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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:

20192018
Changes in benefit obligation
Benefit obligation at beginning of year$2,278,043 $2,435,765 
Service cost9,558 10,410 
Interest cost97,441 88,247 
Plan participants’ contributions2,246 2,466 
Actuarial loss (gain)246,352 (122,556)
Foreign currency exchange rate changes9,073 (18,416)
Gross benefits paid(119,789)(118,643)
Plan amendments3,327 — 
Curtailments(6,569)— 
Settlements(67,831)— 
Special termination costs42,757 — 
Acquired plans1,992 770 
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:
20192018
Weighted average discount rate3.43 %4.36 %
Rate of increase in future compensation levels3.13 %3.14 %
Changes in Plan Assets
Changes in plan assets for the years ended December 31, 2019 and 2018 were:
20192018
Changes in plan assets
Fair value of plan assets at beginning of year$2,043,379 $2,206,479 
Actual return on plan assets427,597 (86,418)
Foreign currency exchange rate changes9,826 (18,054)
Employer contributions15,799 57,549 
Plan participants’ contributions2,246 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:

20192018
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:

20192018
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 AllocationPercentage of Plan Assets at December 31
 202020192018
Asset Category
Equity securities68 %70 %67 %
Debt securities32 %30 %33 %
100 %100 %100 %
Fair Value of Plan Assets by Asset Category
 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 
 2018
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
$457,567 $166,045 $291,522 $— $— 
Genuine Parts Company common stock193,810 — 193,810 — — 
Other stocks713,924 — 713,882 — 42 
Debt Securities
Short-term investments30,855 — 30,855 — — 
Cash and equivalents14,583 — 14,583 — — 
Government bonds223,750 — 159,483 64,267 — 
Corporate bonds227,616 — — 227,616 — 
Asset-backed and mortgage-backed securities
8,866 — — 8,866 — 
Other-international29,471 — 29,126 345 — 
Municipal bonds8,747 — — 8,747 — 
Mutual funds—fixed income131,755 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:
20192018
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:
20192018
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:

201920182017
Service cost$9,558 $10,410 $8,459 
Interest cost97,441 88,247 96,651 
Expected return on plan assets(154,137)(154,006)(155,432)
Amortization of prior service credit(67)(147)(350)
Amortization of actuarial loss31,000 39,721 38,034 
Net periodic benefit income$(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:
201920182017
Current year actuarial (gain) loss$(33,677)$117,867 $(27,672)
Recognition of actuarial loss(31,000)(39,721)(38,034)
Current year prior service cost3,327 — 4,768 
Recognition of prior service credit67 147 350 
Recognition of curtailment loss(155)— — 
Other(50)— — 
Total recognized in other comprehensive (loss) income$(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 credit691 
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:
201920182017
Weighted average discount rate4.36 %3.70 %4.26 %
Rate of increase in future compensation levels3.14 %3.11 %3.15 %
Expected long-term rate of return on plan assets7.12 %7.14 %7.80 %