers, petrochemical plants,
manufacturing facilities, retail stores, and office complexes. OEM Brands: EMD,
Nordberg, Woodward, Cooper Machinery, MTU, Kawasaki.

photo

(cid:29)

Kirby Corporation | 2023 Annual Report

OEM BRANDS

ON-HIGHWAY In on-highway, Kirby
distributes, sells parts, and services
diesel engines and transmissions for
trucking companies, commercial truck
fleets, municipalities, and oil and gas
operators in the United States. Kirby also
sells parts via the DieselDash.com online
marketplace. Additionally, Kirby is the
distributor and service provider for
Thermo King transport refrigeration
systems in major markets in Texas and Colorado.
OEM Brands: Allison Transmission, MTU, Detroit Diesel, Isuzu, DEUTZ.

photo

80075herD1R2.indd  6

(cid:22)(cid:18)(cid:24)(cid:18)(cid:21)(cid:23)(cid:3)(cid:3)(cid:3)(cid:20)(cid:19)(cid:29)(cid:22)(cid:19)(cid:592)(cid:36)(cid:48)

Introduction to Distribution and Services
1 United Holdings

3 Kirby Engine Systems

2 Stewart & Stevenson

1

2

16

8

17

23

12

14

15

18

5

4

3

43

41

42

40
39

38

Washington
1.  Seattle ³

25

37

36

Colorado
2.  Commerce City 1,2

Alabama
24.

 Mobile ³

Kentucky
25.  Paducah ³

9

7

13

20

19

21 22

24

26

6

11

10

30

29

27

31

32
33

34
35

28

50+

Locations across
North and South America

5

Locations in
Colombia

2

International countries
sales presence

OIL & GAS

(cid:44)(cid:81)(cid:3)(cid:82)(cid:76)(cid:79)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:74)(cid:68)(cid:86)(cid:15)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:85)(cid:72)(cid:83)(cid:85)(cid:72)(cid:86)(cid:72)(cid:81)(cid:87)(cid:72)(cid:71)(cid:3)(cid:68)(cid:83)(cid:83)(cid:85)(cid:82)(cid:91)(cid:76)(cid:80)(cid:68)(cid:87)(cid:72)(cid:79)(cid:92)(cid:3)(cid:23)(cid:20)(cid:8)(cid:3)(cid:82)(cid:73)(cid:3)(cid:21)(cid:19)(cid:21)(cid:22)(cid:3)(cid:86)(cid:72)(cid:74)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:85)(cid:72)(cid:89)(cid:72)(cid:81)(cid:88)(cid:72)(cid:86)(cid:15)(cid:3)(cid:46)(cid:76)(cid:85)(cid:69)(cid:92)(cid:3)(cid:76)(cid:86)(cid:3)(cid:68)(cid:3)
distributor and service provider for diesel engines, transmissions, and pumps, as well as a
supplier of OEM replacement parts. Through its manufacturing groups, Kirby is an industry
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O&G Brands: Allison Transmission, MTU, DEUTZ, Volvo Penta, Kawasaki

Texas
3.  El Paso 2
 Odessa 2
4.
 Lubbock 2

5.
6.  Laredo 1
7.  San Antonio 1,2
8.  Wichita Falls 2
 Austin 1,2,3
9.
10.  Pharr 1,2
11.

 Corpus Christi 2,3
 Laredo 1

11.
12.  Dallas/ Ft. Worth 1,2
13.  Houston 1,2,3
14.
15.  Longview 2

 Mt. Pleasant 1

Oklahoma
16.  Oklahoma City 1
17.  Tulsa 1

Louisiana
18.  Shreveport 1
19.  New Iberia ³
20.
21.  Houma ³
22.

 Baton Rouge ³

 Belle Chasse ³

Arkansas
23.  Little Rock 1

29.

28.

Florida
26.  Panama City 2
 Tampa 2,3
27.
 Ft. Myers 2
 Ocala 2
 Jacksonville 2
 Orlando 2
 Fort Pierce 2
32.
33.  West Palm Beach 2
34.  Fort Lauderdale 2
35.  Miami 2

30.

31.

North Carolina
36.

 Rocky Mount ³

Virginia
37.  Chesapeake ³

New Jersey
38.  Thorofare ³
39.  Piscataway 2
40.

 Lodi 2

Connecticut
41.  Middletown 2

New York
42.

 Albany 2

Massachusetts
43.  Marlborough 2

80075herD1R2.indd  7

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Kirby Corporation | 2023 Annual Report

7

CHRISTENED THE
M/V Green Diamond
THE NATION’S 1ST INLAND MARINE
HYBRID DIESEL-ELECTRIC TOWBOAT

$1 MILLION+ Raised
300+ EMPLOYEES RECEIVED
ASSISTANCE DURING THE
LAST 3 YEARS

Kirby Disaster Relief Fund

2023 Sustainability Highlights

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the foundation of our sustainability initiatives and strategies.

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vital to the development of many daily needs and end uses in our
modern-day society. Our portfolio includes our marine transportation
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Below are just some of the highlights we achieved. To see more on
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THE KIRBY WAY

Safety
Our guiding principle is No Harm to people,

Excellence
Creating value for our customers and

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the core of everything we do and always

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People
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in the tools and resources to empower our

Community
Sharing our success with each other and

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protecting the environment and

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encouraging volunteerism.

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(cid:72)(cid:85)(cid:75)(cid:3)(cid:91)(cid:76)(cid:72)(cid:84)(cid:94)(cid:86)(cid:89)(cid:82)(cid:21)(cid:3)

Integrity
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highest ethical standards while always

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for our actions.

99.95%

SAFE WATCHES
IN 2023

40%

REDUCTION TARGET OF
CO2e EMISSIONS
per Barrel of Capacity by 2040

HUMAN RIGHTS
TRAINING
IMPLEMENTATION

Target: To complete
Company-wide
training in 2024

8

Kirby Corporation | 2023 Annual Report

80075herD1R2.indd  8

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M/V GREEN DIAMOND

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of the initiatives that were implemented. These initiatives converged in
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(cid:36)(cid:3)(cid:73)(cid:72)(cid:90)(cid:3)(cid:75)(cid:76)(cid:74)(cid:75)(cid:79)(cid:76)(cid:74)(cid:75)(cid:87)(cid:86)(cid:29)

(cid:2094) Designed and constructed inhouse, in partnership with

San Jac Marine and Stewart & Stevenson

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conventional engines

(cid:2094) Can recharge at a shoreside charging station

(cid:2094) (cid:42)(cid:72)(cid:87)(cid:72)(cid:73)(cid:83)(cid:76)(cid:3)(cid:86)(cid:77)(cid:3)(cid:24)(cid:23)(cid:23)(cid:12)(cid:3)(cid:90)(cid:76)(cid:83)(cid:77)(cid:20)(cid:74)(cid:79)(cid:72)(cid:89)(cid:78)(cid:80)(cid:85)(cid:78)(cid:3)(cid:90)(cid:79)(cid:86)(cid:92)(cid:83)(cid:75)(cid:3)(cid:90)(cid:79)(cid:86)(cid:89)(cid:76)(cid:20)(cid:90)(cid:80)(cid:75)(cid:76)(cid:3)

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(cid:91)(cid:79)(cid:76)(cid:3)(cid:90)(cid:92)(cid:87)(cid:87)(cid:86)(cid:89)(cid:91)(cid:3)(cid:86)(cid:77)(cid:3)(cid:86)(cid:92)(cid:89)(cid:3)(cid:73)(cid:92)(cid:90)(cid:80)(cid:85)(cid:76)(cid:90)(cid:90)(cid:3)(cid:90)(cid:92)(cid:87)(cid:87)(cid:83)(cid:80)(cid:76)(cid:89)(cid:90)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:74)(cid:92)(cid:90)(cid:91)(cid:86)(cid:84)(cid:76)(cid:89)(cid:90)(cid:21)

EMISSIONS DISCLOSURES
UPDATE:
DISCLOSED
SCOPE 3

EMPLOYEE
ENGAGEMENT

90%

Of employees surveyed agree
that Kirby is committed to
Employee Safety

D I V E R S I T Y

44%

DIVERSE DIRECTORS
ON THE BOARD

E M P L O Y E E S

WHITE - 65%
AFRICAN AMERICAN - 12%
HISPANIC - 18%
OTHER - 5%

Company Culture Survey Results

Kirby Corporation | 2023 Annual Report

(cid:32)

80075herD1R2.indd  9

(cid:22)(cid:18)(cid:24)(cid:18)(cid:21)(cid:23)(cid:3)(cid:3)(cid:3)(cid:20)(cid:19)(cid:29)(cid:22)(cid:19)(cid:592)(cid:36)(cid:48)

Corporate Leadership

BOARD OF DIRECTORS

CORPORATE OFFICERS

Anne-Marie N. Ainsworth 1,3

David W. Grzebinski

David W. Grzebinski

Retired President and Chief Executive  
(cid:54)(cid:585)(cid:74)(cid:76)(cid:89)(cid:3)(cid:86)(cid:77)(cid:3)(cid:54)(cid:80)(cid:83)(cid:91)(cid:72)(cid:85)(cid:82)(cid:80)(cid:85)(cid:78)(cid:3)(cid:55)(cid:72)(cid:89)(cid:91)(cid:85)(cid:76)(cid:89)(cid:90)(cid:19)(cid:3)(cid:51)(cid:21)(cid:55)(cid:21)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)
(cid:86)(cid:77)(cid:3)(cid:54)(cid:80)(cid:83)(cid:91)(cid:72)(cid:85)(cid:82)(cid:80)(cid:85)(cid:78)(cid:3)(cid:47)(cid:86)(cid:83)(cid:75)(cid:80)(cid:85)(cid:78)(cid:3)(cid:40)(cid:84)(cid:76)(cid:89)(cid:80)(cid:74)(cid:72)(cid:90)(cid:19)(cid:3)(cid:48)(cid:85)(cid:74)(cid:21)

(cid:43)(cid:80)(cid:89)(cid:76)(cid:74)(cid:91)(cid:86)(cid:89)(cid:3)(cid:90)(cid:80)(cid:85)(cid:74)(cid:76)(cid:3)(cid:25)(cid:23)(cid:24)(cid:28)

Richard J. Alario 2,3
Chairman of the Board of DNOW Inc.
(cid:57)(cid:76)(cid:91)(cid:80)(cid:89)(cid:76)(cid:75)(cid:3)(cid:42)(cid:79)(cid:72)(cid:80)(cid:89)(cid:84)(cid:72)(cid:85)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:42)(cid:79)(cid:80)(cid:76)(cid:77)(cid:3)(cid:44)(cid:95)(cid:76)(cid:74)(cid:92)(cid:91)(cid:80)(cid:93)(cid:76)(cid:3)(cid:54)(cid:585)(cid:74)(cid:76)(cid:89)(cid:3)
of Key Energy Services, Inc.

(cid:43)(cid:80)(cid:89)(cid:76)(cid:74)(cid:91)(cid:86)(cid:89)(cid:3)(cid:90)(cid:80)(cid:85)(cid:74)(cid:76)(cid:3)(cid:25)(cid:23)(cid:24)(cid:24)

Tanya S. Beder 1,3

(cid:42)(cid:79)(cid:72)(cid:80)(cid:89)(cid:84)(cid:72)(cid:85)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:42)(cid:79)(cid:80)(cid:76)(cid:77)(cid:3)(cid:44)(cid:95)(cid:76)(cid:74)(cid:92)(cid:91)(cid:80)(cid:93)(cid:76)(cid:3)(cid:54)(cid:585)(cid:74)(cid:76)(cid:89)(cid:3)
of SBCC Group, Inc.

(cid:43)(cid:80)(cid:89)(cid:76)(cid:74)(cid:91)(cid:86)(cid:89)(cid:3)(cid:90)(cid:80)(cid:85)(cid:74)(cid:76)(cid:3)(cid:25)(cid:23)(cid:24)(cid:32)

Barry E. Davis 1,2

Retired Chairman and Chief Executive  
(cid:54)(cid:585)(cid:74)(cid:76)(cid:89)(cid:3)(cid:86)(cid:77)(cid:3)(cid:44)(cid:85)(cid:51)(cid:80)(cid:85)(cid:82)(cid:3)(cid:52)(cid:80)(cid:75)(cid:90)(cid:91)(cid:89)(cid:76)(cid:72)(cid:84)(cid:3)(cid:46)(cid:55)(cid:19)(cid:3)(cid:51)(cid:51)(cid:42)(cid:3)
(cid:72)(cid:85)(cid:75)(cid:3)(cid:44)(cid:85)(cid:51)(cid:80)(cid:85)(cid:82)(cid:3)(cid:52)(cid:80)(cid:75)(cid:90)(cid:91)(cid:89)(cid:76)(cid:72)(cid:84)(cid:3)(cid:52)(cid:72)(cid:85)(cid:72)(cid:78)(cid:76)(cid:89)(cid:19)(cid:3)(cid:51)(cid:51)(cid:42)

(cid:43)(cid:80)(cid:89)(cid:76)(cid:74)(cid:91)(cid:86)(cid:89)(cid:3)(cid:90)(cid:80)(cid:85)(cid:74)(cid:76)(cid:3)(cid:25)(cid:23)(cid:24)(cid:28)

Rocky B. Dewbre

(cid:55)(cid:89)(cid:76)(cid:90)(cid:80)(cid:75)(cid:76)(cid:85)(cid:91)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:42)(cid:79)(cid:80)(cid:76)(cid:77)(cid:3)(cid:54)(cid:87)(cid:76)(cid:89)(cid:72)(cid:91)(cid:80)(cid:85)(cid:78)(cid:3)(cid:54)(cid:585)(cid:74)(cid:76)(cid:89)(cid:3)
(cid:86)(cid:77)(cid:3)(cid:52)(cid:72)(cid:85)(cid:90)(cid:196)(cid:76)(cid:83)(cid:75)(cid:3)(cid:58)(cid:76)(cid:89)(cid:93)(cid:80)(cid:74)(cid:76)(cid:3)(cid:55)(cid:72)(cid:89)(cid:91)(cid:85)(cid:76)(cid:89)(cid:90)

(cid:43)(cid:80)(cid:89)(cid:76)(cid:74)(cid:91)(cid:86)(cid:89)(cid:3)(cid:90)(cid:80)(cid:85)(cid:74)(cid:76)(cid:3)(cid:25)(cid:23)(cid:25)(cid:26)

Susan W. Dio

President and Chief Executive  
(cid:54)(cid:585)(cid:74)(cid:76)(cid:89)(cid:3)(cid:86)(cid:77)(cid:3)(cid:50)(cid:80)(cid:89)(cid:73)(cid:96)(cid:3)

(cid:43)(cid:80)(cid:89)(cid:76)(cid:74)(cid:91)(cid:86)(cid:89)(cid:3)(cid:90)(cid:80)(cid:85)(cid:74)(cid:76)(cid:3)(cid:25)(cid:23)(cid:24)(cid:27)

Joseph H. Pyne

(cid:42)(cid:79)(cid:72)(cid:80)(cid:89)(cid:84)(cid:72)(cid:85)(cid:3)(cid:86)(cid:77)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:41)(cid:86)(cid:72)(cid:89)(cid:75)(cid:3)(cid:86)(cid:77)(cid:3)(cid:50)(cid:80)(cid:89)(cid:73)(cid:96)

(cid:43)(cid:80)(cid:89)(cid:76)(cid:74)(cid:91)(cid:86)(cid:89)(cid:3)(cid:90)(cid:80)(cid:85)(cid:74)(cid:76)(cid:3)(cid:24)(cid:32)(cid:31)(cid:31)

Richard R. Stewart 1

Retired President and  
(cid:42)(cid:79)(cid:80)(cid:76)(cid:77)(cid:3)(cid:44)(cid:95)(cid:76)(cid:74)(cid:92)(cid:91)(cid:80)(cid:93)(cid:76)(cid:3)(cid:54)(cid:585)(cid:74)(cid:76)(cid:89)(cid:3)
of GE Aero Energy

(cid:43)(cid:80)(cid:89)(cid:76)(cid:74)(cid:91)(cid:86)(cid:89)(cid:3)(cid:90)(cid:80)(cid:85)(cid:74)(cid:76)(cid:3)(cid:25)(cid:23)(cid:23)(cid:31)

William M. Waterman 2,3

Retired President and  
(cid:42)(cid:79)(cid:80)(cid:76)(cid:77)(cid:3)(cid:44)(cid:95)(cid:76)(cid:74)(cid:92)(cid:91)(cid:80)(cid:93)(cid:76)(cid:3)(cid:54)(cid:585)(cid:74)(cid:76)(cid:89)(cid:3)
of Penn Maritime Inc.

(cid:43)(cid:80)(cid:89)(cid:76)(cid:74)(cid:91)(cid:86)(cid:89)(cid:3)(cid:90)(cid:80)(cid:85)(cid:74)(cid:76)(cid:3)(cid:25)(cid:23)(cid:24)(cid:25)

Shawn D. Williams 2,3

Executive Chairman of the  
Board of Covia Holdings LLC

(cid:43)(cid:80)(cid:89)(cid:76)(cid:74)(cid:91)(cid:86)(cid:89)(cid:3)(cid:90)(cid:80)(cid:85)(cid:74)(cid:76)(cid:3)(cid:25)(cid:23)(cid:25)(cid:24)

Retired Chairman and President  
of BP America, Inc.

(cid:43)(cid:80)(cid:89)(cid:76)(cid:74)(cid:91)(cid:86)(cid:89)(cid:3)(cid:90)(cid:80)(cid:85)(cid:74)(cid:76)(cid:3)(cid:25)(cid:23)(cid:25)(cid:26)

1 Audit Committee

2 Compensation Committee

3 ESG and Nominating Committee

(cid:55)(cid:89)(cid:76)(cid:90)(cid:80)(cid:75)(cid:76)(cid:85)(cid:91)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:42)(cid:79)(cid:80)(cid:76)(cid:77)(cid:3)(cid:44)(cid:95)(cid:76)(cid:74)(cid:92)(cid:91)(cid:80)(cid:93)(cid:76)(cid:3)(cid:54)(cid:585)(cid:74)(cid:76)(cid:89)

Raj Kumar

(cid:44)(cid:95)(cid:76)(cid:74)(cid:92)(cid:91)(cid:80)(cid:93)(cid:76)(cid:3)(cid:61)(cid:80)(cid:74)(cid:76)(cid:3)(cid:55)(cid:89)(cid:76)(cid:90)(cid:80)(cid:75)(cid:76)(cid:85)(cid:91)(cid:3)
(cid:72)(cid:85)(cid:75)(cid:3)(cid:42)(cid:79)(cid:80)(cid:76)(cid:77)(cid:3)(cid:45)(cid:80)(cid:85)(cid:72)(cid:85)(cid:74)(cid:80)(cid:72)(cid:83)(cid:3)(cid:54)(cid:585)(cid:74)(cid:76)(cid:89)

Christian G. O’Neil

President of Marine Transportation

Dorman Lynn Strahan

(cid:55)(cid:89)(cid:76)(cid:90)(cid:80)(cid:75)(cid:76)(cid:85)(cid:91)(cid:3)(cid:86)(cid:77)(cid:3)(cid:50)(cid:80)(cid:89)(cid:73)(cid:96)(cid:3)(cid:44)(cid:85)(cid:78)(cid:80)(cid:85)(cid:76)(cid:3)(cid:58)(cid:96)(cid:90)(cid:91)(cid:76)(cid:84)(cid:90)

Ronald A. Dragg

(cid:61)(cid:80)(cid:74)(cid:76)(cid:3)(cid:55)(cid:89)(cid:76)(cid:90)(cid:80)(cid:75)(cid:76)(cid:85)(cid:91)(cid:19)(cid:3)(cid:42)(cid:86)(cid:85)(cid:91)(cid:89)(cid:86)(cid:83)(cid:83)(cid:76)(cid:89)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:40)(cid:90)(cid:90)(cid:80)(cid:90)(cid:91)(cid:72)(cid:85)(cid:91)(cid:3)
Secretary

Amy D. Husted

(cid:61)(cid:80)(cid:74)(cid:76)(cid:3)(cid:55)(cid:89)(cid:76)(cid:90)(cid:80)(cid:75)(cid:76)(cid:85)(cid:91)(cid:19)(cid:3)(cid:46)(cid:76)(cid:85)(cid:76)(cid:89)(cid:72)(cid:83)(cid:3)(cid:42)(cid:86)(cid:92)(cid:85)(cid:90)(cid:76)(cid:83)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)
Secretary

Julie M. Kruger

(cid:61)(cid:80)(cid:74)(cid:76)(cid:3)(cid:55)(cid:89)(cid:76)(cid:90)(cid:80)(cid:75)(cid:76)(cid:85)(cid:91)(cid:19)(cid:3)(cid:47)(cid:92)(cid:84)(cid:72)(cid:85)(cid:3)(cid:57)(cid:76)(cid:90)(cid:86)(cid:92)(cid:89)(cid:74)(cid:76)(cid:90)

Scott P. Miller

(cid:61)(cid:80)(cid:74)(cid:76)(cid:3)(cid:55)(cid:89)(cid:76)(cid:90)(cid:80)(cid:75)(cid:76)(cid:85)(cid:91)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:42)(cid:79)(cid:80)(cid:76)(cid:77)(cid:3)
(cid:48)(cid:85)(cid:77)(cid:86)(cid:89)(cid:84)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:3)(cid:54)(cid:585)(cid:74)(cid:76)(cid:89)

Kurt A. Niemietz

(cid:61)(cid:80)(cid:74)(cid:76)(cid:3)(cid:55)(cid:89)(cid:76)(cid:90)(cid:80)(cid:75)(cid:76)(cid:85)(cid:91)(cid:19)(cid:3)(cid:48)(cid:85)(cid:93)(cid:76)(cid:90)(cid:91)(cid:86)(cid:89)(cid:3)(cid:57)(cid:76)(cid:83)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:90)(cid:3)
and Treasurer

(cid:62)(cid:80)(cid:83)(cid:83)(cid:80)(cid:72)(cid:84)(cid:3)(cid:52)(cid:72)(cid:91)(cid:91)(cid:79)(cid:76)(cid:94)(cid:3)(cid:62)(cid:86)(cid:86)(cid:75)(cid:89)(cid:92)(cid:584)

(cid:61)(cid:80)(cid:74)(cid:76)(cid:3)(cid:55)(cid:89)(cid:76)(cid:90)(cid:80)(cid:75)(cid:76)(cid:85)(cid:91)(cid:3)(cid:86)(cid:77)(cid:3)(cid:55)(cid:92)(cid:73)(cid:83)(cid:80)(cid:74)(cid:3)
(cid:72)(cid:85)(cid:75)(cid:3)(cid:46)(cid:86)(cid:93)(cid:76)(cid:89)(cid:85)(cid:84)(cid:76)(cid:85)(cid:91)(cid:3)(cid:40)(cid:584)(cid:72)(cid:80)(cid:89)(cid:90)

(cid:24)(cid:23)

Kirby Corporation  | 2023 Annual Report

80075herD1R2.indd   10

(cid:22)(cid:18)(cid:24)(cid:18)(cid:21)(cid:23)(cid:3)(cid:3)(cid:3)(cid:20)(cid:19)(cid:29)(cid:22)(cid:19)(cid:592)(cid:36)(cid:48)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-K

(Mark One)
☒

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2023

or

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File no. 1-07615

Kirby Corporation

(Exact name of registrant as specified in its charter)

Nevada
(State or other jurisdiction of incorporation or organization)
55 Waugh Drive, Suite 1000
Houston, Texas
(Address of principal executive offices)

74-1884980
(I.R.S. Employer Identification No.)

77007
(Zip Code)

Registrant’s telephone number, including area code:
713-435-1000
Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Common Stock

Trading Symbol(s)
KEX

Name of each exchange on which registered
New York Stock Exchange 

Securities registered pursuant to Section 12(g) of the Act:
None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act. Yes ☐ No ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act 
of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to 
such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 
405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit 
and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, 
or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging 
growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
Non-accelerated filer

☒
☐

Accelerated filer
Smaller reporting company
Emerging growth company

☐
☐
☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with 

any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its 
internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm 
that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included 

in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation 

received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
The aggregate market value of common stock held by non-affiliates of the registrant as of June 30, 2023, based on the closing sales price of such 
stock on the New York Stock Exchange on June 30, 2023, was $4.5 billion. For purposes of this computation, all executive officers, directors and 10% 
beneficial owners of the registrant are deemed to be affiliates. Such determination should not be deemed an admission that such executive officers, 
directors and 10% beneficial owners are affiliates.

As of February 16, 2024, 58,522,000 shares of common stock were outstanding.

 
 
 
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Company’s definitive proxy statement in connection with the Annual Meeting of Stockholders to be held April 26, 2024, to be 
filed with the Commission pursuant to Regulation 14A, and the related annual report for the fiscal year ended December 31, 2023, to be provided to 
the Company's stockholders pursuant to Rule 14a-3(b) are incorporated by reference into Parts II and III of this report.

 
 
KIRBY CORPORATION
2023 FORM 10-K
TABLE OF CONTENTS

PART I

Item 1. Business

THE COMPANY

Documents and Information Available on Website

BUSINESS AND PROPERTY
MARINE TRANSPORTATION

Marine Transportation Industry Fundamentals
Inland Tank Barge Industry
Coastal Tank Barge Industry
Competition in the Tank Barge Industry
Products Transported
Demand Drivers in the Tank Barge Industry
Marine Transportation Operations
Contracts and Customers

DISTRIBUTION AND SERVICES

Commercial and Industrial Operations
Commercial and Industrial Customers
Commercial and Industrial Competitive Conditions
Oil and Gas Operations
Oil and Gas Customers
Oil and Gas Competitive Conditions

Governmental Regulations
Environmental Regulations
Human Capital
Information about the Company’s Executive Officers

Item 1A. Risk Factors
Item 1B. Unresolved Staff Comments
Item 1C. Cybersecurity
Item 2. Properties
Item 3. Legal Proceedings
Item 4. Mine Safety Disclosures

PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 6. Reserved
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 7A. Quantitative and Qualitative Disclosures about Market Risk
Item 8. Financial Statements and Supplementary Data
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9A. Controls and Procedures
Item 9B. Other Information
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

PART III

Items 10 Through 14

PART IV

Item 15. Exhibits and Financial Statement Schedules
Item 16. Form 10-K Summary

3

Page

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7
7
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8
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28
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31

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48

48

78
79

Item 1. Business

PART I

THE COMPANY

Kirby  Corporation  (the  “Company”)  is  the  nation’s  largest  domestic  tank  barge  operator,  transporting  bulk  liquid  products 
throughout the Mississippi River System, on the Gulf Intracoastal Waterway, and coastwise along all three United States coasts. The 
Company, through its marine transportation segment (“KMT”), transports petrochemicals, black oil, refined petroleum products, and 
agricultural chemicals by tank barge. Through its distribution and services segment (“KDS”), the Company sells after-market service 
and genuine replacement parts for engines, transmissions, reduction gears, and power generation equipment used in oil and gas and 
commercial and industrial applications. The Company also rents a variety of power generation and industrial equipment, manufactures 
and remanufactures oilfield service equipment, including pressure pumping units, and manufactures electric power generation equipment 
for oilfield service customers.

Unless  the  context  otherwise  requires,  all  references  herein  to  the  Company  include  the  Company  and  its  subsidiaries.  The 
Company’s principal executive office is located at 55 Waugh Drive, Suite 1000, Houston, Texas 77007, and its telephone number is 
713-435-1000.  The  Company’s  mailing  address  is  P.O.  Box  1745,  Houston,  Texas  77251-1745.  Kirby  Corporation  is  a  Nevada 
corporation and was incorporated in 1969 although the history of the Company goes back to 1921.

Documents and Information Available on Website

The Internet address of the Company’s website is http://www.kirbycorp.com. The Company makes available free of charge through 
its  website,  all  of  its  filings  with  the  Securities  and  Exchange  Commission  (“SEC”),  including  its  Annual  Report  on  Form  10-K, 
Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports, as soon as reasonably practicable 
after they are electronically filed with or furnished to the SEC. The SEC maintains an internet site at http://www.sec.gov that contains 
reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

The following documents are available on the Company’s website in the Investor Relations section under Governance Documents:
• Audit Committee Charter
• Compensation Committee Charter
•
• Business Ethics Guidelines

• Corporate Governance Guidelines
• Clawback Policy
•

ESG and Nominating Committee Charter

Insider Trading Policy

The  Company  is  required  to  make  prompt  disclosure  of  any  amendment  to  or  waiver  of  any  provision  of  its  Business  Ethics 
Guidelines that applies to any director or executive officer or to its chief executive officer, chief financial officer, chief accounting 
officer or controller or persons performing similar functions. The Company will make any such disclosure that may be necessary by 
posting the disclosure on its website in the Investor Relations section under Corporate Governance.

BUSINESS AND PROPERTY

The  Company,  through  its  subsidiaries,  conducts  operations  in  two  reportable  business  segments:  marine  transportation  and 

distribution and services.

The Company, through KMT, is a provider of marine transportation services, operating tank barges and towing vessels transporting 
bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, and coastwise along all three United 
States coasts. The Company transports petrochemicals, black oil, refined petroleum products, and agricultural chemicals by tank barge. 
The Company operates offshore dry-bulk barge and tugboat units engaged in the offshore transportation of dry-bulk cargoes in the 
United States coastal trade. The segment is a provider of transportation services for its customers and, in almost all cases, does not 
assume ownership of the products that it transports. All of the Company’s vessels operate under the United States flag and are qualified 
for domestic trade under the Jones Act.

The Company, through KDS, sells after-market services and genuine replacement parts for engines, transmissions, reduction gears, 
electric motors, drives, and controls, specialized electrical distribution and control systems, energy storage battery systems, and related 
oilfield services equipment, rebuilds component parts or entire diesel engines, transmissions and reduction gears, 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, and refrigeration trailers for use in a variety of industrial markets, 
and manufactures and remanufactures oilfield service equipment, including pressure pumping units, and manufacturers cementing and 
pumping equipment as well as coil tubing and well intervention equipment, electric power generation equipment, specialized electrical 
distribution and control equipment, and high capacity energy storage/battery systems for oilfield service and railroad customers.

The Company has approximately 5,450 employees, the large majority of whom are in the United States.

4

MARINE TRANSPORTATION

KMT is primarily a provider of transportation services by tank barge for the inland and coastal markets. As of December 31, 2023, 
the equipment owned or operated by KMT consisted of 1,076 inland tank barges with 23.7 million barrels of capacity, and an average 
of 281 inland towboats during the fourth quarter of 2023, as well as 28 coastal tank barges with 2.9 million barrels of capacity, 25 coastal 
tugboats, four offshore dry-bulk cargo barges, four offshore tugboats and one docking tugboat with the following specifications and 
capacities:

Class of equipment
Inland tank barges (owned and leased):

Regular double hull:

20,000 barrels and under
Over 20,000 barrels
Specialty double hull

Total inland tank barges

Inland towboats (owned and chartered):

800 to 1300 horsepower
1400 to 1900 horsepower
2000 to 2400 horsepower
2500 to 3200 horsepower
3300 to 4800 horsepower
Greater than 5000 horsepower

Total inland towboats

Coastal tank barges (owned):
30,000 barrels and under
50,000 to 70,000 barrels
80,000 to 90,000 barrels
100,000 to 110,000 barrels
120,000 to 150,000 barrels
Over 150,000 barrels

Total coastal tank barges

Coastal tugboats (owned and chartered):

2000 to 2900 horsepower
3000 to 3900 horsepower
4000 to 4900 horsepower
5000 to 6900 horsepower
Greater than 7000 horsepower

Total coastal tugboats

Offshore dry-bulk cargo barges (owned)

Offshore tugboats and docking tugboat (owned and chartered)

Number in
class

Average age
(in years)

Barrel
capacities

384
637
55
1,076

29
31
165
42
9
5
281

2
3
8
6
3
6
28

1
1
7
10
6
25

4

5

4,499,000
18,301,000
924,000
23,724,000

37,000
111,000
677,000
630,000
416,000
1,046,000
2,917,000

Deadweight
Tonnage

67,000

15.9
14.6
37.6
16.2

34.7
25.0
12.8
10.9
23.4
24.1
16.7

29.0
18.3
19.9
17.5
22.0
8.1
17.6

48.1
21.0
19.0
7.8
13.5
14.4

25.1

32.5

The 281 inland towboats, 25 coastal tugboats, four offshore tugboats and one docking tugboat provide the power source and the 
1,076 inland tank barges, 28 coastal tank barges and four offshore dry-bulk cargo barges provide the freight capacity for KMT. When 
the  power  source  and  freight  capacity  are  combined,  the  unit  is  called  a  tow.  The  Company’s  inland  tows  generally  consist  of  one 
towboat and from one to up to 25 tank barges, depending upon the horsepower of the towboat, the waterway infrastructure capacity and 
conditions, and customer requirements. The Company’s coastal and offshore tows primarily consist of one tugboat and one tank barge 
or dry-bulk cargo barge.

5

Marine Transportation Industry Fundamentals

The United States inland waterway system, composed of a network of interconnected rivers and canals that serve the nation as water 
highways,  is  one  of  the  world’s  most  efficient  transportation  systems.  The  nation’s  inland  waterways  are  vital  to  the  United  States 
distribution system, with over one billion short tons of cargo moved annually on United States shallow draft waterways. The inland 
waterway  system  extends  approximately  26,000  miles,  12,000  miles  of  which  are  generally  considered  significant  for  domestic 
commerce, through 38 states, with 635 shallow draft ports. These navigable inland waterways link the United States heartland to the 
world.

The United States coastal waterway system consists of ports along the Atlantic, Gulf and Pacific coasts, as well as ports in Alaska, 
Hawaii and on the Great Lakes. Like the inland waterways, the coastal trade is vital to the United States distribution system, particularly 
the regional distribution of refined petroleum products from refineries and storage facilities to a variety of destinations, including other 
refineries, distribution terminals, power plants and ships. In addition to distribution directly from refineries and storage facilities, coastal 
tank  barges  are  used  frequently  to  distribute  products  from  pipelines.  Many  coastal  markets  receive  refined  petroleum  products 
principally from coastal tank barges. Smaller volumes of petrochemicals are distributed from Gulf Coast plants to end users whereas 
black oil, including crude oil and natural gas condensate, is distributed regionally from refineries and terminals along the United States 
coast to refineries, power plants and distribution terminals.

Based  on  cost,  safety,  and  level  of  emissions,  barge  transportation  is  often  the  most  efficient  and  safest  means  of  surface 
transportation of bulk commodities when compared to railroads and trucks. The cargo capacity of a 27,500 barrel inland tank barge is 
the equivalent of 46 railroad tank cars or 144 tractor-trailer tank trucks. A typical Company lower Mississippi River linehaul tow of 15 
barges has the carrying capacity of approximately 216 railroad tank cars plus six locomotives, or approximately 1,050 tractor-trailer 
tank trucks. The Company’s inland tank barge fleet capacity of 23.7 million barrels equates to approximately 39,700 railroad tank cars 
or approximately 124,000 tractor-trailer tank trucks. Furthermore, barging is much more energy efficient. One ton of bulk product can 
be carried 675 miles by inland barge on one gallon of fuel on a typical tow, compared to 472 miles by railcar or 151 miles by truck for 
typical  transits.  From  an  emissions  perspective,  transport  by  rail  and  tractor-trailer  tank  trucks  emit  approximately  40%  and  800%, 
respectively, more CO2 per ton mile of cargo transported than by inland tank barge. In the coastal trade, the carrying capacity of a 
100,000 barrel tank barge is the equivalent of approximately 165 railroad tank cars or approximately 525 tractor-trailer tank trucks. The 
Company’s coastal tank barge fleet capacity of 2.9 million barrels equates to approximately 4,800 railroad tank cars or approximately 
15,300 tractor-trailer tank trucks. Marine transportation generally involves less urban exposure than railroad or truck transportation and 
operates on a system with few crossing junctures and often in areas relatively remote from population centers. These factors generally 
help to reduce the number of waterway incidents.

Inland Tank Barge Industry

The Company operates within the United States inland tank barge industry, a diverse and independent mixture of approximately 25 
large integrated transportation companies and small operators, as well as captive fleets owned by refining and petrochemical companies. 
The inland tank barge industry provides marine transportation of bulk liquid cargoes for customers and, in the case of captives, for their 
own account, throughout the Mississippi River and its tributaries and on the Gulf Intracoastal Waterway. The most significant markets 
in  this  industry  include  the  transportation  of  petrochemicals,  black  oil,  refined  petroleum  products,  and  agricultural  chemicals.  The 
Company operates in each of these markets. The use of marine transportation by the petroleum and petrochemical industry is a major 
reason for the location of United States refineries and petrochemical facilities on navigable inland waterways. Texas and Louisiana 
currently account for approximately 80% of the United States production of petrochemicals. Much of the United States farm belt is 
likewise situated with access to the inland waterway system, relying on marine transportation of farm products, including agricultural 
chemicals. The Company’s principal distribution system encompasses the Gulf Intracoastal Waterway from Brownsville, Texas, to Port 
St. Joe, Florida, the Mississippi River System and the Houston Ship Channel. The Mississippi River System includes the Arkansas, 
Illinois, Missouri, Ohio, Red, Tennessee, Yazoo, Ouachita and Black Warrior Rivers and the Tennessee-Tombigbee Waterway.

The number of tank barges that operate on the inland waterways of the United States increased from 2,750 in 2006 to approximately 
4,000 by the end of 2019. The increase from 2,750 tank barges in 2006 to approximately 4,000 by the end of 2019 primarily resulted 
from  increased  barge  construction  and  deferred  retirements  due  to  strong  demand  and  resulting  capacity  shortages.  The  number  of 
industry tank barges has remained relatively constant from 2019 through the end of 2023. The Company’s 1,076 inland tank barges 
represent approximately 27% of the industry’s approximately 4,007 inland tank barges.

For 2022, the Company estimates that industry-wide, 22 new tank barges were placed in service and retirements, net of reactivations, 
were flat. For 2023, the Company estimates that industry-wide 27 new tank barges were placed in service and 48 tank barges were 
retired.  During  2021,  the  Company’s  inland  barge  utilization  improved  to  the  mid-to  high  80%  range  by  the  fourth  quarter  as  the 
economy began to recover from the COVID-19 pandemic. During 2022, the Company’s inland barge utilization improved to the low 
90%  range  reflecting  increased  activity  levels  as  a  result  of  higher  refinery  and  petrochemical  plant  utilization.  During  2023,  the 
Company’s inland barge utilization remained in the low 90% range as improved activity levels were offset by lock closures and several 

6

refinery outages. The Company estimates that approximately 25 to 30 new tank barges have currently been ordered for delivery in 2024. 
Generally,  the  risk  of  an  oversupply  of  tank  barges  may  be  mitigated  by  increased  petrochemical,  black  oil  and  refined  petroleum 
products volumes from increased production from current facilities, plant expansions, the opening of new facilities, and the fact that the 
inland tank barge industry has approximately 600 tank barges that are 30 years old or older and approximately 400 of those are 40 years 
old  or  older,  which  could  lead  to  retirement  of  these  older  tank  barges.  The  average  age  of  the  nation’s  inland  tank  barge  fleet  is 
approximately 18 years.

The Company’s inland division of KMT also owns a shifting operation and fleeting facility for dry cargo barges and tank barges on 
the Houston Ship Channel, in Freeport and Port Arthur, Texas, and Lake Charles, Louisiana, and a shipyard for building inland towboats 
and providing routine maintenance on marine vessels. The Company also owns a two-thirds interest in Osprey Line, L.L.C. (“Osprey”), 
a transporter of project cargoes and cargo containers by barge on the United States inland waterway system.

Coastal Tank Barge Industry

The Company also operates in the United States coastal tank barge industry, operating tank barges in the 195,000 barrels or less 
category. This market is composed of approximately 20 large integrated transportation companies and small operators. The 195,000 
barrels or less category coastal tank barge industry primarily provides regional marine transportation distribution of bulk liquid cargoes 
along the United States’ Atlantic, Gulf and Pacific coasts, in Alaska and Hawaii, and to a lesser extent, on the Great Lakes. Products 
transported are primarily refined petroleum products and black oil from refineries and storage facilities to a variety of destinations, 
including other refineries, distribution terminals, power plants and ships, the regional movement of crude oil and natural gas condensate 
to  Gulf  Coast,  Northeast  and  West  Coast  refineries,  and  the  movement  of  petrochemicals  primarily  from  Gulf  Coast  petrochemical 
facilities to end users.

The number of coastal tank barges that operate in the 195,000 barrels or less category is approximately 264, of which the Company 
operates 28 or approximately 11%. The average age of the nation’s coastal tank barge fleet is approximately 15 years. The Company is 
aware of no specialized coastal articulated tank barge and tugboat units (“ATB”) that were delivered in 2023 with no further ATBs 
currently under construction. The coastal tank barge fleet has approximately 20 tank barges that are over 25 years old industry-wide. 
The number of older tank barges, coupled with ballast water treatment regulations, could lead to further retirements of these older tank 
barges in the next few years.

Competition in the Tank Barge Industry

The  tank  barge  industry  is  very  competitive.  Competition  in  this  business  is  based  on  price  and  reliability,  with  many  of  the 
industry’s customers emphasizing enhanced vetting requirements, an increased emphasis on safety, the environment, and high-quality 
service consistent with the customer’s operational standards. Customers also require that their supplier of tank barge services have the 
ability  to  handle  a  variety  of  requirements,  including  distribution  capabilities  throughout  the  inland  waterway  system  and  coastal 
markets, high levels of flexibility, and an emphasis on safety, environmental and financial responsibility, as well as appropriate insurance 
coverage.

In the inland markets, the Company’s direct competitors are primarily noncaptive inland tank barge operators. “Captive” fleets are 
owned by refining and petrochemical companies which occasionally compete in the inland tank barge market, but primarily transport 
cargoes for their own account. The Company is the largest inland tank barge carrier, both in terms of number of barges and total fleet 
barrel capacity. The Company’s inland tank barge fleet has grown from 71 tank barges in 1988 to 1,076 tank barges as of December 31, 
2023, or approximately 27% of the estimated total number of domestic inland tank barges.

In the coastal markets, the Company’s direct competitors are the operators of United States tank barges in the 195,000 barrels or 
less category. Coastal tank barges in the 195,000 barrels or less category have the ability to enter the majority of coastal ports. Ocean-
going tank barges and United States product tankers in the 300,000 barrels plus category, excluding the fleet of large tankers dedicated 
to Alaska crude oil transportation, occasionally compete in the 195,000 barrels or less market to move large volumes of refined petroleum 
products within the Gulf of Mexico with occasional movements from the Gulf Coast to the East Coast, along the West Coast and from 
Texas and Louisiana to Florida. However, access to United States ports of approximately 45 such product tankers is limited by terminal 
size and draft restrictions.

While the Company competes primarily with other tank barge companies, it also competes with companies who operate refined 
product and petrochemical pipelines, railroad tank cars, and tractor-trailer tank trucks. As noted above, the Company believes that both 
inland and coastal marine transportation of bulk liquid products enjoy a substantial cost advantage over railroad and truck transportation 
on a barrel per mile basis. The Company believes that refined product and crude oil pipelines, although often a less expensive form of 
transportation than inland and coastal tank barges, are not as adaptable to diverse products and are generally limited to fixed point-to-
point distribution of commodities in high volumes over extended periods of time.

7

Products Transported

The Company transports petrochemicals, black oil, refined petroleum products, and agricultural chemicals by tank barge throughout 
the Mississippi River System, on the Gulf Intracoastal Waterway, and coastwise along all three United States coasts. During 2023, the 
Company’s inland marine transportation operation moved over 56 million tons of liquid cargo on the United States inland waterway 
system.

Petrochemicals. Bulk liquid petrochemicals transported include such products as benzene, styrene, methanol, acrylonitrile, xylene, 
naphtha and caustic soda. These products are consumed in the production of paper, fiber and plastics. Pressurized products, including 
butadiene, isobutane, propylene, butane and propane, all requiring pressurized conditions to remain in stable liquid form, are transported 
in pressure barges. The transportation of petrochemical products represented 51% of the segment’s 2023 revenues. Customers shipping 
these products are petrochemical and refining companies.

Black Oil. Black oil transported includes such products as residual fuel oil, No. 6 fuel oil, coker feedstock, vacuum gas oil, asphalt, 
carbon  black  feedstock,  crude  oil,  natural  gas  condensate  and  ship  bunkers  (engine  fuel).  Such  products  represented  26%  of  the 
segment’s 2023 revenues. Black oil customers are refining companies, marketers, and end users that require the transportation of black 
oil between refineries and storage terminals, to other refineries and to power plants. Ship bunker customers are oil companies and oil 
traders in the bunkering business.

Refined  Petroleum  Products.  Refined  petroleum  products  transported  include  the  various  blends  of  finished  gasoline,  gasoline 
blendstocks, jet fuel, No. 2 oil, heating oil and diesel fuel, and represented 20% of the segment’s 2023 revenues. The Company also 
classifies  ethanol  in  the  refined  petroleum  products  category.  Customers  are  oil  and  refining  companies,  marketers  and  ethanol 
producers.

Agricultural Chemicals. Agricultural chemicals transported represented 3% of the segment’s 2023 revenues. Agricultural chemicals 
include anhydrous ammonia and nitrogen-based liquid fertilizer, as well as industrial ammonia. Agricultural chemical customers consist 
mainly of domestic and foreign producers of such products.

Demand Drivers in the Tank Barge Industry

Demand  for  tank  barge  transportation  services  is  driven  by  the  production  volumes  of  the  bulk  liquid  commodities.  Marine 
transportation demand for the segment’s four primary commodity groups, petrochemicals, black oil, refined petroleum products and 
agricultural chemicals, is based on differing circumstances. While the demand drivers of each commodity are different, the Company 
has the flexibility, in certain cases, of reallocating inland equipment and coastal equipment among the petrochemical, refined petroleum 
products and black oil markets as needed.

Petrochemical products are used in both consumer non-durable and durable goods. Bulk petrochemical volumes have historically 
tracked the general domestic economy and correlate to the United States Gross Domestic Product. During 2021, inland barge utilization 
improved from the mid-70% range during the 2021 first quarter to the mid-to high 80% range in the 2021 fourth quarter as the economy 
recovered  from  the  impact  of  COVID-19.  During  2022,  the  Company’s  inland  barge  utilization  improved  to  the  high  80%  range 
reflecting increased activity levels as a result of higher refinery and petrochemical plant utilization. During 2023, the Company’s inland 
barge utilization improved to the low 90% range as improved activity levels were partially offset by lock closures and several refinery 
outages. Coastal tank barge utilization for the transportation of petrochemicals increased from the low 90% range in 2022 to the mid 
90% range during 2023 due to improved economic conditions.

The demand for black oil, including ship bunkers, varies by type of product transported. Demand for transportation of residual oil, 
a  heavy  by-product  of  refining  operations,  varies  with  refinery  utilization  and  usage  of  feedstocks.  During  2021  through  2023,  the 
Company continued to transport crude oil and natural gas condensate produced from the Eagle Ford and Permian Basin shale formations 
in Texas, both along the Gulf Intracoastal Waterway with inland vessels and in the Gulf of Mexico with coastal equipment, and continued 
to transport Utica crude oil and natural gas condensate downriver from the Mid-Atlantic to the Gulf Coast, albeit, at reduced levels as 
some of the product was transported by newly constructed pipelines. During 2021, volumes recovered from the lows seen in 2020 as 
economic activity improved. During 2021, inland black oil tank barge utilization averaged in the mid-70% range during the first nine 
months of 2021 and recovered to the high 80% range in the 2021 fourth quarter. During 2022, inland black oil tank barge utilization 
further improved to the high 90% range in the 2022 fourth quarter. During 2023, inland black oil tank barge utilization averaged in the 
high 90% range. Coastal black oil tank barge utilization averaged in the mid 90% range in 2022 and the high 90% range in 2023 as 
utilization was supported by a higher percentage of term contracts. Inland and coastal asphalt shipments are generally seasonal, with 
higher volumes shipped during April through November, months when weather allows for efficient road construction. 

Refined petroleum product volumes are driven by United States gasoline and diesel fuel consumption, principally vehicle usage, 
air travel, and weather conditions. Volumes can also be affected by gasoline inventory imbalances within the United States. Generally, 
gasoline and No. 2 oil are exported from the Gulf Coast where refining capacity exceeds demand. The Midwest is a net importer of such 

8

products. Volumes were also driven by diesel fuel transported to terminals along the Gulf Coast for export to South America. Ethanol, 
produced in the Midwest, is moved from the Midwest to the Gulf Coast. In the coastal trade, tank barges are frequently used regionally 
to transport refined petroleum products from a coastal refinery or terminals served by pipelines to the end markets. Many coastal areas 
rely  upon  access  to  refined  petroleum  products  by  using  marine  transportation  in  the  distribution  chain.  In  2022,  coastal  refined 
petroleum products tank barge utilization averaged in the low 90% range. During 2023, coastal refined petroleum products tank barge 
utilization averaged in the high 90% range as activity levels continued to improve.

Demand  for  marine  transportation  of  domestic  and  imported  agricultural  fertilizer  is  seasonal  and  directly  related  to  domestic 
nitrogen-based liquid fertilizer consumption, driven by the production of corn, cotton and wheat. During periods of high natural gas 
prices, the manufacturing of nitrogen-based liquid fertilizer in the United States is curtailed. During these periods, imported products, 
which normally involve longer barge trips, replace the domestic products to meet Midwest and South Texas demands. Such products 
are delivered to the numerous small terminals and distributors throughout the United States farm belt.

Marine Transportation Operations

KMT operated a fleet of 1,076 inland tank barges and an average of 281 inland towboats during the 2023 fourth quarter, as well as 
28 coastal tank barges and 25 coastal tugboats. The segment also operated four offshore dry-bulk cargo barges, four offshore tugboats 
and one docking tugboat transporting dry-bulk commodities in United States coastal trade.

Inland Operations. The segment’s inland operations are conducted through a wholly owned subsidiary, Kirby Inland Marine, LP 
(“Kirby Inland Marine”). Kirby Inland Marine’s operations consist of the Canal, Linehaul and River fleets, as well as barge fleeting 
services.

The Canal fleet transports petrochemical feedstocks, processed chemicals, pressurized products, black oil, and refined petroleum 
products along the Gulf Intracoastal Waterway, the Mississippi River below Baton Rouge, Louisiana, and the Houston Ship Channel. 
Petrochemical  feedstocks  and  certain  pressurized  products  are  transported  from  one  plant  to  another  plant  for  further  processing. 
Processed chemicals and certain pressurized products are moved to waterfront terminals and chemical plants. Black oil is transported to 
waterfront  terminals  and  products  such  as  No.  6  fuel  oil  are  transported  directly  to  the  end  users.  Refined  petroleum  products  are 
transported to waterfront terminals along the Gulf Intracoastal Waterway for distribution.

The Linehaul fleet transports petrochemical feedstocks, chemicals, agricultural chemicals and lube oils along the Gulf Intracoastal 
Waterway, Mississippi River and the Illinois and Ohio Rivers. Loaded tank barges are staged in the Baton Rouge area from Gulf Coast 
refineries  and  petrochemical  plants,  and  are  transported  from  Baton  Rouge,  Louisiana  to  waterfront  terminals  and  plants  on  the 
Mississippi, Illinois and Ohio Rivers, and along the Gulf Intracoastal Waterway, on regularly scheduled linehaul tows. Tank barges are 
dropped off and picked up going up and down river.

The River fleet transports petrochemical feedstocks, chemicals, refined petroleum products, agricultural chemicals and black oil 
along the Mississippi River System above Baton Rouge. The River fleet operates unit tows, where a towboat and generally a dedicated 
group  of  barges  operate  on  consecutive  voyages  between  loading  and  discharge  points.  Petrochemical  feedstocks  and  processed 
chemicals are transported to waterfront petrochemical and chemical plants, while black oil, refined petroleum products and agricultural 
chemicals are transported to waterfront terminals.

The inland transportation of petrochemical feedstocks, chemicals and pressurized products is generally consistent throughout the 
year. Transportation of refined petroleum products, certain black oil and agricultural chemicals is generally more seasonal. Movements 
of black oil, such as asphalt, generally increase in the spring through fall months. Movements of refined petroleum products, such as 
gasoline blends, generally increase during the summer driving season, while heating oil movements generally increase during the winter 
months. Movements of agricultural chemicals generally increase during the spring and fall planting seasons.

The  marine  transportation  inland  operation  moves  and  handles  a  broad  range  of  sophisticated  cargoes.  To  meet  the  specific 
requirements of the cargoes transported, the inland tank barges may be equipped with self-contained heating systems, high-capacity 
pumps, pressurized tanks, refrigeration units, stainless steel tanks, aluminum tanks or specialty coated tanks. Of the 1,076 inland tank 
barges currently operated, 826 are petrochemical and refined petroleum products barges, 157 are black oil barges, 83 are pressure barges 
and 10 are refrigerated anhydrous ammonia barges. Of the 1,076 inland tank barges, 1,043 are owned by the Company and 33 are leased.

The fleet of 281 inland towboats for the 2023 fourth quarter ranges from 800 to 6,100 horsepower. Of the 281 inland towboats, 214 
are owned by the Company and 67 are chartered. Towboats in the 800 to 2,100 horsepower classes provide power for barges used by 
the  Canal  and  Linehaul  fleets  on  the  Gulf  Intracoastal  Waterway  and  the  Houston  Ship  Channel.  Towboats  in  the  1,400  to  3,200 
horsepower classes provide power for both the River and Linehaul fleets on the Gulf Intracoastal Waterway and the Mississippi River 
System. Towboats above 3,600 horsepower are typically used on the Mississippi River System to move River fleet unit tows and provide 
Linehaul fleet towing. Based on the capabilities of the individual towboats used in the Mississippi River System, the tows range in size 
from 10,000 to 30,000 tons.

9

Marine transportation services for inland movements are conducted under term contracts, which have contract terms of 12 months 
or longer, or spot contracts, which have contract terms of less than 12 months, with customers with whom the Company has traditionally 
had long-standing relationships. Typically, term contracts range from one to three years, some of which have renewal options. During 
2021,  approximately  65%  of  inland  marine  transportation  revenues  were  under  term  contracts  and  35%  were  under  spot  contracts. 
During 2022 and 2023, approximately 60% of inland marine transportation revenues were under term contracts and 40% were under 
spot contracts.

All of the Company’s inland tank barges used in the transportation of bulk liquid products are of double hull construction and are 
capable of controlling vapor emissions during loading and discharging operations in compliance with occupational safety and health 
regulations and air quality regulations.

The Company has the ability to offer its customers optimized distribution capabilities throughout the Mississippi River System and 
the  Gulf  Intracoastal  Waterway.  Such  capabilities  offer  economies  of  scale  from  matching  tank  barges,  towboats,  products,  and 
destinations efficiently to meet its customers’ requirements.

Through the Company’s proprietary vessel management computer system, the Company’s barge and towboat fleet is dispatched 
from a centralized dispatch group. The towboats are equipped with cellular and satellite positioning and communication systems that 
automatically transmit the location of the towboat to the Company’s customer service department. Electronic orders are communicated 
to vessel personnel with reports of towing activities fed back electronically to the customer service department. The electronic interface 
between the customer service department and the vessel enables matching of customer needs to barge capabilities, thereby promoting 
efficient  utilization  of  the  tank  barge  and  towboat  fleet.  The  Company’s  customers  are  able  to  access  information  concerning  the 
movement of their cargoes, including barge locations, through the Company’s proprietary electronic customer service portal.

Kirby  Inland  Marine  operates  the  largest  commercial  tank  barge  fleeting  service  (barge  storage  facilities)  in  numerous  ports, 
including  Houston,  Corpus  Christi,  Freeport  and  Orange,  Texas,  Baton  Rouge,  Lake  Charles  and  New  Orleans,  Louisiana,  Mobile, 
Alabama, and Greenville, Mississippi. Included in the fleeting service is a shifting operation and fleeting service for dry cargo barges 
and tank barges on the Houston Ship Channel, in Freeport and Port Arthur, Texas, and Lake Charles, Louisiana. Kirby Inland Marine 
provides shifting and fleeting service for its own barges, as well as for customers and third party carriers, transferring barges within the 
areas noted.

Kirby Inland Marine also provides shore-based barge tankermen to the Company and third parties. Services to the Company and 

third parties cover the Gulf Coast, mid-Mississippi Valley, and the Ohio River Valley.

San Jac Marine, LLC (“San Jac”), a subsidiary of Kirby Inland Marine, owns and operates a shipyard in Channelview, Texas which 
builds marine vessels for both inland and coastal applications, and provide maintenance and repair services. Kirby Inland Marine also 
builds inland towboats and performs routine maintenance and repairs at the San Jac shipyard.

The Company owns a two-thirds interest in Osprey, which transports project cargoes and cargo containers by barge on the United 

States inland waterway system.

Coastal Operations. The segment’s coastal operations are conducted through wholly owned subsidiaries, Kirby Offshore Marine, 

LLC (“Kirby Offshore Marine”) and Kirby Ocean Transport Company (“Kirby Ocean Transport”).

Kirby Offshore Marine provides marine transportation of refined petroleum products, petrochemicals and black oil in coastal regions 
of  the  United  States.  The  coastal  operations  are  conducted  along  the  eastern  seaboard,  western  seaboard  and  the  Gulf  Coast.  The 
Company also operates equipment, to a lesser extent, in the Eastern and Western Canadian Provinces. The tank barges operating are in 
the 10,000 to 195,000 barrel capacity range and coastal tugboats in the 2,400 to 10,000 horsepower range. Kirby Offshore Marine’s 
vessels call on various coastal ports from Maine to Texas, servicing refineries, storage terminals and power plants. The Company also 
services refineries and storage terminals from Southern California to Washington State.

The coastal transportation of refined petroleum products and black oil is impacted by seasonality and is partially dependent on the 
area of operations. Operations along the West Coast of the United States have been subject to more seasonal variations in demand than 
the operations along the East Coast and Gulf Coast regions of the United States. Movements of refined petroleum products such as 
various blends of gasoline are strongest during the summer driving season while heating oil generally increases during the winter months.

10

The coastal fleet consists of 28 tank barges with 2.9 million barrels of capacity, primarily transporting refined petroleum products, 
black oil and petrochemicals. The Company owns all 28 of the coastal tank barges. Of the 28 coastal tank barges, 20 are refined petroleum 
products and petrochemical barges and 8 are black oil barges. The Company operates 25 coastal tugboats ranging from 2,400 to 11,000 
horsepower, of which all 24 are owned by the Company.

Coastal  marine  transportation  services  are  typically  conducted  under  term  contracts,  some  of  which  have  renewal  options,  for 
customers with which the Company has traditionally had long-standing relationships. During 2021, approximately 80% of the coastal 
marine transportation revenues were under term contracts and 20% were under spot contracts. During 2022, approximately 75% of the 
coastal marine transportation revenues were under term contracts and 25% were under spot contracts. During 2023, approximately 85% 
of the coastal marine transportation revenues were under term contracts and 15% were under spot contracts. 

Kirby Offshore Marine also operates a fleet of two offshore dry-bulk barge and tugboat units involved in the transportation of sugar 
and other dry products between Florida and East Coast ports. These vessels have typically operated under term contracts of affreightment 
of a year or longer.

Kirby Ocean Transport owns and operates a fleet of two offshore dry-bulk barges, two offshore tugboats and one docking tugboat. 

Kirby Ocean Transport operates primarily under term contracts of affreightment.

Kirby Ocean Transport is also engaged in the transportation of coal, fertilizer, sugar and other bulk cargoes on a spot basis between 

domestic ports and occasionally the transportation of grain from domestic ports to ports primarily in the Caribbean Basin.

Contracts and Customers

Marine transportation inland and coastal services are conducted under term or spot contracts for customers with whom the Company 
has traditionally had long-standing relationships. Typically, term contracts range from one to three years, some of which have renewal 
options. The majority of the marine transportation contracts with its customers by revenue are for terms of one year. Most have been 
customers  of  KMT  for  many  years  and  management  anticipates  continued  relationships;  however,  there  is  no  assurance  that  any 
individual contract will be renewed.

The Company enters into agreements with its customers to transport cargo from a designated origin to a designated destination at a 
set rate (affreightment) or at a daily rate (time charter). The rate may or may not include escalation provisions to recover changes in 
specific costs such as fuel. Time charter or contracts of affreightment of one year or greater are considered term contract revenues and 
agreements  of  less  than  a  year  are  included  in  spot  contract  revenues.  Time  charters,  which  insulate  the  Company  from  revenue 
fluctuations caused by weather and navigational delays and temporary market declines, represented approximately 63% of the marine 
transportation’s inland revenues under term contracts during 2023, and 58% of the revenue under term contracts during 2022 and 2021. 
Spot contracts typically involve an agreement with a customer to move cargo from a specific origin to a designated destination for a rate 
negotiated at the time the cargo movement takes place. Spot contract rates are at the current “market” rate and are subject to market 
volatility.

The  Company  typically  maintains  a  higher  mix  of  term  contracts  to  spot  contracts  to  provide  the  Company  with  a  reasonably 
predictable revenue stream while maintaining spot market exposure to take advantage of new business opportunities and customers’ 
peak demands. During 2021, approximately 65% of inland marine transportation revenues were under term contracts and 35% were 
under spot contracts. During both 2022 and 2023, approximately 60% of inland marine transportation revenues were under term contracts 
and 40% were under spot contracts. Coastal time charters represented approximately 85% of the marine transportation’s coastal revenues 
under term contracts in 2021 and approximately 90% of coastal revenues under term contracts in 2022 and 2023.

No single customer of KMT accounted for 10% or more of the Company’s revenues in 2023, 2022, or 2021.

11

DISTRIBUTION AND SERVICES

The Company, through its wholly owned subsidiary Kirby Distribution & Services, Inc. and its wholly owned subsidiaries Kirby 
Engine Systems LLC, (“Kirby Engine Systems”), Stewart & Stevenson LLC (“S&S”), United Holdings LLC (“United”), and Diesel 
Dash  LLC  and  through  Kirby  Engine  Systems’  wholly  owned  subsidiaries  Marine  Systems,  Inc.  (“Marine  Systems”)  and  Engine 
Systems,  Inc.  (“Engine  Systems”),  serves  two  markets,  commercial  and  industrial,  and  oil  and  gas.  The  Company  sells  genuine 
replacement parts, provides service mechanics to overhaul and repair engines, transmissions, reduction gears and related oilfield service 
equipment, rebuilds component parts or entire diesel engines, transmissions and reduction gears, electrical motors, drives, and controls, 
specialized electrical distribution and control systems, energy storage battery systems, and related equipment used in oilfield services, 
marine, power generation, on-highway, and other commercial and industrial applications. Customers are served through a network of 
63 branch locations across 17 states and Colombia, South America, as well as a proprietary on-line marketplace, www.dieseldash.com. 
The Company manufactures and remanufactures oilfield service equipment, including pressure pumping units, for North American as 
well as for international oilfield service companies, and oil and gas operator and producer markets. The Company also sells engines, 
transmissions, power generation systems, and rents equipment including generators, industrial compressors, high capacity lift trucks, 
and  refrigeration  trailers  for  use  in  a  variety  of  commercial  and  industrial  applications,  including  for  oilfield  service  and  railroad 
customers.

For the commercial and industrial market, the Company sells Original Equipment Manufacturers (“OEM”) replacement parts and 
new diesel engines, provides service mechanics and maintains facilities to overhaul and repair diesel engines and ancillary products for 
marine and on-highway transportation companies, and industrial companies. The Company provides engineering and field services, 
OEM replacement parts and safety-related products to power generation operators and to the nuclear industry, manufactures engine 
generator  and  pump  packages  for  power  generation  operators  and  municipalities,  offers  power  generation  systems  customized  for 
specific commercial and industrial applications, and rents equipment including generators, industrial compressors, high capacity lift 
trucks, and refrigeration trailers for use in a variety of industrial markets.

For the oil and gas market, the Company sells OEM replacement parts, sells and services diesel engines, pumps and transmissions, 
manufactures and remanufactures pressure pumping units, manufactures cementing and pumping equipment, as well as coil tubing and 
well intervention equipment, electric power generation equipment, specialized electrical distribution and control equipment, and high 
capacity energy storage/battery systems. Customers include oilfield service companies, and oil and gas operators and producers.

No single customer of KDS accounted for 10% or more of the Company’s revenues in 2023, 2022, or 2021. KDS also provides 
service to KMT, which accounted for approximately 3% of KDS’s 2023 and 2022 revenues, and 2% of the segment's 2021 revenues. 
Such revenues are eliminated in consolidation and not included in the table below.

The following table sets forth the revenues for KDS (dollars in thousands):

Service and parts
Manufacturing

Year Ended December 31,

2023
$ 1,071,297
298,406
$ 1,369,703

%

2022
962,187
78% $
22
205,600
100% $ 1,167,787

%

82% $
18
100% $

2021
813,875
109,867
923,742

%

88%
12
100%

Commercial and Industrial Operations

The  Company  serves  the  marine,  on-highway,  power  generation,  and  other  commercial  and  industrial  markets  primarily  in  the 

United States. The commercial and industrial operations represented approximately 59% of the segment’s 2023 revenues.

The Company is engaged in the overhaul and repair of medium-speed and high-speed marine diesel engines and reduction gears, 
line boring, block welding services and related parts sales for customers in the marine industry. Medium-speed diesel engines have an 
engine speed of 400 to 1,000 revolutions per minute (“RPM”) with a horsepower range of 800 to 32,000. High-speed diesel engines 
have an engine speed of over 1,000 RPM and a horsepower range of 50 to 8,375. The Company services medium-speed and high-speed 
diesel engines utilized in the inland and offshore barge industries. It also services marine equipment and offshore drilling equipment 
used in the offshore petroleum exploration and oilfield service industry, marine equipment used in the offshore commercial fishing 
industry, harbor docking vessels, commercial ferries, vessels owned by the United States government and large pleasure crafts.

The Company has marine repair operations throughout the United States providing in-house and in-field repair capabilities and 
related parts sales. The Company’s emphasis is on service to its customers, and it sends its crews from any of its locations to service 
customers’ equipment anywhere in the world. The medium-speed operations are located in Houma, Louisiana, Chesapeake, Virginia, 

12

 
Paducah, Kentucky, Seattle, Washington, and Tampa, Florida, serving as the authorized distributor for EMD Power Products (“EMD”) 
throughout the United States. The Company is also a distributor and representative for certain Alfa Laval products in the Midwest and 
on the East Coast, Gulf Coast, and West Coast. All of the marine locations are authorized distributors for Falk Corporation reduction 
gears and Oil States Industries, Inc. clutches. The Chesapeake, Virginia operation concentrates on East Coast inland and offshore dry-
bulk, tank barge and harbor docking operators, and the United States government. The Houma, Louisiana operation concentrates on the 
inland and offshore barge and oilfield services industries. The Tampa, Florida operation concentrates on Gulf of Mexico offshore dry-
bulk, tank barge and harbor docking operators. The Paducah, Kentucky operation concentrates on the inland river towboat and barge 
operators and the Great Lakes carriers. The Seattle, Washington operation concentrates on the offshore commercial fishing industry, the 
offshore barge industry, the United States government, and other customers in Alaska, Hawaii and the Pacific Rim.

The high-speed marine operations are located in Houston, Texas, Houma, Baton Rouge, Belle Chasse and New Iberia, Louisiana, 
Paducah, Kentucky, Mobile, Alabama, Lodi and Thorofare, New Jersey, and several locations in Florida. The Company serves as a 
factory-authorized marine dealer for Caterpillar diesel engines in multiple states. The Company also operates factory-authorized full 
service marine distributorships/dealerships for Cummins, Detroit Diesel, John Deere, MTU, and Volvo Penta, and Kohler diesel engines, 
as well as Falk, Lufkin and Twin Disc marine gears. High-speed diesel engines provide the main propulsion for a significant amount of 
the United States flagged commercial vessels and large pleasure craft vessels, other marine applications, including engines for power 
generators and barge pumps.

The Company distributes, sells parts for and services diesel engines and transmissions for on-highway use and provides in-house 
and in-field service capabilities. The Company is the largest on-highway distributor for Allison Transmission and Detroit Diesel/Daimler 
Truck North America, providing parts, service and warranty on engines, transmissions and related equipment in Arkansas, Colorado, 
Florida, Louisiana, New Mexico, New York, Oklahoma, Texas, Wyoming, and the country of Colombia. The Company also provides 
similar service for off-highway use and additionally has distributor rights for Deutz and Isuzu diesel engines. Off-highway applications 
are  primarily  surface  and  underground  mining  equipment,  including  loaders,  crawlers,  crushers,  power  screens,  pumps,  cranes, 
generators, and haul trucks, as well as equipment rental.

The Company is engaged in the overhaul and repair of diesel engines and generators, and related parts sales for power generation 
customers.  The  Company  is  also  engaged  in  the  sale  and  distribution  of  diesel  engine  parts,  engine  modifications,  generator 
modifications, controls, governors and diesel generator packages to the nuclear industry. The Company services users of diesel engines 
that  provide  emergency  standby,  peak  and  base  load  power  generation.  The  Company  also  sells  power  generation  systems  that  are 
customized for specific applications and the rental of power generation systems.

The Company has power generation operations throughout the United States providing in-house and in-field repair capabilities and 
products for power generation applications. Through its Rocky Mount, North Carolina operation, the Company serves as the exclusive 
worldwide distributor of EMD products to the nuclear industry, the worldwide distributor for Woodward, Inc. products to the nuclear 
industry, the worldwide distributor of Cooper Machinery Services (“Cooper”) products to the nuclear industry and owns the assets and 
technology necessary to support the Nordberg medium-speed diesel engines used in nuclear applications. In addition, the Rocky Mount 
operation is an exclusive distributor for Norlake Manufacturing Company transformer products to the nuclear industry, an exclusive 
distributor of Hannon Company generator and motor products to the nuclear industry, and a non-exclusive distributor of analog Weschler 
Instruments metering products and an exclusive distributor of digital Weschler metering products to the nuclear industry. The Company 
is also a non-exclusive distributor of Ingersoll Rand air start equipment to the nuclear industry worldwide.

The  Company  sells  pre-packaged  and  fabricated  power  generation  systems  for  emergency,  standby  and  auxiliary  power  for 
commercial and industrial applications. The Company also offers rental generator systems from 50 to 2,000 kilowatts of power to a 
broad range of customers. The Company also is engaged in the rental of industrial compressors, high capacity lift trucks, and refrigeration 
trailers. In addition, the Company provides accessory products such as cables, hoses, fuel cells, air dryers, air compressor boosters and 
ground  heaters.  Lastly,  the  Company  is  a  dealer  for  Thermo  King  refrigeration  systems  for  trucks,  railroad  cars  and  other  land 
transportation markets in Texas and Colorado.

Commercial and Industrial Customers

The results of the distribution and services industry are largely tied to the industries it serves and, therefore, are influenced by the 
cycles  of  such  industries.  The  Company’s  major  marine  customers  include  inland  and  offshore  barge  operators,  oilfield  service 
companies, offshore fishing companies, other marine transportation entities, the United States government and large pleasure crafts. 
Since the marine business is linked to the relative health of the inland towboat, offshore and coastal tugboat, harbor docking tugboat, 
offshore oilfield service, oil and gas drilling, offshore commercial fishing industries, Great Lakes ore vessels, dredging vessels, coastal 
ferries, United States government vessels and the pleasure craft industry, there is no assurance that its present gross revenues can be 
maintained in the future. 

13

The Company’s on-highway customers are long-haul and short-haul trucking companies, commercial and industrial companies with 
truck fleets, buses owned by municipalities and private companies. Off-highway companies include surface and underground mining 
operations with a large variety of equipment.

The  Company’s  power  generation  customers  are  domestic  utilities  and  the  worldwide  nuclear  power  industry,  municipalities, 
universities, medical facilities, data centers, petrochemical plants, manufacturing facilities, shopping malls, office complexes, residential 
and other industrial users.

The Company’s rental customers are primarily commercial and industrial companies, and residential customers with short-term 

rental requirements.

Commercial and Industrial Competitive Conditions

The  Company’s  primary  marine  competitors  are  independent  distribution  and  services  companies  and  other  factory-authorized 
distributors, authorized service centers and authorized marine dealers. Certain operators of diesel powered marine equipment also elect 
to maintain in-house service capabilities. While price is a major determinant in the competitive process, reputation, consistent quality, 
expeditious service, experienced personnel, access to parts inventories and market presence are also significant factors. A substantial 
portion of the Company’s business is obtained by competitive bids. However, the Company has entered into service agreements with 
certain operators of diesel powered marine equipment, providing such operators with one source of support and service for all of their 
requirements at pre-negotiated prices.

The Company is one of a limited number of authorized resellers of EMD, Caterpillar, Cummins, Detroit Diesel, John Deere, MTU 

and Volvo Penta parts. The Company is also the marine distributor for Falk and Lufkin reduction gears throughout the United States.

The Company’s primary power generation competitors are other independent diesel service companies and manufacturers. While 
price is a major determinant in the competitive process, reputation, consistent quality, expeditious service, experienced personnel, access 
to parts inventories and market presence are also significant factors. A substantial portion of the Company’s business is obtained by 
competitive bids.

As noted above, the Company is the exclusive worldwide distributor of EMD, Cooper, Woodward, Nordberg, Norlake and Hannon 
parts for the nuclear industry, and non-exclusive distributor of Weschler parts and Ingersoll Rand air start equipment for the nuclear 
industry.  Specific  regulations  relating  to  equipment  used  in  nuclear  power  generation  require  extensive  testing  and  certification  of 
replacement parts. OEM parts need to be properly tested and certified for nuclear applications.

Oil and Gas Operations

The Company is engaged in the distribution and service of high-speed diesel engines, pumps and transmissions, and the manufacture 
and remanufacture of oilfield service equipment. The oil and gas operations represented approximately 41% of the segment’s 2023 
revenues.  The  Company  offers  custom  fabricated  oilfield  service  equipment  that  is  fully  tested  and  field  ready.  The  Company 
manufactures  and  remanufactures  oilfield  service  equipment,  including  pressure  pumping  units,  nitrogen  pumping  units,  cementers, 
hydration  equipment,  mud  pumps  and  blenders,  coil  tubing,  well  intervention  equipment,  electric  power  generation  equipment, 
specialized electrical distribution and control equipment, and high capacity energy storage/battery systems. The Company sells OEM 
replacement parts, and sells and services diesel engines, electric drives, motors and controls, pumps and transmissions, and offers in-
house  and  in-field  service  capabilities.  The  Company  is  the  largest  off-highway  distributor  for  Allison  Transmission  and  a  major 
distributor for MTU in North America.

The Company’s manufacturing and remanufacturing facilities and service facilities are based in Houston, Texas and Oklahoma 

City, Oklahoma, both key oil and gas producing regions.

Oil and Gas Customers

The  Company’s  major  oil  and  gas  customers  include  large  and  mid-cap  oilfield  service  providers,  oil  and  gas  operators  and 
producers. The Company has long standing relationships with most of its customers. Since the oil and gas business is linked to the 
oilfield services industry, and oil and gas operators and producers, there is no assurance that its present gross revenues can be maintained 
in the future. The results of the Company’s oil and gas distribution and services operations are largely tied to the industries it serves and, 
therefore, are influenced by the cycles of such industries.

Oil and Gas Competitive Conditions

The Company’s primary competitors in the oil and gas market are other oilfield equipment manufacturers and remanufacturers, and 
equipment  service  companies.  While  price  is  a  major  determinant  in  the  competitive  process,  equipment  availability,  reputation, 

14

consistent  quality,  expeditious  service,  experienced  personnel,  access  to  parts  inventories  and  market  presence  are  also  significant 
factors. A substantial portion of the Company’s business is obtained by competitive bids.

Governmental Regulations

General. The Company’s operations, products, and services are subject to various government regulations, which vary based upon 

its operations across and within its business segments.  

In KMT, the Company’s marine transportation operations are subject to regulation by the United States Coast Guard (“USCG”), 
federal laws, state laws, the laws of other countries when operating in their waters, and certain international conventions. The agencies 
establish safety requirements and standards and are authorized to investigate incidents.

Most of the Company’s tank barges are inspected by the USCG and carry certificates of inspection. The Company’s inland and 
coastal towing vessels and coastal dry-bulk barges are also subject to USCG regulations. The USCG has enacted safety regulations 
governing  the  inspection,  standards,  and  safety  management  systems  of  towing  vessels.  The  regulations  also  create  many  new 
requirements for design, construction, equipment, and operation of towing vessels. The USCG regulations supersede the jurisdiction of 
the United States Occupational Safety and Health Administration (“OSHA”) and any state regulations on vessel design, construction, 
alteration, repair, maintenance, operation, equipping, personnel qualifications and manning. The regulations requiring towing vessels to 
obtain a certificate of inspection became effective for existing towing vessels on July 20, 2018. Other portions of the regulations were 
phased in following the July 20, 2018 effective date through July 19, 2022, by which time the Company was in full compliance.

All of the Company’s coastal tugboats and coastal tank and dry-bulk barges are built to American Bureau of Shipping (“ABS”) 
classification standards and/or statutory requirements issued by the USCG, and are inspected periodically by ABS and/or the USCG to 
maintain the vessels in class and compliant with all U.S. statutory requirements, as applicable to the vessel. The crews employed by the 
Company aboard inland and coastal vessels, including captains, pilots, engineers, tankermen and ordinary seamen, are licensed by the 
USCG.

The Company is required by various governmental agencies to obtain licenses, certificates and permits for its vessels depending 
upon such factors as the cargo transported, the waters in which the vessels operate and other factors. The Company believes that its 
vessels have obtained and can maintain all required licenses, certificates and permits required by such governmental agencies for the 
foreseeable future. The Company’s failure to maintain these authorizations could adversely impact its operations.

The Company believes that additional security and environmental related regulations relating to contingency planning requirements 
could be imposed on the marine industry. Generally, the Company endorses the anticipated additional regulations and believes it is 
currently operating to standards at least equal to anticipated additional regulations.

When the Company does operate in foreign jurisdictions, it is subject to the legal and regulatory requirements of those jurisdictions 
in addition to those generally applicable to the Company's domestic operations. This is primarily applicable to the coastal business of 
the  KMT  segment  and  Colombia  branches  in  the  KDS  segment.  Further,  to  the  extent  the  Company  does  business  with  foreign 
counterparties, it is subject to additional rules and regulations, in particular, with regard to import and export compliance and the Foreign 
Corrupt Practices Act (“FCPA”), or similar local applicable anti-bribery laws. The Company provides anti-corruption training to all of 
its employees. 

Jones Act. The Jones Act is a federal cabotage law that restricts domestic marine transportation in the United States to vessels built 
and registered in the United States and manned, owned and operated by United States citizens. For a corporation to qualify as a United 
States citizen for the purpose of domestic trade, it has to be 75% owned and controlled by United States citizens within the meaning of 
the Jones Act. The Company monitors its citizenship status and meets the requirements of the Jones Act for its owned and operated 
vessels.

Compliance with United States ownership requirements of the Jones Act is important to the operations of the Company, and a 
violation  of  the  Jones  Act  could  have  a  material  negative  effect  on  the  Company  and  its  vessels’  ability  to  operate.  The  Company 
monitors the citizenship of its employees and stockholders and complies with United States build requirements.

User Taxes. Federal legislation requires that inland marine transportation companies pay a user tax based on propulsion fuel used 
by vessels engaged in trade along the inland waterways that are maintained by the United States Army Corps of Engineers. Such user 
taxes are designed to help defray the costs associated with replacing major components of the inland waterway system, such as locks 
and dams. A significant portion of the inland waterways on which the Company’s vessels operate is maintained by the Army Corps of 
Engineers.

The Company presently pays a federal fuel user tax of 29.1 cents per gallon consisting of a 0.1 cent per gallon leaking underground 

storage tank tax and 29 cents per gallon waterways user tax.

15

Security Requirements. The Maritime Transportation Security Act of 2002 requires, among other things, submission to and approval 
by the USCG of vessel and waterfront facility security plans (“VSP” and “FSP”, respectively). The Company maintains approved VSP 
and FSP and is operating in compliance with the plans for all of its vessels and facilities that are subject to the requirements.

Environmental Regulations

The Company’s operations are affected by various regulations and legislation enacted for protection of the environment by the 
United  States  government,  as  well  as  many  coastal  and  inland  waterway  states  and  international  jurisdictions  to  the  extent  that  the 
Company’s vessels transit in international waters or the Company operates in such jurisdictions. Government regulations require the 
Company to obtain permits, licenses and certificates for the operation of its vessels and its facilities in both KMT and KDS. Failure to 
maintain necessary permits or approvals could require the Company to incur costs or temporarily suspend operation of one or more of 
its vessels or other facilities. Violations of these laws may result in civil and criminal penalties, fines, or other sanctions.

Water Pollution Regulations. The Federal Water Pollution Control Act of 1972, as amended by the Clean Water Act of 1977 (“Clean 
Water Act”), the Comprehensive Environmental Response, Compensation and Liability Act of 1981 (“CERCLA”) and the Oil Pollution 
Act of 1990 (“OPA”) impose strict prohibitions against the discharge of oil and its derivatives or hazardous substances into the navigable 
waters of the United States. These acts impose civil and criminal penalties for any prohibited discharges and impose substantial strict 
liability  for  cleanup  of  these  discharges  and  any  associated  damages.  Certain  states  also  have  water  pollution  laws  that  prohibit 
discharges into waters that traverse the state or adjoin the state, and impose civil and criminal penalties and liabilities similar in nature 
to those imposed under federal laws.

The OPA and various state laws of similar intent substantially increased over historic levels the statutory liability of owners and 

operators of vessels for oil spills, both in terms of limit of liability and scope of damages.

The  Company  manages  its  exposure  to  losses  from  potential  discharges  of  pollutants  through  the  use  of  well-maintained  and 
equipped vessels, through safety, training and environmental programs, and through the Company’s insurance program. There can be 
no assurance, however, that any new regulations or requirements or any discharge of pollutants by the Company will not have an adverse 
effect on the Company.

Clean Water Act. The Clean Water Act establishes the National Pollutant Discharge Elimination System (“NPDES”) permitting 
program which regulates discharges into navigable waters of the United States. The United States Environmental Protection Agency 
(“EPA”) regulates the discharge of ballast water and other substances in United States waters under the Clean Water Act. Pursuant to 
the NPDES program, effective February 6, 2009, the EPA issued regulations requiring vessels 79 feet in length or longer to comply with 
a Vessel General Permit authorizing ballast water discharges and other discharges incidental to the operation of the vessels. The EPA 
regulations  also  imposed  technology  and  water  quality  based  effluent  limits  for  certain  types  of  discharges  and  established  specific 
inspection,  monitoring,  recordkeeping  and  reporting  requirements  for  vessels  to  ensure  effluent  limitations  are  met.  The  Vessel 
Incidental Discharge Act (“VIDA”), signed into law on December 4, 2018, established a new framework for the regulation of vessel 
incidental discharges under the Clean Water Act. VIDA requires the EPA to develop national performance standards for those discharges 
within two years of enactment and requires the USCG to develop implementation, compliance, and enforcement regulations within two 
years  of  the  EPA’s  promulgation  of  standards.  Under  VIDA,  all  provisions  of  the  Vessel  General  Permit  which  became  effective 
December 19, 2013, remain in force and effect until the USCG regulations are finalized. The Company maintains Vessel General Permits 
and has established recordkeeping and reporting procedures in compliance with the EPA’s interim requirements.

The  USCG  adopted  regulations  on  ballast  water  management  treatment  systems  establishing  a  standard  for  the  allowable 
concentration of living organisms in certain vessel ballast water discharged in waters of the United States under the National Invasive 
Species Act. The regulations include requirements for the installation of engineering equipment to treat ballast water by establishing an 
approval process for ballast water management systems (“BWMS”). The BWMS implementation was suspended until December 2016 
at which time the USCG approved manufacturers’ systems that met the regulatory discharge standard equivalent to the International 
Maritime  Organization’s  D-2  standard.  The  phase-in  schedule  for  those  existing  vessels  requiring  a  system  to  install  a  BWMS  is 
dependent on vessel build date, ballast water capacity, and drydock schedule. Compliance with the ballast water treatment regulations 
requires the installation of equipment on some of the Company’s vessels to treat ballast water before it is discharged. The installation 
of BWMS equipment has required and continues to require significant capital expenditures in accordance with the compliance schedule 
established by the USCG in 33 CFR 151 to complete the installation of the approved system on those existing vessels that require a 
system in order to comply with the BWMS regulations. During 2024, the Company expects to complete installation of an approved 
BWMS on the last such barge currently in its fleet.

Financial Responsibility Requirement. Commencing with the Federal Water Pollution Control Act of 1972, as amended, vessels 
over 300 gross tons operating in the Exclusive Economic Zone of the United States have been required to maintain evidence of financial 
ability to satisfy statutory liabilities for oil and hazardous substance water pollution. This evidence is in the form of a Certificate of 
Financial  Responsibility  (“COFR”)  issued  by  the  USCG.  The  majority  of  the  Company’s  tank  barges  are  subject  to  this  COFR 

16

requirement,  and  the  Company  has  fully  complied  with  this  requirement  since  its  inception.  The  States  of  Alaska,  California,  and 
Washington have implemented state financial responsibility requirements. Currently, the States of California and Alaska require a COFR 
and the State of Washington is in the process of implementing a COFR requirement to be effective during the course of 2024. The 
Company  does  not  foresee  any  current  or  future  difficulty  in  maintaining  the  COFR  certificates  or  meeting  financial  responsibility 
requirements under current federal or state rules.

Clean Air Regulations. The Federal Clean Air Act of 1979 (“CAA”) requires states to draft State Implementation Plans (“SIPs”) 
under the National Ambient Air Quality Standards designed to reduce atmospheric pollution for six common air pollutants to levels 
mandated by this act. The EPA designates areas in the United States as meeting or not meeting the standards. Several SIPs implement 
the  regulation  of  barge  loading  and  discharging  emissions  at  waterfront  facilities  as  a  measure  to  meet  the  CAA  standard.  The 
implementation of these regulations requires a reduction of hydrocarbon emissions released into the atmosphere during the loading of 
most petroleum products and the degassing and cleaning of barges for maintenance or change of cargo. These regulations require vessel 
operators that operate in states with areas of nonattainment of air quality standards under the CAA to install vapor control equipment on 
their barges. The Company expects that future emission regulations will be developed and will apply this same technology to many 
chemicals that are handled by barge. Most of the Company’s barges engaged in the transportation of petrochemicals, chemicals and 
refined petroleum products are already equipped with vapor control systems. KDS, particularly in its oil and gas equipment service and 
manufacturing and the power generation businesses, must closely adhere to federal regulatory requirements relating to emissions for 
stationary  and  non-road  engines.  Although  a  risk  exists  that  new  regulations  could  require  significant  capital  expenditures  by  the 
Company and otherwise increase the Company’s costs, the Company believes that, based upon the regulations that have been proposed 
thus far, no material capital expenditures beyond those currently contemplated by the Company and no material increase in costs are 
likely to be required.

Contingency Plan Requirement. The OPA and several state statutes of similar intent require the majority of the vessels and terminals 
operated by the Company to maintain approved oil spill contingency plans as a condition of operation. The Company has approved 
plans that comply with these requirements. The OPA also requires development of regulations for hazardous substance spill contingency 
plans. The USCG has not yet promulgated these regulations; however, the Company anticipates that they will not be more difficult to 
comply with than the oil spill plans.

Occupational  Health  Regulations.  The  Company’s  inspected  vessel  operations  are  primarily  regulated  by  the  USCG  for 
occupational health standards. Uninspected vessel operations, the Company’s shore-based personnel, and employees in the Company’s 
KDS segment are subject to OSHA regulations. The Company believes that it is in compliance with the provisions of the regulations 
that have been adopted and does not believe that the adoption of any further regulations will impose additional material requirements 
on the Company. There can be no assurance, however, that claims will not be made against the Company for work related illness or 
injury, or that the further adoption of health regulations will not adversely affect the Company.

Insurance. The Company’s marine transportation operations are subject to the hazards associated with operating vessels carrying 
large volumes of bulk cargo in a marine environment. These hazards include the risk of loss of or damage to the Company’s vessels, 
damage to third parties as a result of collision, fire or explosion, adverse weather conditions, loss or contamination of cargo, personal 
injury of employees and third parties, and pollution and other environmental damages. The Company maintains hull, liability, general 
liability, workers compensation and pollution liability insurance coverage against these hazards. For shipyard operations, the Company 
has ship repairer’s liability and builder’s risk insurance. The Company uses a Texas domiciled wholly owned insurance subsidiary, 
Adaptive  KRM,  LLC,  to  provide  cost  effective  risk  transfer  options  to  insure  certain  exposures  of  the  Company  and  certain  of  its 
subsidiaries in KMT and KDS. The Company also maintains insurance to address liabilities arising in connection with KDS.

Environmental Protection. The Company utilizes several programs to further its commitment to environmental responsibility in its 
operations. Environmental compliance audits, performed with internal and external resources, are performed regularly on the Company's 
operations. Additionally, the Company employs third party expertise to conduct safety performance, safety management system, and 
environmental audits on its barge cleaning and shipyard vendors. The Company participates in the American Waterways Operators 
Responsible Carrier program, which drives continuous improvement towards reducing the barge industry’s impact on the environment. 
It is also a member of the Blue Sky Maritime Coalition and other organizations focused on reducing greenhouse gas emissions.

Safety.  The  Company  manages  its  exposure  to  the  hazards  associated  with  its  business  through  safety,  training  and  preventive 
maintenance efforts. The Company emphasizes its safety commitment through programs oriented toward extensive monitoring of safety 
performance  for  the  purpose  of  identifying  trends  and  initiating  corrective  action,  and  for  continuously  improving  employee  safety 
behavior and performance.

Training. The Company believes that among the major elements of a successful and productive workforce are effective training 
programs. The Company also believes that training in the proper performance of a job enhances both the safety and quality of the service 
provided. New technology, regulatory compliance, personnel safety, quality and environmental concerns create additional demands for 
training. Refer to Human Capital below for further discussion regarding training programs the Company has developed and instituted.

17

Quality. Kirby Inland Marine has made a substantial commitment to the implementation, maintenance, and improvement of quality 
assurance systems. Kirby Offshore Marine is certified under ABS ISM standards. These Quality Assurance Systems and certification 
have enabled both shore and vessel personnel to effectively manage the changes which occur in the working environment, as well as 
enhancing the Company’s safety and environmental performance.

Human Capital

Employment. The Company has approximately 5,450 employees, the large majority of whom are in the United States. The large 
majority  of  non-vessel  employees  work  full-time.  Vessel  employees  work  varying  schedules  according  to  their  assignments.  The 
Company has approximately 110 general corporate employees. The Company supports its employees by providing competitive pay and 
benefits, training, and a respectful and inclusive culture.

KMT has approximately 3,070 employees, of which approximately 2,350 are vessel crew members. None of the segment’s inland 
operations  are  subject  to  collective  bargaining  agreements.  The  segment’s  coastal  operations  include  approximately  413  vessel 
employees,  some  of  which  are  subject  to  collective  bargaining  agreements  in  certain  geographic  areas.  Approximately  217  Kirby 
Offshore Marine vessel crew members are subject to a collective bargaining agreement with the Richmond Terrace Bargaining Unit in 
effect through August 31, 2025. In addition, approximately 108 vessel crew members of Penn Maritime Inc., a wholly owned subsidiary 
of Kirby Offshore Marine, are represented by the Seafarers International Union under a collective bargaining agreement in effect through 
May 1, 2025.

KDS  has  approximately  2,270  employees.  None  of  the  United  Holdings  and  Kirby  Engine  Systems  operations  are  subject  to 
collective bargaining agreements. Approximately 50 S&S employees in New Jersey are subject to a collective bargaining agreement 
with the Local 15C, International Union of Operating Engineers, AFL-CIO that expires in October 2028. The remaining S&S employees 
are not subject to collective bargaining agreements.

Training  and  Development.  The  Company  strives  to  provide  its  employees  with  a  rewarding  work  environment,  including  the 
opportunity for success and an opportunity for personal and professional development. The development of its people is a key factor in 
the Company’s employee retention and satisfaction. Its technical and skill training has always been a differentiator and has facilitated 
the recruitment of new trainees.

For the marine business, the Company’s training facility includes state-of-the-art equipment and instruction aids, including a full 
bridge wheelhouse simulator, a working towboat, two tank barges, and a tank barge simulator for tankermen training. During 2023, 
approximately 1,750 certificates were issued for the completion of courses at the training facility, of which approximately 930 were 
USCG  approved  classes  and  the  balance  were  employee  development  and  Company  required  classes,  including  leadership, 
communication, and navigation courses. The Company uses the Seaman’s Church Institute as an additional training resource for its 
wheelhouse crewmembers. The marine segment provides a clear career progression for vessel personnel from entry level deckhand to 
captain and regularly reviews promotions from one level to another.

In distribution and services, the Company operates regional training centers providing instructor-led, skill-based training classes to 
certify its technicians to work on diesel engines, transmissions, and power generation equipment. KDS has multiple career progressions 
within its numerous job groups. In 2022, KDS launched an apprentice program at various locations. The Company continues to recruit 
and train apprentices for technical roles.

The  Company's  leadership  and  managerial  training  includes  an  online  training  curriculum  that  is  available  to  both  supervisory 
employees and those employees that aspire to move into such roles in the future. It includes a series of classes focused on management 
essentials which provide in-depth education in specific subjects such as leadership, strategic thinking, coaching and people development, 
decision making, problem solving, and communication. 

In addition, the Company facilitates many training courses that cover a range of topics that enhance specific skill sets, increase 
productivity,  and  educate  employees  about  safety  and  team  morale  across  both  business  segments.  Training  classes  include 
environmental, health, and safety classes, compliance, leadership, and general business skills related courses. Environmental, health, 
and  safety  topics  include  defensive  and  distracted  driving,  first  aid  basic  and  medical  emergencies,  global  safety  principles,  oil 
management,  and  hazardous  substances  training.  Compliance  topics  include  anti-corruption  and  anti-human  trafficking  training, 
cybersecurity awareness, business ethics, compliance, and promoting diversity. Skill related topics include business writing, risk-based 
thinking, initiating and planning a project, and transitioning into a project management role.

Diversity, Equity, and Inclusion. The Company believes that its culture of inclusion and diversity contributes to a strong workforce 
that meets its customer’s expectations and business objectives. The Company works diligently to attract the best talent from a diverse 
range of sources in order to meet the current and future demands of its business. The Company has established relationships with trade 
schools, world-class universities, professional associations and industry groups to proactively attract talent.

18

The Company has also implemented several measures and development programs that include training to help increase awareness 
and drive inclusive behaviors, identifying areas for improvement and providing oversight for hiring, promotions, and mentoring. In 
2021, the Company instituted an organization-wide training initiative that expanded the understanding and awareness of diversity and 
inclusion. Over 5,000 employees successfully completed this training. In 2022, the Company tied diversity objectives as a factor in its 
safety, operations and ESG components of its short-term performance goals under the Annual Incentive Plan. 

Succession Planning. Succession planning is a key responsibility of the CEO and the Vice President – Human Resources and is a 
critical annual process for the Company’s senior management and its Board. Senior management reviews their succession plans regularly 
throughout the year and on an annual basis provides the Board an in-depth review of the top three levels of management. This process 
looks at qualifications, time in role, readiness to advance, diversity, and required development. The Board engages with many of these 
individuals  through  presentations  on  a  variety  of  projects  and  subjects.  The  development  initiatives  undertaken  with  those  in  the 
succession plan may comprise of 360-degree feedback, high level post graduate work, targeted development work around strengthening 
a needed competency, or additional industry exposure.

Culture,  Engagement,  and  Social  Responsibility.  The  Company  recognizes  the  importance  of  employee  engagement  and  has 
implemented  a  regular  process  of  surveying  its  employees  to  obtain  their  feedback  on  both  what  is  working  well  and  areas  of 
improvement. One of the main take-aways from the 2023 survey was 90% of employees surveyed agree that Kirby is committed to 
Employee  Safety.  In  addition,  employees  believe  the  Company  operates  with  strong  values,  has  a  strong  safety  culture,  and  would 
recommend working for the Company to others.

The Company provides its employees with a rewarding work environment, which includes access to resources for personal and 
professional  development.  The  Company  often  participates  in  community  organizations,  service  projects  and  matches  employee 
charitable contributions. Through the Kirby Disaster Relief Fund, the Company supports employees in need following natural disasters 
and other qualified hardships. The Company provides employees with tuition reimbursement and college scholarships for the children 
of non-executive employees. In addition to standard health and welfare benefits, the Company offers wellness incentives and initiatives 
that encourages employees to receive an annual wellness checkup.

Information about the Company’s Executive Officers

The executive officers of the Company are as follows:

Name
David W. Grzebinski
Raj Kumar
Christian G. O’Neil

Dorman L. Strahan
Ronald A. Dragg
Amy D. Husted
Julie M. Kruger
Scott P. Miller
Kurt A. Niemietz
William M. Woodruff

Age
62
51

51
67
60
55
43
45
51
63

Positions and Offices

President and Chief Executive Officer
Executive Vice President and Chief Financial Officer
President – Kirby Inland Marine, Kirby Offshore Marine, San Jac Marine, LLC, and 
Kirby Offshore Wind, LLC
President – Kirby Engine Systems
Vice President, Controller and Assistant Secretary
Vice President, General Counsel and Secretary
Vice President – Human Resources
Vice President and Chief Information Officer
Vice President – Investor Relations and Treasurer
Vice President – Public and Governmental Affairs

No family relationship exists among the executive officers or among the executive officers and the directors. Officers are elected 
to  hold  office  until  the  annual  meeting  of  directors,  which  immediately  follows  the  annual  meeting  of  stockholders,  or  until  their 
respective successors are elected and have qualified.

David W. Grzebinski is a Chartered Financial Analyst and holds a Master of Business Administration degree from Tulane University 
and a degree in chemical engineering from the University of South Florida. He has served as President and Chief Executive Officer 
since April 2014. He served as President and Chief Operating Officer from January 2014 to April 2014 and as Chief Financial Officer 
from March 2010 to April 2014. He served as Chairman of Kirby Offshore Marine from February 2012 to April 2013 and served as 
Executive  Vice  President  from  March  2010  to  January  2014.  Prior  to  joining  the  Company  in  February  2010,  he  served  in  various 
operational and financial positions since 1988 with FMC Technologies Inc. (“FMC”), including Controller, Energy Services, Treasurer, 
and  Director  of  Global  SAP  and  Industry  Relations.  Prior  to  joining  FMC,  he  was  employed  by  Dow  Chemical  Company  in 
manufacturing, engineering and financial roles.

Raj Kumar is a member of CPA Australia and holds a Master of Business Administration degree from Columbia University in New 
York City and a Bachelor of Business in Accounting degree from Deakin University in Australia. He has served as Executive Vice 
President and Chief Financial Officer since November 2021. Prior to joining the Company, Mr. Kumar served as Vice President and 

19

Chief Financial Officer of Dril-Quip, Inc. from 2020 to 2021, Vice President and Chief Accounting Officer from 2019 to 2020, and Vice 
President and Treasurer from 2017 to 2019. Prior to joining Dril-Quip, he served as Vice President Finance at Frank’s International from 
2015 to 2017. Prior to that, he served as a segment controller at LyondellBasell and in Division CFO, treasury, strategic planning and 
corporate development positions at FMC and Dell Inc.

Christian G. O’Neil holds a Master of Business Administration degree from Rice University, a doctorate of jurisprudence from 
Tulane University and a bachelor of arts degree from Southern Methodist University. He has served as President of Kirby Inland Marine 
and  Kirby  Offshore  Marine  since  January  2018,  as  President  of  San  Jac  Marine,  LLC  since  October  2018,  and  President  of  Kirby 
Offshore Wind, LLC since March 2021. He served as Executive Vice President and Chief Operating Officer of Kirby Inland Marine 
and Kirby Offshore Marine from May 2016 to January 2018. He also served as Executive Vice President – Commercial Operations of 
Kirby Inland Marine and Kirby Offshore Marine from April 2014 to May 2016, Vice President – Human Resources of the Company 
from May 2012 to April 2014, Vice President – Sales for Kirby Inland Marine from 2009 to 2012 and President of Osprey from 2006 
through 2008. He has also served in various sales and business development roles at the Company and Osprey. Prior to joining the 
Company, he served as Sales Manager and Fleet Manager at Hollywood Marine, Inc. (“Hollywood Marine”) after joining Hollywood 
Marine in 1997 which was subsequently merged into the predecessor of Kirby Inland Marine.

Dorman L. Strahan attended Nicholls State University and has served the Company as President of Kirby Engine Systems since 
May 1999, President of Marine Systems since 1986 and President of Engine Systems since 1996. After joining the Company in 1982 in 
connection with the acquisition of Marine Systems, he served as Vice President of Marine Systems until 1985.

Ronald A. Dragg is a Certified Public Accountant and holds a Master of Science in Accountancy degree from the University of 
Houston and a degree in finance from Texas A&M University. He has served the Company as Vice President, Controller and Assistant 
Secretary  since  April  2014.  He  also  served  as  Vice  President  and  Controller  from  January  2007  to  April  2014,  as  Controller  from 
November 2002 to January 2007, Controller – Financial Reporting from January 1999 to October 2002, and Assistant Controller – 
Financial  Reporting  from  October  1996  to  December  1998.  Prior  to  joining  the  Company,  he  was  employed  by  Baker  Hughes 
Incorporated.

Amy D. Husted holds a doctorate of jurisprudence from South Texas College of Law and a Bachelor of Science degree in political 
science from the University of Houston. She has served the Company as Vice President, General Counsel and Secretary since April 
2019. She also served as Vice President and General Counsel from January 2017 to April 2019, Vice President – Legal from January 
2008 to January 2017 and Corporate Counsel from November 1999 through December 2007. Prior to joining the Company, she served 
as Corporate Counsel of Hollywood Marine from 1996 to 1999 after joining Hollywood Marine in 1994.

Julie M. Kruger holds a Bachelor of Science degree from Texas A&M University. She has served the Company as Vice President 
Human Resources since March 2023. She served as Senior Director Human Resources from May 2020 to March 2023. Prior to joining 
the Company, she served in a variety of roles in human resources at increasing levels of leadership at Key Energy Services from July 
2007 to February 2020, including as Vice President Human Resources from March 2019 to February 2020 and Senior Human Resources 
Director from November 2016 to March 2019.

Scott P. Miller holds a Bachelor of Science in Management of Information Systems from Louisiana State University and a Master 
of Business Administration degree from the University of Houston. He has served as Vice President and Chief Information Officer since 
April 2019. Prior to joining the Company, he was employed by Key Energy Services, Inc. from May 2006 to March 2019, serving in 
various senior leadership roles including Managing Director of Strategy, Vice President and Chief Information Officer from March 2013 
to December 2015 and as Senior Vice President, Operations Services and Chief Administrative Officer from January 2016 to March 
2019.

Kurt A. Niemietz holds a Master of Business Administration degree from St. Mary’s University and a degree in accounting from 
the University of Texas at San Antonio. He has served the Company as Vice President - Investor Relations and Treasurer since July 
2022. He also served as Vice President and Treasurer from April 2019 to July 2022. Prior to joining the Company, he was employed by 
Pacific Drilling from 2013 to 2019, serving in various roles of increasing responsibility, including Treasurer from 2017 to 2019, and in 
various financial positions with FMC, from 2006 to 2013. Prior to joining FMC, he was employed by Austin, Calvert & Flavin as a buy-
side equity analyst.

William M. Woodruff holds a doctorate of jurisprudence from the University of Houston Law Center and a bachelor of science 
degree from Texas A&M University. He has served as Vice President – Public and Governmental Affairs since October 2017. He served 
as Director – Public & Government Affairs from 2014 to October 2017 after joining the Company as Director – Government Affairs in 
2004. Prior to joining the Company, he was a maritime lawyer in private practice and Vice President and General Counsel of Coastal 
Towing, Inc.

20

Item 1A. Risk Factors

In addition to the other information set forth elsewhere in this annual report, the following risk factors should be considered carefully 
when evaluating the Company, as its businesses, results of operations, or financial condition could be materially adversely affected by 
any of these risks. The following discussion does not attempt to cover factors, such as trends in the United States and global economies 
or the level of interest rates, among others, that are likely to affect most businesses.

Marine Transportation Segment Risk Factors

The Inland Waterway infrastructure is aging and may result in increased costs and disruptions to KMT. Maintenance of the United 
States inland waterway system is vital to the Company’s operations. The system is composed of over 12,000 miles of commercially 
navigable waterway, supported by over 240 locks and dams designed to provide flood control, maintain pool levels of water in certain 
areas of the country and facilitate navigation on the inland river system. The United States inland waterway infrastructure is aging, with 
more than half of the locks over 50 years old. As a result, due to the age of the locks, scheduled and unscheduled maintenance outages 
may be more frequent in nature, resulting in delays and additional operating expenses. Currently, 35% of the cost of new construction 
and major rehabilitation of locks and dams is paid by marine transportation companies through a 29 cent per gallon waterway user tax 
and the remaining 65% of waterway infrastructure and improvement is paid from general federal tax revenues. Failure of the federal 
government  to  adequately  fund  infrastructure  maintenance  and  improvements  in  the  future  would  have  a  negative  impact  on  the 
Company’s ability to deliver products for its customers on a timely basis. In addition, any additional user taxes that may be imposed in 
the future to fund infrastructure improvements would increase the Company’s operating expenses.

The Company could be adversely impacted by a marine accident or spill event. A marine accident or spill event could close a 
portion of the inland waterway system or a coastal area of the United States for an extended period of time. Although statistically marine 
transportation is the safest means of surface transportation of bulk commodities, accidents do occur, both involving Company equipment 
and equipment owned by other marine operators.

The  Company  transports  a  wide  variety  of  petrochemicals,  black  oil,  refined  petroleum  products  and  agricultural  chemicals 
throughout the Mississippi River System, on the Gulf Intracoastal Waterway, and coastwise along all three United States coasts. The 
Company manages its exposure to losses from potential unauthorized discharges of pollutants through the use of well-maintained and 
equipped tank barges and towing vessels, through safety, training and environmental programs, and through the Company’s insurance 
program, but a discharge of pollutants by the Company could have an adverse effect on the Company. Risks may arise for which the 
Company may not be insured. Claims covered by insurance are subject to deductibles, the aggregate amount of which could be material, 
and  certain  policies  impose  limitations  on  coverage.  Existing  insurance  coverage  may  not  be  able  to  be  renewed  at  commercially 
reasonable rates or coverage capacity for certain risks may not be available or adequate to cover future claims. If a loss occurs that is 
partially or completely uninsured, or the carrier is unable or unwilling to cover the claim, the Company could be exposed to liability.

KMT is dependent on its ability to adequately crew its towing vessels. The Company’s vessels are crewed with employees who are 
licensed or certified by the USCG, including its captains, pilots, engineers and tankermen. The success of KMT is dependent on the 
Company’s  ability  to  adequately  crew  its  vessels.  As  a  result,  the  Company  invests  significant  resources  in  training  its  crews  and 
providing crew members an opportunity to advance from a deckhand to the captain of a Company towboat or tugboat. Inland crew 
members generally work rotations such as 20 days on, 10 days off rotation, or a 30 days on, 15 days off rotation. For the coastal fleet, 
crew members are generally required to work rotations such as 14 days on, 14 days off rotation, a 21 days on, 21 days off rotation or a 
30 days on, 30 days off rotation, dependent upon the location. The nature of crewmember work schedules and assignments away from 
home for extended periods require special recruiting and at times it can be difficult to find candidates. With ongoing retirements and 
competitive labor pressure in KMT, the Company continues to monitor and implement market competitive pay practices. The Company 
also utilizes an internal development program to train Maritime Academy graduates for vessel leadership positions.

KMT has approximately 3,070 employees, of which approximately 2,350 are vessel crew members. None of the segment’s inland 
operations  are  subject  to  collective  bargaining  agreements.  The  segment’s  coastal  operations  include  approximately  413  vessel 
employees, of whom approximately 325 are subject to collective bargaining agreements in certain geographic areas. Any work stoppages 
or labor disputes could adversely affect coastal operations in those areas. While the COVID-19 pandemic caused some crewing issues, 
the Company was able to manage its operations with limited vessel delays and disruption of services, including some loss of revenue 
and incremental costs in the Company’s inland and coastal businesses. The Company expects that it would be able to similarly manage 
its operations in the future were an event of similar impact to occur again, but there is no guarantee that it would be able to do so.

KMT is subject to the Jones Act. KMT competes principally in markets subject to the Jones Act, a federal cabotage law that restricts 
domestic marine transportation in the United States to vessels built and registered in the United States, and manned, owned and operated 
by United States citizens. The Company presently meets all of the requirements of the Jones Act for its owned and operated vessels. 
The loss of Jones Act status could have a significant negative effect on the Company. The requirements that the Company’s vessels be 
United States built and manned by United States citizens, the crewing requirements and material requirements of the USCG, and the 

21

application of United States labor and tax laws increases the cost of United States flagged vessels compared to comparable foreign 
flagged vessels. The Company’s business could be adversely affected if the Jones Act or international trade agreements or laws were to 
be modified or waived as to permit foreign flagged vessels to operate in the United States as these vessels are not subject to the same 
United  States  government  imposed  regulations,  laws,  and  restrictions.  Since  the  events  of  September  11,  2001,  the  United  States 
government has taken steps to increase security of United States ports, coastal waters and inland waterways. The Company believes that 
it is unlikely that the current cabotage provisions of the Jones Act would be eliminated or significantly modified in a way that has a 
material adverse impact on the Company in the foreseeable future.

The Secretary of Homeland Security is vested with the authority and discretion to waive the Jones Act to such extent and upon such 
terms as the Secretary may prescribe whenever the Secretary deems that such action is necessary in the interest of national defense. On 
September 8, 2017, following Hurricanes Harvey and Irma, the Department of Homeland Security issued a waiver of the Jones Act for 
a 7-day period for shipments from New York, Pennsylvania, Texas and Louisiana to South Carolina, Georgia, Florida and Puerto Rico. 
The waiver was specifically tailored to address the transportation of refined petroleum products due to disruptions in hurricane-affected 
areas. On September 11, 2017, the waiver was extended for 11 days and expanded to include additional states. Following Hurricane 
Maria, on September 28, 2017, the Department of Homeland Security issued a waiver of the Jones Act for movement of products shipped 
from United States coastwise points to Puerto Rico through October 18, 2017. Two limited waivers of the Jones Act were granted in 
connection with the shutdown of the Colonial Pipeline in May 2021. In connection with recovery from Hurricane Fiona, in September 
and October 2022, two limited waivers of the Jones Act were granted to allow diesel and liquefied natural gas deliveries to Puerto Rico. 
Waivers of the Jones Act, whether in response to natural disasters or otherwise, could result in increased competition from foreign tank 
vessel operators, which could negatively impact KMT.

KMT is subject to extensive regulation by the USCG, federal laws, other federal agencies, various state laws, the laws of other 
countries when operating in their waters, and certain international conventions, as well as numerous environmental regulations. The 
majority of the Company’s vessels are subject to inspection by the USCG and carry certificates of inspection. The crews employed by 
the Company aboard vessels are licensed or certified by the USCG. The Company’s marine transportation operations are subject to laws 
of  other  countries  when  operating  in  their  waters.  The  Company  is  required  by  various  governmental  agencies  to  obtain  licenses, 
certificates and permits for its owned and operated vessels. The Company’s operations are also affected by various United States and 
state  regulations  and  legislation  enacted  for  protection  of  the  environment.  The  Company  incurs  significant  expenses  and  capital 
expenditures to comply with applicable laws and regulations and any significant new regulation or legislation, including climate change 
laws or regulations, could have an adverse effect on the Company.

KMT is subject to natural gas and crude oil prices as well as the volatility of their prices as well as the volatility in production of 
refined  products  and  petrochemicals  in  the  United  States.  For  2023,  51%  of  KMT’s  revenues  were  from  the  movement  of 
petrochemicals, including the movement of raw materials and feedstocks from one refinery or petrochemical plant to another, as well 
as  the  movement  of  more  finished  products  to  end  users  and  terminals  for  export.  As  a  result  of  the  COVID-19  pandemic  and 
petrochemical and refinery plant shutdowns, 2020 and 2021 petrochemical and refined products volumes decreased relative to 2019. 
Volumes began to recover in 2021 and have continued to increase in 2022 and 2023 as economic activity improved. The United States 
petrochemical industry continues to benefit from a low-cost domestically produced natural gas feedstock advantage, producing strong 
volumes of raw materials and intermediate products for transportation between Gulf Coast petrochemical plants and the transportation 
of more finished products to terminals for both domestic consumers and for export destinations. In addition, eight new United States 
petrochemical projects, including expansion of existing plants, were completed during 2022, with an additional five projects completed 
during 2023 and four scheduled to be completed in 2024. These projects should provide additional movements for KMT. Higher natural 
gas and crude oil prices are generally better for the Company’s businesses; however, higher natural gas prices and other factors could 
negatively impact the United States petrochemical industry and its production volumes, which could negatively impact the Company.

Demand  for  tank  barge  transportation  services  is  driven  by  the  production  of  volumes  of  the  bulk  liquid  commodities  such  as 
petrochemicals, black oil and refined petroleum products that the Company transports by tank barge. This production can depend on the 
prevailing level of natural gas and crude oil prices, as well as the volatility of their prices. In general, lower energy prices are good for 
the United States economy and typically translate into increased petrochemical and refined product demand and therefore increased 
demand for tank barge transportation services. However, during 2016 and 2017 lower crude oil prices resulted in a decline in domestic 
crude oil and natural gas condensate production and reduced volumes to be transported by tank barge. The Company estimates that at 
the beginning of 2015 there were approximately 550 inland tank barges and 35 coastal tank barges in the 195,000 barrels or less category 
transporting crude oil and natural gas condensate. By the end of 2019, the Company estimates that number of tank barges had declined 
to 335 inland tank barges and approximately five coastal tank barges transporting crude and natural gas condensate. During 2020, the 
COVID-19  pandemic  and  oil  price  volatility  resulted  in  a  sharp  decrease  in  volumes  of  crude  and  natural  gas  condensate  being 
transported. As of the end of 2021, approximately 160 to 170 inland tank barges and one coastal tank barge were transporting crude and 
natural gas condensate. As of the end of 2022, the Company estimates that approximately 170 to 200 inland tank barges were transporting 
crude and natural gas condensate. As of the end of 2023, the Company estimates that approximately 190 to 220 inland tank barges were 
transporting crude and natural gas condensate. Volatility in the price of natural gas and crude oil can also result in heightened uncertainty 
which may lead to decreased production and delays in new petrochemical and refinery plant construction. Increased competition for 

22

available black oil and petrochemical barge moves caused by reduced crude oil and natural gas condensate production could have an 
adverse impact on KMT including as a result of lower spot and term contract rates and/or reluctance to enter into or extend term contracts.

KMT could be adversely impacted by the construction of tank barges. At the present time, there are an estimated 4,007 inland tank 
barges in the United States, of which the Company operates 1,076, or 27%. For 2021, the Company estimated that industry-wide 70 new 
tank barges were placed in service, and 90 tank barges were retired. For 2022, the Company estimates that industry-wide 22 new tank 
barges were placed in service and retirements, net of reactivations, were flat. For 2023, the Company estimates that industry-wide 27 
new tank barges were placed in service and 48 tank barges were retired. The Company estimates that approximately 25 to 30 new tank 
barges have currently been ordered for delivery in 2024 and expects a number of older tank barges will be retired, dependent on 2024 
market conditions.

The long-term risk of an oversupply of inland tank barges may be mitigated by the fact that the inland tank barge industry has 
approximately 600 tank barges that are 30 years old or older and approximately 400 of those are 40 years old or older. Given the age 
profile of the industry inland tank barge fleet and extensive customer vetting standards, the expectation is that these older tank barges 
will continue to be removed from service and replaced by new tank barges as needed, with the extent of both retirements and new builds 
dependent on petrochemical and refinery production levels and crude oil and natural gas condensate movements, both of which can have 
a direct effect on industry-wide tank barge utilization, as well as term and spot contract rates.

Beginning in 2019, a decline in industry-wide demand for the movement of crude oil and natural gas condensate transportation 
volumes increased available capacity and resulted in some reluctance among certain customers to extend term contracts, which led to 
an increase in the number of coastal vessels operating in the spot market. In addition, the Company and the industry added new coastal 
tank barge capacity during 2019 through 2021. Much of this new capacity was replacement capacity for older vessels anticipated to be 
retired.

The Company estimates there are approximately 264 tank barges operating in the 195,000 barrels or less coastal industry fleet, the 
sector of the market in which the Company operates, and approximately 20 of those are over 25 years old. The Company is aware of 
one small specialized coastal ATB placed in service in 2021 and no ATBs placed in service in 2022 or 2023 with no further ATBs 
currently under construction.

Higher fuel prices could increase operating expenses and fuel price volatility could reduce profitability. The cost of fuel during 
2023 was approximately 12% of marine transportation revenue. The Company’s marine transportation term contracts typically include 
fuel escalation clauses, or the customer pays for the fuel. However, there is generally a 30 to 120 day delay before contracts are adjusted 
depending on the specific contract. In general, the fuel escalation clauses are effective over the long-term in allowing the Company to 
adjust to changes in fuel costs due to fuel price changes; however, the short-term effectiveness of the fuel escalation clauses can be 
affected  by  a  number  of  factors  including,  but  not  limited  to,  specific  terms  of  the  fuel  escalation  formulas,  fuel  price  volatility, 
navigating conditions, tow sizes, trip routing, and the location of loading and discharge ports that may result in the Company over or 
under recovering its fuel costs. The Company’s spot contract rates generally reflect current fuel prices at the time the contract is signed 
but do not have escalators for fuel.

Significant increases in the construction cost of tank barges and towing vessels may limit the Company’s ability to earn an adequate 
return  on  its  investment  in  new  tank  barges  and  towing  vessels.  The  price  of  steel,  economic  conditions,  and  supply  and  demand 
dynamics can significantly impact the construction cost of new tank barges and towing vessels. Over the last 20 years, the Company’s 
average construction price for a new 30,000 barrel capacity inland tank barge has fluctuated up or down significantly. For example, the 
average  construction  price  for  a  new  30,000  barrel  capacity  tank  barge  in  2009  was  approximately  90%  higher  than  in  2000,  with 
increases primarily related to higher steel costs. During 2009, the United States and global recession negatively impacted demand levels 
for inland tank barges and as a result, the construction price of inland tank barges fell significantly in 2010, primarily due to a significant 
decrease in steel prices, as well as a decrease in the number of tank barges ordered. The cost of steel, a key material in barge construction, 
was relatively stable from 2010 through 2019. During 2020, at the onset of the COVID-19 pandemic, steel costs dropped, however, 
during 2021 and 2022, steel prices rose above 2019 levels due to supply chain disruptions before decreasing in 2023. Although steel 
prices decreased in 2023, they still remain near historical highs. These increases in steel costs and alterations in supply and demand 
dynamics, as well as higher labor costs, resulted in construction prices for a new 30,000 barrel tank barge increasing compared to prices 
in 2017 when there was an industry-wide over-capacity of inland tank barges in the market.

KMT  could  be  adversely  impacted  by  the  failure  of  the  Company’s  shipyard  vendors  to  deliver  new  vessels  according  to 
contractually agreed delivery schedules and terms. The Company contracts with shipyards to build new vessels and currently has vessels 
under construction. Construction projects are subject to risks of delay and cost overruns, resulting from shortages of equipment, materials 
and skilled labor; lack of shipyard availability; unforeseen design and engineering problems; work stoppages; weather interference; 
unanticipated  cost  increases;  unscheduled  delays  in  the  delivery  of  material  and  equipment;  and  financial  and  other  difficulties  at 
shipyards including labor disputes, shipyard insolvency and inability to obtain necessary certifications and approvals. A significant delay 
in  the  construction  of  new  vessels  or  a  shipyard’s  inability  to  perform  under  the  construction  contract  could  negatively  impact  the 

23

Company’s ability to fulfill contract commitments and to realize timely revenues with respect to vessels under construction. Significant 
cost overruns or delays for vessels under construction could also adversely affect the Company’s financial condition, results of operations 
and cash flows. The Company did not experience significant shipyard delays associated with the COVID-19 pandemic, including at its 
subsidiary,  San  Jac.  The  Company  expects  that  its  shipyard  vendors,  including  San  Jac,  should  be  able  to  similarly  manage  their 
operations if an event of a similar impact were to occur in the future, but there is no guarantee that the vendors would be able to do so.

The  Company  is  subject  to  competition  in  KMT.  The  inland  and  coastal  tank  barge  industry  remains  very  fragmented  and 
competitive. The Company’s primary competitors are noncaptive inland tank barge operators and coastal operators. The Company also 
competes with companies who operate refined product and petrochemical pipelines, railroad tank cars and tractor-trailer tank trucks. 
Increased competition from any significant expansion of or additions to facilities or equipment by the Company’s competitors could 
have a negative impact on the Company’s results of operations. In addition, the Company’s failure to adhere to its safety, reliability and 
performance standards may impact its ability to retain current customers or attract new customers.

Distribution and Services Segment Risk Factors

KDS could be adversely impacted by future legislation, executive or other governmental orders, or additional regulation of oil and 
gas extraction, including hydraulic fracturing practices. The Company, through its United and S&S subsidiaries, is a distributor and 
service provider of engine and transmission related products for the oil and gas services, power generation and transportation industries, 
and a manufacturer of oilfield service equipment, including pressure pumping units. Various legislative and regulatory initiatives have 
been proposed that, if passed, could limit or discourage future production of oil and gas. Further, legislation may be enacted by Congress 
that would authorize the EPA to impose additional regulations on hydraulic fracturing. In addition, a number of states have adopted or 
are evaluating the adoption of legislation or regulations governing hydraulic fracturing or byproducts of the fracturing process. Related 
actions may also be taken via executive order. Federal or state legislation, executive or governmental orders, and/or regulations could 
materially  impact  customers’  operations  and  greatly  reduce  or  eliminate  demand  for  the  Company’s  pressure  pumping  fracturing 
equipment and related products. The Company is unable to predict whether future legislation or any other regulations will ultimately be 
enacted and, if so, the impact on KDS.

KDS could be adversely impacted by the construction of pressure pumping units by its competitors. During 2020, a significant 
reduction in oilfield activity as a result of oil price volatility and the COVID-19 pandemic resulted in a decrease to an estimated 6 million 
horsepower of pressure pumping units working in North America, with an estimated 1.5 million horsepower available to work, and 12 
million  horsepower  stacked  and  in  need  of  major  repair.  At  the  end  of  2021,  strong  commodity  prices  resulted  in  an  increase  in 
horsepower demand with an estimated 12 million horsepower of pressure pumping units working in North America, with an estimated 
8 million horsepower idled and in need of major repair. Supported by stronger commodity prices, surplus horsepower capacity declined 
as activity levels in North America improved during 2022 resulting in an increase to an estimated 15 million horsepower of pressure 
pumping units working in North America at the end of 2022, with an estimated 5 million horsepower idled and in need of major repair. 
Horsepower  demand  remained  flat  in  2023  with  an  estimated  15  million  horsepower  of  pressure  pumping  units  working  in  North 
America  at  the  end  of  2023,  with  an  estimated  4  million  horsepower  idled  and  in  need  of  major  repair.  Increased  expansion  of,  or 
additions to, facilities or equipment by the Company’s competitors could have a negative impact on the Company’s results of operations.

Prevailing natural gas and crude oil prices, as well as the volatility of their prices, could have an adverse effect on KDS business. 
Lower energy prices generally result in a decrease in the number of oil and gas wells being drilled. Oilfield service companies reduce 
their capital spending, resulting in decreased demand for new parts and equipment, including pressure pumping units, provided by KDS. 
This may also lead to order cancellations from customers or customers requesting to delay delivery of new equipment. The Company 
also services offshore supply vessels and offshore drillings rigs operating in the Gulf of Mexico, as well as internationally. Low energy 
prices may negatively impact the number of wells drilled in the Gulf of Mexico and international waters. Prolonged downturns in oil 
and gas prices may cause substantial declines in oilfield service and exploration expenditures and could adversely impact oil and gas 
manufacturing, remanufacturing, parts and distribution business. In addition, energy price volatility may also result in difficulties in the 
Company’s ability to address variations in production on a timely basis and, therefore, could result in an adverse impact on KDS.

The Company is subject to competition in KDS. The distribution and services industry is very competitive. The segment’s oil and 
gas market’s principal competitors are independent distribution and service and oilfield manufacturing companies and other factory-
authorized  distributors  and  service  centers.  In  addition,  certain  oilfield  service  companies  that  are  customers  of  the  Company  also 
manufacture and service a portion of their own oilfield equipment. Increased competition in the distribution and services industry and 
continued low price of natural gas, crude oil or natural gas condensate, and resulting decline in drilling for such natural resources in 
North American shale formations, could result in less oilfield equipment being manufactured and remanufactured, lower rates for service 
and parts pricing and result in less manufacturing, remanufacturing, service and repair opportunities and parts sales for the Company. 
For the commercial and industrial market, the segment’s primary marine diesel competitors are independent diesel services companies 
and other factory-authorized distributors, authorized service centers and authorized marine dealers. Certain operators of diesel powered 
marine  equipment  also  elect  to  maintain  in-house  service  capabilities.  For  power  generation,  the  primary  competitors  are  other 
independent service companies.

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Loss of a distributorship or other significant business relationship or disruptions of supply could adversely affect KDS. KDS has 
had a relationship with EMD, the largest manufacturer of medium-speed diesel engines, since the 1960s. The Company, through Kirby 
Engine Systems, serves as an EMD distributor for select markets and locations for both service and parts. With the acquisition of S&S 
in September 2017, the Company added additional EMD distributorship rights in key states, primarily through the Central and South 
areas of the United States. With the S&S acquisition, the Company became the United States distributor for EMD marine and power 
generation  applications.  Sales  and  service  of  EMD  products  account  for  approximately  3%  of  the  Company’s  revenues  for  2023. 
Although the Company considers its relationship with EMD to be strong, the loss of the EMD distributorship and service rights, or a 
disruption of the supply of EMD parts, could have a negative impact on the Company’s ability to service its customers. In 2020, with 
the  acquisition  of  Convoy  Servicing  Company  and  Agility  Fleet  Services,  LLC,  the  Company  expanded  its  dealership  network  of 
Thermo King refrigeration systems for trucks, railroad cars, and other land transportation markets in Texas and Colorado. In 2023, sales 
and service of Thermo King products comprised approximately 5% of the Company’s revenues.

United and S&S have maintained continuous exclusive distribution rights for MTU and Allison since the 1940s. United and S&S 
are two of MTU’s top five distributors of off-highway engines in North America, with exclusive distribution rights in multiple states. 
In addition, as distributors of Allison products, United and S&S have exclusive distribution rights in multiple key growth states. United 
and S&S are also the distributors for parts, service and warranty on Daimler truck engines and related equipment in multiple states. 
Sales and service of MTU, Allison, and Daimler products accounted for approximately 13% of the Company’s revenues during 2023. 
Although the Company considers its relationships with MTU, Allison, and Daimler to be strong, the loss of MTU, Allison, or Daimler 
distributorships and service rights, or a disruption of the supply of MTU or Allison parts, could have a negative impact on the Company’s 
ability to service its customers.

In addition to its relationships with MTU, Allison, and Daimler, the Company also has relationships with many other distributors 
and parts suppliers and the loss of a distributorship and service rights, or a disruption of the supply of parts from any of these other 
distributors or part suppliers could also have a negative impact on the Company’s ability to service its customers.

General Corporate Risk Factors

The Company is subject to adverse weather conditions in KMT and KDS. KMT is subject to weather condition volatility. Physical 
impacts of climate change could have a material adverse effect on the Company's costs and operations. There has been public discussion 
that climate change may be associated with rising sea levels as well as extreme weather conditions such as more intense hurricanes, 
thunderstorms, tornadoes, drought, and snow or ice storms. Extreme weather conditions may increase the Company’s costs or cause 
damage to its facilities, and any damage resulting from extreme weather may not be fully insured. Many of the Company’s facilities are 
located near coastal areas or waterways where rising sea levels or flooding could disrupt the Company’s operations or adversely impact 
its  facilities.  Adverse  weather  conditions  such  as  high  or  low  water  on  the  inland  waterway  systems,  fog  and  ice,  tropical  storms, 
hurricanes, and tsunamis on both the inland waterway systems and throughout the United States coastal waters can impair the operating 
efficiencies of the marine fleet. Such adverse weather conditions can cause a delay, diversion or postponement of shipments of products 
and are totally beyond the control of the Company. Tropical storms and hurricanes may also impact the Company’s customers resulting 
in reduced demand for the Company’s services. In addition, adverse water and weather conditions can negatively affect a towing vessel’s 
performance, tow size, loading drafts, fleet efficiency, limit navigation periods and dictate horsepower requirements. KDS is also subject 
to tropical storms and hurricanes impacting its coastal locations and those of its customers as well as tornados impacting its Oklahoma 
facilities.  The  risk  of  flooding  as  a  result  of  hurricanes  and  tropical  storms  as  well  as  other  weather  events  may  impede  travel  via 
roadways, suspend service work, and impact deliveries and the Company’s ability to fulfill orders or provide services in KDS. 

The Company may be unable to make attractive acquisitions or successfully integrate acquired businesses, and any inability to do 
so may adversely affect the Company’s business and hinder its ability to grow. The Company has made asset and business acquisitions 
in the past and may continue to make acquisitions of assets or businesses in the future that complement or expand the Company’s current 
business. The Company may not be able to identify attractive acquisition opportunities. Even if attractive acquisition opportunities are 
identified, the Company may not be able to complete the acquisition or do so on commercially acceptable terms. The success of any 
completed acquisition depends on the Company’s ability to integrate the acquired assets or business effectively into the Company’s 
existing operations. The process of integrating acquired assets or businesses may involve difficulties that require a disproportionate 
amount of the Company’s managerial and financial resources to resolve. The value of acquired assets or businesses may be negatively 
impacted by a variety of circumstances unknown to the Company prior to the acquisition. In addition, possible future acquisitions may 
be larger and for purchase prices significantly higher than those paid for earlier acquisitions. No assurance can be given that the Company 
will be able to identify additional suitable acquisition opportunities, negotiate acceptable terms, obtain financing for acquisitions on 
acceptable terms or successfully acquire identified targets. The Company’s failure to achieve synergies, to successfully integrate the 
acquired businesses and assets into the Company’s existing operations, or to minimize any unforeseen operational difficulties could 
have  a  material  adverse  effect  on  the  Company’s  business,  financial  condition,  and  results  of  operations.  In  addition,  agreements 
governing  the  Company’s  indebtedness  from  time  to  time  may  impose  certain  limitations  on  the  Company’s  ability  to  undertake 
acquisitions or make investments or may limit the Company’s ability to incur certain indebtedness and liens, which could limit the 
Company’s ability to make acquisitions.

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The Company’s failure to comply with the FCPA, or similar local applicable anti-bribery laws, could have a negative impact on its 
ongoing operations. The Company’s operations outside the United States require the Company to comply with both United States and 
international  regulations.  For  example,  in  addition  to  any  similar  applicable  local  anti-bribery  laws,  the  Company's  operations  in 
countries outside the United States are subject to the FCPA, which prohibits United States companies or their employees and third party 
representatives  from  providing  anything  of  value  to  a  foreign  official  for  the  purposes  of  influencing  any  act  or  decision  of  these 
individuals in their official capacity to help obtain or retain business, direct business to any person or corporate entity, or obtain any 
unfair advantage. The Company has internal control policies and procedures and has implemented training and compliance programs 
for its employees and third party representatives with respect to the FCPA. However, the Company’s policies, procedures and programs 
may not always protect it from reckless or criminal acts committed by its employees or third party representatives, and severe criminal 
or civil sanctions could be the result of violations of the FCPA or any other applicable anti-bribery law in countries where the Company 
does business. The Company is also subject to the risks that its employees, joint venture partners, and third party representatives outside 
of the United States may fail to comply with other applicable laws.

The  Company  is  subject  to  risks  associated  with  possible  climate  change  legislation,  regulation  and  international  accords. 
Greenhouse  gas  emissions,  including  carbon  emissions  or  energy  use,  have  increasingly  become  the  subject  of  a  large  amount  of 
international,  national,  regional,  state  and  local  attention.  International  agreements  and  national,  regional,  and  state  legislation  and 
regulatory measures that aim to directly or indirectly limit or reduce greenhouse gas emissions are in various stages of implementation. 

The United States Congress has considered, but has not passed, various bills that would create an economy-wide “cap-and-trade” 
system  that  would  establish  a  limit  (or  cap)  on  overall  greenhouse  gas  emissions  and  create  a  market  for  the  purchase  and  sale  of 
emissions permits or “allowances.” Any proposed cap-and-trade legislation would likely affect the chemical industry due to anticipated 
increases in energy costs as fuel providers pass on the cost of the emissions allowances, which they would be required to obtain under 
cap-and-trade  to  cover  the  emissions  from  fuel  production  and  the  eventual  use  of  fuel  by  the  Company  or  its  energy  suppliers. In 
addition, cap-and-trade proposals would likely increase the cost of energy, including purchases of diesel fuel, steam and electricity, and 
certain raw materials used or transported by the Company. Proposed domestic and international cap-and-trade systems could materially 
increase raw material and operating costs of the Company’s customer base. Future environmental regulatory developments related to 
climate  change  in  the  United  States  that  restrict  emissions  of  greenhouse  gases  could  result  in  financial  impacts  on  the  Company’s 
operations that cannot be predicted with certainty at this time.

In  addition,  current  global  trends  incorporating  carbon  neutral  policies  and  reduction  in  greenhouse  gas  emissions  are  driving 
decarbonization initiatives across all industries to mitigate the impact on climate change and may result in a decline in global and U.S. 
hydrocarbon usage. Such a decline in hydrocarbon usage (for example, as a result of an increase in electric vehicles) could result in a 
reduction in demand for (a) the Company’s services in KMT to the extent there is reduced demand for crude oil and other feedstocks 
used and the products produced by the Company’s major refining customers and (b) for the Company’s products and services in KDS 
to the extent there is reduced demand in the exploration and production of hydrocarbons by the Company’s oil and gas customers.

Loss  of  a  large  customer  could  adversely  affect  the  Company.  Five  KMT  customers  accounted  for  approximately  16%  of  the 
Company’s 2023 revenue, and 17% of 2022 and 2021 revenue. The Company has contracts with these customers expiring in 2024 
through 2026. Three KDS customers accounted for approximately 12% of the Company’s 2023 revenue, 9% of 2022 revenue, and 6% 
of 2021 revenue. Although the Company considers its relationships with these companies to be strong, the loss of any of these customers, 
or their inability to meet financial obligations, could have an adverse effect on the Company.

The Company relies on critical operating assets including information systems for the operation of its businesses, and the failure 
of such assets or any critical information system, including as a result of natural disasters, terrorist acts, a cybersecurity attack, or 
other  extraordinary  events,  may  adversely  impact  its  businesses.  The  Company  is  dependent  on  its  critical  operating  assets  and 
technology infrastructure and must maintain and rely upon critical information systems and security of its assets for the effective and 
safe operation of its businesses. These assets include vessels, vessel equipment, property and facilities, as well as information systems, 
such as software applications, hardware equipment, and data networks and telecommunications.

The Company’s critical assets and information systems, including the Company’s proprietary vessel management computer system, 
are subject to damage or interruption from a number of potential sources, including but not limited to, natural disasters, terrorist acts, 
cybersecurity  attacks,  software  viruses,  and  power  failures.  In  addition  to  standard  safety  operating  procedures,  the  Company  has 
implemented measures such as business continuity plans, hurricane preparedness plans, emergency recovery processes, and security 
preparedness plans to protect physical assets and to recover from damage to such assets. The Company has also implemented virus 
protection software, intrusion detection systems and annual attack and penetration audits to protect information systems to mitigate these 
risks. However, the Company cannot guarantee that its critical assets or information systems cannot be damaged or compromised.

Any damage or compromise of its critical assets or data security or its inability to use or access these critical assets and information 
systems could adversely impact the efficient and safe operation of its businesses, or result in the failure to safely operate its equipment, 
and maintain the confidentiality of data of its customers or its employees and could subject the Company to increased operating expenses 

26

or legal action, which could have an adverse effect on the Company. Although to date the Company is unaware of any material data 
breach or system disruption, including a cyber-attack, the Company cannot provide any assurances that such events and impacts will 
not be material in the future. The Company’s efforts to deter, identify, mitigate and/or eliminate future breaches may require significant 
additional effort and expense and may not be successful.

Limitations  on  the  Company’s  ability  to  obtain,  maintain,  protect,  or  enforce  its  proprietary  information  and  any  successful 
intellectual property challenges or infringement proceedings, including its trade secrets could affect the Company's competitive position. 
The Company’s distribution and services businesses rely on a variety of intellectual property rights for its product and services. The 
Company’s intellectual property could be adversely affected by successful intellectual property challenges or infringement proceedings 
against it which could materially and adversely affect its competitive position. The Company may also be adversely affected when its 
patents  are  unenforceable,  where  claims  allowed  are  not  sufficient  to  protect  its  technology  or  its  trade  secrets  are  not  adequately 
protected.  The  Company's  failure  to  protect  its  proprietary  information  and  any  successful  challenges  to  the  Company's  intellectual 
property rights could have an adverse effect on the Company.

A deterioration of the Company’s credit profile, disruptions of the credit markets or higher interest rates could restrict its ability 
to access the debt capital markets or increase the cost of debt. Deterioration in the Company’s credit profile may have an adverse effect 
on the Company’s ability to access the private or public debt markets and also may increase its borrowing costs. If the Company’s credit 
profile deteriorates significantly its access to the debt capital markets or its ability to renew its committed lines of credit may become 
restricted, its cost of debt may increase, or the Company may not be able to refinance debt at the same levels or on the same terms. 
Because the Company relies on its ability to draw on its Revolving Credit Facility to support its operations as needed, any volatility in 
the credit and financial markets that prevents the Company from accessing funds on acceptable terms could have an adverse effect on 
the Company’s financial condition and cash flows. Additionally, the pricing grids on Company’s Revolving Credit Facility and Term 
Loan  contain  a  ratings  grid  that  includes  a  possible  increase  in  borrowing  rates  if  the  Company’s  rating  declines.  Furthermore,  the 
Company  incurs  interest  under  its  Revolving  Credit  Facility  based  on  floating  rates.  Floating  rate  debt  creates  higher  debt  service 
requirements if market interest rates increase, which would adversely affect the Company’s cash flow and results of operations.

Corporate responsibility, specifically related to ESG matters, may impose additional costs and expose the Company to new risks. 
There is an increasing focus from regulators, certain investors, and other stakeholders concerning environmental, social, and governance 
(“ESG”)  matters,  both  in  the  United  States  and  internationally.  The  Company  communicates  certain  ESG-related  initiatives,  goals, 
and/or  aspirations  regarding  environmental  matters,  diversity,  responsible  sourcing  and  social  investments,  and  other  matters  in  its 
annual Sustainability Report, on its website, in its filings with the SEC, and elsewhere. These initiatives, goals, or aspirations reflect the 
Company’s current plans and are not guarantees that the Company will be able to achieve them. The standards for tracking and reporting 
on ESG matters are relatively new, have not been harmonized and continue to evolve. Further, the statutory and regulatory requirements 
continue to evolve as well. In 2023, the State of California enacted climate related legislation and the SEC is expected to issue its own 
climate  disclosure  rules  in  2024,  both  of  which  will  or  are  expected  to  impose  additional  reporting  requirements  on  the  Company 
resulting in additional compliance cost and expense. The Company’s selection of disclosure frameworks that seek to align with various 
reporting standards may change from time to time and may result in a lack of comparative data from period to period. The ESG-related 
initiatives,  goals  and/or  aspirations  could  be  difficult  to  achieve  and  costly  to  implement,  and  the  Company  may  be  unable  to 
economically develop or deploy technologies to achieve its goals or aspirations, if at all. In addition, the Company could be criticized 
for  the  timing,  scope  or  nature  of  these  initiatives,  goals,  or  aspirations,  or  for  any  revisions  to  them.  As  mandatory  and  voluntary 
disclosures about ESG matters increase, the Company could be penalized or criticized for the accuracy, adequacy, or completeness of 
such  disclosures.  The  Company’s  actual  or  perceived  failure  to  report  accurately  or  achieve  its  ESG-related  initiatives,  goals,  or 
aspirations  could  result  in  government  enforcement  action,  negatively  impact  its  reputation,  result  in  ESG-focused  investors  not 
purchasing and holding Company stock, or otherwise materially harm the Company’s business.

Increased  prices  and  inflation  could  negatively  impact  the  Company’s  margin  performance  and  financial  results.  Increased 
inflation, including rising prices for items, such as raw materials, fuel, parts and components, freight, packaging, supplies, labor and 
energy increases the Company’s costs to provide services and manufacture and distribute the Company’s products. The Company does 
not currently use financial derivatives to hedge against volatility in commodity prices. The Company uses market prices for materials, 
fuel, parts and components. The Company may be unable to pass these rising costs on to its customers. To mitigate this exposure, the 
Company attempts to include cost escalation clauses in its longer-term marine transportation contracts whereby certain costs, including 
fuel, can largely be passed through to its customers. In KDS, the cost of major components for large manufacturing orders is secured 
with suppliers at the time a customer order is finalized, which limits exposure to cost escalations. Results of operations and margin 
performance can be negatively affected if the Company is unable to mitigate the impact of these cost increases through contractual 
means and is unable to increase prices to sufficiently offset the effect of these cost increases.

The Company could be adversely impacted by materials shortages, delays, and disruptions in supply chain. Materials, components, 
and  equipment  essential  to  the  Company’s  operations,  such  as  original  equipment  manufacturer  engines,  transmissions,  generators, 
electrical components and steel, are normally readily available, but shortages as a result of supply chain disruptions can adversely impact 
the Company’s operations, particularly where the Company has a relationship with a single supplier for a particular resource. Many of 

27

the items essential to the Company’s business require the use of shipping services to transport them to the Company’s facilities. Shipping 
delays  or  disruptions  may  result  in  operational  slowdowns,  especially  where  materials,  components,  or  equipment  are  necessary  to 
complete a project or order for the Company’s customers, particularly in the manufacturing business of KDS. These constraints could 
have a material adverse effect on the Company and contribute to increased buildup of inventories. In addition, price increases imposed 
by the Company’s vendors for materials and shipping services used in its business, and the inability to pass these increases through to 
its customers, could have a material adverse effect on the Company.

Continuing  impacts  resulting  from  actual  or  threatened  health  epidemics,  and  pandemics  or  other  major  health  crisis  could 
materially and adversely affect the Company’s business, financial condition and results of operations. The Company’s business could 
be impacted adversely by the effects of public health epidemics, pandemics or other major heath crises (which we refer to collectively 
as public health crises). Actual or threatened public health crises may have a number of adverse impacts, including volatility in the 
global economy, impacts to the Company’s customers’ business operations, or significant disruptions in waterborne transportation of 
cargoes, and supply chain activity, caused by a variety of factors such as quarantines, supplier factory and office closures, or other 
government-imposed  restrictions,  any  of  which  could  adversely  impact  the  Company’s  business,  financial  condition,  and  results  of 
operations. In response to the COVID-19 pandemic, various countries, including the United States, either mandated or recommended 
business  closures,  travel  restrictions  or  limitations,  social  distancing,  and/or  self-quarantine,  among  other  restrictions.  Additionally, 
various  state  and  local  governments  in  locations  where  the  Company  operates  took  similar  actions.  Governments  removed,  eased, 
reinstated, or implemented new protocols or restrictions in response to reassessment of the risk of COVID-19, based in part on, changing 
levels  of  infection  and  hospitalization  rates.  There  has  been  and  continues  to  be  a  negative  impact  on  the  global  and  United  States 
economies and supply chains, including the oil and gas industry, which has created delays and reduced demand for the Company’s 
products and services and in some cases, resulted in delays in performance of its contracts with customers.

The Company is unable to predict the extent to which major health crisis or other public health threats that may arise in the future 
may affect the global and United States economies and supply chain, which could have a material impact on its business. The degree to 
which any future disease outbreaks or public health threats may impact the Company’s revenues, results of operations and financial 
condition is uncertain and will depend on future developments. The impact of epidemics or COVID-19 and other pandemics may also 
exacerbate other risks discussed above, any of which could have a material effect on the Company. 

Item 1B. Unresolved Staff Comments

Not applicable.

Item 1C. Cybersecurity

The Company is committed to maintaining robust governance and oversight of cybersecurity risks and to implementing processes, 
controls and technologies designed to help assess, identify, and manage material risks. The Company’s Board of Directors has ultimate 
oversight of cybersecurity risks, which it manages as part of the Company’ enterprise risk management program. The Audit Committee 
assists the Board in reviewing the Company’s information security programs, including review of cybersecurity processes, procedures 
and safeguards. To more effectively prevent, detect and respond to information security threats, the Company maintains a cyber risk 
management program, which is supervised by a Company executive officer, the Vice President and Chief Information Officer, whose 
team is responsible for leading company-wide cybersecurity strategy, policy, standards, architecture and processes. The Vice President 
and Chief Information Officer has extensive experience assessing and managing cybersecurity programs and risks and has served in this 
position since 2019. The team includes the Senior Director of IT Operations & Security with a certification in information security, who 
reports  directly  to  the  Vice  President  and  Chief  Information  Officer.  The  Audit  Committee  receives  regular  reports  from  the  Vice 
President  and  Chief  Information  Officer  on,  among  other  things,  the  Company’s  cyber  risks  and  threats,  the  status  of  projects  to 
strengthen  the  Company’s  information  security  systems,  assessments  of  the  Company’s  security  program  and  the  emerging  threat 
landscape.  Additionally,  the  Vice  President  and  Chief  Information  Officer  chairs  the  Cybersecurity  Risk  Oversight  working  group, 
which drives awareness, ownership and alignment across broad governance and risk stakeholder groups for effective cybersecurity risk 
management and reporting. Upon the occurrence of a cybersecurity incident, a documented process is followed to escalate notifications 
to the Company’s CEO and Board, as appropriate.

The Company annually engages third parties such as assessors, consultants and auditors (as well as its internal audit department) to 
audit the Company’s information security programs, whose findings are reported to the Audit Committee. The Company also actively 
engage  with  key  vendors,  industry  participants,  and  the  U.S.  Coast  Guard  as  part  of  its  efforts,  which  are  reported  to  the  Audit 
Committee.

The Company’s approach to cybersecurity risk management includes the following key elements:

•

Continuous monitoring – The Company actively searches for cybersecurity threats, including those associated with its use 
of third party vendors, through the use of data analytics and network monitoring systems. 

28

•

•
•

•

Third party risk assessments – From time to time, the Company engages third party consultants or other advisors to assist 
in assessing points of vulnerability in its information security systems.
Internal threats – The Company maintains a program designed to monitor and address risk from within the Company. 
Vendor engagement – The Company assesses the risk of vendors who are critical digital partners in order to support the 
resiliency of the supply chain and seeks to include risk appropriate terms and conditions in its vendor contracts.
Training and Awareness – The Company has various information technology policies, including an Information Security 
Awareness  Training  Policy,  that  relate  to  cybersecurity.  The  Company  provides  employee  training  that  reinforces  its 
information  technology  policies,  standards  and  practices,  as  well  as  the  expectation  that  employees  comply  with  these 
policies. This training empowers employees to identify and report potential cybersecurity risks and protect the Company’s 
resources and information. This training is mandatory for all employees globally and is administered on a periodic basis, 
and  it  is  supplemented  by  Company-wide  testing  initiatives,  including  periodic  phishing  tests.  The  Company  provides 
specialized  security  training  for  certain  employee  roles.  The  Company  also  requires  employees  to  sign  confidentiality 
agreements, where appropriate to their role.

The Company continues to invest in its cybersecurity systems and to enhance its internal controls and processes. While the Company 
has not, as of the date of this Form 10-K, experienced a cybersecurity threat or incident that resulted in a material adverse impact to its 
business  or  operations,  there  can  be  no  guarantee  that  the  Company  will  not  experience  such  an  incident  in  the  future.  For  more 
information regarding the risks the Company faces from cybersecurity threats, please see Item 1A-Risk Factors.

29

 
Item 2. Properties

The principal offices of the Company are located in Houston, Texas. The Company believes that its facilities are adequate for its 
needs  and  additional  facilities  would  be  available  if  required.  The  Company’s  significant  operating  facilities  include  the  following 
locations:

Location

KMT
Baton Rouge, Louisiana
Channelview, Texas
Corpus Christi, Texas
Freeport, Texas
Houston, Texas
Lake Charles, Louisiana
Miami, Florida
Port Arthur, Texas
Seattle, Washington
Staten Island, New York
Westwego, Louisiana

KDS
Albany, New York
Austin, Texas
Baton Rouge, Louisiana
Belle Chasse, Louisiana
Chesapeake, Virginia
Commerce City, Colorado
Corpus Christi, Texas
Dallas, Texas
El Paso, Texas
Fort Lauderdale, Florida
Fort Myers, Florida
Fort Pierce, Florida
Fort Worth, Texas
Houma, Louisiana
Houston, Texas
Jacksonville, Florida
Laredo, Texas
Little Rock, Arkansas
Lodi, New Jersey
Longview, Texas
Lubbock, Texas
Marlborough, Massachusetts
Miami, Florida
Middletown, Connecticut
Mobile, Alabama
Mount Pleasant, Texas
New Iberia, Louisiana
Ocala, Florida
Odessa, Texas
Oklahoma City, Oklahoma
Orlando, Florida
Paducah, Kentucky
Panama City, Florida
Pharr, Texas
Piscataway, New Jersey
Rocky Mount, North Carolina
San Antonio, Texas
Seattle, Washington
Shreveport, Louisiana
Tampa, Florida
Thorofare, New Jersey
Tulsa, Oklahoma
West Palm Beach, Florida
Wichita Falls, Texas

Building(s) Size 
(Approximate Square 
Feet)

Owned or Leased

Activity

19,300
108,300
3,600
6,500
73,000
500
8,500
1,000
10,200
7,800
15,300

40,000
1,500
23,500
34,700
30,000
151,600
44,100
211,100
9,000
40,400
9,900
10,300
22,600
109,700
491,100
44,800
7,000
21,500
57,300
50,000
27,500
45,700
54,400
38,800
27,000
3,100
33,000
15,200
49,500
446,400
44,600
73,700
10,200
59,300
39,900
50,000
42,100
19,500
50,000
50,900
24,200
37,600
7,000
11,500

Leased
Owned
Leased
Leased
Owned
Leased
Leased
Leased
Leased
Leased
Owned

Leased
Leased
Leased
Owned
Leased
Owned
Owned
Owned
Leased
Leased
Owned
Owned
Owned
Owned
Owned
Leased
Leased
Owned
Leased
Owned
Owned
Leased
Leased
Leased
Owned
Leased
Owned
Owned
Owned
Owned/Leased
Leased
Owned/Leased
Owned
Leased
Leased
Leased
Owned
Leased
Owned
Owned
Leased
Leased
Leased
Leased

30

Operations and fleeting
Operations, fleeting, shipyard, training and cleaning
Operations
Fueling and fleeting
KMT, KDS and Corporate Headquarters
Fleeting
Operations and dockage
Fleeting
Operations and inventory
Operations, inventory and dockage
Operations

Service and repairs
Service and repairs
Service and repairs
Service and repairs
Service and repairs
Service and repairs
Service and repairs
Service and repairs
Service and repairs
Service and repairs
Service and repairs
Service and repairs
Service and repairs
Service and repairs
Manufacturing, service and repairs
Service and repairs
Service and repairs
Service and repairs
Service and repairs
Service and repairs
Service and repairs
Service and repairs
Service and repairs
Service and repairs
Service and repairs
Service and repairs
Service and repairs
Service and repairs
Service and repairs
Manufacturing, service and repairs
Service and repairs
Service and repairs
Service and repairs
Service and repairs
Service and repairs
Service and repairs
Service and repairs
Service and repairs
Service and repairs
Service and repairs
Service and repairs
Service and repairs
Service and repairs
Service and repairs

Item 3. Legal Proceedings

See Note 14, Contingencies and Commitments to the Company’s financial statements.

Item 4. Mine Safety Disclosures

Not applicable.

31

 
PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

The Company’s common stock is traded on the New York Stock Exchange under the symbol KEX. Additional market information 
for this item is incorporated by reference to the annual report to be provided to the Company’s stockholders pursuant to Rule 14a-3(b).

As  of  February 16,  2024,  the  Company  had  58,522,000  outstanding  shares  held  by  approximately  370  stockholders  of  record; 
however,  the  Company  believes  the  number  of  beneficial  owners  of  common  stock  exceeds  this  number.  Information  for  this  item 
relating to equity compensation plans is incorporated by reference to the definitive proxy statement to be filed by the Company with the 
Commission pursuant to Regulation 14A within 120 days of the close of the fiscal year ended December 31, 2023. See also Note 8, 
Stock Award Plans to the Company’s financial statements for additional information.

The Company does not have an established dividend policy. Decisions regarding the payment of future dividends will be made by 
the Board of Directors based on the facts and circumstances that exist at that time. Since 1989, the Company has not paid any dividends 
on its common stock. The Company’s credit agreements contain covenants restricting the payment of dividends by the Company at any 
time when there is a default under the agreements.

The following table is a summary of purchases of the Company's common stock during the 2023 fourth quarter.

Period
October 1 — October 31, 2023
November 1 — November 30, 2023
December 1 — December 31, 2023
Total

Total Number of 
Shares Purchased

Average Price 
Paid Per Share

131,603 $              81.16
294,843 $              76.46
246,833 $              75.63
673,279 $              77.08

Total Number of Shares 
Purchased as Part of 
Publicly Announced Plans
—
—
—
—

Maximum Number of 
Shares that May Yet be 
Purchased Under the Plans
—
—
—
—

Purchases of the Company's common stock during the 2023 fourth quarter were made in the open market pursuant to a discretionary 

authorization by the Board of Directors.

Item 6. Reserved

32

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Statements contained in this Form 10-K that are not historical facts, including, but not limited to, any projections contained herein, 
are forward-looking statements and involve a number of risks and uncertainties. Such statements involve risks and uncertainties. Such 
statements can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “anticipate,” “estimate,” or 
“continue,”  or  the  negative  thereof  or  other  variations  thereon  or  comparable  terminology.  The  actual  results  of  the  future  events 
described  in  such  forward-looking  statements  in  this  Form  10-K  could  differ  materially  from  those  stated  in  such  forward-looking 
statements. Among the factors that could cause actual results to differ materially are: adverse economic conditions, industry competition 
and other competitive factors, adverse weather conditions such as high water, low water, tropical storms, hurricanes, tsunamis, fog and 
ice, tornados, COVID-19 or other pandemics, marine accidents, lock delays, fuel costs, interest rates, construction of new equipment, 
government and environmental laws and regulations, and the timing, magnitude and number of acquisitions made by the Company. For 
a more detailed discussion of factors that could cause actual results to differ from those presented in forward-looking statements, see 
Item 1A-Risk Factors. Forward-looking statements are based on currently available information and the Company assumes no obligation 
to update any such statements.

For  purposes  of  Management’s  Discussion,  all  net  earnings  per  share  attributable  to  Kirby  common  stockholders  are  “diluted 
earnings (loss) per share.” The weighted average number of common shares outstanding applicable to diluted earnings (loss) per share 
for 2023, 2022, and 2021 were 59,857,000, 60,329,000, and 60,053,000, respectively. Refer to the Company’s Annual Report on Form 
10-K for the year ended December 31, 2022 for management's discussion and analysis of financial condition and results of operations 
for 2022 compared to 2021.

Overview

The Company is the nation’s largest domestic tank barge operator, transporting bulk liquid products throughout the Mississippi 
River  System,  on  the  Gulf  Intracoastal  Waterway,  and  coastwise  along  all  three  United  States  coasts.  The  Company  transports 
petrochemicals, black oil, refined petroleum products and agricultural chemicals by tank barge. Through KDS, the Company provides 
after-market service and parts for engines, transmissions, reduction gears, 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, and 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, manufactures cementing and pumping equipment as well 
as  coil  tubing  and  well  intervention  equipment,  electric  power  generation  equipment,  specialized  electrical  distribution  and  control 
equipment, and high capacity energy storage/battery systems for oilfield service and railroad customers.

The following table summarizes key operating results of the Company (in thousands, except per share amounts):

Total revenues
Net earnings (loss) attributable to Kirby
Net earnings (loss) per share attributable to Kirby common stockholders – 
diluted
Net cash provided by operating activities
Capital expenditures

$
$

$
$
$

2023
3,091,640
222,935

Year Ended December 31,
2022
2,784,754
122,291

$
$

$
$

3.72
540,228
401,730

$
$
$

2.03
294,128
172,606

$
$
$

2021
2,246,660
(246,954)

(4.11)
321,576
98,015

The 2023 first quarter included $3.0 million before taxes, $2.4 million after taxes, or $0.04 per share of costs related to the strategic 
review and shareholder engagement and $2.7 million before taxes, $2.2 million after taxes, or $0.04 per share of other income associated 
with the interest on a refund from the Internal Revenue Service (“IRS”). 

The 2022 fourth quarter included $3.3 million before taxes, $2.4 million after taxes, or $0.04 per share of severance expense. The 
2022 fourth quarter also included $0.9 million before taxes, $0.6 million after taxes, or $0.01 per share of professional fees related to 
the Company’s strategic alternatives review. The 2022 second quarter included $1.5 million before taxes, $1.3 million after taxes, or 
$0.02 per share of severance expense.

The 2021 third quarter included $340.7 million before taxes, $275.1 million after taxes, or $4.58 per share, non-cash charges related 
to impairment of long-lived assets related to coastal marine transportation equipment and impairment of goodwill in KMT. See Note 7, 
Impairments and Other Charges in the financial statements for additional information. The 2021 fourth quarter was also impacted by a 
one-time deferred tax provision of $5.7 million or $0.09 per share related to a change in Louisiana tax law. See Note 9, Taxes on Income 
for additional information.

33

Cash provided by operating activities in 2023 increased compared to 2022 primarily due to higher business activity levels and the 
receipt of an IRS refund of $70.4 million plus accrued interest. During 2023, capital expenditures of $401.7 million included $255.4 
million in KMT and $146.3 million in KDS and corporate, more fully described under cash flow and capital expenditures below.

The  Company  projects  net  cash  flow  from  operations  in  2024  of  between  $600  million  and  $700  million  and  expects  capital 
expenditures to range between $290 million and $330 million. The Company received grants from various government entities totaling 
approximately $3.7 million in 2023 related to certain emission reduction projects and has applied for and been awarded grants totaling 
approximately $4 million which it expects to receive reimbursements for in late 2024 and 2025.

The Company’s debt-to-capitalization ratio decreased to 24.2% at December 31, 2023 from 26.2% at December 31, 2022, primarily 
due an increase in total equity, primarily from net earnings attributable to Kirby of $222.9 million during 2023 and a reduction of debt 
outstanding of $63.0 million, partially offset by treasury stock purchases of $112.8 million. The Company’s debt outstanding as of 
December 31, 2023 and December 31, 2022 is detailed in Long-Term Financing below.

Marine Transportation

The following table summarizes the Company’s marine transportation fleet:

December 31,

2023

2022

Inland tank barges:

Owned
Leased
Total
Barrel capacity (in millions)

Active inland towboats (quarter average):

Owned
Chartered
Total

Coastal tank barges:

Owned
Leased
Total
Barrel capacity (in millions)

Coastal tugboats:

Owned
Chartered
Total

Offshore dry-bulk cargo barges (owned)
Offshore tugboats and docking tugboat (owned and chartered)

1,043
33
1,076
23.7

214
67
281

28
—
28
2.9

24
1
25

4
5

999
38
1,037
23.1

216
61
277

28
1
29
3.0

24
3
27

4
5

The Company also owns shifting operations and fleeting facilities for dry cargo barges and tank barges on the Houston Ship Channel 
and in Freeport and Port Arthur, Texas, and Lake Charles, Louisiana, and its San Jac shipyard for building towboats and performing 
routine maintenance near the Houston Ship Channel, as well as a two-thirds interest in Osprey Line, L.L.C., which transports project 
cargoes and cargo containers by barge.

For  2023,  56%  of  the  Company’s  revenues  were  generated  by  KMT.  The  segment’s  customers  include  many  of  the  major 
petrochemical and refining companies that operate in the United States. Products transported include intermediate materials used to 
produce many of the end products used widely by businesses and consumers — plastics, fibers, paints, detergents, oil additives and 
paper, among others, as well as residual fuel oil, ship bunkers, asphalt, gasoline, diesel fuel, heating oil, crude oil, natural gas condensate 
and agricultural chemicals. Consequently, the Company’s marine transportation business is directly affected by the volumes produced 
by the Company’s petroleum, petrochemical and refining customer base.

KMT’s revenues for 2023 increased 6% compared to 2022 and operating income increased 75%, compared to 2022. The increases 
for 2023 were primarily due to improved term and spot pricing and utilization in the inland market when compared to 2022. This was 
partially  offset  by  various  lock  closures  along  the  Gulf  Intracoastal  Waterway  and  Illinois  River,  resulting  in  higher  delay  days.  In 

34

addition, several refinery outages also impacted utilization. Revenues and operating income in 2022 were impacted by record low water 
levels on the Mississippi River during the 2022 fourth quarter. Also, the 2022 first quarter was impacted by the COVID-19 Omicron 
variant as increased cases of the virus among the Company’s mariners led to crewing challenges, lost revenue and increased operating 
costs. For 2023 and 2022, the inland tank barge fleet contributed 82% and 79%, respectively, and the coastal fleet contributed 18% and 
21%, respectively, of marine transportation revenues.

Overall inland tank barge utilization levels improved in 2023 as compared to 2022, ranging from the low to mid-90% range during 
the 2023 first quarter, the low 90% range during the 2023 second quarter, the high 80% range during the 2023 third quarter, and the low 
90% range in the 2023 fourth quarter. During 2022, inland tank barge utilization levels ranged from the mid-80% range during the 2022 
first quarter, the low 90% range during both the 2022 second and third quarters, and the low 90% range in the 2022 fourth quarter. 
Utilization  in  the  2023  fourth  quarter  improved  from  the  2023  third  quarter,  which  was  negatively  impacted  by  Illinois  River  lock 
closures and several refinery outages.

Coastal tank barge utilization levels during 2023 averaged in the mid to high 90% range during both the 2023 first and second 
quarters, the mid-90% range during the 2023 third quarter and the low to mid-90% range during the 2023 fourth quarter. For 2022, 
coastal tank barge utilization levels averaged in the low 90% range during both the 2022 first and second quarters and low to mid-90% 
range during both the 2022 third and fourth quarters.

Approximately 60% of the inland marine transportation revenues were under term contracts and 40% were under spot contracts in 
2023 and 2022. Term contracts provide the operations with a reasonably predictable revenue stream. Inland time charters, which insulate 
the Company from revenue fluctuations caused by weather and navigational delays and temporary market declines, represented 63% of 
the  inland  revenues  under  term  contracts  during  2023  and  58%  in  2022.  During  2023  and  2022,  approximately  85%  and  75%, 
respectively, of coastal revenues were under term contracts and 15% and 25%, respectively, were under spot contracts. Coastal time 
charters  represented  approximately  90%  of  coastal  revenues  under  term  contracts  during  both  2023  and  2022.  Term  contracts  have 
contract terms of 12 months or longer, while spot contracts have contract terms of less than 12 months.

The following table summarizes the average range of pricing changes in term and spot contracts renewed during 2023 compared to 

contracts renewed during the corresponding quarter of 2022:

Inland market:

Term increase
Spot increase
Coastal market (a):
Term increase
Spot increase

March 31, 2023

June 30, 2023

September 30, 2023

December 31, 2023

Three Months Ended

10% – 12%
23% – 26%

10% – 12%
20% – 23%

10% – 12%
26% – 29%

16% – 18%
25% – 28%

7% – 9%
14% – 16%

10% – 12%
31% – 33%

7% – 9%
15% – 18%

20% – 22%
34% – 36%

(a) Spot and term contract pricing in the coastal market are contingent on various factors including geographic location, vessel 

capacity, vessel type, and product serviced.

Effective January 1, 2023, annual escalators for labor and the producer price index on a number of inland multi-year contracts 

resulted in rate increases on those contracts of approximately 9%, excluding fuel.

The 2023 marine transportation operating margin was 13.9% compared to 8.4% for 2022.

Distribution and Services

The  Company,  through  KDS,  sells  genuine  replacement  parts,  provides  service  mechanics  to  overhaul  and  repair  engines, 
transmissions, reduction gears and related oilfield services equipment, rebuilds component parts or entire diesel engines, transmissions 
and  reduction  gears,  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, and refrigeration 
trailers for use in a variety of industrial markets, and manufactures and remanufactures oilfield service equipment, including pressure 
pumping units, manufactures cementing and pumping equipment as well as coil tubing and well intervention equipment, electric power 
generation equipment, specialized electrical distribution and control equipment, and high capacity energy storage/battery systems for 
oilfield  service  and  railroad  customers.  The  Company  sells  and  manufactures  various  products  used  in  oil  and  gas  and  industrial 
applications, including those used in hydraulic fracturing and refrigeration systems that, as compared to conventional offerings, reduce 
emissions. These products made up approximately 24% of KDS’s revenues in 2023.

35

During 2023, KDS generated 44% of the Company’s revenues, of which 78% was generated from service and parts and 22% from 
manufacturing. The results of KDS are largely influenced by cycles of the oilfield service industry and oil and gas operator and producer 
markets, marine, power generation, on-highway and other industrial markets.

Distribution and services revenues for 2023 increased 17% compared to 2022 and operating income increased 71% compared to 
2022. In the commercial and industrial market, the increases in 2023 compared to 2022 were primarily attributable to strong economic 
activity across the U.S. which resulted in higher business levels in the marine and on-highway businesses. Increased product sales in 
Thermo King also contributed favorably to 2023 results. These results were partially offset by continuing supply chain constraints and 
delays. For 2023 and 2022, the commercial and industrial market contributed 59% and 56%, respectively, of the distribution and services 
revenues.

In the oil and gas market, revenues improved compared to 2022 due to higher oilfield activity which resulted in increased demand 
for new transmissions and parts in the distribution business. Although the manufacturing business was heavily impacted by supply chain 
delays,  the  business  continues  to  experience  increased  orders  and  deliveries  of  new  environmentally  friendly  pressure  pumping 
equipment and power generation equipment for electric fracturing. For 2023 and 2022, the oil and gas market contributed 41% and 44%, 
respectively, of the distribution and services revenues. 

The distribution and services operating margin for 2023 was 8.4% compared to 5.7% for 2022.

Outlook

Overall, the Company expects to deliver improved financial results in 2024. In KMT, barge utilization and customer demand remain 
strong, and rates continue to increase. In KDS, demand for products and services remains steady, and the Company continues to receive 
new orders in manufacturing. The Company remains mindful of the ever-changing economic landscape related to the impact of higher 
interest rates, and possible recessionary headwinds as it moves through 2024.

In the inland marine transportation market, the Company anticipates favorable market conditions driven by steady refinery and 
petrochemical plant utilization, minimal new barge construction across the industry, and a heavy year for industry maintenance. As a 
result, the Company expects further pricing improvements in the spot market, which currently represents 40% of inland revenues. Term 
contracts are also expected to continue to reset higher as a result of improved market conditions. In coastal marine, the Company expects 
steady customer demand and improved rates as the availability of equipment is reduced across the industry due to improved economic 
conditions.

KDS  results  are  largely  influenced  by  the  cycles  of  the  oil  and  gas,  marine,  power  generation,  on-highway  and  other  related 
industrial markets. Despite the uncertainty from volatile commodity prices, the Company expects to yield incremental demand for OEM 
products, parts, and services in the segment. In commercial and industrial, strong demand for power generation and stable on-highway 
and marine repair markets is expected to help drive improved revenues. In oil and gas, the Company’s manufacturing backlog is expected 
to provide stable levels of activity through most of 2024 which will be offset by lower conventional oil and gas work. The Company 
anticipates extended lead times in the near-term to continue contributing to a volatile delivery schedule of new products in 2024.

Critical Accounting Policies and Estimates

The  preparation  of  financial  statements  in  conformity  with  United  States  generally  accepted  accounting  principles  requires 
management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial 
statements and the reported amounts of revenues and expenses during the reporting period. The Company evaluates its estimates and 
assumptions on an ongoing basis based on a combination of historical information and various other assumptions that are believed to be 
reasonable  under  the  particular  circumstances.  Actual  results  may  differ  from  these  estimates  based  on  different  assumptions  or 
conditions. The Company believes the critical accounting policies that most impact the consolidated financial statements are described 
below. It is also suggested that the Company’s significant accounting policies, as described in the Company’s financial statements in 
Note  1,  Summary  of  Significant  Accounting  Policies,  be  read  in  conjunction  with  this  Management’s  Discussion  and  Analysis  of 
Financial Condition and Results of Operations.

Property,  Maintenance  and  Repairs.  Property  is  recorded  at  cost;  improvements  and  betterments  are  capitalized  as  incurred. 
Depreciation is recorded using the straight-line method over the estimated useful lives of the individual assets. When property items are 
retired, sold, or otherwise disposed of, the related cost and accumulated depreciation are removed from the accounts with any gain or 
loss on the disposition included in the statement of earnings. Maintenance and repairs on vessels built for use on the inland waterways 
are charged to operating expense as incurred and includes the costs incurred in USCG inspections unless the shipyard extends the life, 
improves  the  operating  capacity  of  the  vessel,  or  replaces  significant  components  of  the  vessel  which  results  in  the  costs  being 
capitalized. The Company’s ocean-going vessels are subject to regulatory drydocking requirements after certain periods of time to be 
inspected, have planned major maintenance performed and be recertified by the ABS. These recertifications generally occur twice in a 
five-year  period.  The  Company  defers  the  drydocking  expenditures  incurred  on  its  ocean-going  vessels  due  to  regulatory  marine 

36

inspections  by  the  ABS  and  amortizes  the  costs  of  the  shipyard  over  the  period  between  drydockings,  generally  30  or  60  months, 
depending on the type of major maintenance performed. Drydocking expenditures that extend the life, improve the operating capability 
of the vessel, or replace significant components of the vessel result in the costs being capitalized. Routine repairs and maintenance on 
ocean-going vessels are expensed as incurred. Interest is capitalized on the construction of new ocean-going vessels.

The Company performs an impairment assessment whenever events or changes in circumstances indicate that the carrying amount 
of long-lived assets may not be recoverable. If a triggering event is identified, the Company compares the carrying amount of the asset 
group to the estimated undiscounted future cash flows expected to result from the use of the asset group. If the carrying amount of the 
asset group exceeds the estimated undiscounted future cash flows, the Company measures the amount of the impairment by comparing 
the carrying amount of the asset group to its estimated fair value. Assets to be disposed of are reported at the lower of the carrying 
amount or fair value less costs to sell. There are many assumptions and estimates underlying the determination of an impairment event 
or loss, if any. The assumptions and estimates include, but are not limited to, estimated fair market value of the assets and estimated 
future cash flows expected to be generated by these assets, which are based on additional assumptions such as asset utilization, length 
of  service  the  asset  will  be  used,  and  estimated  salvage  values.  Although  the  Company  believes  its  assumptions  and  estimates  are 
reasonable, deviations from the assumptions and estimates could produce a materially different result.

Goodwill. The excess of the purchase price over the fair value of identifiable net assets acquired in transactions accounted for as a 
purchase  is  included  in  goodwill.  Management  monitors  the  recoverability  of  goodwill  on  an  annual  basis,  or  whenever  events  or 
circumstances indicate that interim impairment testing is necessary. The amount of goodwill impairment, if any, is typically measured 
based  on  projected  discounted  future  operating  cash  flows  using  an  appropriate  discount  rate  and  valued  based  on  the  excess  of  a 
reporting unit’s carrying amount over its fair value, incorporating all tax impacts caused by the recognition of the impairment loss. The 
assessment of the recoverability of goodwill will be impacted if estimated future operating cash flows are not achieved. There are many 
assumptions and estimates underlying the determination of an impairment event or loss, if any. Although the Company believes its 
assumptions and estimates are reasonable, deviations from the assumptions and estimates could produce a materially different result.

Acquisitions

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.

On March 31, 2022, the Company paid $3.9 million in cash to purchase assets of a gearbox repair company in KDS.

During 2021, the Company purchased four inland tank barges from a leasing company for $7.5 million in cash. 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.

Financing of these purchases and acquisitions was through borrowings under the Company’s Revolving Credit Facility and cash 

provided by operating activities.

Results of Operations

The following table sets forth the Company’s marine transportation and distribution and services revenues and the percentage of 

each to total revenues for the comparable periods (dollars in thousands):

Marine transportation
Distribution and services

2023
$ 1,721,937
1,369,703
$ 3,091,640

%

Year Ended December 31,

2022

%

2021

%

56% $ 1,616,967
44
1,167,787
100% $ 2,784,754

58% $ 1,322,918
42
923,742
100% $ 2,246,660

59%
41
100%

37

 
Marine Transportation

The following table sets forth a year over year comparison of KMT’s revenues, costs and expenses, operating income and operating 

margins (dollars in thousands):

2023
$ 1,721,937

2022
$ 1,616,967

Year Ended December 31,
% Change

Marine transportation revenues

Costs and expenses:

Costs of sales and operating expenses
Selling, general and administrative
Taxes, other than on income
Depreciation and amortization

Operating income
Operating margins

1,136,526
134,641
27,602
184,225
1,482,994
238,943

$

1,146,657
128,340
28,235
177,551
1,480,783
136,184

$

2021

% Change

6% $ 1,322,918

22%

(1)
5
(2)
4
—
75% $

924,380
119,017
30,527
185,979
1,259,903
63,015

24
8
(8)
(5)
18
116%

13.9%

8.4%

4.8%

The  following  table  shows  the  marine  transportation  markets  serviced  by  the  Company,  the  marine  transportation  revenue 

distribution, products moved and the drivers of the demand for the products the Company transports: 

Markets Serviced

Petrochemicals

2023 Revenue 
Distribution
51%

Black Oil

Refined Petroleum Products

Agricultural Chemicals

26%

20%

3%

2023 Compared to 2022 

Marine Transportation Revenues

Products Moved
Benzene, Styrene, Methanol, Acrylonitrile, 
Xylene, Naphtha, Caustic Soda, Butadiene, 
Propylene
Residual Fuel Oil, Coker Feedstock, 
Vacuum Gas Oil, Asphalt, Carbon Black 
Feedstock, Crude Oil, Natural Gas 
Condensate, Ship Bunkers
Gasoline, No. 2 Oil, Jet Fuel, Heating Oil, 
Diesel Fuel, Ethanol
Anhydrous Ammonia, Nitrogen-Based 
Liquid Fertilizer, Industrial Ammonia

Drivers

Consumer non-durables — 70% 
Consumer durables — 30%

Fuel for Power Plants and Ships, 
Feedstock for Refineries, Road 
Construction

Vehicle Usage, Air Travel, Weather 
Conditions, Refinery Utilization
Corn, Cotton and Wheat Production, 
Chemical Feedstock Usage

KMT’s revenues for 2023 increased 6% compared to 2022 and operating income increased 75%, compared to 2022. The increases 
for 2023 were primarily due to improved term and spot pricing and utilization in the inland market when compared to 2022. This was 
partially  offset  by  various  lock  closures  along  the  Gulf  Intracoastal  Waterway  and  Illinois  River,  resulting  in  higher  delay  days.  In 
addition, several refinery outages also impacted utilization. Revenues and operating income in 2022 were impacted by record low water 
levels on the Mississippi River during the 2022 fourth quarter. Also, the 2022 first quarter was impacted by the COVID-19 Omicron 
variant as increased cases of the virus among the Company’s mariners led to crewing challenges, lost revenue and increased operating 
costs. For 2023 and 2022, the inland tank barge fleet contributed 82% and 79%, respectively, and the coastal fleet contributed 18% and 
21%, respectively, of marine transportation revenues.

Overall inland tank barge utilization levels improved in 2023 as compared to 2022, ranging from the low to mid-90% range during 
the 2023 first quarter, the low 90% range during the 2023 second quarter, the high 80% range during the 2023 third quarter, and the low 
90% range in the 2023 fourth quarter. During 2022, inland tank barge utilization levels ranged from the mid-80% range during the 2022 
first quarter, the low 90% range during both the 2022 second and third quarters, and the low 90% range in the 2022 fourth quarter. 
Utilization  in  the  2023  fourth  quarter  improved  from  the  2023  third  quarter,  which  was  negatively  impacted  by  Illinois  River  lock 
closures and several refinery outages.

Coastal tank barge utilization levels during 2023 averaged in the mid to high 90% range during both the 2023 first and second 
quarters, the mid-90% range during the 2023 third quarter, and the low to mid-90% range during the 2023 fourth quarter. For 2022, 
coastal tank barge utilization levels averaged in the low 90% range during both the 2022 first and second quarters and low to mid-90% 
range during both the 2022 third and fourth quarters.

38

 
The petrochemical market, the Company’s largest market, contributed 51% of marine transportation revenues for 2023, reflecting 
increased rates, volumes and utilization from Gulf Coast petrochemical plants as a result of improved economic conditions and a reduced 
supply of barges across the industry due to a heavier than normal maintenance cycle as compared to 2022.

The black oil market, which contributed 26% of marine transportation revenues for 2023, reflecting improved demand as refinery 
utilization and production levels of refined petroleum products and fuel oils increased. During 2023, the Company transported crude oil 
and  natural  gas  condensate  produced  from  the  Permian  Basin  and  the  Eagle  Ford  shale  formation  in  Texas,  both  along  the  Gulf 
Intracoastal Waterway with inland vessels and in the Gulf of Mexico with coastal equipment. Additionally, the Company transported 
volumes of Utica natural gas condensate downriver from the Mid-Atlantic to the Gulf Coast and Canadian and Bakken crude downriver 
from the Midwest to the Gulf Coast.

The refined petroleum products market, which contributed 20% of marine transportation revenues for 2023, saw increased volumes 

in the inland market with improved refinery utilization and product levels.

The agricultural chemical market, which contributed 3% of marine transportation revenues for 2023, also experienced improved 

demand for transportation of both domestically produced and imported products.

Inland operations incurred 10,863 delay days in 2023, 6% more than the 10,244 delay days that occurred during 2022. Delay days 
measure the lost time incurred by a tow (towboat and one or more tank barges) during transit when the tow is stopped due to weather, 
lock conditions, or other navigational factors. Delay days for 2023 and 2022 were impacted by hurricanes and tropical storms, poor 
operating conditions due to heavy wind and fog along the Gulf Coast, low and high water conditions on the Mississippi River System, 
and various lock closures along the Gulf Intracoastal Waterway, due in part to lock maintenance projects. The 2023 third quarter was 
also impacted by lock closures on the Illinois River.

Approximately 60% of the inland marine transportation revenues were under term contracts and 40% were under spot contracts in 
2023 and 2022. Term contracts provide the operations with a reasonably predictable revenue stream. Inland time charters, which insulate 
the Company from revenue fluctuations caused by weather and navigational delays and temporary market declines, represented 63% of 
the inland revenues under term contracts during 2023 and 58% during 2022. During 2023 and 2022, approximately 85% and 75%, 
respectively, of coastal revenues were under term contracts and 15% and 25%, respectively, were under spot contracts. Coastal time 
charters  represented  approximately  90%  of  coastal  revenues  under  term  contracts  during  both  2023  and  2022.  Term  contracts  have 
contract terms of 12 months or longer, while spot contracts have contract terms of less than 12 months.

The following table summarizes the average range of pricing changes in term and spot contracts renewed during 2023 compared to 

contracts renewed during the corresponding quarter of 2022:

Inland market:

Term increase
Spot increase
Coastal market (a):
Term increase
Spot increase

March 31, 2023

June 30, 2023

September 30, 2023

December 31, 2023

Three Months Ended

10% – 12%
23% – 26%

10% – 12%
20% – 23%

10% – 12%
26% – 29%

16% – 18%
25% – 28%

7% – 9%
14% – 16%

10% – 12%
31% – 33%

7% – 9%
15% – 18%

20% – 22%
34% – 36%

(a) Spot and term contract pricing in the coastal market are contingent on various factors including geographic location, vessel 

capacity, vessel type, and product serviced.

Effective January 1, 2023, annual escalators for labor and the producer price index on a number of inland multi-year contracts 

resulted in rate increases on those contracts of approximately 9%, excluding fuel.

Marine Transportation Costs and Expenses

Total  costs  and  expenses  for  2023  were  flat  compared  to  2022.  Costs  of  sales  and  operating  expenses  for  2023  decreased  1% 
compared to 2022 primarily reflecting lower fuel costs which was partially offset by higher business activity levels and inflationary cost 
pressures.

The inland marine transportation fleet operated an average of 280 towboats during 2023, of which an average of 64 were chartered, 
compared to 271 during 2022, of which an average of 59 were chartered. The increase was primarily due to higher business activity 
levels. Generally, variability in demand or anticipated demand, as tank barges are added to or removed from the fleet, as chartered 
towboat availability changes, or as weather or water conditions dictate, the Company charters in or releases chartered towboats in an 

39

effort to balance horsepower needs with current requirements. The Company has historically used chartered towboats for approximately 
one-fourth of its horsepower requirements.

Inland operations consumed 48.1 million gallons of diesel fuel in 2023 compared to 48.4 million gallons consumed during 2022. 
The average price per gallon of diesel fuel consumed during 2023 was $3.08 per gallon compared to $3.70 per gallon for 2022. Fuel 
escalation and de-escalation clauses are typically included in term contracts and are designed to rebate fuel costs when prices decline 
and recover additional fuel costs when fuel prices rise; however, there is generally a 30 to 120 day delay before contracts are adjusted. 
Spot contracts do not have escalators for fuel.

Selling, general and administrative expenses for 2023 increased 5% compared to 2022 due to higher business activity levels and 
inflationary  cost  pressures.  The  increase  is  primarily  due  to  higher  salary  and  wage  increases  effective  July  1,  2023  and  increased 
incentive compensation, partially offset by lower legal costs. Selling, general and administrative expenses for 2022 were negatively 
impacted by severance expense in the 2022 second and fourth quarters.

Depreciation and amortization for 2023 increased slightly compared to 2022. The increase was primarily due to capital additions 

during 2023 and 2022.

Marine Transportation Operating Income and Operating Margins

KMT operating income for 2023 increased 75% compared to 2022. The operating margin was 13.9% for 2023 compared to 8.4% 
for 2022. The increase in operating income and operating margin were primarily due to increased barge utilization and higher term and 
spot contract pricing in the inland and coastal markets. The 2022 results were impacted by increased fuel prices as well as the impact of 
the COVID-19 Omicron variant during the 2022 first quarter.

Distribution and Services

The following table sets forth a year over year comparison of KDS’s revenues, costs and expenses, operating income and operating 

margins (dollars in thousands):

2023
$ 1,369,703

2022
$ 1,167,787

Year Ended December 31,
% Change

Distribution and services revenues

Costs and expenses:

Costs of sales and operating expenses
Selling, general and administrative
Taxes, other than on income
Depreciation and amortization

Operating income
Operating margins

1,040,905
187,424
7,051
19,842
1,255,222
114,481

$

913,624
163,642
6,708
16,776
1,100,750
67,037

$

8.4%

5.7%

17% $

14
15
5
18
14
71% $

2021
923,742

% Change

26%

728,855
141,100
5,607
20,573
896,135
27,607

3.0%

25
16
20
(18)
23
143%

The following table shows the markets serviced by the Company, the revenue distribution, and the customers for each market:

Markets Serviced

Commercial and Industrial

2023 Revenue 
Distribution
59%

Oil and Gas

41%

Customers

Inland River Carriers — Dry and Liquid, Offshore Towing — Dry and 
Liquid, Offshore Oilfield Services — Drilling Rigs & Supply Boats, Harbor 
Towing, Dredging, Great Lakes Ore Carriers, Pleasure Crafts, On and Off-
Highway Transportation, Power Generation, Standby Power Generation, 
Pumping Stations, Mining
Oilfield Services, Oil and Gas Operators and Producers

40

 
2023 Compared to 2022

Distribution and Services Revenues

KDS revenues for 2023 increased 17% compared to 2022. In the commercial and industrial market, the increase was primarily 
attributable to strong economic activity across the U.S. which resulted in higher business levels in the marine and on-highway businesses. 
For 2023 and 2022, the commercial and industrial market contributed 59% and 56%, respectively, of KDS revenues.

The oil and gas market revenues increase compared to 2022 primarily due to higher oilfield activity which resulted in increased 
demand for new transmissions and parts in the distribution business. Although the manufacturing business was heavily impacted by 
supply chain delays, the business continued to experience increased orders and deliveries of new environmentally friendly pressure 
pumping equipment and power generation equipment for electric fracturing. For 2023 and 2022, the oil and gas market contributed 41% 
and 44%, respectively, of KDS revenues. 

Distribution and Services Costs and Expenses

Total costs and expenses for 2023 increased 14% compared to 2022 reflecting higher costs of sales and operating expenses as a 
result of inflationary cost pressures and higher demand in the marine and on-highway businesses in commercial and industrial markets, 
as well as increased demand in the oil and gas market due to higher oilfield activity levels.

Selling, general and administrative expenses for 2023 increased 15% compared to 2022. The increase was primarily due to continued 

inflationary cost pressures, higher business activity and annual compensation increases.

Depreciation  and  amortization  for  2023  increased  18%  compared  to  2022.  The  increase  was  primarily  due  to  increased  capital 

spending during 2022 and 2023.

Distribution and Services Operating Income and Operating Margins

Operating income for KDS for 2023 increased 71% compared to 2022. The operating margin was 8.4% for 2023 compared to 5.7% 
for 2022. The results reflect increased business levels in both the commercial and industrial and oil and gas markets and ongoing cost 
management initiatives, which were partially offset by higher costs and expenses due to higher business activity.

General Corporate Expenses

General corporate expenses for 2023, 2022, and 2021 were $23.3 million, $18.6 million and $13.8 million, respectively. General 
corporate expenses were higher in 2023 compared to 2022 primarily due to higher legal and insurance costs. The 2023 first quarter also 
included costs related to the strategic review and shareholder engagement.

Gain on Disposition of Assets

The Company reported net gains on disposition of assets of $5.0 million, $8.3 million, and $5.8 million in 2023, 2022, and 2021, 

respectively. The net gains were predominantly from the sales or retirements of marine equipment.

Other Income and Expenses

The following table sets forth a year over year comparison of impairments and other charges, other income, noncontrolling interests, 

and interest expense (dollars in thousands):

Impairments and other charges
Other income
Noncontrolling interests
Interest expense

Other Income

2023

— $
$
11,041
$
30
(52,008) $

$
$
$
$

Year Ended December 31,
% Change

2022

—
16,677
(470)
(44,588)

0% $
(34)% $
(106)% $
17% $

2021
(340,713)
10,001
(183)
(42,469)

% Change

(100)%
67%
157%
5%

Other  income  for  2023,  2022,  and  2021  includes  income  of  $4.8  million,  $13.9  million  and  $8.2  million,  respectively,  for  all 

components of net benefit costs except the service cost component related to the Company’s defined benefit plans.

41

Interest Expense

The following table sets forth average debt and average interest rate (dollars in thousands):

Average debt
Average interest rate

2023
1,088,851

$

Year Ended December 31,
2022
1,171,317

$

$

4.7%

3.8%

2021
1,293,446

3.2%

Interest expense for 2023 increased 17% compared to 2022, primarily due to a higher average interest rate, partially offset by a 

lower average debt outstanding as a result of debt repayments.

(Provision) Benefit for Taxes on Income

Provision  for  taxes  on  income  for  2023  increased  69%  compared  to  2022,  primarily  due  to  improved  earnings  before  taxes  on 

income as a result of increased business activity levels.

Financial Condition, Capital Resources and Liquidity

Balance Sheet

The following table sets forth a year over year comparison of the significant components of the balance sheets (dollars in thousands):

2023

2022

December 31,
% Change

2021

% Change

Assets:

Current assets
Property and equipment, net
Operating lease right-of-use assets
Investment in affiliates
Goodwill
Other intangibles, net
Other assets

Liabilities and stockholders’ equity:

Current liabilities
Long-term debt, net — less current portion
Deferred income taxes
Operating lease liabilities — less current 
portion
Other long-term liabilities
Total equity

2023 Compared to 2022 

$

$

$

$

1,135,161
3,861,105
152,216
2,576
438,748
42,927
89,464
5,722,197

$ 1,211,759
3,633,462
154,507
2,171
438,748
51,463
62,814
$ 5,554,924

675,795
1,008,527
696,557

$

642,197
1,076,326
625,884

138,811
15,830
3,186,677
5,722,197

142,140
23,209
3,045,168
$ 5,554,924

(6)% $ 1,003,865
3,678,515
6
167,730
(1)
2,134
19
438,748
—
60,070
(17)
42
48,001
3% $ 5,399,063

5% $
(6)
11

543,772
1,161,433
574,152

159,672
(2)
71,252
(32)
2,888,782
5
3% $ 5,399,063

21%
(1)
(8)
2
—
(14)
31
3%

18%
(7)
9

(11)
(67)
5
3%

Current assets as of December 31, 2023 decreased 6% compared to December 31, 2022. Trade accounts receivable increased 9% 
primarily due to increased business activity in both KMT and KDS. Other accounts receivable decreased 55% as the Company received 
its tax refund of $70.4 million plus accrued interest in April 2023.

Property and equipment, net of accumulated depreciation, at December 31, 2023 increased 6% compared to December 31, 2022. 
The increase reflected $411.3 million of capital additions (including accrued capital expenditures) and $37.5 million of acquisitions of 
barge equipment, partially offset by $203.1 million of depreciation expense and $18.1 million of property disposals, more fully described 
under Cash Flows and Capital Expenditures below.

Operating lease right-of-use assets as of December 31, 2023 decreased 1% compared to December 31, 2022, primarily due to lease 

amortization expense, partially offset by new leases acquired.

Other intangibles, net, as of December 31, 2023 decreased 17% compared to December 31, 2022, primarily due to amortization.

42

 
 
Other assets as of December 31, 2023 increased 42% compared to December 31, 2022, primarily due to an increase in pension 

assets as a result of an improved funded status.

Current  liabilities  as  of  December 31,  2023  increased  5%  compared  to  December 31,  2022.  Accounts  payable  decreased  3%, 
primarily due to timing of payments. Accrued liabilities increased 12%, primarily due to increased insurance claims and higher employee 
incentive compensation accruals. Deferred revenues increased 13%, primarily due to deposits on equipment expected to be shipped in 
2024 in KDS.

Long-term debt, net – less current portion, as of December 31, 2023, decreased 6% compared to December 31, 2022, primarily 
reflecting the maturity of the 3.29% senior notes due February 27, 2023, partially offset by borrowings under the 3.46% and 3.51% 
senior notes due January 19, 2033 and the 2027 Revolving Credit Facility.

Deferred income taxes as of December 31, 2023 increased 11% compared to December 31, 2022, primarily reflecting the 2023 

deferred tax provision of $65.3 million.

Operating lease liabilities – less current portion, as of December 31, 2023 decreased 2% compared to December 31, 2022, primarily 

due to lease payments made, partially offset by new leases acquired and liability accretion.

Other long-term liabilities as of December 31, 2023 decreased 32% compared to December 31, 2022, primarily due to a decrease 

in pension liabilities due to pension contributions and amortization of intangible liabilities.

Total equity as of December 31, 2023 increased 5% compared to December 31, 2022, primarily due to net earnings attributable to 
Kirby of $222.9 million and other comprehensive income of $18.2 million for 2023, partially offset by treasury stock purchases of 
$112.8 million.

Retirement Plans

The Company sponsors a defined benefit plan for its inland vessel personnel and shore based tankermen. The plan benefits are 
based on an employee’s years of service and compensation. The plan assets consist primarily of equity and fixed income securities. The 
Company’s pension plan funding strategy is to make annual contributions in amounts equal to or greater than amounts necessary to meet 
minimum government funding requirements. No pension contributions to that plan were made in 2023, 2022 or 2021. 

On April 12, 2017, the Company amended its pension plan to cease all benefit accruals for periods after May 31, 2017 for certain 
participants. Participants grandfathered and not impacted were those, as of the close of business on May 31, 2017, who either (a) had 
completed  15  years  of  pension  service  or  (b)  had  attained  age  50  and  completed  10  years  of  pension  service.  Participants  non-
grandfathered are eligible to receive discretionary 401(k) plan contributions. 

On February 14, 2018, with the acquisition of Higman Marine, Inc. (“Higman”), the Company assumed Higman’s pension plan 
(the “Higman Pension Plan”) for its inland vessel personnel and office staff. 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 to the Higman Pension Plan of $8.2 million, $0.9 million and $0.5 million for the years ended December 31, 2023, 
2022 and 2021, respectively.

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. 

The  Company’s  investment  strategy  focuses  on  total  return  on  invested  assets  (capital  appreciation  plus  dividend  and  interest 
income). The primary objective in the investment management of assets is to achieve long-term growth of principal while avoiding 
excessive risk. Risk is managed through diversification of investments within and among asset classes, as well as by investing in asset 
classes offering sufficient liquidity and trading history.

The Company makes various assumptions when determining defined benefit plan costs including, but not limited to, the current 
discount rate and the expected long-term return on plan assets. Discount rates are determined annually and are based on a yield curve 
that consists of a hypothetical portfolio of high quality corporate bonds with maturities matching the projected benefit cash flows. The 
Company used discount rates of 5.1% for the Kirby pension plan and 5.2% for the Higman pension plan in 2023 and 5.5% for both the 
Kirby pension plan and the Higman pension plan in 2022. The Company estimates that every 0.1% decrease in the discount rate results 
in an increase in the accumulated benefit obligation (“ABO”) of approximately $4.3 million. The Company assumed that plan assets 
would generate a long-term rate of return of 6.75% in both 2023 and 2022. The Company developed its expected long-term rate of return 
assumption by evaluating input from investment consultants and comparing historical returns for various asset classes with its actual 
and  targeted  plan  investments.  The  Company  believes  that  long-term  asset  allocation,  on  average,  will  approximate  the  targeted 
allocation.

43

Long-Term Financing

The following table summarizes the Company’s outstanding debt (in thousands): 

Long-term debt, including current portion:

Revolving Credit Facility due July 29, 2027 (a)
Term Loan due July 29, 2027 (a)
3.29% senior notes due February 27, 2023
4.2% senior notes due March 1, 2028
3.46% senior notes due January 19, 2033
3.51% senior notes due January 19, 2033
Credit line due June 30, 2024
Bank notes payable

Unamortized debt discount and issuance costs (b)

December 31,

2023

2022

$

$

44,000
170,000
—
500,000
60,000
240,000
—
8,068
1,022,068
(5,473)
1,016,595

$

$

—
170,000
350,000
500,000
60,000
—
—
3,292
1,083,292
(3,674)
1,079,618

(a) Variable interest rate of 6.8% and 5.8% at December 31, 2023 and 2022, respectively.
(b) Excludes $1.8 million attributable to the 2027 Revolving Credit Facility included in other assets at December 31, 2022.

At the beginning of 2022, the Company had an amended and restated credit agreement (the “2024 Credit Agreement”) with a group 
of commercial banks, with JPMorgan Chase Bank, N.A. as the administrative agent bank, that allowed for an $850 million unsecured 
revolving credit facility (the “2024 Revolving Credit Facility”) and an unsecured term loan (the “2024 Term Loan”) with a maturity 
date of March 27, 2024. The 2024 Term Loan was prepayable, in whole or in part, without penalty.

On July 29, 2022, the Company entered into a new 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.  The  2027  Credit  Agreement  replaced  the  2024  Credit  Agreement.  In  conjunction  with  entering  into  the  2027  Credit 
Agreement, on July 29, 2022, the Company borrowed $35 million under the 2027 Revolving Credit Facility and $250 million under the 
2027 Term Loan to repay borrowings under the 2024 Term Loan. In the fourth quarter of 2022, the Company repaid $80.0 million under 
the 2027 Term Loan prior to scheduled maturities. As a result, no repayments are required until June 30, 2025. Outstanding letters of 
credit under the 2027 Revolving Credit Facility were $6,000 and available borrowing capacity was $456.0 million as of December 31, 
2023.

The 2027 Term Loan is repayable in quarterly installments, with no repayments until June 30, 2025, in increasing percentages of 
the original principal amount of the loan, with the remaining unpaid balance of approximately $43.8 million payable upon maturity, 
assuming no prepayment. The 2027 Term Loan is prepayable, in whole or in part, without penalty. The 2027 Credit Agreement provides 
for a variable interest rate based on the Secured Overnight Financing Rate (“SOFR”) or a base rate calculated with reference to the prime 
rate quoted by The Wall Street Journal, the Federal Reserve Bank of New York Rate plus 0.5%, or the adjusted SOFR rate for a one 
month interest period plus 1.0%, among other factors (the “Alternate Base Rate”). The interest rate varies with the Company’s credit 
rating and is currently 137.5 basis points over SOFR or 37.5 basis points over the Alternate Base Rate. The 2027 Credit Agreement 
contains  certain  financial  covenants  including  an  interest  coverage  ratio  and  debt-to-capitalization  ratio.  In  addition  to  financial 
covenants, the 2027 Credit Agreement contains covenants that, subject to exceptions, restrict debt incurrence, mergers and acquisitions, 
sales of assets, dividends and investments, liquidations and dissolutions, capital leases, transactions with affiliates, and changes in lines 
of business. The 2027 Credit Agreement specifies certain events of default, upon the occurrence of which the maturity of the outstanding 
loans may be accelerated, including the failure to pay principal or interest, violation of covenants and default on other indebtedness, 
among other events. Borrowings under the 2027 Credit Agreement may be used for general corporate purposes including acquisitions. 
The 2027 Revolving Credit Facility includes a $25 million commitment which may be used for standby letters of credit.

The Company has $500 million of 4.2% senior unsecured notes due March 1, 2028 (the “2028 Notes”) with U.S. Bank National 
Association, as trustee. No principal payments are required until maturity. Interest payments of $10.5 million are due semi-annually on 
March 1 and September 1 of each year. The 2028 Notes are unsecured and rank equally in right of payment with the Company’s other 
unsecured senior indebtedness. The 2028 Notes contain certain covenants on the part of the Company, including covenants relating to 
liens, sale-leasebacks, asset sales and mergers, among others. The 2028 Notes also specify certain events of default, upon the occurrence 
of which the maturity of the notes may be accelerated, including failure to pay principal and interest, violation of covenants or default 
on other indebtedness, among others. 

44

 
 
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”). The Series A Notes were issued 
on October 20, 2022, and the Series B Notes were issued on January 19, 2023. No principal payments will be required until maturity. 
Beginning  in  2023,  interest  payments  of  $5.3  million  will  be  due  semi-annually  on  January  19  and  July  19  of  each  year,  with  the 
exception of the first payment on January 19, 2023, which was $0.5 million. The 2033 Notes are unsecured and rank equally in right of 
payment with the Company's other unsecured senior indebtedness. The 2033 Notes contain certain covenants on the part of the Company, 
including  an  interest  coverage  covenant,  a  debt-to-capitalization  covenant,  and  covenants  relating  to  liens,  asset  sales  and  mergers, 
among others. The 2033 Notes also specify certain events of default, upon the occurrence of which the maturity of the notes may be 
accelerated, including failure to pay principal and interest, violation of covenants or default on other indebtedness, among others. The 
3.29% unsecured senior notes due February 27, 2023 (the “2023 Notes”) were repaid using a combination of the proceeds from the 
issuance of the 2033 Notes and availability under the 2027 Revolving Credit Facility. 

The Company has a $10.0 million line of credit (“Credit Line”) with Bank of America, N.A. (“Bank of America”) for short-term 
liquidity needs and letters of credit, with a maturity date of June 30, 2024. Outstanding letters of credit under the $10.0 million credit 
line were $7.3 million and available borrowing capacity was $2.7 million as of December 31, 2023.

The Company also had $8.1 million and $3.3 million of short-term unsecured loans outstanding, as of December 31, 2023 and 2022, 

respectively, related to its Colombia operations. 

As of December 31, 2023, the Company was in compliance with all covenants under its debt instruments. For additional information 

about the Company’s debt instruments, see Note 5, Long-Term Debt.

Cash Flow and Capital Expenditures

The Company generated net cash provided by operating activities of $540.2 million, $294.1 million, and $321.6 million for the 
years ended December 31, 2023, 2022, and 2021, respectively. The 84% increase in 2023 as compared to 2022 was primarily due to 
higher revenues and operating income in KMT and KDS and the receipt of the IRS refund of $70.4 million plus accrued interest in April 
2023,  which  more  than  offset  an  increase  in  trade  accounts  receivable,  primarily  due  to  higher  revenues  and  timing  of  collections. 
Increases in KMT revenues and operating income were driven by increased barge utilization and higher term and spot contract pricing 
in the inland and coastal markets during 2023.

During 2023, 2022, and 2021, the Company generated cash of $26.1 million, $36.9 million, and $51.3 million, respectively, from 
proceeds from the disposition of assets, and $4.2 million, $3.9 million, and $0.6 million, respectively, from proceeds from the exercise 
of stock options.

For 2023, cash generated was used for capital expenditures of $401.7 million (net of an increase in accrued capital expenditures of 
$9.6 million), including $46.7 million for specialized inland equipment construction and $355.0 million primarily for upgrading existing 
marine  equipment,  new  electric  fracturing  equipment,  and  KMT  and  KDS  facilities.  The  Company  also  used  $37.5  million  for 
acquisitions of businesses and marine equipment, more fully described under Acquisitions above.

For 2022, cash generated was used for capital expenditures of $172.6 million (net of an increase in accrued capital expenditures of 
$3.0  million),  including  $8.3  million  for  inland  towboat  construction  and  $164.3  million  primarily  for  upgrading  existing  marine 
equipment and marine transportation and distribution and services facilities. The Company also used $3.9 million for acquisitions of 
businesses and marine equipment, more fully described under Acquisitions above.

Treasury Stock Purchases

During 2023, the Company purchased 1.5 million shares of its common stock for $112.8 million, at an average price of $75.95 per 
share. Subsequent to December 31, 2023 and through February 16, 2024, the Company purchased an additional 235,247 shares of its 
common stock for $18.7 million, at an average price of $79.34 per share. During 2022, the Company purchased 0.4 million shares of its 
common stock for $22.9 million, at an average price of $59.32 per share. The Company did not purchase any treasury stock during 2021. 
On January 30, 2023, the Board approved a five million share increase in the Company’s purchase authorization. As of February 16, 
2024, the Company had approximately 4.3 million shares available under its existing purchase authorizations. Historically, treasury 
stock purchases have been financed through operating cash flows and borrowings under the Company’s Revolving Credit Facility. The 
Company is authorized to purchase its common stock on the New York Stock Exchange and in privately negotiated transactions. When 
purchasing its common stock, the Company is subject to price, trading volume and other market considerations. Shares purchased may 
be used for reissuance upon the exercise of stock options or the granting of other forms of incentive compensation, in future acquisitions 
for stock or for other appropriate corporate purposes. For more information about stock purchases in the 2023 fourth quarter, see Item 
5 Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

45

Liquidity and Capital Resources

Funds generated from operations are available for acquisitions, capital expenditure projects, common stock purchases, repayments 
of borrowings and for other corporate and operating requirements. In addition to net cash flow provided by operating activities, as of 
February 16, 2024, the Company had cash equivalents of $53.4 million, availability of $381.0 million under its Revolving Credit Facility 
and $2.7 million available under its Credit Line.

Neither  the  Company,  nor  any  of  its  subsidiaries,  is  obligated  on  any  debt  instrument,  swap  agreement,  or  any  other  financial 

instrument or commercial contract which has a rating trigger, except for pricing grids on its 2027 Credit Agreement.

The Company expects to continue to be able to fund expenditures for acquisitions, capital construction projects, common stock 
purchases, repayment of borrowings, and for other operating requirements both in the short term and in the long term from a combination 
of available cash and cash equivalents, funds generated from operating activities, and available financing arrangements.

The 2027 Revolving Credit Facility’s commitment is in the amount of $500 million and expires July 29, 2027. The 4.2% senior 
unsecured notes do not mature until March 1, 2028 and require no prepayments. The 2027 Term Loan in the amount of $250 million is 
subject to quarterly installments, beginning June 30, 2025, in increasing percentages of the original principal amount of the loan, with 
the remaining unpaid balance of approximately $43.8 million payable on July 29, 2027, assuming no prepayments. The 2027 Term Loan 
is prepayable, in whole or in part, without penalty. The 2033 Notes do not mature until January 19, 2033 and require no prepayment.

There  are  numerous  factors  that  may  negatively  impact  the  Company’s  cash  flow  in  2024.  For  a  list  of  significant  risks  and 
uncertainties that could impact cash flows, see Note 14, Contingencies and Commitments in the financial statements, and Item 1A — 
Risk Factors. Amounts available under the Company’s existing financing arrangements are subject to the Company continuing to meet 
the covenants of the credit facilities as described in Note 5, Long-Term Debt in the financial statements.

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 $26.7 million at December 31, 2023, including $12.1 million in 
letters of credit and $14.6 million in performance bonds. All of these instruments have an expiration date within two years. The Company 
does not believe demand for payment under these instruments is likely and expects no material cash outlays to occur in connection with 
these instruments.

The Company’s marine transportation term contracts typically contain fuel escalation clauses, or the customer pays for the fuel. 
However, there is generally a 30 to 120 day delay before contracts are adjusted depending on the specific contract. In general, the fuel 
escalation clauses are effective over the long-term in allowing the Company to recover changes in fuel costs due to fuel price changes. 
However, the short-term effectiveness of the fuel escalation clauses can be affected by a number of factors including, but not limited to, 
specific terms of the fuel escalation formulas, fuel price volatility, navigating conditions, tow sizes, trip routing, and the location of 
loading and discharge ports that may result in the Company over or under recovering its fuel costs. The Company’s spot contract rates 
generally reflect current fuel prices at the time the contract is signed but do not have escalators for fuel.

The  Company  currently  leases  various  facilities  and  equipment  under  cancelable  and  noncancelable  operating  leases.  Future 
minimum  lease  payments  under  operating  leases  that  have  initial  noncancelable  lease  terms  in  excess  of  one  year  are  detailed  in 
Note 6, Leases. Lease payments for towing vessels exclude non-lease components. The Company estimates that non-lease components 
comprise approximately 70% of charter rental costs, related to towboat crew costs, maintenance and insurance.

The Company’s pension plan funding strategy is to make annual contributions in amounts equal to or greater than amounts necessary 
to meet minimum government funding requirements. The ABO is based on a variety of demographic and economic assumptions, and 
the pension plan assets’ returns are subject to various risks, including market and interest rate risk, making an accurate prediction of the 
pension plan contribution difficult resulting in the Company electing to only make an expected pension contribution forecast of one 
year. As of December 31, 2023, the Company’s pension plan funding was 115% of the pension plans’ ABO, including the Higman 
pension plan. The Company expects to make additional pension contributions of $1.8 million in 2024.

The Company has certain mechanisms designed to help mitigate the impacts of rising costs. For example, KMT has long-term 
contracts which generally contain cost escalation clauses whereby certain costs, including fuel as noted above, can be largely passed 
through to its customers. Spot contract rates include the cost of fuel and are subject to market volatility. In KDS, the cost of major 
components for large manufacturing orders is secured with suppliers at the time a customer order is finalized, which somewhat limits 
exposure to inflation. The repair portion of KDS is based on prevailing current market rates.

Accounting Standards

For a discussion of recently issued accounting standards, see Note 1, Summary of Significant Accounting Policies.

46

Item 7A. Quantitative and Qualitative Disclosures about Market Risk

The Company is exposed to risk from changes in interest rates on certain of its outstanding debt. The outstanding loan balances 
under the Company’s bank credit facilities bear interest at variable rates based on prevailing short-term interest rates in the United States 
and  Europe.  A  1%  increase  in  variable  interest  rates  would  impact  the  2023  interest  expense  by  $2.1  million  based  on  balances 
outstanding at December 31, 2023, and would change the fair value of the Company’s debt by approximately 4.0%.

Item 8. Financial Statements and Supplementary Data

The response to this item is submitted as a separate section of this report (see Item 15, page 78 and pages 49 to 77 of this report).

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Not applicable.

47

Item 9A. Controls and Procedures

Disclosure Controls and Procedures. The Company’s management, with the participation of the Chief Executive Officer and the 
Chief  Financial  Officer,  has  evaluated  the  Company’s  disclosure  controls  and  procedures  (as  defined  in  Rule  13a-15(e)  under  the 
Securities Exchange Act of 1934 (“Exchange Act”)), as of December 31, 2023, as required by Rule 13a-15(b) under the Exchange Act. 
Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that, as of December 31, 2023, the 
disclosure controls and procedures were effective to ensure that information required to be disclosed by the Company in the reports that 
it files or submits under the Exchange Act (i) is recorded, processed, summarized and reported within the time periods specified in the 
Securities and Exchange Commission’s rules and forms and (ii) is accumulated and communicated to the Company’s management, 
including  the  Chief  Executive  Officer  and  the  Chief  Financial  Officer,  as  appropriate  to  allow  timely  decisions  regarding  required 
disclosure.

Management’s  Annual  Report  on  Internal  Control  Over  Financial  Reporting.  Management  of  the  Company  is  responsible  for 
establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act). 
The  Company’s  management,  with  the  participation  of  the  Chief  Executive  Officer  and  the  Chief  Financial  Officer,  evaluated  the 
effectiveness  of  the  Company’s  internal  control  over  financial  reporting  as  of  December 31,  2023  using  the  framework  in  Internal 
Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based 
on that evaluation, management concluded that the Company’s internal control over financial reporting was effective as of December 31, 
2023. KPMG LLP, the Company’s independent registered public accounting firm, has audited the Company’s internal control over 
financial reporting, as stated in their report which is included herein.

Because  of  its  inherent  limitations,  internal  control  over  financial  reporting  may  not  prevent  or  detect  misstatements.  Also, 
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of 
changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Changes in Internal Control Over Financial Reporting. There were no changes in the Company’s internal control over financial 
reporting during the quarter ended December 31, 2023 that have materially affected, or are reasonably likely to materially affect, the 
Company’s internal control over financial reporting.

Item 9B. Other Information

During the three months ended December 31, 2023, no director or officer of the Company adopted or terminated a “Rule 10b5-1 

trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not applicable

Items 10 Through 14.

PART III

The information for these items is incorporated by reference to the definitive proxy statement to be filed by the Company with the 
Commission  pursuant  to  Regulation  14A  within  120  days  of  the  close  of  the  fiscal  year  ended  December 31,  2023,  except  for  the 
information regarding executive officers which is provided under Item 1.

48

Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors
Kirby Corporation:

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Kirby Corporation and subsidiaries (the Company) as of December 
31, 2023 and 2022, the related consolidated statements of earnings, comprehensive income, stockholders’ equity, and cash flows for 
each  of  the  years  in  the  three-year  period  ended  December  31,  2023,  and  the  related  notes  (collectively,  the  consolidated  financial 
statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the 
Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the years in the three-year 
period ended December 31, 2023, in conformity with U.S. generally accepted accounting principles. 

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), 
the Company’s internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control – 
Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated 
February 20, 2024 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion 
on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are 
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and 
regulations of the Securities and Exchange Commission and the PCAOB. 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit 
to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to 
error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial 
statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, 
on  a  test  basis,  evidence  regarding  the  amounts  and  disclosures  in  the  consolidated  financial  statements.  Our  audits  also  included 
evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation 
of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements 
that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are 
material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The 
communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, 
and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the 
accounts or disclosures to which it relates.

Evaluation of potential impairment indicators for coastal marine transportation equipment

As  discussed  in  Note  1  to  the  consolidated  financial  statements,  the  Company  performs  an  impairment  assessment  when 
circumstances indicate that the carrying amount of its long-lived assets may not be recoverable. If a triggering event is identified, 
the Company compares the carrying amount of the asset group to the estimated undiscounted future cash flows expected to result 
from the use of the asset group. If the carrying amount of the asset group exceeds the estimated undiscounted future cash flows, the 
Company measures the amount of the impairment by comparing the carrying amount of the asset group to its estimated fair value. 
Recoverability  of  marine  transportation  equipment  is  assessed  based  on  vessel  classes.  Marine  Transportation  equipment  as  of 
December 31, 2023, was $5,029,653,000, a portion of which related to coastal marine transportation equipment.

We identified the evaluation of potential impairment indicators for coastal marine transportation equipment as a critical audit matter. 
Evaluating the Company’s judgments in determining whether there was a triggering event required a high degree of subjective 
auditor judgment.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the 
operating effectiveness of certain internal controls related to the Company’s process to identify and assess triggering events that 
indicate that the carrying amount of coastal marine transportation equipment may not be recoverable. This included controls related 

49

to the consideration of contract pricing by vessel class and market conditions in the determination of a triggering event. We assessed 
the Company’s identification of triggering events, including consideration of executed contract pricing and break-even costs by 
vessel class in  addition to other certain  qualitative considerations. We compared certain data used by the Company to relevant 
executed  contracts,  historical  results,  and  analyst  and  industry  reports.  We  evaluated  the  Company’s  responses  related  to  the 
elements considered and whether the Company omitted any significant internal or external elements in its evaluation.

/s/ KPMG LLP

We have served as the Company’s auditor since 1992.

Houston, Texas
February 20, 2024

50

Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors
Kirby Corporation:

Opinion on Internal Control Over Financial Reporting

We have audited Kirby Corporation and subsidiaries' (the Company) internal control over financial reporting as of December 31, 2023, 
based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations 
of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial 
reporting  as  of  December  31,  2023,  based  on  criteria  established  in  Internal  Control  –  Integrated  Framework  (2013)  issued  by  the 
Committee of Sponsoring Organizations of the Treadway Commission. 

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), 
the consolidated balance sheets of the Company as of December 31, 2023 and 2022, the related consolidated statements of earnings, 
comprehensive income, stockholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2023, 
and  the  related  notes  (collectively,  the  consolidated  financial  statements),  and  our  report  dated  February 20,  2024  expressed  an 
unqualified opinion on those consolidated financial statements.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of 
the effectiveness of internal control over financial reporting, included in the accompanying Management's Annual Report on Internal 
Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting 
based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the 
Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange 
Commission and the PCAOB. 

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to 
obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. 
Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, 
assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control 
based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. 
We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of 
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting 
principles.  A  company’s  internal  control  over  financial  reporting  includes  those  policies  and  procedures  that  (1)  pertain  to  the 
maintenance  of  records  that,  in  reasonable  detail,  accurately  and  fairly  reflect  the  transactions  and  dispositions  of  the  assets  of  the 
company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in 
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in 
accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention 
or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the 
financial statements. 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections 
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in 
conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ KPMG LLP

Houston, Texas
February 20, 2024

51

KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

Current assets:

Cash and cash equivalents
Accounts receivable:

ASSETS

Trade — less allowance for doubtful accounts of $7,636 ($7,684 in 2022)
Other

Inventories — net
Prepaid expenses and other current assets

Total current assets

Property and equipment — net
Operating lease right-of-use assets
Investment in affiliates
Goodwill
Other intangibles, net
Other assets

Total assets

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Bank notes payable
Income taxes payable
Accounts payable
Accrued liabilities:

Interest
Insurance premiums and claims
Employee compensation
Taxes — other than on income
Other

Current portion of operating lease liabilities
Deferred revenues

Total current liabilities

Long-term debt, net — less current portion
Deferred income taxes
Operating lease liabilities — less current portion
Other long-term liabilities

Total long-term liabilities

Contingencies and commitments

Equity:

Kirby stockholders’ equity:

Common stock, $0.10 par value per share. Authorized 120,000,000 shares, issued 65,472,000
Additional paid-in capital
Accumulated other comprehensive income — net
Retained earnings
Treasury stock — at cost, 6,843,000 shares in 2023 and 5,565,000 shares in 2022

Total Kirby stockholders’ equity

Noncontrolling interests

Total equity
Total liabilities and equity

December 31,

2023

2022

($ in thousands)

$

32,577

$

80,577

$

$

526,691
52,025
454,389
69,479
1,135,161

3,861,105
152,216
2,576
438,748
42,927
89,464
5,722,197

8,068
1,486
269,378

13,114
84,825
69,075
31,555
30,377
33,340
134,577
675,795
1,008,527
696,557
138,811
15,830
1,859,725

483,406
114,556
461,848
71,372
1,211,759

3,633,462
154,507
2,171
438,748
51,463
62,814
5,554,924

3,292
323
278,081

11,630
65,088
55,851
30,169
42,014
36,444
119,305
642,197
1,076,326
625,884
142,140
23,209
1,867,559

—

—

6,547
863,963
35,006
2,691,665
(411,750)
3,185,431
1,246
3,186,677
5,722,197

$

6,547
859,345
16,853
2,468,730
(308,598)
3,042,877
2,291
3,045,168
5,554,924

$

$

$

See accompanying notes to consolidated financial statements.

52

KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS

2023

Year Ended December 31,
2022
($ in thousands, except per share amounts)

2021

Revenues:

Marine transportation
Distribution and services

Total revenues

Costs and expenses:

Costs of sales and operating expenses
Selling, general and administrative
Taxes, other than on income
Depreciation and amortization
Impairments and other charges
Gain on disposition of assets
Total costs and expenses
Operating income (loss)

Other income
Interest expense

Earnings (loss) before taxes on income

(Provision) benefit for taxes on income

Net earnings (loss)

Less: Net (earnings) loss attributable to noncontrolling interests

Net earnings (loss) attributable to Kirby

Net earnings (loss) per share attributable to Kirby common stockholders:

Basic
Diluted

$

$

1,721,937
1,369,703
3,091,640

$

1,616,967
1,167,787
2,784,754

1,322,918
923,742
2,246,660

2,180,422
335,213
34,766
211,156
—
(5,009)
2,756,548
335,092
11,041
(52,008)
294,125
(71,220)
222,905
30
222,935

3.74
3.72

$

$
$

2,060,941
302,692
35,071
201,443
—
(8,279)
2,591,868
192,886
16,677
(44,588)
164,975
(42,214)
122,761
(470)
122,291

2.04
2.03

$

$
$

1,652,961
266,911
36,251
213,718
340,713
(5,761)
2,504,793
(258,133)
10,001
(42,469)
(290,601)
43,830
(246,771)
(183)
(246,954)

(4.11)
(4.11)

$

$
$

See accompanying notes to consolidated financial statements.

53

KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Net earnings (loss)
Other comprehensive income, net of taxes:
Pension and postretirement benefits
Foreign currency translation adjustments

Total other comprehensive income, net of taxes

Total comprehensive income (loss), net of taxes

Net (earnings) loss attributable to noncontrolling interests
Comprehensive income (loss) attributable to Kirby

$

$

2023

222,905

Year Ended December 31,
2022
($ in thousands)
122,761
$

$

16,728
1,425
18,153

43,868
(1,049)
42,819

2021

(246,771)

36,547
(1,061)
35,486

241,058
30
241,088

$

165,580
(470)
165,110

$

(211,285)
(183)
(211,468)

See accompanying notes to consolidated financial statements.

54

KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS

Cash flows from operating activities:

Net earnings (loss)
Adjustments to reconcile net earnings (loss) to net cash provided by operations:

2023

Year Ended December 31,
2022
($ in thousands)

2021

$

222,905

$

122,761

$

(246,771)

Depreciation and amortization
Provision (credit) for doubtful accounts
Provision (benefit) for deferred income taxes
Gain on disposition of assets
Impairments and other charges
Amortization of share-based compensation
Amortization of major maintenance costs
Other

Increase (decrease) in cash flows resulting from changes in:

Accounts receivable
Inventory
Other assets
Income taxes payable
Accounts payable
Accrued and other liabilities

Net cash provided by operating activities

Cash flows from investing activities:

Capital expenditures
Acquisitions of businesses and marine equipment, net of cash acquired
Proceeds from disposition of assets and other

Net cash used in investing activities

Cash flows from financing activities:

Borrowings (payments) on bank credit facilities, net
Borrowings on long-term debt
Payments on long-term debt
Payment of debt issue costs
Proceeds from exercise of stock options
Payments related to tax withholding for share-based compensation
Treasury stock purchases
Return of investment to noncontrolling interests and other

Net cash used in financing activities
Increase (decrease) in cash and cash equivalents

Cash and cash equivalents, beginning of year
Cash and cash equivalents, end of year

Supplemental disclosures of cash flow information:

Cash paid (received) during the period:

Interest paid
Income taxes paid (refunded), net
Operating cash outflow from operating leases

Non-cash investing activity:

Capital expenditures included in accounts payable
Right-of-use assets obtained in exchange for lease obligations

211,156
402
65,298
(5,009)
—
14,941
28,966
(3,338)

(50,135)
7,694
(37,688)
71,604
(18,271)
31,703
540,228

(401,730)
(37,500)
26,081
(413,149)

48,776
240,000
(350,000)
(1,254)
4,209
(3,908)
(112,803)
(99)
(175,079)
(48,000)
80,577
32,577

49,317
(65,787)
43,954

9,567
39,153

$

$
$
$

$
$

201,443
1,183
37,782
(8,279)
—
13,865
29,031
(283)

(31,550)
(127,095)
(27,801)
1,975
75,996
5,100
294,128

(172,606)
(3,900)
36,905
(139,601)

1,358
310,000
(395,000)
(1,977)
3,887
(3,408)
(22,901)
(722)
(108,763)
45,764
34,813
80,577

42,816
2,553
44,229

2,996
22,799

$

$
$
$

$
$

213,718
(138)
(44,419)
(5,761)
340,713
15,713
33,213
(640)

29,126
(19,248)
(38,335)
480
15,951
27,974
321,576

(98,015)
(9,115)
51,342
(55,788)

(248,105)
—
(60,000)
—
629
(2,856)
—
(981)
(311,313)
(45,525)
80,338
34,813

40,878
(116,648)
44,089

18,633
33,842

$

$
$
$

$
$

See accompanying notes to consolidated financial statements.

55

 
Balance at December 31, 2020
Stock option exercises
Issuance of stock for equity 
awards, net of forfeitures
Tax withholdings on equity 
award vesting
Amortization of share-based 
compensation
Total comprehensive loss, net 
of taxes
Return of investment to 
noncontrolling interests
Balance at December 31, 2021
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
Total comprehensive income, 
net of taxes
Return of investment to 
noncontrolling interests
Balance at December 31, 2022
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 December 31, 2023

KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

Common
Stock

Shares

Amount

Additional
Paid-in-
Capital

Accumulated
Other
Comprehensive
Income

65,472
—

$ 6,547
—

$

844,979
21

$

(61,452)
—

Retained
Earnings
(in thousands)
$ 2,593,393
—

Treasury Stock

Shares

Amount

Noncontrolling
Interests

Total

(5,434)
12

$ (299,161)
608

$

3,247
—

$ 3,087,553
629

—

—

—

—

—

—

—

—

(6,201)

—

15,713

—

—

—

—

—

—

—

35,486

(246,954)

113

(52)

—

—

6,201

(2,856)

—

—

—
65,472
—

—
$ 6,547
—

$

—
854,512
757

$

—
(25,966)
—

—
$ 2,346,439
—

—
(5,361)
58

—
$ (295,208)
3,130

$

—

—

—
—

—

—

—

—
—

—

(9,789)

—

13,865
—

—

—

—

—
—

—

—

—
—

178

(54)

—
(386)

9,789

(3,408)

—
(22,901)

—

—

—

—

(2,856)

15,713

183

(211,285)

(972)
2,458
—

(972)
$ 2,888,782
3,887

—

—

—
—

—

(3,408)

13,865
(22,901)

42,819

122,291

—

—

470

165,580

—
65,472
—

—
$ 6,547
—

$

—
859,345
453

$

—
16,853
—

—
$ 2,468,730
—

—
(5,565)
71

—
$ (308,598)
3,755

$

(637)
2,291
—

(637)
$ 3,045,168
4,208

—

—

—
—

—

—

—

—

—
—

—

—

(10,776)

—

14,941
—

—

—

—

—

—
—

—

—

—

—
—

—

18,153

222,935

194

(58)

10,776

(3,908)

—
(1,485)

—
(112,803)

—

—

(972)

—

—

—

—
—

—

—

(3,908)

14,941
(112,803)

(972)

(30)

241,058

—
65,472

—
$ 6,547

—
863,963

$

$

—
35,006

—
$ 2,691,665

—
(6,843)

—
$ (411,750)

$

(1,015)
1,246

(1,015)
$ 3,186,677

See accompanying notes to consolidated financial statements.

56

 
KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(1) Summary of Significant Accounting Policies

Principles of Consolidation. The consolidated financial statements include the accounts of Kirby Corporation and all majority-
owned subsidiaries (the “Company”). All investments in which the Company owns 20% to 50% and exercises significant influence over 
operating and financial policies are accounted for using the equity method. All material intercompany accounts and transactions have 
been eliminated in consolidation. Certain reclassifications have been made to reflect the current presentation of financial information. 
Such reclassifications have no impact on previously reported net earnings (loss), stockholders’ equity, or cash flows.

Accounting Policies

Cash Equivalents. Cash equivalents consist of all short-term, highly liquid investments with maturities of three months or less at 

date of purchase.

Accounts  Receivable.  In  the  normal  course  of  business,  the  Company  extends  credit  to  its  customers.  The  Company  regularly 
reviews the accounts and makes adequate provisions for probable uncollectible balances. It is the Company’s opinion that the accounts 
have no impairment, other than that for which provisions have been made. Included in accounts receivable-trade as of December 31, 
2023 and 2022 were $136.3 million and $139.5 million, respectively, of accruals for revenues earned which have not been invoiced as 
of the end of each year. 

Accrued Insurance. The Company’s marine transportation and distribution and services operations are subject to hazards associated 
with such businesses. The marine transportation business in particular is subject to property damage and casualty risks associated with 
operating vessels carrying large volumes of bulk liquid and dry cargo in a marine environment. The Company maintains insurance 
coverage against these hazards with insurance companies subject to a deductible, below which the Company is liable. The Company 
uses historic experience and actuarial analysis by outside consultants to estimate an appropriate level of accrued insurance liabilities 
including estimates on individual claims outstanding and an estimated amount for losses that may have occurred but have not been 
reported to the Company (“IBNR”) or not yet fully developed. If the actual number of claims and magnitude were substantially greater 
than  assumed,  the  required  level  of  accrued  liabilities  for  claims  incurred  but  not  reported  or  fully  developed  could  be  materially 
understated.  Insurance  premiums,  IBNR  losses  and  incurred  claim  losses,  up  to  the  Company’s  deductible  for  the  years  ended 
December 31, 2023, 2022, and 2021, were $52.5 million, $39.1 million, and $37.8 million, respectively.

The Company records receivables from its insurers for incurred claims above the Company’s deductible. If the solvency of the 
insurers becomes impaired, there could be an adverse impact on the accrued receivables and the availability of insurance. Included in 
accounts receivable-other as of December 31, 2023 and 2022 were $29.6 million and $27.7 million, respectively, of receivables from 
insurance companies to cover claims in excess of the Company’s deductible. 

Concentrations of Credit Risk. Financial instruments which potentially subject the Company to concentrations of credit risk are 
primarily trade accounts receivables. The Company’s marine transportation customers include the major oil refining and petrochemical 
companies. The distribution and services customers are oilfield service companies, oil and gas operators and producers, on-highway 
transportation companies, marine transportation companies, commercial fishing companies, construction companies, power generation 
companies, and the United States government. The Company regularly reviews its accounts and estimates the amount of uncollectible 
receivables each period and establishes an allowance for uncollectible amounts. The amount of the allowance is based on the age of 
unpaid amounts, information about the current financial strength of customers, and other relevant information. Estimates of uncollectible 
amounts are revised each period, and changes are recorded in the period they become known. 

Historically,  credit  risk  with  respect  to  these  trade  receivables  has  generally  been  considered  minimal  because  of  the  financial 
strength of the Company’s customers; however, a United States or global recession or other adverse economic condition could impact 
the collectability of certain customers’ trade receivables which could have a material effect on the Company’s results of operations.

Inventories. Inventories are stated at the lower of average cost or net realizable value.

Property, Maintenance and Repairs. Property is recorded at cost or acquisition date fair value; improvements and betterments are 
capitalized as incurred. Depreciation is recorded using the straight-line method over the estimated useful lives of the individual assets 
as  follows:  marine  transportation  equipment,  5-40  years;  buildings,  10-40  years;  other  equipment,  2-10  years;  and  leasehold 
improvements,  term  of  lease.  When  property  items  are  retired,  sold,  or  otherwise  disposed  of,  the  related  cost  and  accumulated 
depreciation are removed from the accounts with any gain or loss on the disposition included in the statement of earnings. Maintenance 
and repairs on vessels built for use on the inland waterways are charged to operating expense as incurred and includes the costs incurred 

57

in United States Coast Guard (“USCG”) inspections unless the shipyard extends the life, improves the operating capacity, or replaces 
significant components of the vessel, which results in the costs being capitalized. 

The following table summarizes the balances of property and equipment – net (in thousands):

Land
Marine transportation equipment
Buildings and other equipment
Construction in progress

Accumulated depreciation
Property and equipment – net

December 31,

2023

2022

$

39,567
5,029,653
641,871
112,947
$ 5,824,038
(1,962,933)
$ 3,861,105

$

38,551
4,837,379
505,942
70,271
$ 5,452,143
(1,818,681)
$ 3,633,462

Drydocking on Ocean-Going Vessels. The Company’s ocean-going vessels are subject to regulatory drydocking requirements after 
certain  periods  of  time  to  be  inspected,  have  planned  major  maintenance  performed  and  be  recertified  by  the  American  Bureau  of 
Shipping (“ABS”). These recertifications generally occur twice in a five-year period. The Company defers the drydocking expenditures 
incurred on its ocean-going vessels due to regulatory marine inspections by the ABS and amortizes the costs of the shipyard over the 
period  between  drydockings,  generally  30  or  60  months,  depending  on  the  type  of  major  maintenance  performed.  Drydocking 
expenditures that extend the life, improve the operating capability, or replace significant components of the vessel are capitalized. The 
Company recognized amortization of major maintenance costs of $29.0 million, $29.0 million, and $33.2 million for the years ended 
December 31, 2023, 2022, and 2021, respectively, in costs of sales and operating expenses. Routine repairs and maintenance on ocean-
going  vessels  are  expensed  as  incurred.  Interest  is  capitalized  on  the  construction  of  new  ocean-going  vessels.  For  the  years  ended 
December 31, 2023, 2022 and 2021, no interest was capitalized.

Environmental Liabilities. The Company expenses costs related to environmental events as they are incurred or when a loss is 

considered probable and reasonably estimable. 

Goodwill. The excess of the purchase price over the fair value of identifiable net assets acquired in transactions accounted for as a 
purchase is included in goodwill. The Company conducted its annual goodwill impairment tests at November 30, 2023, 2022, and 2021. 
The  Company  also  conducted  an  interim  goodwill  impairment  test  at  September  30,  2021.  Refer  to  Note 7,  Impairments  and  other 
charges for more information. The Company will continue to conduct goodwill impairment tests as of November 30 of subsequent years, 
or whenever events or circumstances indicate that interim impairment testing is necessary. The amount of goodwill impairment, if any, 
is typically measured based on a combination of projected discounted future operating cash flows using an appropriate discount rate and 
a market approach for comparable companies. The following table summarizes the changes in goodwill (in thousands):

Balance at December 31, 2022 (gross)

Accumulated impairment and amortization

Balance at December 31, 2022 and 2023

Marine
Transportation

Distribution and
Services

505,784
(237,626)
268,158

$

560,155
(389,565)
170,590

$

$

Total
1,065,939
(627,191)
438,748

Other Intangibles. Other intangibles include assets for favorable contracts and customer relationships, distributorship and dealership 
agreements,  trade  names  and  non-compete  agreements  and  liabilities  for  unfavorable  leases  and  contracts.  The  following  table 
summarizes the balances of other intangible assets and other intangible liabilities (in thousands): 

Other intangible assets – gross
Accumulated amortization
Other intangible assets – net

Other intangible liabilities – gross
Accumulated amortization
Other intangible liabilities – net

December 31,

2023

184,622
(141,695)
42,927

8,800
(8,800)

$

$

$

— $

2022

203,242
(151,779)
51,463

13,860
(13,280)
580

$

$

$

$

The costs of intangible assets and liabilities are amortized to expense in a systematic and rational manner over their estimated useful 
lives. For the years ended December 31, 2023, 2022, and 2021, the amortization expense for intangibles was $8.1 million, $7.6 million, 
and $7.8 million, respectively. Estimated net amortization expense for amortizable intangible assets and liabilities for the next five years 

58

(2024 – 2028) is approximately $8.5 million, $8.5 million, $6.3 million, $5.0 million, and $3.5 million, respectively, and $11.1 million 
thereafter. As of December 31, 2023, the weighted average amortization period for intangible assets and liabilities was approximately 
seven years.

Revenue Recognition. The majority of marine transportation revenue is derived from term contracts, ranging from one to three 
years, some of which have renewal options, and the remainder is from spot contracts. The majority of the term contracts by revenue are 
for terms of one year. The Company provides marine transportation services for its customers and, in almost all cases, does not assume 
ownership of the products it transports. The Company enters into agreements with its customers to transport cargo from a designated 
origin to a designated destination at a set rate (affreightment) or at a daily rate (time charter). The rate may or may not escalate during 
the term of the contract, however, the base rate generally remains constant and contracts often include escalation provisions to recover 
changes in specific costs such as fuel. Time charter or contracts of affreightment of one year or greater are considered term contract 
revenues and agreements of less than a year are included in spot contract revenues. Spot contracts typically involve an agreement with 
a customer to move cargo from a specific origin to a designated destination for a rate generally negotiated at the time the cargo movement 
takes  place.  Spot  contract  rates  are  typically  at  the  current  “market”  rate,  including  fuel,  and  are  subject  to  market  volatility.  The 
Company  uses  a  voyage  accounting  method  of  revenue  recognition  for  its  marine  transportation  revenues  which  allocates  voyage 
revenue based on the percent of the voyage completed during the period. The performance of the service is invoiced as the transaction 
occurs and payment is required depending on each specific customer’s credit.

Distribution  products  and  services  are  generally  sold  based  upon  purchase  orders  or  preferential  service  agreements  with  the 
customer that include fixed or determinable prices. Parts sales are recognized when control transfers to the customer, generally when 
title passes upon shipment to customers. Service revenue is recognized over time as the service is provided using measures of progress 
utilizing  hours  worked  or  costs  incurred  as  a  percentage  of  estimated  hours  or  expected  costs.  Revenue  from  rental  agreements  is 
generally recognized on a straight-line basis over the rental period. The Company recognizes the revenues on manufacturing activities 
upon shipment and transfer of control to the customer. The transactions in the distribution and services segment (“KDS”) are typically 
invoiced as parts are shipped or upon the completion of the service job. Contract manufacturing activities are generally invoiced upon 
shipment and the Company will often get deposits from its customers prior to starting work, or progress payments during the project 
depending on the credit worthiness of the customer and the size of the project. 

Stock-Based Compensation. The Company has share-based compensation plans covering selected officers and other key employees 
as well as the Company’s Board of Directors. Stock-based grants made under the Company’s stock plans are measured at fair value on 
the date of the grant and the cost for all grants made under the director plan and for grants made under the employee plan is generally 
recognized ratably over the vesting period of the restricted stock unit (“RSU”), stock option, or restricted stock. The employee plan, 
however, includes a provision for the continued vesting of unvested stock options and RSUs for employees who meet certain years of 
service and age requirements at the time of their retirement. The provision results in shorter expense accrual periods on stock options 
and RSUs granted to employees who are nearing retirement and meet the service and age requirements. Stock option grants are valued 
at the date of grant as calculated under the Black-Scholes option pricing model. The Company accounts for forfeitures as they occur. 
The Company’s stock-based compensation plans are more fully described in Note 8, Stock Award Plans. 

Taxes on Income. The Company follows the asset and liability method of accounting for income taxes. Under the asset and liability 
method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial 
statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. 
Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those 
temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is 
recognized in income in the period that includes the enactment date. 

Treasury Stock. The Company follows the average cost method of accounting for treasury stock transactions. 

Impairment of Long-lived Assets and for Long-lived Assets to Be Disposed Of. The Company performs an impairment assessment 

whenever events or changes in circumstances indicate that the carrying amount of long-lived assets may not be recoverable. 

Recoverability on marine transportation assets is assessed based on vessel classes, not on individual assets, because identifiable 
cash flows for individual marine transportation assets are not available. Projecting customer contract volumes allows estimation of future 
cash flows by projecting pricing and utilization by vessel class but it is not practical to project which individual marine transportation 
asset will be utilized for any given contract. Because customers generally do not specify which particular vessel is used, prices are 
quoted based on vessel classes not individual assets. Nominations of vessels for specific jobs are determined on a day by day basis and 
are a function of the equipment class required and the geographic position of vessels within that class at that particular time as vessels 
within a class are interchangeable and provide the same service. The Company’s vessels are mobile assets and equipped to operate in 
geographic regions throughout the United States and the Company has in the past and expects to continue to move vessels from one 
region to another when it is necessary due to changing markets and it is economical to do so. Barge vessel classes are based on similar 
capacities, hull type, and type of product and towing vessels are based on similar hull type and horsepower. 

59

If a triggering event is identified, the Company compares the carrying amount of the asset group to the estimated undiscounted 
future cash flows expected to result from the use of the asset group. If the carrying amount of the asset group exceeds the estimated 
undiscounted future cash flows, the Company measures the amount of the impairment by comparing the carrying amount of the asset 
group to its estimated fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.

Fair Value Measurements. The accounting guidance for using fair value to measure certain assets and liabilities establishes a three 
tier value hierarchy, which prioritizes the inputs to valuation techniques used in measuring fair value. These tiers include: Level 1, 
defined as observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2, defined as inputs other 
than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in 
which little, if any, market data exists, therefore requiring an entity to develop its own assumptions about the assumptions that market 
participants would use in pricing the asset or liability. The fair value of the Company’s debt instruments is described in Note 5, Long-
Term Debt. 

Accounting Standards

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-
09,  “Income  Taxes  (Topic  740):  Improvements  to  Income  Tax  Disclosures”  (“ASU  2023-09”)  which  requires  entities  to  disclose 
additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate for federal, 
state, and foreign income taxes. ASU 2023-09 is effective for annual and interim periods beginning after December 15, 2023, with early 
adoption permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated 
financial statements.

In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment 
Disclosures”  (“ASU  2023-07”)  to  improve  reportable  segment  disclosure  requirements.  The  amendments  require  disclosure  of 
significant segment expenses regularly provided to the chief operating decision maker (“CODM”) as well as other segment items, extend 
certain annual disclosures to interim periods, clarify the applicability to single reportable segment entities, permit more than one measure 
of profit or loss to be reported under certain conditions, and require disclosure of the title and position of the CODM. ASU 2023-07 is 
effective for annual periods beginning after December 15, 2024 and for interim periods beginning after December 15, 2025, with early 
adoption permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated 
financial statements.

(2) Acquisitions

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.

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.

60

(3) Revenues

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

Marine transportation segment:

Inland transportation
Coastal transportation

Distribution and services segment:

Commercial and industrial
Oil and gas

2023

Year Ended December 31,
2022

2021

$

$

$

$

1,416,483
305,454
1,721,937

802,474
567,229
1,369,703

$

$

$

$

1,277,010
339,957
1,616,967

651,566
516,221
1,167,787

$

$

$

$

1,005,145
317,773
1,322,918

578,011
345,731
923,742

The Company’s revenue is measured based on consideration specified in its contracts with its customers. The Company recognizes 
revenue over time as it provides services to its customers, or at the point in time that control over a part or product transfers to its 
customer. 

Contract Assets and Liabilities. 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 years ended 
December 31, 2023, 2022, and 2021, that were included in the opening contract liability balances were $84.0 million, $61.7 million and 
$40.9 million, respectively. The Company has recognized all contract liabilities within the deferred revenues financial statement caption 
on the balance sheet. The Company did not have any contract assets at December 31, 2023 or December 31, 2022. 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.

(4) Segment Data

The Company’s operations are aggregated into two reportable business segments as follows:

Marine Transportation — Provides marine transportation by United States flagged vessels principally of liquid cargoes throughout 
the  United  States  inland  waterway  system,  along  all  three  United  States  coasts,  and  to  a  lesser  extent,  in  United  States  coastal 
transportation of dry-bulk cargoes. The principal products transported include petrochemicals, black oil, refined petroleum products and 
agricultural chemicals.

Distribution and Services — 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, 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, specialized electrical distribution and control equipment, and high capacity energy storage/battery 
systems for oilfield service and railroad customers.

The Company’s two reportable business segments are managed separately 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. The Company evaluates the performance of its 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. Intersegment revenues, based on market-based pricing, of KDS 
from KMT of $39.8 million, $31.9 million, and $23.6 million in 2023, 2022, and 2021, respectively, as well as the related intersegment 
profit of $4.0 million, $3.2 million, and $2.4 million in 2023, 2022, and 2021, respectively, have been eliminated from the tables below.

61

 
 
The following tables set forth by reportable segment the revenues, profit or loss, total assets, depreciation and amortization, and 

capital expenditures attributable to the principal activities of the Company (in thousands):

Revenues:

Marine transportation
Distribution and services

Segment profit (loss):

Marine transportation
Distribution and services
Other

Depreciation and amortization:

Marine transportation
Distribution and services
Other

Capital expenditures:

Marine transportation
Distribution and services
Other

Total assets:

Marine transportation
Distribution and services
Other

2023

Year Ended December 31,
2022

2021

$

$

$

$

$

$

$

$

1,721,937
1,369,703
3,091,640

238,943
114,481
(59,299)
294,125

184,225
19,842
7,089
211,156

255,411
140,769
5,550
401,730

$

$

$

$

$

$

$

$

$

$

1,616,967
1,167,787
2,784,754

136,184
67,037
(38,246)
164,975

177,551
16,776
7,116
201,443

147,170
21,713
3,723
172,606

$

$

$

$

$

$

$

$

1,322,918
923,742
2,246,660

63,015
27,607
(381,223)
(290,601)

185,979
20,573
7,166
213,718

84,353
8,104
5,558
98,015

December 31,

2023

2022

4,454,931
1,156,384
110,882
5,722,197

$

$

4,285,647
1,041,841
227,436
5,554,924

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

General corporate expenses
Gain on disposition of assets
Impairments and other charges
Interest expense
Other income

2023

Year Ended December 31,
2022

2021

(23,341) $
5,009
—
(52,008)
11,041
(59,299) $

(18,614) $
8,279
—
(44,588)
16,677
(38,246) $

(13,803)
5,761
(340,713)
(42,469)
10,001
(381,223)

$

$

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

General corporate assets
Investment in affiliates

December 31,

2023

2022

$

$

108,306
2,576
110,882

$

$

225,265
2,171
227,436

62

 
 
 
 
 
 
 
(5) Long-Term Debt

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):

Revolving Credit Facility due July 29, 2027 (a)
Term Loan due July 29, 2027 (a)
3.29% senior notes due February 27, 2023
4.2% senior notes due March 1, 2028
3.46% senior notes due January 19, 2033
3.51% senior notes due January 19, 2033
Credit Line due June 30, 2024
Bank notes payable

Unamortized debt discounts and issuance costs (b)

2023

2022

December 31,

Carrying Value

Fair Value

Carrying Value

Fair Value

$

$

44,000
170,000
—
500,000
60,000
240,000
—
8,068
1,022,068
(5,473)
1,016,595

$

$

44,000
170,000
—
475,920
49,955
200,698
—
8,068
948,641
—
948,641

$

— $

170,000
350,000
500,000
60,000
—
—
3,292
1,083,292
(3,674)
1,079,618

$

$

—
170,000
352,275
477,660
42,647
—
—
3,292
1,045,874
—
1,045,874

(a) Variable interest rate of 6.8% and 5.8% at December 31, 2023 and 2022, respectively.
(b) Excludes $1.8 million attributable to the 2027 Revolving Credit Facility included in other assets at December 31, 2022.

The aggregate payments due on the long-term debt in each of the next five years were as follows (in thousands): 

2024
2025
2026
2027
2028
Thereafter

$

$

8,068
32,500
56,250
125,250
500,000
300,000
1,022,068

At the beginning of 2022, the Company had an amended and restated credit agreement (the “2024 Credit Agreement”) with a group 
of commercial banks, with JPMorgan Chase Bank, N.A. as the administrative agent bank, that allowed for an $850 million unsecured 
revolving credit facility (the “2024 Revolving Credit Facility”) and an unsecured term loan (the “2024 Term Loan”) with a maturity 
date of March 27, 2024. The 2024 Term Loan was prepayable, in whole or in part, without penalty.

On July 29, 2022, the Company entered into a new 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.  The  2027  Credit  Agreement  replaced  the  2024  Credit  Agreement.  In  conjunction  with  entering  into  the  2027  Credit 
Agreement, on July 29, 2022, the Company borrowed $35 million under the 2027 Revolving Credit Facility and $250 million under the 
2027 Term Loan to repay borrowings under the 2024 Term Loan. In the fourth quarter of 2022, the Company repaid $80.0 million under 
the 2027 Term Loan prior to scheduled maturities. As a result, no repayments are required until June 30, 2025. Outstanding letters of 
credit under the 2027 Revolving Credit Facility were $6,000 and available borrowing capacity was $456.0 million as of December 31, 
2023.

The 2027 Term Loan is repayable in quarterly installments, with no repayments until June 30, 2025, in increasing percentages of 
the original principal amount of the loan, with the remaining unpaid balance of approximately $43.8 million payable upon maturity, 
assuming no prepayment. The 2027 Term Loan is prepayable, in whole or in part, without penalty. The 2027 Credit Agreement provides 
for a variable interest rate based on the Secured Overnight Financing Rate (“SOFR”) or a base rate calculated with reference to the prime 
rate quoted by The Wall Street Journal, the Federal Reserve Bank of New York Rate plus 0.5%, or the adjusted SOFR rate for a one 
month interest period plus 1.0%, among other factors (the “Alternate Base Rate”). The interest rate varies with the Company’s credit 
rating and is currently 137.5 basis points over SOFR or 37.5 basis points over the Alternate Base Rate. The 2027 Credit Agreement 
contains  certain  financial  covenants  including  an  interest  coverage  ratio  and  debt-to-capitalization  ratio.  In  addition  to  financial 
covenants, the 2027 Credit Agreement contains covenants that, subject to exceptions, restrict debt incurrence, mergers and acquisitions, 
sales of assets, dividends and investments, liquidations and dissolutions, capital leases, transactions with affiliates, and changes in lines 
of business. The 2027 Credit Agreement specifies certain events of default, upon the occurrence of which the maturity of the outstanding 
loans may be accelerated, including the failure to pay principal or interest, violation of covenants and default on other indebtedness, 

63

 
 
 
among other events. Borrowings under the 2027 Credit Agreement may be used for general corporate purposes including acquisitions. 
The 2027 Revolving Credit Facility includes a $25 million commitment which may be used for standby letters of credit.

 The Company has $500 million of 4.2% senior unsecured notes due March 1, 2028 (the “2028 Notes”) with U.S. Bank National 
Association, as trustee. No principal payments are required until maturity. Interest payments of $10.5 million are due semi-annually on 
March 1 and September 1 of each year. The 2028 Notes are unsecured and rank equally in right of payment with the Company’s other 
unsecured senior indebtedness. The 2028 Notes contain certain covenants on the part of the Company, including covenants relating to 
liens, sale-leasebacks, asset sales and mergers, among others. The 2028 Notes also specify certain events of default, upon the occurrence 
of which the maturity of the notes may be accelerated, including failure to pay principal and interest, violation of covenants or default 
on other indebtedness, among others. 

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”). The Series A Notes were issued 
on October 20, 2022, and the Series B Notes were issued on January 19, 2023. No principal payments will be required until maturity. 
Beginning in 2023, interest payments of $5.3 million are due semi-annually on January 19 and July 19 of each year, with the exception 
of the first payment on January 19, 2023, which was $0.5 million. The 2033 Notes are unsecured and rank equally in right of payment 
with  the  Company’s  other  unsecured  senior  indebtedness.  The  2033  Notes  contain  certain  covenants  on  the  part  of  the  Company, 
including  an  interest  coverage  covenant,  a  debt-to-capitalization  covenant,  and  covenants  relating  to  liens,  asset  sales  and  mergers, 
among others. The 2033 Notes also specify certain events of default, upon the occurrence of which the maturity of the notes may be 
accelerated, including failure to pay principal and interest, violation of covenants or default on other indebtedness, among others. The 
3.29% unsecured senior notes due February 27, 2023 (the “2023 Notes”) were repaid using a combination of the proceeds from the 
issuance of the 2033 Notes and availability under the 2027 Revolving Credit Facility.

The Company has a $10.0 million line of credit (“Credit Line”) with Bank of America, N.A. (“Bank of America”) for short-term 
liquidity needs and letters of credit, with a maturity date of June 30, 2024. The Credit Line allows the Company to borrow at an interest 
rate agreed to by Bank of America and the Company at the time each borrowing is made or continued. The Company had no borrowings 
outstanding under the Credit Line as of December 31, 2023. Outstanding letters of credit under the Credit Line were $7.3 million and 
available borrowing capacity was $2.7 million as of December 31, 2023. 

The Company also had $8.1 million and $3.3 million of short-term unsecured loans outstanding, as of December 31, 2023 and 2022, 

respectively, related to its Colombia operations. 

As of December 31, 2023, the Company was in compliance with all covenants under its debt instruments.

(6) Leases

The  Company  currently  leases  various  facilities  and  equipment  under  cancelable  and  noncancelable  operating  leases.  The 
accounting for the Company’s leases may require judgments, which include determining whether a contract contains a lease, allocating 
the consideration between lease and non-lease components, and determining the incremental borrowing rates. Leases with an initial 
noncancelable term of 12 months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-
line basis over the lease term. The Company has also elected to combine lease and non-lease components on all classes of leased assets, 
except for leased towing vessels for which the Company estimates approximately 70% of the costs relate to service costs and other non-
lease components. Variable lease costs relate primarily to real estate executory costs (i.e. taxes, insurance and maintenance). 

Future minimum lease payments under operating leases that have initial noncancelable lease terms in excess of one year were as 

follows (in thousands): 

2024
2025
2026
2027
2028
Thereafter

Total lease payments

Less: imputed interest

Operating lease liabilities

64

$

$

38,943
27,638
24,945
22,842
18,318
79,755
212,441
(40,290)
172,151

The following table summarizes lease costs (in thousands): 

Operating lease cost
Variable lease cost
Short-term lease cost
Sublease income
Total lease cost

2023

Year Ended December 31,
2022

2021

$

$

42,821
2,376
30,005
(3,223)
71,979

$

$

42,319
1,780
25,365
(305)
69,159

$

$

40,786
1,793
17,914
(1,032)
59,461

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

Weighted average discount rate
Weighted average remaining lease term

(7) Impairments and Other Charges

2023

4.4%

9 years

December 31,
2022

4.1%

9 years

2021

3.8%

9 years

During the third quarter of 2021, the Company decided to exit the Hawaii marine transportation market, selling marine transportation 
equipment including four coastal tank barges, seven coastal tugboats, and certain other assets for aggregate cash proceeds of $17.2 
million. In addition, as of September 30, 2021, the Company retired and classified as held for sale, an additional 12 coastal tank barges 
and four coastal tugboats which were underutilized. The sales and retirements of coastal marine transportation equipment resulted in an 
aggregate non-cash impairment charge of $97.5 million to reduce the carrying value of these assets to their estimated sales prices, net 
of costs to sell.

As a result of the sale of the Hawaii marine transportation equipment, and the decision to retire certain additional underutilized 
coastal  tank  barges  and  tugboats,  the  Company  concluded  that  a  triggering  event  had  occurred  and  performed  interim  quantitative 
impairment tests as of September 30, 2021 for certain of KMT’s long-lived assets and goodwill within the coastal marine market.

The Company determined the estimated fair value of such long-lived assets using a combination of a cost approach, a discounted 
cash flow analysis, and a market approach. The Company determined the estimated fair value of the reporting unit using a combination 
of a discounted cash flow analysis and a market approach for comparable companies. These analyses included management’s judgment 
regarding short-term and long-term internal forecasts, updated for recent events, appropriate discount rates, and capital expenditures 
using inputs characteristic of a Level 3 fair value measurement.

In performing the impairment test of certain long-lived assets within KMT, the Company determined that the carrying value of 
certain  long-lived  assets,  including  certain  coastal  marine  transportation  equipment  and  operating  lease  right-of-use  assets,  were  no 
longer recoverable, resulting in a non-cash impairment charge of $24.2 million during the three months ended September 30, 2021 to 
reduce such long-lived assets to fair value. 

Based upon the results of the goodwill impairment test, the Company concluded that the carrying value of one reporting unit in 
KMT exceeded its estimated fair value. The carrying value of the reporting unit, including goodwill, and after recording impairments of 
long-lived  assets  identified  above,  exceeded  its  estimated  fair  value,  resulting  in  a  non-cash  goodwill  impairment  charge  of  $219.1 
million for the three months ended September 30, 2021.

(8) Stock Award Plans

The Company has share-based compensation plans which are described below. 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): 

Compensation cost
Income tax benefit

2023

Year Ended December 31,
2022

$
$

14,941
3,616

$
$

13,865
3,533

$
$

2021

15,713
4,410

The Company has an employee stock award plan for selected officers and other key employees which provides for the issuance of 
RSUs, stock options, restricted stock awards, and performance awards. Restricted stock and RSUs generally vest ratably over five years, 
however, the plan includes a provision for the continued vesting of unvested stock options and RSUs for employees who meet certain 

65

 
 
 
years of service and age requirements at the time of their retirement. The provision results in shorter expense accrual periods on stock 
options and RSUs granted to employees who are nearing retirement and meet the service and age requirements. At December 31, 2023, 
there were 2,045,694 shares available for future grants under the Plan. 

The exercise price for each option equals the fair market value per share of the Company’s common stock on the date of grant. 
Substantially all stock options outstanding under the plan have terms of seven years and vest ratably over three years. No performance 
awards payable in stock have been awarded under the plan and no outstanding stock options under the employee plan were issued with 
stock appreciation rights.

The following is a summary of the stock option activity under the employee plan described above: 

Outstanding at December 31, 2022

Exercised
Expired

Outstanding at December 31, 2023

Outstanding
Non-Qualified or
Nonincentive
Stock Option
Awards

Weighted
Average
Exercise
Price

$
396,165
(117,896) $
(23,024) $
$
255,245

70.06
60.84
73.66
74.00

The following table summarizes information about the Company’s outstanding and exercisable stock options under the employee 

plan at December 31, 2023: 

Range of Exercise
Prices

$64.89
$73.29 – $75.50
$84.90
$64.89 – $84.90

Number
Outstanding
15,500
233,040
6,705
255,245

Options Outstanding

Options Exercisable

Weighted
Average
Remaining
Contractual
Life in
Years

Weighted
Average
Exercise
Price

Aggregated
Intrinsic
Value
(in 
thousands)

Number
Exercisable

Weighted
Average
Exercise
Price

Aggregated
Intrinsic
Value
(in thousands)

1.3
2.1
2.3
2.0

$
$
$
$

64.89
74.29
84.90
74.00

$

1,187

15,500
233,040
6,705
255,245

$
$
$
$

64.89
74.29
84.90
74.00

$

1,187

There were no unvested restricted stock awards under the employee plan at December 31, 2023 and 2022 and no restricted stock 

awards were granted under the employee plan during 2023, 2022, and 2021.

The following is a summary of RSU activity under the employee plan described above: 

Nonvested balance at December 31, 2022

Granted
Vested
Forfeited

Nonvested balance at December 31, 2023

Unvested RSUs

558,819
184,440
(161,550)
(27,105)
554,604

$
$
$
$
$

Weighted
Average Grant
Date Fair Value
Per Unit

62.13
72.23
64.85
63.68
64.61

The weighted average grant date fair value of RSUs granted for the years ended December 31, 2023, 2022, and 2021 was $72.23, 

$66.13, and $51.36, respectively.

During February 2024, the Company granted 164,793 RSUs to selected officers and other key employees under its employee stock 

award plan, which substantially all vest ratably over five years.

The Company has a stock award plan for nonemployee directors of the Company which provides for the issuance of stock options 
and  restricted  stock.  The  director  plan  provides  for  automatic  grants  of  restricted  stock  to  nonemployee  directors  after  each  annual 
meeting of stockholders. In addition, the director plan allows for the issuance of stock options or restricted stock in lieu of cash for all 
or part of the annual director fee at the option of the director. The exercise prices for all options granted under the plan are equal to the 
fair market value per share of the Company’s common stock on the date of grant. The terms of the options are ten years. The restricted 

66

stock issued after each annual meeting of stockholders vests six months after the date of grant. Options granted and restricted stock 
issued  in  lieu  of  cash  director  fees  vest  in  equal  quarterly  increments  during  the  year  to  which  they  relate.  At  December 31,  2023, 
369,360 shares were available for future grants under the director plan. The director stock award plan is intended as an incentive to 
attract and retain qualified independent directors. 

The following is a summary of the stock option activity under the director plan described above: 

Outstanding at December 31, 2022

Granted
Exercised
Expired

Outstanding at December 31, 2023

Outstanding
Non-Qualified or
Nonincentive
Stock Option
Awards

Weighted
Average
Exercise
Price

56,480
3,865

$
$
— $
(30,000) $
$
30,345

86.19
72.83
—
80.04
90.57

The following table summarizes information about the Company’s outstanding and exercisable stock options under the director 

plan at December 31, 2023: 

Range of Exercise
Prices
$70.65 – $73.57
$84.90 – $85.30
$99.52
$70.65 – $99.52

Number
Outstanding
7,053
5,292
18,000
30,345

Options Outstanding

Options Exercisable

Weighted
Average
Remaining
Contractual
Life in
Years

Weighted
Average
Exercise
Price

Aggregate
Intrinsic
Value
(in 
thousands)

Number
Exercisable

Weighted
Average
Exercise
Price

Aggregate
Intrinsic
Value
(in thousands)

6.6
4.8
0.3
2.6

$
$
$
$

71.85
85.10
99.52
90.57

$

47

6,278
5,292
18,000
29,570

$
$
$
$

71.75
85.10
99.52
91.04

$

42

The following is a summary of the restricted stock award activity under the director plan described above: 

Nonvested balance at December 31, 2022

Granted
Vested

Nonvested balance at December 31, 2023

Unvested
Restricted
Stock Award
Shares

Weighted
Average
Grant Date
Fair Value
Per Share

1,698
31,526
(32,604)
620

$
$
$
$

65.36
72.67
72.29
72.65

The  weighted  average  grant  date  fair  value  of  restricted  stock  awards  granted  under  the  director  plan  for  the  years  ended 

December 31, 2023, 2022, and 2021 were $72.67, $64.61, and $65.13, respectively.

The total intrinsic value of all stock options exercised under all of the Company’s plans was $1.5 million, $0.4 million, and $0.1 

million for the years ended December 31, 2023, 2022, and 2021, respectively.

The total fair value of all the restricted stock vestings under all of the Company’s plans was $2.5 million, $3.2 million, and $5.3 
million for the years ended December 31, 2023, 2022, and 2021, respectively. The actual tax benefit realized for tax deductions from 
restricted  stock  vestings  was  $0.6  million,  $0.8  million,  and  $1.5  million  for  the  years  ended  December 31,  2023,  2022,  and  2021, 
respectively. 

The total fair value of all the RSU vestings under the Company’s employee plan was $10.9 million, $9.5 million, and $4.4 million 
for the years ended December 31, 2023, 2022, and 2021, respectively. The actual tax benefit realized for tax deductions from RSU 
vestings was $2.6 million, $2.4 million, and $1.2 million for the years ended December 31, 2023, 2022, and 2021, respectively.

67

As of December 31, 2023, there was $45,000 of unrecognized compensation cost related to restricted stock and $15.3 million related 
to nonvested RSUs. The restricted stock is expected to be recognized over a weighted average period of approximately 0.2 years and 
RSUs over approximately 2.7 years. 

There were no stock options granted under the employee plan during the years ended December 31, 2023, 2022, and 2021. The 
weighted average per share fair value of stock options granted under the director plan during the year ended December 31, 2023 was 
$32.33 and the fair value of the stock options was $0.1 million. There were no stock options granted under the director plan during the 
years ended December 31, 2022 and 2021. The Company currently uses treasury stock shares for restricted stock grants, RSU vestings, 
and stock option exercises. The fair value of each stock option was determined using the Black-Scholes option pricing model. 

The key input variables used in valuing the stock options granted were as follows: 

Dividend yield
Average risk-free interest rate
Stock price volatility
Estimated option term

(9) Taxes on Income

Year Ended December 31,
2023

None

3.7%
35%

7 years

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

Earnings (loss) before taxes on income:

United States
Foreign

Provision (benefit) for taxes on income:

U.S. Federal:
Current
Deferred

U.S. State:
Current
Deferred

Foreign:

Current

Consolidated:
Current
Deferred

2023

Year Ended December 31,
2022

2021

293,011
1,114
294,125

$

$

164,590
385
164,975

(41) $

61,205
61,164

5,498
4,093
9,591

465
465

5,922
65,298
71,220

$

$

$

$
$

$

$

513
34,980
35,493

3,793
2,802
6,595

126
126

4,432
37,782
42,214

$

$

$

$

$

$

$
$

$

$

(290,181)
(420)
(290,601)

(460)
(48,843)
(49,303)

1,560
4,424
5,984

(511)
(511)

589
(44,419)
(43,830)

$

$

$

$

$

$

$
$

$

$

On November 13, 2021, the voters of the state of Louisiana approved a constitutional amendment that removed the corporate tax 
deduction for federal income taxes paid and lowered the corporate income tax rate from 8% to 7.5% effective January 1, 2022. The 
result of the amendment was an increase in the effective Louisiana state income tax rate, net of deduction for federal income tax, from 
6.3% to 7.5%. As a result of the amendment, the Company recognized a one-time deferred tax provision of $5.7 million during the 
fourth quarter of 2021 due to remeasuring the Company’s Louisiana and U.S. deferred tax assets and liabilities based on the new effective 
Louisiana state income tax rate.

During 2021, the Company received a tax refund of $119.5 million, including accrued interest, for its 2019 tax return related to net 

operating losses being carried back to offset taxable income generated between 2014 and 2017. 

At December 31, 2022, the Company had a federal income tax receivable of $70.4 million, included in Accounts Receivable – 

Other on the balance sheet. In April 2023, the Company received its tax refund of $70.4 million plus accrued interest.

68

 
 
 
 
 
The Company’s provision (benefit) for taxes on income varied from the statutory federal income tax rate due to the following: 

United States income tax statutory rate
State and local taxes, net of federal benefit
Other – net

2023

Year Ended December 31,
2022

2021

21.0%
2.6
0.6
24.2%

21.0%
3.1
1.5
25.6%

21.0%
(1.7)
(4.2)
15.1%

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities were as follows 

(in thousands): 

Deferred tax assets:

Allowance for doubtful accounts
Inventory
Insurance accruals
Deferred compensation
Unrealized gain on defined benefit plans
Goodwill and other intangibles
Operating loss carryforwards
Retirement benefits
Other

Valuation allowances

Deferred tax liabilities:

Property
Deferred state taxes
Other

December 31,

2023

2022

$

1,549
10,500
6,077
11,441
(9,982)
39,719
52,082
3,548
13,467
128,401
(22,073)
106,328

(695,233)
(90,457)
(17,195)
(802,885)
(696,557) $

1,556
11,679
4,856
7,703
(5,532)
52,847
79,699
5,472
9,962
168,242
(19,960)
148,282

(671,830)
(87,445)
(14,891)
(774,166)
(625,884)

$

$

During  2023,  the  Company  generated  federal  taxable  income  which  was  completely  offset  by  federal  net  operating  loss 
carryforwards. The Company had federal operating loss deferred tax assets of $19.8 million and $47.9 million at December 31, 2023 
and 2022, respectively. 

The  Company  had  state  operating  loss  deferred  tax  assets  of  $27.2  million  and  $26.6  million  at  December 31,  2023  and  2022, 
respectively. The valuation allowance for state deferred tax assets as of December 31, 2023 and 2022 was $17.0 million and $14.8 
million, respectively, related to the Company’s state net operating loss carryforwards based on the Company’s determination that it is 
more likely than not that the deferred tax assets will not be realized. Expiration of these state net operating loss carryforwards vary by 
state through 2030 and none will expire in fiscal 2024. 

As of December 31, 2023 and 2022, the Company had a Canadian net operating loss carryforward of $5.1 million which expires 

between 2037 and 2043. A full valuation allowance has been provided for this asset. 

The  Company  or  one  of  its  subsidiaries  files  income  tax  returns  in  the  United  States  federal  jurisdiction  and  various  state 
jurisdictions. During the first quarter of 2023, the Internal Revenue Service (“IRS”) communicated to the Company that it had completed 
its examination of the Company’s federal income tax returns for the years 2013 through 2020. With few exceptions, the Company and 
its subsidiaries’ state income tax returns are open to audit under the statute of limitations for the 2017 through 2022 tax years. 

As of December 31, 2023, the Company has provided a liability of $0.8 million for unrecognized tax benefits related to various 
income tax issues which includes interest and penalties. The amount that would impact the Company’s effective tax rate, if recognized, 
is $0.7 million, with the difference between the total amount of unrecognized tax benefits and the amount that would impact the effective 
tax rate being primarily related to the federal tax benefit of state income tax items. It is not reasonably possible to determine if the 
liability  for  unrecognized  tax  benefits  will  significantly  change  prior  to  December  31,  2024  due  to  the  uncertainty  of  possible 
examination results.

69

 
 
 
 
 
A reconciliation of the beginning and ending amount of the liability for unrecognized tax benefits is as follows (in thousands): 

Balance at beginning of year
Additions based on tax positions related to the current year
Additions for tax positions of prior years
Reductions for tax positions of prior years
Balance at end of year

2023

Year Ended December 31,
2022

2021

662
—
—
(14)
648

$

$

737
13
66
(154)
662

$

$

783
13
281
(340)
737

$

$

The Company accounts for interest and penalties related to uncertain tax positions as part of its provision for federal and state 
income taxes. The Company had $0.2 million of accrued liabilities for the payment of interest and penalties at both December 31, 2023 
and 2022. 

(10) Earnings Per Share

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

Net earnings (loss) attributable to Kirby
Undistributed earnings allocated to restricted shares

Earnings (loss) available to Kirby common stockholders — basic

Undistributed earnings allocated to restricted shares
Undistributed earnings reallocated to restricted shares

Earnings (loss) available to Kirby common stockholders — diluted

Shares outstanding:
Weighted average common stock issued and outstanding
Weighted average unvested restricted stock

Weighted average common stock outstanding — basic
Dilutive effect of stock options and restricted stock units

Weighted average common stock outstanding — diluted

Net earnings (loss) per share attributable to Kirby common stockholders:

Basic
Diluted

2023

Year Ended December 31,
2022

222,935
(62)
222,873
62
(62)
222,873

$

$

122,291
(33)
122,258
33
(33)
122,258

$

$

59,548
(17)
59,531
326
59,857

60,055
(17)
60,038
291
60,329

2021
(246,954)
—
(246,954)
—
—
(246,954)

60,099
(46)
60,053
—
60,053

3.74
3.72

$
$

2.04
2.03

$
$

(4.11)
(4.11)

$

$

$
$

Diluted earnings per share was computed using the treasury stock method. Certain outstanding options to purchase approximately 
33,000,  381,000,  and  567,000  shares  of  common  stock  were  excluded  in  the  computation  of  diluted  earnings  per  share  as  of 
December 31, 2023, 2022, and 2021, respectively, as such stock options would have been antidilutive. Certain outstanding RSUs to 
convert to 7,000 shares of common stock were also excluded in the computation of diluted earnings per share as of December 31, 2021 
as such RSUs would have been antidilutive. No RSUs were antidilutive at December 31, 2023 and 2022.

(11) Inventories

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

Finished goods
Work in process

(12) Retirement Plans

December 31,

2023

2022

$

$

351,050
103,339
454,389

$

$

358,702
103,146
461,848

The Company sponsors a defined benefit plan (the “Kirby Pension Plan”) for its inland vessel personnel and shore based tankermen. 
The plan benefits are based on an employee’s years of service and compensation. The plan assets consist primarily of equity and fixed 
income securities. 

70

 
On April 12, 2017, the Company amended the Kirby Pension Plan to cease all benefit accruals for periods after May 31, 2017 for 
certain participants. Participants grandfathered and not impacted were those, as of the close of business on May 31, 2017, who either (a) 
had completed 15 years of pension service or (b) had attained age 50 and completed 10 years of pension service. Participants non-
grandfathered are eligible to receive discretionary 401(k) plan contributions.

On February 14, 2018, with the acquisition of Higman Marine, Inc. (“Higman”), the Company assumed Higman’s pension plan 
(the “Higman Pension Plan”) for its inland vessel personnel and office staff. 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 to the Higman Pension Plan of $8.2 million, $0.9 million and $0.5 million for the years ended December 31, 2023, 
2022 and 2021, respectively.

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: 

Asset Category
U.S. equity securities
International equity securities
Debt securities
Cash and cash equivalents

December 31,

2023

2022

51%
20
29
—
100%

50%
20
30
—
100%

Current
Minimum, Target
and Maximum
Allocation Policy

45% — 50% — 55%
12% — 20% — 28%
20% — 30% — 40%
0% —   0% —   0%

At December 31, 2022, $4.8 million was held in cash as well as debt and equity securities classified within Level 1 of the valuation 
hierarchy. There were no investments within Level 3 of the valuation hierarchy at December 31, 2023 and 2022. All other plan assets 
are invested in common collective trusts and valued using the net asset value per share practical expedient and therefore not valued 
within the valuation hierarchy. 

The  Company’s  investment  strategy  focuses  on  total  return  on  invested  assets  (capital  appreciation  plus  dividend  and  interest 
income). The primary objective in the investment management of assets is to achieve long-term growth of principal while avoiding 
excessive risk. Risk is managed through diversification of investments within and among asset classes, as well as by investing in asset 
classes offering sufficient liquidity and trading history.

The Company makes various assumptions when determining defined benefit plan costs including, but not limited to, the current 
discount rate and the expected long-term return on plan assets. Discount rates are determined annually and are based on a yield curve 
that consists of a hypothetical portfolio of high quality corporate bonds with maturities matching the projected benefit cash flows. The 
Company assumed that plan assets would generate a long-term rate of return of 6.75% in both 2023 and 2022. The Company developed 
its expected long-term rate of return assumption by evaluating input from investment consultants comparing historical returns for various 
asset classes with its actual and targeted plan investments. The Company believes that its long-term asset allocation, on average, will 
approximate the targeted allocation.

The Company’s pension plan funding strategy is to make annual contributions in amounts equal to or greater than amounts necessary 
to meet minimum government funding requirements. The plan’s benefit obligations are based on a variety of demographic and economic 
assumptions, and the pension plan assets’ returns are subject to various risks, including market and interest rate risk, making an accurate 
prediction of the pension plan contribution difficult. The Company’s pension plan funding was 115% of the pension plans’ accumulated 
benefit obligation at December 31, 2023, including both the Kirby Pension Plan and the Higman Pension Plan.

The  Company  sponsors  an  unfunded  defined  benefit  health  care  plan  that  provides  limited  postretirement  medical  benefits  to 
employees who met minimum age and service requirements, and to eligible dependents. The plan limits cost increases in the Company’s 
contribution to 4% per year. The plan is contributory, with retiree contributions adjusted annually. The plan eliminated coverage for 
future retirees as of December 31, 2011. The Company also has an unfunded defined benefit supplemental executive retirement plan 
(“SERP”) that was assumed in an acquisition in 1999. That plan ceased to accrue additional benefits effective January 1, 2000.

71

 
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 Plans

2023

2022

Pension Benefits

SERP

Other Postretirement Benefits
Postretirement Welfare Plan

2023

2022

2023

2022

Change in benefit obligation
Benefit obligation at beginning of year

Service cost
Interest cost
Actuarial (gain) loss
Gross benefits paid
Settlements
Benefit obligation at end of year

$

$

339,509
3,695
18,356
13,241
(32,052)
—
342,749

Accumulated benefit obligation at end of year $

326,987

$

$

$

495,272
6,538
14,779
(158,816)
(12,665)
(5,599)
339,509

325,274

$

$

$

833
—
43
91
(153)
—
814

814

$

$

$

1,033
—
29
(74)
(155)
—
833

833

$

$

$

Weighted-average assumption used to 
determine benefit obligation at end of year
Discount rate (a)
Rate of compensation increase

Health care cost trend rate

Initial rate
Ultimate rate
Years to ultimate

Change in plan assets
Fair value of plan assets at beginning of year
Actual return on plan assets
Employer contribution
Gross benefits paid
Settlements
Fair value of plan assets at end of year

5.1%/5.2%
Service-
based table

—
—
—

5.5%

5.1%

5.5%

Service-
based table

—
—
—

—

—
—
—

—

—
—
—

$

$

341,061
58,734
8,174
(32,052)
—
375,917

$

$

430,821
(72,402)
906
(12,665)
(5,599)
341,061

$

$

— $
—
153
(153)
—
— $

— $
—
155
(155)
—
— $

— $
—
104
(104)
—
— $

432
—
22
65
(104)
—
415

415

$

$

$

5.1%

—

6.25%
5.0%

2029

582
—
17
(58)
(109)
—
432

432

5.5%

—

6.50%
5.0%

2029

—
—
109
(109)
—
—

(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.

During  the  year  ending  December  31,  2023,  actual  returns  on  plan  assets  performed  better  than  expected  which  improved  the 

funding position.

During  the  year  ending  December  31,  2022,  actual  returns  on  plan  assets  performed  less  than  expected  which  deteriorated  the 
funding position but the overall funded position at December 31, 2022 was improved due to a decrease in the benefit obligation primarily 
due to an increase in the discount rate.

72

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):

Funded status at end of year
Fair value of plan assets
Benefit obligations

Funded status and amount recognized at end of 
year

Amounts recognized in the consolidated 
balance sheets

Noncurrent asset
Current liability
Long-term liability

Amounts recognized in accumulated other 
comprehensive income

Net actuarial (gain) loss
Prior service cost (credit)
Accumulated other compensation income

$

$

$

$

Pension Benefits

Pension Plans

SERP

Other Postretirement Benefits
Postretirement Welfare Plan

2023

2022

2023

2022

2023

2022

375,917
(342,749)

$

341,061
(339,509)

$

— $

(814)

— $

(833)

— $

(415)

33,168

$

1,552

$

(814) $

(833) $

(415) $

42,698
—
(9,530)

18,695
—
(17,143)

—
(106)
(708)

—
(106)
(727)

—
(46)
(369)

—
(432)

(432)

—
(49)
(383)

(48,033) $
—
(48,033) $

(25,449) $
—
(25,449) $

391
—
391

$

$

324
—
324

$

$

(1,890) $
—
(1,890) $

(2,299)
—
(2,299)

The following table presents the expected cash flows for the Company’s defined benefit plans and postretirement benefit plan (in 

thousands):

Expected employer contributions

First year

Expected benefit payments (gross)

Year one
Year two
Year three
Year four
Year five
Next five years

$

$

Pension Benefits

Pension Plans

SERP

Other Postretirement Benefits
Postretirement Welfare Plan

2023

2022

2023

2022

2023

2022

1,770

$

8,374

$

— $

— $

— $

—

$

16,696
17,513
18,169
19,096
19,860
108,717

$

16,312
16,899
17,808
18,650
19,707
110,417

$

108
103
98
93
88
337

$

108
104
99
94
90
359

$

47
46
44
43
41
167

50
49
47
45
43
176

73

 
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):

Components of net periodic benefit cost

Service cost
Interest cost
Expected return on plan assets
Amortization of actuarial loss
Net periodic benefit cost

Other changes in plan assets and benefit 
obligations recognized in other 
comprehensive income

Current year actuarial (gain) loss
Recognition of actuarial loss
Total recognized in other comprehensive 
income

Total recognized in net periodic benefit cost 
and other comprehensive income

Weighted average assumptions used to 
determine net periodic benefit cost
Discount rate (a)
Expected long-term rate of return on plan assets
Rate of compensation increase

2023

Pension Plans
2022

Pension Benefits

2021

2023

SERP
2022

2021

$

$

3,695
18,356
(22,910)
—
(859)

$

$

6,538
14,779
(28,399)
34
(7,048)

7,961
14,239
(26,244)
4,193
149

— $
43
—
23
66

— $
29
—
30
59

(22,583)
—

(58,015)
(34)

(44,583)
(4,193)

(22,583)

(58,049)

(48,776)

91
(23)

68

(74)
(30)

(104)

—
31
—
40
71

(12)
(40)

(52)

$

(23,442)

$

(65,097)

$

(48,627)

$

134

$

(45)

$

19

5.5% 3.0% / 3.1%
6.75%

6.75%

2.8% / 2.9%

6.75%

Service-
based table

Service-
based table

Service-
based table

5.5%
—

—

3.0%
—

—

2.8%
—

—

(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.

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):

Components of net periodic benefit cost
Interest cost
Amortization of actuarial gain
Net periodic benefit cost

Other Postretirement Benefits
Postretirement Welfare Plan
2022

2021

2023

$

$

22
(344)
(322)

$

17
(394)
(377)

17
(451)
(434)

Other changes in benefit obligations recognized in other comprehensive 
income
Current year actuarial loss (gain)
Recognition of actuarial gain

Total recognized in other comprehensive income

65
344
409

(58)
394
336

Total recognized in net periodic benefit cost and other
   comprehensive income

$

87

$

(41)

$

Weighted average assumptions used to determine net periodic benefit 
cost
Discount rate
Health care cost trend rate:

Initial rate
Ultimate rate
Years to ultimate

5.5%

6.50%
5.0%

2029

3.0%

6.25%
5.0%

2027

104
451
555

121

2.8%

6.50%
5.0%

2025

74

The Company also contributes to a multiemployer pension plan pursuant to a collective bargaining agreement which covers certain 
vessel crew members of its coastal operations and expires on April 30, 2025. The Company began participation in the Seafarers Pension 
Trust (“SPT”) with the Penn Maritime, Inc. acquisition on December 14, 2012.

Contributions to the SPT are made currently based on a per day worked basis and charged to expense as incurred and included in 
costs of sales and operating expenses in the consolidated statement of earnings. During 2023 and 2022, the Company made contributions 
of  $0.4  million  and  $0.5  million,  respectively,  to  the  SPT.  The  Company’s  contributions  to  the  SPT  did  not  exceed  5%  of  total 
contributions to the SPT in 2022. Total contributions for 2023 are not yet available. The Company did not pay any material surcharges 
in 2023 and 2022.

The federal identification number of the SPT is 13-6100329 and the Certified Zone Status is Green at December 31, 2022. The 
Company’s future minimum contribution requirements under the SPT are unavailable because actuarial reports for the 2023 plan year 
are not yet complete and such contributions are subject to negotiations between the employers and the unions. The SPT was not in 
endangered or critical status for the 2022 plan year, the latest period for which a report is available, as the funded status was in excess 
of 100%. Based on the most recent communication from the SPT, there would be no withdrawal liability if the Company chose to 
withdraw from the SPT although the Company currently has no intention of terminating its participation in the SPT.

The Company also contributes to a multiemployer pension plan pursuant to a collective bargaining agreement which covers certain 
employees of KDS in New Jersey and expires on October 8, 2028. The Company began participation in the Central Pension Fund of the 
International Union of Operating Engineers and Participating Employers (“CPF”) with the Stewart & Stevenson LLC acquisition on 
September 13, 2017.

Contributions  to  the  CPF  are  made  currently  based  on  a  fixed  hourly  rate  for  each  hour  worked  or  paid  basis  (in  some  cases 
contributions are made as a percentage of gross pay) and charged to expense as incurred and included in costs of sales and operating 
expenses in the consolidated statement of earnings. During 2023 and 2022, the Company made contributions of $0.6 and $0.7 million, 
respectively,  to  the  CPF.  Total  contributions  for  the  2023  plan  year  are  not  yet  available.  The  Company  did  not  pay  any  material 
surcharges in 2023 and 2022.

The  federal  identification  number  of  the  CPF  is  36-6052390  and  the  Certified  Zone  Status  is  Green  at  January  31,  2024.  The 
Company’s future minimum contribution requirements under the CPF are unavailable because actuarial reports for the 2023 plan year, 
which ended January 31, 2024, are not yet complete and such contributions are subject to negotiations between the employers and the 
unions. The CPF was not in endangered or critical status for the 2022 plan year, ending January 31, 2023, the latest period for which a 
report is available, as the funded status was 107%. There would be no withdrawal liability if the Company chose to withdraw from the 
CPF although the Company currently has no intention of terminating its participation in the CPF.

In addition to the defined benefit plans, the Company sponsors various defined contribution plans for substantially all employees. 

The aggregate contributions to the plans were $26.9 million, $27.9 million, and $25.9 million in 2023, 2022, and 2021, respectively.

(13) Other Comprehensive Income (Loss)

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

2023
Income 
Tax 
(Provision) 
Benefit

Net
Amount

Gross
Amount

Year Ended December 31,
2022
Income 
Tax 
(Provision) 
Benefit

Net
Amount

Gross
Amount

2021

Income 
Tax 
Provision

Gross
Amount

Net
Amount

Pension and postretirement 
benefits (a):
Amortization of net actuarial 
(gain) loss
Actuarial gain
Foreign currency translation 
adjustments
Total

$

$

(321)
22,438

$

78
(5,467)

(243)
16,971

$

$

(330)
58,147

81
(14,030)

$

$

(249)
44,117

3,782
44,491

$

(952)
(10,774)

$

2,830
33,717

1,425

—

1,425

(1,049)

—

(1,049)

(1,061)

—

(1,061)

$

23,542

$

(5,389)

$

18,153

$

56,768

$

(13,949)

$

42,819

$

47,212

$

(11,726)

$

35,486

(a) Actuarial gains (losses) are amortized into other income (expense). (See Note 12 – Retirement Plans)

75

(14) Contingencies and Commitments

In 2009, the Company was named by the Environmental Protection Agency (the “EPA”) as a Potentially Responsible Party (“PRP”) 
in  addition  to  a  group  of  approximately  250  named  PRPs  under  the  Comprehensive  Environmental  Response,  Compensation  and 
Liability Act of 1981 (“CERCLA”) with respect to a Superfund site, the Portland Harbor Superfund site (“Portland Harbor”) in Portland, 
Oregon.  The  site  was  declared  a  Superfund  site  in  December  2000  as  a  result  of  historical  heavily  industrialized  use  due  to 
manufacturing, shipbuilding, petroleum storage and distribution, metals salvaging, and electrical power generation activities which led 
to contamination of Portland Harbor, an urban and industrial reach of the lower Willamette River located immediately downstream of 
downtown Portland. The Company’s involvement arises from four spills at the site after it was declared a Superfund site, as a result of 
predecessor entities’ actions in the area. To date, there is no information suggesting the extent of the costs or damages to be claimed 
from the 250 notified PRPs. Based on the nature of the involvement at the Portland Harbor site, the Company believes its potential 
contribution is de minimis; however, to date neither the EPA nor the named PRPs have performed an allocation of potential liability in 
connection with the site nor have they provided costs and expenses in connection with the site.

On February 20, 2015, the Company was served as a defendant in a Complaint originally filed on August 14, 2014, in the U.S. 
District Court of the Southern District of Texas - Houston Division, USOR Site PRP Group vs. A&M Contractors, USES, Inc. et al. This 
is a civil action pursuant to the provisions of CERCLA and the Texas Solid Waste Disposal Act for recovery of past and future response 
costs incurred and to be incurred by the USOR Site PRP Group for response activities at the U.S. Oil Recovery Superfund Site. The 
property  was  a  former  sewage  treatment  plant  owned  by  defendant  City  of  Pasadena,  Texas  from  approximately  1945  until  it  was 
acquired by U.S. Oil Recovery in January 2009. Throughout its operating life, the U.S. Oil Recovery facility portion of the USOR Site 
received  and  performed  wastewater  pretreatment  of  municipal  and  Industrial  Class  I  and  Class  II  wastewater,  characteristically 
hazardous waste, used oil and oily sludges, and municipal solid waste. Associated operations were conducted at the MCC Recycling 
facility portion of the USOR Site after it was acquired by U.S. Oil Recovery from the City of Pasadena in January 2009. The EPA and 
the PRP Group entered into an Administrative Settlement Agreement and Order for Remedial Investigation Study (“Study”) in May 
2015. The Study has not been completed by EPA to date. The Company joined as a member of the PRP Group companies at its pro-rata 
allocated share.

On October 13, 2016, the Company, as a successor to Hollywood Marine, Inc. (“Hollywood Marine”), was issued a General Notice 
under CERCLA by the EPA in which it was named as a PRP for liabilities associated with the SBA Shipyard Site located near Jennings, 
Louisiana (the “Site”). The Site was added to the EPA’s National Priorities List of sites under CERCLA in September 2016. SBA used 
the facility for construction, repair, retrofitting, sandblasting, and cleaning and painting of barges beginning in 1965. Three barge slips 
and a dry dock are located off the Mermentau River. The slips were used to dock barges during cleaning or repair. In 2001, a group of 
PRPs  that  had  been  former  customers  of  the  SBA  Shipyard  facility  formed  an  organization  called  the  SSIC  Remediation,  LLC 
(hereinafter, “the PRP Group Companies”) to address removal actions at the Site. In 2002, EPA approved an Interim Measures/Removal 
Action of Hazardous/Principal Threat Wastes at SBA Shipyards, Inc. (pursuant to RCRA Section 3008(h)) that was proposed by SBA 
Shipyard and the PRP Group Companies. Interim removal activities were conducted from March 2001 through January 2005 under an 
EPA 2002 Order and Agreement. In September 2012, the Louisiana Department of Environmental Quality requested EPA address the 
Site under CERCLA authority. The Company, as a successor to Hollywood Marine, joined the PRP Group Companies. The PRP Group 
Companies have submitted a draft Study work plan to EPA for their review and comment. Higman was named as a PRP in connection 
with its activities at the Site. Higman is not a participant in the PRP Group Companies.

With respect to the above sites, the Company has accrued a liability, if applicable, for its estimated potential liability for its portion 
of  the  EPA’s  past  costs  claim  based  on  information  developed  to  date  including  various  factors  such  as  the  Company’s  liability  in 
proportion to other PRPs and the extent to which such costs are recoverable from third parties.

On October 13, 2016, the tug Nathan E. Stewart and barge DBL 55, an ATB owned and operated by Kirby Offshore Marine, LLC, 
a wholly owned subsidiary of the Company, ran aground at the entrance to Seaforth Channel on Atholone Island, British Columbia. The 
grounding resulted in a breach of a portion of the Nathan E. Stewart’s fuel tanks causing a discharge of diesel fuel into the water. The 
USCG and the NTSB designated the Company as a party of interest in their investigation as to the cause of the incident. The Canadian 
authorities including Transport Canada and the Canadian Transportation Safety Board investigated the cause of the incident. On October 
10, 2018, the Heiltsuk First Nation filed a civil action in the British Columbia Supreme Court against a subsidiary of the Company, the 
master and pilot of the tug, the vessels and the Canadian government seeking unquantified damages as a result of the incident. On May 
1, 2019, the Company filed a limitation action in the Federal Court of Canada seeking limitation of liability relating to the incident as 
provided under admiralty law. 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 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. The Company believes its accrual of such estimated 
liability  is  adequate  for  the  incident  and  does  not  expect  the  incident  to  have  a  material  adverse  effect  on  its  business  or  financial 
condition.

76

In addition, the Company is involved in various legal and other proceedings which are incidental to the conduct of its business, 
none of which in the opinion of management will have a material effect on the Company’s financial condition, results of operations or 
cash flows. Management believes its accrual of such estimated liability is adequate and believes that it has adequate insurance coverage 
or has meritorious defenses for these other claims and contingencies.

Certain Significant Risks and Uncertainties. The preparation of financial statements in conformity with United States generally 
accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and 
liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues 
and expenses during the reporting period. Actual results could differ from those estimates. However, in the opinion of management, the 
amounts would be immaterial.

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 $26.7 million at December 31, 2023, including $12.1 million in 
letters of credit and $14.6 million in performance bonds. All of these instruments have an expiration date within two years. The Company 
does not believe demand for payment under these instruments is likely and expects no material cash outlays to occur in connection with 
these instruments.

(15) Related Party Transactions

David W. Grzebinski, President and Chief Executive Officer of the Company, is a member of the board of directors for ABS, a not-
for-profit that provides global classification services to the marine, offshore and gas industries. The Company paid ABS $1.5 million in 
2023, $1.3 million in 2022, and $1.6 million in 2021 to perform audits and surveys of the Company’s vessels in the ordinary course of 
business.

Mr. Grzebinski is a member of the board of directors of UK Protection & Indemnity Association (“UK P&I”), a mutual marine 
protection and indemnity organization that provides protection and indemnity insurance for third party liabilities and expenses arising 
from vessel operations. The Company’s marine fleet is insured on a pro rata share basis through UK P&I and Standard Mutual. The 
Company paid $3.6 million during 2023 in premiums for coverage in the 2023-2024 policy period, $3.4 million during 2022 in premiums 
for coverage in the 2022-2023 policy period, and $3.2 million in 2021 in premiums for coverage in the 2021-2022 policy period in the 
ordinary course of business.

Amy D. Husted, Vice President, General Counsel and Secretary of the Company, is a member of the board of directors of Signal 
Mutual Indemnity Association Ltd (“Signal”), a group self-insurance not-for-profit organization authorized by the U.S. Department of 
Labor as a longshore worker’s compensation insurance provider. The Company has been a member of Signal since it was established in 
1986. The Company paid Signal $0.7 million in 2023, $0.5 million in 2022 and $0.6 million in 2021 in the ordinary course of business.

The husband of Ms. Husted is a partner in the law firm of Clark Hill PLC. The Company paid the law firm $0.9 million in 2023, 

$1.0 million in 2022, and $2.9 million in 2021 for legal services in connection with matters in the ordinary course of business.

The brother of Christian G. O’Neil, President of Kirby Inland Marine, LP, Kirby Offshore Marine, LLC, San Jac Marine, LLC and 
Kirby Offshore Wind, LLC, is a partner in the law firm of W. Sean O’Neil Attorney at Law. The Company paid the law firm $0.1 
million in 2023, $0.1 million in 2022, and $0.1 million in 2021 for legal services in the ordinary course of business.

Rocky  B.  Dewbre,  a  director  of  the  Company,  serves  as  President  and  Chief  Operating  Officer  of  Mansfield  Service  Partners. 
Mansfield Service Partners is under the same common control as O’Rourke Marine Services (“O’Rourke”), a distributor of lubricants, 
fuels, and environmental services. The Company paid O’Rourke $29.4 million in 2023 in the ordinary course of business.

77

PART IV

Item 15. Exhibits and Financial Statement Schedules

1. Financial Statements

Included in Part III of this report on pages 49 to 77:

Report of Independent Registered Public Accounting Firm (KPMG LLP, Houston, TX, PCAOB ID 185).
Report of Independent Registered Public Accounting Firm.
Consolidated Balance Sheets, December 31, 2023 and 2022.
Consolidated Statements of Earnings, for the years ended December 31, 2023, 2022, and 2021.
Consolidated Statements of Comprehensive Income, for the years ended December 31, 2023, 2022, and 2021.
Consolidated Statements of Cash Flows, for the years ended December 31, 2023, 2022, and 2021.
Consolidated Statements of Stockholders’ Equity, for the years ended December 31, 2023, 2022, and 2021.
Notes to Consolidated Financial Statements, for the years ended December 31, 2023, 2022, and 2021.

2. Financial Statement Schedules

All  schedules  are  omitted  as  the  required  information  is  inapplicable  or  the  information  is  presented  in  the  consolidated  financial 
statements or related notes.

3. Exhibits

Exhibit
Number
3.1

3.2

4.1

4.2

10.1

10.2

10.3†

10.4†

10.5†

EXHIBIT INDEX

Description of Exhibit

— Restated Articles of Incorporation of the Company with all amendments to date (incorporated by reference to Exhibit 

3.1 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2014).

— Bylaws  of  the  Company  with  all  amendments  to  date  (incorporated  by  reference  to  Exhibit  3.1  to  the  Registrant’s 

Current Report on Form 8-K filed with the Commission on October 28, 2022).

— See Exhibits 3.1 and 3.2 hereof for provisions of our Restated Articles of Incorporation of the Company with all 
amendments to date and the Bylaws of the Company with all amendments to date (incorporated, respectively, by 
reference to Exhibit 3.1 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2014 and 
Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed with the Commission on October 28, 2022).

— Long-term  debt  instruments  are  omitted  pursuant  to  Item  601(b)(4)  of  Regulation  S-K.  The  Registrant  will  furnish 

copies of such instruments to the Commission upon request.

— Note Purchase Agreement dated February 3, 2022 (incorporated by reference to Exhibit 10.1 to the Registrant’s Form 

8-K filed with the Commission on February 8, 2022).

— Credit  Agreement  dated  July  29,  2022  among  Kirby  Corporation,  JPMorgan  Chase  Bank,  N.A.,  as  Administrative 
Agent, and the banks named therein (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on 
Form 8-K filed with the Commission on July 29, 2022).

— Incentive and Retention Award Agreement of David W. Grzebinski dated February 25, 2021 (incorporated by reference
to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the Commission on February 26, 2021).
— Incentive and Retention Award Agreement of Christian G. O’Neil dated February 25, 2021 (incorporated by reference 
to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed with the Commission on February 26, 2021).
— Annual Incentive Plan Guidelines for 2023 (incorporated by reference to Exhibit 10.6 to the Registrant’s Annual Report 

on Form 10-K for the year ended December 31, 2022).

10.6†

— Amended and Restated Annual Incentive Plan 2023 Plan Year Guidelines (incorporated by reference to Exhibit 10.1 to 

the Registrant’s Current Report on Form 8-K filed with the Commission on March 24, 2023).

10.7†*
10.8†

— Annual Incentive Plan Guidelines for 2024.
— 2005 Stock and Incentive Plan (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 

8-K filed with the Commission on April 29, 2021).

78

Exhibit
Number
10.9†

— 2000 Nonemployee Director Stock Plan (incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report 

on Form 8-K filed with the Commission on April 29, 2021).

Description of Exhibit

10.10†

— Nonemployee Director Compensation Program effective April 24, 2018 (incorporated by reference to Exhibit 10.2 to 

10.11†*
10.12†

the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2018).
Nonemployee Director Compensation Program effective January 29, 2024

— Deferred Compensation Plan for Key Employees (As Amended and Restated Effective April 1, 2022 and incorporated 
by reference to Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q filed with the Commission on May 9, 
2022).

10.13†

— Change of Control Agreement by and between Kirby Corporation and David W. Grzebinski dated May 16, 2022 

10.14†

(incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the Commission 
on May 20, 2022).

— Change of Control Agreement by and between Kirby Corporation and Raj Kumar dated May 16, 2022 (incorporated 
by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed with the Commission on May 20, 
2022).

10.15†

— Change of Control Agreement by and between Kirby Corporation and Christian G. O’Neil dated May 16, 2022 

(incorporated by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K filed with the Commission 
on May 20, 2022).

10.16†

— Change of Control Agreement by and between Kirby Corporation and Amy D. Husted dated May 16, 2022 

10.17†

10.18†

10.19†

(incorporated by reference to Exhibit 10.4 to the Registrant’s Current Report on Form 8-K filed with the Commission 
on May 20, 2022).
Amendment to Change of Control Agreement by and between Kirby Corporation and David W. Grzebinski dated 
March 6, 2023 (incorporated by reference to Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q filed 
with the Commission on May 8, 2023).
Amendment to Change of Control Agreement by and between Kirby Corporation and Raj Kumar dated March 6, 2023 
(incorporated by reference to Exhibit 10.5 to the Registrant’s Quarterly Report on Form 10-Q filed with the 
Commission on May 8, 2023).
Amendment to Change of Control Agreement by and between Kirby Corporation and Christian G. O’Neil dated 
March 6, 2023 (incorporated by reference to Exhibit 10.6 to the Registrant’s Quarterly Report on Form 10-Q filed 
with the Commission on May 8, 2023).

10.20

— Cooperation Agreement dated February 3, 2023 by and among the Company and JCP Investment Management, LLC 

and certain of its affiliates and associates (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report 
on Form 8-K filed with the Commission on February 3, 2023).

— Consolidated Subsidiaries of the Registrant.
— Consent of Independent Registered Public Accounting Firm.
— Certification of Chief Executive Officer Pursuant to Rule 13a-14(a).
— Certification of Chief Financial Officer Pursuant to Rule 13a-14(a).
— Certification Pursuant to 18 U.S.C. Section 1350 (As adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 

21.1*
23.1*
31.1*
31.2*
32*

2002).

97*
101.INS* — Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL 

— Kirby Corporation Clawback Policy

tags are embedded within the Inline XBRL document

101.SCH* — Inline XBRL Taxonomy Extension Schema with Embedded Linkbase documents
— Cover Page Interactive Data File (embedded within the Inline XBRL document)
104*

* Filed herewith.
† Management contract, compensatory plan or arrangement.

Item 16. Form 10-K Summary

Not applicable

79

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this 

report to be signed on its behalf by the undersigned, thereunto duly authorized.

SIGNATURES

KIRBY CORPORATION
(REGISTRANT)

By:

/s/ RAJ KUMAR
Raj Kumar
Executive Vice President and
Chief Financial Officer

Dated: February 20, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons 

on behalf of the registrant and in the capacities and on the dates indicated.

Signature

Capacity

Date

/s/ JOSEPH H. PYNE
Joseph H. Pyne

/s/ DAVID W. GRZEBINSKI
David W. Grzebinski

/s/ RAJ KUMAR
Raj Kumar

/s/ RONALD A. DRAGG
Ronald A. Dragg

/s/ ANNE-MARIE N. AINSWORTH
Anne-Marie N. Ainsworth

/s/ RICHARD J. ALARIO
Richard J. Alario

/s/ TANYA S. BEDER
Tanya S. Beder

/s/ BARRY E. DAVIS
Barry E. Davis

/s/ ROCKY B. DEWBRE
Rocky B. Dewbre

/s/ SUSAN W. DIO
Susan W. Dio

/s/ RICHARD R. STEWART
Richard R. Stewart

/s/ WILLIAM M. WATERMAN
William M. Waterman

/s/ SHAWN D. WILLIAMS
Shawn D. Williams

Chairman of the Board and Director

February 20, 2024

President, Chief Executive Officer,
and Director
(Principal Executive Officer)

Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)

Vice President, Controller and
Assistant Secretary
(Principal Accounting Officer)

Director

Director

Director

Director

Director

Director

Director

Director

Director

80

February 20, 2024

February 20, 2024

February 20, 2024

February 20, 2024

February 20, 2024

February 20, 2024

February 20, 2024

February 20, 2024

February 20, 2024

February 20, 2024

February 20, 2024

February 20, 2024

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CERTIFICATION OF CHIEF EXECUTIVE OFFICER

EXHIBIT 31.1

In connection with the filing of the report on Form 10-K for the year ended December 31, 2023 by Kirby Corporation, David W. 

Grzebinski certifies that:

1.    I have reviewed this report on Form 10-K of Kirby Corporation (the “registrant”);

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact 
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with 
respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all 
material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in 
this report;

4.    The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures 
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act 
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under 
our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known 
to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be 
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation 
of financial statements for external purposes in accordance with generally accepted accounting principles;

c)        Evaluated  the  effectiveness  of  the  registrant’s  disclosure  controls  and  procedures  and  presented  in  this  report  our 
conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report 
based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the 
registrant’s  most  recent  fiscal  quarter  (the  registrant’s  fourth  fiscal  quarter  in  the  case  of  an  annual  report)  that  has  materially 
affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.    The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over 
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the 
equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting 
which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; 
and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the 

registrant’s internal control over financial reporting.

Dated: February 20, 2024

/s/ DAVID W. GRZEBINSKI
David W. Grzebinski
President and Chief Executive Officer

 
 
 
CERTIFICATION OF CHIEF FINANCIAL OFFICER

EXHIBIT 31.2

In connection with the filing of the report on Form 10-K for the year ended December 31, 2023 by Kirby Corporation, Raj Kumar 

certifies that:

1.    I have reviewed this report on Form 10-K of Kirby Corporation (the “registrant”);

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact 
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with 
respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all 
material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in 
this report;

4.    The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures 
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act 
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under 
our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known 
to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be 
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation 
of financial statements for external purposes in accordance with generally accepted accounting principles;

c)        Evaluated  the  effectiveness  of  the  registrant’s  disclosure  controls  and  procedures  and  presented  in  this  report  our 
conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report 
based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the 
registrant’s  most  recent  fiscal  quarter  (the  registrant’s  fourth  fiscal  quarter  in  the  case  of  an  annual  report)  that  has  materially 
affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.    The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over 
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the 
equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting 
which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; 
and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the 

registrant’s internal control over financial reporting.

Dated: February 20, 2024

/s/ RAJ KUMAR
Raj Kumar
Executive Vice President and
Chief Financial Officer

 
 
 
Certification Pursuant to Section 18 U.S.C. Section 1350
(As adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002)

EXHIBIT 32

In connection with the filing of the Annual Report on Form 10-K for the year ended December 31, 2023 (the “Report”) by Kirby 

Corporation (the “Company”), each of the undersigned hereby certifies that:

1.    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; 

and

2.    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations 

of the Company.

/s/ DAVID W. GRZEBINSKI
David W. Grzebinski
President and Chief Executive Officer

/s/ RAJ KUMAR
Raj Kumar
Executive Vice President and
Chief Financial Officer

Dated: February 20, 2024

 
 
 
 
 
 
 
 
 
 
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Stockholder Information

ANNUAL MEETING

WEBSITE

COMMON STOCK MARKET PRICE

The 2024 Annual Meeting of
Stockholders will be held at Kirby’s
Houston office located at 55 Waugh
Drive, Suite 1100, Houston, Texas,
77007 at 10:00am (CDT) on Friday,
April 26, 2024. Stockholders of
record as of February 28, 2024 will
be able to attend the meeting.

CORPORATE HEADQUARTERS

Executive Office:
55 Waugh Drive, Suite 1000
Houston, Texas 77007
Telephone: 713-435-1000
Fax: 713-435-1010
Website: www.kirbycorp.com

Mailing Address:
P.O. Box 1745
Houston, Texas 77251-1745

INQUIRIES REGARDING STOCK
HOLDINGS

Registered stockholders (shares
held in owner’s name) should
address communications
concerning address changes, lost
certificates, and stock transfers to:

Proxy Services
C/O Computershare Investor
Services P.O. Box 505008
Louisville, Kentucky 40233-9814
Toll-Free Telephone: 877-373-6374
Website: www.computershare.com

Beneficial stockholders (shares held
in the name of banks or brokers)
should address communications to
their banks or stockbrokers.

All other inquiries should be
addressed to Kurt Niemietz,
VP - Investor Relations & Treasurer,
at Kirby’s corporate headquarters,
or sent by e-mail to
investor.relations@kirbycorp.com.

For more investor information, as
well as information about Kirby, visit
Kirby’s website at
www.kirbycorp.com.

INDEPENDENT REGISTERED
ACCOUNTANTS

KPMG LLP
BG Group Place
811 Main Street, Suite 4500
Houston, Texas 77002

COMMON STOCK INFORMATION

Stock trading symbol—KEX
The New York Stock Exchange
is the principal market for Kirby’s
common stock. As of February
28th, 2024, the Company had
58,471,000 outstanding common
shares held by approximately 365
registered stockholders. The number
of registered stockholders does
not reflect the number of beneficial
owners of common stock.

2024
First Quarter
(Through February 28, 2024)

2023
First Quarter
Second Quarter
Third Quarter
Fourth Quarter

2022
First Quarter
Second Quarter
Third Quarter
Fourth Quarter

Sales Price
High

Low

$ 88.70

$ 74.88

$ 76.34
$ 77.29
$ 87.52
$ 83.62

$ 60.14
$ 66.42
$ 73.76
$ 72.11

$ 75.08
$ 73.79
$ 71.47
$ 72.14

$ 58.84
$ 56.62
$ 55.03
$ 61.28

FINANCIAL AND INVESTOR RELATIONS

Copies of Kirby’s Form 10-K (which is
incorporated in this Annual Report) are
available free of charge. Either contact
Kurt Niemietz, VP – Investor Relations
& Treasurer, at Kirby’s corporate
headquarters, e-mail investor.relations@
kirbycorp.com, or visit Kirby’s website at
www.kirbycorp.com.

COMPARISON OF 5-YEAR CUMULATIVE TOTAL RETURN

The graph below compares Kirby Corporation’s cumulative 5-Year total stockholder return on common stock with the
cumulative total returns of the Russell 2000 index and the Dow Jones US Transportation Average index. The graph
tracks the performance of a $100 investment in our common stock and in each index (with the reinvestment of all
dividends) from 12/31/2018 to 12/31/2023.

$200

$150

$100

$50

0

12/18

12/19

12/20

12/21

12/22

12/23

Kirby Corporation

100.00

132.91

76.94

88.21

95.53

116.51

Russell 2000

100.00

125.52

150.58

172.90

137.56

160.85

Dow Jones US
Transportation
Average

100.00

120.83

140.80

187.56

154.62

186.46

The stock price performance included in this graph is not necessarily indicative of
future stock price performance.

23

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Kirby Corporation | 2023 Annual Report

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2 0 23 Annual Report

Corporation Headquarters:

55 Waugh Drive, Suite 1000

Houston, Texas 77007

Mailing Address:

P.O. Box 1745
Houston, Texas 77251-1745

713-435-1000
Fax: 713-435-1010
www.kirbycorp.com

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