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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Changes in Benefit Obligation
Changes in benefit obligations for the years ended December 31, 2023 and 2022 were:
(in thousands)20232022
Changes in benefit obligation
Benefit obligation at beginning of year$1,923,163 $2,532,973 
Service cost5,991 10,204 
Interest cost104,490 75,248 
Plan participants’ contributions1,765 1,892 
Actuarial loss (gain)76,072 (546,266)
Foreign currency exchange rate changes5,580 (15,744)
Gross benefits paid(137,742)(135,907)
Plan amendments 2,464 — 
Settlements— (276)
Acquired plans— 1,039 
Benefit obligation at end of year$1,981,783 $1,923,163 
Schedule of Assumptions Used to Measure Pension Benefit Obligations
The assumptions used to measure the pension benefit obligations for the plans at December 31, 2023 and 2022, were:
20232022
Weighted average discount rate5.30 %5.61 %
Rate of increase in future compensation levels3.18 %3.16 %
Schedule of Changes in Plan Assets
Changes in plan assets for the years ended December 31, 2023 and 2022 were:
(in thousands)20232022
Changes in plan assets
Fair value of plan assets at beginning of year$2,129,058 $2,756,803 
Actual return on plan assets217,767 (493,359)
Foreign currency exchange rate changes5,407 (15,599)
Employer contributions16,824 15,504 
Plan participants’ contributions1,765 1,892 
Benefits paid(137,742)(135,907)
Settlements— (276)
Fair value of plan assets at end of year$2,233,079 $2,129,058 
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
For the years ended December 31, 2023 and 2022, 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:
(in thousands)20232022
Aggregate projected benefit obligation$231,741 $208,939 
Aggregate fair value of plan assets$— $— 
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
For the years ended December 31, 2023 and 2022, 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:
(in thousands)20232022
Aggregate accumulated benefit obligation$215,380 $192,421 
Aggregate fair value of plan assets$— $— 
Schedule of Asset Allocations for Funded Pension Plans
The asset allocations for our funded pension plans at December 31, 2023 and 2022, and the target allocation for 2024, by asset category were:
 Target AllocationPercentage of Plan Assets at December 31
 202420232022
Asset Category
Equity securities58 %58 %59 %
Debt securities41 %42 %41 %
Other1 %— %— %
100 %100 %100 %
Schedule of Fair Value of Plan Assets by Asset Category
 2023
(in thousands)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$318,418 $53,876 $264,542 $— $— 
Genuine Parts Company common stock209,384 — 209,384 — — 
Other stocks763,451 — 763,451 — — 
Debt Securities
Short-term investments38,235 — 38,235 — — 
Cash and equivalents6,608 — 6,608 — — 
Government bonds389,199 — 536 388,663 — 
Corporate bonds436,418 — — 436,418 — 
Asset-backed and mortgage-backed securities10,396 — — 10,396 — 
Convertible Securities1,720 — — 1,720 — 
Other-international45,059 — — 45,059 — 
Municipal bonds14,295 — — 14,295 — 
Other
Options and Futures(104)— — (105)1 
Total$2,233,079 $53,876 $1,282,756 $896,446 $1 
 2022
(in thousands)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 $— 
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:
(in thousands)20232022
Other long-term asset$483,037 $414,834 
Other current liability(13,039)(12,537)
Pension and other post-retirement liabilities(219,644)(197,879)
$250,354 $204,418 
Schedule of Amounts Recognized In Accumulated Other Comprehensive Loss
Amounts recognized in accumulated other comprehensive loss consist of:
(in thousands)20232022
Net actuarial loss$697,794 $682,884 
Prior service cost 9,044 7,273 
$706,838 $690,157 
Schedule of Expected Cash Flows for Pension Plans Information about the expected cash flows for the pension plans follows (in thousands):
Employer contribution
2024 (expected)$4,384 
Expected benefit payments:
2024$141,637 
2025$144,652 
2026$147,018 
2027$149,040 
2028$150,626 
2029 through 2033$745,950 
Schedule of Components of Net Periodic Benefit (Income) Cost
Net periodic benefit income included the following components:
(in thousands)202320222021
Service cost$5,991 $10,204 $12,218 
Interest cost104,490 75,248 71,693 
Expected return on plan assets(164,984)(150,318)(153,822)
Amortization of prior service cost692 691 690 
Amortization of actuarial loss9,361 37,065 49,897 
Net periodic benefit income$(44,450)$(27,110)$(19,324)
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 (loss) are as follows:
(in thousands)202320222021
Current year actuarial loss (gain)$23,289 $97,412 $(264,547)
Recognition of actuarial loss(9,361)(37,065)(49,897)
Recognition of prior service cost(692)(691)(690)
Recognition of curtailment loss— — (5)
Other2,464 68 (29)
Total recognized in other comprehensive income (loss)$15,700 $59,724 $(315,168)
Total recognized in net periodic benefit income and other comprehensive income (loss)$(28,750)$32,614 $(334,492)
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:
202320222021
Weighted average discount rate5.61 %3.04 %2.72 %
Rate of increase in future compensation levels3.16 %3.13 %3.11 %
Expected long-term rate of return on plan assets7.09 %6.34 %6.88 %