Genuine Parts (GPC) 10-Q 20 Jul 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Jul. 17, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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		140,437,947
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000040987
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 530,105	$ 653,463
Trade accounts receivable, less allowance for doubtful accounts (2023 – $60,480; 2022 – $53,872)	2,554,171	2,188,868
Merchandise inventories, net	4,512,874	4,441,649
Prepaid expenses and other current assets	1,486,556	1,532,759
Total current assets	9,083,706	8,816,739
Goodwill	2,627,031	2,588,113
Other intangible assets, less accumulated amortization	1,778,378	1,812,510
Property, plant and equipment, less accumulated depreciation (2023 – $1,509,715; 2022 – $1,435,677)	1,441,757	1,326,014
Operating lease assets	1,142,140	1,104,678
Other assets	868,623	847,325
Total assets	16,941,635	16,495,379
Current liabilities:
Trade accounts payable	5,570,566	5,456,550
Current portion of debt	417,630	252,029
Dividends payable	133,491	126,191
Other current liabilities	1,778,107	1,851,340
Total current liabilities	7,899,794	7,686,110
Long-term debt	2,986,138	3,076,794
Operating lease liabilities	862,549	836,019
Pension and other post–retirement benefit liabilities	197,783	197,879
Deferred tax liabilities	397,801	391,163
Other long-term liabilities	511,776	502,967
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 – 2023 – 140,467,550 shares; 2022 – 140,941,649 shares	140,468	140,941
Additional paid-in capital	153,748	140,324
Accumulated other comprehensive loss	(1,011,857)	(1,032,542)
Retained earnings	4,788,852	4,541,640
Total parent equity	4,071,211	3,790,363
Noncontrolling interests in subsidiaries	14,583	14,084
Total equity	4,085,794	3,804,447
Total liabilities and equity	$ 16,941,635	$ 16,495,379

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 60,480	$ 53,872
Accumulated depreciation	$ 1,509,715	$ 1,435,677
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)	140,467,550	140,941,649
Common stock, shares outstanding (in shares)	140,467,550	140,941,649

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Net sales	$ 5,915,006	$ 5,602,414	$ 11,680,124	$ 10,897,049
Cost of goods sold	3,780,263	3,641,615	7,531,980	7,110,303
Gross profit	2,134,743	1,960,799	4,148,144	3,786,746
Operating expenses:
Selling, administrative and other expenses	1,581,653	1,364,015	3,092,897	2,767,994
Depreciation and amortization	90,873	85,890	178,088	173,259
Provision for doubtful accounts	8,322	2,899	13,961	7,393
Total operating expenses	1,680,848	1,452,804	3,284,946	2,948,646
Non-operating expense (income):
Interest expense, net	16,455	20,248	33,319	40,098
Other	(16,649)	(3,820)	(28,616)	(19,281)
Total non-operating expense (income)	(194)	16,428	4,703	20,817
Income before income taxes	454,089	491,567	858,495	817,283
Income taxes	109,595	119,038	210,044	198,916
Net income	$ 344,494	$ 372,529	$ 648,451	$ 618,367
Dividends declared per common share (usd per share)	$ 0.950	$ 0.8950	$ 1.9000	$ 1.790
Basic earnings per share (usd per share)	2.45	2.63	4.61	4.36
Diluted earnings per share (usd per share)	$ 2.44	$ 2.62	$ 4.58	$ 4.34

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 344,494	$ 372,529	$ 648,451	$ 618,367
Foreign currency translation adjustments	(9,540)	(159,078)	14,287	(116,946)
Cash flow hedge adjustments, net of income taxes in 2023 — $951 and $951; 2022 — $1,383 and $2,767, respectively	2,572	3,741	2,572	7,482
Pension and postretirement benefit adjustments, net of income taxes in 2023 — $702 and $1,405; 2022 — $2,580 and $5,160, respectively	1,912	6,986	3,826	13,975
Other comprehensive income (loss), net of income taxes	(5,056)	(148,351)	20,685	(95,489)
Comprehensive income	$ 339,438	$ 224,178	$ 669,136	$ 522,878

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net investment hedge, tax	$ (951)	$ 1,383	$ (951)	$ 2,767
Pension and postretirement benefit adjustments, tax	$ (702)	$ 2,580	$ (1,405)	$ 5,160

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Total Parent Equity	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Non-controlling Interests in Subsidiaries
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 (loss), net of tax	(95,489)	(95,489)			(95,489)
Cash dividend declared	(253,607)	(253,607)				(253,607)
Shares issued from employee incentive plans (in shares)			49,258
Shares issued from employee incentive plans	(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 (loss), net of tax	(148,351)	(148,351)			(148,351)
Cash dividend declared	(126,716)	(126,716)				(126,716)
Shares issued from employee incentive plans (in shares)			30,588
Shares issued from employee incentive plans	(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
Beginning balance (in shares) at Dec. 31, 2022	140,941,649		140,941,649
Beginning balance at Dec. 31, 2022	$ 3,804,447	3,790,363	$ 140,941	140,324	(1,032,542)	4,541,640	14,084
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	648,451	648,451				648,451
Other comprehensive income (loss), net of tax	20,685	20,685			20,685
Cash dividend declared	(267,229)	(267,229)				(267,229)
Shares issued from employee incentive plans (in shares)			366,480
Shares issued from employee incentive plans	(23,155)	(23,155)	$ 366	(23,521)
Share-based compensation	36,945	36,945		36,945
Purchase of stock (in shares)			(840,579)
Purchase of stock	(134,849)	(134,849)	$ (839)			(134,010)
Noncontrolling interest activities	$ 499						499
Ending balance (in shares) at Jun. 30, 2023	140,467,550		140,467,550
Ending balance at Jun. 30, 2023	$ 4,085,794	4,071,211	$ 140,468	153,748	(1,011,857)	4,788,852	14,583
Beginning balance (in shares) at Mar. 31, 2023			140,545,475
Beginning balance at Mar. 31, 2023	3,939,636	3,926,204	$ 140,545	147,690	(1,006,801)	4,644,770	13,432
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	344,494	344,494				344,494
Other comprehensive income (loss), net of tax	(5,056)	(5,056)			(5,056)
Cash dividend declared	(133,492)	(133,492)				(133,492)
Shares issued from employee incentive plans (in shares)			351,648
Shares issued from employee incentive plans	(21,890)	(21,890)	$ 351	(22,241)
Share-based compensation	28,299	28,299		28,299
Purchase of stock (in shares)			(429,573)
Purchase of stock	(67,348)	(67,348)	$ (428)			(66,920)
Noncontrolling interest activities	$ 1,151						1,151
Ending balance (in shares) at Jun. 30, 2023	140,467,550		140,467,550
Ending balance at Jun. 30, 2023	$ 4,085,794	$ 4,071,211	$ 140,468	$ 153,748	$ (1,011,857)	$ 4,788,852	$ 14,583

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share (usd per share)	$ 0.950	$ 0.8950	$ 1.9000	$ 1.790

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities:
Net income	$ 648,451	$ 618,367
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	178,088	173,259
Share-based compensation	36,945	17,882
Excess tax benefits from share-based compensation	(6,431)	(3,137)
Gain on sale of real estate	0	(102,803)
Changes in operating assets and liabilities	(400,050)	87,417
Net cash provided by operating activities	457,003	790,985
Investing activities:
Purchases of property, plant and equipment	(205,336)	(152,976)
Proceeds from sale of property, plant and equipment	4,762	140,841
Proceeds from sale of investments	80,482	0
Acquisitions and other investing activities	(106,028)	(1,531,318)
Net cash used in investing activities	(226,120)	(1,543,453)
Financing activities:
Proceeds from debt	1,668,757	3,850,642
Payments on debt	(1,602,138)	(2,872,124)
Shares issued from employee incentive plans	(23,155)	(14,420)
Dividends paid	(259,929)	(242,767)
Purchases of stock	(134,849)	(122,919)
Other financing activities	(6,436)	(13,901)
Net cash provided by (used in) financing activities	(357,750)	584,511
Effect of exchange rate changes on cash and cash equivalents	3,509	(27,613)
Net decrease in cash and cash equivalents	(123,358)	(195,570)
Cash and cash equivalents at beginning of period	653,463	714,701
Cash and cash equivalents at end of period	$ 530,105	$ 519,131

General

General	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
General	General 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, 2022. Accordingly, the unaudited Condensed Consolidated Financial Statements and related disclosures herein should be read in conjunction with our 2022 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 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. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of results for the year ended December 31, 2023. We have evaluated subsequent events through the date the unaudited Condensed Consolidated Financial Statements covered by this quarterly report were issued. 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 any not listed below were assessed and determined to not be applicable or are expected to have an immaterial impact on our Condensed Consolidated Financial Statements. In September 2022, the FASB issued ASU 2022-04, Liabilities-Supplier Finance Programs . This standard requires disclosure of the key terms of outstanding supply chain finance programs and a rollforward of the related amounts due to vendors participating in these programs. The new standard does not affect the recognition, measurement or financial statement presentation of any amounts due. The guidance is effective in the first quarter of 2023, except for the rollforward, which is effective in the first quarter of 2024. For additional information, please refer to the supply chain finance programs section herein. Derivatives and Hedging We are exposed to various risks arising from business operations and market conditions, including fluctuations in certain foreign currencies. We use derivative and non-derivative instruments as risk management tools to mitigate the potential impact of foreign exchange rate risks. The objective of using these tools is to reduce fluctuations in our earnings and cash flows associated with changes in these rates. Derivative instruments are recognized in the Condensed Consolidated Balance Sheets at fair value and are designated as Level 2 in the fair value hierarchy. They are valued using inputs other than quoted prices, such as foreign exchange rates and yield curves. The following table summarizes the classification and carrying amounts of the 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, 2023 December 31, 2022 Instrument Balance Sheet Location Notional Balance Notional Balance Net investment hedges: Forward contracts Prepaid expenses and other current assets $ 606,950 $ 39,731 $ 606,950 $ 46,670 Forward contract Other current liabilities $ 106,800 $ 4,344 $ 106,800 $ 3,064 Foreign currency debt Long-term debt € 700,000 $ 760,480 € 700,000 $ 749,280 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) 2023 2022 2023 2022 Three Months Ended June 30, Net investment hedges: Forward contracts $ (9,212) $ 66,986 $ 3,158 $ 7,565 Foreign currency debt 2,940 50,190 — — Total $ (6,272) $ 117,176 $ 3,158 $ 7,565 Gain (Loss) Recognized in AOCL before Reclassifications Gain Recognized in Interest Expense for Excluded Components (in thousands) 2023 2022 2023 2022 Six Months Ended June 30, Net investment hedges: Forward contracts $ (14,536) $ 86,380 $ 6,317 $ 15,130 Foreign currency debt (11,200) 61,950 — — Total $ (25,736) $ 148,330 $ 6,317 $ 15,130 Fair Value of Financial Instruments As of June 30, 2023 the fair value of our senior unsecured notes was approximately $3.0 billion, which are designated as Level 2 in the fair value hierarchy. Our valuation technique is based primarily on prices and other relevant information generated by observable transactions involving identical or comparable assets or liabilities. 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, 2023, we were in compliance with all such covenants. As of June 30, 2023, the total borrowings of the independents and affiliates subject to guarantee by us were approximately $956 million. These loans generally mature over periods from one current expected credit loss reserve is not material. As of June 30, 2023, 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. As of June 30, 2023, we have recognized certain assets and liabilities amounting to $68 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. Supply Chain Finance Programs Several global financial institutions offer voluntary supply chain finance (“SCF”) programs which enable our suppliers (generally those that grant extended terms), at their sole discretion, to sell their receivables from us to these financial institutions on a non-recourse basis at a rate that takes advantage of our credit rating and may be beneficial to them. We and our suppliers agree on commercial terms for the goods and services we procure, including prices, quantities and payment terms, regardless of whether the supplier elects to participate in the SCF program. Our current payment terms with the majority of our suppliers range from 30 to 360 days. The suppliers sell goods or services, as applicable, to us and they issue the associated invoices to us based on the agreed-upon contractual terms. Then, if they are participating in the SCF program, our suppliers, at their sole discretion, determine which invoices, if any, they want to sell to the financial institutions. In turn, we direct payment to the financial institutions, rather than the suppliers, for the invoices sold to the financial institutions. No guarantees are provided by us or any of our subsidiaries on third-party performance under the SCF program; however, we guarantee the payment by our subsidiaries to the financial institutions participating in the SCF program for the applicable invoices. We have no economic interest in a supplier’s decision to participate in the SCF program, and we have no direct financial relationship with the financial institutions, as it relates to the SCF program. Accordingly, amounts due to our suppliers that elected to participate in the SCF program are included in the line item accounts payable in our consolidated balance sheets. All activity related to amounts due to suppliers that elected to participate in the SCF program is reflected in cash flows from operating activities in our consolidated statement of cash flows. As of June 30, 2023 and December 31, 2022, the outstanding payment obligations to the financial institutions are $2.9 billion and $3.1 billion, respectively. The amount settled through the SCF program was $2.1 billion and $1.8 billion for the six months ended June 30, 2023 and June 30, 2022 respectively. Earnings Per Share We calculate basic earnings per share by dividing net income by the weighted average number of common shares outstanding. Certain outstanding options are not included in the diluted earnings per share calculation because their inclusion would have been anti-dilutive. Antidilutive common stock equivalents excluded from the diluted earnings per share calculation are not material. The following table summarizes basic and diluted shares outstanding: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share data) 2023 2022 2023 2022 Net income $ 344,494 $ 372,529 $ 648,451 $ 618,367 Weighted average common shares outstanding 140,574 141,581 140,688 141,747 Dilutive effect of stock options and non-vested restricted stock awards 673 723 808 835 Weighted average common shares outstanding – assuming dilution 141,247 142,304 141,496 142,582 Basic earnings per share $ 2.45 $ 2.63 $ 4.61 $ 4.36 Diluted earnings per share $ 2.44 $ 2.62 $ 4.58 $ 4.34

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2023
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) 2023 2022 2023 2022 Net sales: Automotive $ 3,654,999 $ 3,467,494 $ 7,160,826 $ 6,743,115 Industrial 2,260,007 2,134,920 4,519,298 4,153,934 Total net sales $ 5,915,006 $ 5,602,414 $ 11,680,124 $ 10,897,049 Segment profit: Automotive $ 329,347 $ 322,553 $ 593,767 $ 587,126 Industrial 283,372 225,472 545,359 413,825 Total segment profit 612,719 548,025 1,139,126 1,000,951 Interest expense, net (16,455) (20,248) (33,319) (40,098) Intangible asset amortization (40,625) (39,630) (79,747) (79,324) Corporate expense (101,550) (73,312) (167,565) (115,063) Other unallocated income, net (1) — 76,732 — 50,817 Income before income taxes $ 454,089 $ 491,567 $ 858,495 $ 817,283 (1) The following table presents a summary of the other unallocated income, net: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Other unallocated income, net: Gain on sale of real estate (2) $ — $ 102,803 $ — $ 102,803 Gain on insurance proceeds (3) — 873 — 1,507 Transaction and other costs (4) — (26,944) — (53,493) Total other unallocated income, net $ — $ 76,732 $ — $ 50,817 (2) Amount reflects a gain on the sale of real estate that had been leased to S.P. Richards. (3) Amount reflects insurance recoveries in excess of losses incurred on inventory, property, plant and equipment and other fire-related costs. (4) Amount primarily reflects costs associated with the January 3, 2022 acquisition of Kaman Distribution Group. Beginning in 2023, certain functions, including cybersecurity and the management of our product liability litigation, were transferred to corporate to be streamlined and centrally managed. These costs totaled $15 million and $29 million for the three and six months ended June 30, 2022, of which $9 million and $18 million were allocated to Automotive and $6 million and $11 million were allocated to Industrial based on several factors, including sales volumes and headcount. Beginning in 2023, these costs, which totaled $8 million and $18 million for the three and six months ended June 30, 2023, are no longer allocated to our segments when measuring their operating performance. We have not restated the 2022 comparative segment financial information. 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) 2023 2022 2023 2022 North America: Automotive $ 2,344,701 $ 2,302,008 $ 4,550,086 $ 4,432,881 Industrial 2,128,747 2,021,297 4,259,462 3,931,730 Total North America $ 4,473,448 $ 4,323,305 $ 8,809,548 $ 8,364,611 Australasia: Automotive $ 407,853 $ 398,940 $ 814,615 $ 777,849 Industrial 131,260 113,623 259,836 222,204 Total Australasia $ 539,113 $ 512,563 $ 1,074,451 $ 1,000,053 Europe – Automotive $ 902,445 $ 766,546 $ 1,796,125 $ 1,532,385 Total net sales $ 5,915,006 $ 5,602,414 $ 11,680,124 $ 10,897,049

Accounts Receivable Sales Agree

Accounts Receivable Sales Agreement	6 Months Ended
	Jun. 30, 2023
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 institutions 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 institutions so that the total principal amount outstanding of receivables sold is approximately $1.0 billion at any point in time (which is the maximum amount allowed under the agreement as amended on January 3, 2022). The total principal amount outstanding of receivables sold is approximately $1.0 billion as of both June 30, 2023 and December 31, 2022. The amount of receivables pledged as collateral as of June 30, 2023 and December 31, 2022 is approximately $1.4 billion and $1.1 billion, respectively. The following table summarizes the activity and amounts outstanding under the A/R Sales Agreement for the: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Receivables sold to the financial institution and derecognized $ 2,139,392 $ 2,242,273 $ 4,304,799 $ 4,478,718 Cash collected on sold receivables $ 2,139,393 $ 2,242,274 $ 4,304,804 $ 4,278,729 Continuous cash activity related to the A/R Sales Agreement is reflected in net cash provided by operating activities in the Condensed Consolidated Statements of Cash Flows. The SPE incurs fees due to the unaffiliated financial institutions related to the accounts receivable sales transactions. Those fees, which totaled $15 million and $4 million for the three months ended and $29 million and $7 million for the six months ended June 30, 2023 and 2022, respectively, are recorded within other non-operating expense (income) in the Condensed Consolidated Statements of Income. The SPE has a recourse obligation to repurchase from the unaffiliated financial institutions any previously sold receivables that are not collected due to the occurrence of certain events, including credit

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Jun. 30, 2023
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) 2023 2022 2023 2022 Service cost $ 1,503 $ 2,586 $ 2,997 $ 5,202 Interest cost 26,136 18,849 52,253 37,716 Expected return on plan assets (41,263) (37,646) (82,503) (75,318) Amortization of prior service cost 173 172 346 344 Amortization of actuarial loss 2,340 9,275 4,681 18,554 Net periodic benefit income $ (11,111) $ (6,764) $ (22,226) $ (13,502)

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions We acquired several businesses for approximately $116 million and $1.6 billion, net of cash acquired, during the six months ended June 30, 2023 and 2022, respectively. 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. The results of operations for acquired businesses are included in our Condensed Consolidated Statements of Income beginning on their respective acquisition dates. 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, net of cash acquired of approximately $30 million. 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 maintenance, repair, and operation and original equipment manufacturer customers.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2023
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, 2023 $ (506,610) $ (2,572) $ (523,360) $ (1,032,542) Other comprehensive income before reclassifications — 2,765 14,287 17,052 Amounts reclassified from accumulated other comprehensive loss 3,826 (193) — 3,633 Other comprehensive income, net of income taxes 3,826 2,572 14,287 20,685 Ending balance, June 30, 2023 $ (502,784) $ — $ (509,073) $ (1,011,857) 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) 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, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters We are subject to various legal proceedings, many involving routine litigation incidental to the businesses, including approximately 2,200 pending product liability lawsuits resulting from our national distribution of automotive parts and supplies. Many of these involve claims of personal injury allegedly resulting from the use of automotive parts we distributed. The amount accrued for pending and future claims was $208 million as of June 30, 2023, which represents our best estimate of the liability within our calculated range of $182 million to $257 million, discounted using a discount rate of 3.81%. The amount accrued for pending and future claims was $220 million as of December 31, 2022, which represents our best estimate of the liability within our calculated range of $190 million to $270 million, discounted using a discount rate of 3.83%. Our undiscounted product liability was $266 million and $285 million as of June 30, 2023 and December 31, 2022, respectively. There have been no significant developments to the information presented in our 2022 Annual Report on Form 10-K with respect to litigation or commitments and contingencies. Environmental Liabilities

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 344,494	$ 372,529	$ 648,451	$ 618,367

Insider Trading Arrangements

Insider Trading Arrangements - Company Directors or Executive Officers [Member]	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

General (Policies)

General (Policies)	6 Months Ended
	Jun. 30, 2023
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, 2022. Accordingly, the unaudited Condensed Consolidated Financial Statements and related disclosures herein should be read in conjunction with our 2022 Annual Report on Form 10-K.
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	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 any not listed below were assessed and determined to not be applicable or are expected to have an immaterial impact on our Condensed Consolidated Financial Statements. In September 2022, the FASB issued ASU 2022-04, Liabilities-Supplier Finance Programs . This standard requires disclosure of the key terms of outstanding supply chain finance programs and a rollforward of the related amounts due to vendors participating in these programs. The new standard does not affect the recognition, measurement or financial statement presentation of any amounts due. The guidance is effective in the first quarter of 2023, except for the rollforward, which is effective in the first quarter of 2024. For additional information, please refer to the supply chain finance programs section herein.
Derivatives and Hedging	Derivatives and Hedging We are exposed to various risks arising from business operations and market conditions, including fluctuations in certain foreign currencies. We use derivative and non-derivative instruments as risk management tools to mitigate the potential impact of foreign exchange rate risks. The objective of using these tools is to reduce fluctuations in our earnings and cash flows associated with changes in these rates. Derivative instruments are recognized in the Condensed Consolidated Balance Sheets at fair value and are designated as Level 2 in the fair value hierarchy. They are valued using inputs other than quoted prices, such as foreign exchange rates and yield curves.
Fair Value of Financial Instruments	Our valuation technique is based primarily on prices and other relevant information generated by observable transactions involving identical or comparable assets or liabilities.
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, 2023, we were in compliance with all such covenants.As of June 30, 2023, 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.
Supply Chain Finance Programs	Supply Chain Finance Programs Several global financial institutions offer voluntary supply chain finance (“SCF”) programs which enable our suppliers (generally those that grant extended terms), at their sole discretion, to sell their receivables from us to these financial institutions on a non-recourse basis at a rate that takes advantage of our credit rating and may be beneficial to them. We and our suppliers agree on commercial terms for the goods and services we procure, including prices, quantities and payment terms, regardless of whether the supplier elects to participate in the SCF program. Our current payment terms with the majority of our suppliers range from 30 to 360 days. The suppliers sell goods or services, as applicable, to us and they issue the associated invoices to us based on the agreed-upon contractual terms. Then, if they are participating in the SCF program, our suppliers, at their sole discretion, determine which invoices, if any, they want to sell to the financial institutions. In turn, we direct payment to the financial institutions, rather than the suppliers, for the invoices sold to the financial institutions. No guarantees are provided by us or any of our subsidiaries on third-party performance under the SCF program; however, we guarantee the payment by our subsidiaries to the financial institutions participating in the SCF program for the applicable invoices. We have no economic interest in a supplier’s decision to participate in the SCF program, and we have no direct financial relationship with the financial institutions, as it relates to the SCF program. Accordingly, amounts due to our suppliers that elected to participate in the SCF program are included in the line item accounts payable in our consolidated balance sheets.
Earnings Per Share	Earnings Per ShareWe calculate basic earnings per share by dividing net income by the weighted average number of common shares outstanding. Certain outstanding options are not included in the diluted earnings per share calculation because their inclusion would have been anti-dilutive.

General (Tables)

General (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Schedule of Derivative Instruments	The following table summarizes the classification and carrying amounts of the 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, 2023 December 31, 2022 Instrument Balance Sheet Location Notional Balance Notional Balance Net investment hedges: Forward contracts Prepaid expenses and other current assets $ 606,950 $ 39,731 $ 606,950 $ 46,670 Forward contract Other current liabilities $ 106,800 $ 4,344 $ 106,800 $ 3,064 Foreign currency debt Long-term debt € 700,000 $ 760,480 € 700,000 $ 749,280
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) 2023 2022 2023 2022 Three Months Ended June 30, Net investment hedges: Forward contracts $ (9,212) $ 66,986 $ 3,158 $ 7,565 Foreign currency debt 2,940 50,190 — — Total $ (6,272) $ 117,176 $ 3,158 $ 7,565 Gain (Loss) Recognized in AOCL before Reclassifications Gain Recognized in Interest Expense for Excluded Components (in thousands) 2023 2022 2023 2022 Six Months Ended June 30, Net investment hedges: Forward contracts $ (14,536) $ 86,380 $ 6,317 $ 15,130 Foreign currency debt (11,200) 61,950 — — Total $ (25,736) $ 148,330 $ 6,317 $ 15,130
Schedule of Earnings per Share, Basic and Diluted	The following table summarizes basic and diluted shares outstanding: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share data) 2023 2022 2023 2022 Net income $ 344,494 $ 372,529 $ 648,451 $ 618,367 Weighted average common shares outstanding 140,574 141,581 140,688 141,747 Dilutive effect of stock options and non-vested restricted stock awards 673 723 808 835 Weighted average common shares outstanding – assuming dilution 141,247 142,304 141,496 142,582 Basic earnings per share $ 2.45 $ 2.63 $ 4.61 $ 4.36 Diluted earnings per share $ 2.44 $ 2.62 $ 4.58 $ 4.34

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2023
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) 2023 2022 2023 2022 Net sales: Automotive $ 3,654,999 $ 3,467,494 $ 7,160,826 $ 6,743,115 Industrial 2,260,007 2,134,920 4,519,298 4,153,934 Total net sales $ 5,915,006 $ 5,602,414 $ 11,680,124 $ 10,897,049 Segment profit: Automotive $ 329,347 $ 322,553 $ 593,767 $ 587,126 Industrial 283,372 225,472 545,359 413,825 Total segment profit 612,719 548,025 1,139,126 1,000,951 Interest expense, net (16,455) (20,248) (33,319) (40,098) Intangible asset amortization (40,625) (39,630) (79,747) (79,324) Corporate expense (101,550) (73,312) (167,565) (115,063) Other unallocated income, net (1) — 76,732 — 50,817 Income before income taxes $ 454,089 $ 491,567 $ 858,495 $ 817,283 (1) The following table presents a summary of the other unallocated income, net: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Other unallocated income, net: Gain on sale of real estate (2) $ — $ 102,803 $ — $ 102,803 Gain on insurance proceeds (3) — 873 — 1,507 Transaction and other costs (4) — (26,944) — (53,493) Total other unallocated income, net $ — $ 76,732 $ — $ 50,817 (2) Amount reflects a gain on the sale of real estate that had been leased to S.P. Richards. (3) Amount reflects insurance recoveries in excess of losses incurred on inventory, property, plant and equipment and other fire-related costs. (4) Amount primarily reflects costs associated with the January 3, 2022 acquisition of Kaman Distribution Group.
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) 2023 2022 2023 2022 North America: Automotive $ 2,344,701 $ 2,302,008 $ 4,550,086 $ 4,432,881 Industrial 2,128,747 2,021,297 4,259,462 3,931,730 Total North America $ 4,473,448 $ 4,323,305 $ 8,809,548 $ 8,364,611 Australasia: Automotive $ 407,853 $ 398,940 $ 814,615 $ 777,849 Industrial 131,260 113,623 259,836 222,204 Total Australasia $ 539,113 $ 512,563 $ 1,074,451 $ 1,000,053 Europe – Automotive $ 902,445 $ 766,546 $ 1,796,125 $ 1,532,385 Total net sales $ 5,915,006 $ 5,602,414 $ 11,680,124 $ 10,897,049

Accounts Receivable Sales Agr_2

Accounts Receivable Sales Agreement (Tables)	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
Loans, Notes, Trade and Other Receivables, Sales	The following table summarizes the activity and amounts outstanding under the A/R Sales Agreement for the: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Receivables sold to the financial institution and derecognized $ 2,139,392 $ 2,242,273 $ 4,304,799 $ 4,478,718 Cash collected on sold receivables $ 2,139,393 $ 2,242,274 $ 4,304,804 $ 4,278,729

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2023
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) 2023 2022 2023 2022 Service cost $ 1,503 $ 2,586 $ 2,997 $ 5,202 Interest cost 26,136 18,849 52,253 37,716 Expected return on plan assets (41,263) (37,646) (82,503) (75,318) Amortization of prior service cost 173 172 346 344 Amortization of actuarial loss 2,340 9,275 4,681 18,554 Net periodic benefit income $ (11,111) $ (6,764) $ (22,226) $ (13,502)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 $ (506,610) $ (2,572) $ (523,360) $ (1,032,542) Other comprehensive income before reclassifications — 2,765 14,287 17,052 Amounts reclassified from accumulated other comprehensive loss 3,826 (193) — 3,633 Other comprehensive income, net of income taxes 3,826 2,572 14,287 20,685 Ending balance, June 30, 2023 $ (502,784) $ — $ (509,073) $ (1,011,857) 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)

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, 2023 EUR (€)	Dec. 31, 2022 EUR (€)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Prepaid expenses and other current assets | Forward contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount			$ 606,950	$ 606,950
Derivative asset, balance			39,731	46,670
Other current liabilities | Forward contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount			106,800	106,800
Derivative liability, balance			4,344	3,064
Long-term debt | Foreign currency debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Non-derivative notional amount | €	€ 700,000	€ 700,000
Non-derivative balance			$ 760,480	$ 749,280

General - Schedule of Gains (Lo

General - Schedule of Gains (Losses) Related to Designated Cash Flow Hedges and Net Investment Hedges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain Recognized in Interest Expense for Excluded Components	$ 3,158	$ 7,565	$ 6,317	$ 15,130
Gain (Loss) Recognized in AOCL before Reclassifications	(6,272)	117,176	(25,736)	148,330
Forward contracts | Net investment hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Recognized in AOCL before Reclassifications	(9,212)	66,986	(14,536)	86,380
Gain Recognized in Interest Expense for Excluded Components	3,158	7,565	6,317	15,130
Foreign currency debt | Net investment hedges
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) Recognized in AOCL before Reclassifications	2,940	50,190	(11,200)	61,950
Gain Recognized in Interest Expense for Excluded Components	$ 0	$ 0	$ 0	$ 0

General - Fair Value of Financi

General - Fair Value of Financial Instruments (Details) $ in Billions	Jun. 30, 2023 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

General - Guarantee (Details)

General - Guarantee (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Guarantor Obligations [Line Items]
Total borrowings of the independents and affiliates subject to guarantee	$ 956
Guarantor obligation, current carrying value	68
Guarantees related to borrowings, other assets	$ 68
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 - Supply Chain Finance

General - Supply Chain Finance Programs (Details) - USD ($) $ in Billions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Outstanding payment obligation	$ 2.9		$ 3.1
Payments to suppliers through SCF program	$ 2.1	$ 1.8
Minimum
Related Party Transaction [Line Items]
Supply chain finance program term	30 days
Maximum
Related Party Transaction [Line Items]
Supply chain finance program term	360 days

General - Earning Per Share (De

General - Earning Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accounting Policies [Abstract]
Net income	$ 344,494	$ 372,529	$ 648,451	$ 618,367
Weighted average common shares outstanding (in shares)	140,574	141,581	140,688	141,747
Dilutive effect of stock options and non-vested restricted stock awards (in shares)	673	723	808	835
Weighted average common shares outstanding - assuming dilution (in shares)	141,247	142,304	141,496	142,582
Basic earnings per share (usd per share)	$ 2.45	$ 2.63	$ 4.61	$ 4.36
Diluted earnings per share (usd per share)	$ 2.44	$ 2.62	$ 4.58	$ 4.34

Segment Information - Operating

Segment Information - Operating Results by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Net sales	$ 5,915,006	$ 5,602,414	$ 11,680,124	$ 10,897,049
Income before income taxes	454,089	491,567	858,495	817,283
Operating Segments
Segment Reporting Information [Line Items]
Net sales	5,915,006	5,602,414	11,680,124	10,897,049
Operating profit	612,719	548,025	1,139,126	1,000,951
Operating Segments | Automotive Parts
Segment Reporting Information [Line Items]
Net sales	3,654,999	3,467,494	7,160,826	6,743,115
Operating profit	329,347	322,553	593,767	587,126
Operating Segments | Industrial Parts
Segment Reporting Information [Line Items]
Net sales	2,260,007	2,134,920	4,519,298	4,153,934
Operating profit	283,372	225,472	545,359	413,825
Other
Segment Reporting Information [Line Items]
Interest expense, net	(16,455)	(20,248)	(33,319)	(40,098)
Intangible asset amortization	(40,625)	(39,630)	(79,747)	(79,324)
Corporate expense	(101,550)	(73,312)	(167,565)	(115,063)
Other unallocated amounts	$ 0	$ 76,732	$ 0	$ 50,817

Segment Information - Summary o

Segment Information - Summary of Unallocated Income, Net (Details) - Other - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Gain on sale of real estate	$ 0	$ 102,803	$ 0	$ 102,803
Gain on insurance proceeds	0	873	0	1,507
Transaction and other costs	0	(26,944)	0	(53,493)
Total other unallocated income, net	$ 0	$ 76,732	$ 0	$ 50,817

Segment Information - Additiona

Segment Information - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Other corporate expense	$ 8	$ 15	$ 18	$ 29
Automotive Parts
Segment Reporting Information [Line Items]
Other corporate expense		9		18
Industrial Parts
Segment Reporting Information [Line Items]
Other corporate expense		$ 6		$ 11

Segment Information - Disaggreg

Segment Information - Disaggregated Geographical Revenue by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 5,915,006	$ 5,602,414	$ 11,680,124	$ 10,897,049
North America
Disaggregation of Revenue [Line Items]
Net sales	4,473,448	4,323,305	8,809,548	8,364,611
Australasia
Disaggregation of Revenue [Line Items]
Net sales	539,113	512,563	1,074,451	1,000,053
Automotive Parts | North America
Disaggregation of Revenue [Line Items]
Net sales	2,344,701	2,302,008	4,550,086	4,432,881
Automotive Parts | Australasia
Disaggregation of Revenue [Line Items]
Net sales	407,853	398,940	814,615	777,849
Automotive Parts | Europe
Disaggregation of Revenue [Line Items]
Net sales	902,445	766,546	1,796,125	1,532,385
Industrial Parts | North America
Disaggregation of Revenue [Line Items]
Net sales	2,128,747	2,021,297	4,259,462	3,931,730
Industrial Parts | Australasia
Disaggregation of Revenue [Line Items]
Net sales	$ 131,260	$ 113,623	$ 259,836	$ 222,204

Accounts Receivable Sales Agr_3

Accounts Receivable Sales Agreement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
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		$ 1,000,000
Amount held as collateral	1,400,000		1,400,000		$ 1,100,000
Receivables sold to the financial institution and derecognized	2,139,392	$ 2,242,273	4,304,799	$ 4,478,718
Cash collected on sold receivables	2,139,393	2,242,274	4,304,804	4,278,729
Accounts receivable sales transactions fees	$ 15,000	$ 4,000	$ 29,000	$ 7,000

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Retirement Benefits [Abstract]
Service cost	$ 1,503	$ 2,586	$ 2,997	$ 5,202
Interest cost	26,136	18,849	52,253	37,716
Expected return on plan assets	(41,263)	(37,646)	(82,503)	(75,318)
Amortization of prior service cost	173	172	346	344
Amortization of actuarial loss	2,340	9,275	4,681	18,554
Net periodic benefit income	$ (11,111)	$ (6,764)	$ (22,226)	$ (13,502)

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) - USD ($) $ in Millions		6 Months Ended
	Jan. 03, 2022	Jun. 30, 2023	Jun. 30, 2022
Business Acquisition [Line Items]
Payments to acquire businesses, net		$ 116	$ 1,600
KDG
Business Acquisition [Line Items]
Consideration transferred	$ 1,300
Cash acquired from acquisition	$ 30

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, 2023	Jun. 30, 2022
AOCI Attributable to Parent [Roll Forward]
Beginning balance	$ 3,804,447	$ 3,503,290
Other comprehensive income (loss) before reclassifications	17,052	(116,946)
Amounts reclassified from accumulated other comprehensive loss	3,633	21,457
Other comprehensive income (loss), net of income taxes	20,685	(95,489)
Ending balance	4,085,794	3,653,563
Pension and Other Post-Retirement Benefits
AOCI Attributable to Parent [Roll Forward]
Beginning balance	(506,610)	(463,227)
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive loss	3,826	13,975
Other comprehensive income (loss), net of income taxes	3,826	13,975
Ending balance	(502,784)	(449,252)
Cash Flow Hedges
AOCI Attributable to Parent [Roll Forward]
Beginning balance	(2,572)	(15,042)
Other comprehensive income (loss) before reclassifications	2,765	0
Amounts reclassified from accumulated other comprehensive loss	(193)	7,482
Other comprehensive income (loss), net of income taxes	2,572	7,482
Ending balance	0	(7,560)
Foreign Currency Translation
AOCI Attributable to Parent [Roll Forward]
Beginning balance	(523,360)	(379,470)
Other comprehensive income (loss) before reclassifications	14,287	(116,946)
Amounts reclassified from accumulated other comprehensive loss	0	0
Other comprehensive income (loss), net of income taxes	14,287	(116,946)
Ending balance	(509,073)	(496,416)
Total
AOCI Attributable to Parent [Roll Forward]
Beginning balance	(1,032,542)	(857,739)
Ending balance	$ (1,011,857)	$ (953,228)

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2023 USD ($) lawsuit	Dec. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Undiscounted product liability	$ 266	$ 285
Minimum
Loss Contingencies [Line Items]
Product liability central value	182	190
Maximum
Loss Contingencies [Line Items]
Product liability central value	$ 257	270
Product Liability
Loss Contingencies [Line Items]
Number of pending claims | lawsuit	2,200
Product liability central value	$ 208	$ 220
Product liability accrual discount rate (in percent)	3.81%	3.83%