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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Schedule of Changes in Benefit Obligation
Changes in benefit obligations for the years ended December 31, 2022 and 2021 were:
20222021
Changes in benefit obligation
Benefit obligation at beginning of year$2,532,973 $2,678,966 
Service cost10,204 12,218 
Interest cost75,248 71,693 
Plan participants’ contributions1,892 1,908 
Actuarial gain(546,266)(87,966)
Foreign currency exchange rate changes(15,744)(1,184)
Gross benefits paid(135,907)(142,327)
Curtailments— (80)
Settlements(276)(255)
Acquired plans1,039 — 
Benefit obligation at end of year$1,923,163 $2,532,973 
Schedule of Assumptions Used to Measure Pension Benefit Obligations
The assumptions used to measure the pension benefit obligations for the plans at December 31, 2022 and 2021, were:
20222021
Weighted average discount rate5.61 %3.04 %
Rate of increase in future compensation levels3.16 %3.13 %
Schedule of Changes in Plan Assets
Changes in plan assets for the years ended December 31, 2022 and 2021 were:
20222021
Changes in plan assets
Fair value of plan assets at beginning of year$2,756,803 $2,545,359 
Actual return on plan assets(493,359)330,402 
Foreign currency exchange rate changes(15,599)80 
Employer contributions15,504 21,635 
Plan participants’ contributions1,892 1,908 
Benefits paid(135,907)(142,327)
Settlements(276)(254)
Fair value of plan assets at end of year$2,129,058 $2,756,803 
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets For the years ended December 31, 2022 and 2021, 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:
20222021
Aggregate projected benefit obligation$208,939 $323,593 
Aggregate fair value of plan assets$— $47,445 
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets For the years ended December 31, 2022 and 2021, 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:
20222021
Aggregate accumulated benefit obligation$192,421 $247,277 
Aggregate fair value of plan assets$— $— 
Schedule of Asset Allocations for Funded Pension Plans
The asset allocations for our funded pension plans at December 31, 2022 and 2021, and the target allocation for 2023, by asset category were:
 Target AllocationPercentage of Plan Assets at December 31
 202320222021
Asset Category
Equity securities58 %59 %57 %
Debt securities41 %41 %43 %
Other%— %— %
100 %100 %100 %
Schedule of Fair Value of Plan Assets by Asset Category
 2022
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$285,103 $48,521 $236,582 $— $— 
Genuine Parts Company common stock261,869 — 261,869 — — 
Other stocks711,830 — 711,830 — — 
Debt Securities
Short-term investments41,076 — 41,076 — — 
Cash and equivalents8,632 — 8,632 — — 
Government bonds344,787 — 411 344,376 — 
Corporate bonds412,896 — — 412,896 — 
Asset-backed and mortgage-backed securities9,925 — — 9,925 — 
Convertible Securities1,159 — — 1,159 — 
Other-international37,304 — 37,304 — — 
Municipal bonds14,442 — — 14,442 — 
Other
Options and Futures35 — 35 — — 
Total$2,129,058 $48,521 $1,297,739 $782,798 $— 
 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 — 4,513 421,364 — 
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
Cash surrender value of life insurance policies167 — 167 — — 
Total$2,756,803 $64,669 $1,625,164 $1,066,970 $— 
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:
20222021
Other long-term asset$414,834 $499,978 
Other current liability(12,537)(12,546)
Pension and other post-retirement liabilities(196,402)(263,602)
$205,895 $223,830 
Schedule of Amounts Recognized In Accumulated Other Comprehensive Loss
Amounts recognized in accumulated other comprehensive (loss) income consist of:
20222021
Net actuarial loss$682,884 $625,339 
Prior service cost 7,273 7,958 
$690,157 $633,297 
Schedule of Expected Cash Flows for Pension Plans Information about the expected cash flows for the pension plans follows:
Employer contribution
2023 (expected)$4,449 
Expected benefit payments:
2023$138,411 
2024$140,826 
2025$143,591 
2026$145,953 
2027$147,677 
2027 through 2030$736,560 
Schedule of Components of Net Periodic Benefit (Income) Cost
Net periodic benefit income included the following components:
202220212020
Service cost$10,204 $12,218 $12,105 
Interest cost75,248 71,693 83,732 
Expected return on plan assets(150,318)(153,822)(154,111)
Amortization of prior service cost691 690 692 
Amortization of actuarial loss37,065 49,897 39,613 
Net periodic benefit income$(27,110)$(19,324)$(17,969)
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:
202220212020
Current year actuarial loss (gain)$97,412 $(264,547)$24,613 
Recognition of actuarial loss(37,065)(49,897)(39,613)
Recognition of prior service cost(691)(690)(692)
Recognition of curtailment (loss) gain— (5)435 
Other68 (29)— 
Total recognized in other comprehensive (loss) income$59,724 $(315,168)$(15,257)
Total recognized in net periodic benefit income and other comprehensive (loss) income$32,614 $(334,492)$(33,226)
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:
202220212020
Weighted average discount rate3.04 %2.72 %3.43 %
Rate of increase in future compensation levels3.13 %3.11 %3.13 %
Expected long-term rate of return on plan assets6.34 %6.88 %7.11 %