Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2018

Changes in benefit obligations for the years ended December 31, 2018 and 2017 were:



	2018			2017
Changes in benefit obligation
Benefit obligation at beginning of year	$	2,435,765		$	2,306,859
Service cost	10,410			8,459
Interest cost	88,247			96,651
Plan participants’ contributions	2,466			2,454
Actuarial (gain) loss	(122,556		)	94,546
Foreign currency exchange rate changes	(18,416		)	15,073
Gross benefits paid	(118,643		)	(106,885		)
Plan amendments	—			4,768
Acquired plans	770			13,840
Benefit obligation at end of year	$	2,278,043		$	2,435,765

Assumptions Used to Measure Pension Benefit Obligations

The assumptions used to measure the pension benefit obligations for the plans at December 31, 2018 and 2017, were:



	2018		2017
Weighted average discount rate	4.36	%	3.70	%
Rate of increase in future compensation levels	3.14	%	3.11	%

Changes in Plan Assets

Changes in plan assets for the years ended December 31, 2018 and 2017 were:



	2018			2017
Changes in plan assets
Fair value of plan assets at beginning of year	$	2,206,479		$	1,965,502
Actual return on plan assets	(86,418		)	277,650
Foreign currency exchange rate changes	(18,054		)	14,449
Employer contributions	57,549			53,309
Plan participants’ contributions	2,466			2,454
Benefits paid	(118,643		)	(106,885		)
Fair value of plan assets at end of year	$	2,043,379		$	2,206,479

Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets

For the years ended December 31, 2018 and 2017, the aggregate benefit obligation and aggregate fair value of plan assets for plans with benefit obligations in excess of plan assets were as follows:



	2018		2017
Aggregate benefit obligation	$	2,106,348	$	2,241,690
Aggregate fair value of plan assets	1,863,245		2,003,831

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

For the years ended December 31, 2018 and 2017, the aggregate accumulated benefit obligation and aggregate fair value of plan assets for plans with accumulated benefit obligations in excess of plan assets were as follows:



	2018		2017
Aggregate accumulated benefit obligation	$	2,070,183	$	2,210,590
Aggregate fair value of plan assets	1,855,714		1,996,017

Asset Allocations for Funded Pension Plans

The asset allocations for the Company’s funded pension plans at December 31, 2018 and 2017, and the target allocation for 2019, by asset category were:



	Target Allocation		Percentage of Plan Assets at December 31
	2019		2018		2017
Asset Category
Equity securities	72	%	67	%	71	%
Debt securities	28	%	33	%	29	%
	100	%	100	%	100	%

Fair Value of Plan Assets by Asset Category



	2018
	Total		Assets Measured at NAV		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Equity Securities
Common stocks — mutual funds — equity	$	457,567	$	166,045	$	291,522	$	—	$	—
Genuine Parts Company common stock	193,810		—		193,810		—		—
Other stocks	713,924		—		713,882		—		42

Debt Securities
Short-term investments	30,855		—		30,855		—		—
Cash and equivalents	14,583		—		14,583		—		—
Government bonds	223,750		—		159,483		64,267		—
Corporate bonds	227,616		—		—		227,616		—
Asset-backed and mortgage-backed securities	8,866		—		—		8,866		—
Other-international	29,471		—		29,126		345		—
Municipal bonds	8,747		—		—		8,747		—
Mutual funds—fixed income	131,755		86,443		—		45,312		—

Other
Cash surrender value of life insurance policies	2,435		—				—		2,435
Total	$	2,043,379	$	252,488	$	1,433,261	$	355,153	$	2,477



	2017
	Total		Assets Measured at NAV		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Equity Securities
Common stocks — mutual funds — equity	$	536,609	$	193,628	$	342,981	$	—	$	—
Genuine Parts Company common stock	191,771		—		191,771		—		—
Other stocks	838,694		—		838,659		—		35

Debt Securities
Short-term investments	47,745		—		47,745		—		—
Cash and equivalents	13,530		—		13,530		—		—
Government bonds	180,838		—		121,834		59,004		—
Corporate bonds	207,978		—		—		207,978		—
Asset-backed and mortgage-backed securities	9,725		—		—		9,725		—
Convertible securities	211		—		—		211		—
Other-international	29,431		—		29,221		210		—
Municipal bonds	7,346		—		—		7,346		—
Mutual funds—fixed income	139,801		92,248		—		47,553		—

Other
Options and futures	38		—		38		—		—
Cash surrender value of life insurance policies	2,762		—		—		—		2,762
Total	$	2,206,479	$	285,876	$	1,585,779	$	332,027	$	2,797

Amounts Recognized in Consolidated Balance Sheets

The following table sets forth the funded status of the plans and the amounts recognized in the consolidated balance sheets at December 31:



	2018			2017
Other long-term asset	$	8,440		$	8,573
Other current liability	(9,213		)	(9,280		)
Pension and other post-retirement liabilities	(233,891		)	(228,579		)
	$	(234,664	)	$	(229,286	)

Amounts Recognized In Accumulated Other Comprehensive Loss Table

Amounts recognized in accumulated other comprehensive loss consist of:



	2018		2017
Net actuarial loss	$	1,014,794	$	941,063
Prior service cost	5,939		5,773
	$	1,020,733	$	946,836

Expected Cash Flows for Pension Plans

Information about the expected cash flows for the pension plans follows:



Employer contribution
2019 (expected)	$	6,034
Expected benefit payments:
2019	$	118,340
2020	122,253
2021	127,460
2022	132,988
2023	137,669
2024 through 2028	734,372

Components of Net Periodic Benefit (Income) Cost

Net periodic benefit income included the following components:



	2018			2017			2016
Service cost	$	10,410		$	8,459		$	7,746
Interest cost	88,247			96,651			104,485
Expected return on plan assets	(154,006		)	(155,432		)	(156,832		)
Amortization of prior service credit	(147		)	(350		)	(432		)
Amortization of actuarial loss	39,721			38,034			31,641
Net periodic benefit income	$	(15,775	)	$	(12,638	)	$	(13,392	)

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss)

Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) are as follows:



	2018			2017			2016
Current year actuarial loss (gain)	$	117,867		$	(27,672	)	$	152,415
Recognition of actuarial loss	(39,721		)	(38,034		)	(31,641		)
Current year prior service cost	—			4,768			2,063
Recognition of prior service credit	147			350			432
Total recognized in other comprehensive income (loss)	$	78,293		$	(60,588	)	$	123,269
Total recognized in net periodic benefit income and other comprehensive income (loss)	$	62,518		$	(73,226	)	$	109,877

Estimated Amounts Amortized from Accumulated Other Comprehensive Loss

The estimated amounts that will be amortized from accumulated other comprehensive loss into net periodic benefit income in 2019 are as follows:



Actuarial loss	$	30,944
Prior service credit	(66		)
Total	$	30,878

Assumptions Used To Measure Net Periodic Benefit (Income) Cost

The assumptions used in measuring the net periodic benefit income for the plans follow:



	2018		2017		2016
Weighted average discount rate	3.70	%	4.26	%	4.82	%
Rate of increase in future compensation levels	3.11	%	3.15	%	3.12	%
Expected long-term rate of return on plan assets	7.14	%	7.80	%	7.83	%