Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2015

Compensation and Retirement Disclosure [Abstract]

Changes in benefit obligations for the years ended December 31, 2015 and 2014 were:


	2015			2014
	(In Thousands)
Changes in benefit obligation
Benefit obligation at beginning of year	$	2,352,094		$	2,035,185
Service cost		8,562			7,824
Interest cost		98,088			102,465
Plan participants’ contributions		2,838			3,526
Actuarial (gain) loss		(139,573	)		346,875
Foreign currency exchange rate changes		(35,082	)		(18,697	)
Gross benefits paid		(87,571	)		(125,084	)

Benefit obligation at end of year	$	2,199,356		$	2,352,094

Assumptions Used to Measure Pension Benefit Obligations

The assumptions used to measure the pension benefit obligations for the plans at December 31, 2015 and 2014, were:


	2015			2014
Weighted-average discount rate		4.82	%		4.26	%
Rate of increase in future compensation levels		3.12	%		3.07	%

Changes in Plan Assets

Changes in plan assets for the years ended December 31, 2015 and 2014 were:


	2015			2014
	(In Thousands)
Changes in plan assets
Fair value of plan assets at beginning of year	$	2,021,837		$	1,933,063
Actual return on plan assets		(45,529	)		174,652
Foreign currency exchange rate changes		(33,382	)		(17,616	)
Employer contributions		54,543			53,296
Plan participants’ contributions		2,838			3,526
Benefits paid		(87,571	)		(125,084	)

Fair value of plan assets at end of year	$	1,912,736		$	2,021,837

Asset Allocations for Funded Pension Plans

The asset allocations for the Company’s funded pension plans at December 31, 2015 and 2014, and the target allocation for 2016, by asset category were:


	Target Allocation 2016			Percentage of Plan Assets at December 31
	Target Allocation 2016			2015			2014
Asset Category
Equity securities		71	%		69	%		70	%
Debt securities		29	%		31	%		30	%

		100	%		100	%		100	%

Fair Value of Plan Assets by Asset Category

Debt securities including corporate bonds, U.S. Government securities, and asset-backed securities are valued using price evaluations reflecting the bid and/or ask sides of the market for an investment as of the last day of the calendar plan year.

2015

Total

Quoted
Prices
in Active
Markets for
Identical
Assets
(Level 1)

Significant
Observable
Inputs
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

(In Thousands)

Equity Securities

Common stocks — mutual funds — equity

349,852

—

Genuine Parts Company common stock

173,363

—

Other stocks

793,229

792,624

—

605

Debt Securities

Short-term investments

46,195

—

Cash and equivalents

2,978

—

Government bonds

193,436

109,559

83,877

—

Corporate bonds

172,119

—

172,119

—

Asset-backed and mortgage–backed securities

27,510

—

27,510

—

Convertible securities

434

—

434

—

Other-international

21,137

20,785

352

—

Municipal bonds

5,857

—

5,857

—

Mutual funds — fixed income

123,895

—

123,895

—

Other

Cash surrender value of life insurance policies

2,731

—

2,731

Total

1,912,736

1,495,356

414,044

3,336


	2014
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In Thousands)
Equity Securities
Common stocks — mutual funds — equity	$	366,716	$	366,716	$	—	$	—
Genuine Parts Company common stock		215,477		215,477		—		—
Other stocks		822,782		822,782		—		—

Debt Securities
Short-term investments		41,882		41,882		—		—
Cash and equivalents		8,921		8,921		—		—
Government bonds		192,413		96,480		95,933		—
Corporate bonds		178,214		—		178,214		—
Asset-backed and mortgage–backed securities		27,756		—		27,756		—
Convertible securities		633		—		633		—
Other-international		25,137		21,815		3,322		—
Municipal bonds		6,435		—		6,435		—
Mutual funds — fixed income		132,752		—		132,752		—

Other
Options and futures		7		7		—		—
Cash surrender value of life insurance policies		2,712		—		—		2,712

Total	$	2,021,837	$	1,574,080	$	445,045	$	2,712

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:


	2015			2014
	(In Thousands)
Other long-term asset	$	3,336		$	4,247
Other current liability		(7,432	)		(6,740	)
Pension and other post-retirement liabilities		(282,524	)		(327,764	)

	$	(286,620	)	$	(330,257	)

Amounts Recognized in Accumulated Other Comprehensive Loss

Amounts recognized in accumulated other comprehensive loss consist of:


	2015			2014
	(In Thousands)
Net actuarial loss	$	882,464		$	875,788
Prior service credit		(1,814	)		(2,436	)

	$	880,650		$	873,352

Expected Cash Flows for Pension Plans

Information about the expected cash flows for the pension plans follows (in thousands):


Employer contribution
2016 (expected)	$	49,000
Expected benefit payments:
2016	$	93,000
2017		102,000
2018		109,000
2019		116,000
2020		124,000
2021 through 2025		703,000

Components of Net Periodic Benefit (Income) Cost

Net periodic benefit (income) cost included the following components:


	2015			2014			2013
	(In Thousands)
Service cost	$	8,562		$	7,824		$	19,083
Interest cost		98,088			102,465			89,408
Expected return on plan assets		(150,130	)		(144,746	)		(133,816	)
Amortization of prior service credit		(565	)		(1,890	)		(7,538	)
Amortization of actuarial loss		38,197			26,791			83,934

Net periodic benefit (income) cost	$	(5,848	)	$	(9,556	)	$	51,071

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:


	2015			2014			2013
	(In Thousands)
Current year actuarial loss (gain)	$	44,930		$	312,011		$	(368,587	)
Recognition of actuarial loss		(38,197	)		(26,791	)		(83,934	)
Recognition of prior service credit		565			638			7,538

Total recognized in other comprehensive income (loss)	$	7,298		$	285,858		$	(444,983	)

Total recognized in net periodic benefit (income) cost and other comprehensive income (loss)	$	1,450		$	276,303		$	(393,912	)

Estimated Amounts Amortized from Accumulated Other Comprehensive Loss

The estimated amounts that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in 2016 are as follows in thousands:


Actuarial loss	$	31,146
Prior service credit		(430	)

Total	$	30,716

Assumptions Used To Measure Net Periodic Benefit (Income) Cost

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


	2015			2014			2013
Weighted average discount rate		4.26	%		5.10	%		4.17	%
Rate of increase in future compensation levels		3.07	%		3.04	%		3.30	%
Expected long-term rate of return on plan assets		7.85	%		7.85	%		7.83	%