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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Changes in Benefit Obligation
Changes in benefit obligations for the years ended December 31, 2019 and 2018 were:


 
2019
 
2018
Changes in benefit obligation
 
 
 
 
Benefit obligation at beginning of year
 
$
2,278,043

 
$
2,435,765

Service cost
 
9,558

 
10,410

Interest cost
 
97,441

 
88,247

Plan participants’ contributions
 
2,246

 
2,466

Actuarial loss (gain)
 
246,352

 
(122,556
)
Foreign currency exchange rate changes
 
9,073

 
(18,416
)
Gross benefits paid
 
(119,789
)
 
(118,643
)
Plan amendments
 
3,327

 

Curtailments
 
(6,569
)
 

Settlements
 
(67,831
)
 

Special termination costs
 
42,757

 

Acquired plans
 
1,992

 
770

Benefit obligation at end of year
 
$
2,496,600

 
$
2,278,043


Assumptions Used to Measure Pension Benefit Obligations
The assumptions used to measure the pension benefit obligations for the plans at December 31, 2019 and 2018, were:
 
2019
 
2018
Weighted average discount rate
3.43
%
 
4.36
%
Rate of increase in future compensation levels
3.13
%
 
3.14
%

Changes in Plan Assets
Changes in plan assets for the years ended December 31, 2019 and 2018 were:
 
 
2019
 
2018
Changes in plan assets
 
 
 
 
Fair value of plan assets at beginning of year
 
$
2,043,379

 
$
2,206,479

Actual return on plan assets
 
427,597

 
(86,418
)
Foreign currency exchange rate changes
 
9,826

 
(18,054
)
Employer contributions
 
15,799

 
57,549

Plan participants’ contributions
 
2,246

 
2,466

Benefits paid
 
(119,789
)
 
(118,643
)
Settlements
 
(67,831
)
 

Fair value of plan assets at end of year
 
$
2,311,227

 
$
2,043,379


Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
For the years ended December 31, 2019 and 2018, the aggregate benefit obligation and aggregate fair value of plan assets for plans with benefit obligations in excess of plan assets were as follows:


 
2019
 
2018
Aggregate benefit obligation
 
$
298,565

 
$
2,106,348

Aggregate fair value of plan assets
 
$
39,672

 
$
1,863,245


Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
For the years ended December 31, 2019 and 2018, 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:


 
2019
 
2018
Aggregate accumulated benefit obligation
 
$
270,230

 
$
2,070,183

Aggregate fair value of plan assets
 
$
39,672

 
$
1,855,714


Asset Allocations for Funded Pension Plans
The asset allocations for the Company’s funded pension plans at December 31, 2019 and 2018, and the target allocation for 2020, by asset category were:
 
Target Allocation
 
Percentage of Plan Assets at December 31
 
2020
2019
 
2018
Asset Category
 
 
 
 
 
Equity securities
68
%
 
70
%
 
67
%
Debt securities
32
%
 
30
%
 
33
%
 
100
%
 
100
%
 
100
%

Fair Value of Plan Assets by Asset Category
 
 
2019
 
 
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
 
$
527,151

 
$
187,500

 
$
339,651

 
$

 
$

Genuine Parts Company common stock
 
214,418

 

 
214,418

 

 

Other stocks
 
865,078

 

 
865,070

 

 
8

 
 
 
 
 
 
 
 
 
 
 
Debt Securities
 
 
 
 
 
 
 
 
 
 
Short-term investments
 
34,516

 

 
34,516

 

 

Cash and equivalents
 
15,833

 

 
15,833

 

 

Government bonds
 
259,939

 

 
167,394

 
92,545

 

Corporate bonds
 
255,352

 

 

 
255,352

 

Asset-backed and mortgage-backed securities
 
9,316

 

 

 
9,316

 

Other-international
 
27,903

 

 
27,903

 

 

Municipal bonds
 
10,153

 

 

 
10,153

 

Mutual funds—fixed income
 
89,298

 
89,298

 

 

 

 
 
 
 
 
 
 
 
 
 
 
Other
 
 
 
 
 
 
 
 
 
 
Cash surrender value of life insurance policies
 
2,270

 

 

 

 
2,270

Total
 
$
2,311,227

 
$
276,798

 
$
1,664,785

 
$
367,366

 
$
2,278


 
 
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


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:
 
 
2019
 
2018
Other long-term asset
 
$
73,520

 
$
8,440

Other current liability
 
(11,692
)
 
(9,213
)
Pension and other post-retirement liabilities
 
(247,201
)
 
(233,891
)
 
 
$
(185,373
)
 
$
(234,664
)

Amounts Recognized In Accumulated Other Comprehensive Loss Table
Amounts recognized in accumulated other comprehensive loss consist of:
 
 
2019
 
2018
Net actuarial loss
 
$
952,133

 
$
1,014,794

Prior service cost
 
9,343

 
5,939

 
 
$
961,476

 
$
1,020,733


Expected Cash Flows for Pension Plans Information about the expected cash flows for the pension plans follows:
Employer contribution
 
2020 (expected)
$
6,943

Expected benefit payments:
 
2020
$
123,033

2021
$
130,333

2022
$
134,260

2023
$
138,539

2024
$
141,350

2025 through 2029
$
737,591


Components of Net Periodic Benefit (Income) Cost
Net periodic benefit income included the following components:


 
2019
 
2018
 
2017
Service cost
 
$
9,558

 
$
10,410

 
$
8,459

Interest cost
 
97,441

 
88,247

 
96,651

Expected return on plan assets
 
(154,137
)
 
(154,006
)
 
(155,432
)
Amortization of prior service credit
 
(67
)
 
(147
)
 
(350
)
Amortization of actuarial loss
 
31,000

 
39,721

 
38,034

Net periodic benefit income
 
$
(16,205
)
 
$
(15,775
)
 
$
(12,638
)

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:
 
 
2019
 
2018
 
2017
Current year actuarial (gain) loss
 
$
(33,677
)
 
$
117,867

 
$
(27,672
)
Recognition of actuarial loss
 
(31,000
)
 
(39,721
)
 
(38,034
)
Current year prior service cost
 
3,327

 

 
4,768

Recognition of prior service credit
 
67

 
147

 
350

Recognition of curtailment loss
 
(155
)
 

 

Other
 
(50
)
 

 

Total recognized in other comprehensive (loss) income
 
$
(61,488
)
 
$
78,293


$
(60,588
)
Total recognized in net periodic benefit income and other comprehensive (loss) income
 
$
(77,693
)
 
$
62,518

 
$
(73,226
)

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 2020 are as follows:
Actuarial loss
$
44,602

Prior service credit
691

Total
$
45,293


Assumptions Used To Measure Net Periodic Benefit (Income) Cost
The assumptions used in measuring the net periodic benefit income for the plans follow:
 
2019
 
2018
 
2017
Weighted average discount rate
4.36
%
 
3.70
%
 
4.26
%
Rate of increase in future compensation levels
3.14
%
 
3.11
%
 
3.15
%
Expected long-term rate of return on plan assets
7.12
%
 
7.14
%
 
7.80
%