Genuine Parts (GPC) 10-K 26 Feb 10 2009 FY Annual report Financial data

Document and Company Informatio

Document and Company Information (USD $)
	12 Months Ended Dec. 31, 2009	Feb. 11, 2010	Jun. 30, 2009
Document and Company Information [Abstract]
Entity Registrant Name	GENUINE PARTS CO
Entity Central Index Key	0000040987
Document Type	10-K
Document Period End Date	2009-12-31
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$5,174,878,000
Entity Common Stock, Shares Outstanding		158,703,873

Consolidated Balance Sheets

Consolidated Balance Sheets (USD $)
In Thousands	Dec. 31, 2009	Dec. 31, 2008
Current assets:
Cash and cash equivalents	$336,803	$67,777
Trade accounts receivable, net	1,187,075	1,224,525
Merchandise inventories, net	2,214,076	2,316,880
Prepaid expenses and other current assets	294,874	262,238
Total current assets	4,032,828	3,871,420
Goodwill and other intangible assets, less accumulated amortization	171,532	158,825
Deferred tax asset	167,722	218,503
Other assets	147,583	114,337
Property, plant, and equipment:
Land	69,829	51,835
Buildings, less allowance for depreciation (2009 - 171,903; 2008 - $158,019)	212,859	151,959
Machinery and equipment, less allowance for depreciation (2009 - 519,272; 2008 - $470,513)	202,336	219,471
Net property, plant, and equipment	485,024	423,265
Total assets	5,004,689	4,786,350
Current liabilities:
Trade accounts payable	1,094,347	1,009,423
Accrued compensation	106,432	106,731
Other accrued expenses	100,931	84,116
Dividends payable	63,586	62,148
Income taxes payable	42,988	24,685
Total current liabilities	1,408,284	1,287,103
Long-term debt	500,000	500,000
Pension and other post-retirement benefit liabilities	300,197	502,605
Other long-term liabilities	166,836	103,264
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 158,917,846 in 2009 and 159,442,508 shares in 2008	158,918	159,443
Accumulated other comprehensive loss	(309,897)	(478,562)
Retained earnings	2,772,309	2,643,451
Total parent equity	2,621,330	2,324,332
Noncontrolling interests in subsidiaries	8,042	69,046
Total equity	2,629,372	2,393,378
Total liabilities and equity	$5,004,689	$4,786,350

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands, except Share data	Dec. 31, 2009	Dec. 31, 2008
Property, plant, and equipment:
Buildings, allowance for depreciation	$171,903	$158,019
Machinery and equipment, allowance for depreciation	$519,272	$470,513
Equity:
Preferred stock, par value	1	1
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Common stock, par value	1	1
Common stock, shares authorized	450,000,000	450,000,000
Common stock, shares issued	158,917,846	159,442,508
Common stock, shares oustanding	158,917,846	159,442,508

Consolidated Statements of Inco

Consolidated Statements of Income (USD $)
In Thousands, except Per Share data	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Consolidated Statements of Income [Abstract]
Net sales	$10,057,512	$11,015,263	$10,843,195
Cost of goods sold	7,047,750	7,742,773	7,625,972
Gross margin	3,009,762	3,272,490	3,217,223
Operating expenses:
Selling, administrative, and other expenses	2,219,935	2,359,829	2,278,155
Depreciation and amortization	90,411	88,698	87,702
Provision for doubtful accounts	28,463	23,883	13,514
Total operating expenses	2,338,809	2,472,410	2,379,371
Non-operating expenses (income):
Interest expense	27,885	31,721	31,327
Other	(1,097)	(109)	(10,220)
Total non-operating expenses	26,788	31,612	21,107
Income before income taxes	644,165	768,468	816,745
Income taxes	244,590	293,051	310,406
Net income	$399,575	$475,417	$506,339
Basic net income per common share	2.51	2.93	2.99
Diluted net income per common share	2.5	2.92	2.98
Weighted average common shares outstanding	159,410	162,351	169,129
Dilutive effect of stock options and non-vested restricted stock awards	297	635	1,006
Weighted average common shares outstanding - assuming dilution	159,707	162,986	170,135

Consolidated Statements of Shar

Consolidated Statements of Shareholders Equity (USD $)
In Thousands, except Share data	Total Parent Equity	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Noncontrolling Interests in Subsidiaries	Total
Balance, shares at Dec. 31, 2006		170,530,874
Balance at Dec. 31, 2006	$2,549,991	$170,531	$0	($242,534)	$2,621,994	$60,716	$2,610,707
Net income	506,339				506,339		506,339
Foreign currency translation adjustment	78,877			78,877			78,877
Changes in fair value of derivative instruments, net of income taxes of $184	296			296			296
Pension and postretirement benefit adjustment, net of income taxes of $61,702, $160,695 and $24,278 for the years 2009, 2008 and 2007, respectively	39,646			39,646			39,646
Comprehensive income	625,158						625,158
Cash dividends declared, $1.60, $1.56 and $1.46 per share for the years 2009, 2008 and 2007, respectively	(246,481)				(246,481)		(246,481)
Stock options exercised, net of income tax (expense) benefits of $(684), $(586) and $4,438 for the years 2009, 2008 and 2007, respectively	14,968	530	14,438				14,968
Stock options exercised, net of income tax (expense) benefits of $(684), $(586) and $4,438 for the years 2009, 2008 and 2007, respectively, shares		530,262
Stock-based compensation	14,300		14,300				14,300
Purchase of stock	(241,220)	(4,996)	(28,738)		(207,486)		(241,220)
Purchase of stock, shares		(4,995,886)
Noncontrolling interest activities	0	0	0	0	0	5,514	5,514
Balance at Dec. 31, 2007	2,716,716	166,065	0	(123,715)	2,674,366	66,230	2,782,946
Balance, shares at Dec. 31, 2007		166,065,250
Net income	475,417				475,417		475,417
Foreign currency translation adjustment	(112,150)			(112,150)			(112,150)
Pension and postretirement benefit adjustment, net of income taxes of $61,702, $160,695 and $24,278 for the years 2009, 2008 and 2007, respectively	(242,697)			(242,697)			(242,697)
Comprehensive income	120,570						120,570
Cash dividends declared, $1.60, $1.56 and $1.46 per share for the years 2009, 2008 and 2007, respectively	(253,166)				(253,166)		(253,166)
Stock options exercised, net of income tax (expense) benefits of $(684), $(586) and $4,438 for the years 2009, 2008 and 2007, respectively	235	158	77				235
Stock options exercised, net of income tax (expense) benefits of $(684), $(586) and $4,438 for the years 2009, 2008 and 2007, respectively, shares		157,643
Stock-based compensation	12,977		12,977				12,977
Purchase of stock	(273,000)	(6,780)	(13,054)		(253,166)		(273,000)
Purchase of stock, shares		(6,780,385)
Noncontrolling interest activities	0	0	0	0	0	2,816	2,816
Balance at Dec. 31, 2008	2,324,332	159,443	0	(478,562)	2,643,451	69,046	2,393,378
Balance, shares at Dec. 31, 2008		159,442,508
Net income	399,575				399,575		399,575
Foreign currency translation adjustment	77,963			77,963			77,963
Pension and postretirement benefit adjustment, net of income taxes of $61,702, $160,695 and $24,278 for the years 2009, 2008 and 2007, respectively	90,702			90,702			90,702
Comprehensive income	568,240						568,240
Cash dividends declared, $1.60, $1.56 and $1.46 per share for the years 2009, 2008 and 2007, respectively	(254,995)				(254,995)		(254,995)
Stock options exercised, net of income tax (expense) benefits of $(684), $(586) and $4,438 for the years 2009, 2008 and 2007, respectively	1,194	198	996				1,194
Stock options exercised, net of income tax (expense) benefits of $(684), $(586) and $4,438 for the years 2009, 2008 and 2007, respectively, shares		197,718
Stock-based compensation	8,578		8,578				8,578
Purchase of stock	(26,019)	(723)	(9,574)		(15,722)		(26,019)
Purchase of stock, shares		(722,380)
Noncontrolling interest activities	0	0	0	0	0	2,161	2,161
Purchase of remaining noncontrolling interest in Balkamp, Inc.						(63,165)	(63,165)
Balance at Dec. 31, 2009	$2,621,330	$158,918	$0	($309,897)	$2,772,309	$8,042	$2,629,372
Balance, shares at Dec. 31, 2009		158,917,846

Consolidated Statements of Equi

Consolidated Statements of Equity (Parenthetical) (USD $)
In Thousands, except Per Share data	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Tax effect on changes in fair value of derivative instruments			$184
Tax effect on pension and postretirement benefit adjustment	61,702	160,695	24,278
Cash dividends declared, per share	1.6	1.56	1.46
Tax effect on stock options exercised	684	586	4,438
Total Parent Equity
Tax effect on changes in fair value of derivative instruments			184
Tax effect on pension and postretirement benefit adjustment	61,702	160,695	24,278
Cash dividends declared, per share	1.6	1.56	1.46
Tax effect on stock options exercised	684	586	4,438
Common Stock
Tax effect on stock options exercised	684	586	4,438
Additional Paid-In Capital
Tax effect on stock options exercised	684	586	4,438
Accumulated Other Comprehensive Loss
Tax effect on changes in fair value of derivative instruments			184
Tax effect on pension and postretirement benefit adjustment	$61,702	$160,695	$24,278
Retained Earnings
Cash dividends declared, per share	1.6	1.56	1.46

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (USD $)
In Thousands	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Operating activities
Net income	$399,575	$475,417	$506,339
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	90,411	88,698	87,702
Excess tax expense (benefits) from share-based compensation	684	586	(4,438)
Gain on sale of property, plant, and equipment	(3,757)	(2,086)	(2,214)
Deferred income taxes	27,899	(40,023)	(8,066)
Stock-based compensation	8,578	12,977	14,300
Changes in operating assets and liabilities:
Trade accounts receivable, net	69,258	(19,695)	38,330
Merchandise inventories, net	194,743	(20,709)	(42,087)
Trade accounts payable	49,947	(14,307)	65,103
Other long-term assets	(28,506)	49,729	(11,806)
Other, net	36,466	(278)	(1,692)
Changes in operating assets and liabilities	445,723	54,892	135,132
Net cash provided by operating activities	845,298	530,309	641,471
Investing activities
Purchases of property, plant and equipment	(69,445)	(105,026)	(115,648)
Proceeds from sale of property, plant, and equipment	12,042	11,721	67,656
Acquisition of businesses and other investments	(134,203)	(133,604)	(44,855)
Proceeds from disposal of businesses	0	12,575	5,249
Purchase of properties under construction and lease agreement	(72,814)	0	0
Net cash used in investing activities	(264,420)	(214,334)	(87,598)
Financing activities
Proceeds from debt	795,000	1,283,000	0
Payments on debt	(795,000)	(1,283,000)	0
Stock options exercised	1,878	821	10,530
Excess tax (expense) benefits from share-based compensation	(684)	(586)	4,438
Dividends paid	(253,558)	(251,808)	(243,244)
Purchase of stock	(26,019)	(273,000)	(241,220)
Changes in cash overdraft position	(52,000)	52,000	0
Net cash used in financing activities	(330,383)	(472,573)	(469,496)
Effect of exchange rate changes on cash	18,531	(7,462)	11,487
Net increase (decrease) in cash and cash equivalents	269,026	(164,060)	95,864
Cash and cash equivalents at beginning of year	67,777	231,837	135,973
Cash and cash equivalents at end of year	336,803	67,777	231,837
Cash paid during the year for:
Income taxes	219,888	338,859	324,399
Interest	$27,626	$31,297	$31,540

Summary of Significant Accounti

Summary of Significant Accounting Policies
	12 Months Ended Dec. 31, 2009 USD / shares
Summary of Significant Accounting policies [Abstract]
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies Business Genuine Parts Company and all of its majority-owned subsidiaries (the Company) is a distributor of automotive replacement parts, industrial replacement parts, office products, and electrical/electronic materials. The Company serves a diverse customer base through approximately 2,000 locations in North America and, therefore, has limited exposure from credit losses to any particular customer, region, or industry segment. The Company performs periodic credit evaluations of its customers financial condition and generally does not require collateral. Principles of Consolidation The consolidated financial statements include all of the accounts of the Company. The net income attributable to noncontrolling interests is not material to the Companys consolidated net income. Significant intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of the consolidated financial statements, in conformity with U.S.generally accepted accounting principles, requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from those estimates and the differences could be material. Revenue Recognition The Company records revenue when the following criteria are met: persuasive evidence of an arrangement exists, delivery has occurred, the Companys price to the customer is fixed and determinable and collectability is reasonably assured. Delivery is not considered to have occurred until the customer assumes the risks and rewards of ownership. Foreign Currency Translation The consolidated balance sheets and statements of income of the Companys foreign subsidiaries have been translated into U.S.dollars at the current and average exchange rates, respectively. The foreign currency translation adjustment is included as a component of accumulated other comprehensive (loss) income. Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Trade Accounts Receivable and the Allowance for Doubtful Accounts The Company evaluates the collectability of trade accounts receivable based on a combination of factors. Initially, the Company estimates an allowance for doubtful accounts as a percentage of net sales based on historical bad debt experience. This initial estimate is periodically adjusted when the Company becomes aware of a specific customers inability to meet its financial obligations (e.g., bankruptcy filing) or as a result of changes in the overall aging of accounts receivable. While the Company has a large customer base that is geographically dispersed, a general economic downturn in any of the industry segments in which the Company operates could result in higher than expected defaults, and, therefore, the need to revise estimates for bad debts. For the years ended December31, 2009, 2008, and 2007, the Company recorded provisions for bad debts of approximately $28,463,000, $2

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets
	12 Months Ended Dec. 31, 2009 USD / shares
Goodwill and Other Intangible Assets [Abstract]
Goodwill and Other Intangible Assets	2. Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill during the years ended December31, 2009, 2008, and 2007 by reportable segment, as well as other identifiable intangible assets, are summarized as follows (in thousands): Goodwill Electrical/ Identifiable Office Electronic Intangible Automotive Industrial Products Materials Assets Total Balance as of January1, 2007 $ 23,887 $ 31,409 $ 2,131 $ $ 4,827 $ 62,254 Additions 300 13,593 7,424 21,317 Amortization (1,118 ) (1,118 ) Balance as of December31, 2007 24,187 45,002 2,131 11,133 82,453 Additions 19,767 25,834 8,423 2,870 27,548 84,442 Amortization (2,861 ) (2,861 ) Foreign currency translation (3,742 ) (1,467 ) (5,209 ) Balance as of December31, 2008 40,212 70,836 10,554 2,870 34,353 158,825 Additions 2 5,518 6,679 12,199 Amortization (3,644 ) (3,644 ) Foreign currency translation 2,900 1,252 4,152 Balance as of December31, 2009 $ 43,114 $ 76,354 $ 10,554 $ 2,870 $ 38,640 $ 171,532

Credit Facilities

Credit Facilities
	12 Months Ended Dec. 31, 2009 USD / shares
Credit Facilities [Abstract]
Credit Facilities	3. Credit Facilities There were no amounts subject to variable rates at December31, 2009 and 2008. The weighted average interest rate on the Companys outstanding borrowings was approximately 5.45% at December31, 2009 and 2008. The Company maintains a $350,000,000 unsecured revolving line of credit with a consortium of financial institutions that matures in December 2012 and bears interest at LIBOR plus 0.30% (0.53% at December31, 2009). The Company also has the option under this agreement to increase its borrowing an additional $200,000,000. No amounts were outstanding under this line of credit at December31, 2009 and 2008. Certain borrowings contain covenants related to a maximum debt-to-capitalization ratio and certain limitations on additional borrowings. At December31, 2009, the Company was in compliance with all such covenants. Due to the workers compensation and insurance reserve requirements in certain states, the Company also had unused letters of credit of $50,403,000 and $50,553,000 outstanding at December31, 2009 and 2008, respectively. Amounts outstanding under the Companys credit facilities consist of the following: December31 2009 2008 (In thousands) Unsecured term notes: November30, 2001, SeriesB Senior Notes, $250,000,000, 6.23% fixed, due November30, 2011 $ 250,000 $ 250,000 November30, 2008, Senior Unsecured Notes, $250,000,000, 4.67% fixed, due November30, 2013 250,000 250,000 Long-term debt $ 500,000 $ 500,000 Approximate maturities under the Companys credit facilities are as follows (in thousands): 2010 $ 2011 250,000 2012 2013 250,000 $ 500,000

Leased Properties

Leased Properties
	12 Months Ended Dec. 31, 2009 USD / shares
Leased Properties [Abstract]
Leased Properties	4. Leased Properties In June 2003, the Company completed an amended and restated master agreement to the $85,000,000 construction and lease agreement (the Agreement). The lessor in the Agreement was an independent third-party limited liability company, which had as its sole member a publicly traded corporation. Properties acquired by the lessor were constructed and/or then leased to the Company under operating lease agreements. On June26, 2009, the Agreement expired. In accordance with the Agreement, the Company purchased the properties from the lessor for $72,814,000, including closing costs. The properties have been included in property, plant, and equipment in the accompanying consolidated balance sheet. Rent expense related to the Agreement is recorded under selling, administrative, and other expenses in our consolidated statements of income and was $489,000, $2,586,000, and $4,877,000 for the years ended December31, 2009, 2008, and 2007, respectively. In October 2007, the Company entered into a sale-leaseback transaction with a financial institution. In connection with the transaction, the Company sold certain automotive retail store properties and immediately leased the properties back over a lease term of twenty years. The lease was classified as an operating lease. Net proceeds from the transaction amounted to approximately $56,000,000. The Company realized a net gain of approximately $20,000,000, which was deferred and is being amortized over the lease term. The unamortized portion of the deferred gain is included in other long-term liabilities in the accompanying consolidated balance sheets. At December31, 2009 and 2008, buildings include $11,550,000 with accumulated depreciation of $7,823,000 and $6,831,000, respectively, for capital leases of distribution centers and stores. Depreciation expense for capital leases was approximately $1,828,000, $2,267,000, and $2,509,000 in 2009, 2008, and 2007, respectively. Future minimum payments, by year and in the aggregate, under the capital and noncancelable operating leases with initial or remaining terms of one year or more consisted of the following at December31, 2009 (in thousands): Capital Operating Leases Leases 2010 $ 1,296 $ 129,928 2011 1,021 101,048 2012 913 74,857 2013 815 54,997 2014 742 40,568 Thereafter 1,282 129,210 Total minimum lease payments 6,069 $ 530,608 Amounts representing interest (2,342 ) Present value of future minimum lease payments $ 3,727 Rental expense for operating leases was approximately $153,523,000 in 2009, $159,562,000 in 2008, and $153,273,000 in 2007.

Stock Options and Restricted St

Stock Options and Restricted Stock Awards
	12 Months Ended Dec. 31, 2009 USD / shares
Stock Options and Restricted Stock Awards [Abstract]
Stock Options and Restricted Stock Awards	5. Stock Options and Restricted Stock Awards The Company maintains various long-term incentive plans, which provide for the granting of stock options, stock appreciation rights (SARs), restricted stock, restricted stock units (RSUs), performance awards, dividend equivalents and other share-based awards. SARs represent a right to receive upon exercise an amount, payable in shares of common stock, equal to the excess, if any, of the fair market value of the Companys common stock on the date of exercise over the base value of the grant. The terms of such SARs require net settlement in shares of common stock and do not provide for cash settlement. RSUs represent a contingent right to receive one share of the Companys common stock at a future date. The majority of awards previously granted vest on a pro-rata basis for periods ranging from one to five years and are expensed accordingly on a straight-line basis. The Company issues new shares upon exercise or conversion of awards under these plans. For the year ended December31, 2009, total compensation cost related to nonvested awards not yet recognized was approximately $4,500,000. The weighted-average period over which this compensation cost is expected to be recognized is approximately one year. The aggregate intrinsic value for options and RSUs outstanding at December31, 2009 and 2008 was approximately $17,500,000 and $24,900,000, respectively. The aggregate intrinsic value for options and RSUs vested totaled approximately $12,200,000 and $13,300,000 at December31, 2009 and 2008, respectively. At December31, 2009, the weighted-average contractual life for outstanding and exercisable options and RSUs was five years. For the years ended December31, 2009, 2008, and 2007, $8,578,000, $12,977,000, and $14,300,000 of share-based compensation cost was recorded, respectively. The total income tax benefit recognized in the consolidated statements of income for share-based compensation arrangements was approximately $3,400,000, $5,200,000, and $5,700,000 for 2009, 2008, and 2007, respectively. There have been no modifications to valuation methodologies or methods during the years ended December31, 2009, 2008, and 2007. For the years ended December31, 2008 and 2007 the fair value for options and SARs granted was estimated using a Black-Scholes option pricing model with the following weighted-average assumptions, respectively: risk-free interest rate of 3.5% and 4.6%; dividend yield of 3.0% and 3.1%; annual historical volatility factor of the expected market price of the Companys common stock of 17% and 21%; an average expected life and estimated turnover based on the historical pattern of existing grants of six years and 4.0% to 5.1%, respectively. The fair value of RSUs is based on the price of the Companys stock on the date of grant. The Company had no grant activity for the year ended December31, 2009. The total fair value of shares vested during the years ended December31, 2009, 2008, and 2007, was $13,200,000, $14,900,000, and $10,500,000, respectively. A summary of the Companys stock option activity and related information is as follows: 2009

Income Taxes

Income Taxes
	12 Months Ended Dec. 31, 2009 USD / shares
Income Taxes [Abstract]
Income Taxes	6. Income Taxes Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. Undistributed earnings of the Companys foreign subsidiaries are considered to be indefinitely reinvested. As such, no U.S.federal and state income taxes have been provided thereon, and it is not practicable to determine the amount of the related unrecognized deferred income tax liability. Significant components of the Companys deferred tax assets and liabilities are as follows: 2009 2008 (In thousands) Deferred tax assets related to: Expenses not yet deducted for tax purposes $ 151,488 $ 114,092 Pension liability not yet deducted for tax purposes 267,544 326,808 Capital loss 24,780 24,787 Valuation allowance (24,780 ) (24,787 ) 419,032 440,900 Deferred tax liabilities related to: Employee and retiree benefits 150,294 125,655 Inventory 79,327 79,304 Property, plant and equipment 30,438 17,614 Other 19,047 13,250 279,106 235,823 Net deferred tax asset 139,926 205,077 Current portion of deferred tax liability 27,796 13,426 Non-current deferred tax asset $ 167,722 $ 218,503 The current portion of the deferred tax liability is included in income taxes payable in the consolidated balance sheets. The Company has a capital loss carryforward of approximately $62,000,000 that will expire in 2013. The components of income tax expense are as follows: 2009 2008 2007 (In thousands) Current: Federal $ 171,691 $ 261,250 $ 262,922 State 28,591 45,167 42,101 Foreign 16,409 26,657 13,449 Deferred 27,899 (40,023 ) (8,066 ) $ 244,590 $ 293,051 $ 310,406 The reasons for the difference between total tax expense and the amount computed by applying the statutory Federal income tax rate to income before income taxes are as follows: 2009 2008 2007 (In thousands) Statutory rate applied to income $ 225,458 $ 268,964 $ 285,861 Plus state income taxes, net of Federal tax benefit 20,977 25,831 26,672 Capital loss (30,038 ) Capital loss valuation allowance 24,787 Other (1,845 )

Employee Benefit Plans

Employee Benefit Plans
	12 Months Ended Dec. 31, 2009 USD / shares
Employee Benefit Plans [Abstract]
Employee Benefit Plans	7. Employee Benefit Plans The Companys defined benefit pension plans cover most of its employees in the U.S.and Canada. The plan covering U.S.employees is noncontributory and benefits are based on the employees compensation during the highest five of their last ten years of credited service. The Canadian plan is contributory and benefits are based on career average compensation. The Companys funding policy is to contribute an amount equal to the minimum required contribution under ERISA. The Company may increase its contribution above the minimum if appropriate to its tax and cash position and the plans funded position. In 2008, the U.S.defined benefit plan was amended to prohibit employees hired on or after March1, 2008 from participating in the plan. The plan was also amended to freeze credited service for participants who do not meet certain age and length of service requirements as of December31, 2008. However, the plan continues to reflect future pay increases for all participants. In April 2009, the Company recorded a $4,298,000 non-cash curtailment adjustment in connection with a reorganization, which reduced the expected years of future service of employees covered by the U.S.defined benefit pension plan. Curtailment accounting is required if an event eliminates, for a significant number of employees, the accrual of defined benefits for some or all of their future services. The Company also sponsors unfunded supplemental retirement plans covering employees in the U.S.and Canada and other postretirement benefit plans in the U.S.The Company uses a measurement date of December31stfor its pension and other postretirement benefit plans. In July 2009, the Company announced changes to the U.S.postretirement benefit plan. Effective January1, 2010, future retirees will no longer receive employer-provided medical benefits and current pre-65 retirees will no longer receive employer-provided post-65 medical benefits (beyond an access-only arrangement). Other Postretirement Pension Benefits Benefits 2009 2008 2009 2008 (In thousands) (In thousands) Changes in benefit obligation Benefit obligation at beginning of year $ 1,450,030 $ 1,387,669 $ 29,318 $ 28,640 Service cost 16,534 53,311 443 880 Interest cost 93,493 90,300 1,264 1,614 Plan participants contributions 3,219 3,216 3,735 3,782 Plan amendments (66,349 ) (13,182 ) Actuarial (gain) loss (21,257 ) 51,042 (1,190 ) 1,282 Exchange rate loss (gain) 15,311 (24,446 ) Gross benefits paid (48,027 ) (44,713 ) (7,349 ) (7,664 ) Less federal subsidy N/A N/A 472 784 Curtailments (7,219 )

Guarantees

Guarantees
	12 Months Ended Dec. 31, 2009 USD / shares
Guarantees [Abstract]
Guarantees	8. Guarantees The Company guarantees the borrowings of certain independently controlled automotive parts stores (independents) and certain other affiliates in which the Company has a noncontrolling equity ownership interest (affiliates). Presently, the independents are generally consolidated by unaffiliated enterprises that have a controlling financial interest through ownership of a majority voting interest in the entity. The Company has no voting interest or other equity conversion rights in any of the independents. The Company does not control the independents or the affiliates, but receives a fee for the guarantee. The Company has concluded that it is not the primary beneficiary with respect to any of the independents and that the affiliates are not variable interest entities. The Companys maximum exposure to loss as a result of its involvement with these independents and affiliates is equal to the total borrowings subject to the Companys guarantee. While such borrowings of the independents and affiliates are outstanding, the Company is required to maintain compliance with certain covenants, including a maximum debt to capitalization ratio and certain limitations on additional borrowings. At December31, 2009, the Company was in compliance with all such covenants. At December31, 2009, the total borrowings of the independents and affiliates subject to guarantee by the Company were approximately $200,857,000. These loans generally mature over periods from one to six years. In the event that the Company is required to make payments in connection with guaranteed obligations of the independents or the affiliates, the Company would obtain and liquidate certain collateral (e.g., accounts receivable and inventory) to recover all or a portion of the amounts paid under the guarantee. When it is deemed probable that the Company will incur a loss in connection with a guarantee, a liability is recorded equal to this estimated loss. To date, the Company has had no significant losses in connection with guarantees of independents and affiliates borrowings. The Company has accrued for guarantees related to the independents and affiliates borrowings as of December31, 2009 and 2008. These liabilities are not material to the financial position of the Company and are included in other long-term liabilities in the accompanying consolidated balance sheets.

Acquisitions

Acquisitions
	12 Months Ended Dec. 31, 2009 USD / shares
Acquisitions [Abstract]
Acquisitions	9. Acquisitions During 2009, the Company acquired eight companies in the Industrial and Automotive Groups for approximately $71,038,000. The Company allocated 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 the acquired companies were included in the Companys consolidated statements of income beginning on their respective acquisition dates. The Company recorded approximately $12,199,000 of goodwill and other intangible assets associated with the acquisitions. On June1, 2009, the Company acquired the remaining noncontrolling interest in its consolidated subsidiary, Balkamp, Inc., for approximately $63,165,000. The acquisition was accounted for as an equity transaction and the associated noncontrolling interest in the subsidiarys equity was eliminated as part of the transaction. During 2008, the Company acquired eleven companies in the Automotive, Industrial, Office Supply and Electrical/Electronic Groups for approximately $133,604,000. The Company allocated 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 the acquired companies were included in the Companys consolidated statements of income beginning on their respective acquisition dates. The Company recorded approximately $84,442,000 of goodwill and other intangible assets associated with these acquisitions.

Subsequent Events

Subsequent Events
	12 Months Ended Dec. 31, 2009 USD / shares
Subsequent Events [Abstract]
Subsequent Events	10. Subsequent Events The Company has evaluated subsequent events during the period beginning January1, 2010 through February26, 2010, the date the consolidated financial statements were issued. The Company concluded that there were no events or transactions occurring during this period that required recognition or disclosure in the accompanying consolidated financial statements.

Segment Data

Segment Data
	12 Months Ended Dec. 31, 2009 USD / shares
Segment Data [Abstract]
Segment Data	11. Segment Data The Companys reportable segments consist of automotive, industrial, office products, and electrical/electronic materials. Within the reportable segments, certain of the Companys operating segments are aggregated since they have similar economic characteristics, products and services, type and class of customers, and distribution methods. The Companys automotive segment distributes replacement parts (other than body parts) for substantially all makes and models of automobiles, trucks, and other vehicles. The Companys industrial segment distributes a wide variety of industrial bearings, mechanical and fluid power transmission equipment, including hydraulic and pneumatic products, material handling components, and related parts and supplies. The Companys office products segment distributes a wide variety of office products, computer supplies, office furniture, and business electronics. The Companys electrical/electronic materials segment distributes a wide variety of electrical/electronic materials, including insulating and conductive materials for use in electronic and electrical apparatus. Inter-segment sales are not significant. Operating profit for each industry segment is calculated as net sales less operating expenses excluding general corporate expenses, interest expense, equity in income from investees, amortization, and noncontrolling interests. Approximately $38,900,000, $49,900,000, and $46,900,000 of income before income taxes was generated in jurisdictions outside the United States for the years ending December31, 2009, 2008, and 2007, respectively. Net sales and net long-lived assets by country relate directly to the Companys operations in the respective country. Corporate assets are principally cash and cash equivalents and headquarters facilities and equipment. For management purposes, net sales by segment exclude the effect of certain discounts, incentives, and freight billed to customers. The line item other represents the net effect of the discounts, incentives, and freight billed to customers, which are reported as a component of net sales in the Companys consolidated statements of income. Segment Data 2009 2008 2007 2006 2005 (In thousands) Net sales: Automotive $ 5,225,389 $ 5,321,536 $ 5,311,873 $ 5,185,080 $ 5,013,460 Industrial 2,885,782 3,514,661 3,350,954 3,107,593 2,795,699 Office products 1,639,018 1,732,514 1,765,055 1,779,832 1,662,393 Electrical/electronic materials 345,808 465,889 436,318 408,138 341,513 Other (38,485 ) (19,337 ) (21,005 ) (22,701 ) (30,015 ) Total net sales $ 10,057,512 $ 11,015,263 $ 10,843,195 $ 10,457,942 $

Valuation and Qualifying Accoun

Valuation and Qualifying Accounts
	12 Months Ended Dec. 31, 2009 USD / shares
Valuation and Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts	Schedule Of Valuation And Qualifying Accounts Disclosure Annual Report on Form10-K Item15(c) Financial Statement ScheduleII Valuation and Qualifying Accounts Genuine Parts Company and Subsidiaries Balance at Charged Balance at Beginning to Costs End of Period and Expenses Deductions of Period Year ended December31, 2007: Reserves and allowances deducted from asset accounts: Allowance for uncollectible accounts $ 13,456,070 $ 13,513,715 $ (11,448,980 )1 $ 15,520,805 Year ended December31, 2008: Reserves and allowances deducted from asset accounts: Allowance for uncollectible accounts $ 15,520,805 $ 23,882,674 $ (20,815,910 )1 $ 18,587,569 Year ended December31, 2009: Reserves and allowances deducted from asset accounts: Allowance for uncollectible accounts $ 18,587,569 $ 28,463,029 $ (30,460,819 )1 $ 16,589,779 1 Uncollectible accounts written off, net of recoveries.