Kirby Corporation (KEX)

Debt-to-assets ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	1,008,530	1,058,250	990,954	1,075,660	1,076,330	1,114,860	1,131,850	1,151,640	1,161,430	1,206,190	1,274,260	1,348,900	1,468,550	1,578,190	1,642,830	1,702,480	1,369,750	1,434,420	1,594,700	1,667,460
Total assets	US$ in thousands	5,722,200	5,682,880	5,574,580	5,574,750	5,554,920	5,456,300	5,405,160	5,382,790	5,399,060	5,389,880	5,767,820	5,788,090	5,924,170	5,981,120	6,017,010	6,263,330	6,079,100	6,127,880	6,232,890	6,300,690
Debt-to-assets ratio		0.18	0.19	0.18	0.19	0.19	0.20	0.21	0.21	0.22	0.22	0.22	0.23	0.25	0.26	0.27	0.27	0.23	0.23	0.26	0.26

December 31, 2023 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $1,008,530K ÷ $5,722,200K
= 0.18

The debt-to-assets ratio of Kirby Corp. has been relatively stable over the past eight quarters, ranging from 0.18 to 0.21. This ratio indicates the proportion of the company's total assets that are financed through debt. A lower ratio suggests less dependence on borrowing to finance its operations, which may be viewed favorably by investors and creditors. Kirby Corp.'s consistently low to moderate debt-to-assets ratio reflects a prudent financial strategy of maintaining a balanced capital structure and minimizing financial risk. Furthermore, the stability of this ratio over time suggests effective management of debt levels in relation to the company's asset base.