Genuine Parts (GPC) 10-Q 27 Jul 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Jul. 25, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	1-5690
Entity Registrant Name	GENUINE PARTS CO
Entity Incorporation, State or Country Code	GA
Entity Tax Identification Number	58-0254510
Entity Address, Address Line One	2999 WILDWOOD PARKWAY,
Entity Address, Postal Zip Code	30339
Entity Address, City or Town	ATLANTA,
Entity Address, State or Province	GA
City Area Code	678
Local Phone Number	934-5000
Title of 12(b) Security	Common Stock, $1.00 par value per share
Trading Symbol	GPC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		141,430,948
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000040987
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 519,131	$ 714,701
Trade accounts receivable, less allowance for doubtful accounts (2022 – $57,413; 2021 – $44,425)	2,235,453	1,797,955
Merchandise inventories, net	4,296,191	3,889,919
Prepaid expenses and other current assets	1,475,493	1,353,847
Total current assets	8,526,268	7,756,422
Goodwill	2,538,240	1,915,307
Other intangible assets, less accumulated amortization	1,853,222	1,406,401
Property, plant and equipment, less accumulated depreciation (2022 – $1,370,095; 2021 – $1,339,706)	1,236,859	1,234,399
Operating lease assets	1,067,614	1,053,689
Other assets	1,015,984	985,884
Total assets	16,238,187	14,352,102
Current liabilities:
Trade accounts payable	5,409,587	4,804,939
Current portion of debt	14,118	0
Dividends payable	126,716	115,876
Other current liabilities	1,743,439	1,660,768
Total current liabilities	7,293,860	6,581,583
Long-term debt	3,304,223	2,409,363
Operating lease liabilities	800,672	789,175
Pension and other post–retirement benefit liabilities	263,314	265,134
Deferred tax liabilities	407,763	280,778
Other long-term liabilities	514,792	522,779
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 – 2022 – 141,280,841 shares; 2021 – 142,180,683 shares	141,281	142,181
Additional paid-in capital	123,388	119,975
Accumulated other comprehensive loss	(953,228)	(857,739)
Retained earnings	4,329,115	4,086,325
Total parent equity	3,640,556	3,490,742
Noncontrolling interests in subsidiaries	13,007	12,548
Total equity	3,653,563	3,503,290
Total liabilities and equity	$ 16,238,187	$ 14,352,102

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 57,413	$ 44,425
Accumulated depreciation	$ 1,370,095	$ 1,339,706
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)	141,280,841	142,180,683
Common stock, shares outstanding (in shares)	141,280,841	142,180,683

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Net sales	$ 5,602,414	$ 4,783,738	$ 10,897,049	$ 9,248,452
Cost of goods sold	3,641,615	3,094,633	7,110,303	6,018,532
Gross profit	1,960,799	1,689,105	3,786,746	3,229,920
Operating expenses:
Selling, administrative and other expenses	1,364,015	1,349,309	2,767,994	2,544,473
Depreciation and amortization	85,890	73,960	173,259	146,256
Provision for doubtful accounts	2,899	5,037	7,393	9,946
Total operating expenses	1,452,804	1,428,306	2,948,646	2,700,675
Non-operating expense (income):
Interest expense, net	20,248	15,362	40,098	33,686
Other	(3,820)	(24,170)	(19,281)	(59,907)
Total non-operating expense (income)	16,428	(8,808)	20,817	(26,221)
Income before income taxes	491,567	269,607	817,283	555,466
Income taxes	119,038	73,111	198,916	141,260
Net income	$ 372,529	$ 196,496	$ 618,367	$ 414,206
Dividends declared per common share (usd per share)	$ 0.895	$ 0.8150	$ 1.79	$ 1.63
Basic earnings per share (usd per share)	2.63	1.36	4.36	2.87
Diluted earnings per share (usd per share)	$ 2.62	$ 1.36	$ 4.34	$ 2.85
Weighted average common shares outstanding (in shares)	141,581	144,211	141,747	144,312
Dilutive effect of stock options and non-vested restricted stock awards (in shares)	723	772	835	846
Weighted average common shares outstanding - assuming dilution (in shares)	142,304	144,983	142,582	145,158

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 372,529	$ 196,496	$ 618,367	$ 414,206
Foreign currency translation adjustments, net of income taxes in 2022 — $31,638 and $40,049; 2021 — $7,019 and $14,166, respectively	(159,078)	7,131	(116,946)	6,836
Cash flow hedge adjustments, net of income taxes in 2022 — $1,383 and $2,767 ; 2021 — $1,383 and $2,767, respectively	3,741	3,741	7,482	7,482
Pension and postretirement benefit adjustments, net of income taxes in 2022 — $2,580 and $5,160; 2021 — $3,434 and $6,855, respectively	6,986	9,334	13,975	18,630
Other comprehensive (loss) income, net of income taxes	(148,351)	20,206	(95,489)	32,948
Comprehensive income	$ 224,178	$ 216,702	$ 522,878	$ 447,154

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax	$ 31,638	$ 7,019	$ 40,049	$ 14,166
Net investment hedge, tax	1,383	1,383	2,767	2,767
Pension and postretirement benefit adjustments, tax	$ 2,580	$ 3,434	$ 5,160	$ 6,855

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	[1]	Total Parent Equity	Total Parent Equity Cumulative Effect, Period of Adoption, Adjustment	[1]	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	[1]	Non-controlling Interests in Subsidiaries
Beginning balance (in shares) at Dec. 31, 2020							144,354,335
Beginning balance at Dec. 31, 2020	$ 3,218,003	$ 6,223		$ 3,204,796	$ 6,223		$ 144,354	$ 117,165	$ (1,036,502)	$ 3,979,779	$ 6,223		$ 13,207
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	414,206			414,206						414,206
Other comprehensive income, net of tax	32,948			32,948					32,948
Cash dividends declared	(235,120)			(235,120)						(235,120)
Share-based awards exercised, including tax benefit (in shares)							383,163
Share-based awards exercised, including tax benefit	(19,330)			(19,330)			$ 384	(19,714)
Share-based compensation	14,521			14,521				14,521
Purchase of stock (in shares)							(1,435,825)
Purchase of stock	(184,365)			(184,365)			$ (1,436)			(182,929)
Noncontrolling interest activities	(1,941)												(1,941)
Ending balance (in shares) at Jun. 30, 2021							143,301,673
Ending balance at Jun. 30, 2021	$ 3,245,145			3,233,879			$ 143,302	111,972	(1,003,554)	3,982,159			11,266
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	Accounting Standards Update 2019-12 [Member]
Beginning balance (in shares) at Mar. 31, 2021							144,458,057
Beginning balance at Mar. 31, 2021	$ 3,336,109			3,324,563			$ 144,458	117,867	(1,023,760)	4,085,998			11,546
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	196,496			196,496						196,496
Other comprehensive income, net of tax	20,206			20,206					20,206
Cash dividends declared	(117,406)			(117,406)						(117,406)
Share-based awards exercised, including tax benefit (in shares)							279,441
Share-based awards exercised, including tax benefit	(13,901)			(13,901)			$ 280	(14,181)
Share-based compensation	8,286			8,286				8,286
Purchase of stock (in shares)							(1,435,825)
Purchase of stock	(184,365)			(184,365)			$ (1,436)			(182,929)
Noncontrolling interest activities	(280)												(280)
Ending balance (in shares) at Jun. 30, 2021							143,301,673
Ending balance at Jun. 30, 2021	3,245,145			3,233,879			$ 143,302	111,972	(1,003,554)	3,982,159			11,266
Beginning balance (in shares) at Dec. 31, 2021							142,180,683
Beginning balance at Dec. 31, 2021	3,503,290			3,490,742			$ 142,181	119,975	(857,739)	4,086,325			12,548
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	618,367			618,367						618,367
Other comprehensive income, net of tax	(95,489)			(95,489)					(95,489)
Cash dividends declared	(253,607)			(253,607)						(253,607)
Share-based awards exercised, including tax benefit (in shares)							49,258
Share-based awards exercised, including tax benefit	(14,420)			(14,420)			$ 49	(14,469)
Share-based compensation	17,882			17,882				17,882
Purchase of stock (in shares)							(949,100)
Purchase of stock	(122,919)			(122,919)			$ (949)			(121,970)
Noncontrolling interest activities	459												459
Ending balance (in shares) at Jun. 30, 2022							141,280,841
Ending balance at Jun. 30, 2022	3,653,563			3,640,556			$ 141,281	123,388	(953,228)	4,329,115			13,007
Beginning balance (in shares) at Mar. 31, 2022							141,627,749
Beginning balance at Mar. 31, 2022	3,607,876			3,595,740			$ 141,628	126,064	(804,877)	4,132,925			12,136
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	372,529			372,529						372,529
Other comprehensive income, net of tax	(148,351)			(148,351)					(148,351)
Cash dividends declared	(126,716)			(126,716)						(126,716)
Share-based awards exercised, including tax benefit (in shares)							30,588
Share-based awards exercised, including tax benefit	(13,357)			(13,357)			$ 30	(13,387)
Share-based compensation	10,711			10,711				10,711
Purchase of stock (in shares)							(377,496)
Purchase of stock	(50,000)			(50,000)			$ (377)			(49,623)
Noncontrolling interest activities	871												871
Ending balance (in shares) at Jun. 30, 2022							141,280,841
Ending balance at Jun. 30, 2022	$ 3,653,563			$ 3,640,556			$ 141,281	$ 123,388	$ (953,228)	$ 4,329,115			$ 13,007
[1] We adopted Accounting Standards Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share (usd per share)	$ 0.895	$ 0.8150	$ 1.79	$ 1.63
Share-based awards exercised, tax	$ 2,423	$ 4,863	$ 3,137	$ 6,627

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating activities:
Net income	$ 618,367	$ 414,206
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	173,259	146,256
Share-based compensation	17,882	14,521
Gain on sale of real estate	(102,803)	0
Intangible asset impairment	17,061	0
Excess tax benefits from share-based compensation	(3,137)	(6,627)
Changes in operating assets and liabilities	70,356	136,074
Net cash provided by operating activities	790,985	704,430
Investing activities:
Purchases of property, plant and equipment	(152,976)	(89,993)
Proceeds from sale of property, plant and equipment	140,841	22,065
Proceeds from divestitures of businesses	26,102	13,705
Acquisitions of businesses and other investing activities	(1,557,420)	(97,168)
Net cash used in investing activities	(1,543,453)	(151,391)
Financing activities:
Proceeds from debt	3,850,642	31,599
Payments on debt	(2,872,124)	(142,295)
Share-based awards exercised	(14,420)	(19,330)
Dividends paid	(242,767)	(231,627)
Purchases of stock	(122,919)	(184,365)
Other financing activities	(13,901)	(2,159)
Net cash provided by (used in) financing activities	584,511	(548,177)
Effect of exchange rate changes on cash and cash equivalents	(27,613)	(7,639)
Net decrease in cash and cash equivalents	(195,570)	(2,777)
Cash and cash equivalents at beginning of period	714,701	990,166
Cash and cash equivalents at end of period	$ 519,131	$ 987,389

General

General	6 Months Ended
	Jun. 30, 2022
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 have been no material changes 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, 2021. Accordingly, the unaudited condensed consolidated financial statements and related disclosures herein should be read in conjunction with our 2021 Annual Report on Form 10-K. Significant accounting policies and other disclosures normally provided have been omitted since they are disclosed in our Annual Report and have not changed. The preparation of interim financial statements requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements. Specifically, we make estimates and assumptions in our unaudited condensed consolidated financial statements for inventory adjustments, the accrual of bad debts, credit losses on guaranteed loans, 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, credit losses on guaranteed loans and customer sales returns are estimated and accrued on an interim basis based on a consideration of historical experience, current conditions, and reasonable and supportable forecasts. Volume incentives are estimated based upon cumulative and projected purchasing levels. Recent Accounting Pronouncements Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASU”) to the FASB Accounting Standards Codification (“ASC”). We consider the applicability and impact of all ASUs and have determined that any recently adopted accounting pronouncements did not have a material impact on our condensed consolidated financial statements and all recent accounting pronouncements not yet adopted are not applicable or are expected to have an immaterial impact on our condensed consolidated financial statements. Debt 1.750% and 2.750% Senior Notes Offering On January 6, 2022, we issued $500 million of unsecured 1.750% Senior Notes due 2025. Simultaneously, we issued $500 million of unsecured 2.750% Senior Notes due 2032. For both offerings, interest is payable semi-annually on February 1 and August 1 of each year, beginning August 1, 2022. We utilized the proceeds from these offerings to repay borrowings under our Revolving Credit Facility, which were incurred to finance a significant portion of the Kaman Distribution Group ("KDG") acquisition. Derivatives and Hedging The following table summarizes the classification and carrying amounts of derivative instruments and the foreign currency denominated debt, a non-derivative financial instrument, that are designated and qualify as part of hedging relationships (in thousands): June 30, 2022 December 31, 2021 Instrument Balance Sheet Classification Notional Balance Notional Balance Net investment hedges: Forward contracts Prepaid expenses and other current assets $ 1,406,950 $ 172,393 $ 925,810 $ 73,819 Forward contract Other current liabilities $ — $ — $ 235,180 $ 2,935 Foreign currency debt Long-term debt € 700,000 $ 730,870 € 700,000 $ 792,820 The tables below present gains and losses related to designated net investment hedges: Gain (Loss) Recognized in AOCL before Reclassifications Gain Recognized in Interest Expense for Excluded Components (in thousands) 2022 2021 2022 2021 Three Months Ended June 30, Forward contracts $ 66,986 $ (13,329) $ 7,565 $ 6,574 Foreign currency debt 50,190 (12,670) — — Total $ 117,176 $ (25,999) $ 7,565 $ 6,574 Gain Recognized in AOCL before Reclassifications Gain Recognized in Interest Expense for Excluded Components (in thousands) 2022 2021 2022 2021 Six Months Ended June 30, Forward contracts $ 86,380 $ 24,186 $ 15,130 $ 13,148 Foreign currency debt 61,950 28,280 — — Total $ 148,330 $ 52,466 $ 15,130 $ 13,148 Fair Value of Financial Instruments As of June 30, 2022 the fair value of our senior unsecured notes was approximately $3 billion, which are designated as Level 2 in the fair value hierarchy. Guarantees We guarantee the borrowings of certain independently controlled automotive parts stores and businesses (“independents”) and certain other affiliates in which we have a noncontrolling equity ownership interest (“affiliates”). While such borrowings of the independents and affiliates are outstanding, we are required to maintain compliance with certain covenants. At June 30, 2022, we were in compliance with all such covenants. As of June 30, 2022, the total borrowings of the independents and affiliates subject to guarantee by us were approximately $902 million. These loans generally mature over periods from one which the borrower is experiencing financial difficulty and recovery is expected to be provided substantially through the operation or sale of the collateral. As of June 30, 2022, we have recognized certain assets and liabilities amounting to $71 million 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. The liabilities relate to our noncontingent obligation to stand ready to perform under the guarantee programs and they are distinct from our current expected credit loss reserve. Earnings Per Share We maintain 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. Certain outstanding options are not included in the diluted earnings per share calculation because their inclusion would have been anti-dilutive. The following table summarizes anti-dilutive shares outstanding: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Anti-dilutive shares outstanding 456 186 748 99

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Segment Information	Segment Information The following table presents a summary of our reportable segment financial information: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Net sales: Automotive $ 3,467,494 $ 3,196,299 $ 6,743,115 $ 6,149,464 Industrial 2,134,920 1,587,439 4,153,934 3,098,988 Total net sales $ 5,602,414 $ 4,783,738 $ 10,897,049 $ 9,248,452 Segment profit: Automotive $ 322,553 $ 290,758 $ 587,126 $ 526,436 Industrial 225,472 150,413 413,825 275,705 Total segment profit 548,025 441,171 1,000,951 802,141 Interest expense, net (20,248) (15,362) (40,098) (33,686) Intangible asset amortization (39,630) (27,384) (79,324) (52,928) Corporate expense (73,312) (51,397) (115,063) (82,640) Other unallocated income (expenses) (1) 76,732 (77,421) 50,817 (77,421) Income before income taxes $ 491,567 $ 269,607 $ 817,283 $ 555,466 (1) The following table presents a summary of the other unallocated income and expenses: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Other unallocated costs: Gain on sale of real estate (2) $ 102,803 $ — $ 102,803 $ — Gain on insurance proceeds (3) $ 873 $ — $ 1,507 $ — Product liability damages award (4) — (77,421) — (77,421) Transaction and other costs (5) (26,944) — (53,493) — Total other unallocated costs $ 76,732 $ (77,421) $ 50,817 $ (77,421) (2) Adjustment reflects a gain on the sale of real estate that had been leased to S.P. Richards. (3) Adjustment reflects insurance recoveries in excess of losses incurred on inventory, property, plant and equipment and other fire-related costs. (4) Adjustment reflects damages reinstated by the Washington Supreme Court order on July 8, 2021 in connection with a 2017 automotive product liability claim. (5) Adjustment primarily reflects legal and professional, restructuring, lease termination and other costs associated with the January 3, 2022 acquisition and subsequent integration of KDG. These costs also include a $17 million impairment charge driven by a decision to retire certain legacy trade names, classified as other intangible assets, prior to the end of their estimated useful lives as part of executing our KDG integration and rebranding strategy. Refer to the acquisition footnote for more information regarding the acquisition. Net sales are disaggregated by geographical region for each of our reportable segments, as we deem 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 June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 North America: Automotive $ 2,302,008 $ 2,076,562 $ 4,432,881 $ 3,939,367 Industrial 2,021,297 1,469,775 3,931,730 2,869,174 Total North America $ 4,323,305 $ 3,546,337 $ 8,364,611 $ 6,808,541 Australasia: Automotive $ 398,940 $ 388,708 $ 777,849 $ 756,577 Industrial 113,623 117,664 222,204 229,814 Total Australasia $ 512,563 $ 506,372 $ 1,000,053 $ 986,391 Europe – Automotive $ 766,546 $ 731,029 $ 1,532,385 $ 1,453,520 Total net sales $ 5,602,414 $ 4,783,738 $ 10,897,049 $ 9,248,452

Accounts Receivable Sales Agree

Accounts Receivable Sales Agreement	6 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
Accounts Receivable Sales Agreement	Accounts Receivable Sales Agreement Under our accounts receivable sales agreement (the "A/R Sales Agreement"), we continuously sell designated pools of receivables as they are originated by us and certain U.S. subsidiaries to a separate bankruptcy-remote special purpose entity (“SPE”). The A/R Sales Agreement has a three year term, which we intend to renew. We continue to be involved with the receivables transferred by the SPE to the unaffiliated financial institution by providing collection services. As cash is collected on sold receivables, the SPE continuously transfers ownership and control of new qualifying receivables to the unaffiliated financial institution so that the total principal amount outstanding of receivables sold is approximately $1 billion at any point in time (which is the maximum amount allowed under the agreement as amended on January 3, 2022). Total principal amount outstanding of receivables sold is approximately $1 billion and $800 million as of June 30, 2022 and December 31, 2021, respectively. The amount of receivables pledged as collateral as of June 30, 2022 and December 31, 2021 is approximately $1.1 billion and $973 million, respectively. The following table summarizes the activity and amounts outstanding under the A/R Sales Agreement as of: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Receivables sold to the financial institution and derecognized $ 2,242,273 $ 1,888,942 $ 4,478,718 $ 3,816,873 Cash collected on sold receivables $ 2,242,274 $ 1,888,940 $ 4,278,729 $ 3,816,868

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Jun. 30, 2022
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans Net periodic benefit income from our pension plans included the following components for our pension benefits: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Service cost $ 2,586 $ 3,101 $ 5,202 $ 6,142 Interest cost 18,849 17,962 37,716 35,868 Expected return on plan assets (37,646) (38,858) (75,318) (77,590) Amortization of prior service cost 172 172 344 344 Amortization of actuarial loss 9,275 12,509 18,554 24,965 Net periodic benefit income $ (6,764) $ (5,114) $ (13,502) $ (10,271)

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions We acquired several businesses, including KDG, for approximately $1.6 billion, net of cash acquired, during the six months ended June 30, 2022. For the six months ended June 30, 2021, acquisitions totaled $98 million, net of cash acquired. During the six months ended June 30, 2022, we recognized approximately $238 million and $550 million of revenue, net of store closures, related to our Automotive and Industrial acquisitions, respectively. The results of operations for acquired businesses are included in our condensed consolidated statements of income beginning on their respective acquisition dates. For each acquisition, we allocate the purchase price to the assets acquired and the liabilities assumed based on their fair values as of their respective acquisition dates. Excluding KDG, for the six months ended June 30, 2022 and June 30, 2021, we recorded approximately $185 million and $70 million of goodwill and other intangible assets associated with acquisitions. Other intangible assets acquired consisted primarily of customer relationships with a weighted average amortization lives of 20 years. KDG Acquisition On January 3, 2022, we, through our wholly-owned subsidiary, Motion Industries, Inc., acquired all of the equity interests in KDG for a purchase price of approximately $1.3 billion in cash. KDG, which is headquartered in Bloomfield, Connecticut, is a power transmission, automation and fluid power industrial distributor and solutions provider with operations throughout the United States, providing electro-mechanical products, bearings, power transmission, motion control and electrical and fluid power components to MRO and OEM customers. KDG has approximately 1,700 employees with approximately 220 locations across the United States and Puerto Rico. As of January 3, 2022, KDG had estimated annual revenues of approximately $1 billion. The net cash consideration transferred of approximately $1.3 billion is net of the estimated cash acquired of approximately $30 million. The KDG acquisition was financed using a combination of borrowings under the existing unsecured revolving credit facility, proceeds of $200 million from the selling of additional receivables under our amended A/R Sales Agreement and $109 million of cash. The following table summarizes the preliminary, estimated fair values of the assets acquired and liabilities assumed at the acquisition date as well as adjustments made to the acquisition accounting during the six months ended June 30, 2022 (referred to as the "measurement period adjustments"). The measurement period adjustments primarily resulted from revisions to the valuation of certain tangible and intangible assets. The fair value of the acquired identifiable intangible assets is provisional pending completion of the final valuations for these assets. We are in the process of analyzing the estimated values of all assets acquired and liabilities assumed as of the acquisition date, including, among other things, obtaining valuations of certain tangible and intangible assets, as well as the fair value of certain contracts and the determination of certain tax balances. Additional adjustments may be made to the acquisition accounting during the measurement period primarily related to intangible asset revaluations, tax accounting and leases. As of January 3, 2022 (in thousands) Initial Balance Measurement Period Adjustments As Adjusted Trade accounts receivable $ 156,000 $ — $ 156,000 Merchandise inventories 166,000 (1,000) 165,000 Prepaid expenses and other current assets 39,000 (2,000) 37,000 Property, plant and equipment 26,000 (2,000) 24,000 Operating lease assets 49,000 (5,000) 44,000 Other assets 1,000 — 1,000 Other intangible assets 592,000 4,000 596,000 Goodwill 574,000 (6,000) 568,000 Total assets acquired 1,603,000 (12,000) 1,591,000 Trade accounts payable 85,000 — 85,000 Other current liabilities 32,000 — 32,000 Operating lease liabilities 17,000 (1,000) 16,000 Deferred tax liabilities 121,000 (10,000) 111,000 Other long-term liabilities 39,000 (4,000) 35,000 Total liabilities assumed 294,000 (15,000) 279,000 Net assets acquired $ 1,309,000 $ 3,000 $ 1,312,000 The other intangible assets acquired included $527 million of customer relationship intangibles and a $41 million favorable trade name licensing agreement, with amortization lives of 17 and 1.5 years, respectively. The other intangible assets have a total weighted amortization life of 16 years. The goodwill was assigned to the Industrial segment and is attributable primarily to expected synergies and the assembled workforce. Approximately $261 million of the estimated goodwill recognized as part of the KDG acquisition is expected to be tax deductible. For the six months ended June 30, 2022, approximately $5 million of inventory amortization step-up cost related to this acquisition was included in cost of goods sold. Further, $47 million of transaction and other one-time costs, inclusive of the impairment charge described below, were included in selling, administrative, and other expenses in the condensed consolidated statements of income. In June 2022, we incurred a $17 million non-cash impairment charge related to our decision to retire certain legacy Industrial trade names, classified as other intangible assets, prior to the end of their estimated useful lives as part of the KDG integration and rebranding strategy. We evaluate other intangible assets for potential impairment indicators annually or more frequently if circumstances change.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The following tables present the changes in AOCL by component for the six months ended June 30: Changes in Accumulated Other (in thousands) Pension and Other Post-Retirement Benefits Cash Flow Hedges Foreign Currency Translation Total Beginning balance, January 1, 2022 $ (463,227) $ (15,042) $ (379,470) $ (857,739) Other comprehensive loss before reclassifications — — (116,946) (116,946) Amounts reclassified from accumulated other comprehensive loss 13,975 7,482 — 21,457 Other comprehensive income (loss), net of income taxes 13,975 7,482 (116,946) (95,489) Ending balance, June 30, 2022 $ (449,252) $ (7,560) $ (496,416) $ (953,228) Changes in Accumulated Other (in thousands) Pension and Other Post-Retirement Benefits Cash Flow Hedges Foreign Currency Translation Total Beginning balance, January 1, 2021 $ (692,868) $ (30,007) $ (313,627) $ (1,036,502) Other comprehensive income before reclassifications — — 6,836 6,836 Amounts reclassified from accumulated other comprehensive loss 18,630 7,482 — 26,112 Other comprehensive income, net of income taxes 18,630 7,482 6,836 32,948 Ending balance, June 30, 2021 $ (674,238) $ (22,525) $ (306,791) $ (1,003,554) The AOCL components related to the pension benefits are included in the computation of net periodic benefit income in the employee benefit plans footnote. Generally, tax effects in AOCL are established at the currently enacted tax rate and reclassified to net income in the same period that the related pre-tax AOCL reclassifications are recognized.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters From time to time, we are involved in various claims and legal actions that arise in the ordinary course of business. Although the results of litigation and claims cannot be predicted with certainty, we do not believe that the ultimate resolution of these actions will have a material adverse effect on our financial position, results of operations, liquidity and capital resources. There have been no significant developments to the information presented in our 2021 Annual Report on Form 10-K with respect to litigation or commitments and contingencies. Environmental Liabilities

General (Policies)

General (Policies)	6 Months Ended
	Jun. 30, 2022
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 have been no material changes 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, 2021. Accordingly, the unaudited condensed consolidated financial statements and related disclosures herein should be read in conjunction with our 2021 Annual Report on Form 10-K. Significant accounting policies and other disclosures normally provided have been omitted since they are disclosed in our Annual Report and have not changed.
Use of Estimates	The preparation of interim financial statements requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements. Specifically, we make estimates and assumptions in our unaudited condensed consolidated financial statements for inventory adjustments, the accrual of bad debts, credit losses on guaranteed loans, 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, credit losses on guaranteed loans and customer sales returns are estimated and accrued on an interim basis based on a consideration of historical experience, current conditions, and reasonable and supportable forecasts. Volume incentives are estimated based upon cumulative and projected purchasing levels. In the opinion of management, all adjustments necessary for a fair presentation of our financial results for the interim periods have been made. These adjustments are of a normal recurring nature. We have reclassified certain prior period amounts to conform to the current period presentation.
Recent Accounting Pronouncements	Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASU”) to the FASB Accounting Standards Codification (“ASC”). We consider the applicability and impact of all ASUs and have determined that any recently adopted accounting pronouncements did not have a material impact on our condensed consolidated financial statements and all recent accounting pronouncements not yet adopted are not applicable or are expected to have an immaterial impact on our condensed consolidated financial statements.
Guarantees	We guarantee the borrowings of certain independently controlled automotive parts stores and businesses (“independents”) and certain other affiliates in which we have a noncontrolling equity ownership interest (“affiliates”). While such borrowings of the independents and affiliates are outstanding, we are required to maintain compliance with certain covenants. At June 30, 2022, we were in compliance with all such covenants.As of June 30, 2022, there are no material guaranteed loans for which the borrower is experiencing financial difficulty and recovery is expected to be provided substantially through the operation or sale of the collateral.

General (Tables)

General (Tables)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Schedule of Derivative Instruments	The following table summarizes the classification and carrying amounts of derivative instruments and the foreign currency denominated debt, a non-derivative financial instrument, that are designated and qualify as part of hedging relationships (in thousands): June 30, 2022 December 31, 2021 Instrument Balance Sheet Classification Notional Balance Notional Balance Net investment hedges: Forward contracts Prepaid expenses and other current assets $ 1,406,950 $ 172,393 $ 925,810 $ 73,819 Forward contract Other current liabilities $ — $ — $ 235,180 $ 2,935 Foreign currency debt Long-term debt € 700,000 $ 730,870 € 700,000 $ 792,820
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)	The tables below present gains and losses related to designated net investment hedges: Gain (Loss) Recognized in AOCL before Reclassifications Gain Recognized in Interest Expense for Excluded Components (in thousands) 2022 2021 2022 2021 Three Months Ended June 30, Forward contracts $ 66,986 $ (13,329) $ 7,565 $ 6,574 Foreign currency debt 50,190 (12,670) — — Total $ 117,176 $ (25,999) $ 7,565 $ 6,574 Gain Recognized in AOCL before Reclassifications Gain Recognized in Interest Expense for Excluded Components (in thousands) 2022 2021 2022 2021 Six Months Ended June 30, Forward contracts $ 86,380 $ 24,186 $ 15,130 $ 13,148 Foreign currency debt 61,950 28,280 — — Total $ 148,330 $ 52,466 $ 15,130 $ 13,148
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table summarizes anti-dilutive shares outstanding: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Anti-dilutive shares outstanding 456 186 748 99

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Summary of Segment Information	The following table presents a summary of our reportable segment financial information: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Net sales: Automotive $ 3,467,494 $ 3,196,299 $ 6,743,115 $ 6,149,464 Industrial 2,134,920 1,587,439 4,153,934 3,098,988 Total net sales $ 5,602,414 $ 4,783,738 $ 10,897,049 $ 9,248,452 Segment profit: Automotive $ 322,553 $ 290,758 $ 587,126 $ 526,436 Industrial 225,472 150,413 413,825 275,705 Total segment profit 548,025 441,171 1,000,951 802,141 Interest expense, net (20,248) (15,362) (40,098) (33,686) Intangible asset amortization (39,630) (27,384) (79,324) (52,928) Corporate expense (73,312) (51,397) (115,063) (82,640) Other unallocated income (expenses) (1) 76,732 (77,421) 50,817 (77,421) Income before income taxes $ 491,567 $ 269,607 $ 817,283 $ 555,466 (1) The following table presents a summary of the other unallocated income and expenses: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Other unallocated costs: Gain on sale of real estate (2) $ 102,803 $ — $ 102,803 $ — Gain on insurance proceeds (3) $ 873 $ — $ 1,507 $ — Product liability damages award (4) — (77,421) — (77,421) Transaction and other costs (5) (26,944) — (53,493) — Total other unallocated costs $ 76,732 $ (77,421) $ 50,817 $ (77,421) (2) Adjustment reflects a gain on the sale of real estate that had been leased to S.P. Richards. (3) Adjustment reflects insurance recoveries in excess of losses incurred on inventory, property, plant and equipment and other fire-related costs. (4) Adjustment reflects damages reinstated by the Washington Supreme Court order on July 8, 2021 in connection with a 2017 automotive product liability claim. (5) Adjustment primarily reflects legal and professional, restructuring, lease termination and other costs associated with the January 3, 2022 acquisition and subsequent integration of KDG. These costs also include a $17 million impairment charge driven by a decision to retire certain legacy trade names, classified as other intangible assets, prior to the end of their estimated useful lives as part of executing our KDG integration and rebranding strategy. Refer to the acquisition footnote for more information regarding the acquisition.
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 June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 North America: Automotive $ 2,302,008 $ 2,076,562 $ 4,432,881 $ 3,939,367 Industrial 2,021,297 1,469,775 3,931,730 2,869,174 Total North America $ 4,323,305 $ 3,546,337 $ 8,364,611 $ 6,808,541 Australasia: Automotive $ 398,940 $ 388,708 $ 777,849 $ 756,577 Industrial 113,623 117,664 222,204 229,814 Total Australasia $ 512,563 $ 506,372 $ 1,000,053 $ 986,391 Europe – Automotive $ 766,546 $ 731,029 $ 1,532,385 $ 1,453,520 Total net sales $ 5,602,414 $ 4,783,738 $ 10,897,049 $ 9,248,452

Accounts Receivable Sales Agr_2

Accounts Receivable Sales Agreement (Tables)	6 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
Loans, Notes, Trade and Other Receivables, Sales	The following table summarizes the activity and amounts outstanding under the A/R Sales Agreement as of: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Receivables sold to the financial institution and derecognized $ 2,242,273 $ 1,888,942 $ 4,478,718 $ 3,816,873 Cash collected on sold receivables $ 2,242,274 $ 1,888,940 $ 4,278,729 $ 3,816,868

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2022
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Income for the Pension Plans	Net periodic benefit income from our pension plans included the following components for our pension benefits: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Service cost $ 2,586 $ 3,101 $ 5,202 $ 6,142 Interest cost 18,849 17,962 37,716 35,868 Expected return on plan assets (37,646) (38,858) (75,318) (77,590) Amortization of prior service cost 172 172 344 344 Amortization of actuarial loss 9,275 12,509 18,554 24,965 Net periodic benefit income $ (6,764) $ (5,114) $ (13,502) $ (10,271)

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary, estimated fair values of the assets acquired and liabilities assumed at the acquisition date as well as adjustments made to the acquisition accounting during the six months ended June 30, 2022 (referred to as the "measurement period adjustments"). The measurement period adjustments primarily resulted from revisions to the valuation of certain tangible and intangible assets. The fair value of the acquired identifiable intangible assets is provisional pending completion of the final valuations for these assets. We are in the process of analyzing the estimated values of all assets acquired and liabilities assumed as of the acquisition date, including, among other things, obtaining valuations of certain tangible and intangible assets, as well as the fair value of certain contracts and the determination of certain tax balances. Additional adjustments may be made to the acquisition accounting during the measurement period primarily related to intangible asset revaluations, tax accounting and leases. As of January 3, 2022 (in thousands) Initial Balance Measurement Period Adjustments As Adjusted Trade accounts receivable $ 156,000 $ — $ 156,000 Merchandise inventories 166,000 (1,000) 165,000 Prepaid expenses and other current assets 39,000 (2,000) 37,000 Property, plant and equipment 26,000 (2,000) 24,000 Operating lease assets 49,000 (5,000) 44,000 Other assets 1,000 — 1,000 Other intangible assets 592,000 4,000 596,000 Goodwill 574,000 (6,000) 568,000 Total assets acquired 1,603,000 (12,000) 1,591,000 Trade accounts payable 85,000 — 85,000 Other current liabilities 32,000 — 32,000 Operating lease liabilities 17,000 (1,000) 16,000 Deferred tax liabilities 121,000 (10,000) 111,000 Other long-term liabilities 39,000 (4,000) 35,000 Total liabilities assumed 294,000 (15,000) 279,000 Net assets acquired $ 1,309,000 $ 3,000 $ 1,312,000

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Changes in Accumulated Other Comprehensive Loss	The following tables present the changes in AOCL by component for the six months ended June 30: Changes in Accumulated Other (in thousands) Pension and Other Post-Retirement Benefits Cash Flow Hedges Foreign Currency Translation Total Beginning balance, January 1, 2022 $ (463,227) $ (15,042) $ (379,470) $ (857,739) Other comprehensive loss before reclassifications — — (116,946) (116,946) Amounts reclassified from accumulated other comprehensive loss 13,975 7,482 — 21,457 Other comprehensive income (loss), net of income taxes 13,975 7,482 (116,946) (95,489) Ending balance, June 30, 2022 $ (449,252) $ (7,560) $ (496,416) $ (953,228) Changes in Accumulated Other (in thousands) Pension and Other Post-Retirement Benefits Cash Flow Hedges Foreign Currency Translation Total Beginning balance, January 1, 2021 $ (692,868) $ (30,007) $ (313,627) $ (1,036,502) Other comprehensive income before reclassifications — — 6,836 6,836 Amounts reclassified from accumulated other comprehensive loss 18,630 7,482 — 26,112 Other comprehensive income, net of income taxes 18,630 7,482 6,836 32,948 Ending balance, June 30, 2021 $ (674,238) $ (22,525) $ (306,791) $ (1,003,554)

General - Schedule of Location

General - Schedule of Location and Fair Value Amounts of Derivative Instruments (Details) - Net investment hedges - Designated as hedging relationship € in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022 EUR (€)	Dec. 31, 2021 EUR (€)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Prepaid expenses and other current assets | Forward contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount			$ 1,406,950	$ 925,810
Derivative asset, balance			172,393	73,819
Other current liabilities | Forward contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount			0	235,180
Derivative liability, balance			0	2,935
Long-term debt | Foreign currency debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Nonderivative notional amount | €	€ 700,000	€ 700,000
Nonderivative balance			$ 730,870	$ 792,820

General - Schedule of (Losses)

General - Schedule of (Losses) Gains Related to Designated Cash Flow Hedges and Net Investment Hedges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain Recognized in Interest Expense for Excluded Components	$ 7,565	$ 6,574	$ 15,130	$ 13,148
Gain (Loss) Recognized in AOCL before Reclassifications	117,176	(25,999)	148,330	52,466
Forward contracts | Net investment hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Recognized in AOCL before Reclassifications	66,986	(13,329)	86,380	24,186
Gain Recognized in Interest Expense for Excluded Components	7,565	6,574	15,130	13,148
Foreign currency debt | Net investment hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Recognized in AOCL before Reclassifications	$ 50,190	$ (12,670)	$ 61,950	$ 28,280

General - Guarantee (Details)

General - Guarantee (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Guarantor Obligations [Line Items]
Total borrowings of the independents and affiliates subject to guarantee	$ 902
Guarantor obligation, current carrying value	71
Guarantees related to borrowings, other assets	$ 71
Minimum
Guarantor Obligations [Line Items]
Guaranteed obligations maturity (in years)	1 year
Maximum
Guarantor Obligations [Line Items]
Guaranteed obligations maturity (in years)	6 years

General - Debt (Details)

General - Debt (Details)	Jan. 06, 2022 USD ($)
Senior Notes Due 2025
Debt Instrument [Line Items]
Interest rate, stated percentage	1.75%
Debt instrument, face amount	$ 500,000,000
Senior Notes Due 2032
Debt Instrument [Line Items]
Interest rate, stated percentage	2.75%
Debt instrument, face amount	$ 500,000,000

General - Earning Per Share (De

General - Earning Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accounting Policies [Abstract]
Anti-dilutive shares outstanding (in shares)	456	186	748	99

General - Fair Value of Financi

General - Fair Value of Financial Instruments (Details) $ in Billions	Jun. 30, 2022 USD ($)
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, fair value disclosure	$ 3

Segment Information - Operating

Segment Information - Operating Results by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Net sales	$ 5,602,414	$ 4,783,738	$ 10,897,049	$ 9,248,452
Income before income taxes	491,567	269,607	817,283	555,466
Operating Segments
Segment Reporting Information [Line Items]
Net sales	5,602,414	4,783,738	10,897,049	9,248,452
Operating profit	548,025	441,171	1,000,951	802,141
Operating Segments | Automotive Parts
Segment Reporting Information [Line Items]
Net sales	3,467,494	3,196,299	6,743,115	6,149,464
Operating profit	322,553	290,758	587,126	526,436
Operating Segments | Industrial Parts
Segment Reporting Information [Line Items]
Net sales	2,134,920	1,587,439	4,153,934	3,098,988
Operating profit	225,472	150,413	413,825	275,705
Other
Segment Reporting Information [Line Items]
Interest expense, net	(20,248)	(15,362)	(40,098)	(33,686)
Intangible asset amortization	(39,630)	(27,384)	(79,324)	(52,928)
Corporate expense	(73,312)	(51,397)	(115,063)	(82,640)
Other unallocated amounts	$ 76,732	$ (77,421)	$ 50,817	$ (77,421)

Segment Information - Summary o

Segment Information - Summary of Unallocated Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Gain on sale of real estate	$ 102,803	$ 0	$ 102,803	$ 0
Gain on insurance proceeds		0
Product liability damages award	0	(77,421)	0	(77,421)
Transaction and other costs		0
Intangible asset impairment			17,061	0
Other
Segment Reporting Information [Line Items]
Gain on insurance proceeds	873		1,507	0
Transaction and other costs	(26,944)		(53,493)	0
Total other unallocated costs	$ 76,732	$ (77,421)	$ 50,817	$ (77,421)

Segment Information - Disaggreg

Segment Information - Disaggregated Geographical Revenue by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 5,602,414	$ 4,783,738	$ 10,897,049	$ 9,248,452
North America
Disaggregation of Revenue [Line Items]
Net sales	4,323,305	3,546,337	8,364,611	6,808,541
Australasia
Disaggregation of Revenue [Line Items]
Net sales	512,563	506,372	1,000,053	986,391
Automotive Parts | North America
Disaggregation of Revenue [Line Items]
Net sales	2,302,008	2,076,562	4,432,881	3,939,367
Automotive Parts | Australasia
Disaggregation of Revenue [Line Items]
Net sales	398,940	388,708	777,849	756,577
Automotive Parts | Europe
Disaggregation of Revenue [Line Items]
Net sales	766,546	731,029	1,532,385	1,453,520
Industrial Parts | North America
Disaggregation of Revenue [Line Items]
Net sales	2,021,297	1,469,775	3,931,730	2,869,174
Industrial Parts | Australasia
Disaggregation of Revenue [Line Items]
Net sales	$ 113,623	$ 117,664	$ 222,204	$ 229,814

Accounts Receivable Sales Agr_3

Accounts Receivable Sales Agreement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Receivables [Abstract]
Sale agreement term			3 years
Sale agreement amount	$ 1,000,000		$ 1,000,000
Principal amount outstanding of receivables sold at period end			1,000,000		$ 800,000
Amount held as collateral	1,100,000		1,100,000		$ 973,000
Receivables sold to the financial institution and derecognized	2,242,273	$ 1,888,942	4,478,718	$ 3,816,873
Cash collected on sold receivables	$ 2,242,274	$ 1,888,940	$ 4,278,729	$ 3,816,868

Employee Benefit Plans - Compon

Employee Benefit Plans - Components of Net Periodic Benefit Income for the Pension Plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Retirement Benefits [Abstract]
Service cost	$ 2,586	$ 3,101	$ 5,202	$ 6,142
Interest cost	18,849	17,962	37,716	35,868
Expected return on plan assets	(37,646)	(38,858)	(75,318)	(77,590)
Amortization of prior service cost	172	172	344	344
Amortization of actuarial loss	9,275	12,509	18,554	24,965
Net periodic benefit income	$ (6,764)	$ (5,114)	$ (13,502)	$ (10,271)

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 03, 2022 USD ($) location employee	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Payments to acquire businesses, net					$ 1,600,000	$ 98,000
Business combination, goodwill and other intangible assets		$ 185,000	$ 185,000	$ 70,000	$ 185,000	70,000
Weighted average amortization lives (in years)					20 years
Net sales			5,602,414	4,783,738	$ 10,897,049	9,248,452
Principal amount outstanding of receivables sold at period end					1,000,000		$ 800,000
Transaction costs				$ 0
Intangible asset impairment					17,061	$ 0
Automotive
Business Acquisition [Line Items]
Pro forma revenue					238,000
Industrial
Business Acquisition [Line Items]
Pro forma revenue					550,000
KDG
Business Acquisition [Line Items]
Consideration transferred	$ 1,300,000
Number of employees | employee	1,700
Number of locations | location	220
Net sales	$ 1,000,000
Cash acquired from acquisition	30,000
Principal amount outstanding of receivables sold at period end	200,000
Payments to acquire businesses	109,000
Other intangible assets	592	596	$ 596		596
Goodwill, expected to be tax deductible	$ 261,000
Inventory amortization step-up costs					5,000
Transaction costs					$ 47,000
Intangible asset impairment		$ 17,000
KDG | Customer Relationships
Business Acquisition [Line Items]
Weighted average amortization lives (in years)	17 years
Other intangible assets	$ 527,000
KDG | Trade Names
Business Acquisition [Line Items]
Weighted average amortization lives (in years)	1 year 6 months
Other intangible assets	$ 41,000
KDG | Other Intangible Assets
Business Acquisition [Line Items]
Weighted average amortization lives (in years)	16 years

Acquisitions - Schedule of Asse

Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jan. 03, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 2,538,240		$ 1,915,307
KDG
Business Acquisition [Line Items]
Trade accounts receivable	156	$ 156
Measurement period adjustments, trade accounts receivable	0
Merchandise inventories	165	166
Measurement Period Adjustments, merchandise inventories	(1)
Prepaid expenses and other current assets	37	39
Measurement Period Adjustments, prepaid expenses and other current assets	(2)
Property, plant and equipment	24	26
Measurement period adjustments, property, plant, and equipment	(2)
Operating lease assets	44	49
Measurement period adjustments, operating lease assets	(5)
Other assets	1	1
Measurement period adjustments, other assets	0
Other intangible assets	596	592
Measurement period adjustments, other intangibles	4
Goodwill	568	574
Measurement period adjustments, goodwill	(6)
Total assets acquired	(12)
Measurement period adjustments, total identifiable assets acquired	1,591	1,603
Trade accounts payable	85	85
Measurement period adjustments, trade accounts payable	0
Other current liabilities	32	32
Measurement period adjustments, other current liabilities	0
Operating lease liabilities	16	17
Measurement period adjustments, operating lease liabilities	(1)
Deferred tax liabilities	111	121
Measurement period adjustments, deferred tax liabilities	(10)
Other long-term liabilities	35	39
Measurement period adjustments, other long-term liabilities	(4)
Total liabilities assumed	279	294
Measurement period adjustments, total liabilities assumed	(15)
Net assets acquired	1,312	$ 1,309
Measurement period adjustments, net assets acquired	$ 3

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive (Loss) by Component (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
AOCI Attributable to Parent [Roll Forward]
Beginning balance	$ 3,503,290	$ 3,218,003
Other comprehensive loss before reclassifications	(116,946)	6,836
Amounts reclassified from accumulated other comprehensive loss	21,457	26,112
Other comprehensive income (loss), net of income taxes	(95,489)	32,948
Ending balance	3,653,563	3,245,145
Total
AOCI Attributable to Parent [Roll Forward]
Beginning balance	(857,739)	(1,036,502)
Ending balance	(953,228)	(1,003,554)
Pension and Other Post-Retirement Benefits
AOCI Attributable to Parent [Roll Forward]
Beginning balance	(463,227)	(692,868)
Other comprehensive loss before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive loss	13,975	18,630
Other comprehensive income (loss), net of income taxes	13,975	18,630
Ending balance	(449,252)	(674,238)
Cash Flow Hedges
AOCI Attributable to Parent [Roll Forward]
Beginning balance	(15,042)	(30,007)
Other comprehensive loss before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive loss	7,482	7,482
Other comprehensive income (loss), net of income taxes	7,482	7,482
Ending balance	(7,560)	(22,525)
Foreign Currency Translation
AOCI Attributable to Parent [Roll Forward]
Beginning balance	(379,470)	(313,627)
Other comprehensive loss before reclassifications	(116,946)	6,836
Amounts reclassified from accumulated other comprehensive loss	0	0
Other comprehensive income (loss), net of income taxes	(116,946)	6,836
Ending balance	$ (496,416)	$ (306,791)