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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Changes in Benefit Obligation
Changes in benefit obligations for the years ended December 31, 2024 and 2023 were:
(in thousands)20242023
Changes in benefit obligation
Benefit obligation at beginning of year$1,981,783 $1,923,163 
Service cost6,842 5,991 
Interest cost101,289 104,490 
Plan participants’ contributions1,547 1,765 
Actuarial loss 51,940 76,072 
Foreign currency exchange rate changes(19,128)5,580 
Gross benefits paid(142,721)(137,742)
Plan amendments — 2,464 
Benefit obligation at end of year$1,981,552 $1,981,783 
Schedule of Assumptions Used to Measure Pension Benefit Obligations
The assumptions used to measure the pension benefit obligations for the plans at December 31, 2024 and 2023, were:
20242023
Weighted average discount rate5.15 %5.30 %
Rate of increase in future compensation levels2.85 %3.18 %
Schedule of Changes in Plan Assets
Changes in plan assets for the years ended December 31, 2024 and 2023 were:
(in thousands)20242023
Changes in plan assets
Fair value of plan assets at beginning of year$2,233,079 $2,129,058 
Actual return on plan assets137,603 217,767 
Foreign currency exchange rate changes(20,733)5,407 
Employer contributions15,104 16,824 
Plan participants’ contributions1,547 1,765 
Benefits paid(142,721)(137,742)
Fair value of plan assets at end of year$2,223,879 $2,233,079 
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
For the years ended December 31, 2024 and 2023, 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)20242023
Aggregate projected benefit obligation$229,602 $231,741 
Aggregate fair value of plan assets$— $— 
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
For the years ended December 31, 2024 and 2023, 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)20242023
Aggregate accumulated benefit obligation$219,165 $215,380 
Aggregate fair value of plan assets$— $— 
Schedule of Asset Allocations for Funded Pension Plans
The asset allocations for our funded pension plans at December 31, 2024 and 2023, and the target allocation for 2025, by asset category were:
 Target AllocationPercentage of Plan Assets at December 31
 202520242023
Asset Category
Equity securities10 %13 %58 %
Debt securities30 %30 %42 %
Other60 %57 %— %
100 %100 %100 %
Schedule of Fair Value of Plan Assets by Asset Category
 2024
(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$54,256 $— $54,256 $— $— 
Genuine Parts Company common stock176,640 — 176,640 — — 
Other stocks72,749 — 72,749 — — 
Debt Securities
Short-term investments1,422 — 1,422 — — 
Cash and equivalents12,365 — 12,365 — — 
Government bonds52,381 — 329 52,052 — 
Corporate bonds66,321 — — 66,321 — 
Mutual funds-fixed income201,247 — 201,247 — — 
Short Term Collective Trust345,064 — — 345,064 — 
Other
Investment Contracts, at Contract Value1,241,434 — — — 1,241,434 
Total$2,223,879 $— $519,008 $463,437 $1,241,434 
 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)
Total$2,233,079 $53,876 $1,282,756 $896,446 $
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)20242023
Other long-term asset$471,929 $483,037 
Other current liability(14,402)(13,039)
Pension and other post-retirement liabilities(218,629)(219,644)
$238,898 $250,354 
Schedule of Amounts Recognized In Accumulated Other Comprehensive Loss
Amounts recognized in accumulated other comprehensive loss consist of:
(in thousands)20242023
Net actuarial loss$772,785 $697,794 
Prior service cost 7,919 9,044 
$780,704 $706,838 
Schedule of Expected Cash Flows for Pension Plans Information about the expected cash flows for the pension plans follows (in thousands):
Employer contribution:
2025 (expected)$513 
Expected benefit payments:
2025$438,756 
2026$27,669 
2027$28,888 
2028$30,097 
2029$31,146 
2030 through 2034$158,619 
Schedule of Components of Net Periodic Benefit (Income) Cost
Net periodic benefit income included the following components:
(in thousands)202420232022
Service cost$6,842 $5,991 $10,204 
Interest cost101,289 104,490 75,248 
Expected return on plan assets(177,474)(164,984)(150,318)
Amortization of prior service cost1,127 692 691 
Amortization of actuarial loss14,281 9,361 37,065 
Net periodic benefit income$(53,935)$(44,450)$(27,110)
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)202420232022
Current year actuarial loss $101,991 $23,289 $97,412 
Recognition of actuarial loss(14,281)(9,361)(37,065)
Recognition of prior service cost(1,127)(692)(691)
Recognition of curtailment loss— — — 
Other— 2,464 68 
Total recognized in other comprehensive income loss$86,583 $15,700 $59,724 
Total recognized in net periodic benefit income and other comprehensive loss (income)$32,648 $(28,750)$32,614 
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:
202420232022
Weighted average discount rate5.30 %5.61 %3.04 %
Rate of increase in future compensation levels3.18 %3.16 %3.13 %
Expected long-term rate of return on plan assets7.60 %7.09 %6.34 %