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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Schedule of Changes in Benefit Obligation
Changes in benefit obligations for the years ended December 31, 2021 and 2020 were:
20212020
Changes in benefit obligation
Benefit obligation at beginning of year$2,678,966 $2,496,600 
Service cost12,218 12,105 
Interest cost71,693 83,732 
Plan participants’ contributions1,908 1,864 
Actuarial (gain) loss(87,966)218,534 
Foreign currency exchange rate changes(1,184)9,394 
Gross benefits paid(142,327)(144,508)
Curtailments(80)(472)
Settlements(255)— 
Acquired plans— 1,717 
Benefit obligation at end of year$2,532,973 $2,678,966 
Schedule of Assumptions Used to Measure Pension Benefit Obligations
The assumptions used to measure the pension benefit obligations for the plans at December 31, 2021 and 2020, were:
20212020
Weighted average discount rate3.04 %2.72 %
Rate of increase in future compensation levels3.13 %3.11 %
Schedule of Changes in Plan Assets
Changes in plan assets for the years ended December 31, 2021 and 2020 were:
20212020
Changes in plan assets
Fair value of plan assets at beginning of year$2,545,359 $2,311,227 
Actual return on plan assets330,402 347,560 
Foreign currency exchange rate changes80 7,451 
Employer contributions21,635 21,765 
Plan participants’ contributions1,908 1,864 
Benefits paid(142,327)(144,508)
Settlements(254)— 
Fair value of plan assets at end of year$2,756,803 $2,545,359 
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets For the years ended December 31, 2021 and 2020, 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:
20212020
Aggregate projected benefit obligation$323,593 $328,517 
Aggregate fair value of plan assets$47,445 $45,728 
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets For the years ended December 31, 2021 and 2020, 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:
20212020
Aggregate accumulated benefit obligation$247,277 $290,271 
Aggregate fair value of plan assets$— $34,164 
Schedule of Asset Allocations for Funded Pension Plans
The asset allocations for the Company’s funded pension plans at December 31, 2021 and 2020, and the target allocation for 2022, by asset category were:
 Target AllocationPercentage of Plan Assets at December 31
 202220212020
Asset Category
Equity securities58 %57 %70 %
Debt securities42 %43 %30 %
100 %100 %100 %
Schedule of Fair Value of Plan Assets by Asset Category
 2021
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$388,591 $64,669 $323,922 $— $— 
Genuine Parts Company common stock210,510 — 210,510 — — 
Other stocks971,020 — 971,020 — — 
Debt Securities
Short-term investments46,815 — 46,815 — — 
Cash and equivalents22,084 — 22,084 — — 
Government bonds425,877 — 350,706 75,171 — 
Corporate bonds598,216 — — 598,216 — 
Asset-backed and mortgage-backed securities12,894 — — 12,894 — 
Other-international61,008 — 46,133 14,875 — 
Municipal bonds19,621 — — 19,621 — 
Other
Options and Futures167 — 167 — — 
Total$2,756,803 $64,669 $1,971,357 $720,777 $— 
 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 securities10,161 — — 10,161 — 
Other-international39,992 — 37,041 2,951 — 
Municipal bonds14,724 — — 14,724 — 
Other
Cash surrender value of life insurance policies2,269 — — — 2,269 
Total$2,545,359 $204,303 $1,852,568 $486,219 $2,269 
Schedule of 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:
20212020
Other long-term asset$499,978 $149,182 
Other current liability(12,546)(17,572)
Pension and other post-retirement liabilities(263,602)(265,216)
$223,830 $(133,606)
Schedule of Amounts Recognized In Accumulated Other Comprehensive Loss
Amounts recognized in accumulated other comprehensive loss consist of:
20212020
Net actuarial loss$625,339 $939,290 
Prior service cost 7,958 8,648 
$633,297 $947,938 
Schedule of Expected Cash Flows for Pension Plans Information about the expected cash flows for the pension plans follows:
Employer contribution
2022 (expected)$4,389 
Expected benefit payments:
2022$132,803 
2023$136,456 
2024$139,632 
2025$143,008 
2026$145,490 
2026 through 2030$739,272 
Schedule of Components of Net Periodic Benefit (Income) Cost
Net periodic benefit income included the following components:
202120202019
Service cost$12,218 $12,105 $9,558 
Interest cost71,693 83,732 97,441 
Expected return on plan assets(153,822)(154,111)(154,137)
Amortization of prior service cost (credit)690 692 (67)
Amortization of actuarial loss49,897 39,613 31,000 
Net periodic benefit income$(19,324)$(17,969)$(16,205)
Schedule of 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:
202120202019
Current year actuarial (gain) loss$(264,547)$24,613 $(33,677)
Recognition of actuarial loss(49,897)(39,613)(31,000)
Current year prior service cost— — 3,327 
Recognition of prior service (cost) credit(690)(692)67 
Recognition of curtailment (loss) gain(5)435 (155)
Other(29)— (50)
Total recognized in other comprehensive loss$(315,168)$(15,257)$(61,488)
Total recognized in net periodic benefit income and other comprehensive (loss) income$(334,492)$(33,226)$(77,693)
Schedule of Assumptions Used To Measure Net Periodic Benefit (Income) Cost
The assumptions used in measuring the net periodic benefit income for the plans follow:
202120202019
Weighted average discount rate2.72 %3.43 %4.36 %
Rate of increase in future compensation levels3.11 %3.13 %3.14 %
Expected long-term rate of return on plan assets6.88 %7.11 %7.12 %