Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 30, 2013 | |
Document And Entity Information [Abstract] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 30-Sep-13 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'Q3 |
Entity Registrant Name | 'GENUINE PARTS CO |
Entity Central Index Key | '0000040987 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 154,357,198 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $320,870 | $403,095 |
Trade accounts receivable, less allowance for doubtful accounts (2013 - $30,676; 2012 - $19,180) | 1,759,517 | 1,490,028 |
Merchandise inventories, net - at lower of cost or market | 2,832,108 | 2,602,560 |
Prepaid expenses and other current assets | 382,980 | 324,448 |
TOTAL CURRENT ASSETS | 5,295,475 | 4,820,131 |
Goodwill and other intangible assets, less accumulated amortization | 1,280,182 | 497,839 |
Deferred tax assets | 257,571 | 279,463 |
Other assets | 462,172 | 643,263 |
Property, plant and equipment, less allowance for depreciation (2013 - $814,710; 2012 - $759,640) | 648,503 | 566,365 |
TOTAL ASSETS | 7,943,903 | 6,807,061 |
CURRENT LIABILITIES | ' | ' |
Trade accounts payable | 2,213,190 | 1,681,900 |
Current portion of debt | 583,896 | 250,000 |
Income taxes payable | 19,176 | 4,354 |
Dividends payable | 82,982 | 76,641 |
Other current liabilities | 554,850 | 474,743 |
TOTAL CURRENT LIABILITIES | 3,454,094 | 2,487,638 |
Long-term debt | 250,000 | 250,000 |
Pension and other post-retirement benefit liabilities | 481,333 | 572,988 |
Deferred tax liabilities | 90,584 | ' |
Other long-term liabilities | 514,717 | 488,256 |
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-2013 - 154,357,198; 2012 - 154,841,438 | 154,357 | 154,841 |
Retained earnings | 3,570,356 | 3,344,538 |
Accumulated other comprehensive loss | -581,652 | -501,492 |
TOTAL PARENT EQUITY | 3,143,061 | 2,997,887 |
Noncontrolling interests in subsidiaries | 10,114 | 10,292 |
TOTAL EQUITY | 3,153,175 | 3,008,179 |
TOTAL LIABILITIES AND EQUITY | $7,943,903 | $6,807,061 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts receivable | $30,676 | $19,180 |
Allowance for depreciation, property, plant and equipment | $814,710 | $759,640 |
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 | 154,357,198 | 154,841,438 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income and Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $3,685,243 | $3,375,778 | $10,560,042 | $9,894,902 |
Cost of goods sold | 2,584,320 | 2,399,742 | 7,432,263 | 7,027,469 |
Gross profit | 1,100,923 | 976,036 | 3,127,779 | 2,867,433 |
Operating expenses: | ' | ' | ' | ' |
Selling, administrative & other expenses | 793,957 | 678,894 | 2,221,096 | 2,027,098 |
Depreciation and amortization | 35,220 | 25,609 | 98,072 | 73,329 |
Total operating expenses | 829,177 | 704,503 | 2,319,168 | 2,100,427 |
Income before income taxes | 271,746 | 271,533 | 808,611 | 767,006 |
Income taxes | 98,000 | 98,590 | 274,119 | 279,190 |
Net income | 173,746 | 172,943 | 534,492 | 487,816 |
Basic net income per common share | $1.12 | $1.11 | $3.45 | $3.14 |
Diluted net income per common share | $1.12 | $1.11 | $3.43 | $3.11 |
Dividends declared per common share | $0.54 | $0.50 | $1.61 | $1.49 |
Weighted average common shares outstanding | 154,567 | 155,147 | 154,835 | 155,568 |
Dilutive effect of stock options and non-vested restricted stock awards | 1,096 | 988 | 1,082 | 1,038 |
Weighted average common shares outstanding-assuming dilution | 155,663 | 156,135 | 155,917 | 156,606 |
Comprehensive income | $192,317 | $210,542 | $454,332 | $549,009 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
OPERATING ACTIVITIES: | ' | ' |
Net income | $534,492 | $487,816 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 98,072 | 73,329 |
Share-based compensation | 8,932 | 8,098 |
Excess tax benefits from share-based compensation | -12,020 | -9,239 |
Other | -50,608 | -1,011 |
Changes in operating assets and liabilities | 258,617 | 205,827 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 837,485 | 764,820 |
INVESTING ACTIVITIES: | ' | ' |
Purchases of property, plant and equipment | -84,146 | -71,627 |
Acquisitions and other investing activities | -614,109 | -545,378 |
NET CASH USED IN INVESTING ACTIVITIES | -698,255 | -617,005 |
FINANCING ACTIVITIES: | ' | ' |
Proceeds from debt | 2,094,550 | 750,000 |
Payments on debt | -1,990,204 | -750,000 |
Share-based awards exercised, net of taxes paid | -14,313 | -4,008 |
Excess tax benefits from share-based compensation | 12,020 | 9,239 |
Dividends paid | -243,262 | -224,170 |
Purchase of stock | -71,738 | -58,808 |
NET CASH USED IN FINANCING ACTIVITIES | -212,947 | -277,747 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | -8,508 | 2,996 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -82,225 | -126,936 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 403,095 | 525,054 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $320,870 | $398,118 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Note A—Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. Except as disclosed herein, there has been no material change in the information disclosed in the notes to the consolidated financial statements included in the Annual Report on Form 10-K of Genuine Parts Company (the “Company”) for the year ended December 31, 2012. Accordingly, the unaudited interim condensed consolidated financial statements and related disclosures herein should be read in conjunction with the Company’s 2012 Annual Report on Form 10-K. | |
The preparation of interim financial statements requires management to make estimates and assumptions for the amounts reported in the condensed consolidated financial statements. Specifically, the Company makes estimates and assumptions in its interim condensed consolidated financial statements for inventory adjustments, the accrual of bad debts, customer sales returns, and volume incentives earned, among others. Inventory adjustments (including adjustments for a majority of inventories that are valued under the last-in, first-out (“LIFO”) method) are accrued on an interim basis and adjusted in the fourth quarter based on the annual book to physical inventory adjustment and LIFO valuation, which is performed each year-end. Reserves for bad debts are estimated and accrued based on a percentage of sales. Volume incentives are estimated based upon cumulative and projected purchasing levels. The estimates and assumptions for interim reporting may change upon final determination at year-end, and such changes may be significant. | |
In the opinion of management, all adjustments necessary for a fair presentation of the Company’s financial results for the interim periods have been made. These adjustments are of a normal recurring nature. The results of operations for the nine month period ended September 30, 2013 are not necessarily indicative of results for the entire year. The Company has evaluated subsequent events through the date the financial statements covered by this quarterly report were issued. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Information | ' | ||||||||||||||||
Note B—Segment Information | |||||||||||||||||
Three Months Ended Sept. 30, | Nine Months Ended Sept. 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Net sales: | |||||||||||||||||
Automotive | $ | 2,016,076 | $ | 1,650,857 | $ | 5,572,415 | $ | 4,789,258 | |||||||||
Industrial | 1,110,309 | 1,138,854 | 3,344,421 | 3,398,801 | |||||||||||||
Office products | 430,457 | 444,255 | 1,252,857 | 1,283,748 | |||||||||||||
Electrical/electronic materials | 142,818 | 150,877 | 424,973 | 447,433 | |||||||||||||
Other | (14,417 | ) | (9,065 | ) | (34,624 | ) | (24,338 | ) | |||||||||
Total net sales | $ | 3,685,243 | $ | 3,375,778 | $ | 10,560,042 | $ | 9,894,902 | |||||||||
Operating profit: | |||||||||||||||||
Automotive | $ | 180,166 | $ | 150,648 | $ | 487,591 | $ | 418,187 | |||||||||
Industrial | 79,596 | 94,621 | 247,382 | 274,002 | |||||||||||||
Office products | 28,094 | 29,942 | 91,054 | 98,068 | |||||||||||||
Electrical/electronic materials | 12,625 | 13,555 | 35,297 | 38,454 | |||||||||||||
Total operating profit | 300,481 | 288,766 | 861,324 | 828,711 | |||||||||||||
Interest expense, net | (7,031 | ) | (4,971 | ) | (18,236 | ) | (14,705 | ) | |||||||||
Other intangible assets amortization | (7,726 | ) | (3,428 | ) | (20,487 | ) | (9,180 | ) | |||||||||
Other, net | (13,978 | ) | (8,834 | ) | (13,990 | ) | (37,820 | ) | |||||||||
Income before income taxes | $ | 271,746 | $ | 271,533 | $ | 808,611 | $ | 767,006 | |||||||||
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 is reported as a component of net sales in the Company’s condensed consolidated statements of income and comprehensive income. |
Other_Comprehensive_Income
Other Comprehensive Income | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Other Comprehensive Income | ' | ||||||||||||||||
Note C—Other Comprehensive Income | |||||||||||||||||
The difference between comprehensive income and net income was due to foreign currency translation adjustments and pension and other post-retirement benefit adjustments, as summarized below. The decrease in other comprehensive income for the nine months ended September 30, 2013 as compared to 2012 is attributed to fluctuations in the Australian dollar and Canadian dollar exchange rates in 2013. | |||||||||||||||||
Three Months Ended Sept. 30, | Nine Months Ended Sept. 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Net income | $ | 173,746 | $ | 172,943 | $ | 534,492 | $ | 487,816 | |||||||||
Other comprehensive income (loss): | |||||||||||||||||
Foreign currency translation | 5,369 | 25,802 | (116,900 | ) | 29,727 | ||||||||||||
Pension and other post-retirement benefit adjustments: | |||||||||||||||||
Recognition of prior service credit, net of tax | (1,314 | ) | (1,241 | ) | (3,956 | ) | (3,715 | ) | |||||||||
Recognition of actuarial loss, net of tax | 12,726 | 10,812 | 38,906 | 32,955 | |||||||||||||
Net actuarial gain, net of tax | 1,790 | 2,226 | 1,790 | 2,226 | |||||||||||||
Total other comprehensive income (loss) | 18,571 | 37,599 | (80,160 | ) | 61,193 | ||||||||||||
Comprehensive income | $ | 192,317 | $ | 210,542 | $ | 454,332 | $ | 549,009 | |||||||||
The following table presents the changes in accumulated other comprehensive loss by component for the nine months ended September 30, 2013: | |||||||||||||||||
Changes in Accumulated Other Comprehensive | |||||||||||||||||
Loss by Component | |||||||||||||||||
Pension and | Foreign | Total | |||||||||||||||
Other Post- | Currency | ||||||||||||||||
Retirement | Translation | ||||||||||||||||
Benefits | |||||||||||||||||
(in thousands) | |||||||||||||||||
Beginning balance, January 1, 2013 | $ | (632,576 | ) | $ | 131,084 | $ | (501,492 | ) | |||||||||
Other comprehensive income (loss) before reclassifications, net of tax | 1,790 | (116,900 | ) | (115,110 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 34,950 | — | 34,950 | ||||||||||||||
Net current period other comprehensive income (loss) | 36,740 | (116,900 | ) | (80,160 | ) | ||||||||||||
Ending balance, September 30, 2013 | $ | (595,836 | ) | $ | 14,184 | $ | (581,652 | ) | |||||||||
The accumulated other comprehensive loss components related to the pension and other post-retirement benefits are included in the computation of net periodic benefit cost (see employee benefit plans footnote for additional details). |
Recently_Adopted_Accounting_Pr
Recently Adopted Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Recently Adopted Accounting Pronouncements | ' |
Note D—Recently Adopted Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. Under ASU 2013-02, an entity is required to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income, but only if the amount reclassified is required to be reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. ASU 2013-02 does not change the current requirements for reporting net income or other comprehensive income in the financial statements. ASU 2013-02 is effective for the Company’s interim and annual periods beginning after December 15, 2012. The adoption of ASU 2013-02 did not have a material impact on the condensed consolidated financial statements for the nine months ended September 30, 2013 and will not have a material impact on the annual consolidated financial statements. |
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Share-Based Compensation | ' |
Note E—Share-Based Compensation | |
As more fully discussed in Note 5 of the Company’s notes to the consolidated financial statements in its 2012 Annual Report on Form 10-K, the Company maintains various long-term incentive plans, which provide for the granting of stock options, stock appreciation rights (“SARs”), restricted stock, restricted stock units (“RSUs”), performance awards, dividend equivalents and other share-based awards. SARs represent a right to receive upon exercise an amount, payable in shares of common stock, equal to the excess, if any, of the fair market value of the Company’s common stock on the date of exercise over the base value of the grant. The terms of such SARs require net settlement in shares of common stock and do not provide for cash settlement. RSUs represent a contingent right to receive one share of the Company’s common stock at a future date. The majority of awards previously granted vest on a pro-rata basis for periods ranging from one to five years and are expensed accordingly on a straight-line basis. The Company issues new shares upon exercise or conversion of awards under these plans. Most awards may be exercised or converted to shares not earlier than twelve months nor later than ten years from the date of grant. At September 30, 2013, total compensation cost related to nonvested awards not yet recognized was approximately $26.3 million, as compared to $20.4 million at December 31, 2012. The weighted-average period over which this compensation cost is expected to be recognized is approximately three years. The aggregate intrinsic value for SARs and RSUs outstanding at September 30, 2013 was approximately $144.0 million. At September 30, 2013, the aggregate intrinsic value for SARs and RSUs vested totaled approximately $91.1 million, and the weighted-average contractual life for outstanding and exercisable SARs and RSUs was approximately six and five years, respectively. For the nine months ended September 30, 2013, $8.9 million of share-based compensation cost was recorded, as compared to $8.1 million for the same period in the prior year. On April 1, 2013, the Company granted approximately 727,000 SARs and 132,000 RSUs. On October 1, 2013, the Company granted approximately 40,000 RSUs. | |
Options to purchase approximately 0.7 million and 0.6 million shares of common stock were outstanding but excluded from the computation of diluted earnings per share for the three and nine month periods ended September 30, 2013, as compared to approximately 0.8 million and 0.7 million shares in the same three and nine month periods of the prior year, respectively. These options were excluded from the computation of diluted net income per common share because the options’ exercise price was greater than the average market price of the common stock. |
Employee_Benefit_Plans
Employee Benefit Plans | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||
Note F—Employee Benefit Plans | |||||||||||||||||
Net periodic benefit cost included the following components for the three months ended September 30: | |||||||||||||||||
Pension Benefits | Other Post-retirement | ||||||||||||||||
Benefits | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Service cost | $ | 4,798 | $ | 3,801 | $ | — | $ | — | |||||||||
Interest cost | 22,219 | 25,030 | 32 | 66 | |||||||||||||
Expected return on plan assets | (33,414 | ) | (32,098 | ) | — | — | |||||||||||
Amortization of prior service credit | (1,884 | ) | (1,749 | ) | (239 | ) | (232 | ) | |||||||||
Amortization of actuarial loss | 20,535 | 17,314 | 258 | 307 | |||||||||||||
Net periodic benefit cost | $ | 12,254 | $ | 12,298 | $ | 51 | $ | 141 | |||||||||
Net periodic benefit cost included the following components for the nine months ended September 30: | |||||||||||||||||
Pension Benefits | Other Post-retirement | ||||||||||||||||
Benefits | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Service cost | $ | 14,735 | $ | 11,452 | $ | — | $ | — | |||||||||
Interest cost | 67,017 | 75,299 | 107 | 200 | |||||||||||||
Expected return on plan assets | (100,427 | ) | (96,260 | ) | — | — | |||||||||||
Amortization of prior service credit | (5,670 | ) | (5,241 | ) | (717 | ) | (698 | ) | |||||||||
Amortization of actuarial loss | 62,744 | 52,809 | 820 | 941 | |||||||||||||
Net periodic benefit cost | $ | 38,399 | $ | 38,059 | $ | 210 | $ | 443 | |||||||||
Pension benefits also include amounts related to a supplemental retirement plan. During the nine months ended September 30, 2013, the Company made a $57.2 million contribution to the pension plan. |
Guarantees
Guarantees | 9 Months Ended |
Sep. 30, 2013 | |
Guarantees [Abstract] | ' |
Guarantees | ' |
Note G—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 direct or indirect equity ownership interest 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 the independents are variable interest entities but that the Company is not the primary beneficiary. Specifically, the equity holders of the independents have the power to direct the activities that most significantly impact the entity’s economic performance including, but not limited to, decisions about hiring and terminating personnel, local marketing and promotional initiatives, pricing and selling activities, credit decisions, monitoring and maintaining appropriate inventories, and store hours. Separately, the Company concluded the affiliates are not variable interest entities. The Company’s maximum exposure to loss as a result of its involvement with these independents and affiliates is equal to the total borrowings subject to the Company’s 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 September 30, 2013, the Company was in compliance with all such covenants. | |
At September 30, 2013, the total borrowings of the independents and affiliates subject to guarantee by the Company were approximately $261.0 million. 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 certain guarantees related to the independents’ and affiliates’ borrowings as of September 30, 2013. These liabilities are not material to the financial position of the Company and are included in “Other long-term liabilities” in the accompanying condensed consolidated balance sheets. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value of Financial Instruments | ' |
Note H—Fair Value of Financial Instruments | |
The carrying amounts reflected in the condensed consolidated balance sheets for cash and cash equivalents, trade accounts receivable, trade accounts payable, and borrowings under the line of credit approximate their respective fair values based on the short-term nature of these instruments. At September 30, 2013, the fair value of fixed rate debt was approximately $510.8 million. The fair value of fixed rate debt is designated as Level 2 in the fair value hierarchy (i.e., significant observable inputs) and is based primarily on the discounted value of future cash flows using current market interest rates offered for debt of similar credit risk and maturity. |
Acquisition
Acquisition | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Acquisition | ' | ||||
Note I—Acquisition | |||||
Effective January 1, 2012, the Company acquired a 30% investment in GPC Asia Pacific, formerly known as the Exego Group, for approximately $166 million. On April 1, 2013, the Company acquired the remaining 70% interest in GPC Asia Pacific for approximately $590 million, net of cash acquired of $70 million, and the assumption of approximately $230 million in debt. The acquisition was financed using a combination of cash on hand and borrowings under existing credit facilities. GPC Asia Pacific, which is headquartered in Melbourne, Australia, is a leading aftermarket distributor of automotive replacement parts and accessories in Australasia, with annual revenues of approximately $1 billion and a company-owned store footprint of more than 430 locations across Australia and New Zealand. This acquisition will allow the Company to participate in the ongoing and significant growth opportunities in the Australasian aftermarket. | |||||
The Company recognized certain one-time positive purchase accounting pre-tax adjustments of approximately $33 million, or $0.21 net of taxes on a per share diluted basis, as a result of the acquisition. The net one-time purchase accounting adjustments consisted of a gain of $59 million related to remeasuring the 30% investment in GPC Asia Pacific held before the business combination to fair value, the post-closing sale of acquired inventory written up to fair value of $21 million as part of the purchase price allocation, and certain negative adjustments of approximately $5 million. | |||||
Prior to the 70% acquisition, the Company accounted for the 30% investment under the equity method of accounting. The acquisition-date fair value of the 30% investment was approximately $234 million and is included in the measurement of the consideration transferred. The difference between the acquisition-date fair value and the carrying amount of the equity method investment resulted in the recognition of a gain of approximately $59 million on the acquisition date. The acquisition-date fair value was determined using a market and income approach with the assistance of a third party valuation firm. | |||||
As part of the allocation of purchase price described below, acquired inventory was written up to fair value, which was approximately $21 million above the cost of the acquired inventory. Based on the inventory turn of the acquired inventories, approximately $18 million and $3 million of the write-up was recognized in cost of goods sold during the three months ended June 30, 2013 and the three months ended September 30, 2013, respectively. | |||||
The net $54 million of one-time gain and other adjustments are included in the line item “Selling, administrative & other expenses” and the acquired inventory adjustment of $21 million is included in “Cost of goods sold” in the condensed consolidated statements of income and comprehensive income. | |||||
The acquisition date fair value of the consideration transferred totaled approximately $824 million, net of cash acquired of $70 million, which consisted of the following: | |||||
April 1, 2013 | |||||
(in thousands) | |||||
Cash | $ | 590,000 | |||
Fair value of 30% investment held prior to business combination | 234,000 | ||||
Total | $ | 824,000 | |||
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. The Company is in the process of analyzing the estimated values of assets and liabilities acquired as of the acquisition date and is obtaining third-party valuations of certain intangible assets. The allocation of the purchase price is therefore preliminary and subject to revision. | |||||
April 1, 2013 | |||||
(in thousands) | |||||
Trade accounts receivable | $ | 94,000 | |||
Merchandise inventory | 306,000 | ||||
Prepaid expenses and other current assets | 40,000 | ||||
Property and equipment | 59,000 | ||||
Intangible assets | 347,000 | ||||
Other assets | 25,000 | ||||
Total identifiable assets acquired | 871,000 | ||||
Current liabilities | (244,000 | ) | |||
Long-term debt | (230,000 | ) | |||
Deferred tax liabilities and other | (109,000 | ) | |||
Total liabilities assumed | (583,000 | ) | |||
Net identifiable assets acquired | 288,000 | ||||
Goodwill | 536,000 | ||||
Net assets acquired | $ | 824,000 | |||
The acquired intangible assets of approximately $347 million were provisionally assigned to customer relationships of $202 million, trademarks of $141 million, and non-compete agreements of $4 million, with weighted average amortization lives of 16, 40, and 1 year, respectively, for a total weighted average amortization life of 26 years. As noted earlier, the fair value of the acquired identifiable intangible assets is provisional pending completion of the final valuations for these assets. | |||||
The preliminary estimated goodwill recognized as part of the acquisition is not tax deductible and has been assigned to the automotive segment. The goodwill is attributable primarily to expected synergies and the assembled workforce of GPC Asia Pacific. | |||||
The amounts of net sales and earnings of GPC Asia Pacific included in the Company’s condensed consolidated statements of income and comprehensive income from April 1, 2013 to September 30, 2013 were approximately $551 million in net sales and net income of $0.37 on a per share diluted basis, respectively. | |||||
The unaudited pro forma condensed consolidated statements of income and comprehensive income of the Company as if GPC Asia Pacific had been included in the consolidated results of the Company for the nine months ended September 30, 2013 and 2012 would be estimated at $10.8 and $10.7 billion in net sales, respectively, and net income of $3.45 and $3.44 on a per share diluted basis, respectively. The pro forma information is not necessarily indicative of the results of operations that we would have reported had the transaction actually occurred at the beginning of these periods, nor is it necessarily indicative of future results. | |||||
The adjustments to the pro forma amounts include, but are not limited to, applying the Company’s accounting policies, amortization related to fair value adjustments to intangible assets, one-time purchase accounting adjustments, interest expense on acquisition related debt, and any associated tax effects. |
Recently_Adopted_Accounting_Pr1
Recently Adopted Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Recently Adopted Accounting Pronouncements | ' |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. Under ASU 2013-02, an entity is required to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income, but only if the amount reclassified is required to be reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional details about those amounts. ASU 2013-02 does not change the current requirements for reporting net income or other comprehensive income in the financial statements. ASU 2013-02 is effective for the Company’s interim and annual periods beginning after December 15, 2012. The adoption of ASU 2013-02 did not have a material impact on the condensed consolidated financial statements for the nine months ended September 30, 2013 and will not have a material impact on the annual consolidated financial statements. |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Summary of Segment Information | ' | ||||||||||||||||
Three Months Ended Sept. 30, | Nine Months Ended Sept. 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Net sales: | |||||||||||||||||
Automotive | $ | 2,016,076 | $ | 1,650,857 | $ | 5,572,415 | $ | 4,789,258 | |||||||||
Industrial | 1,110,309 | 1,138,854 | 3,344,421 | 3,398,801 | |||||||||||||
Office products | 430,457 | 444,255 | 1,252,857 | 1,283,748 | |||||||||||||
Electrical/electronic materials | 142,818 | 150,877 | 424,973 | 447,433 | |||||||||||||
Other | (14,417 | ) | (9,065 | ) | (34,624 | ) | (24,338 | ) | |||||||||
Total net sales | $ | 3,685,243 | $ | 3,375,778 | $ | 10,560,042 | $ | 9,894,902 | |||||||||
Operating profit: | |||||||||||||||||
Automotive | $ | 180,166 | $ | 150,648 | $ | 487,591 | $ | 418,187 | |||||||||
Industrial | 79,596 | 94,621 | 247,382 | 274,002 | |||||||||||||
Office products | 28,094 | 29,942 | 91,054 | 98,068 | |||||||||||||
Electrical/electronic materials | 12,625 | 13,555 | 35,297 | 38,454 | |||||||||||||
Total operating profit | 300,481 | 288,766 | 861,324 | 828,711 | |||||||||||||
Interest expense, net | (7,031 | ) | (4,971 | ) | (18,236 | ) | (14,705 | ) | |||||||||
Other intangible assets amortization | (7,726 | ) | (3,428 | ) | (20,487 | ) | (9,180 | ) | |||||||||
Other, net | (13,978 | ) | (8,834 | ) | (13,990 | ) | (37,820 | ) | |||||||||
Income before income taxes | $ | 271,746 | $ | 271,533 | $ | 808,611 | $ | 767,006 | |||||||||
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Comprehensive Income | ' | ||||||||||||||||
The difference between comprehensive income and net income was due to foreign currency translation adjustments and pension and other post-retirement benefit adjustments, as summarized below. The decrease in other comprehensive income for the nine months ended September 30, 2013 as compared to 2012 is attributed to fluctuations in the Australian dollar and Canadian dollar exchange rates in 2013. | |||||||||||||||||
Three Months Ended Sept. 30, | Nine Months Ended Sept. 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||
Net income | $ | 173,746 | $ | 172,943 | $ | 534,492 | $ | 487,816 | |||||||||
Other comprehensive income (loss): | |||||||||||||||||
Foreign currency translation | 5,369 | 25,802 | (116,900 | ) | 29,727 | ||||||||||||
Pension and other post-retirement benefit adjustments: | |||||||||||||||||
Recognition of prior service credit, net of tax | (1,314 | ) | (1,241 | ) | (3,956 | ) | (3,715 | ) | |||||||||
Recognition of actuarial loss, net of tax | 12,726 | 10,812 | 38,906 | 32,955 | |||||||||||||
Net actuarial gain, net of tax | 1,790 | 2,226 | 1,790 | 2,226 | |||||||||||||
Total other comprehensive income (loss) | 18,571 | 37,599 | (80,160 | ) | 61,193 | ||||||||||||
Comprehensive income | $ | 192,317 | $ | 210,542 | $ | 454,332 | $ | 549,009 | |||||||||
Changes in Accumulated Other Comprehensive Loss by Component | ' | ||||||||||||||||
The following table presents the changes in accumulated other comprehensive loss by component for the nine months ended September 30, 2013: | |||||||||||||||||
Changes in Accumulated Other Comprehensive | |||||||||||||||||
Loss by Component | |||||||||||||||||
Pension and | Foreign | Total | |||||||||||||||
Other Post- | Currency | ||||||||||||||||
Retirement | Translation | ||||||||||||||||
Benefits | |||||||||||||||||
(in thousands) | |||||||||||||||||
Beginning balance, January 1, 2013 | $ | (632,576 | ) | $ | 131,084 | $ | (501,492 | ) | |||||||||
Other comprehensive income (loss) before reclassifications, net of tax | 1,790 | (116,900 | ) | (115,110 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 34,950 | — | 34,950 | ||||||||||||||
Net current period other comprehensive income (loss) | 36,740 | (116,900 | ) | (80,160 | ) | ||||||||||||
Ending balance, September 30, 2013 | $ | (595,836 | ) | $ | 14,184 | $ | (581,652 | ) | |||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Components of Net Periodic Benefit Cost | ' | ||||||||||||||||
Net periodic benefit cost included the following components for the three months ended September 30: | |||||||||||||||||
Pension Benefits | Other Post-retirement | ||||||||||||||||
Benefits | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Service cost | $ | 4,798 | $ | 3,801 | $ | — | $ | — | |||||||||
Interest cost | 22,219 | 25,030 | 32 | 66 | |||||||||||||
Expected return on plan assets | (33,414 | ) | (32,098 | ) | — | — | |||||||||||
Amortization of prior service credit | (1,884 | ) | (1,749 | ) | (239 | ) | (232 | ) | |||||||||
Amortization of actuarial loss | 20,535 | 17,314 | 258 | 307 | |||||||||||||
Net periodic benefit cost | $ | 12,254 | $ | 12,298 | $ | 51 | $ | 141 | |||||||||
Net periodic benefit cost included the following components for the nine months ended September 30: | |||||||||||||||||
Pension Benefits | Other Post-retirement | ||||||||||||||||
Benefits | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Service cost | $ | 14,735 | $ | 11,452 | $ | — | $ | — | |||||||||
Interest cost | 67,017 | 75,299 | 107 | 200 | |||||||||||||
Expected return on plan assets | (100,427 | ) | (96,260 | ) | — | — | |||||||||||
Amortization of prior service credit | (5,670 | ) | (5,241 | ) | (717 | ) | (698 | ) | |||||||||
Amortization of actuarial loss | 62,744 | 52,809 | 820 | 941 | |||||||||||||
Net periodic benefit cost | $ | 38,399 | $ | 38,059 | $ | 210 | $ | 443 | |||||||||
Acquisition_Tables
Acquisition (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Business Acquisition Consideration Transferred | ' | ||||
The acquisition date fair value of the consideration transferred totaled approximately $824 million, net of cash acquired of $70 million, which consisted of the following: | |||||
April 1, 2013 | |||||
(in thousands) | |||||
Cash | $ | 590,000 | |||
Fair value of 30% investment held prior to business combination | 234,000 | ||||
Total | $ | 824,000 | |||
Estimated Fair Values of Assets Acquired and Liabilities Assumed on Acquisition Date | ' | ||||
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. | |||||
April 1, 2013 | |||||
(in thousands) | |||||
Trade accounts receivable | $ | 94,000 | |||
Merchandise inventory | 306,000 | ||||
Prepaid expenses and other current assets | 40,000 | ||||
Property and equipment | 59,000 | ||||
Intangible assets | 347,000 | ||||
Other assets | 25,000 | ||||
Total identifiable assets acquired | 871,000 | ||||
Current liabilities | (244,000 | ) | |||
Long-term debt | (230,000 | ) | |||
Deferred tax liabilities and other | (109,000 | ) | |||
Total liabilities assumed | (583,000 | ) | |||
Net identifiable assets acquired | 288,000 | ||||
Goodwill | 536,000 | ||||
Net assets acquired | $ | 824,000 | |||
Segment_Information_Summary_of
Segment Information - Summary of Segment Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net sales: | ' | ' | ' | ' |
Total net sales | $3,685,243 | $3,375,778 | $10,560,042 | $9,894,902 |
Operating profit: | ' | ' | ' | ' |
Total operating profit | 300,481 | 288,766 | 861,324 | 828,711 |
Interest expense, net | -7,031 | -4,971 | -18,236 | -14,705 |
Other intangible assets amortization | -7,726 | -3,428 | -20,487 | -9,180 |
Other, net | -13,978 | -8,834 | -13,990 | -37,820 |
Income before income taxes | 271,746 | 271,533 | 808,611 | 767,006 |
Automotive [Member] | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Total net sales | 2,016,076 | 1,650,857 | 5,572,415 | 4,789,258 |
Operating profit: | ' | ' | ' | ' |
Total operating profit | 180,166 | 150,648 | 487,591 | 418,187 |
Industrial [Member] | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Total net sales | 1,110,309 | 1,138,854 | 3,344,421 | 3,398,801 |
Operating profit: | ' | ' | ' | ' |
Total operating profit | 79,596 | 94,621 | 247,382 | 274,002 |
Office Products [Member] | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Total net sales | 430,457 | 444,255 | 1,252,857 | 1,283,748 |
Operating profit: | ' | ' | ' | ' |
Total operating profit | 28,094 | 29,942 | 91,054 | 98,068 |
Electrical/Electronic Materials [Member] | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Total net sales | 142,818 | 150,877 | 424,973 | 447,433 |
Operating profit: | ' | ' | ' | ' |
Total operating profit | 12,625 | 13,555 | 35,297 | 38,454 |
Other [Member] | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Total net sales | ($14,417) | ($9,065) | ($34,624) | ($24,338) |
Other_Comprehensive_Income_Com
Other Comprehensive Income - Comprehensive Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Equity [Abstract] | ' | ' | ' | ' |
Net income | $173,746 | $172,943 | $534,492 | $487,816 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation | 5,369 | 25,802 | -116,900 | 29,727 |
Pension and other post-retirement benefit adjustments: | ' | ' | ' | ' |
Recognition of prior service credit, net of tax | -1,314 | -1,241 | -3,956 | -3,715 |
Recognition of actuarial loss, net of tax | 12,726 | 10,812 | 38,906 | 32,955 |
Net actuarial gain, net of tax | 1,790 | 2,226 | 1,790 | 2,226 |
Net current period other comprehensive income (loss) | 18,571 | 37,599 | -80,160 | 61,193 |
Comprehensive income | $192,317 | $210,542 | $454,332 | $549,009 |
Other_Comprehensive_Income_Cha
Other Comprehensive Income - Changes in Accumulated Other Comprehensive Loss by Component (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | ($501,492) | ' |
Other comprehensive income (loss) before reclassifications, net of tax | ' | ' | -115,110 | ' |
Amounts reclassified from accumulated other comprehensive loss, net of tax | ' | ' | 34,950 | ' |
Net current period other comprehensive income (loss) | 18,571 | 37,599 | -80,160 | 61,193 |
Ending balance | -581,652 | ' | -581,652 | ' |
Pension and Other Post-Retirement Benefits [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | -632,576 | ' |
Other comprehensive income (loss) before reclassifications, net of tax | ' | ' | 1,790 | ' |
Amounts reclassified from accumulated other comprehensive loss, net of tax | ' | ' | 34,950 | ' |
Net current period other comprehensive income (loss) | ' | ' | 36,740 | ' |
Ending balance | -595,836 | ' | -595,836 | ' |
Foreign Currency Translation [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | 131,084 | ' |
Other comprehensive income (loss) before reclassifications, net of tax | ' | ' | -116,900 | ' |
Net current period other comprehensive income (loss) | ' | ' | -116,900 | ' |
Ending balance | $14,184 | ' | $14,184 | ' |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Apr. 01, 2013 | Apr. 01, 2013 | Oct. 01, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Stock Appreciation Rights [Member] | Restricted Stock Units [Member] | Subsequent Event [Member] | Minimum [Member] | Maximum [Member] | ||||||
Restricted Stock Units [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based payment award granted vesting period range | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '5 years |
Share-based payment, awards exercise | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | '10 years |
Total compensation cost related to nonvested awards, unrecognized | $26.30 | ' | $26.30 | ' | $20.40 | ' | ' | ' | ' | ' |
Weighted-average period to recognize compensation cost (in years) | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value for outstanding SARs and RSUs | 144 | ' | 144 | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value for vested SARs and RSUs | ' | ' | 91.1 | ' | ' | ' | ' | ' | ' | ' |
Weighted-average remaining contractual life for outstanding SARs and RSUs, in years | ' | ' | '6 years | ' | ' | ' | ' | ' | ' | ' |
Weighted-average remaining contractual life for exercisable SARs and RSUs, in years | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation | ' | ' | $8.90 | $8.10 | ' | ' | ' | ' | ' | ' |
Granted, shares | ' | ' | ' | ' | ' | 727,000 | 132,000 | 40,000 | ' | ' |
Outstanding options to purchase common shares not included in dilutive share | 700,000 | 800,000 | 600,000 | 700,000 | ' | ' | ' | ' | ' | ' |
Employee_Benefit_Plans_Compone
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Pension Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $4,798 | $3,801 | $14,735 | $11,452 |
Interest cost | 22,219 | 25,030 | 67,017 | 75,299 |
Expected return on plan assets | -33,414 | -32,098 | -100,427 | -96,260 |
Amortization of prior service credit | -1,884 | -1,749 | -5,670 | -5,241 |
Amortization of actuarial loss | 20,535 | 17,314 | 62,744 | 52,809 |
Net periodic benefit cost | 12,254 | 12,298 | 38,399 | 38,059 |
Other Post-Retirement Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Interest cost | 32 | 66 | 107 | 200 |
Amortization of prior service credit | -239 | -232 | -717 | -698 |
Amortization of actuarial loss | 258 | 307 | 820 | 941 |
Net periodic benefit cost | $51 | $141 | $210 | $443 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Compensation And Retirement Disclosure [Abstract] | ' |
Contribution to the pension plan | $57.20 |
Guarantees_Additional_Informat
Guarantees - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Guarantor Obligations [Line Items] | ' |
Total borrowings of the independents and affiliates | 261 |
Minimum [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Guaranteed obligations maturity | '1 year |
Maximum [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Guaranteed obligations maturity | '6 years |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments - Additional Information (Detail) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Fair Value Disclosures [Abstract] | ' |
Fair value of fixed rate debt | $510.80 |
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | ||||||
Apr. 01, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Apr. 01, 2013 | Jan. 01, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Apr. 01, 2013 | Apr. 01, 2013 | Apr. 01, 2013 | |
GPC Asia Pacific [Member] | GPC Asia Pacific [Member] | GPC Asia Pacific [Member] | GPC Asia Pacific [Member] | GPC Asia Pacific [Member] | GPC Asia Pacific [Member] | GPC Asia Pacific [Member] | GPC Asia Pacific [Member] | GPC Asia Pacific [Member] | GPC Asia Pacific [Member] | Customer Relationships [Member] | Trademarks [Member] | Non-Compete Agreements [Member] | ||||
Store | Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Selling, Administrative and Other Expenses [Member] | ||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of previously acquired investment | 30.00% | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for acquisition | $590,000,000 | ' | ' | $590,000,000 | $166,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of investment acquired | ' | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash acquired | ' | ' | ' | 70,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt acquired | 230,000,000 | ' | ' | 230,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' |
Company-owned stores | ' | ' | ' | 430 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
One-time positive purchase accounting pre-tax adjustments total | ' | ' | ' | ' | ' | ' | ' | 33,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
One-time positive purchase accounting pre-tax adjustments total per unit | ' | ' | ' | ' | ' | ' | ' | $0.21 | ' | ' | ' | ' | ' | ' | ' | ' |
Business combination, step acquisition, equity interest in acquiree, remeasurement gain | ' | ' | ' | 59,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business combination one time purchase accounting adjustments, post-closing sale of acquired inventory written up to fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | 18,000,000 | 21,000,000 | ' | ' | ' | ' |
Business combination one time negative purchase accounting adjustments | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of previously acquired investment | 234,000,000 | ' | ' | 234,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired inventory adjustment to fair value | ' | ' | ' | 21,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
One-time gain and other adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,000,000 | ' | ' | ' |
Total fair value consideration transferred | 824,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other intangible assets acquired | 347,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 202,000,000 | 141,000,000 | 4,000,000 |
Weighted average amortization lives | '26 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '16 years | '40 years | '1 year |
Sales included in statement of income and comprehensive income | ' | ' | ' | ' | ' | ' | 551,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings per share | ' | ' | ' | ' | ' | ' | $0.37 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pro-forma net sales | ' | $10,800,000,000 | $10,700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proforma earnings per share diluted | ' | $3.45 | $3.44 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition_Business_Acquisiti
Acquisition - Business Acquisition Consideration Transferred (Detail) (USD $) | 1 Months Ended |
In Thousands, unless otherwise specified | Apr. 01, 2013 |
Business Combinations [Abstract] | ' |
Cash | $590,000 |
Fair value of 30% investment held prior to business combination | 234,000 |
Total | $824,000 |
Acquisition_Business_Acquisiti1
Acquisition - Business Acquisition Consideration Transferred (Parenthetical) (Detail) | Apr. 01, 2013 |
Business Combinations [Abstract] | ' |
Percentage of previously acquired investment | 30.00% |
Acquisition_Estimated_Fair_Val
Acquisition - Estimated Fair Values of Assets Acquired and Liabilities Assumed on Acquisition Date (Detail) (USD $) | Apr. 01, 2013 |
In Thousands, unless otherwise specified | |
Business Combinations [Abstract] | ' |
Trade accounts receivable | $94,000 |
Merchandise inventory | 306,000 |
Prepaid expenses and other current assets | 40,000 |
Property and equipment | 59,000 |
Intangible assets | 347,000 |
Other assets | 25,000 |
Total identifiable assets acquired | 871,000 |
Current liabilities | -244,000 |
Long-term debt | -230,000 |
Deferred tax liabilities and other | -109,000 |
Total liabilities assumed | -583,000 |
Net identifiable assets acquired | 288,000 |
Goodwill | 536,000 |
Net assets acquired | $824,000 |