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Component: (Network and Table)
Network
2307301 - Disclosure - Employee Benefit Plans (Tables)
(http://www.genpt.com/role/EmployeeBenefitPlansTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Compensation and Retirement Disclosure [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
Compensation and Retirement Disclosure [Abstract]
 
Changes in Benefit Obligation
Changes in benefit obligations for the years ended December 31, 2016 and 2015 were:
 
2016
 
2015
 
(In Thousands)
Changes in benefit obligation
 
 
 
Benefit obligation at beginning of year
$
2,199,356

 
$
2,352,094

Service cost
7,746

 
8,562

Interest cost
104,485

 
98,088

Plan participants’ contributions
2,585

 
2,838

Actuarial loss (gain)
139,851

 
(139,573
)
Foreign currency exchange rate changes
5,449

 
(35,082
)
Gross benefits paid
(154,676
)
 
(87,571
)
Plan amendments
2,063

 

Benefit obligation at end of year
$
2,306,859

 
$
2,199,356

 
 
Assumptions Used to Measure Pension Benefit Obligations
The assumptions used to measure the pension benefit obligations for the plans at December 31, 2016 and 2015, were:
 
2016
 
2015
Weighted-average discount rate
4.26
%
 
4.82
%
Rate of increase in future compensation levels
3.14
%
 
3.12
%
 
 
Changes in Plan Assets
Changes in plan assets for the years ended December 31, 2016 and 2015 were:
 
2016
 
2015
 
(In Thousands)
Changes in plan assets
 
 
 
Fair value of plan assets at beginning of year
$
1,912,736

 
$
2,021,837

Actual return on plan assets
146,022

 
(45,529
)
Foreign currency exchange rate changes
5,172

 
(33,382
)
Employer contributions
53,663

 
54,543

Plan participants’ contributions
2,585

 
2,838

Benefits paid
(154,676
)
 
(87,571
)
Fair value of plan assets at end of year
$
1,965,502

 
$
1,912,736

 
 
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
For the years ended December 31, 2016 and 2015, the aggregate benefit obligation and aggregate fair value of plan assets for plans with benefit obligations in excess of plan assets were as follows:
 
2016
 
2015
 
(In Thousands)
Aggregate benefit obligation
$
2,131,550

 
$
2,186,412

Aggregate fair value of plan assets
1,783,472

 
1,896,456

 
 
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
For the years ended December 31, 2016 and 2015, 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:
 
2016
 
2015
 
(In Thousands)
Aggregate accumulated benefit obligation
$
2,086,711

 
$
2,167,216

Aggregate fair value of plan assets
1,760,713

 
1,896,456

 
 
Asset Allocations for Funded Pension Plans
The asset allocations for the Company’s funded pension plans at December 31, 2016 and 2015, and the target allocation for 2017, by asset category were:
 
Target
Allocation
2017
 
Percentage of
Plan Assets at
December 31
 
2016
 
2015
Asset Category
 
 
 
 
 
Equity securities
71
%
 
70
%
 
69
%
Debt securities
29
%
 
30
%
 
31
%
 
100
%
 
100
%
 
100
%
 
 
Fair Value of Plan Assets by Asset Category
 
2016
 
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)
 
(In Thousands)
Equity Securities
 
 
 
 
 
 
 
 
 
Common stocks — mutual funds — equity
$
384,103

 
$
114,182

 
$
269,921

 
$

 
$

Genuine Parts Company common stock
192,841

 

 
192,841

 

 

Other stocks
793,101

 

 
793,007

 

 
94

 
 
 
 
 
 
 
 
 
 
Debt Securities
 
 
 
 
 
 
 
 
 
Short-term investments
55,607

 

 
55,607

 

 

Cash and equivalents
15,995

 

 
15,995

 

 

Government bonds
157,303

 

 
102,468

 
54,835

 

Corporate bonds
192,457

 

 

 
192,457

 

Asset-backed and mortgage–backed securities
8,872

 

 

 
8,872

 

Convertible securities
216

 

 

 
216

 

Other-international
24,613

 

 
20,868

 
3,745

 

Municipal bonds
9,272

 

 

 
9,272

 

Mutual funds—fixed income
128,367

 
82,394

 

 
45,973

 

 
 
 
 
 
 
 
 
 
 
Other
 
 
 
 
 
 
 
 
 
Cash surrender value of life insurance policies
2,755

 

 

 

 
2,755

Total
$
1,965,502

 
$
196,576

 
$
1,450,707

 
$
315,370

 
$
2,849


 
2015
 
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)
 
(In Thousands)
Equity Securities
 
 
 
 
 
 
 
 
 
Common stocks — mutual funds — equity
$
349,852

 
$
107,441

 
$
242,411

 
$

 
$

Genuine Parts Company common stock
173,363

 

 
173,363

 

 

Other stocks
793,229

 

 
792,624

 

 
605

 
 
 
 
 
 
 
 
 
 
Debt Securities
 
 
 
 
 
 
 
 
 
Short-term investments
46,195

 

 
46,195

 

 

Cash and equivalents
2,978

 

 
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

 
83,241

 

 
40,654

 

 
 
 
 
 
 
 
 
 
 
Other
 
 
 
 
 
 
 
 
 
Cash surrender value of life insurance policies
2,731

 

 

 

 
2,731

Total
$
1,912,736

 
$
190,682

 
$
1,387,915

 
$
330,803

 
$
3,336

 
 
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:
 
2016
 
2015
 
(In Thousands)
Other long-term asset
$
6,721

 
$
3,336

Other current liability
(8,206
)
 
(7,432
)
Pension and other post-retirement liabilities
(339,872
)
 
(282,524
)
 
$
(341,357
)
 
$
(286,620
)
 
 
Amounts Recognized In Accumulated Other Comprehensive Loss Table
Amounts recognized in accumulated other comprehensive loss consist of:
 
2016
 
2015
 
(In Thousands)
Net actuarial loss
$
1,003,247

 
$
882,464

Prior service cost (credit)
672

 
(1,814
)
 
$
1,003,919

 
$
880,650

 
 
Expected Cash Flows for Pension Plans
Information about the expected cash flows for the pension plans follows (in thousands):
Employer contribution
 
2017 (expected)
$
48,000

Expected benefit payments:
 
2017
$
109,000

2018
116,000

2019
122,000

2020
127,000

2021
133,000

2022 through 2026
721,000

 
 
Components of Net Periodic Benefit (Income) Cost
Net periodic benefit income included the following components:
 
2016
 
2015
 
2014
 
(In Thousands)
Service cost
$
7,746

 
$
8,562

 
$
7,824

Interest cost
104,485

 
98,088

 
102,465

Expected return on plan assets
(156,832
)
 
(150,130
)
 
(144,746
)
Amortization of prior service credit
(432
)
 
(565
)
 
(1,890
)
Amortization of actuarial loss
31,641

 
38,197

 
26,791

Net periodic benefit income
$
(13,392
)
 
$
(5,848
)
 
$
(9,556
)
 
 
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:
 
2016
 
2015
 
2014
 
(In Thousands)
Current year actuarial loss
$
152,415

 
$
44,930

 
$
312,011

Recognition of actuarial loss
(31,641
)
 
(38,197
)
 
(26,791
)
Current year prior service cost
2,063

 

 

Recognition of prior service credit
432

 
565

 
638

Total recognized in other comprehensive income (loss)
$
123,269

 
$
7,298


$
285,858

Total recognized in net periodic benefit income and other comprehensive income (loss)
$
109,877

 
$
1,450

 
$
276,303

 
 
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 2017 are as follows in thousands:
Actuarial loss
$
37,870

Prior service credit
(349
)
Total
$
37,521

 
 
Assumptions Used To Measure Net Periodic Benefit (Income) Cost
The assumptions used in measuring the net periodic benefit income for the plans follow:
 
2016
 
2015
 
2014
Weighted average discount rate
4.82
%
 
4.26
%
 
5.10
%
Rate of increase in future compensation levels
3.12
%
 
3.07
%
 
3.04
%
Expected long-term rate of return on plan assets
7.83
%
 
7.85
%
 
7.85
%