Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2012


	Pension Benefits						Other Postretirement Benefits
	2012			2011			2012			2011
	(In thousands)
Changes in benefit obligation
Benefit obligation at beginning of year	$	1,958,399		$	1,689,011		$	7,514		$	12,329
Service cost		15,254			13,039			—			—
Interest cost		100,338			97,293			267			474
Plan participants’ contributions		3,962			3,887			3,074			3,412
Plan amendments		(4,217	)		—			—			362
Actuarial loss (gain)		330,028			219,804			(370	)		(3,911	)
Exchange rate changes		5,489			(4,656	)		—			—
Gross benefits paid		(67,767	)		(59,979	)		(5,112	)		(5,326	)
Less Federal subsidy		N/A			N/A			105			174
Curtailments		(175,794	)		—			—			—

Benefit obligation at end of year	$	2,165,692		$	1,958,399		$	5,478		$	7,514

Assumptions Used to Measure Pension and Other Postretirement Benefit Obligations for Plans

The assumptions used to measure the pension and other postretirement plan benefit obligations for the plans at December 31, 2012 and 2011, were:


	Pension Benefits						Other Postretirement Benefits
	2012			2011			2012			2011
Weighted-average discount rate		4.17	%		5.17	%		3.05	%		4.00	%
Rate of increase in future compensation levels		3.30	%		3.30	%		—			—

Changes in Plan Assets


	Pension Benefits						Other Postretirement Benefits
	2012			2011			2012			2011
	(In thousands)
Changes in plan assets
Fair value of plan assets at beginning of year	$	1,470,030		$	1,439,711		$	—		$	—
Actual return on plan assets		168,491			31,528			—			—
Exchange rate changes		4,498			(3,598	)		—			—
Employer contributions		16,465			58,481			2,038			1,914
Plan participants’ contributions		3,962			3,887			3,074			3,412
Benefits paid		(67,767	)		(59,979	)		(5,112	)		(5,326	)

Fair value of plan assets at end of year	$	1,595,679		$	1,470,030		$	—		$	—

Asset Allocations for Funded Pension Plans

The asset allocations for the Company’s funded pension plans at December 31, 2012 and 2011, and the target allocation for 2013, by asset category were:


	Target Allocation			Percentage of Plan Assets at December 31
	2013			2012			2011
Asset Category
Equity securities		71	%		68	%		69	%
Debt securities		29	%		32	%		31	%

		100	%		100	%		100	%

Fair Value of Plan Assets


	2012
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Equity Securities
Common stocks — mutual funds — equity	$	342,846	$	342,846	$	—	$	—
Genuine Parts Company		128,236		128,236		—		—
Other stocks		608,017		608,017		—		—
Debt Securities
Short-term investments		37,626		37,626		—		—
Cash and equivalents		45,719		45,719		—		—
Government bonds		166,413		74,707		91,706		—
Corporate bonds		127,824		—		127,824		—
Asset-backed and mortgage-backed securities		24,077		—		24,077		—
Other-international		10,188		10,188		—		—
Municipal bonds		532		—		532		—
Municipal funds-fixed income		101,578		—		101,578		—
Cash surrender value of life insurance policies		2,623		—		—		2,623

Total	$	1,595,679	$	1,247,339	$	345,717	$	2,623


	2011
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In thousands)
Equity Securities
Common stocks — mutual funds — equity	$	348,909	$	348,909	$	—	$	—
Genuine Parts Company		123,436		123,436		—		—
Other stocks		546,995		546,995		—		—
Debt Securities
Short-term investments		38,968		38,968		—		—
Cash and equivalents		16,888		16,888		—		—
Government bonds		145,966		66,334		79,632		—
Corporate bonds		127,698		—		127,698		—
Asset-backed and mortgage-backed securities		21,441		—		21,441		—
Other-international		12,084		12,084		—		—
Municipal bonds		593		—		593		—
Mutual funds-fixed income		87,052		—		87,052		—

Total	$	1,470,030	$	1,153,614	$	316,416	$	—

Amounts Recognized in Consolidated Balance Sheets

Amounts recognized in the consolidated balance sheets consist of:


	Pension Benefits						Other Postretirement Benefits
	2012			2011			2012			2011
	(In thousands)
Other long-term asset	$	4,021		$	4,374		$	—		$	—
Other current liability		(5,402	)		(4,918	)		(1,122	)		(1,618	)
Pension and other post-retirement liabilities		(568,632	)		(487,825	)		(4,356	)		(5,896	)

	$	(570,013	)	$	(488,369	)	$	(5,478	)	$	(7,514	)

Amounts Recognized in Accumulated Other Comprehensive Loss

Amounts recognized in accumulated other comprehensive loss consist of:


	Pension Benefits						Other Postretirement Benefits
	2012			2011			2012			2011
	(In thousands)
Net actuarial loss	$	1,043,089		$	999,189		$	12,963		$	14,588
Prior service credit		(10,612	)		(37,172	)		(8,515	)		(9,445	)

	$	1,032,477		$	962,017		$	4,448		$	5,143

Expected Cash Flows for Pension Plans and Other Postretirement Benefit Plans

Information about the expected cash flows for the pension plans and other postretirement benefit plans follows:


	Pension Benefits		Other Postretirement Benefits
	(In thousands)
Employer contribution
2013 (expected)	$	70,099	$	1,122
Expected benefit payments
2013	$	76,390	$	1,122
2014		86,670		965
2015		91,697		824
2016		97,333		644
2017		103,708		451
2018 through 2022		612,723		1,232

Components of Net Periodic Benefit Cost

Net periodic benefit cost included the following components:


	Pension Benefits									Other Postretirement Benefits
	2012			2011			2010			2012			2011			2010
	(In thousands)
Service cost	$	15,254		$	13,039		$	12,312		$	—		$	—		$	—
Interest cost		100,338			97,293			95,453			267			474			605
Expected return on plan assets		(128,208	)		(124,150	)		(114,166	)		—			—			—
Amortization of prior service credit		(7,270	)		(6,970	)		(6,979	)		(930	)		(930	)		(1,059	)
Amortization of actuarial loss		70,161			53,039			35,264			1,254			1,708			1,759
Curtailment gain		(23,507	)		—			—			—			—			—

Net periodic benefit cost	$	26,768		$	32,251		$	21,884		$	591		$	1,252		$	1,305

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:


	Pension Benefits									Other Postretirement Benefits
	2012			2011			2010			2012			2011			2010
	(In thousands)
Current year actuarial loss (gain)	$	114,061		$	311,038		$	60,777		$	(371	)	$	(3,911	)	$	340
Recognition of actuarial loss		(70,161	)		(53,039	)		(35,264	)		(1,254	)		(1,708	)		(1,759	)
Current year prior service (credit) cost		(4,217	)		—			1,148			—			362			—
Recognition of prior service credit		30,777			6,970			6,979			930			930			1,059

Total recognized in other comprehensive income (loss)	$	70,460		$	264,969		$	33,640		$	(695	)	$	(4,327	)	$	(360	)

Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	97,228		$	297,220		$	55,524		$	(104	)	$	(3,075	)	$	945

Estimated Amounts Amortized from Accumulated Other Comprehensive Loss

The estimated amounts that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in 2013 are as follows:


	Pension Benefits			Other Post- retirement Benefits
	(In thousands)
Actuarial loss	$	84,572		$	1,124
Prior service credit		(7,598	)		(956	)

Total	$	76,974		$	168

Assumptions Used in Measuring Net Periodic Benefit Costs

The assumptions used in measuring the net periodic benefit costs for the plans follow:


	Pension Benefits									Other Postretirement Benefits
	2012			2011			2010			2012			2011			2010
Weighted average discount rate		5.17	%		5.74	%		6.54	%		4.00	%		4.25	%		5.20	%
Rate of increase in future compensation levels		3.30	%		3.39	%		3.75	%		—			—			—
Expected long-term rate of return on plan assets		7.84	%		7.87	%		8.00	%		—			—			—