Kirby Corporation Files 2023 Annual Report on Form 10-K

TL;DR

<b>Kirby Corporation has submitted its annual 10-K filing for the fiscal year ending December 31, 2023.</b>

AI Summary

KIRBY CORP (KEX) filed a Annual Report (10-K) with the SEC on February 20, 2024. Kirby Corporation filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the company's operations in Water Transportation (SIC 4400). Key dates mentioned include the fiscal year end of 1231 and filing date of 2024-02-20. The company's principal business address is 55 Waugh Drive, Suite 1000, Houston, TX 77007. Kirby Corporation was formerly known as Kirby Exploration Co Inc, with a name change on 1990-05-10.

Why It Matters

For investors and stakeholders tracking KIRBY CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Kirby Corporation's financial performance, operational activities, and strategic outlook for the fiscal year 2023. Investors and stakeholders can use this report to assess the company's financial health, identify potential risks, and understand its position within the water transportation industry.

Risk Assessment

Risk Level: medium — KIRBY CORP shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial and operational information, it does not inherently signal immediate positive or negative developments beyond routine disclosure.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Kirby Corporation's performance and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-20 — Filing Date (Filed as of date)
• 4400 — Standard Industrial Classification (Water Transportation)
• 7134351000 — Business Phone (Company phone number)

Key Players & Entities

• KIRBY CORP (company) — Filer name
• KEX (company) — Ticker symbol
• 55 WAUGH DRIVE SUITE 1000 (company) — Business address street 1
• HOUSTON (company) — Business address city
• TX (company) — Business address state
• 77007 (company) — Business address zip
• KIRBY EXPLORATION CO INC (company) — Former company name
• NV (company) — State of incorporation

FAQ

Industry Context

Kirby Corporation operates within the water transportation industry, providing a range of marine services.

Regulatory Implications

The filing is a standard SEC Form 10-K, adhering to regulations set forth by the Securities and Exchange Commission for public companies.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key performance indicators.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into operational performance and future outlook.
3. Examine the Risk Factors section for potential challenges and uncertainties facing the company.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-20: Filing Date — Date the 10-K was officially filed with the SEC.
• 1990-05-10: Company Name Change — Date Kirby Corporation changed its name from Kirby Exploration Co Inc.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023. Comparisons to the prior year will be available within the detailed financial statements and tables.

Filing Documents

• kex-20231231.htm (10-K) — 4013KB
• kex-ex10_7.htm (EX-10.7) — 231KB
• kex-ex10_11.htm (EX-10.11) — 28KB
• kex-ex21_1.htm (EX-21.1) — 48KB
• kex-ex23_1.htm (EX-23.1) — 3KB
• kex-ex31_1.htm (EX-31.1) — 14KB
• kex-ex31_2.htm (EX-31.2) — 14KB
• kex-ex32.htm (EX-32) — 10KB
• kex-ex97.htm (EX-97) — 40KB
• 0000950170-24-016786.txt (&nbsp;) — 17554KB
• kex-20231231.xsd (EX-101.SCH) — 2112KB
• kex-20231231_htm.xml (XML) — 3885KB

Business

Item 1. Business 4 THE COMPANY 4 Documents and Information Available on Website 4 BUSINESS AND PROPERTY 4 MARINE TRANSPORTATION 5 Marine Transportation Industry Fundamentals 6 Inland Tank Barge Industry 6 Coastal Tank Barge Industry 7 Competition in the Tank Barge Industry 7 Products Transported 8 Demand Drivers in the Tank Barge Industry 8 Marine Transportation Operations 9 Contracts and Customers 11 DISTRIBUTION AND SERVICES 12 Commercial and Industrial Operations 12 Commercial and Industrial Customers 13 Commercial and Industrial Competitive Conditions 14 Oil and Gas Operations 14 Oil and Gas Customers 14 Oil and Gas Competitive Conditions 14 Governmental Regulations 15 Environmental Regulations 16 Human Capital 18 Information about the Company's Executive Officers 19

Risk Factors

Item 1A. Risk Factors 21

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 28

Cybersecurity

Item 1C. Cybersecurity 28

Properties

Item 2. Properties 30

Legal Proceedings

Item 3. Legal Proceedings 31

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 31 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 32

Reserved

Item 6. Reserved 32

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 33

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 47

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 47

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 47

Controls and Procedures

Item 9A. Controls and Procedures 48

Other Information

Item 9B. Other Information 48

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 48 PART III Items 10 Through 14 48 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 78

Form 10-K Summary

Item 16. Form 10-K Summary 79 3 PART I

Busi ness

Item 1. Busi ness THE COM PANY 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 Ava ilable 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 10K, Quarterly Reports on Form 10Q, Current Reports on Form 8K 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 t

View Full Filing

View this 10-K filing on SEC EDGAR