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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Changes in Benefit Obligation
Changes in benefit obligations for the years ended December 31, 2020 and 2019 were:
20202019
Changes in benefit obligation
Benefit obligation at beginning of year$2,496,600 $2,278,043 
Service cost12,105 9,558 
Interest cost83,732 97,441 
Plan participants’ contributions1,864 2,246 
Actuarial loss218,534 246,352 
Foreign currency exchange rate changes9,394 9,073 
Gross benefits paid(144,508)(119,789)
Plan amendments— 3,327 
Curtailments(472)(6,569)
Settlements— (67,831)
Special termination costs— 42,757 
Acquired plans1,717 1,992 
Benefit obligation at end of year$2,678,966 $2,496,600 
Assumptions Used to Measure Pension Benefit Obligations
The assumptions used to measure the pension benefit obligations for the plans at December 31, 2020 and 2019, were:
20202019
Weighted average discount rate2.72 %3.43 %
Rate of increase in future compensation levels3.11 %3.13 %
Changes in Plan Assets
Changes in plan assets for the years ended December 31, 2020 and 2019 were:
20202019
Changes in plan assets
Fair value of plan assets at beginning of year$2,311,227 $2,043,379 
Actual return on plan assets347,560 427,597 
Foreign currency exchange rate changes7,451 9,826 
Employer contributions21,765 15,799 
Plan participants’ contributions1,864 2,246 
Benefits paid(144,508)(119,789)
Settlements— (67,831)
Fair value of plan assets at end of year$2,545,359 $2,311,227 
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
For the years ended December 31, 2020 and 2019, the aggregate projected benefit obligation and aggregate fair value of plan assets for plans with projected benefit obligations in excess of plan assets were as follows:
20202019
Aggregate projected benefit obligation$328,517 $298,565 
Aggregate fair value of plan assets$45,728 $39,672 
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
For the years ended December 31, 2020 and 2019, 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:
20202019
Aggregate accumulated benefit obligation$290,271 $270,230 
Aggregate fair value of plan assets$34,164 $39,672 
Asset Allocations for Funded Pension Plans
The asset allocations for the Company’s funded pension plans at December 31, 2020 and 2019, and the target allocation for 2021, by asset category were:
 Target AllocationPercentage of Plan Assets at December 31
 202120202019
Asset Category
Equity securities68 %70 %70 %
Debt securities32 %30 %30 %
100 %100 %100 %
Fair Value of Plan Assets by Asset Category
 2020
TotalAssets Measured at NAVQuoted 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
$586,196 $204,303 $381,893 $— $— 
Genuine Parts Company common stock202,711 — 202,711 — — 
Other stocks989,258 — 989,258 — — 
Debt Securities
Short-term investments30,746 — 30,746 — — 
Cash and equivalents18,631 — 18,631 — — 
Government bonds257,221 — 192,288 64,933 — 
Corporate bonds393,450 — — 393,450 — 
Asset-backed and mortgage-backed securities
10,161 — — 10,161 — 
Other-international39,992 — 37,041 2,951 — 
Municipal bonds14,724 — — 14,724 — 
Mutual funds—fixed income— — — — — 
Other
Cash surrender value of life insurance policies
2,269 — — — 2,269 
Total$2,545,359 $204,303 $1,852,568 $486,219 $2,269 
 2019
TotalAssets Measured at NAVQuoted 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 stock214,418 — 214,418 — — 
Other stocks865,078 — 865,070 — 
Debt Securities
Short-term investments34,516 — 34,516 — — 
Cash and equivalents15,833 — 15,833 — — 
Government bonds259,939 — 167,394 92,545 — 
Corporate bonds255,352 — — 255,352 — 
Asset-backed and mortgage-backed securities
9,316 — — 9,316 — 
Other-international27,903 — 27,903 — — 
Municipal bonds10,153 — — 10,153 — 
Mutual funds—fixed income89,298 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 
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:
20202019
Other long-term asset$149,182 $73,520 
Other current liability(17,572)(11,692)
Pension and other post-retirement liabilities(265,216)(247,201)
$(133,606)$(185,373)
Amounts Recognized In Accumulated Other Comprehensive Loss Table
Amounts recognized in accumulated other comprehensive loss consist of:
20202019
Net actuarial loss$939,290 $952,133 
Prior service cost 8,648 9,343 
$947,938 $961,476 
Expected Cash Flows for Pension Plans Information about the expected cash flows for the pension plans follows:
Employer contribution
2021 (expected)$5,724 
Expected benefit payments:
2021$136,183 
2022$134,054 
2023$137,788 
2024$140,987 
2025$144,405 
2026 through 2030$741,572 
Components of Net Periodic Benefit (Income) Cost
Net periodic benefit income included the following components:
202020192018
Service cost$12,105 $9,558 $10,410 
Interest cost83,732 97,441 88,247 
Expected return on plan assets(154,111)(154,137)(154,006)
Amortization of prior service cost (credit)692 (67)(147)
Amortization of actuarial loss39,613 31,000 39,721 
Net periodic benefit income$(17,969)$(16,205)$(15,775)
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 are as follows:
202020192018
Current year actuarial loss (gain)$24,613 $(33,677)$117,867 
Recognition of actuarial loss(39,613)(31,000)(39,721)
Current year prior service cost— 3,327 — 
Recognition of prior service (cost) credit(692)67 147 
Recognition of curtailment gain (loss)435 (155)— 
Other— (50)— 
Total recognized in other comprehensive (loss) income$(15,257)$(61,488)$78,293 
Total recognized in net periodic benefit income and other comprehensive (loss) income$(33,226)$(77,693)$62,518 
Assumptions Used To Measure Net Periodic Benefit (Income) Cost
The assumptions used in measuring the net periodic benefit income for the plans follow:
202020192018
Weighted average discount rate3.43 %4.36 %3.70 %
Rate of increase in future compensation levels3.13 %3.14 %3.11 %
Expected long-term rate of return on plan assets7.11 %7.12 %7.14 %