Genuine Parts (GPC) 10-Q 26 Apr 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2018shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Trading Symbol	GPC
Entity Registrant Name	GENUINE PARTS CO
Entity Central Index Key	40,987
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	146,737,803

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
CURRENT ASSETS:
Cash and cash equivalents	$ 325,973	$ 314,899
Trade accounts receivable, less allowance for doubtful accounts (2018 – $22,166; 2017 – $17,612)	2,641,151	2,421,563
Merchandise inventories, net	3,772,919	3,771,089
Prepaid expenses and other current assets	841,569	805,342
TOTAL CURRENT ASSETS	7,581,612	7,312,893
Goodwill	2,202,634	2,153,988
Other intangible assets, less accumulated amortization	1,415,792	1,400,392
Deferred tax assets	39,830	40,158
Other assets	588,238	568,248
Property, plant and equipment, less accumulated depreciation (2018 – $1,083,696; 2017 – $1,044,353)	931,288	936,702
TOTAL ASSETS	12,759,394	12,412,381
CURRENT LIABILITIES:
Trade accounts payable	3,773,149	3,634,859
Current portion of debt	751,614	694,989
Dividends payable	105,649	99,000
Income taxes payable	28,144	10,736
Other current liabilities	1,098,916	1,034,441
TOTAL CURRENT LIABILITIES	5,757,472	5,474,025
Long-term debt	2,564,111	2,550,020
Pension and other post–retirement benefit liabilities	200,253	229,868
Deferred tax liabilities	184,383	193,308
Other long-term liabilities	491,794	501,004
EQUITY:
Preferred stock, par value - $1 per share, Authorized - 10,000,000 shares; none issued	0	0
Common stock, par value - $1 per share, Authorized - 450,000,000 shares; issued and outstanding - 2018 - 146,737,803 shares; 2017 - 146,652,615 shares	146,738	146,653
Additional paid-in capital	68,127	68,126
Retained earnings	4,114,472	4,049,965
Accumulated other comprehensive loss	(819,258)	(852,592)
TOTAL PARENT EQUITY	3,510,079	3,412,152
Noncontrolling interests in subsidiaries	51,302	52,004
TOTAL EQUITY	3,561,381	3,464,156
TOTAL LIABILITIES AND EQUITY	$ 12,759,394	$ 12,412,381

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 22,166	$ 17,612
Accumulated depreciation	$ 1,083,696	$ 1,044,353
Preferred stock, par value (usd per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (usd per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	146,737,803	146,652,515
Common stock, shares outstanding (in shares)	146,737,803	146,652,515

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Net sales	$ 4,586,294	$ 3,905,641
Cost of goods sold	3,150,487	2,749,920
Gross profit	1,435,807	1,155,721
Operating expenses:
Selling, administrative and other expenses	1,133,771	877,356
Depreciation and amortization	58,363	38,132
Provision for doubtful accounts	2,701	3,128
Total operating expenses	1,194,835	918,616
Non-operating expenses (income):
Interest expense	24,109	6,779
Other	(12,456)	(13,449)
Total non-operating expenses (income)	11,653	(6,670)
Income before income taxes	229,319	243,775
Income taxes	52,743	83,615
Net income	$ 176,576	$ 160,160
Basic net income per common share (usd per share)	$ 1.20	$ 1.08
Diluted net income per common share (usd per share)	1.20	1.08
Dividends declared per common share (usd per share)	$ 0.72	$ 0.675
Weighted average common shares outstanding (in shares)	146,727	148,154
Dilutive effect of stock options and non-vested restricted stock awards (in shares)	595	634
Weighted average common shares outstanding - assuming dilution (in shares)	147,322	148,788
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	$ 42,880	$ 57,020
Net investment hedge, net of income taxes of 2018 — $6,180	(16,710)	0
Pension and postretirement benefit adjustments, net of income taxes of 2018 — $2,648; 2017 — $3,571	7,164	5,732
Other comprehensive income, net of tax	33,334	62,752
Comprehensive income	$ 209,910	$ 222,912

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Net investment hedge, tax	$ 6,180
Pension and postretirement benefit adjustments, tax	$ 2,648	$ 3,571

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
OPERATING ACTIVITIES:
Net income	$ 176,576	$ 160,160
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	58,363	38,132
Share-based compensation	3,686	2,717
Excess tax benefits from share-based compensation	(2,517)	(1,546)
Changes in operating assets and liabilities	(97,741)	(97,643)
NET CASH PROVIDED BY OPERATING ACTIVITIES	138,367	101,820
INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(31,633)	(24,806)
Acquisitions and other investing activities	(38,588)	(106,236)
NET CASH USED IN INVESTING ACTIVITIES	(70,221)	(131,042)
FINANCING ACTIVITIES:
Proceeds from debt	1,201,441	1,005,000
Payments on debt	(1,153,750)	(855,000)
Share-based awards exercised	(4,176)	(1,624)
Dividends paid	(99,000)	(97,584)
Purchases of stock	0	(91,984)
NET CASH USED IN FINANCING ACTIVITIES	(55,485)	(41,192)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	(1,587)	5,452
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	11,074	(64,962)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	314,899	242,879
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 325,973	$ 177,917

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. Except as disclosed herein, there has been no material change in the information disclosed in the notes to the consolidated financial statements included in the Annual Report on Form 10-K of Genuine Parts Company (the “Company”) for the year ended December 31, 2017 . Accordingly, the unaudited interim condensed consolidated financial statements and related disclosures herein should be read in conjunction with the Company’s 2017 Annual Report on Form 10-K. The preparation of interim financial statements requires management to make estimates and assumptions for the amounts reported in the condensed consolidated financial statements. Specifically, the Company makes estimates and assumptions in its interim condensed consolidated financial statements for inventory adjustments, the accrual of bad debts, customer sales returns, and volume incentives earned, among others. Inventory adjustments (including adjustments for a majority of inventories that are valued under the last-in, first-out (“LIFO”) method) are accrued on an interim basis and adjusted in the fourth quarter based on the annual book to physical inventory adjustment and LIFO valuation, which is performed each year-end. Reserves for bad debts and customer sales returns are estimated and accrued on an interim basis based upon historical experience. Volume incentives are estimated based upon cumulative and projected purchasing levels. The estimates and assumptions for interim reporting may change upon final determination at year-end, and such changes may be significant. In the opinion of management, all adjustments necessary for a fair presentation of the Company’s financial results for the interim periods have been made. These adjustments are of a normal recurring nature. The results of operations for the three month period ended March 31, 2018 are not necessarily indicative of results for the entire year. The Company has evaluated subsequent events through the date the financial statements covered by this quarterly report were issued. See the subsequent event footnote for additional information.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Segment Information	Segment Information Three Months Ended March 31, 2018 2017 Net sales: (1) Automotive $ 2,564,259 $ 1,978,446 Industrial (2) 1,547,944 1,428,959 Business products 474,091 498,236 Total net sales $ 4,586,294 $ 3,905,641 Operating profit: Automotive $ 184,706 $ 151,757 Industrial (2) 112,191 104,009 Business products 21,601 31,119 Total operating segment profit 318,498 286,885 Interest expense, net (23,307 ) (6,174 ) Intangible asset amortization (21,403 ) (10,806 ) Corporate expense (3) (44,469 ) (26,130 ) Income before income taxes $ 229,319 $ 243,775 (1) The net effect of discounts, incentives, and freight billed to customers has been allocated to their respective segments for the current and prior period. Previously, the net effect of such items were captured and presented separately in a line item entitled “Other”. (2) Effective January 1, 2018, the Electrical/electronic Material segment became a division of the Industrial segment. These two reporting segments became a single reporting segment, the Industrial Parts Group. The change in segment reporting is presented retrospectively. (3) Includes $13,000 for the three months ended March 31, 2018, in transaction-related costs associated with Alliance Automotive Group ("AAG") and the pending transaction to spin-off the Company's Business Products Group, S.P. Richards, and combine it with Essendant, Inc. ("Essendant"). Net sales is disaggregated by geographical region for each of the Company’s segments, as the Company deems it best depicts how the nature, amount, timing and uncertainty of net sales and cash flows are affected by economic factors. Disaggregated geographical net sales by reportable segment are summarized as follows: Reportable segments Three Months Ended March 31, 2018 Automotive Industrial Business Products Total Primary geographical markets: North America $ 1,782,314 $ 1,547,944 $ 474,091 $ 3,804,349 Australasia 302,004 — — 302,004 Europe 479,941 — — 479,941 Total net sales from contracts with customers $ 2,564,259 $ 1,547,944 $ 474,091 $ 4,586,294 Reportable segments Three Months Ended March 31, 2017 Automotive Industrial Business Products Total Primary geographical markets: North America $ 1,703,551 1,428,959 498,236 $ 3,630,746 Australasia 274,895 — — 274,895 Total net sales from contracts with customers $ 1,978,446 $ 1,428,959 $ 498,236 $ 3,905,641

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The Company applied Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09") using the modified retrospective method effective January 1, 2018. The cumulative effect of initially applying ASU 2014-09 resulted in a reduction to the opening retained earnings balance of $8,000 , prior to the tax adjustment, at January 1, 2018 and a related adjustment to other current liabilities as of that date. Revenue for periods prior to January 1, 2018 have not been adjusted and continue to be reported under Revenue Recognition ( Topic 605 ). The Company primarily recognizes revenue at the point in time transfer of control of products or services to customers occurs in an amount that reflects consideration expected to be received for those products or services. Revenue is recognized net of allowances for returns, variable consideration, and any taxes collected from customers, which are subsequently remitted to governmental authorities. Revenue recognized over time is not significant. The Company may enter into contracts that include multiple combinations of products and services, which are accounted for as separate performance obligations and do not require significant judgment. Payment terms with customers vary by the type and location of the customer and the products or services offered. The Company does not adjust the promised amount of consideration for the effects of significant financing components based on the expectation that the period between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. Arrangements with customers that include payment terms extending beyond one year are not significant. Product Distribution The Company generates revenue primarily by distributing products through wholesale and retail channels. For wholesale customers, revenue is recognized when the goods are transferred to customers, title has passed and control of the goods has passed to the customer. Retail revenue is recognized at the point of sale when the goods are transferred to customers and consideration is received. Shipping and handling activities are performed prior to the customer obtaining control of the products. Costs associated with shipping and handling are considered costs to fulfill a contract and are expensed in selling, general, and other costs in the period they are incurred. Other Revenues and Multiple Performance Obligations The Company offers software support, product cataloguing, marketing, training and other membership program and support services to its customers. This revenue is recognized as services are provided. Revenue from these services are recognized over a short duration and their impact is not significant. Contracts with customers may include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price and recognizes revenue upon delivery or as services are rendered. Variable Consideration The Company’s products are generally sold with a right of return and may include variable consideration in the form of incentives, discounts, credits or rebates. The Company estimates and recognizes variable consideration based on historical experience to determine the expected amount to which the Company will be entitled in exchange for transferring the promised goods or services to a customer. The Company records variable consideration as an adjustment to the transaction price in the period it is incurred. The realization of variable consideration occurs within a short period of time from product delivery; therefore, the time value of money effect is not significant. Contract Balances There were no material contract assets, contract liabilities or deferred contract costs as of March 31, 2018. Revenue related to unfulfilled performance obligations as of March 31, 2018 is not significant. Costs to obtain customer agreements are included in prepaid expenses and other current assets in the accompanying balance sheets. Liabilities for customer incentives, discounts, or rebates, and other performance obligations are included in other current liabilities in the accompanying balance sheets.

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss) The following tables present the changes in accumulated other comprehensive loss by component for the three months ended March 31 : 2018 Changes in Accumulated Other Pension and Net Investment Hedge Foreign Total Beginning balance, January 1 $ (568,957 ) $ (17,388 ) $ (266,247 ) $ (852,592 ) Other comprehensive (loss) income before reclassifications, net of tax — (16,710 ) 42,880 26,170 Amounts reclassified from accumulated other comprehensive loss, net of tax 7,164 — — 7,164 Net current period other comprehensive income (loss) 7,164 (16,710 ) 42,880 33,334 Ending balance, March 31 $ (561,793 ) $ (34,098 ) $ (223,367 ) $ (819,258 ) 2017 Changes in Accumulated Other Pension and Net Investment Hedge Foreign Total Beginning balance, January 1 $ (609,080 ) $ — $ (403,941 ) $ (1,013,021 ) Other comprehensive income before reclassifications, net of tax — — 57,020 57,020 Amounts reclassified from accumulated other comprehensive loss, net of tax 5,732 — — 5,732 Net current period other comprehensive income 5,732 — 57,020 62,752 Ending balance, March 31 $ (603,348 ) $ — $ (346,921 ) $ (950,269 ) The accumulated other comprehensive loss components related to the pension benefits are included in the computation of net periodic benefit income in the employee benefit plans footnote. The nature of the net investment hedge is discussed in the non-derivative financial instrument footnote.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2018
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Revenue from Contracts with Customers (Topic 606) In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, which creates a single, comprehensive revenue recognition model for recognizing revenue from contracts with customers. The standard was effective for interim and annual reporting periods beginning after December 15, 2017 and may be adopted either retrospectively or on a modified retrospective basis. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process than are required under previously existing guidance, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation, among others. ASU 2014-09 did not result in a significant change in the judgment or timing associated with the recognition of revenue from the sale of the Company’s products or services. The Company adopted ASU 2014-09 on January 1, 2018. See the revenue recognition footnote for additional information. Leases (Topic 842) In February 2016, the FASB issued ASU 2016-02, Leases ( Topic 842 ) ("ASU 2016-02"), which requires an entity to recognize a right-of-use asset and a lease liability on the balance sheet for all leases, including operating leases, with a term greater than twelve months. Expanded disclosures with additional qualitative and quantitative information will also be required. This guidance is effective for interim and annual reporting periods beginning after December 15, 2018 and early adoption is permitted. The new standard must be adopted using a modified retrospective transition. The Company has established a cross-functional team to evaluate and implement the new standard. As disclosed in the leased properties footnote in the 2017 Annual Report on Form 10-K, the future minimum payments under noncancelable operating leases are approximately $1,140,000 and the Company believes the adoption of this standard will have a significant impact on the consolidated balance sheets. Income Tax Reform As more fully discussed in Note 7 of the Company’s notes to the consolidated financial statements in its 2017 Annual Report on Form 10-K, the Tax Cuts and Jobs Act (the Act) was enacted December 22, 2017. As of March 31, 2018, the Company has not completed the accounting for the tax effects of the enactment of the Act; however, the Company has made a reasonable estimate of the effect of the Act on the existing deferred tax balances and of the one-time transition tax. There was no impact on the tax rate as a result of a change in estimate for the three months ended March 31, 2018. In all cases, the Company will continue to make and refine the calculations as additional analysis is completed. Further, the Company's estimates may also be affected as regulations and additional guidance become available. In addition, the Act subjects a U.S. shareholder to tax on Global Intangible Low-Taxed Income (GILTI) earned by certain foreign subsidiaries. Given the complexity of the GILTI provisions, the Company is still evaluating the effects and has not yet determined the new accounting policy. The provision is not expected to have a material impact on the Company’s consolidated financial statements or related disclosures. Compensation-Retirement Benefits (Topic 715) In March 2017, the FASB issued ASU 2017-07, Compensation-Retirement Benefits (Topic 715) ("ASU 2017-07"), which requires an entity to report the service cost component of net periodic benefit cost in the same line item as other compensation costs (selling, administrative and other expenses), and the remaining components in non-operating expense in the consolidated statement of income and comprehensive income. This standard was effective for interim and annual reporting periods beginning after December 15, 2017 and early adoption is permitted. The Company adopted ASU 2017-07, retrospectively, on January 1, 2018 and it did not have a material impact on the Company's condensed consolidated financial statements or related disclosures. See the employee benefit plans footnote for additional information.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Share-Based Compensation As more fully discussed in Note 6 of the Company’s notes to the consolidated financial statements in its 2017 Annual Report on Form 10-K, the Company maintains various long-term incentive plans, which provide for the granting of stock options, stock appreciation rights (“SARs”), restricted stock, restricted stock units (“RSUs”), performance awards, dividend equivalents and other share-based awards. SARs represent a right to receive upon exercise an amount, payable in shares of common stock, equal to the excess, if any, of the fair market value of the Company’s common stock on the date of exercise over the base value of the grant. The terms of such SARs require net settlement in shares of common stock and do not provide for cash settlement. RSUs represent a contingent right to receive one share of the Company’s common stock at a future date. The majority of awards previously granted vest on a pro-rata basis for periods ranging from one to five years and are expensed accordingly on a straight-line basis. The Company issues new shares upon exercise or conversion of awards under these plans. Most awards may be exercised or converted to shares not earlier than twelve months nor later than ten years from the date of grant. At March 31, 2018 , total compensation cost related to nonvested awards not yet recognized was approximately $24,201 , as compared to $32,812 at December 31, 2017 . The weighted-average period over which this compensation cost is expected to be recognized is approximately two years . The aggregate intrinsic value for SARs and RSUs outstanding at March 31, 2018 was approximately $64,069 . At March 31, 2018 , the aggregate intrinsic value for SARs and RSUs vested totaled approximately $32,688 , and the weighted-average contractual lives for outstanding and exercisable SARs and RSUs were approximately six and five years , respectively. For the three months ended March 31, 2018 , $3,686 of share-based compensation cost was recorded, as compared to $2,717 for the same three month period in the prior year. Options to purchase approximately 1,334,000 shares of common stock were outstanding but excluded from the computation of diluted earnings per share for the three month period ended March 31, 2018 , as compared to approximately 1,279,000 shares for the three month period ended March 31, 2017 . These options were excluded from the computation of diluted net income per common share because the options’ exercise prices were greater than the average market price of the common stock.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2018
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans Net periodic benefit income for the Company's pension plans included the following components for the three months ended March 31 : Pension Benefits 2018 2017 Service cost $ 2,654 $ 2,157 Interest cost 22,113 24,132 Expected return on plan assets (38,588 ) (39,733 ) Amortization of prior service credit (37 ) (88 ) Amortization of actuarial loss 9,959 9,485 Net periodic benefit income $ (3,899 ) $ (4,047 ) Service cost is recorded in selling, administrative and other expenses in the consolidated statements of income and comprehensive income while all other components are recorded within other non-operating expenses (income). Pension benefits also include amounts related to a supplemental retirement plan. During the three months ended March 31, 2018 , the Company made a $38,700 contribution to the pension plan.

Guarantees

Guarantees	3 Months Ended
	Mar. 31, 2018
Guarantees [Abstract]
Guarantees	Guarantees The Company guarantees the borrowings of certain independently controlled automotive parts stores (“independents”) and certain other affiliates in which the Company has a noncontrolling equity ownership interest (“affiliates”). Presently, the independents are generally consolidated by unaffiliated enterprises that have controlling financial interests through ownership of a majority voting interest in the independents. The Company has no voting interest or equity conversion rights in any of the independents. The Company does not control the independents or the affiliates, but receives a fee for the guarantees. The Company has concluded that the independents are variable interest entities, but that the Company is not the primary beneficiary. Specifically, the equity holders of the independents have the power to direct the activities that most significantly impact the entities’ economic performance including, but not limited to, decisions about hiring and terminating personnel, local marketing and promotional initiatives, pricing and selling activities, credit decisions, monitoring and maintaining appropriate inventories, and store hours. Separately, the Company concluded the affiliates are not variable interest entities. The Company’s maximum exposure to loss as a result of its involvement with these independents and affiliates is generally equal to the total borrowings subject to the Company’s guarantees. While such borrowings of the independents and affiliates are outstanding, the Company is required to maintain compliance with certain covenants, including a maximum debt to capitalization ratio and certain limitations on additional borrowings. At March 31, 2018 , the Company was in compliance with all such covenants. At March 31, 2018 , the total borrowings of the independents and affiliates subject to guarantee by the Company were approximately $651,293 . These loans generally mature over periods from one to six years . In the event that the Company is required to make payments in connection with guaranteed obligations of the independents or the affiliates, the Company would obtain and liquidate certain collateral (e.g., accounts receivable and inventory) to recover all or a portion of the amounts paid under the guarantees. When it is deemed probable that the Company will incur a loss in connection with a guarantee, a liability is recorded equal to this estimated loss. To date, the Company has had no significant losses in connection with guarantees of independents’ and affiliates’ borrowings. As of March 31, 2018 , the Company has recognized certain assets and liabilities amounting to $70,000 each for the guarantees related to the independents’ and affiliates’ borrowings. These assets and liabilities are included in other assets and other long-term liabilities in the condensed consolidated balance sheets.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts reflected in the condensed consolidated balance sheets for cash and cash equivalents, trade accounts receivable, trade accounts payable, and borrowings under the line of credit and term loan approximate their respective fair values based on the short-term nature of these instruments. As of March 31, 2018 , the carrying value, net of debt issuance costs, and the fair value of fixed rate debt were approximately $1,528,068 and $1,498,405 , respectively. The fair value of fixed rate debt is designated as Level 2 in the fair value hierarchy (i.e., significant observable inputs) and is based primarily on the discounted value of future cash flows using current market interest rates offered for debt of similar credit risk and maturity. The carrying value, net of debt issuance costs, of fixed rate debt of $1,528,068 is included in long-term debt in the accompanying condensed consolidated balance sheet.

Non-derivative Financial Instru

Non-derivative Financial Instrument	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Non-derivative Financial Instrument	Non-derivative Financial Instrument As of March 31, 2018 , the Company had designated €700,000 of the face value of Euro-denominated debt, a non-derivative financial instrument, as a hedge of the foreign currency exchange rate exposure of an equal amount to the Company's euro-denominated net investment in certain European subsidiaries. As of March 31, 2018 , the euro-denominated debt has a total carrying value of $862,750 , which is included in long-term debt in the Company’s condensed consolidated balance sheet. For the three months ended March 31, 2018 , the Company recorded a loss, net of tax, of approximately $16,710 in the net investment hedge section of the accumulated other comprehensive loss in the Company’s condensed consolidated balance sheet and statement of income and comprehensive income. No hedge ineffectiveness was recognized in income.

Legal Matters Legal Matters

Legal Matters Legal Matters	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Legal Matters	Legal Matters As more fully discussed in Note 10 of the Company's notes to the consolidated financial statements in its 2017 Annual Report on Form 10-K, a jury awarded damages against the Company in a litigated automotive product liability dispute. At the time of the filing of these financial statements, based upon the Company’s legal defenses, insurance coverage, and reserves, the Company does not believe this matter will have a material impact to the condensed consolidated financial statements.

Acquisitions Acquisitions

Acquisitions Acquisitions	3 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Acquisitions	Acquisitions As more fully discussed in Note 11 of the Company's notes to the consolidated financial statements in its 2017 Annual Report on Form 10-K, the estimated fair values of the assets acquired and liabilities assumed as part of the AAG acquisition in November 2017 are preliminary and subject to revision. For the three months ended March 31, 2018, no significant changes were made to the provisional amounts disclosed for the year ended December 31, 2017.

Reclassifications

Reclassifications	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current year presentations. Within the condensed consolidated statements of income and comprehensive income, the Company adopted ASU 2017-07 and adjusted the prior period to include the components of net periodic benefit income other than the service cost component within other non-operating expenses (income). See the employee benefit plans footnote for additional information. As more fully discussed in the segment information footnote, the Company adjusted prior period net sales to allocate discounts, incentives, and freight billed to customers to their respective segments and also combined the Industrial and Electrical/electronic Materials segments.

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On April 12, 2018, the Company entered into a definitive agreement with Essendant to combine with the Company's Business Products Group in a business combination transaction. The transaction is structured as a Reverse Morris Trust, in which the Company will separate the Business Products Group into a standalone company and spin off that standalone company to the Company's shareholders, immediately followed by the merger of a subsidiary of Essendant and the spun-off company. The proceeds of the transaction will take the form of Essendant shares to be issued at closing to the Company's shareholders plus one-time cash payments to the Company of approximately $347,000 , subject to adjustments at closing. Upon closing, the Company's shareholders will own approximately 51% and Essendant shareholders will own approximately 49% of the combined company on a diluted basis, with approximately 80,000,000 diluted shares expected to be outstanding. The spinoff will have no effect on the number of the Company's common shares owned by the Company's shareholders or the number of shares of the Company's common stock outstanding. The transaction is intended to be tax-free to the Company's shareholders for U.S. federal income tax purposes. The transaction is expected to close before the end of 2018, subject to regulatory and Essendant shareholder approvals and other customary closing conditions. The assets and liabilities of the Business Products Group will continue to be classified as "held and used" on the Company's condensed consolidated balance sheet until the closing of the transaction. The spinoff announcement was evaluated and determined not to be an event or a change in circumstance that required a recoverability test or a goodwill impairment assessment. However, an impairment loss could be recognized by the Company at the spinoff date if the aggregate carrying amount of the Business Products Group's assets and liabilities exceeds its aggregate fair value at that date. The Company cannot currently predict whether an impairment loss will be recorded at the spinoff date.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Accounting	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. Except as disclosed herein, there has been no material change in the information disclosed in the notes to the consolidated financial statements included in the Annual Report on Form 10-K of Genuine Parts Company (the “Company”) for the year ended December 31, 2017 . Accordingly, the unaudited interim condensed consolidated financial statements and related disclosures herein should be read in conjunction with the Company’s 2017 Annual Report on Form 10-K.
Use of Estimates	The preparation of interim financial statements requires management to make estimates and assumptions for the amounts reported in the condensed consolidated financial statements. Specifically, the Company makes estimates and assumptions in its interim condensed consolidated financial statements for inventory adjustments, the accrual of bad debts, customer sales returns, and volume incentives earned, among others. Inventory adjustments (including adjustments for a majority of inventories that are valued under the last-in, first-out (“LIFO”) method) are accrued on an interim basis and adjusted in the fourth quarter based on the annual book to physical inventory adjustment and LIFO valuation, which is performed each year-end. Reserves for bad debts and customer sales returns are estimated and accrued on an interim basis based upon historical experience. Volume incentives are estimated based upon cumulative and projected purchasing levels. The estimates and assumptions for interim reporting may change upon final determination at year-end, and such changes may be significant.
Recent Accounting Pronouncements	Revenue from Contracts with Customers (Topic 606) In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, which creates a single, comprehensive revenue recognition model for recognizing revenue from contracts with customers. The standard was effective for interim and annual reporting periods beginning after December 15, 2017 and may be adopted either retrospectively or on a modified retrospective basis. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process than are required under previously existing guidance, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation, among others. ASU 2014-09 did not result in a significant change in the judgment or timing associated with the recognition of revenue from the sale of the Company’s products or services. The Company adopted ASU 2014-09 on January 1, 2018. See the revenue recognition footnote for additional information. Leases (Topic 842) In February 2016, the FASB issued ASU 2016-02, Leases ( Topic 842 ) ("ASU 2016-02"), which requires an entity to recognize a right-of-use asset and a lease liability on the balance sheet for all leases, including operating leases, with a term greater than twelve months. Expanded disclosures with additional qualitative and quantitative information will also be required. This guidance is effective for interim and annual reporting periods beginning after December 15, 2018 and early adoption is permitted. The new standard must be adopted using a modified retrospective transition. The Company has established a cross-functional team to evaluate and implement the new standard. As disclosed in the leased properties footnote in the 2017 Annual Report on Form 10-K, the future minimum payments under noncancelable operating leases are approximately $1,140,000 and the Company believes the adoption of this standard will have a significant impact on the consolidated balance sheets. Income Tax Reform As more fully discussed in Note 7 of the Company’s notes to the consolidated financial statements in its 2017 Annual Report on Form 10-K, the Tax Cuts and Jobs Act (the Act) was enacted December 22, 2017. As of March 31, 2018, the Company has not completed the accounting for the tax effects of the enactment of the Act; however, the Company has made a reasonable estimate of the effect of the Act on the existing deferred tax balances and of the one-time transition tax. There was no impact on the tax rate as a result of a change in estimate for the three months ended March 31, 2018. In all cases, the Company will continue to make and refine the calculations as additional analysis is completed. Further, the Company's estimates may also be affected as regulations and additional guidance become available. In addition, the Act subjects a U.S. shareholder to tax on Global Intangible Low-Taxed Income (GILTI) earned by certain foreign subsidiaries. Given the complexity of the GILTI provisions, the Company is still evaluating the effects and has not yet determined the new accounting policy. The provision is not expected to have a material impact on the Company’s consolidated financial statements or related disclosures. Compensation-Retirement Benefits (Topic 715) In March 2017, the FASB issued ASU 2017-07, Compensation-Retirement Benefits (Topic 715) ("ASU 2017-07"), which requires an entity to report the service cost component of net periodic benefit cost in the same line item as other compensation costs (selling, administrative and other expenses), and the remaining components in non-operating expense in the consolidated statement of income and comprehensive income. This standard was effective for interim and annual reporting periods beginning after December 15, 2017 and early adoption is permitted. The Company adopted ASU 2017-07, retrospectively, on January 1, 2018 and it did not have a material impact on the Company's condensed consolidated financial statements or related disclosures. See the employee benefit plans footnote for additional information.
Revenue Recognition	The Company applied Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09") using the modified retrospective method effective January 1, 2018. The cumulative effect of initially applying ASU 2014-09 resulted in a reduction to the opening retained earnings balance of $8,000 , prior to the tax adjustment, at January 1, 2018 and a related adjustment to other current liabilities as of that date. Revenue for periods prior to January 1, 2018 have not been adjusted and continue to be reported under Revenue Recognition ( Topic 605 ). The Company primarily recognizes revenue at the point in time transfer of control of products or services to customers occurs in an amount that reflects consideration expected to be received for those products or services. Revenue is recognized net of allowances for returns, variable consideration, and any taxes collected from customers, which are subsequently remitted to governmental authorities. Revenue recognized over time is not significant. The Company may enter into contracts that include multiple combinations of products and services, which are accounted for as separate performance obligations and do not require significant judgment. Payment terms with customers vary by the type and location of the customer and the products or services offered. The Company does not adjust the promised amount of consideration for the effects of significant financing components based on the expectation that the period between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. Arrangements with customers that include payment terms extending beyond one year are not significant. Product Distribution The Company generates revenue primarily by distributing products through wholesale and retail channels. For wholesale customers, revenue is recognized when the goods are transferred to customers, title has passed and control of the goods has passed to the customer. Retail revenue is recognized at the point of sale when the goods are transferred to customers and consideration is received. Shipping and handling activities are performed prior to the customer obtaining control of the products. Costs associated with shipping and handling are considered costs to fulfill a contract and are expensed in selling, general, and other costs in the period they are incurred. Other Revenues and Multiple Performance Obligations The Company offers software support, product cataloguing, marketing, training and other membership program and support services to its customers. This revenue is recognized as services are provided. Revenue from these services are recognized over a short duration and their impact is not significant. Contracts with customers may include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price and recognizes revenue upon delivery or as services are rendered. Variable Consideration The Company’s products are generally sold with a right of return and may include variable consideration in the form of incentives, discounts, credits or rebates. The Company estimates and recognizes variable consideration based on historical experience to determine the expected amount to which the Company will be entitled in exchange for transferring the promised goods or services to a customer. The Company records variable consideration as an adjustment to the transaction price in the period it is incurred. The realization of variable consideration occurs within a short period of time from product delivery; therefore, the time value of money effect is not significant. Contract Balances There were no material contract assets, contract liabilities or deferred contract costs as of March 31, 2018. Revenue related to unfulfilled performance obligations as of March 31, 2018 is not significant. Costs to obtain customer agreements are included in prepaid expenses and other current assets in the accompanying balance sheets. Liabilities for customer incentives, discounts, or rebates, and other performance obligations are included in other current liabilities in the accompanying balance sheets.
Share-based Compensation	As more fully discussed in Note 6 of the Company’s notes to the consolidated financial statements in its 2017 Annual Report on Form 10-K, the Company maintains various long-term incentive plans, which provide for the granting of stock options, stock appreciation rights (“SARs”), restricted stock, restricted stock units (“RSUs”), performance awards, dividend equivalents and other share-based awards. SARs represent a right to receive upon exercise an amount, payable in shares of common stock, equal to the excess, if any, of the fair market value of the Company’s common stock on the date of exercise over the base value of the grant. The terms of such SARs require net settlement in shares of common stock and do not provide for cash settlement. RSUs represent a contingent right to receive one share of the Company’s common stock at a future date. The majority of awards previously granted vest on a pro-rata basis for periods ranging from one to five years and are expensed accordingly on a straight-line basis. The Company issues new shares upon exercise or conversion of awards under these plans. Most awards may be exercised or converted to shares not earlier than twelve months nor later than ten years from the date of grant.
Guarantees	In the event that the Company is required to make payments in connection with guaranteed obligations of the independents or the affiliates, the Company would obtain and liquidate certain collateral (e.g., accounts receivable and inventory) to recover all or a portion of the amounts paid under the guarantees. When it is deemed probable that the Company will incur a loss in connection with a guarantee, a liability is recorded equal to this estimated loss. The Company guarantees the borrowings of certain independently controlled automotive parts stores (“independents”) and certain other affiliates in which the Company has a noncontrolling equity ownership interest (“affiliates”). Presently, the independents are generally consolidated by unaffiliated enterprises that have controlling financial interests through ownership of a majority voting interest in the independents. The Company has no voting interest or equity conversion rights in any of the independents. The Company does not control the independents or the affiliates, but receives a fee for the guarantees. The Company has concluded that the independents are variable interest entities, but that the Company is not the primary beneficiary. Specifically, the equity holders of the independents have the power to direct the activities that most significantly impact the entities’ economic performance including, but not limited to, decisions about hiring and terminating personnel, local marketing and promotional initiatives, pricing and selling activities, credit decisions, monitoring and maintaining appropriate inventories, and store hours. Separately, the Company concluded the affiliates are not variable interest entities. The Company’s maximum exposure to loss as a result of its involvement with these independents and affiliates is generally equal to the total borrowings subject to the Company’s guarantees. While such borrowings of the independents and affiliates are outstanding, the Company is required to maintain compliance with certain covenants, including a maximum debt to capitalization ratio and certain limitations on additional borrowings. At March 31, 2018 , the Company was in compliance with all such covenants.
Fair Value of Financial Instruments	The carrying amounts reflected in the condensed consolidated balance sheets for cash and cash equivalents, trade accounts receivable, trade accounts payable, and borrowings under the line of credit and term loan approximate their respective fair values based on the short-term nature of these instruments. The fair value of fixed rate debt is designated as Level 2 in the fair value hierarchy (i.e., significant observable inputs) and is based primarily on the discounted value of future cash flows using current market interest rates offered for debt of similar credit risk and maturity.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Summary of Segment Information	Three Months Ended March 31, 2018 2017 Net sales: (1) Automotive $ 2,564,259 $ 1,978,446 Industrial (2) 1,547,944 1,428,959 Business products 474,091 498,236 Total net sales $ 4,586,294 $ 3,905,641 Operating profit: Automotive $ 184,706 $ 151,757 Industrial (2) 112,191 104,009 Business products 21,601 31,119 Total operating segment profit 318,498 286,885 Interest expense, net (23,307 ) (6,174 ) Intangible asset amortization (21,403 ) (10,806 ) Corporate expense (3) (44,469 ) (26,130 ) Income before income taxes $ 229,319 $ 243,775 (1) The net effect of discounts, incentives, and freight billed to customers has been allocated to their respective segments for the current and prior period. Previously, the net effect of such items were captured and presented separately in a line item entitled “Other”. (2) Effective January 1, 2018, the Electrical/electronic Material segment became a division of the Industrial segment. These two reporting segments became a single reporting segment, the Industrial Parts Group. The change in segment reporting is presented retrospectively. (3) Includes $13,000 for the three months ended March 31, 2018, in transaction-related costs associated with Alliance Automotive Group ("AAG") and the pending transaction to spin-off the Company's Business Products Group, S.P. Richards, and combine it with Essendant, Inc. ("Essendant").
Revenue from External Customers by Geographic Areas	Disaggregated geographical net sales by reportable segment are summarized as follows: Reportable segments Three Months Ended March 31, 2018 Automotive Industrial Business Products Total Primary geographical markets: North America $ 1,782,314 $ 1,547,944 $ 474,091 $ 3,804,349 Australasia 302,004 — — 302,004 Europe 479,941 — — 479,941 Total net sales from contracts with customers $ 2,564,259 $ 1,547,944 $ 474,091 $ 4,586,294 Reportable segments Three Months Ended March 31, 2017 Automotive Industrial Business Products Total Primary geographical markets: North America $ 1,703,551 1,428,959 498,236 $ 3,630,746 Australasia 274,895 — — 274,895 Total net sales from contracts with customers $ 1,978,446 $ 1,428,959 $ 498,236 $ 3,905,641

Other Comprehensive Income (L23

Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Changes in Accumulated Other Comprehensive Income (Loss)	The following tables present the changes in accumulated other comprehensive loss by component for the three months ended March 31 : 2018 Changes in Accumulated Other Pension and Net Investment Hedge Foreign Total Beginning balance, January 1 $ (568,957 ) $ (17,388 ) $ (266,247 ) $ (852,592 ) Other comprehensive (loss) income before reclassifications, net of tax — (16,710 ) 42,880 26,170 Amounts reclassified from accumulated other comprehensive loss, net of tax 7,164 — — 7,164 Net current period other comprehensive income (loss) 7,164 (16,710 ) 42,880 33,334 Ending balance, March 31 $ (561,793 ) $ (34,098 ) $ (223,367 ) $ (819,258 ) 2017 Changes in Accumulated Other Pension and Net Investment Hedge Foreign Total Beginning balance, January 1 $ (609,080 ) $ — $ (403,941 ) $ (1,013,021 ) Other comprehensive income before reclassifications, net of tax — — 57,020 57,020 Amounts reclassified from accumulated other comprehensive loss, net of tax 5,732 — — 5,732 Net current period other comprehensive income 5,732 — 57,020 62,752 Ending balance, March 31 $ (603,348 ) $ — $ (346,921 ) $ (950,269 )

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2018
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Income for the Pension Plans	Net periodic benefit income for the Company's pension plans included the following components for the three months ended March 31 : Pension Benefits 2018 2017 Service cost $ 2,654 $ 2,157 Interest cost 22,113 24,132 Expected return on plan assets (38,588 ) (39,733 ) Amortization of prior service credit (37 ) (88 ) Amortization of actuarial loss 9,959 9,485 Net periodic benefit income $ (3,899 ) $ (4,047 )

Segment Information - Operating

Segment Information - Operating Results by Segment (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting Information [Line Items]
Net sales	$ 4,586,294	$ 3,905,641
Income before income taxes	229,319	243,775
Operating Segments [Member]
Segment Reporting Information [Line Items]
Operating profit	318,498	286,885
Operating Segments [Member] | Automotive [Member]
Segment Reporting Information [Line Items]
Net sales	2,564,259	1,978,446
Operating profit	184,706	151,757
Operating Segments [Member] | Industrial [Member]
Segment Reporting Information [Line Items]
Net sales	1,547,944	1,428,959
Operating profit	112,191	104,009
Operating Segments [Member] | Business Products [Member]
Segment Reporting Information [Line Items]
Net sales	474,091	498,236
Operating profit	21,601	31,119
Other [Member]
Segment Reporting Information [Line Items]
Interest expense, net	(23,307)	(6,174)
Intangible asset amortization	(21,403)	(10,806)
Corporate expense	(44,469)	$ (26,130)
Transaction costs	$ 13,000

Segment Information - Disaggreg

Segment Information - Disaggregated Geographical Revenue by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	$ 4,586,294	$ 3,905,641
North America [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	3,804,349	3,630,746
Australasia [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	302,004	274,895
Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	479,941
Automotive [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	2,564,259	1,978,446
Automotive [Member] | North America [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	1,782,314	1,703,551
Automotive [Member] | Australasia [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	302,004	274,895
Automotive [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	479,941
Industrial [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	1,547,944	1,428,959
Industrial [Member] | North America [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	1,547,944	1,428,959
Industrial [Member] | Australasia [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0
Industrial [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0
Business Products [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	474,091	498,236
Business Products [Member] | North America [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	474,091	498,236
Business Products [Member] | Australasia [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	$ 0
Business Products [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	$ 0

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Retained earnings	$ (4,114,472)		$ (4,049,965)
Other current liabilities	$ 1,098,916		$ 1,034,441
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Retained earnings		$ 8,000
Other current liabilities		$ 8,000

Other Comprehensive Income (L28

Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) by Component (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
AOCI Attributable to Parent [Roll Forward]
Beginning balance, January 1	$ 3,412,152
Other comprehensive (loss) income before reclassifications, net of tax	26,170	$ 57,020
Amounts reclassified from accumulated other comprehensive loss, net of tax	7,164	5,732
Total other comprehensive income	33,334	62,752
Ending balance, March 31	3,510,079
Pension and Other Post-Retirement Benefits [Member]
AOCI Attributable to Parent [Roll Forward]
Beginning balance, January 1	(568,957)	(609,080)
Other comprehensive (loss) income before reclassifications, net of tax	0	0
Amounts reclassified from accumulated other comprehensive loss, net of tax	7,164	5,732
Total other comprehensive income	7,164	5,732
Ending balance, March 31	(561,793)	(603,348)
Accumulated Net Investment Hedge Attributable to Parent [Member]
AOCI Attributable to Parent [Roll Forward]
Beginning balance, January 1	(17,388)	0
Other comprehensive (loss) income before reclassifications, net of tax	(16,710)	0
Amounts reclassified from accumulated other comprehensive loss, net of tax	0	0
Total other comprehensive income	(16,710)	0
Ending balance, March 31	(34,098)	0
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
AOCI Attributable to Parent [Roll Forward]
Beginning balance, January 1	(266,247)	(403,941)
Other comprehensive (loss) income before reclassifications, net of tax	42,880	57,020
Amounts reclassified from accumulated other comprehensive loss, net of tax	0	0
Total other comprehensive income	42,880	57,020
Ending balance, March 31	(223,367)	(346,921)
AOCI Attributable to Parent [Member]
AOCI Attributable to Parent [Roll Forward]
Beginning balance, January 1	(852,592)	(1,013,021)
Ending balance, March 31	$ (819,258)	$ (950,269)

Recent Accounting Pronounceme29

Recent Accounting Pronouncements (Details) $ in Millions	Dec. 31, 2017USD ($)
Accounting Changes and Error Corrections [Abstract]
Future minimum payments due	$ 1,140

Share-Based Compensation (Detai

Share-Based Compensation (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares received per restricted stock unit (in shares)	1
Total compensation cost related to nonvested awards, unrecognized	$ 24,201		$ 32,812
Weighted-average period to recognize compensation cost (in years)	2 years
Aggregate intrinsic value for outstanding SARs and RSUs	$ 64,069
Aggregate intrinsic value for vested SARs and RSUs	$ 32,688
Weighted-average remaining contractual life for outstanding SARs and RSUs (in years)	6 years
Weighted-average remaining contractual life for exercisable SARs and RSUs, (in years)	5 years
Share-based compensation	$ 3,686	$ 2,717
Outstanding options to purchase common shares not included in dilutive shares (in shares)	1,334,000	1,279,000
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award granted vesting period range (in years)	1 year
Share-based payment, awards exercise period (in years and months)	12 months
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award granted vesting period range (in years)	5 years
Share-based payment, awards exercise period (in years and months)	10 years

Employee Benefit Plans - Compo

Employee Benefit Plans - Components of Net Periodic Benefit Income for the Pension Plans (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Retirement Benefits [Abstract]
Service cost	$ 2,654	$ 2,157
Interest cost	22,113	24,132
Expected return on plan assets	(38,588)	(39,733)
Amortization of prior service credit	(37)	(88)
Amortization of actuarial loss	9,959	9,485
Net periodic benefit income	$ (3,899)	$ (4,047)

Employee Benefit Plans - Addit

Employee Benefit Plans - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
Retirement Benefits [Abstract]
Contribution to the pension plan	$ 38.7

Guarantees (Detail)

Guarantees (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Guarantor Obligations [Line Items]
Total borrowings of the independents and affiliates subject to guarantee	$ 651,293
Guarantees related to borrowings, other assets	70,000
Guarantor obligation, current carrying value	$ 70,000
Minimum [Member]
Guarantor Obligations [Line Items]
Guaranteed obligations maturity (in years)	1 year
Maximum [Member]
Guarantor Obligations [Line Items]
Guaranteed obligations maturity (in years)	6 years

Fair Value of Financial Instr34

Fair Value of Financial Instruments (Detail) $ in Thousands	Mar. 31, 2018USD ($)
Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of fixed rate debt	$ 1,528,068
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of fixed rate debt	$ 1,498,405

Non-derivative Financial Inst35

Non-derivative Financial Instrument (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018EUR (€)	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net investment hedge, net of tax		$ (16,710)	$ 0
Designated as Hedging Instrument [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of nonderivative instruments | €	€ 700,000,000
Unsecured long-term debt, noncurrent		$ 862,750

Subsequent Event (Details)

Subsequent Event (Details) - Scenario, Forecast [Member] shares in Millions, $ in Millions	8 Months Ended
	Dec. 31, 2018USD ($)shares
Business Products Group [Member]
Business Acquisition [Line Items]
Proceeds from divestiture of businesses | $	$ 347
Company's Shareholders [Member]
Business Acquisition [Line Items]
Ownership percentage by parent	51.00%
Essendant Shareholders [Member]
Business Acquisition [Line Items]
Ownership percentage by noncontrolling owners	49.00%
Combined Company
Business Acquisition [Line Items]
Shares outstanding of combined company, diluted (in shares) | shares	80