Genuine Parts (GPC) 10-Q 19 Apr 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2019shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	GPC
Entity Registrant Name	GENUINE PARTS CO
Entity Central Index Key	0000040987
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding	146,063,911

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 356,925	$ 333,547
Trade accounts receivable, less allowance for doubtful accounts (2019 – $27,443; 2018 – $21,888)	2,741,916	2,493,636
Merchandise inventories, net	3,684,580	3,609,389
Prepaid expenses and other current assets	1,102,970	1,139,118
Total current assets	7,886,391	7,575,690
Goodwill	2,192,143	2,128,776
Other intangible assets, less accumulated amortization	1,449,852	1,411,642
Deferred Income Tax Assets, Net	21,178	29,509
Property, plant and equipment, less accumulated depreciation (2019 – $1,247,743; 2018 – $1,208,694)	1,044,788	1,027,231
Operating lease assets	953,553	0
Other assets	522,625	510,192
Total assets	14,070,530	12,683,040
Current liabilities:
Trade accounts payable	4,058,211	3,995,789
Current portion of debt	1,032,382	711,147
Dividends payable	111,355	105,369
Other current liabilities	1,343,386	1,088,428
Total current liabilities	6,545,334	5,900,733
Long-term debt	2,389,244	2,432,133
Operating lease liabilities	716,677	0
Pension and other post–retirement benefit liabilities	222,415	235,228
Deferred tax liabilities	194,178	196,843
Other long-term liabilities	429,850	446,112
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 – 2019 – 146,063,911 shares; 2018 – 145,936,613 shares	146,064	145,937
Additional paid-in capital	77,424	78,380
Retained earnings	4,517,430	4,341,212
Accumulated other comprehensive loss	(1,189,987)	(1,115,078)
Total parent equity	3,550,931	3,450,451
Noncontrolling interests in subsidiaries	21,901	21,540
Total equity	3,572,832	3,471,991
Total liabilities and equity	$ 14,070,530	$ 12,683,040

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 27,433	$ 21,888
Accumulated depreciation	$ 1,247,743	$ 1,208,694
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)	146,063,911	145,936,613
Common stock, shares outstanding (in shares)	146,063,911	145,936,613

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019		Mar. 31, 2018
Income Statement [Abstract]
Net sales	$ 4,736,833		$ 4,586,294
Cost of goods sold	3,228,665		3,150,487
Gross profit	1,508,168		1,435,807
Operating expenses:
Selling, administrative and other expenses	1,197,220		1,133,771
Depreciation and amortization	61,977		58,363
Provision for doubtful accounts	3,969		2,701
Total operating expenses	1,263,166		1,194,835
Non-operating expenses (income):
Interest expense	23,883		24,109
Other	9,607		(12,456)
Total non-operating expenses (income)	33,490		11,653
Income before income taxes	211,512		229,319
Income taxes	51,262		52,743
Net income	$ 160,250		$ 176,576
Basic net income per common share (usd per share)	$ 1.10		$ 1.20
Diluted net income per common share (usd per share)	1.09		1.20
Dividends declared per common share (usd per share)	$ 0.7625		$ 0.7200
Weighted average common shares outstanding (in shares)	145,981		146,727
Dilutive effect of stock options and non-vested restricted stock awards (in shares)	713		595
Weighted average common shares outstanding - assuming dilution (in shares)	146,694		147,322
Other comprehensive income, net of income taxes:
Foreign currency translation adjustments	$ 27,117		$ 42,880
Cash flow and net investment hedges adjustments, net of income taxes in 2019 and 2018 — $5,795 and $6,180 respectively	15,668		(16,710)
Pension and postretirement benefit adjustments, net of income taxes in 2019 and 2018 — $1,788 and $2,648, respectively	4,832		7,164
Other comprehensive income, net of income taxes	47,617	[1]	33,334
Comprehensive income	$ 207,867		$ 209,910
[1]	Includes the effects of reclassifying realized currency losses of $27,037

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Net investment hedge, tax	$ 5,795	$ 6,180
Pension and postretirement benefit adjustments, tax	$ 1,788	$ 2,648

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands		Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Retained Earnings [Member]	Total Parent Equity [Member]	Noncontrolling Interest in Subsidiaries [Member]
Beginning balance (in shares) at Dec. 31, 2017			146,652,615
Beginning balance at Dec. 31, 2017		$ 3,464,156	$ 146,653	$ 68,126	$ (852,592)	$ 4,049,965	$ 3,412,152	$ 52,004
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		176,576				176,576	176,576
Other comprehensive loss, net of tax		33,334			33,334		33,334
Cash dividends declared		(105,649)				(105,649)	(105,649)
Share-based awards exercised, including tax benefit (in shares)			85,188
Share-based awards exercised, including tax benefit		(4,177)	$ 85	(4,262)			(4,177)
Share-based compensation		3,686		3,686			3,686
Noncontrolling interest activities		(702)						(702)
Ending balance (in shares) at Mar. 31, 2018			146,737,803
Ending balance at Mar. 31, 2018		3,561,381	$ 146,738	67,550	(819,258)	4,115,049	3,510,079	51,302
Beginning balance (in shares) at Dec. 31, 2018			145,936,613
Beginning balance at Dec. 31, 2018		3,471,991	$ 145,937	78,380	(1,115,078)	4,341,212	3,450,451	21,540
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		160,250				160,250	160,250
Other comprehensive loss, net of tax	[1]	47,617			47,617		47,617
Cash dividends declared		(111,355)				(111,355)	(111,355)
Share-based awards exercised, including tax benefit (in shares)			127,298
Share-based awards exercised, including tax benefit		(6,839)	$ 127	(6,966)			(6,839)
Share-based compensation		6,010		6,010			6,010
Noncontrolling interest activities		361						361
Ending balance (in shares) at Mar. 31, 2019			146,063,911
Ending balance at Mar. 31, 2019		$ 3,572,832	$ 146,064	$ 77,424	$ (1,189,987)	$ 4,517,430	$ 3,550,931	$ 21,901
[1]	Includes the effects of reclassifying realized currency losses of $27,037

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share (usd per share)	$ 0.7625	$ 0.7200
Tax effect on stock options exercised	$ 3,812	$ 2,517
Realized currency losses on divestiture	$ 27,037	$ 0

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating activities:
Net income	$ 160,250	$ 176,576
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	61,977	58,363
Share-based compensation	6,010	3,686
Excess tax benefits from share-based compensation	(3,812)	(2,517)
Realized currency losses on divestiture	27,037	0
Changes in operating assets and liabilities	(189,732)	(97,741)
Net cash provided by operating activities	61,730	138,367
Investing activities:
Purchases of property, plant and equipment	(45,621)	(31,633)
Acquisition of businesses and other investing activities	(138,417)	(38,588)
Net cash used in investing activities	(184,038)	(70,221)
Financing activities:
Proceeds from debt	1,350,002	1,201,441
Payments on debt	(1,092,115)	(1,153,750)
Share-based awards exercised	(6,839)	(4,176)
Dividends paid	(105,369)	(99,000)
Net cash provided by (used in) financing activities	145,679	(55,485)
Effect of exchange rate changes on cash and cash equivalents	7	(1,587)
Net increase in cash and cash equivalents	23,378	11,074
Cash and cash equivalents at beginning of period	333,547	314,899
Cash and cash equivalents at end of period	$ 356,925	$ 325,973

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2019
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 U.S. ("U.S. GAAP") 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,” "we," "our," "us," or "its") for the year ended December 31, 2018 . Accordingly, the unaudited interim condensed consolidated financial statements and related disclosures herein should be read in conjunction with the Company’s 2018 Annual Report on Form 10-K. The preparation of interim financial statements requires management to make estimates and assumptions that affect 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. 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 months ended March 31, 2019

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Segment Information	Segment Information The following table presents a summary of the Company's reportable segment financial information: Three Months Ended March 31, 2019 2018 Net sales: Automotive $ 2,622,345 $ 2,564,259 Industrial 1,635,423 1,547,944 Business products 479,065 474,091 Total net sales $ 4,736,833 $ 4,586,294 Operating profit: Automotive $ 179,228 $ 184,706 Industrial 121,028 112,191 Business products 21,220 21,601 Total operating profit 321,476 318,498 Interest expense, net (23,029 ) (23,307 ) Intangible asset amortization (22,584 ) (21,403 ) Corporate expense (1) (64,351 ) (44,469 ) Income before income taxes $ 211,512 $ 229,319 (1) Includes $34,114 of expenses for the three months ended March 31, 2019 from realized currency losses and transaction and other costs. The realized currency losses of $27,037 resulted from the March 7, 2019 sale of Grupo Auto Todo. Refer to the acquisitions and divestitures footnote for more information. Includes $13,009 for the three months ended March 31, 2018, in transaction and other costs related to the November 2017 Alliance Automotive Group ("AAG") acquisition and the attempted spin-off of the Business Products Group (the attempted spin-off was subsequently terminated in September 2018). Net sales are disaggregated by geographical region for each of the Company’s reportable segments, as the Company deems this presentation best depicts how the nature, amount, timing and uncertainty of net sales and cash flows are affected by economic factors. The following table presents disaggregated geographical net sales from contracts with customers by reportable segment: Three Months Ended March 31, 2019 2018 North America: Automotive $ 1,813,785 $ 1,782,314 Industrial 1,635,423 1,547,944 Business products 479,065 474,091 Total North America $ 3,928,273 $ 3,804,349 Australasia – Automotive 284,553 302,004 Europe – Automotive 524,007 479,941 Total net sales $ 4,736,833 $ 4,586,294

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The following tables present the changes in accumulated other comprehensive loss by component for the three months ended March 31 : Changes in Accumulated Other Pension and Cash Flow and Net Investment Hedges Foreign Total Beginning balance, January 1, 2019 $ (626,322 ) $ 10,726 $ (499,482 ) $ (1,115,078 ) Other comprehensive income before reclassifications, net of tax — 16,669 80 16,749 Amounts reclassified from accumulated other comprehensive income (loss), net of tax (1) 4,832 (1,001 ) 27,037 30,868 Other comprehensive income, net of income taxes 4,832 15,668 27,117 47,617 Cumulative effect from adoption of ASU 2018-02 (122,526 ) — — (122,526 ) Ending balance, March 31, 2019 $ (744,016 ) $ 26,394 $ (472,365 ) $ (1,189,987 ) (1) Realized currency losses of $27,037 were reclassified out of foreign currency translation into earnings in connection with the March 7, 2019 sale of Grupo Auto Todo. Refer to the acquisitions and divestitures footnote for further details. Changes in Accumulated Other Pension and Cash Flow and Net Investment Hedges Foreign Total Beginning balance, January 1, 2018 $ (568,957 ) $ (17,388 ) $ (266,247 ) $ (852,592 ) Other comprehensive 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 Other comprehensive income, net of income taxes 7,164 (16,710 ) 42,880 33,334 Ending balance, March 31, 2018 $ (561,793 ) $ (34,098 ) $ (223,367 ) $ (819,258 ) 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 cash flow and net investment hedges are discussed in the derivatives and hedging footnote. Generally, tax effects in accumulated other comprehensive loss are established at the

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2019
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Changes to U.S. GAAP are established by the Financial Accounting Standards Board ("FASB") in the form of ASUs to the FASB Accounting Standards Codification ("ASC"). The Company considers the applicability and impact of all ASUs and any not listed below were assessed and determined to be not applicable or are expected to have a minimal impact on the condensed consolidated financial statements. Leases (Topic 842) In February 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02"), which, among other things, requires an entity to recognize a right-of-use asset and a lease liability on the balance sheet for substantially all leases, including operating leases. Expanded disclosures with additional qualitative and quantitative information are also required. ASU 2016-02 and its amendments are effective for interim and annual reporting periods beginning after December 15, 2018 and early adoption was permitted. The ASU's transition provisions can be applied under a modified retrospective approach to each prior reporting period presented in the financial statements or only at the beginning of the period of adoption (i.e., on the effective date). The Company adopted ASU 2016-02 and its amendments and applied the transition provisions as of January 1, 2019, which included recognizing a cumulative-effect adjustment through opening retained earnings as of that date. Prior year amounts were not recast under this transition approach and, therefore, prior year amounts are excluded from the leased properties footnote. The Company elected the package of practical expedients permitted under the transition guidance, which allowed the Company to carryforward its historical assessments of: (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs. In addition, the Company did not elect the hindsight practical expedient to determine the reasonably certain lease term for existing leases. The Company elected a policy of not recording leases on its condensed consolidated balance sheets when the leases have a term of 12 months or less and the Company is not reasonably certain to elect an option to purchase the leased asset. The Company recognizes payments on these leases within selling, administrative and other expenses on a straight-line basis over the lease term. The Company's adoption of the standard resulted in a cumulative-effect adjustment to retained earnings of approximately $4,797 , net of taxes, as of January 1, 2019. The standard did not materially impact consolidated net income or liquidity. The standard did not have an impact on debt-covenant compliance under the Company's current debt agreements. Income Statement - Reporting Comprehensive Income (Topic 220) In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ("ASU 2018-02"). The ASU permits a company to make a one-time election to reclassify stranded tax effects caused by the Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings. The ASU also requires companies to disclose their accounting policies for releasing income tax effects from accumulated other comprehensive income. ASU 2018-02 is effective for periods beginning after December 15, 2018, with an election to adopt early. The Company adopted ASU 2018-02 as of January 1, 2019 and recognized an adjustment to increase retained earnings and to adjust accumulated other comprehensive loss by approximately $122,526 . Compensation - Retirement Benefits (Topic 715) In August 2018, the FASB issued ASU 2018-14, Changes to the Disclosure Requirements for Defined Benefit Plans

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2019
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 2019 2018 Service cost $ 2,390 $ 2,654 Interest cost 24,348 22,113 Expected return on plan assets (38,527 ) (38,588 ) Amortization of prior service credit (17 ) (37 ) Amortization of actuarial loss 7,749 9,959 Net periodic benefit income $ (4,057 ) $ (3,899 )

Guarantees

Guarantees	3 Months Ended
	Mar. 31, 2019
Guarantees [Abstract]
Guarantees	Guarantees The Company guarantees the borrowings of certain independently controlled automotive parts stores and businesses (“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 that 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, 2019 , the Company was in compliance with all such covenants. At March 31, 2019 , the total borrowings of the independents and affiliates subject to guarantee by the Company were approximately $809,784 . 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, 2019 , the Company has recognized certain assets and liabilities amounting to $85,000

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2019
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, 2019 , the carrying amount, net of debt issuance costs, and the fair value of fixed rate debt were approximately $1,451,281 and $1,473,599 , 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 amount, net of debt issuance costs, of fixed rate debt of $1,451,281

Derivatives and Hedging

Derivatives and Hedging	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	Derivatives and Hedging The Company is exposed to various risks arising from business operations and market conditions, including fluctuations in interest rates and certain foreign currencies. When deemed appropriate, the Company uses derivative and non-derivative instruments as risk management tools to mitigate the potential impact of interest rate and foreign exchange rate risks. The objective of using these tools is to reduce fluctuations in the Company’s earnings and cash flows associated with changes in these rates. Derivative financial instruments are not used for trading or other speculative purposes. The Company has not historically incurred, and does not expect to incur in the future, any losses as a result of counterparty default related to derivative instruments. The Company formally documents relationships between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. This process includes linking cash flow hedges to specific forecasted transactions or variability of cash flow to be paid. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the designated derivative and non-derivative instruments that are used in hedging transactions are highly effective in offsetting changes in the cash flows of the hedged items. When a designated instrument is determined not to be highly effective as a hedge or the underlying hedged transaction is no longer probable, hedge accounting is discontinued prospectively. Cash Flow Hedge In July 2018 and February 2019, the Company entered into interest rate swaps to mitigate variability in forecasted interest payments on $ 500,000 and $300,000 , respectively, of the Company’s U.S. dollar-denominated unsecured variable rate debt. The interest rate swaps effectively convert a portion of the floating rate interest payment into a fixed rate interest payment. The Company designated the interest rate swaps as qualifying hedging instruments and accounts for these derivatives as cash flow hedges. The fair values of the interest rate cash flow hedges were not material as of March 31, 2019 . Gains or losses related to the interest rate cash flow hedges were not material during the three months ended March 31, 2019 . Hedges of Net Investments in Foreign Operations In July 2018, concurrent with the cash flow hedge described above, the Company entered into a cross-currency interest rate swap agreement to effectively convert $500,000 of the U.S. dollar-denominated unsecured variable rate debt to fixed-rate Euro-denominated debt. In February 2019, the Company terminated the cross-currency interest rate swap agreement and entered into a forward contract to effectively convert $800,000 of the U.S. dollar-denominated unsecured debt to Euro-denominated debt. No gains or losses were recognized at termination. The risk management objective of these transactions is to manage foreign currency risk relating to a European subsidiary and reduce the variability in the functional currency equivalent cash flows of the unsecured variable rate debt. The Company designated the instruments as qualifying hedging instruments and accounts for these derivatives as a hedge of the foreign currency exchange rate exposure of an equal amount of the Company's Euro-denominated net investment in a European subsidiary. The fair value of the forward currency hedge was not material as of March 31, 2019 . Gains or losses related to the cross-currency interest rate swap and the forward contract were not material during the three months ended March 31, 2019 . As of March 31, 2019, the Company also 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 a European subsidiary. As of March 31, 2019, the Euro-denominated debt has a total carrying amount of $785,330 , which is included in long-term debt in the Company’s condensed consolidated balance sheet. For the three months ended March 31, 2019 , the Company recorded a gain, net of tax, of approximately $11,446 in the cash flow and net investment hedges section of accumulated other comprehensive loss in the Company’s condensed consolidated statements of income and comprehensive income. The Company did not reclassify any gains or losses related to net investment hedges from accumulated other comprehensive loss into earnings during the three months ended March 31, 2019

Leased Properties

Leased Properties	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leased Properties	Leased Properties The Company primarily leases real estate for certain retail stores, distribution centers, office space and land. The Company also leases equipment (primarily vehicles). Most real estate leases include one or more options to renew, with renewal terms that generally can extend the lease term from one to 20 years . The exercise of lease renewal options is at the Company's discretion. The Company evaluates renewal options at lease inception and on an ongoing basis, and includes renewal options that it is reasonably certain to exercise in its expected lease terms when classifying leases and measuring lease liabilities. Lease agreements generally do not require material variable lease payments, residual value guarantees or restrictive covenants. The table below presents the operating lease assets and liabilities recognized on the condensed consolidated balance sheets as of March 31, 2019 : Balance Sheet Line Item March 31, 2019 Operating lease assets Operating lease assets $ 953,553 Operating lease liabilities: Current operating lease liabilities Other current liabilities $ 262,229 Noncurrent operating lease liabilities Operating lease liabilities 716,677 Total operating lease liabilities $ 978,906 The depreciable lives of operating lease assets and leasehold improvements are limited by the expected lease term. The Company's leases generally do not provide an implicit rate, and therefore the Company uses its incremental borrowing rate as the discount rate when measuring operating lease liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease within a particular currency environment. The Company used incremental borrowing rates as of January 1, 2019 for operating leases that commenced prior to that date. The Company's weighted average remaining lease term and weighted average discount rate for operating leases as of March 31, 2019 are: March 31, 2019 Weighted average remaining lease term 5.59 Weighted average discount rate 3.54 The table below reconciles the undiscounted future minimum lease payments (displayed by year and in the aggregate) under noncancelable operating leases with terms of more than one year to the total operating lease liabilities recognized on the condensed consolidated balance sheets as of March 31, 2019 : April 1, 2019 through December 31, 2019 $ 232,216 2020 251,630 2021 184,486 2022 131,885 2023 90,017 Thereafter 213,847 Total undiscounted future minimum lease payments 1,104,081 Less: Difference between undiscounted lease payments and discounted operating lease liabilities 125,175 Total operating lease liabilities $ 978,906 Operating lease payments include $21,300 related to options to extend lease terms that are reasonably certain of being exercised. Operating lease costs were $80,487 for the three months ended March 31, 2019 . Operating lease costs are included within selling, administrative and other expenses on the condensed consolidated statements of income and comprehensive income. Short-term lease costs, variable lease costs and sublease income were not material. Cash paid for amounts included in the measurement of operating lease liabilities were $71,901 for the three months ended March 31, 2019 , and this amount is included in operating activities in the condensed consolidated statements of cash flows. Operating lease assets obtained in exchange for new operating lease liabilities were $28,000 for the three months ended March 31, 2019

Legal Matters

Legal Matters	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Legal Matters	Legal Matters As more fully discussed in the legal matter footnote of the Company's notes to the consolidated financial statements in its 2018 Annual Report on Form 10-K, a jury awarded damages against the Company in a litigated automotive product liability dispute.

Acquisitions and Divestitures

Acquisitions and Divestitures	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Acquisitions The Company acquired several businesses for approximately $153,200 , net of cash acquired, during the three months ended March 31, 2019 . These included Hennig Fahrzeugteile Group and several bolt-on acquisitions in the Automotive Parts Group and Axis New England and Axis New York in the Industrial Parts Group. Divestitures Grupo Auto Todo On March 7, 2019, the Company sold all of the equity of Grupo Auto Todo, a Mexican subsidiary within the Automotive Parts Group. Grupo Auto Todo contributed approximately $93,000 of revenues for the year ended December 31, 2018. The Company incurred realized currency losses of $27,037 from this transaction during the three months ended March 31, 2019

Reclassifications

Reclassifications	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reclassifications	ReclassificationsCertain prior period amounts have been reclassified to conform to the current year presentations.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share As more fully discussed in the share-based compensation footnote of the Company’s notes to the consolidated financial statements in its 2018 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. Options to purchase approximately 3 shares of common stock were outstanding but excluded from the computations of diluted earnings per share for the three month period ended March 31, 2019 as compared to approximately 1,334

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2019
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 U.S. ("U.S. GAAP") 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,” "we," "our," "us," or "its") for the year ended December 31, 2018 . Accordingly, the unaudited interim condensed consolidated financial statements and related disclosures herein should be read in conjunction with the Company’s 2018
Use of Estimates	The preparation of interim financial statements requires management to make estimates and assumptions that affect 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. 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	Changes to U.S. GAAP are established by the Financial Accounting Standards Board ("FASB") in the form of ASUs to the FASB Accounting Standards Codification ("ASC"). The Company considers the applicability and impact of all ASUs and any not listed below were assessed and determined to be not applicable or are expected to have a minimal impact on the condensed consolidated financial statements. Leases (Topic 842) In February 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02"), which, among other things, requires an entity to recognize a right-of-use asset and a lease liability on the balance sheet for substantially all leases, including operating leases. Expanded disclosures with additional qualitative and quantitative information are also required. ASU 2016-02 and its amendments are effective for interim and annual reporting periods beginning after December 15, 2018 and early adoption was permitted. The ASU's transition provisions can be applied under a modified retrospective approach to each prior reporting period presented in the financial statements or only at the beginning of the period of adoption (i.e., on the effective date). The Company adopted ASU 2016-02 and its amendments and applied the transition provisions as of January 1, 2019, which included recognizing a cumulative-effect adjustment through opening retained earnings as of that date. Prior year amounts were not recast under this transition approach and, therefore, prior year amounts are excluded from the leased properties footnote. The Company elected the package of practical expedients permitted under the transition guidance, which allowed the Company to carryforward its historical assessments of: (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs. In addition, the Company did not elect the hindsight practical expedient to determine the reasonably certain lease term for existing leases. The Company elected a policy of not recording leases on its condensed consolidated balance sheets when the leases have a term of 12 months or less and the Company is not reasonably certain to elect an option to purchase the leased asset. The Company recognizes payments on these leases within selling, administrative and other expenses on a straight-line basis over the lease term. The Company's adoption of the standard resulted in a cumulative-effect adjustment to retained earnings of approximately $4,797 , net of taxes, as of January 1, 2019. The standard did not materially impact consolidated net income or liquidity. The standard did not have an impact on debt-covenant compliance under the Company's current debt agreements. Income Statement - Reporting Comprehensive Income (Topic 220) In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ("ASU 2018-02"). The ASU permits a company to make a one-time election to reclassify stranded tax effects caused by the Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings. The ASU also requires companies to disclose their accounting policies for releasing income tax effects from accumulated other comprehensive income. ASU 2018-02 is effective for periods beginning after December 15, 2018, with an election to adopt early. The Company adopted ASU 2018-02 as of January 1, 2019 and recognized an adjustment to increase retained earnings and to adjust accumulated other comprehensive loss by approximately $122,526 . Compensation - Retirement Benefits (Topic 715) In August 2018, the FASB issued ASU 2018-14, Changes to the Disclosure Requirements for Defined Benefit Plans
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 and businesses (“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 that 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, 2019
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, 2019
Segment Reporting [Abstract]
Summary of Segment Information	The following table presents a summary of the Company's reportable segment financial information: Three Months Ended March 31, 2019 2018 Net sales: Automotive $ 2,622,345 $ 2,564,259 Industrial 1,635,423 1,547,944 Business products 479,065 474,091 Total net sales $ 4,736,833 $ 4,586,294 Operating profit: Automotive $ 179,228 $ 184,706 Industrial 121,028 112,191 Business products 21,220 21,601 Total operating profit 321,476 318,498 Interest expense, net (23,029 ) (23,307 ) Intangible asset amortization (22,584 ) (21,403 ) Corporate expense (1) (64,351 ) (44,469 ) Income before income taxes $ 211,512 $ 229,319 (1) Includes $34,114 of expenses for the three months ended March 31, 2019 from realized currency losses and transaction and other costs. The realized currency losses of $27,037 resulted from the March 7, 2019 sale of Grupo Auto Todo. Refer to the acquisitions and divestitures footnote for more information. Includes $13,009
Revenue from External Customers by Geographic Areas	The following table presents disaggregated geographical net sales from contracts with customers by reportable segment: Three Months Ended March 31, 2019 2018 North America: Automotive $ 1,813,785 $ 1,782,314 Industrial 1,635,423 1,547,944 Business products 479,065 474,091 Total North America $ 3,928,273 $ 3,804,349 Australasia – Automotive 284,553 302,004 Europe – Automotive 524,007 479,941 Total net sales $ 4,736,833 $ 4,586,294

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Changes in Accumulated Other Comprehensive Loss	The following tables present the changes in accumulated other comprehensive loss by component for the three months ended March 31 : Changes in Accumulated Other Pension and Cash Flow and Net Investment Hedges Foreign Total Beginning balance, January 1, 2019 $ (626,322 ) $ 10,726 $ (499,482 ) $ (1,115,078 ) Other comprehensive income before reclassifications, net of tax — 16,669 80 16,749 Amounts reclassified from accumulated other comprehensive income (loss), net of tax (1) 4,832 (1,001 ) 27,037 30,868 Other comprehensive income, net of income taxes 4,832 15,668 27,117 47,617 Cumulative effect from adoption of ASU 2018-02 (122,526 ) — — (122,526 ) Ending balance, March 31, 2019 $ (744,016 ) $ 26,394 $ (472,365 ) $ (1,189,987 ) (1) Realized currency losses of $27,037 were reclassified out of foreign currency translation into earnings in connection with the March 7, 2019 sale of Grupo Auto Todo. Refer to the acquisitions and divestitures footnote for further details. Changes in Accumulated Other Pension and Cash Flow and Net Investment Hedges Foreign Total Beginning balance, January 1, 2018 $ (568,957 ) $ (17,388 ) $ (266,247 ) $ (852,592 ) Other comprehensive 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 Other comprehensive income, net of income taxes 7,164 (16,710 ) 42,880 33,334 Ending balance, March 31, 2018 $ (561,793 ) $ (34,098 ) $ (223,367 ) $ (819,258 )

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2019
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 2019 2018 Service cost $ 2,390 $ 2,654 Interest cost 24,348 22,113 Expected return on plan assets (38,527 ) (38,588 ) Amortization of prior service credit (17 ) (37 ) Amortization of actuarial loss 7,749 9,959 Net periodic benefit income $ (4,057 ) $ (3,899 )

Leased Properties (Tables)

Leased Properties (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Lessee, Operating Leases, Assets and Liabilities	The table below presents the operating lease assets and liabilities recognized on the condensed consolidated balance sheets as of March 31, 2019 : Balance Sheet Line Item March 31, 2019 Operating lease assets Operating lease assets $ 953,553 Operating lease liabilities: Current operating lease liabilities Other current liabilities $ 262,229 Noncurrent operating lease liabilities Operating lease liabilities 716,677 Total operating lease liabilities $ 978,906
Schedule of Components of Operating Leases	The Company's weighted average remaining lease term and weighted average discount rate for operating leases as of March 31, 2019 are: March 31, 2019 Weighted average remaining lease term 5.59 Weighted average discount rate 3.54
Lessee, Operating Lease, Liability, Maturity	The table below reconciles the undiscounted future minimum lease payments (displayed by year and in the aggregate) under noncancelable operating leases with terms of more than one year to the total operating lease liabilities recognized on the condensed consolidated balance sheets as of March 31, 2019 : April 1, 2019 through December 31, 2019 $ 232,216 2020 251,630 2021 184,486 2022 131,885 2023 90,017 Thereafter 213,847 Total undiscounted future minimum lease payments 1,104,081 Less: Difference between undiscounted lease payments and discounted operating lease liabilities 125,175 Total operating lease liabilities $ 978,906

Segment Information - Operating

Segment Information - Operating Results by Segment (Details) - USD ($) $ in Thousands	Mar. 07, 2019	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
Net sales		$ 4,736,833	$ 4,586,294
Income before income taxes		211,512	229,319
Realized currency losses on divestiture	$ 27,037	27,037	0
Transaction costs			13,009
Operating Segments [Member]
Segment Reporting Information [Line Items]
Operating profit		321,476	318,498
Operating Segments [Member] | Automotive Parts [Member]
Segment Reporting Information [Line Items]
Net sales		2,622,345	2,564,259
Operating profit		179,228	184,706
Operating Segments [Member] | Industrial Parts [Member]
Segment Reporting Information [Line Items]
Net sales		1,635,423	1,547,944
Operating profit		121,028	112,191
Operating Segments [Member] | Business Products [Member]
Segment Reporting Information [Line Items]
Net sales		479,065	474,091
Operating profit		21,220	21,601
Other [Member]
Segment Reporting Information [Line Items]
Interest expense, net		(23,029)	(23,307)
Intangible asset amortization		(22,584)	(21,403)
Corporate expense		(64,351)	$ (44,469)
Transaction costs		$ 34,114

Segment Information - Disaggreg

Segment Information - Disaggregated Geographical Revenue by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Net sales	$ 4,736,833	$ 4,586,294
North America [Member]
Disaggregation of Revenue [Line Items]
Net sales	3,928,273	3,804,349
Automotive Parts [Member] | North America [Member]
Disaggregation of Revenue [Line Items]
Net sales	1,813,785	1,782,314
Automotive Parts [Member] | Australasia [Member]
Disaggregation of Revenue [Line Items]
Net sales	284,553	302,004
Automotive Parts [Member] | Europe [Member]
Disaggregation of Revenue [Line Items]
Net sales	524,007	479,941
Industrial Parts [Member] | North America [Member]
Disaggregation of Revenue [Line Items]
Net sales	1,635,423	1,547,944
Business Products [Member] | North America [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 479,065	$ 474,091

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive (Loss) by Component (Details) - USD ($) $ in Thousands	Mar. 07, 2019	Mar. 31, 2019	Mar. 31, 2018	Jan. 01, 2019
AOCI Attributable to Parent [Roll Forward]
Beginning balance		$ 3,450,451
Other comprehensive income before reclassifications, net of tax		16,749	$ 26,170
Amounts reclassified from accumulated other comprehensive income (loss), net of tax (1)		30,868	7,164
Other comprehensive income, net of income taxes		47,617	33,334
Ending balance		3,550,931
Realized currency losses on divestiture	$ 27,037	27,037	0
Pension and Other Post-Retirement Benefits [Member]
AOCI Attributable to Parent [Roll Forward]
Beginning balance		(626,322)	(568,957)
Other comprehensive income before reclassifications, net of tax		0	0
Amounts reclassified from accumulated other comprehensive income (loss), net of tax (1)		4,832	7,164
Other comprehensive income, net of income taxes		4,832	7,164
Cumulative effect from adoption of ASU 2018-02				$ (122,526)
Ending balance		(744,016)	(561,793)
Net Investment Hedge [Member]
AOCI Attributable to Parent [Roll Forward]
Beginning balance		10,726	(17,388)
Other comprehensive income before reclassifications, net of tax		16,669	(16,710)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax (1)		(1,001)	0
Other comprehensive income, net of income taxes		15,668	(16,710)
Cumulative effect from adoption of ASU 2018-02				0
Ending balance		26,394	(34,098)
Foreign Currency Translation [Member]
AOCI Attributable to Parent [Roll Forward]
Beginning balance		(499,482)	(266,247)
Other comprehensive income before reclassifications, net of tax		80	42,880
Amounts reclassified from accumulated other comprehensive income (loss), net of tax (1)		27,037	0
Other comprehensive income, net of income taxes		27,117	42,880
Cumulative effect from adoption of ASU 2018-02				0
Ending balance		(472,365)	(223,367)
Total [Member]
AOCI Attributable to Parent [Roll Forward]
Beginning balance		(1,115,078)	(852,592)
Cumulative effect from adoption of ASU 2018-02				$ (122,526)
Ending balance		$ (1,189,987)	$ (819,258)

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Details) $ in Thousands	Jan. 01, 2019USD ($)
Accumulated Other Comprehensive Loss [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect from adoption of ASU	$ (122,526)
Accounting Standards Update 2016-02 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect from adoption of ASU	4,797	[1]
Accounting Standards Update 2016-02 [Member] | Accumulated Other Comprehensive Loss [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect from adoption of ASU	(4,797)
Accounting Standards Update 2016-02 [Member] | Retained Earnings [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect from adoption of ASU	4,797	[1]
Accounting Standards Update 2018-02 [Member] | Accumulated Other Comprehensive Loss [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect from adoption of ASU	(122,526)	[1]
Accounting Standards Update 2018-02 [Member] | Retained Earnings [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect from adoption of ASU	$ 122,526	[1]
[1]	The Company adopted Accounting Standards Update ("ASU") 2016-02, Leases, and ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,

Employee Benefit Plans - Compo

Employee Benefit Plans - Components of Net Periodic Benefit Income for the Pension Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Retirement Benefits [Abstract]
Service cost	$ 2,390	$ 2,654
Interest cost	24,348	22,113
Expected return on plan assets	(38,527)	(38,588)
Amortization of prior service credit	(17)	(37)
Amortization of actuarial loss	7,749	9,959
Net periodic benefit income	$ (4,057)	$ (3,899)

Guarantees (Details)

Guarantees (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Guarantor Obligations [Line Items]
Total borrowings of the independents and affiliates subject to guarantee	$ 809,784
Guarantees related to borrowings, other assets	85,000
Guarantor obligation, current carrying value	$ 85,000
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 Instr_2

Fair Value of Financial Instruments (Details) $ in Thousands	Mar. 31, 2019USD ($)
Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of fixed rate debt	$ 1,451,281
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	$ 1,473,599

Derivatives and Hedging (Detail

Derivatives and Hedging (Details)	3 Months Ended
	Mar. 31, 2019EUR (€)	Mar. 31, 2019USD ($)	Feb. 28, 2019USD ($)	Jul. 31, 2018USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net investment hedge, net of tax		$ 11,446,000
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		$ 785,330,000
Cash Flow Hedging [Member] | Interest Rate Swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, amount of hedged item			$ 300,000	$ 500,000,000
Cash Flow Hedging [Member] | Cross Currency Interest Rate Contract [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, amount of hedged item			$ 800,000	$ 500,000,000

Leased Properties - Additional

Leased Properties - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
Option to extend, amount	$ 21,300
Rent expense	80,487
Operating lease, payments	71,901
Asset obtained in exchange	$ 28,000
Minimum [Member]
Lessee, Lease, Description [Line Items]
Renewal term (or more)	1 year
Maximum [Member]
Lessee, Lease, Description [Line Items]
Renewal term (or more)		20 years

Leased Properties - Operating L

Leased Properties - Operating Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Operating lease assets	$ 953,553	$ 0
Current operating lease liabilities	262,229
Operating lease liabilities	716,677	$ 0
Total operating lease liabilities	$ 978,906

Leased Properties - Components

Leased Properties - Components of Operating Leases (Details)	Mar. 31, 2019
Leases [Abstract]
Weighted average remaining lease term	5 years 7 months 2 days
Weighted average discount rate	3.54%

Leased Properties - Future Leas

Leased Properties - Future Lease Payments (Details) $ in Thousands	Mar. 31, 2019USD ($)
Leases [Abstract]
April 1, 2019 through December 31, 2019	$ 232,216
2020	251,630
2021	184,486
2022	131,885
2023	90,017
Thereafter	213,847
Total undiscounted future minimum lease payments	1,104,081
Less: Difference between undiscounted lease payments and discounted operating lease liabilities	125,175
Total operating lease liabilities	$ 978,906

Acquisitions and Divestitures -

Acquisitions and Divestitures - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Payments to acquire businesses, net	$ 153,200,000
Grupo Auto Todo [Member]
Business Acquisition [Line Items]
Discontinued operation, revenue		$ 93,000,000
Business exit costs	$ 27,037

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	3	1,334

Uncategorized Items - gpc033120

Label	Element	Value
Accounting Standards Update 2014-09 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (5,843,000)
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(5,843,000)
Accounting Standards Update 2014-09 [Member] | Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(5,843,000)
Accounting Standards Update 2016-02 [Member] | Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 4,797,000	[1]
[1]	The Company adopted Accounting Standards Update ("ASU") 2016-02, Leases, and ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,