Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Jun. 30, 2013 | Feb. 18, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'GENUINE PARTS CO | ' | ' |
Entity Central Index Key | '0000040987 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 153,727,213 |
Entity Public Float | ' | $11,558,411,000 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $196,893 | $403,095 |
Trade accounts receivable, net | 1,664,819 | 1,490,028 |
Merchandise inventories, net | 2,946,021 | 2,602,560 |
Prepaid expenses and other current assets | 413,758 | 324,448 |
Total current assets | 5,221,491 | 4,820,131 |
Goodwill | 789,971 | 298,040 |
Other intangible assets, less accumulated amortization | 499,385 | 199,799 |
Deferred tax assets | 97,555 | 279,463 |
Other assets | 401,834 | 643,263 |
Property, plant, and equipment: | ' | ' |
Land | 87,658 | 88,710 |
Buildings, less accumulated depreciation (2013 - $251,541; 2012 - $237,504) | 281,408 | 266,694 |
Machinery and equipment, less accumulated depreciation (2013 - $555,895; 2012 - $522,136) | 300,995 | 210,961 |
Net property, plant, and equipment | 670,061 | 566,365 |
Total assets | 7,680,297 | 6,807,061 |
Current liabilities: | ' | ' |
Trade accounts payable | 2,269,671 | 1,681,900 |
Current portion of debt | 264,658 | 250,000 |
Accrued compensation | 145,052 | 115,348 |
Other accrued expenses | 411,680 | 359,395 |
Dividends payable | 82,746 | 76,641 |
Income taxes payable | 9,237 | 4,354 |
Total current liabilities | 3,183,044 | 2,487,638 |
Long-term debt | 500,000 | 250,000 |
Pension and other post-retirement benefit liabilities | 140,171 | 572,988 |
Deferred tax liabilities | 83,316 | ' |
Other long-term liabilities | 414,998 | 488,256 |
Equity: | ' | ' |
Preferred stock, par value $1 per share - authorized 10,000,000 shares; none issued | ' | ' |
Common stock, par value $1 per share - authorized 450,000,000 shares; issued and outstanding 153,773,098 in 2013 and 154,841,438 shares in 2012 | 153,773 | 154,841 |
Additional paid-in capital | 14,935 | ' |
Accumulated other comprehensive loss | -397,655 | -501,492 |
Retained earnings | 3,578,021 | 3,344,538 |
Total parent equity | 3,349,074 | 2,997,887 |
Noncontrolling interests in subsidiaries | 9,694 | 10,292 |
Total equity | 3,358,768 | 3,008,179 |
Total liabilities and equity | $7,680,297 | $6,807,061 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Buildings, less allowance for depreciation | $251,541 | $237,504 |
Machinery and equipment, less allowance for depreciation | $555,895 | $522,136 |
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 | 153,773,098 | 154,841,438 |
Common stock, shares outstanding | 153,773,098 | 154,841,438 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income and Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Net sales | $14,077,843 | $13,013,868 | $12,458,877 |
Cost of goods sold | 9,857,923 | 9,235,777 | 8,852,837 |
Gross margin | 4,219,920 | 3,778,091 | 3,606,040 |
Operating expenses: | ' | ' | ' |
Selling, administrative, and other expenses | 3,019,036 | 2,648,430 | 2,594,372 |
Depreciation and amortization | 133,957 | 98,383 | 88,936 |
Provision for doubtful accounts | 8,691 | 8,047 | 13,248 |
Total operating expenses | 3,161,684 | 2,754,860 | 2,696,556 |
Non-operating expenses (income): | ' | ' | ' |
Interest expense | 26,971 | 20,482 | 27,036 |
Other | -13,039 | -16,183 | -8,358 |
Total non-operating expenses | 13,932 | 4,299 | 18,678 |
Income before income taxes | 1,044,304 | 1,018,932 | 890,806 |
Income taxes | 359,345 | 370,891 | 325,690 |
Net income | 684,959 | 648,041 | 565,116 |
Basic net income per common share | $4.43 | $4.17 | $3.61 |
Diluted net income per common share | $4.40 | $4.14 | $3.58 |
Weighted average common shares outstanding | 154,636 | 155,413 | 156,656 |
Dilutive effect of stock options and nonvested restricted stock awards | 1,078 | 1,007 | 1,004 |
Weighted average common shares outstanding - assuming dilution | 155,714 | 156,420 | 157,660 |
Net income | 684,959 | 648,041 | 565,116 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Foreign currency translation adjustment | -168,703 | 23,846 | -22,017 |
Pension and postretirement benefit adjustments, net of income taxes of 2013 - ($175,297) , 2012 - $26,465, and 2011 - $98,973 | 272,540 | -43,300 | -161,669 |
Net current period other comprehensive income (loss) | 103,837 | -19,454 | -183,686 |
Comprehensive income | $788,796 | $628,587 | $381,430 |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income and Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Pension and postretirement benefit adjustments, tax | ($175,297) | $26,465 | $98,973 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Retained Earnings [Member] | Total Parent Equity [Member] | Non-Controlling Interest in Subsidiaries [Member] |
In Thousands, except Share data | |||||||
Beginning Balance at Dec. 31, 2010 | $2,763,486 | $157,636 | ' | ($298,352) | $2,895,307 | $2,754,591 | $8,895 |
Beginning Balance, Shares at Dec. 31, 2010 | ' | 157,636,261 | ' | ' | ' | ' | ' |
Net income | 565,116 | ' | ' | ' | 565,116 | 565,116 | ' |
Other comprehensive income (loss), net of tax | -183,686 | ' | ' | -183,686 | ' | -183,686 | ' |
Cash dividends declared | -281,790 | ' | ' | ' | -281,790 | -281,790 | ' |
Stock options exercised, including tax benefit | 4,307 | 443 | 3,864 | ' | ' | 4,307 | ' |
Stock options exercised, including tax benefit, Shares | ' | 443,170 | ' | ' | ' | ' | ' |
Share-based compensation | 7,547 | ' | 7,547 | ' | ' | 7,547 | ' |
Purchase of stock | -122,078 | -2,428 | -11,411 | ' | -108,239 | -122,078 | ' |
Purchase of stock, Shares | ' | -2,428,315 | ' | ' | ' | ' | ' |
Noncontrolling interest activities | 689 | ' | ' | ' | ' | ' | 689 |
Ending Balance at Dec. 31, 2011 | 2,753,591 | 155,651 | ' | -482,038 | 3,070,394 | 2,744,007 | 9,584 |
Ending Balance, Shares at Dec. 31, 2011 | ' | 155,651,116 | ' | ' | ' | ' | ' |
Net income | 648,041 | ' | ' | ' | 648,041 | 648,041 | ' |
Other comprehensive income (loss), net of tax | -19,454 | ' | ' | -19,454 | ' | -19,454 | ' |
Cash dividends declared | -307,603 | ' | ' | ' | -307,603 | -307,603 | ' |
Stock options exercised, including tax benefit | 3,975 | 552 | 3,423 | ' | ' | 3,975 | ' |
Stock options exercised, including tax benefit, Shares | ' | 551,779 | ' | ' | ' | ' | ' |
Share-based compensation | 10,747 | ' | 10,747 | ' | ' | 10,747 | ' |
Purchase of stock | -81,826 | -1,362 | -14,170 | ' | -66,294 | -81,826 | ' |
Purchase of stock, Shares | ' | -1,361,457 | ' | ' | ' | ' | ' |
Noncontrolling interest activities | 708 | ' | ' | ' | ' | ' | 708 |
Ending Balance at Dec. 31, 2012 | 3,008,179 | 154,841 | ' | -501,492 | 3,344,538 | 2,997,887 | 10,292 |
Ending Balance, Shares at Dec. 31, 2012 | ' | 154,841,438 | ' | ' | ' | ' | ' |
Net income | 684,959 | ' | ' | ' | 684,959 | 684,959 | ' |
Other comprehensive income (loss), net of tax | 103,837 | ' | ' | 103,837 | ' | 103,837 | ' |
Cash dividends declared | -332,322 | ' | ' | ' | -332,322 | -332,322 | ' |
Stock options exercised, including tax benefit | 2,737 | 450 | 2,287 | ' | ' | 2,737 | ' |
Stock options exercised, including tax benefit, Shares | 1,335,000 | 449,986 | ' | ' | ' | ' | ' |
Share-based compensation | 12,648 | ' | 12,648 | ' | ' | 12,648 | ' |
Purchase of stock | -120,672 | -1,518 | ' | ' | -119,154 | -120,672 | ' |
Purchase of stock, Shares | ' | -1,518,326 | ' | ' | ' | ' | ' |
Noncontrolling interest activities | -598 | ' | ' | ' | ' | ' | -598 |
Ending Balance at Dec. 31, 2013 | $3,358,768 | $153,773 | $14,935 | ($397,655) | $3,578,021 | $3,349,074 | $9,694 |
Ending Balance, Shares at Dec. 31, 2013 | ' | 153,773,098 | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash dividends declared per share | $2.15 | $1.98 | $1.80 |
Tax effect on stock options exercised | $12,905 | $11,018 | $5,356 |
Common Stock [Member] | ' | ' | ' |
Tax effect on stock options exercised | 12,905 | 11,018 | 5,356 |
Additional Paid-In Capital [Member] | ' | ' | ' |
Tax effect on stock options exercised | 12,905 | 11,018 | 5,356 |
Retained Earnings [Member] | ' | ' | ' |
Cash dividends declared per share | $2.15 | $1.98 | $1.80 |
Total Parent Equity [Member] | ' | ' | ' |
Cash dividends declared per share | $2.15 | $1.98 | $1.80 |
Tax effect on stock options exercised | $12,905 | $11,018 | $5,356 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities | ' | ' | ' |
Net income | $684,959 | $648,041 | $565,116 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 133,957 | 98,383 | 88,936 |
Excess tax benefits from share-based compensation | -12,905 | -11,018 | -5,356 |
Gain on sale of property, plant, and equipment | -4,729 | -3,943 | -3,012 |
Deferred income taxes | -21,622 | 14,751 | -2,337 |
Share-based compensation | 12,648 | 10,747 | 7,547 |
Gain on GPC Asia Pacific equity investment | -59,000 | ' | ' |
Changes in operating assets and liabilities: | ' | ' | ' |
Trade accounts receivable, net | -116,080 | 13,366 | -85,011 |
Merchandise inventories, net | -79,253 | -25,845 | -19,624 |
Trade accounts payable | 473,424 | 220,694 | 85,766 |
Other short-term assets and liabilities | -14,418 | -86,294 | -52,166 |
Other long-term assets and liabilities | 59,750 | 27,556 | 45,068 |
Changes in operating assets and liabilities | 371,772 | 258,397 | 59,811 |
Net cash provided by operating activities | 1,056,731 | 906,438 | 624,927 |
Investing activities | ' | ' | ' |
Purchases of property, plant and equipment | -124,063 | -101,987 | -103,469 |
Proceeds from sale of property, plant, and equipment | 10,657 | 8,504 | 8,908 |
Acquisition of businesses and other investing activities | -712,173 | -558,384 | -136,936 |
Net cash used in investing activities | -825,579 | -651,867 | -231,497 |
Financing activities | ' | ' | ' |
Proceeds from debt | 3,019,931 | 750,000 | 250,000 |
Payments on debt | -2,995,335 | -750,000 | -250,000 |
Stock options exercised | -15,728 | -7,043 | -1,049 |
Excess tax benefits from share-based compensation | 12,905 | 11,018 | 5,356 |
Dividends paid | -326,217 | -300,983 | -276,369 |
Purchase of stock | -120,673 | -81,826 | -122,078 |
Net cash used in financing activities | -425,117 | -378,834 | -394,140 |
Effect of exchange rate changes on cash | -12,237 | 2,304 | -4,204 |
Net decrease in cash and cash equivalents | -206,202 | -121,959 | -4,914 |
Cash and cash equivalents at beginning of year | 403,095 | 525,054 | 529,968 |
Cash and cash equivalents at end of year | 196,893 | 403,095 | 525,054 |
Supplemental disclosures of cash flow information | ' | ' | ' |
Income taxes | 342,372 | 381,407 | 317,748 |
Interest | $27,221 | $20,416 | $27,640 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
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 2,600 locations in North America and Australasia 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. The Company has evaluated subsequent events through the date the financial statements were issued. | |||||||||||||||||
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 Company’s consolidated net income. 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 Company’s 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 and comprehensive income of the Company’s 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. | |||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
The Company considers all highly liquid investments with original 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. The Company estimates an allowance for doubtful accounts as a percentage of net sales based on historical bad debt experience and periodically adjusts this estimate when the Company becomes aware of a specific customer’s 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 December 31, 2013, 2012, and 2011, the Company recorded provisions for doubtful accounts of approximately $8,691,000, $8,047,000, and $13,248,000, respectively. At December 31, 2013 and 2012, the allowance for doubtful accounts was approximately $14,423,000 and $19,180,000, respectively. | |||||||||||||||||
Merchandise Inventories, Including Consideration Received From Vendors | |||||||||||||||||
Merchandise inventories are valued at the lower of cost or market. Cost is determined by the last-in, first-out (LIFO) method for a majority of automotive parts, electrical/electronic materials, and industrial parts, and by the first-in, first-out (FIFO) method for office products and certain other inventories. If the FIFO method had been used for all inventories, cost would have been approximately $432,150,000 and $428,260,000 higher than reported at December 31, 2013 and 2012, respectively. During 2013, 2012, and 2011 reductions in inventory levels in automotive parts inventories (2013 and 2012), industrial parts inventories (2013, 2012, and 2011), and electrical parts inventories (2012 and 2011) resulted in liquidations of LIFO inventory layers. The effect of the LIFO liquidation in 2013, 2012, and 2011 was to reduce cost of goods sold by approximately $5,000,000, $6,000,000, and $16,000,000, respectively. | |||||||||||||||||
The Company identifies slow moving or obsolete inventories and estimates appropriate provisions related thereto. Historically, these losses have not been significant as the vast majority of the Company’s inventories are not highly susceptible to obsolescence and are eligible for return under various vendor return programs. While the Company has no reason to believe its inventory return privileges will be discontinued in the future, its risk of loss associated with obsolete or slow moving inventories would increase if such were to occur. | |||||||||||||||||
The Company enters into agreements at the beginning of each year with many of its vendors that provide for inventory purchase incentives. Generally, the Company earns inventory purchase incentives upon achieving specified volume purchasing levels or other criteria. The Company accrues for the receipt of these incentives as part of its inventory cost based on cumulative purchases of inventory to date and projected inventory purchases through the end of the year. While management believes the Company will continue to receive consideration from vendors in 2014 and beyond, there can be no assurance that vendors will continue to provide comparable amounts of incentives in the future. | |||||||||||||||||
Prepaid Expenses and Other Current Assets | |||||||||||||||||
Prepaid expenses and other current assets consist primarily of prepaid expenses and amounts due from vendors. | |||||||||||||||||
Goodwill | |||||||||||||||||
The Company reviews its goodwill annually in the fourth quarter, or sooner if circumstances indicate that the carrying amount may exceed fair value. The present value of future cash flows approach was used to determine any potential impairment. The Company determined that goodwill was not impaired and, therefore, no impairments were recognized for the years ended December 31, 2013, 2012, or 2011. If an impairment occurs at a future date, it may have the effect of increasing the volatility of the Company’s earnings. | |||||||||||||||||
Other Assets | |||||||||||||||||
Other assets are comprised of the following: | |||||||||||||||||
December 31 | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In Thousands) | |||||||||||||||||
Retirement benefit assets | $ | 41,919 | $ | 4,021 | |||||||||||||
Deferred compensation benefits | 24,939 | 20,642 | |||||||||||||||
Investments | 28,760 | 206,487 | |||||||||||||||
Cash surrender value of life insurance policies | 95,094 | 78,860 | |||||||||||||||
Customer sales returns inventories | 55,200 | 134,367 | |||||||||||||||
Other long-term prepayments and receivables | 155,922 | 198,886 | |||||||||||||||
Total other assets | $ | 401,834 | $ | 643,263 | |||||||||||||
Property, Plant, and Equipment | |||||||||||||||||
Property, plant, and equipment are stated at cost. Depreciation and amortization is primarily determined on a straight-line basis over the following estimated useful life of each asset: buildings and improvements, 10 to 40 years; machinery and equipment, 5 to 15 years. | |||||||||||||||||
Long-Lived Assets Other Than Goodwill | |||||||||||||||||
The Company assesses its long-lived assets other than goodwill for impairment whenever facts and circumstances indicate that the carrying amount may not be fully recoverable. To analyze recoverability, the Company projects undiscounted net future cash flows over the remaining life of such assets. If these projected cash flows are less than the carrying amount, an impairment would be recognized, resulting in a write-down of assets with a corresponding charge to earnings. Impairment losses, if any, are measured based upon the difference between the carrying amount and the fair value of the assets. | |||||||||||||||||
Other Long-Term Liabilities | |||||||||||||||||
Other long-term liabilities are comprised of the following: | |||||||||||||||||
December 31 | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In Thousands) | |||||||||||||||||
Post-employment and other benefit/retirement liabilities | $ | 55,150 | $ | 35,273 | |||||||||||||
Insurance liabilities | 47,930 | 45,865 | |||||||||||||||
Other lease obligations | 27,815 | 33,748 | |||||||||||||||
Other taxes payable | 59,107 | 57,510 | |||||||||||||||
Customer deposits | 65,826 | 161,936 | |||||||||||||||
Other | 159,170 | 153,924 | |||||||||||||||
Total other long-term liabilities | $ | 414,998 | $ | 488,256 | |||||||||||||
Self-Insurance | |||||||||||||||||
The Company is self-insured for the majority of group health insurance costs. A reserve for claims incurred but not reported is developed by analyzing historical claims data provided by the Company’s claims administrators. These reserves are included in accrued expenses in the accompanying consolidated balance sheets as the expenses are expected to be paid within one year. | |||||||||||||||||
Long-term insurance liabilities consist primarily of reserves for the workers’ compensation program. In addition, the Company carries various large risk deductible workers’ compensation policies for the majority of workers’ compensation liabilities. The Company records the workers’ compensation reserves based on an analysis performed by an independent actuary. The analysis calculates development factors, which are applied to total reserves as provided by the various insurance companies who underwrite the program. While the Company believes that the assumptions used to calculate these liabilities are appropriate, significant differences in actual experience or significant changes in these assumptions may materially affect workers’ compensation costs. | |||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | |||||||||||||||||
Accumulated other comprehensive loss is comprised of the following: | |||||||||||||||||
December 31 | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In Thousands) | |||||||||||||||||
Foreign currency translation | $ | (37,619 | ) | $ | 131,084 | ||||||||||||
Unrecognized net actuarial loss, net of tax | (366,454 | ) | (644,244 | ) | |||||||||||||
Unrecognized prior service credit, net of tax | 6,418 | 11,668 | |||||||||||||||
Total accumulated other comprehensive loss | $ | (397,655 | ) | $ | (501,492 | ) | |||||||||||
The following table presents the changes in accumulated other comprehensive (loss) income by component for the year ended December 31, 2013: | |||||||||||||||||
Changes in Accumulated Other Comprehensive | |||||||||||||||||
(Loss) Income by Component | |||||||||||||||||
Pension | Other | Foreign | Total | ||||||||||||||
Benefits | Post- | Currency | |||||||||||||||
Retirement | Translation | ||||||||||||||||
Benefits | |||||||||||||||||
(in Thousands) | |||||||||||||||||
Beginning balance, January 1 | $ | (629,907 | ) | $ | (2,669 | ) | $ | 131,084 | $ | (501,492 | ) | ||||||
Other comprehensive income (loss) before reclassifications, net of tax | 223,991 | 1,629 | (168,703 | ) | 56,917 | ||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income, net of tax | 46,837 | 83 | — | 46,920 | |||||||||||||
Net current period other comprehensive income (loss) | 270,828 | 1,712 | (168,703 | ) | 103,837 | ||||||||||||
Ending balance, December 31 | $ | (359,079 | ) | $ | (957 | ) | $ | (37,619 | ) | $ | (397,655 | ) | |||||
The accumulated other comprehensive loss components related to the pension benefits are included in the computation of net periodic benefit cost in the employee benefit plans footnote. | |||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
The carrying amounts reflected in the consolidated balance sheets for cash and cash equivalents, trade accounts receivable and trade accounts payable approximate their respective fair values based on the short-term nature of these instruments. At December 31, 2013 and 2012, the fair value of fixed rate debt was approximately $496,000,000 and $516,000,000, respectively. The fair value of fixed rate debt is designated as Level 2 in the fair value hierarchy (i.e., significant observable inputs) and is based primarily on the discounted value of future cash flows using current market interest rates offered for debt of similar credit risk and maturity. | |||||||||||||||||
Shipping and Handling Costs | |||||||||||||||||
Shipping and handling costs are classified as selling, administrative and other expenses in the accompanying consolidated statements of income and comprehensive income and totaled approximately $250,000,000, $220,000,000, and $190,000,000, for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||||||
Advertising Costs | |||||||||||||||||
Advertising costs are expensed as incurred and totaled $57,900,000, $43,200,000, and $45,100,000 in the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||||||
Accounting for Legal Costs | |||||||||||||||||
The Company’s legal costs expected to be incurred in connection with loss contingencies are expensed as such costs are incurred. | |||||||||||||||||
Share-Based Compensation | |||||||||||||||||
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. | |||||||||||||||||
Net Income per Common Share | |||||||||||||||||
Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during the year. The computation of diluted net income per common share includes the dilutive effect of stock options, stock appreciation rights and nonvested restricted stock awards options. Options to purchase approximately 630,000, 730,000, and 850,000 shares of common stock ranging from $54 — $81 per share were outstanding at December 31, 2013, 2012, and 2011, 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 common stock in each respective year. | |||||||||||||||||
Recently Adopted Accounting Pronouncements | |||||||||||||||||
In February 2013, the Financial Accounting Standards Board 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 consolidated financial statements for the year ended December 31, 2013. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||
2 | Goodwill and Other Intangible Assets | ||||||||||||||||||||||||
The changes in the carrying amount of goodwill during the years ended December 31, 2013, 2012, and 2011 by reportable segment, as well as other identifiable intangible assets, are summarized as follows (in thousands): | |||||||||||||||||||||||||
Goodwill | Other | ||||||||||||||||||||||||
Intangible | |||||||||||||||||||||||||
Automotive | Industrial | Office | Electrical/ | Total | Assets, Net | ||||||||||||||||||||
Products | Electronic | ||||||||||||||||||||||||
Materials | |||||||||||||||||||||||||
Balance as of January 1, 2012 | $ | 43,705 | $ | 99,011 | $ | 10,554 | $ | 24,350 | $ | 177,620 | $ | 102,155 | |||||||||||||
Additions | 114,206 | — | — | 5,355 | 119,561 | 110,014 | |||||||||||||||||||
Amortization | — | — | — | — | — | (12,991 | ) | ||||||||||||||||||
Foreign currency translation | 638 | 221 | — | — | 859 | 621 | |||||||||||||||||||
Balance as of December 31, 2012 | 158,549 | 99,232 | 10,554 | 29,705 | 298,040 | 199,799 | |||||||||||||||||||
Additions | 541,836 | 17,420 | — | 11,396 | 570,652 | 379,834 | |||||||||||||||||||
Amortization | — | — | — | — | — | (28,987 | ) | ||||||||||||||||||
Foreign currency translation | (78,205 | ) | (516 | ) | — | — | (78,721 | ) | (51,261 | ) | |||||||||||||||
Balance as of December 31, 2013 | $ | 622,180 | $ | 116,136 | $ | 10,554 | $ | 41,101 | $ | 789,971 | $ | 499,385 | |||||||||||||
The gross carrying amounts and accumulated amortization relating to other intangible assets at December 31, 2013 and 2012 is as follows (in thousands): | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Customer relationships | $ | 412,634 | $ | (59,686 | ) | $ | 352,948 | $ | 209,328 | $ | (38,030 | ) | $ | 171,298 | |||||||||||
Trademarks | 149,949 | (5,018 | ) | 144,931 | 29,337 | (1,944 | ) | 27,393 | |||||||||||||||||
Non-competition agreements | 7,306 | (5,800 | ) | 1,506 | 4,483 | (3,375 | ) | 1,108 | |||||||||||||||||
$ | 569,889 | $ | (70,504 | ) | $ | 499,385 | $ | 243,148 | $ | (43,349 | ) | $ | 199,799 | ||||||||||||
Amortization expense for other intangible assets totaled $28,987,000, $12,991,000, and $6,774,000 for the years ended December 31, 2013, 2012, and 2011, respectively. Estimated other intangible assets amortization expense for the succeeding five years is as follows (in thousands): | |||||||||||||||||||||||||
2014 | $ | 31,000 | |||||||||||||||||||||||
2015 | 30,000 | ||||||||||||||||||||||||
2016 | 30,000 | ||||||||||||||||||||||||
2017 | 30,000 | ||||||||||||||||||||||||
2018 | 29,000 | ||||||||||||||||||||||||
$ | 150,000 | ||||||||||||||||||||||||
Credit_Facilities
Credit Facilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Credit Facilities | ' | ||||||||
3 | Credit Facilities | ||||||||
The principal amounts of the Company’s borrowings subject to variable rates totaled approximately $264,658,000 at December 31, 2013. There were no amounts subject to variable rates at December 31, 2012. The weighted average interest rate on the Company’s outstanding borrowings was approximately 2.82% at December 31, 2013 and 4.01% at December 31, 2012. | |||||||||
The Company maintains an $850,000,000 unsecured revolving line of credit with a consortium of financial institutions that matures in September 2017 and bears interest at LIBOR plus a margin, which is based on the Company’s leverage ratio (0.92% at December 31, 2013). The Company also has the option under this agreement to increase its borrowing an additional $350,000,000, as well as an option to decrease the borrowing capacity or terminate the Syndicated Facility with appropriate notice. At December 31, 2013, approximately $264,658,000 was outstanding under this line of credit. No amounts were outstanding under this line of credit at December 31, 2012. | |||||||||
Certain borrowings require the Company to comply with a financial covenant with respect to a maximum debt-to-capitalization ratio. At December 31, 2013, 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 $61,617,000 and $61,119,000 outstanding at December 31, 2013 and 2012, respectively. | |||||||||
Amounts outstanding under the Company’s credit facilities consist of the following: | |||||||||
December 31 | |||||||||
2013 | 2012 | ||||||||
(In Thousands) | |||||||||
Unsecured revolving line of credit, $850,000,000, LIBOR plus 0.75% variable | $ | 264,658 | $ | — | |||||
Unsecured term notes: | |||||||||
November 30, 2008, Series C Senior Unsecured Notes, $250,000,000, 4.67% fixed, due November 30, 2013 | — | 250,000 | |||||||
November 30, 2011, Series D and E Senior Unsecured Notes, $250,000,000, 3.35% fixed, due November 30, 2016 | 250,000 | 250,000 | |||||||
December 2, 2013, Series F Senior Unsecured Notes, $250,000,000, 2.99% fixed, due December 2, 2023 | 250,000 | — | |||||||
Total debt | 764,658 | 500,000 | |||||||
Less debt due within one year | 264,658 | 250,000 | |||||||
Long-term debt, excluding current portion | $ | 500,000 | $ | 250,000 | |||||
Leased_Properties
Leased Properties | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Leased Properties | ' | ||||
4 | Leased Properties | ||||
Future minimum payments, by year and in the aggregate, under the noncancelable operating leases with initial or remaining terms of one year or more was approximately the following at December 31, 2013 (in thousands): | |||||
2014 | $ | 191,400 | |||
2015 | 151,100 | ||||
2016 | 110,200 | ||||
2017 | 76,400 | ||||
2018 | 50,000 | ||||
Thereafter | 149,500 | ||||
Total minimum lease payments | $ | 728,600 | |||
Rental expense for operating leases was approximately $208,000,000, $158,200,000, and $154,500,000 for 2013, 2012, and 2011, respectively. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||
Share-Based Compensation | ' | ||||||||
5 | Share-Based Compensation | ||||||||
At December 31, 2013, total compensation cost related to nonvested awards not yet recognized was approximately $26,000,000. The weighted-average period over which this compensation cost is expected to be recognized is approximately three years. The aggregate intrinsic value for options and RSUs outstanding at December 31, 2013 and 2012 was approximately $154,000,000 and $90,300,000, respectively. The aggregate intrinsic value for options and RSUs vested totaled approximately $93,600,000 and $57,600,000 at December 31, 2013 and 2012, respectively. At December 31, 2013, the weighted-average contractual life for outstanding and exercisable options and RSUs was six and five years, respectively. Share-based compensation cost of $12,648,000, $10,747,000, and $7,547,000, was recorded for the years ended December 31, 2013, 2012, and 2011, respectively. The total income tax benefit recognized in the consolidated statements of income and comprehensive income for share-based compensation arrangements was approximately $5,100,000, $4,300,000, and $3,000,000, for 2013, 2012, and 2011, respectively. There have been no modifications to valuation methodologies or methods during the years ended December 31, 2013, 2012, and 2011. | |||||||||
For the years ended December 31, 2013, 2012 and 2011 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 2.0%, 2.0%, and 3.6%; dividend yield of 3.2%, 3.3%, and 3.8%; annual historical volatility factor of the expected market price of the Company’s common stock of 19% for each of the three years; an average expected life and estimated turnover based on the historical pattern of existing grants of approximately seven years and 5.0%, respectively. The fair value of RSUs is based on the price of the Company’s stock on the date of grant. The total fair value of shares vested during the years ended December 31, 2013, 2012, and 2011, was $8,100,000, $6,700,000, and $7,200,000, respectively. | |||||||||
A summary of the Company’s share-based compensation activity and related information is as follows: | |||||||||
2013 | |||||||||
Shares (1) | Weighted- | ||||||||
Average | |||||||||
Exercise | |||||||||
Price (2) | |||||||||
(In Thousands) | |||||||||
Outstanding at beginning of year | 5,100 | $ | 50 | ||||||
Granted | 900 | 77 | |||||||
Exercised | (1,335 | ) | 45 | ||||||
Forfeited | (85 | ) | 63 | ||||||
Outstanding at end of year (3) | 4,580 | $ | 56 | ||||||
Exercisable at end of year | 2,601 | $ | 48 | ||||||
Shares available for future grants | 2,743 | ||||||||
-1 | Shares include Restricted Stock Units (RSUs). | ||||||||
-2 | The weighted-average exercise price excludes RSUs. | ||||||||
-3 | The exercise prices for options and SARs outstanding as of December 31, 2013 ranged from approximately $37 to $77. The weighted-average remaining contractual life of all options and SARs outstanding is approximately six years. | ||||||||
The weighted-average grant date fair value of options and SARs granted during the years 2013, 2012, and 2011 was $10.14, $7.96, and $8.18, respectively. The aggregate intrinsic value of options exercised during the years ended December 31, 2013, 2012, and 2011 was $43,900,000, $41,500,000, and $25,100,000. | |||||||||
In 2013, the Company granted approximately 727,000 SARs and 172,000 RSUs. In 2012, the Company granted approximately 858,000 SARs and 145,000 RSUs. In 2011, the Company granted approximately 1,028,000 SARs and 126,000 RSUs. | |||||||||
A summary of the Company’s nonvested share awards (RSUs) activity is as follows: | |||||||||
Nonvested Share Awards (RSUs) | Shares | Weighted- | |||||||
Average Grant | |||||||||
Date Fair | |||||||||
Value | |||||||||
(In Thousands) | |||||||||
Nonvested at January 1, 2013 | 316 | $ | 54 | ||||||
Granted | 172 | 78 | |||||||
Vested | (18 | ) | 77 | ||||||
Forfeited | (26 | ) | 72 | ||||||
Nonvested at December 31, 2013 | 444 | $ | 62 | ||||||
For the years ended December 31, 2013, 2012, and 2011 approximately $12,900,000, $11,000,000, and $5,400,000, respectively, of excess tax benefits was classified as a financing cash inflow. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [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. As of December 31, 2013, approximately $552,000,000 of cumulative undistributed earnings of the Company’s foreign subsidiaries is 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 Company’s deferred tax assets and liabilities are as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
(In Thousands) | |||||||||||||
Deferred tax assets related to: | |||||||||||||
Expenses not yet deducted for tax purposes | $ | 343,156 | $ | 362,265 | |||||||||
Pension liability not yet deducted for tax purposes | 227,880 | 405,048 | |||||||||||
Capital loss | — | 16,803 | |||||||||||
Valuation allowance | — | (16,803 | ) | ||||||||||
571,036 | 767,313 | ||||||||||||
Deferred tax liabilities related to: | |||||||||||||
Employee and retiree benefits | 188,235 | 205,268 | |||||||||||
Inventory | 152,641 | 191,047 | |||||||||||
Other intangible assets | 110,272 | 23,295 | |||||||||||
Property, plant, and equipment | 53,751 | 41,130 | |||||||||||
Other | 29,733 | 28,321 | |||||||||||
534,632 | 489,061 | ||||||||||||
Net deferred tax assets | 36,404 | 278,252 | |||||||||||
Current portion of deferred tax (assets) liabilities | (22,165 | ) | 1,211 | ||||||||||
Noncurrent net deferred tax assets | $ | 14,239 | $ | 279,463 | |||||||||
The current portion of the deferred tax assets and liabilities are included in prepaid expenses and other current assets and income taxes payable, respectively, in the consolidated balance sheets. | |||||||||||||
The components of income before income taxes are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
United States | $ | 850,866 | $ | 903,698 | $ | 784,841 | |||||||
Foreign | 193,438 | 115,234 | 105,965 | ||||||||||
Income before income taxes | $ | 1,044,304 | $ | 1,018,932 | $ | 890,806 | |||||||
The components of income tax expense are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | 303,016 | $ | 288,135 | $ | 260,222 | |||||||
State | 47,010 | 44,653 | 41,511 | ||||||||||
Foreign | 30,941 | 23,352 | 26,294 | ||||||||||
Deferred | (21,622 | ) | 14,751 | (2,337 | ) | ||||||||
$ | 359,345 | $ | 370,891 | $ | 325,690 | ||||||||
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: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Statutory rate applied to income | $ | 365,506 | $ | 356,626 | $ | 311,782 | |||||||
Plus state income taxes, net of Federal tax benefit | 28,823 | 30,227 | 26,790 | ||||||||||
Earnings in jurisdictions taxed at rates different from the statutory US tax rate | (37,873 | ) | (17,419 | ) | (13,443 | ) | |||||||
Capital loss expiration | 16,803 | — | — | ||||||||||
Reversal of capital loss valuation allowance | (16,803 | ) | — | — | |||||||||
Other | 2,889 | 1,457 | 561 | ||||||||||
$ | 359,345 | $ | 370,891 | $ | 325,690 | ||||||||
The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, various states, and foreign jurisdictions. With few exceptions, the Company is no longer subject to federal, state and local tax examinations by tax authorities for years before 2009 or subject to non-United States income tax examinations for years ended prior to 2002. The Company is currently under audit in the United States and Canada. Some audits may conclude in the next twelve months and the unrecognized tax benefits recorded in relation to the audits may differ from actual settlement amounts. It is not possible to estimate the effect, if any, of the amount of such change during the next twelve months to previously recorded uncertain tax positions in connection with the audits. However, the Company does not anticipate total unrecognized tax benefits will significantly change during the year due to the settlement of audits and the expiration of statutes of limitations. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Balance at beginning of year | $ | 45,455 | $ | 46,845 | $ | 39,425 | |||||||
Additions based on tax positions related to the current year | 3,238 | 5,702 | 6,035 | ||||||||||
Additions for tax positions of prior years | 3,759 | 2,172 | 7,966 | ||||||||||
Reductions for tax positions for prior years | (1,472 | ) | (5,025 | ) | (481 | ) | |||||||
Reduction for lapse in statute of limitations | (1,714 | ) | (2,658 | ) | (4,563 | ) | |||||||
Settlements | (2,076 | ) | (1,581 | ) | (1,537 | ) | |||||||
Balance at end of year | $ | 47,190 | $ | 45,455 | $ | 46,845 | |||||||
The amount of gross tax effected unrecognized tax benefits, including interest and penalties, as of December 31, 2013 and 2012 was approximately $59,530,000 and $58,020,000, respectively, of which approximately $18,287,000 and $17,615,000, respectively, if recognized, would affect the effective tax rate. During the years ended December 31, 2013, 2012, and 2011, the Company paid interest and penalties of approximately $405,000, $493,000, and $759,000, respectively. The Company had approximately $12,340,000 and $12,565,000 of accrued interest and penalties at December 31, 2013 and 2012, respectively. The Company recognizes potential interest and penalties related to unrecognized tax benefits as a component of income tax expense. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||
7 | Employee Benefit Plans | ||||||||||||||||
The Company’s defined benefit pension plans cover employees in the U.S. and Canada who meet eligibility requirements. 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 Company’s funding policy is to contribute an amount equal to the minimum required contribution under applicable pension legislation. The Company may increase its contribution above the minimum if appropriate to its tax and cash position and the plans’ funded position. | |||||||||||||||||
In December 2012, the U.S. defined benefit plan was amended to reflect a hard freeze as of December 31, 2013. Therefore, no further benefit accruals were provided after that date for additional credited service or earnings. In addition, all participants will became fully vested as of December 31, 2013. The Company recognized a one-time noncash curtailment gain in 2012 of $23,507,000 in connection with this amendment. | |||||||||||||||||
The Company also sponsors supplemental retirement plans covering employees in the U.S. and Canada. The Company uses a measurement date of December 31 for its pension plans. | |||||||||||||||||
Changes in benefit obligations for the years ended December 31, 2013 and 2012 were: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In Thousands) | |||||||||||||||||
Changes in benefit obligation | |||||||||||||||||
Benefit obligation at beginning of year | $ | 2,165,692 | $ | 1,958,399 | |||||||||||||
Service cost | 19,083 | 15,254 | |||||||||||||||
Interest cost | 89,408 | 100,338 | |||||||||||||||
Plan participants’ contributions | 3,543 | 3,962 | |||||||||||||||
Plan amendments | — | (4,217 | ) | ||||||||||||||
Actuarial (gain) loss | (164,784 | ) | 330,028 | ||||||||||||||
Foreign currency exchange rate changes | (13,893 | ) | 5,489 | ||||||||||||||
Gross benefits paid | (73,186 | ) | (67,767 | ) | |||||||||||||
Acquired plan | 9,322 | — | |||||||||||||||
Curtailments | — | (175,794 | ) | ||||||||||||||
Benefit obligation at end of year | $ | 2,035,185 | $ | 2,165,692 | |||||||||||||
The benefit obligations for the Company’s U.S. pension plans included in the above were $1,838,810,000 and $1,955,414,000 at December 31, 2013 and 2012, respectively. The total accumulated benefit obligation for the Company’s defined benefit pension plans was approximately $2,017,619,000 and $2,112,134,000 at December 31, 2013 and 2012, respectively. | |||||||||||||||||
The assumptions used to measure the pension benefit obligations for the plans at December 31, 2013 and 2012, were: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Weighted-average discount rate | 5.1 | % | 4.17 | % | |||||||||||||
Rate of increase in future compensation levels | 3.04 | % | 3.3 | % | |||||||||||||
Changes in plan assets for the years ended December 31, 2013 and 2012 were: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In Thousands) | |||||||||||||||||
Changes in plan assets | |||||||||||||||||
Fair value of plan assets at beginning of year | $ | 1,595,679 | $ | 1,470,030 | |||||||||||||
Actual return on plan assets | 336,151 | 168,491 | |||||||||||||||
Foreign currency exchange rate changes | (12,155 | ) | 4,498 | ||||||||||||||
Employer contributions | 74,347 | 16,465 | |||||||||||||||
Acquired plan | 8,684 | — | |||||||||||||||
Plan participants’ contributions | 3,543 | 3,962 | |||||||||||||||
Benefits paid | (73,186 | ) | (67,767 | ) | |||||||||||||
Fair value of plan assets at end of year | $ | 1,933,063 | $ | 1,595,679 | |||||||||||||
The fair values of plan assets for the Company’s U.S. pension plans included in the above were $1,745,769,000 and $1,425,047,000 at December 31, 2013 and 2012, respectively. | |||||||||||||||||
The asset allocations for the Company’s funded pension plans at December 31, 2013 and 2012, and the target allocation for 2014, by asset category were: | |||||||||||||||||
Target | Percentage of | ||||||||||||||||
Allocation | Plan Assets at | ||||||||||||||||
2014 | December 31 | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Asset Category | |||||||||||||||||
Equity securities | 71 | % | 76 | % | 68 | % | |||||||||||
Debt securities | 29 | % | 24 | % | 32 | % | |||||||||||
100 | % | 100 | % | 100 | % | ||||||||||||
The Company’s benefit plan committees in the U.S. and Canada establish investment policies and strategies and regularly monitor the performance of the funds. The pension plan strategy implemented by the Company’s management is to achieve long-term objectives and invest the pension assets in accordance with the applicable pension legislation in the U.S. and Canada, as well as fiduciary standards. The long-term primary objectives for the pension plans are to provide for a reasonable amount of long-term growth of capital, without undue exposure to risk, protect the assets from erosion of purchasing power, and provide investment results that meet or exceed the pension plans’ actuarially assumed long-term rates of return. The Company’s investment strategy with respect to pension plan assets is to generate a return in excess of the passive portfolio benchmark (49% S&P 500 Index, 5% Russell Mid Cap Index, 8% Russell 2000 Index, 5% MSCI EAFE Index, 5% DJ Global Moderate Index, and 28% BarCap U.S. Govt/Credit). | |||||||||||||||||
The fair values of the plan assets as of December 31, 2013 and 2012, by asset category, are shown in the tables below. Various inputs are considered when determining the value of the Company’s pension plan assets. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. Level 1 represents observable market inputs that are unadjusted quoted prices for identical assets or liabilities in active markets. Level 2 represents other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.). Level 3 represents significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments). | |||||||||||||||||
The valuation methods may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. Equity securities are valued at the closing price reported on the active market on which the individual securities are traded on the last day of the calendar plan year. Debt securities including corporate bonds, U.S. Government securities, and asset-backed securities are valued using price evaluations reflecting the bid and/or ask sides of the market for an investment as of the last day of the calendar plan year. | |||||||||||||||||
2013 | |||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||
in Active | Observable | Unobservable | |||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||
Identical | (Level 2) | (Level 3) | |||||||||||||||
Assets | |||||||||||||||||
(Level 1) | |||||||||||||||||
(In Thousands) | |||||||||||||||||
Equity Securities | |||||||||||||||||
Common stocks — mutual funds — equity | $ | 505,572 | $ | 505,572 | $ | — | $ | — | |||||||||
Genuine Parts Company | 167,788 | 167,788 | — | — | |||||||||||||
Other stocks | 791,728 | 791,728 | — | — | |||||||||||||
Debt Securities | |||||||||||||||||
Short-term investments | 59,058 | 59,058 | — | — | |||||||||||||
Cash and equivalents | 9,022 | 9,022 | — | — | |||||||||||||
Government bonds | 144,447 | 61,171 | 83,276 | — | |||||||||||||
Corporate bonds | 123,773 | — | 123,773 | — | |||||||||||||
Asset-backed and mortgage-backed securities | 19,345 | — | 19,345 | — | |||||||||||||
Other-international | 12,072 | 11,200 | 872 | — | |||||||||||||
Municipal bonds | 1,304 | — | 1,304 | — | |||||||||||||
Municipal funds-fixed income | 96,231 | — | 96,231 | — | |||||||||||||
Cash surrender value of life insurance policies | 2,723 | — | — | 2,723 | |||||||||||||
Total | $ | 1,933,063 | $ | 1,605,539 | $ | 324,801 | $ | 2,723 | |||||||||
2012 | |||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||
in Active | Observable | Unobservable | |||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||
Identical | (Level 2) | (Level 3) | |||||||||||||||
Assets | |||||||||||||||||
(Level 1) | |||||||||||||||||
(In Thousands) | |||||||||||||||||
Equity Securities | |||||||||||||||||
Common stocks — mutual funds — equity | $ | 342,846 | $ | 342,846 | $ | — | $ | — | |||||||||
Genuine Parts Company | 128,236 | 128,236 | — | — | |||||||||||||
Other stocks | 608,017 | 608,017 | — | — | |||||||||||||
Debt Securities | |||||||||||||||||
Short-term investments | 37,626 | 37,626 | — | — | |||||||||||||
Cash and equivalents | 45,719 | 45,719 | — | — | |||||||||||||
Government bonds | 166,413 | 74,707 | 91,706 | — | |||||||||||||
Corporate bonds | 127,824 | — | 127,824 | — | |||||||||||||
Asset-backed and mortgage-backed securities | 24,077 | — | 24,077 | — | |||||||||||||
Other-international | 10,188 | 10,188 | — | — | |||||||||||||
Municipal bonds | 532 | — | 532 | — | |||||||||||||
Municipal funds-fixed income | 101,578 | — | 101,578 | — | |||||||||||||
Cash surrender value of life insurance policies | 2,623 | — | — | 2,623 | |||||||||||||
Total | $ | 1,595,679 | $ | 1,247,339 | $ | 345,717 | $ | 2,623 | |||||||||
Equity securities include Genuine Parts Company common stock in the amounts of $167,788,000 (8.7% of total plan assets) and $128,236,000 (8.0% of total plan assets) at December 31, 2013 and 2012, respectively. Dividend payments received by the plan on Company stock totaled approximately $4,336,000 and $3,994,000 in 2013 and 2012, respectively. Fees paid during the year for services rendered by parties in interest were based on customary and reasonable rates for such services. | |||||||||||||||||
The changes in the fair value measurement of plan assets using significant unobservable inputs (Level 3) during 2013 and 2012 were not material. | |||||||||||||||||
Based on the investment policy for the pension plans, as well as an asset study that was performed based on the Company’s asset allocations and future expectations, the Company’s expected rate of return on plan assets for measuring 2014 pension cost or income is 7.85% for the plans. The asset study forecasted expected rates of return for the approximate duration of the Company’s benefit obligations, using capital market data and historical relationships. | |||||||||||||||||
The following table sets forth the funded status of the plans and the amounts recognized in the consolidated balance sheets at December 31: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In Thousands) | |||||||||||||||||
Other long-term asset | $ | 41,919 | $ | 4,021 | |||||||||||||
Other current liability | (5,976 | ) | (5,402 | ) | |||||||||||||
Pension and other post-retirement liabilities | (138,065 | ) | (568,632 | ) | |||||||||||||
$ | (102,122 | ) | $ | (570,013 | ) | ||||||||||||
Amounts recognized in accumulated other comprehensive loss (income) consist of: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In Thousands) | |||||||||||||||||
Net actuarial loss | $ | 590,568 | $ | 1,043,089 | |||||||||||||
Prior service credit | (3,074 | ) | (10,612 | ) | |||||||||||||
$ | 587,494 | $ | 1,032,477 | ||||||||||||||
The following table reflects the total benefits expected to be paid from the pension plans’ or the Company’s assets. Of the pension benefits expected to be paid in 2014, approximately $5,978,000 is expected to be paid from employer assets. Expected employer contributions reflect amounts expected to be contributed to funded plans. Information about the expected cash flows for the pension plans follows (in thousands): | |||||||||||||||||
Employer contribution | |||||||||||||||||
2014 (expected) | $ | 50,605 | |||||||||||||||
Expected benefit payments | |||||||||||||||||
2014 | $ | 79,073 | |||||||||||||||
2015 | 88,704 | ||||||||||||||||
2016 | 96,385 | ||||||||||||||||
2017 | 104,225 | ||||||||||||||||
2018 | 112,082 | ||||||||||||||||
2019 through 2023 | 662,040 | ||||||||||||||||
Net periodic benefit cost included the following components: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(In Thousands) | |||||||||||||||||
Service cost | $ | 19,083 | $ | 15,254 | $ | 13,039 | |||||||||||
Interest cost | 89,408 | 100,338 | 97,293 | ||||||||||||||
Expected return on plan assets | (133,816 | ) | (128,208 | ) | (124,150 | ) | |||||||||||
Amortization of prior service credit | (7,538 | ) | (7,270 | ) | (6,970 | ) | |||||||||||
Amortization of actuarial loss | 83,934 | 70,161 | 53,039 | ||||||||||||||
Curtailment gain | — | (23,507 | ) | — | |||||||||||||
Net periodic benefit cost | $ | 51,071 | $ | 26,768 | $ | 32,251 | |||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive (loss) income are as follows: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(In Thousands) | |||||||||||||||||
Current year actuarial (gain) loss | $ | (368,587 | ) | $ | 114,061 | $ | 311,038 | ||||||||||
Recognition of actuarial loss | (83,934 | ) | (70,161 | ) | (53,039 | ) | |||||||||||
Current year prior service credit | — | (4,217 | ) | — | |||||||||||||
Recognition of prior service credit | 7,538 | 30,777 | 6,970 | ||||||||||||||
Total recognized in other comprehensive (loss) income | $ | (444,983 | ) | $ | 70,460 | $ | 264,969 | ||||||||||
Total recognized in net periodic benefit cost and other comprehensive (loss) income | $ | (393,912 | ) | $ | 97,228 | $ | 297,220 | ||||||||||
The estimated amounts that will be amortized from accumulated other comprehensive loss (income) into net periodic benefit cost in 2014 are as follows in thousands: | |||||||||||||||||
Actuarial loss | $ | 26,606 | |||||||||||||||
Prior service credit | (1,904 | ) | |||||||||||||||
Total | $ | 24,702 | |||||||||||||||
The assumptions used in measuring the net periodic benefit costs for the plans follow: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Weighted average discount rate | 4.17 | % | 5.17 | % | 5.74 | % | |||||||||||
Rate of increase in future compensation levels | 3.3 | % | 3.3 | % | 3.39 | % | |||||||||||
Expected long-term rate of return on plan assets | 7.83 | % | 7.84 | % | 7.87 | % | |||||||||||
The Company has two defined contribution plans that cover substantially all of its domestic employees. The Company’s matching contributions are determined based on the employee’s participation in the U.S. pension plan. Prior to 2014, U.S. pension plan participants who continue earning credited service after 2008 receive a matching contribution of 20% of the first 6% of the employee’s salary. Other employees receive a matching contribution of 100% of the first 5% of the employee’s salary. In December 2012, the Company approved an amendment to merge the two plans effective January 1, 2014. Beginning in 2014, all employees will receive a matching contribution of 100% of the first 5% of the employees’ salary. Total plan expense for both plans was approximately $43,236,000 in 2013, $43,155,000 in 2012, and $38,773,000 in 2011. |
Guarantees
Guarantees | 12 Months Ended | |
Dec. 31, 2013 | ||
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 independent. 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 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 generally 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 December 31, 2013, the Company was in compliance with all such covenants. | ||
At December 31, 2013, the total borrowings of the independents and affiliates subject to guarantee by the Company were approximately $258,703,000. 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 December 31, 2013 and 2012. 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, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Acquisitions | ' | ||||
9 | Acquisitions | ||||
During 2013, the Company acquired one company each in the Automotive Group (including GPC Asia Pacific), Industrial Group, and Electrical/Electronic Materials Group for approximately $650,000,000, net of cash acquired. During 2012, the Company acquired one company in the Automotive Group (Quaker City Motor Parts Co.) for approximately $343,000,000, net of cash acquired. During 2011, the Company acquired three companies in the Industrial Group and one company in the Electrical/Electronic Materials Group for approximately $115,600,000. | |||||
For each acquisition, 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 Company’s consolidated statements of income and comprehensive income beginning on their respective acquisition dates. The Company recorded approximately $950,000,000, $230,000,000 and $78,210,000 of goodwill and other intangible assets associated with the 2013, 2012, and 2011 acquisitions, respectively. | |||||
For the 2013 acquisitions, other intangible assets acquired consisted of customer relationships of $235,000,000, trademarks of $141,000,000, and non-competition agreements of $4,000,000 with weighted average amortization lives of 15, 40, and 1 years, respectively. For the 2012 acquisitions, other intangible assets acquired consisted of customer relationships of $108,000,000 and trademarks of $2,000,000, with weighted average amortization lives of 15 and 40 years, respectively. For the 2011 acquisitions, other intangible assets acquired consisted of customer relationships of $37,378,000, trademarks of $12,100,000, and non-competition agreements of $650,000, with weighted average amortization lives of 15, 40, and 5 years, respectively. | |||||
Additional disclosures on the 2013 automotive acquisition of GPC Asia Pacific and the 2012 automotive acquisition of Quaker City Motor Parts Co. are provided below. | |||||
GPC Asia Pacific | |||||
The Company acquired a 30% investment in GPC Asia Pacific, formerly known as the Exego Group, for approximately $166,000,000 effective January 1, 2012. On April 1, 2013, the Company acquired the remaining 70% interest in GPC Asia Pacific for approximately $590,000,000, net of cash acquired of $70,000,000, and the assumption of approximately $230,000,000 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 $1,100,000,000 and a company-owned store footprint of more than 460 locations across Australia and New Zealand. This acquisition provides an opportunity for 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 $33,000,000, 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 approximately $59,000,000 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 $21,000,000 as part of the purchase price allocation, and certain negative adjustments of approximately $5,000,000. | |||||
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 $234,000,000 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 $59,000,000 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 $21,000,000 above the cost of the acquired inventory. Based on the inventory turn of the acquired inventories, the entire write-up was recognized in cost of goods sold during 2013. | |||||
The net $54,000,000 of one-time gain and other adjustments are included in the line item “Selling, administrative & other expenses” and the acquired inventory adjustment of $21,000,000 is included in “Cost of goods sold” in the consolidated statements of income and comprehensive income. | |||||
The acquisition date fair value of the consideration transferred totaled approximately $824,000,000, net of cash acquired of $70,000,000, 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 | 32,000 | ||||
Property and equipment | 59,000 | ||||
Intangible assets | 347,000 | ||||
Other assets | 24,000 | ||||
Total identifiable assets acquired | 862,000 | ||||
Current liabilities | (223,000 | ) | |||
Long-term debt | (230,000 | ) | |||
Deferred tax liabilities and other | (117,000 | ) | |||
Total liabilities assumed | (570,000 | ) | |||
Net identifiable assets acquired | 292,000 | ||||
Goodwill | 532,000 | ||||
Net assets acquired | $ | 824,000 | |||
The acquired intangible assets of approximately $347,000,000 were provisionally assigned to customer relationships of $202,000,000, trademarks of $141,000,000, and non-compete agreements of $4,000,000, with weighted average amortization lives of 16, 40, and 1 year, respectively, for a total weighted average amortization life of 26 years. The fair value of the acquired identifiable intangible assets is provisional pending completion of the final valuations for these assets. | |||||
The 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 consolidated statements of income and comprehensive income from April 1, 2013 to December 31, 2013 were approximately $839,000,000 in net sales and net income of $0.43 on a per share diluted basis, respectively. | |||||
The unaudited pro forma 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 years ended December 31, 2013 and 2012 would be estimated at $14,400,000,000 and $14,100,000,000 in net sales, respectively, and net income of $4.42 and $4.53 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. | |||||
Quaker City Motor Parts | |||||
On May 1, 2012 the Company acquired Quaker City Motor Parts Co. (“Quaker City”) for $343,000,000, net of cash acquired. Quaker City, headquartered in Middleton, Delaware, is a long-standing NAPA distributor with annual revenues of approximately $300,000,000. Quaker City serves approximately 260 auto parts stores, of which approximately 135 are company-owned. The Company funded the acquisition with cash on hand and short-term borrowings under credit facilities. |
Segment_Data
Segment Data | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Data | ' | ||||||||||||||||||||
10 | Segment Data | ||||||||||||||||||||
The Company’s reportable segments consist of automotive, industrial, office products, and electrical/electronic materials. Within the reportable segments, certain of the Company’s operating segments are aggregated since they have similar economic characteristics, products and services, type and class of customers, and distribution methods. | |||||||||||||||||||||
The Company’s automotive segment distributes replacement parts (other than body parts) for substantially all makes and models of automobiles, trucks, and other vehicles. | |||||||||||||||||||||
The Company’s 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 Company’s office products segment distributes a wide variety of office products, computer supplies, office furniture, and business electronics. | |||||||||||||||||||||
The Company’s 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 $193,400,000, $115,200,000 and $106,000,000 of income before income taxes was generated in jurisdictions outside the United States for the years ended December 31, 2013, 2012, and 2011, respectively. Net sales and net long-lived assets by country relate directly to the Company’s 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 that are reported as a component of net sales in the Company’s consolidated statements of income and comprehensive income. | |||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Net sales: | |||||||||||||||||||||
Automotive | $ | 7,489,186 | $ | 6,320,882 | $ | 6,061,424 | $ | 5,608,101 | $ | 5,225,389 | |||||||||||
Industrial | 4,429,976 | 4,453,574 | 4,173,574 | 3,521,863 | 2,885,782 | ||||||||||||||||
Office products | 1,638,618 | 1,686,690 | 1,689,368 | 1,641,963 | 1,639,018 | ||||||||||||||||
Electrical/electronic materials | 568,872 | 582,820 | 557,537 | 449,770 | 345,808 | ||||||||||||||||
Other | (48,809 | ) | (30,098 | ) | (23,026 | ) | (14,108 | ) | (38,485 | ) | |||||||||||
Total net sales | $ | 14,077,843 | $ | 13,013,868 | $ | 12,458,877 | $ | 11,207,589 | $ | 10,057,512 | |||||||||||
Operating profit: | |||||||||||||||||||||
Automotive | $ | 641,492 | $ | 540,678 | $ | 467,806 | $ | 421,109 | $ | 387,945 | |||||||||||
Industrial | 320,720 | 352,119 | 337,628 | 255,616 | 162,353 | ||||||||||||||||
Office products | 122,492 | 134,441 | 134,124 | 131,746 | 126,104 | ||||||||||||||||
Electrical/electronic materials | 47,584 | 50,910 | 40,663 | 30,910 | 25,254 | ||||||||||||||||
Total operating profit | 1,132,288 | 1,078,148 | 980,221 | 839,381 | 701,656 | ||||||||||||||||
Interest expense, net | (24,330 | ) | (19,619 | ) | (24,608 | ) | (26,598 | ) | (27,112 | ) | |||||||||||
Corporate expense | (34,667 | ) | (26,606 | ) | (58,033 | ) | (46,263 | ) | (26,735 | ) | |||||||||||
Intangible asset amortization | (28,987 | ) | (12,991 | ) | (6,774 | ) | (4,737 | ) | (3,644 | ) | |||||||||||
Income before income taxes | $ | 1,044,304 | $ | 1,018,932 | $ | 890,806 | $ | 761,783 | $ | 644,165 | |||||||||||
Assets: | |||||||||||||||||||||
Automotive | $ | 4,009,244 | $ | 3,411,252 | $ | 3,218,931 | $ | 3,177,644 | $ | 3,148,876 | |||||||||||
Industrial | 1,162,697 | 1,130,877 | 1,100,024 | 955,241 | 865,431 | ||||||||||||||||
Office products | 708,944 | 731,564 | 700,720 | 694,166 | 619,612 | ||||||||||||||||
Electrical/electronic materials | 156,780 | 137,237 | 129,933 | 113,757 | 76,716 | ||||||||||||||||
Corporate | 353,276 | 898,292 | 773,391 | 637,871 | 445,705 | ||||||||||||||||
Goodwill and other intangible assets | 1,289,356 | 497,839 | 279,775 | 209,548 | 171,532 | ||||||||||||||||
Total assets | $ | 7,680,297 | $ | 6,807,061 | $ | 6,202,774 | $ | 5,788,227 | $ | 5,327,872 | |||||||||||
Depreciation and amortization: | |||||||||||||||||||||
Automotive | $ | 76,238 | $ | 60,630 | $ | 60,252 | $ | 63,942 | $ | 65,554 | |||||||||||
Industrial | 8,751 | 8,307 | 7,495 | 7,208 | 7,611 | ||||||||||||||||
Office products | 10,166 | 10,837 | 9,999 | 9,737 | 9,685 | ||||||||||||||||
Electrical/electronic materials | 1,904 | 1,733 | 1,554 | 1,414 | 1,666 | ||||||||||||||||
Corporate | 7,911 | 3,885 | 2,862 | 2,294 | 2,251 | ||||||||||||||||
Intangible asset amortization | 28,987 | 12,991 | 6,774 | 4,737 | 3,644 | ||||||||||||||||
Total depreciation and amortization | $ | 133,957 | $ | 98,383 | $ | 88,936 | $ | 89,332 | $ | 90,411 | |||||||||||
Capital expenditures: | |||||||||||||||||||||
Automotive | $ | 97,735 | $ | 67,482 | $ | 61,795 | $ | 46,888 | $ | 53,911 | |||||||||||
Industrial | 8,808 | 13,015 | 9,851 | 4,307 | 2,987 | ||||||||||||||||
Office products | 9,297 | 16,013 | 22,036 | 29,866 | 5,782 | ||||||||||||||||
Electrical/electronic materials | 1,730 | 1,029 | 1,762 | 1,957 | 676 | ||||||||||||||||
Corporate | 6,493 | 4,448 | 8,025 | 2,361 | 6,089 | ||||||||||||||||
Total capital expenditures | $ | 124,063 | $ | 101,987 | $ | 103,469 | $ | 85,379 | $ | 69,445 | |||||||||||
Net sales: | |||||||||||||||||||||
United States | $ | 11,594,713 | $ | 11,299,291 | $ | 10,791,303 | $ | 9,793,820 | $ | 8,935,651 | |||||||||||
Canada | 1,560,799 | 1,616,921 | 1,571,733 | 1,327,552 | 1,078,799 | ||||||||||||||||
Australasia | 839,353 | — | — | — | — | ||||||||||||||||
Mexico | 131,787 | 127,754 | 118,867 | 100,325 | 81,547 | ||||||||||||||||
Other | (48,809 | ) | (30,098 | ) | (23,026 | ) | (14,108 | ) | (38,485 | ) | |||||||||||
Total net sales | $ | 14,077,843 | $ | 13,013,868 | $ | 12,458,877 | $ | 11,207,589 | $ | 10,057,512 | |||||||||||
Net long-lived assets: | |||||||||||||||||||||
United States | $ | 503,882 | $ | 466,473 | $ | 411,193 | $ | 398,318 | $ | 402,937 | |||||||||||
Canada | 99,135 | 93,496 | 84,210 | 80,978 | 78,502 | ||||||||||||||||
Australasia | 60,614 | — | — | — | — | ||||||||||||||||
Mexico | 6,430 | 6,396 | 4,801 | 4,834 | 3,585 | ||||||||||||||||
Total net long-lived assets | $ | 670,061 | $ | 566,365 | $ | 500,204 | $ | 484,130 | $ | 485,024 | |||||||||||
Financial_Statement_Schedule_I
Financial Statement Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | ' | ||||||||||||||||
Financial Statement Schedule II - Valuation and Qualifying Accounts | ' | ||||||||||||||||
Financial Statement Schedule II — Valuation and Qualifying Accounts | |||||||||||||||||
Genuine Parts Company and Subsidiaries | |||||||||||||||||
Balance at | Charged | Deductions(1) | Balance at | ||||||||||||||
Beginning | to Costs | End | |||||||||||||||
of Period | and Expenses | of Period | |||||||||||||||
Year ended December 31, 2011: | |||||||||||||||||
Reserves and allowances deducted from asset accounts: | |||||||||||||||||
Allowance for doubtful accounts | $ | 15,598,912 | $ | 13,247,731 | $ | (11,930,188 | ) | $ | 16,916,455 | ||||||||
Year ended December 31, 2012: | |||||||||||||||||
Reserves and allowances deducted from asset accounts: | |||||||||||||||||
Allowance for doubtful accounts | $ | 16,916,455 | $ | 8,046,605 | $ | (5,782,870 | ) | $ | 19,180,190 | ||||||||
Year ended December 31, 2013: | |||||||||||||||||
Reserves and allowances deducted from asset accounts: | |||||||||||||||||
Allowance for doubtful accounts | $ | 19,180,190 | $ | 8,691,000 | $ | (13,448,190 | ) | $ | 14,423,000 | ||||||||
-1 | Doubtful accounts written off, net of recoveries. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Business | ' | ||||||||||||||||
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 2,600 locations in North America and Australasia 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. The Company has evaluated subsequent events through the date the financial statements were issued. | |||||||||||||||||
Principles of Consolidation | ' | ||||||||||||||||
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 Company’s consolidated net income. Intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||||||
Use of Estimates | ' | ||||||||||||||||
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 | ' | ||||||||||||||||
Revenue Recognition | |||||||||||||||||
The Company records revenue when the following criteria are met: persuasive evidence of an arrangement exists, delivery has occurred, the Company’s 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 | ' | ||||||||||||||||
Foreign Currency Translation | |||||||||||||||||
The consolidated balance sheets and statements of income and comprehensive income of the Company’s 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. | |||||||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. | |||||||||||||||||
Trade Accounts Receivable and the Allowance for Doubtful Accounts | ' | ||||||||||||||||
Trade Accounts Receivable and the Allowance for Doubtful Accounts | |||||||||||||||||
The Company evaluates the collectability of trade accounts receivable based on a combination of factors. The Company estimates an allowance for doubtful accounts as a percentage of net sales based on historical bad debt experience and periodically adjusts this estimate when the Company becomes aware of a specific customer’s 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 December 31, 2013, 2012, and 2011, the Company recorded provisions for doubtful accounts of approximately $8,691,000, $8,047,000, and $13,248,000, respectively. At December 31, 2013 and 2012, the allowance for doubtful accounts was approximately $14,423,000 and $19,180,000, respectively. | |||||||||||||||||
Merchandise Inventories, Including Consideration Received From Vendors | ' | ||||||||||||||||
Merchandise Inventories, Including Consideration Received From Vendors | |||||||||||||||||
Merchandise inventories are valued at the lower of cost or market. Cost is determined by the last-in, first-out (LIFO) method for a majority of automotive parts, electrical/electronic materials, and industrial parts, and by the first-in, first-out (FIFO) method for office products and certain other inventories. If the FIFO method had been used for all inventories, cost would have been approximately $432,150,000 and $428,260,000 higher than reported at December 31, 2013 and 2012, respectively. During 2013, 2012, and 2011 reductions in inventory levels in automotive parts inventories (2013 and 2012), industrial parts inventories (2013, 2012, and 2011), and electrical parts inventories (2012 and 2011) resulted in liquidations of LIFO inventory layers. The effect of the LIFO liquidation in 2013, 2012, and 2011 was to reduce cost of goods sold by approximately $5,000,000, $6,000,000, and $16,000,000, respectively. | |||||||||||||||||
The Company identifies slow moving or obsolete inventories and estimates appropriate provisions related thereto. Historically, these losses have not been significant as the vast majority of the Company’s inventories are not highly susceptible to obsolescence and are eligible for return under various vendor return programs. While the Company has no reason to believe its inventory return privileges will be discontinued in the future, its risk of loss associated with obsolete or slow moving inventories would increase if such were to occur. | |||||||||||||||||
The Company enters into agreements at the beginning of each year with many of its vendors that provide for inventory purchase incentives. Generally, the Company earns inventory purchase incentives upon achieving specified volume purchasing levels or other criteria. The Company accrues for the receipt of these incentives as part of its inventory cost based on cumulative purchases of inventory to date and projected inventory purchases through the end of the year. While management believes the Company will continue to receive consideration from vendors in 2014 and beyond, there can be no assurance that vendors will continue to provide comparable amounts of incentives in the future. | |||||||||||||||||
Prepaid Expenses and Other Current Assets | ' | ||||||||||||||||
Prepaid Expenses and Other Current Assets | |||||||||||||||||
Prepaid expenses and other current assets consist primarily of prepaid expenses and amounts due from vendors. | |||||||||||||||||
Goodwill | ' | ||||||||||||||||
Goodwill | |||||||||||||||||
The Company reviews its goodwill annually in the fourth quarter, or sooner if circumstances indicate that the carrying amount may exceed fair value. The present value of future cash flows approach was used to determine any potential impairment. The Company determined that goodwill was not impaired and, therefore, no impairments were recognized for the years ended December 31, 2013, 2012, or 2011. If an impairment occurs at a future date, it may have the effect of increasing the volatility of the Company’s earnings. | |||||||||||||||||
Other Assets | ' | ||||||||||||||||
Other Assets | |||||||||||||||||
Other assets are comprised of the following: | |||||||||||||||||
December 31 | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In Thousands) | |||||||||||||||||
Retirement benefit assets | $ | 41,919 | $ | 4,021 | |||||||||||||
Deferred compensation benefits | 24,939 | 20,642 | |||||||||||||||
Investments | 28,760 | 206,487 | |||||||||||||||
Cash surrender value of life insurance policies | 95,094 | 78,860 | |||||||||||||||
Customer sales returns inventories | 55,200 | 134,367 | |||||||||||||||
Other long-term prepayments and receivables | 155,922 | 198,886 | |||||||||||||||
Total other assets | $ | 401,834 | $ | 643,263 | |||||||||||||
Property, Plant, and Equipment | ' | ||||||||||||||||
Property, Plant, and Equipment | |||||||||||||||||
Property, plant, and equipment are stated at cost. Depreciation and amortization is primarily determined on a straight-line basis over the following estimated useful life of each asset: buildings and improvements, 10 to 40 years; machinery and equipment, 5 to 15 years. | |||||||||||||||||
Long-Lived Assets Other Than Goodwill | ' | ||||||||||||||||
Long-Lived Assets Other Than Goodwill | |||||||||||||||||
The Company assesses its long-lived assets other than goodwill for impairment whenever facts and circumstances indicate that the carrying amount may not be fully recoverable. To analyze recoverability, the Company projects undiscounted net future cash flows over the remaining life of such assets. If these projected cash flows are less than the carrying amount, an impairment would be recognized, resulting in a write-down of assets with a corresponding charge to earnings. Impairment losses, if any, are measured based upon the difference between the carrying amount and the fair value of the assets. | |||||||||||||||||
Other Long-Term Liabilities | ' | ||||||||||||||||
Other Long-Term Liabilities | |||||||||||||||||
Other long-term liabilities are comprised of the following: | |||||||||||||||||
December 31 | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In Thousands) | |||||||||||||||||
Post-employment and other benefit/retirement liabilities | $ | 55,150 | $ | 35,273 | |||||||||||||
Insurance liabilities | 47,930 | 45,865 | |||||||||||||||
Other lease obligations | 27,815 | 33,748 | |||||||||||||||
Other taxes payable | 59,107 | 57,510 | |||||||||||||||
Customer deposits | 65,826 | 161,936 | |||||||||||||||
Other | 159,170 | 153,924 | |||||||||||||||
Total other long-term liabilities | $ | 414,998 | $ | 488,256 | |||||||||||||
Self-Insurance | ' | ||||||||||||||||
Self-Insurance | |||||||||||||||||
The Company is self-insured for the majority of group health insurance costs. A reserve for claims incurred but not reported is developed by analyzing historical claims data provided by the Company’s claims administrators. These reserves are included in accrued expenses in the accompanying consolidated balance sheets as the expenses are expected to be paid within one year. | |||||||||||||||||
Long-term insurance liabilities consist primarily of reserves for the workers’ compensation program. In addition, the Company carries various large risk deductible workers’ compensation policies for the majority of workers’ compensation liabilities. The Company records the workers’ compensation reserves based on an analysis performed by an independent actuary. The analysis calculates development factors, which are applied to total reserves as provided by the various insurance companies who underwrite the program. While the Company believes that the assumptions used to calculate these liabilities are appropriate, significant differences in actual experience or significant changes in these assumptions may materially affect workers’ compensation costs. | |||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | ' | ||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | |||||||||||||||||
Accumulated other comprehensive loss is comprised of the following: | |||||||||||||||||
December 31 | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In Thousands) | |||||||||||||||||
Foreign currency translation | $ | (37,619 | ) | $ | 131,084 | ||||||||||||
Unrecognized net actuarial loss, net of tax | (366,454 | ) | (644,244 | ) | |||||||||||||
Unrecognized prior service credit, net of tax | 6,418 | 11,668 | |||||||||||||||
Total accumulated other comprehensive loss | $ | (397,655 | ) | $ | (501,492 | ) | |||||||||||
The following table presents the changes in accumulated other comprehensive (loss) income by component for the year ended December 31, 2013: | |||||||||||||||||
Changes in Accumulated Other Comprehensive | |||||||||||||||||
(Loss) Income by Component | |||||||||||||||||
Pension | Other | Foreign | Total | ||||||||||||||
Benefits | Post- | Currency | |||||||||||||||
Retirement | Translation | ||||||||||||||||
Benefits | |||||||||||||||||
(in Thousands) | |||||||||||||||||
Beginning balance, January 1 | $ | (629,907 | ) | $ | (2,669 | ) | $ | 131,084 | $ | (501,492 | ) | ||||||
Other comprehensive income (loss) before reclassifications, net of tax | 223,991 | 1,629 | (168,703 | ) | 56,917 | ||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income, net of tax | 46,837 | 83 | — | 46,920 | |||||||||||||
Net current period other comprehensive income (loss) | 270,828 | 1,712 | (168,703 | ) | 103,837 | ||||||||||||
Ending balance, December 31 | $ | (359,079 | ) | $ | (957 | ) | $ | (37,619 | ) | $ | (397,655 | ) | |||||
The accumulated other comprehensive loss components related to the pension benefits are included in the computation of net periodic benefit cost in the employee benefit plans footnote. | |||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
The carrying amounts reflected in the consolidated balance sheets for cash and cash equivalents, trade accounts receivable and trade accounts payable approximate their respective fair values based on the short-term nature of these instruments. At December 31, 2013 and 2012, the fair value of fixed rate debt was approximately $496,000,000 and $516,000,000, respectively. The fair value of fixed rate debt is designated as Level 2 in the fair value hierarchy (i.e., significant observable inputs) and is based primarily on the discounted value of future cash flows using current market interest rates offered for debt of similar credit risk and maturity. | |||||||||||||||||
Shipping and Handling Costs | ' | ||||||||||||||||
Shipping and Handling Costs | |||||||||||||||||
Shipping and handling costs are classified as selling, administrative and other expenses in the accompanying consolidated statements of income and comprehensive income and totaled approximately $250,000,000, $220,000,000, and $190,000,000, for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||||||
Advertising Costs | ' | ||||||||||||||||
Advertising Costs | |||||||||||||||||
Advertising costs are expensed as incurred and totaled $57,900,000, $43,200,000, and $45,100,000 in the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||||||
Accounting for Legal Costs | ' | ||||||||||||||||
Accounting for Legal Costs | |||||||||||||||||
The Company’s legal costs expected to be incurred in connection with loss contingencies are expensed as such costs are incurred. | |||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||
Share-Based Compensation | |||||||||||||||||
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. | |||||||||||||||||
Net Income per Common Share | ' | ||||||||||||||||
Net Income per Common Share | |||||||||||||||||
Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during the year. The computation of diluted net income per common share includes the dilutive effect of stock options, stock appreciation rights and nonvested restricted stock awards options. Options to purchase approximately 630,000, 730,000, and 850,000 shares of common stock ranging from $54 — $81 per share were outstanding at December 31, 2013, 2012, and 2011, 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 common stock in each respective year. | |||||||||||||||||
Recently Adopted Accounting Pronouncements | ' | ||||||||||||||||
Recently Adopted Accounting Pronouncements | |||||||||||||||||
In February 2013, the Financial Accounting Standards Board 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 consolidated financial statements for the year ended December 31, 2013. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Components of Other Assets | ' | ||||||||||||||||
Other assets are comprised of the following: | |||||||||||||||||
December 31 | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In Thousands) | |||||||||||||||||
Retirement benefit assets | $ | 41,919 | $ | 4,021 | |||||||||||||
Deferred compensation benefits | 24,939 | 20,642 | |||||||||||||||
Investments | 28,760 | 206,487 | |||||||||||||||
Cash surrender value of life insurance policies | 95,094 | 78,860 | |||||||||||||||
Customer sales returns inventories | 55,200 | 134,367 | |||||||||||||||
Other long-term prepayments and receivables | 155,922 | 198,886 | |||||||||||||||
Total other assets | $ | 401,834 | $ | 643,263 | |||||||||||||
Components of Other Long-Term Liabilities | ' | ||||||||||||||||
Other long-term liabilities are comprised of the following: | |||||||||||||||||
December 31 | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In Thousands) | |||||||||||||||||
Post-employment and other benefit/retirement liabilities | $ | 55,150 | $ | 35,273 | |||||||||||||
Insurance liabilities | 47,930 | 45,865 | |||||||||||||||
Other lease obligations | 27,815 | 33,748 | |||||||||||||||
Other taxes payable | 59,107 | 57,510 | |||||||||||||||
Customer deposits | 65,826 | 161,936 | |||||||||||||||
Other | 159,170 | 153,924 | |||||||||||||||
Total other long-term liabilities | $ | 414,998 | $ | 488,256 | |||||||||||||
Components of Accumulated Other Comprehensive (Loss) Income | ' | ||||||||||||||||
Accumulated other comprehensive loss is comprised of the following: | |||||||||||||||||
December 31 | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In Thousands) | |||||||||||||||||
Foreign currency translation | $ | (37,619 | ) | $ | 131,084 | ||||||||||||
Unrecognized net actuarial loss, net of tax | (366,454 | ) | (644,244 | ) | |||||||||||||
Unrecognized prior service credit, net of tax | 6,418 | 11,668 | |||||||||||||||
Total accumulated other comprehensive loss | $ | (397,655 | ) | $ | (501,492 | ) | |||||||||||
Changes in Accumulated Other Comprehensive (Loss) Income | ' | ||||||||||||||||
The following table presents the changes in accumulated other comprehensive (loss) income by component for the year ended December 31, 2013: | |||||||||||||||||
Changes in Accumulated Other Comprehensive | |||||||||||||||||
(Loss) Income by Component | |||||||||||||||||
Pension | Other | Foreign | Total | ||||||||||||||
Benefits | Post- | Currency | |||||||||||||||
Retirement | Translation | ||||||||||||||||
Benefits | |||||||||||||||||
(in Thousands) | |||||||||||||||||
Beginning balance, January 1 | $ | (629,907 | ) | $ | (2,669 | ) | $ | 131,084 | $ | (501,492 | ) | ||||||
Other comprehensive income (loss) before reclassifications, net of tax | 223,991 | 1,629 | (168,703 | ) | 56,917 | ||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income, net of tax | 46,837 | 83 | — | 46,920 | |||||||||||||
Net current period other comprehensive income (loss) | 270,828 | 1,712 | (168,703 | ) | 103,837 | ||||||||||||
Ending balance, December 31 | $ | (359,079 | ) | $ | (957 | ) | $ | (37,619 | ) | $ | (397,655 | ) | |||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Changes in Goodwill and Other Identifiable Intangible Assets | ' | ||||||||||||||||||||||||
The changes in the carrying amount of goodwill during the years ended December 31, 2013, 2012, and 2011 by reportable segment, as well as other identifiable intangible assets, are summarized as follows (in thousands): | |||||||||||||||||||||||||
Goodwill | Other | ||||||||||||||||||||||||
Intangible | |||||||||||||||||||||||||
Automotive | Industrial | Office | Electrical/ | Total | Assets, Net | ||||||||||||||||||||
Products | Electronic | ||||||||||||||||||||||||
Materials | |||||||||||||||||||||||||
Balance as of January 1, 2012 | $ | 43,705 | $ | 99,011 | $ | 10,554 | $ | 24,350 | $ | 177,620 | $ | 102,155 | |||||||||||||
Additions | 114,206 | — | — | 5,355 | 119,561 | 110,014 | |||||||||||||||||||
Amortization | — | — | — | — | — | (12,991 | ) | ||||||||||||||||||
Foreign currency translation | 638 | 221 | — | — | 859 | 621 | |||||||||||||||||||
Balance as of December 31, 2012 | 158,549 | 99,232 | 10,554 | 29,705 | 298,040 | 199,799 | |||||||||||||||||||
Additions | 541,836 | 17,420 | — | 11,396 | 570,652 | 379,834 | |||||||||||||||||||
Amortization | — | — | — | — | — | (28,987 | ) | ||||||||||||||||||
Foreign currency translation | (78,205 | ) | (516 | ) | — | — | (78,721 | ) | (51,261 | ) | |||||||||||||||
Balance as of December 31, 2013 | $ | 622,180 | $ | 116,136 | $ | 10,554 | $ | 41,101 | $ | 789,971 | $ | 499,385 | |||||||||||||
Gross Carrying Amounts and Accumulated Amortization Relating to Other Intangible Assets | ' | ||||||||||||||||||||||||
The gross carrying amounts and accumulated amortization relating to other intangible assets at December 31, 2013 and 2012 is as follows (in thousands): | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Customer relationships | $ | 412,634 | $ | (59,686 | ) | $ | 352,948 | $ | 209,328 | $ | (38,030 | ) | $ | 171,298 | |||||||||||
Trademarks | 149,949 | (5,018 | ) | 144,931 | 29,337 | (1,944 | ) | 27,393 | |||||||||||||||||
Non-competition agreements | 7,306 | (5,800 | ) | 1,506 | 4,483 | (3,375 | ) | 1,108 | |||||||||||||||||
$ | 569,889 | $ | (70,504 | ) | $ | 499,385 | $ | 243,148 | $ | (43,349 | ) | $ | 199,799 | ||||||||||||
Estimated Other Intangible Assets Amortization Expense | ' | ||||||||||||||||||||||||
Estimated other intangible assets amortization expense for the succeeding five years is as follows (in thousands): | |||||||||||||||||||||||||
2014 | $ | 31,000 | |||||||||||||||||||||||
2015 | 30,000 | ||||||||||||||||||||||||
2016 | 30,000 | ||||||||||||||||||||||||
2017 | 30,000 | ||||||||||||||||||||||||
2018 | 29,000 | ||||||||||||||||||||||||
$ | 150,000 | ||||||||||||||||||||||||
Credit_Facilities_Tables
Credit Facilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Outstanding Amount of Credit Facilities | ' | ||||||||
Amounts outstanding under the Company’s credit facilities consist of the following: | |||||||||
December 31 | |||||||||
2013 | 2012 | ||||||||
(In Thousands) | |||||||||
Unsecured revolving line of credit, $850,000,000, LIBOR plus 0.75% variable | $ | 264,658 | $ | — | |||||
Unsecured term notes: | |||||||||
November 30, 2008, Series C Senior Unsecured Notes, $250,000,000, 4.67% fixed, due November 30, 2013 | — | 250,000 | |||||||
November 30, 2011, Series D and E Senior Unsecured Notes, $250,000,000, 3.35% fixed, due November 30, 2016 | 250,000 | 250,000 | |||||||
December 2, 2013, Series F Senior Unsecured Notes, $250,000,000, 2.99% fixed, due December 2, 2023 | 250,000 | — | |||||||
Total debt | 764,658 | 500,000 | |||||||
Less debt due within one year | 264,658 | 250,000 | |||||||
Long-term debt, excluding current portion | $ | 500,000 | $ | 250,000 | |||||
Leased_Properties_Tables
Leased Properties (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Future Minimum Payments of Leases | ' | ||||
Future minimum payments, by year and in the aggregate, under the noncancelable operating leases with initial or remaining terms of one year or more was approximately the following at December 31, 2013 (in thousands): | |||||
2014 | $ | 191,400 | |||
2015 | 151,100 | ||||
2016 | 110,200 | ||||
2017 | 76,400 | ||||
2018 | 50,000 | ||||
Thereafter | 149,500 | ||||
Total minimum lease payments | $ | 728,600 | |||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||
Summary of Company's Share-Based Compensation Activity and Related Information | ' | ||||||||
A summary of the Company’s share-based compensation activity and related information is as follows: | |||||||||
2013 | |||||||||
Shares (1) | Weighted- | ||||||||
Average | |||||||||
Exercise | |||||||||
Price (2) | |||||||||
(In Thousands) | |||||||||
Outstanding at beginning of year | 5,100 | $ | 50 | ||||||
Granted | 900 | 77 | |||||||
Exercised | (1,335 | ) | 45 | ||||||
Forfeited | (85 | ) | 63 | ||||||
Outstanding at end of year (3) | 4,580 | $ | 56 | ||||||
Exercisable at end of year | 2,601 | $ | 48 | ||||||
Shares available for future grants | 2,743 | ||||||||
-1 | Shares include Restricted Stock Units (RSUs). | ||||||||
-2 | The weighted-average exercise price excludes RSUs. | ||||||||
-3 | The exercise prices for options and SARs outstanding as of December 31, 2013 ranged from approximately $37 to $77. The weighted-average remaining contractual life of all options and SARs outstanding is approximately six years. | ||||||||
Summary of Company's Nonvested Share Awards (RSUs) Activity | ' | ||||||||
A summary of the Company’s nonvested share awards (RSUs) activity is as follows: | |||||||||
Nonvested Share Awards (RSUs) | Shares | Weighted- | |||||||
Average Grant | |||||||||
Date Fair | |||||||||
Value | |||||||||
(In Thousands) | |||||||||
Nonvested at January 1, 2013 | 316 | $ | 54 | ||||||
Granted | 172 | 78 | |||||||
Vested | (18 | ) | 77 | ||||||
Forfeited | (26 | ) | 72 | ||||||
Nonvested at December 31, 2013 | 444 | $ | 62 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Components of Deferred Tax Assets and Liabilities | ' | ||||||||||||
Significant components of the Company’s deferred tax assets and liabilities are as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
(In Thousands) | |||||||||||||
Deferred tax assets related to: | |||||||||||||
Expenses not yet deducted for tax purposes | $ | 343,156 | $ | 362,265 | |||||||||
Pension liability not yet deducted for tax purposes | 227,880 | 405,048 | |||||||||||
Capital loss | — | 16,803 | |||||||||||
Valuation allowance | — | (16,803 | ) | ||||||||||
571,036 | 767,313 | ||||||||||||
Deferred tax liabilities related to: | |||||||||||||
Employee and retiree benefits | 188,235 | 205,268 | |||||||||||
Inventory | 152,641 | 191,047 | |||||||||||
Other intangible assets | 110,272 | 23,295 | |||||||||||
Property, plant, and equipment | 53,751 | 41,130 | |||||||||||
Other | 29,733 | 28,321 | |||||||||||
534,632 | 489,061 | ||||||||||||
Net deferred tax assets | 36,404 | 278,252 | |||||||||||
Current portion of deferred tax (assets) liabilities | (22,165 | ) | 1,211 | ||||||||||
Noncurrent net deferred tax assets | $ | 14,239 | $ | 279,463 | |||||||||
Components of Income before Income Taxes | ' | ||||||||||||
The components of income before income taxes are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
United States | $ | 850,866 | $ | 903,698 | $ | 784,841 | |||||||
Foreign | 193,438 | 115,234 | 105,965 | ||||||||||
Income before income taxes | $ | 1,044,304 | $ | 1,018,932 | $ | 890,806 | |||||||
Components of Income Tax Expense | ' | ||||||||||||
The components of income tax expense are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | 303,016 | $ | 288,135 | $ | 260,222 | |||||||
State | 47,010 | 44,653 | 41,511 | ||||||||||
Foreign | 30,941 | 23,352 | 26,294 | ||||||||||
Deferred | (21,622 | ) | 14,751 | (2,337 | ) | ||||||||
$ | 359,345 | $ | 370,891 | $ | 325,690 | ||||||||
Difference Between Total Tax Expense and Amount Computed by Applying Statutory Federal Income Tax Rate | ' | ||||||||||||
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: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Statutory rate applied to income | $ | 365,506 | $ | 356,626 | $ | 311,782 | |||||||
Plus state income taxes, net of Federal tax benefit | 28,823 | 30,227 | 26,790 | ||||||||||
Earnings in jurisdictions taxed at rates different from the statutory US tax rate | (37,873 | ) | (17,419 | ) | (13,443 | ) | |||||||
Capital loss expiration | 16,803 | — | — | ||||||||||
Reversal of capital loss valuation allowance | (16,803 | ) | — | — | |||||||||
Other | 2,889 | 1,457 | 561 | ||||||||||
$ | 359,345 | $ | 370,891 | $ | 325,690 | ||||||||
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | ' | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Balance at beginning of year | $ | 45,455 | $ | 46,845 | $ | 39,425 | |||||||
Additions based on tax positions related to the current year | 3,238 | 5,702 | 6,035 | ||||||||||
Additions for tax positions of prior years | 3,759 | 2,172 | 7,966 | ||||||||||
Reductions for tax positions for prior years | (1,472 | ) | (5,025 | ) | (481 | ) | |||||||
Reduction for lapse in statute of limitations | (1,714 | ) | (2,658 | ) | (4,563 | ) | |||||||
Settlements | (2,076 | ) | (1,581 | ) | (1,537 | ) | |||||||
Balance at end of year | $ | 47,190 | $ | 45,455 | $ | 46,845 | |||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Changes in Benefit Obligation | ' | ||||||||||||||||
Changes in benefit obligations for the years ended December 31, 2013 and 2012 were: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In Thousands) | |||||||||||||||||
Changes in benefit obligation | |||||||||||||||||
Benefit obligation at beginning of year | $ | 2,165,692 | $ | 1,958,399 | |||||||||||||
Service cost | 19,083 | 15,254 | |||||||||||||||
Interest cost | 89,408 | 100,338 | |||||||||||||||
Plan participants’ contributions | 3,543 | 3,962 | |||||||||||||||
Plan amendments | — | (4,217 | ) | ||||||||||||||
Actuarial (gain) loss | (164,784 | ) | 330,028 | ||||||||||||||
Foreign currency exchange rate changes | (13,893 | ) | 5,489 | ||||||||||||||
Gross benefits paid | (73,186 | ) | (67,767 | ) | |||||||||||||
Acquired plan | 9,322 | — | |||||||||||||||
Curtailments | — | (175,794 | ) | ||||||||||||||
Benefit obligation at end of year | $ | 2,035,185 | $ | 2,165,692 | |||||||||||||
Assumptions Used to Measure Pension Benefit Obligations | ' | ||||||||||||||||
The assumptions used to measure the pension benefit obligations for the plans at December 31, 2013 and 2012, were: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Weighted-average discount rate | 5.1 | % | 4.17 | % | |||||||||||||
Rate of increase in future compensation levels | 3.04 | % | 3.3 | % | |||||||||||||
Changes in Plan Assets | ' | ||||||||||||||||
Changes in plan assets for the years ended December 31, 2013 and 2012 were: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In Thousands) | |||||||||||||||||
Changes in plan assets | |||||||||||||||||
Fair value of plan assets at beginning of year | $ | 1,595,679 | $ | 1,470,030 | |||||||||||||
Actual return on plan assets | 336,151 | 168,491 | |||||||||||||||
Foreign currency exchange rate changes | (12,155 | ) | 4,498 | ||||||||||||||
Employer contributions | 74,347 | 16,465 | |||||||||||||||
Acquired plan | 8,684 | — | |||||||||||||||
Plan participants’ contributions | 3,543 | 3,962 | |||||||||||||||
Benefits paid | (73,186 | ) | (67,767 | ) | |||||||||||||
Fair value of plan assets at end of year | $ | 1,933,063 | $ | 1,595,679 | |||||||||||||
Asset Allocations for Funded Pension Plans | ' | ||||||||||||||||
The asset allocations for the Company’s funded pension plans at December 31, 2013 and 2012, and the target allocation for 2014, by asset category were: | |||||||||||||||||
Target | Percentage of | ||||||||||||||||
Allocation | Plan Assets at | ||||||||||||||||
2014 | December 31 | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Asset Category | |||||||||||||||||
Equity securities | 71 | % | 76 | % | 68 | % | |||||||||||
Debt securities | 29 | % | 24 | % | 32 | % | |||||||||||
100 | % | 100 | % | 100 | % | ||||||||||||
Fair Value of Plan Assets by Asset Category | ' | ||||||||||||||||
Debt securities including corporate bonds, U.S. Government securities, and asset-backed securities are valued using price evaluations reflecting the bid and/or ask sides of the market for an investment as of the last day of the calendar plan year. | |||||||||||||||||
2013 | |||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||
in Active | Observable | Unobservable | |||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||
Identical | (Level 2) | (Level 3) | |||||||||||||||
Assets | |||||||||||||||||
(Level 1) | |||||||||||||||||
(In Thousands) | |||||||||||||||||
Equity Securities | |||||||||||||||||
Common stocks — mutual funds — equity | $ | 505,572 | $ | 505,572 | $ | — | $ | — | |||||||||
Genuine Parts Company | 167,788 | 167,788 | — | — | |||||||||||||
Other stocks | 791,728 | 791,728 | — | — | |||||||||||||
Debt Securities | |||||||||||||||||
Short-term investments | 59,058 | 59,058 | — | — | |||||||||||||
Cash and equivalents | 9,022 | 9,022 | — | — | |||||||||||||
Government bonds | 144,447 | 61,171 | 83,276 | — | |||||||||||||
Corporate bonds | 123,773 | — | 123,773 | — | |||||||||||||
Asset-backed and mortgage-backed securities | 19,345 | — | 19,345 | — | |||||||||||||
Other-international | 12,072 | 11,200 | 872 | — | |||||||||||||
Municipal bonds | 1,304 | — | 1,304 | — | |||||||||||||
Municipal funds-fixed income | 96,231 | — | 96,231 | — | |||||||||||||
Cash surrender value of life insurance policies | 2,723 | — | — | 2,723 | |||||||||||||
Total | $ | 1,933,063 | $ | 1,605,539 | $ | 324,801 | $ | 2,723 | |||||||||
2012 | |||||||||||||||||
Total | Quoted Prices | Significant | Significant | ||||||||||||||
in Active | Observable | Unobservable | |||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||
Identical | (Level 2) | (Level 3) | |||||||||||||||
Assets | |||||||||||||||||
(Level 1) | |||||||||||||||||
(In Thousands) | |||||||||||||||||
Equity Securities | |||||||||||||||||
Common stocks — mutual funds — equity | $ | 342,846 | $ | 342,846 | $ | — | $ | — | |||||||||
Genuine Parts Company | 128,236 | 128,236 | — | — | |||||||||||||
Other stocks | 608,017 | 608,017 | — | — | |||||||||||||
Debt Securities | |||||||||||||||||
Short-term investments | 37,626 | 37,626 | — | — | |||||||||||||
Cash and equivalents | 45,719 | 45,719 | — | — | |||||||||||||
Government bonds | 166,413 | 74,707 | 91,706 | — | |||||||||||||
Corporate bonds | 127,824 | — | 127,824 | — | |||||||||||||
Asset-backed and mortgage-backed securities | 24,077 | — | 24,077 | — | |||||||||||||
Other-international | 10,188 | 10,188 | — | — | |||||||||||||
Municipal bonds | 532 | — | 532 | — | |||||||||||||
Municipal funds-fixed income | 101,578 | — | 101,578 | — | |||||||||||||
Cash surrender value of life insurance policies | 2,623 | — | — | 2,623 | |||||||||||||
Total | $ | 1,595,679 | $ | 1,247,339 | $ | 345,717 | $ | 2,623 | |||||||||
Amounts Recognized in Consolidated Balance Sheets | ' | ||||||||||||||||
The following table sets forth the funded status of the plans and the amounts recognized in the consolidated balance sheets at December 31: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In Thousands) | |||||||||||||||||
Other long-term asset | $ | 41,919 | $ | 4,021 | |||||||||||||
Other current liability | (5,976 | ) | (5,402 | ) | |||||||||||||
Pension and other post-retirement liabilities | (138,065 | ) | (568,632 | ) | |||||||||||||
$ | (102,122 | ) | $ | (570,013 | ) | ||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Loss (Income) | ' | ||||||||||||||||
Amounts recognized in accumulated other comprehensive loss (income) consist of: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In Thousands) | |||||||||||||||||
Net actuarial loss | $ | 590,568 | $ | 1,043,089 | |||||||||||||
Prior service credit | (3,074 | ) | (10,612 | ) | |||||||||||||
$ | 587,494 | $ | 1,032,477 | ||||||||||||||
Expected Cash Flows for Pension Plans | ' | ||||||||||||||||
Information about the expected cash flows for the pension plans follows (in thousands): | |||||||||||||||||
Employer contribution | |||||||||||||||||
2014 (expected) | $ | 50,605 | |||||||||||||||
Expected benefit payments | |||||||||||||||||
2014 | $ | 79,073 | |||||||||||||||
2015 | 88,704 | ||||||||||||||||
2016 | 96,385 | ||||||||||||||||
2017 | 104,225 | ||||||||||||||||
2018 | 112,082 | ||||||||||||||||
2019 through 2023 | 662,040 | ||||||||||||||||
Components of Net Periodic Benefit Cost | ' | ||||||||||||||||
Net periodic benefit cost included the following components: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(In Thousands) | |||||||||||||||||
Service cost | $ | 19,083 | $ | 15,254 | $ | 13,039 | |||||||||||
Interest cost | 89,408 | 100,338 | 97,293 | ||||||||||||||
Expected return on plan assets | (133,816 | ) | (128,208 | ) | (124,150 | ) | |||||||||||
Amortization of prior service credit | (7,538 | ) | (7,270 | ) | (6,970 | ) | |||||||||||
Amortization of actuarial loss | 83,934 | 70,161 | 53,039 | ||||||||||||||
Curtailment gain | — | (23,507 | ) | — | |||||||||||||
Net periodic benefit cost | $ | 51,071 | $ | 26,768 | $ | 32,251 | |||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Loss) Income | ' | ||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive (loss) income are as follows: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(In Thousands) | |||||||||||||||||
Current year actuarial (gain) loss | $ | (368,587 | ) | $ | 114,061 | $ | 311,038 | ||||||||||
Recognition of actuarial loss | (83,934 | ) | (70,161 | ) | (53,039 | ) | |||||||||||
Current year prior service credit | — | (4,217 | ) | — | |||||||||||||
Recognition of prior service credit | 7,538 | 30,777 | 6,970 | ||||||||||||||
Total recognized in other comprehensive (loss) income | $ | (444,983 | ) | $ | 70,460 | $ | 264,969 | ||||||||||
Total recognized in net periodic benefit cost and other comprehensive (loss) income | $ | (393,912 | ) | $ | 97,228 | $ | 297,220 | ||||||||||
Estimated Amounts Amortized from Accumulated Other Comprehensive Loss (Income) | ' | ||||||||||||||||
The estimated amounts that will be amortized from accumulated other comprehensive loss (income) into net periodic benefit cost in 2014 are as follows in thousands: | |||||||||||||||||
Actuarial loss | $ | 26,606 | |||||||||||||||
Prior service credit | (1,904 | ) | |||||||||||||||
Total | $ | 24,702 | |||||||||||||||
Assumptions Used To Measure Net Periodic Benefit Costs | ' | ||||||||||||||||
The assumptions used in measuring the net periodic benefit costs for the plans follow: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Weighted average discount rate | 4.17 | % | 5.17 | % | 5.74 | % | |||||||||||
Rate of increase in future compensation levels | 3.3 | % | 3.3 | % | 3.39 | % | |||||||||||
Expected long-term rate of return on plan assets | 7.83 | % | 7.84 | % | 7.87 | % |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Business Acquisition Consideration Transferred | ' | ||||
The acquisition date fair value of the consideration transferred totaled approximately $824,000,000, net of cash acquired of $70,000,000, 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. 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 | 32,000 | ||||
Property and equipment | 59,000 | ||||
Intangible assets | 347,000 | ||||
Other assets | 24,000 | ||||
Total identifiable assets acquired | 862,000 | ||||
Current liabilities | (223,000 | ) | |||
Long-term debt | (230,000 | ) | |||
Deferred tax liabilities and other | (117,000 | ) | |||
Total liabilities assumed | (570,000 | ) | |||
Net identifiable assets acquired | 292,000 | ||||
Goodwill | 532,000 | ||||
Net assets acquired | $ | 824,000 | |||
Segment_Data_Tables
Segment Data (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Summary of Segment Data | ' | ||||||||||||||||||||
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 that are reported as a component of net sales in the Company’s consolidated statements of income and comprehensive income. | |||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Net sales: | |||||||||||||||||||||
Automotive | $ | 7,489,186 | $ | 6,320,882 | $ | 6,061,424 | $ | 5,608,101 | $ | 5,225,389 | |||||||||||
Industrial | 4,429,976 | 4,453,574 | 4,173,574 | 3,521,863 | 2,885,782 | ||||||||||||||||
Office products | 1,638,618 | 1,686,690 | 1,689,368 | 1,641,963 | 1,639,018 | ||||||||||||||||
Electrical/electronic materials | 568,872 | 582,820 | 557,537 | 449,770 | 345,808 | ||||||||||||||||
Other | (48,809 | ) | (30,098 | ) | (23,026 | ) | (14,108 | ) | (38,485 | ) | |||||||||||
Total net sales | $ | 14,077,843 | $ | 13,013,868 | $ | 12,458,877 | $ | 11,207,589 | $ | 10,057,512 | |||||||||||
Operating profit: | |||||||||||||||||||||
Automotive | $ | 641,492 | $ | 540,678 | $ | 467,806 | $ | 421,109 | $ | 387,945 | |||||||||||
Industrial | 320,720 | 352,119 | 337,628 | 255,616 | 162,353 | ||||||||||||||||
Office products | 122,492 | 134,441 | 134,124 | 131,746 | 126,104 | ||||||||||||||||
Electrical/electronic materials | 47,584 | 50,910 | 40,663 | 30,910 | 25,254 | ||||||||||||||||
Total operating profit | 1,132,288 | 1,078,148 | 980,221 | 839,381 | 701,656 | ||||||||||||||||
Interest expense, net | (24,330 | ) | (19,619 | ) | (24,608 | ) | (26,598 | ) | (27,112 | ) | |||||||||||
Corporate expense | (34,667 | ) | (26,606 | ) | (58,033 | ) | (46,263 | ) | (26,735 | ) | |||||||||||
Intangible asset amortization | (28,987 | ) | (12,991 | ) | (6,774 | ) | (4,737 | ) | (3,644 | ) | |||||||||||
Income before income taxes | $ | 1,044,304 | $ | 1,018,932 | $ | 890,806 | $ | 761,783 | $ | 644,165 | |||||||||||
Assets: | |||||||||||||||||||||
Automotive | $ | 4,009,244 | $ | 3,411,252 | $ | 3,218,931 | $ | 3,177,644 | $ | 3,148,876 | |||||||||||
Industrial | 1,162,697 | 1,130,877 | 1,100,024 | 955,241 | 865,431 | ||||||||||||||||
Office products | 708,944 | 731,564 | 700,720 | 694,166 | 619,612 | ||||||||||||||||
Electrical/electronic materials | 156,780 | 137,237 | 129,933 | 113,757 | 76,716 | ||||||||||||||||
Corporate | 353,276 | 898,292 | 773,391 | 637,871 | 445,705 | ||||||||||||||||
Goodwill and other intangible assets | 1,289,356 | 497,839 | 279,775 | 209,548 | 171,532 | ||||||||||||||||
Total assets | $ | 7,680,297 | $ | 6,807,061 | $ | 6,202,774 | $ | 5,788,227 | $ | 5,327,872 | |||||||||||
Depreciation and amortization: | |||||||||||||||||||||
Automotive | $ | 76,238 | $ | 60,630 | $ | 60,252 | $ | 63,942 | $ | 65,554 | |||||||||||
Industrial | 8,751 | 8,307 | 7,495 | 7,208 | 7,611 | ||||||||||||||||
Office products | 10,166 | 10,837 | 9,999 | 9,737 | 9,685 | ||||||||||||||||
Electrical/electronic materials | 1,904 | 1,733 | 1,554 | 1,414 | 1,666 | ||||||||||||||||
Corporate | 7,911 | 3,885 | 2,862 | 2,294 | 2,251 | ||||||||||||||||
Intangible asset amortization | 28,987 | 12,991 | 6,774 | 4,737 | 3,644 | ||||||||||||||||
Total depreciation and amortization | $ | 133,957 | $ | 98,383 | $ | 88,936 | $ | 89,332 | $ | 90,411 | |||||||||||
Capital expenditures: | |||||||||||||||||||||
Automotive | $ | 97,735 | $ | 67,482 | $ | 61,795 | $ | 46,888 | $ | 53,911 | |||||||||||
Industrial | 8,808 | 13,015 | 9,851 | 4,307 | 2,987 | ||||||||||||||||
Office products | 9,297 | 16,013 | 22,036 | 29,866 | 5,782 | ||||||||||||||||
Electrical/electronic materials | 1,730 | 1,029 | 1,762 | 1,957 | 676 | ||||||||||||||||
Corporate | 6,493 | 4,448 | 8,025 | 2,361 | 6,089 | ||||||||||||||||
Total capital expenditures | $ | 124,063 | $ | 101,987 | $ | 103,469 | $ | 85,379 | $ | 69,445 | |||||||||||
Net sales: | |||||||||||||||||||||
United States | $ | 11,594,713 | $ | 11,299,291 | $ | 10,791,303 | $ | 9,793,820 | $ | 8,935,651 | |||||||||||
Canada | 1,560,799 | 1,616,921 | 1,571,733 | 1,327,552 | 1,078,799 | ||||||||||||||||
Australasia | 839,353 | — | — | — | — | ||||||||||||||||
Mexico | 131,787 | 127,754 | 118,867 | 100,325 | 81,547 | ||||||||||||||||
Other | (48,809 | ) | (30,098 | ) | (23,026 | ) | (14,108 | ) | (38,485 | ) | |||||||||||
Total net sales | $ | 14,077,843 | $ | 13,013,868 | $ | 12,458,877 | $ | 11,207,589 | $ | 10,057,512 | |||||||||||
Net long-lived assets: | |||||||||||||||||||||
United States | $ | 503,882 | $ | 466,473 | $ | 411,193 | $ | 398,318 | $ | 402,937 | |||||||||||
Canada | 99,135 | 93,496 | 84,210 | 80,978 | 78,502 | ||||||||||||||||
Australasia | 60,614 | — | — | — | — | ||||||||||||||||
Mexico | 6,430 | 6,396 | 4,801 | 4,834 | 3,585 | ||||||||||||||||
Total net long-lived assets | $ | 670,061 | $ | 566,365 | $ | 500,204 | $ | 484,130 | $ | 485,024 | |||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Location | |||
Significant Accounting Policies [Line Items] | ' | ' | ' |
Number of locations in North America and Australasia | 2,600 | ' | ' |
Provisions for doubtful accounts | $8,691,000 | $8,047,000 | $13,248,000 |
Allowance for doubtful accounts receivable | 14,423,000 | 19,180,000 | ' |
Excess of FIFO costs over stated LIFO value | 432,150,000 | 428,260,000 | ' |
Reduction in cost of goods sold by the effect of LIFO liquidation | 5,000,000 | 6,000,000 | 16,000,000 |
Impairment of goodwill | 0 | 0 | 0 |
Fair value of fixed rate debt | 496,000,000 | 516,000,000 | ' |
Shipping and handling costs classified as selling, administrative and other expenses | 250,000,000 | 220,000,000 | 190,000,000 |
Advertising costs | $57,900,000 | $43,200,000 | $45,100,000 |
Outstanding options to purchase common shares not included in dilutive share | 630,000 | 730,000 | 850,000 |
Minimum exercise price of options | $54 | $54 | $54 |
Maximum exercise price of options | $81 | $81 | $81 |
Minimum [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Share-based payment awards granted vesting period range | '1 year | ' | ' |
Minimum [Member] | Building and Improvements [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Property plant and equipment useful life | '10 years | ' | ' |
Minimum [Member] | Machinery and Equipment [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Property plant and equipment useful life | '5 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Share-based payment awards granted vesting period range | '5 years | ' | ' |
Maximum [Member] | Building and Improvements [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Property plant and equipment useful life | '40 years | ' | ' |
Maximum [Member] | Machinery and Equipment [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Property plant and equipment useful life | '15 years | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Components of Other Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Retirement benefit assets | $41,919 | $4,021 |
Deferred compensation benefits | 24,939 | 20,642 |
Investments | 28,760 | 206,487 |
Cash surrender value of life insurance policies | 95,094 | 78,860 |
Customer sales returns inventories | 55,200 | 134,367 |
Other long-term prepayments and receivables | 155,922 | 198,886 |
Total other assets | $401,834 | $643,263 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Components of Other Long-Term Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Post-employment and other benefit/retirement liabilities | $55,150 | $35,273 |
Insurance liabilities | 47,930 | 45,865 |
Other lease obligations | 27,815 | 33,748 |
Other taxes payable | 59,107 | 57,510 |
Customer deposits | 65,826 | 161,936 |
Other | 159,170 | 153,924 |
Total other long-term liabilities | $414,998 | $488,256 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Components of Accumulated Other Comprehensive (Loss) Income (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Foreign currency translation | ($37,619) | $131,084 |
Unrecognized net actuarial loss, net of tax | -366,454 | -644,244 |
Unrecognized prior service credit, net of tax | 6,418 | 11,668 |
Total accumulated other comprehensive loss | ($397,655) | ($501,492) |
Summary_of_Significant_of_Acco
Summary of Significant of Accounting Policies - Changes in Accumulated Other Comprehensive (Loss) Income by Component (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components Of Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Beginning balance | ($501,492) | ' | ' |
Other comprehensive income (loss) before reclassifications, net of tax | 56,917 | ' | ' |
Amounts reclassified from accumulated other comprehensive (loss) income, net of tax | 46,920 | ' | ' |
Net current period other comprehensive income (loss) | 103,837 | -19,454 | -183,686 |
Ending balance | -397,655 | -501,492 | ' |
Pension Benefits [Member] | ' | ' | ' |
Components Of Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Beginning balance | -629,907 | ' | ' |
Other comprehensive income (loss) before reclassifications, net of tax | 223,991 | ' | ' |
Amounts reclassified from accumulated other comprehensive (loss) income, net of tax | 46,837 | ' | ' |
Net current period other comprehensive income (loss) | 270,828 | ' | ' |
Ending balance | -359,079 | ' | ' |
Other Post-Retirement Benefits [Member] | ' | ' | ' |
Components Of Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Beginning balance | -2,669 | ' | ' |
Other comprehensive income (loss) before reclassifications, net of tax | 1,629 | ' | ' |
Amounts reclassified from accumulated other comprehensive (loss) income, net of tax | 83 | ' | ' |
Net current period other comprehensive income (loss) | 1,712 | ' | ' |
Ending balance | -957 | ' | ' |
Foreign Currency Translation [Member] | ' | ' | ' |
Components Of Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Beginning balance | 131,084 | ' | ' |
Other comprehensive income (loss) before reclassifications, net of tax | -168,703 | ' | ' |
Amounts reclassified from accumulated other comprehensive (loss) income, net of tax | ' | ' | ' |
Net current period other comprehensive income (loss) | -168,703 | ' | ' |
Ending balance | ($37,619) | ' | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Changes in Goodwill and Other Identifiable Intangible Assets (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill And Finite Lived Intangible Assets [Line Items] | ' | ' | ' |
Goodwill, Beginning Balance | $298,040,000 | $177,620,000 | ' |
Goodwill, Additions | 570,652,000 | 119,561,000 | ' |
Goodwill, Foreign currency translation | -78,721,000 | 859,000 | ' |
Goodwill, Ending Balance | 789,971,000 | 298,040,000 | 177,620,000 |
Other Intangible Assets, Net, Beginning Balance | 199,799,000 | 102,155,000 | ' |
Other Intangible Assets, Net, Additions | 379,834,000 | 110,014,000 | ' |
Other Intangible Assets, Net, Amortization | -28,987,000 | -12,991,000 | -6,774,000 |
Other Intangible Assets, Net, Foreign currency translation | -51,261,000 | 621,000 | ' |
Other Intangible Assets, Net, Ending Balance | 499,385,000 | 199,799,000 | 102,155,000 |
Automotive [Member] | ' | ' | ' |
Goodwill And Finite Lived Intangible Assets [Line Items] | ' | ' | ' |
Goodwill, Beginning Balance | 158,549,000 | 43,705,000 | ' |
Goodwill, Additions | 541,836,000 | 114,206,000 | ' |
Goodwill, Foreign currency translation | -78,205,000 | 638,000 | ' |
Goodwill, Ending Balance | 622,180,000 | 158,549,000 | ' |
Industrial [Member] | ' | ' | ' |
Goodwill And Finite Lived Intangible Assets [Line Items] | ' | ' | ' |
Goodwill, Beginning Balance | 99,232,000 | 99,011,000 | ' |
Goodwill, Additions | 17,420,000 | ' | ' |
Goodwill, Foreign currency translation | -516,000 | 221,000 | ' |
Goodwill, Ending Balance | 116,136,000 | 99,232,000 | ' |
Office Products [Member] | ' | ' | ' |
Goodwill And Finite Lived Intangible Assets [Line Items] | ' | ' | ' |
Goodwill, Beginning Balance | 10,554,000 | 10,554,000 | ' |
Goodwill, Additions | ' | ' | ' |
Goodwill, Foreign currency translation | ' | ' | ' |
Goodwill, Ending Balance | 10,554,000 | 10,554,000 | ' |
Electrical/Electronic Materials [Member] | ' | ' | ' |
Goodwill And Finite Lived Intangible Assets [Line Items] | ' | ' | ' |
Goodwill, Beginning Balance | 29,705,000 | 24,350,000 | ' |
Goodwill, Additions | 11,396,000 | 5,355,000 | ' |
Goodwill, Foreign currency translation | ' | ' | ' |
Goodwill, Ending Balance | $41,101,000 | $29,705,000 | ' |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Gross Carrying Amounts and Accumulated Amortization Relating to Other Intangible Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Finite Lived Intangible Assets Amortization Expense [Line Items] | ' | ' | ' |
Gross Carrying Amount | $569,889 | $243,148 | ' |
Accumulated Amortization | -70,504 | -43,349 | ' |
Net | 499,385 | 199,799 | 102,155 |
Customer Relationships [Member] | ' | ' | ' |
Finite Lived Intangible Assets Amortization Expense [Line Items] | ' | ' | ' |
Gross Carrying Amount | 412,634 | 209,328 | ' |
Accumulated Amortization | -59,686 | -38,030 | ' |
Net | 352,948 | 171,298 | ' |
Trademarks [Member] | ' | ' | ' |
Finite Lived Intangible Assets Amortization Expense [Line Items] | ' | ' | ' |
Gross Carrying Amount | 149,949 | 29,337 | ' |
Accumulated Amortization | -5,018 | -1,944 | ' |
Net | 144,931 | 27,393 | ' |
Non-Competition Agreements [Member] | ' | ' | ' |
Finite Lived Intangible Assets Amortization Expense [Line Items] | ' | ' | ' |
Gross Carrying Amount | 7,306 | 4,483 | ' |
Accumulated Amortization | -5,800 | -3,375 | ' |
Net | $1,506 | $1,108 | ' |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Amortization expense for other intangible assets total | $28,987,000 | $12,991,000 | $6,774,000 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Estimated Other Intangible Assets Amortization Expenses (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
2014 | $31,000 |
2015 | 30,000 |
2016 | 30,000 |
2017 | 30,000 |
2018 | 29,000 |
Estimated other intangible assets amortization expense | $150,000 |
Credit_Facilities_Additional_I
Credit Facilities - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Disclosure [Abstract] | ' | ' |
Borrowings subject to variable rates | $264,658,000 | $0 |
Weighted average interest rate on outstanding borrowings | 2.82% | 4.01% |
Unsecured revolving line of credit facility | 850,000,000 | ' |
Line of credit facility, interest rate at period end | 0.92% | ' |
Line of credit facility amount of option to increase additional borrowing | 350,000,000 | ' |
Outstanding line of credit | 264,658,000 | 0 |
Unused letter of credit outstanding due to workers' compensation and insurance reserve | $61,617,000 | $61,119,000 |
Line of credit facility, maturity date | 'September 2017 | ' |
Credit_Facilities_Outstanding_
Credit Facilities - Outstanding Amount of Credit Facilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Line of Credit Facility [Line Items] | ' | ' |
Unsecured revolving line of credit, $850,000,000, LIBOR plus 0.75% variable | $264,658,000 | $0 |
Total debt | 764,658,000 | 500,000,000 |
Less debt due within one year | 264,658,000 | 250,000,000 |
Long-term debt, excluding current portion | 500,000,000 | 250,000,000 |
4.67% Series C Senior Unsecured Notes [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
November 30, 2008, Series C Senior Unsecured Notes, $250,000,000, 4.67% fixed, due November 30, 2013 | ' | 250,000,000 |
November 30, 2011, Series D and E Senior Unsecured Notes, $250,000,000, 3.35% Fixed, Due November 30, 2016 [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Senior unsecured notes | 250,000,000 | 250,000,000 |
December 2, 2013, Series F Unsecured Notes, $250,000,000, 2.99% Fixed, Due December 2, 2023 [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Senior unsecured notes | $250,000,000 | ' |
Credit_Facilities_Outstanding_1
Credit Facilities - Outstanding Amount of Credit Facilities (Parenthetical) (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Line of Credit Facility [Line Items] | ' |
Unsecured revolving line of credit | $850,000,000 |
Debt instrument basis spread on variable rate | 0.75% |
4.67% Series C Senior Unsecured Notes [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Face value of Senior Unsecured Notes | 250,000,000,000 |
Interest rate of Senior Unsecured Notes | 4.67% |
Due date of Senior Unsecured Notes | 30-Nov-13 |
November 30, 2011, Series D and E Senior Unsecured Notes, $250,000,000, 3.35% Fixed, Due November 30, 2016 [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Face value of Senior Unsecured Notes | 250,000,000,000 |
Interest rate of Senior Unsecured Notes | 3.35% |
Due date of Senior Unsecured Notes | 30-Nov-16 |
December 2, 2013, Series F Unsecured Notes, $250,000,000, 2.99% Fixed, Due December 2, 2023 [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Face value of Senior Unsecured Notes | $250,000,000 |
Interest rate of Senior Unsecured Notes | 2.99% |
Due date of Senior Unsecured Notes | 2-Dec-23 |
Leased_Properties_Future_Minim
Leased Properties - Future Minimum Payments of Leases (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | ' |
2014 | $191,400 |
2015 | 151,100 |
2016 | 110,200 |
2017 | 76,400 |
2018 | 50,000 |
Thereafter | 149,500 |
Total minimum lease payments | $728,600 |
Leased_Properties_Additional_I
Leased Properties - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Leases [Abstract] | ' | ' | ' |
Rental expense under operating leases | $208,000,000 | $158,200,000 | $154,500,000 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total compensation cost related to nonvested awards, unrecognized | $26,000,000 | ' | ' |
Weighted-average period to recognize compensation cost (in years) | '3 years | ' | ' |
Aggregate intrinsic value for outstanding options and RSUs | 154,000,000 | 90,300,000 | ' |
Aggregate intrinsic value for vested options and RSUs | 93,600,000 | 57,600,000 | ' |
Weighted-average remaining contractual life for outstanding options and RSUs, in years | '6 years | ' | ' |
Weighted-average remaining contractual life for exercisable options and RSUs, in years | '5 years | ' | ' |
Share-based compensation | 12,648,000 | 10,747,000 | 7,547,000 |
Income tax benefit | 5,100,000 | 4,300,000 | 3,000,000 |
Weighted-average, risk-free interest | 2.00% | 2.00% | 3.60% |
Weighted-average, dividend yield | 3.20% | 3.30% | 3.80% |
Weighted-average, annual historical volatility factor | 19.00% | 19.00% | 19.00% |
Weighted-average, expected life | '7 years | ' | ' |
Weighted-average, estimated turnover | 5.00% | ' | ' |
Fair value of shares vested | 8,100,000 | 6,700,000 | 7,200,000 |
Weighted-average grant date fair value of options and SARs granted | $10.14 | $7.96 | $8.18 |
Aggregate intrinsic value of options exercised | 43,900,000 | 41,500,000 | 25,100,000 |
Granted, Shares | 172,000 | ' | ' |
Excess tax benefits | $12,905,000 | $11,018,000 | $5,356,000 |
Stock Appreciation Rights [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Granted, Shares | 727,000 | 858,000 | 1,028,000 |
Restricted Stock Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Granted, Shares | 172,000 | 145,000 | 126,000 |
ShareBased_Compensation_Summar
Share-Based Compensation - Summary of Company's Share-Based Compensation Activity and Related Information (Detail) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Beginning Balance, Shares | 5,100 |
Granted, Shares | 900 |
Exercised, Shares | -1,335 |
Forfeited, Shares | -85 |
Ending Balance, Shares | 4,580 |
Exercisable at end of year, Shares | 2,601 |
Shares available for future grants | 2,743 |
Weighted-Average Exercise price, Beginning Balance | $50 |
Weighted-Average Exercise price, Granted | $77 |
Weighted-Average Exercise price, Exercised | $45 |
Weighted-Average Exercise price, Forfeited | $63 |
Weighted-Average Exercise price, Ending Balance | $56 |
Exercisable at end of year | $48 |
ShareBased_Compensation_Summar1
Share-Based Compensation - Summary of Company's Share-Based Compensation Activity and Related Information (Parenthetical) (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Exercise prices for options and SARs outstanding, minimum | $37 |
Exercise prices for options and SARs outstanding, maximum | $77 |
Weighted-average remaining contractual life of the options and SARs outstanding | '6 years |
ShareBased_Compensation_Summar2
Share-Based Compensation - Summary of Company's Nonvested Share Awards (RSUs) Activity (Detail) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Beginning Balance, Shares | 316 |
Granted, Shares | 172 |
Vested, Shares | -18 |
Forfeited, Shares | -26 |
Ending Balance, Shares | 444 |
Weighted-Average Grant Date Fair Value, Beginning Balance | $54 |
Weighted-Average Grant Date Fair Value, Granted | $78 |
Weighted-Average Grant Date Fair Value, Vested | $77 |
Weighted-Average Grant Date Fair Value, Forfeited | $72 |
Weighted-Average Grant Date Fair Value Ending Balance | $62 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Cumulative undistributed earnings of foreign subsidiaries | $552,000,000 | ' | ' |
Unrecognized tax benefits including interest and penalties | 59,530,000 | 58,020,000 | ' |
Unrecognized tax benefits that would impact effective tax rate | 18,287,000 | 17,615,000 | ' |
Interest and penalties paid by the Company | 405,000 | 493,000 | 759,000 |
Accrued interest and penalties | $12,340,000 | $12,565,000 | ' |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets related to: | ' | ' |
Expenses not yet deducted for tax purposes | $343,156 | $362,265 |
Pension liability not yet deducted for tax purposes | 227,880 | 405,048 |
Capital loss | ' | 16,803 |
Valuation allowance | ' | -16,803 |
Deferred tax assets, total | 571,036 | 767,313 |
Deferred tax liabilities related to: | ' | ' |
Employee and retiree benefits | 188,235 | 205,268 |
Inventory | 152,641 | 191,047 |
Other intangible assets | 110,272 | 23,295 |
Property, plant, and equipment | 53,751 | 41,130 |
Other | 29,733 | 28,321 |
Deferred tax liabilities, total | 534,632 | 489,061 |
Net deferred tax assets | 36,404 | 278,252 |
Current portion of deferred tax (assets) liabilities | -22,165 | 1,211 |
Noncurrent net deferred tax assets | $14,239 | $279,463 |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income before Income Taxes (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
United States | $850,866 | $903,698 | $784,841 | ' | ' |
Foreign | 193,438 | 115,234 | 105,965 | ' | ' |
Income before income taxes | $1,044,304 | $1,018,932 | $890,806 | $761,783 | $644,165 |
Income_Taxes_Components_of_Inc1
Income Taxes - Components of Income Tax Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | $303,016 | $288,135 | $260,222 |
State | 47,010 | 44,653 | 41,511 |
Foreign | 30,941 | 23,352 | 26,294 |
Deferred | -21,622 | 14,751 | -2,337 |
Income tax expense, total | $359,345 | $370,891 | $325,690 |
Income_Taxes_Difference_Betwee
Income Taxes - Difference Between Total Tax Expense and Amount Computed by Applying Statutory Federal Income Tax Rate (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Statutory rate applied to income | $365,506 | $356,626 | $311,782 |
Plus state income taxes, net of Federal tax benefit | 28,823 | 30,227 | 26,790 |
Earnings in jurisdictions taxed at rates different from the statutory US tax rate | -37,873 | -17,419 | -13,443 |
Capital loss expiration | 16,803 | ' | ' |
Reversal of capital loss valuation allowance | -16,803 | ' | ' |
Other | 2,889 | 1,457 | 561 |
Income tax expense, total | $359,345 | $370,891 | $325,690 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Balance at beginning of year | $45,455 | $46,845 | $39,425 |
Additions based on tax positions related to the current year | 3,238 | 5,702 | 6,035 |
Additions for tax positions of prior years | 3,759 | 2,172 | 7,966 |
Reductions for tax positions for prior years | -1,472 | -5,025 | -481 |
Reduction for lapse in statute of limitations | -1,714 | -2,658 | -4,563 |
Settlements | -2,076 | -1,581 | -1,537 |
Balance at end of year | $47,190 | $45,455 | $46,845 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Highest credit service of a specified period for benefits on employees contributions | '5 years | ' | ' |
Last credit service period for benefits on employees compensation | '10 years | ' | ' |
Fair value of plan assets | $1,933,063,000 | $1,595,679,000 | ' |
Genuine Parts Company common stock included in equity securities | 167,788,000 | 128,236,000 | ' |
Genuine Parts Company common stock as a percentage of total plan assets | 8.70% | 8.00% | ' |
Dividend payments on Genuine Parts Company common stock received by plan | 4,336,000 | 3,994,000 | ' |
Pension benefits expected to be paid from employer assets in 2014 | 5,978,000 | ' | ' |
Defined Contribution Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Matching contribution to be received by pension plan participants of a specified percentage of employee's salary | 20.00% | ' | ' |
First percentage of employee's salary out of which matching contribution will be made | 6.00% | ' | ' |
Matching contribution to be received by other employees of a specified percentage of other employees salary | 100.00% | ' | ' |
First percentage of other employee's salary out of which matching contribution will be made | 5.00% | ' | ' |
Matching contribution to be received by all employees of a specified percentage of employees' salary after 2013 | 100.00% | ' | ' |
First percentage of all employees' salary out of which matching contribution will be made after 2013 | 5.00% | ' | ' |
Total defined contribution plans expense | 43,236,000 | 43,155,000 | 38,773,000 |
United States Pension Plan of US Entity, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Benefit obligations | 1,838,810,000 | 1,955,414,000 | ' |
Fair value of plan assets | 1,745,769,000 | 1,425,047,000 | ' |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Curtailment gain | ' | 23,507,000 | ' |
Benefit obligations | 2,035,185,000 | 2,165,692,000 | 1,958,399,000 |
Total accumulated benefit obligations | 2,017,619,000 | 2,112,134,000 | ' |
Fair value of plan assets | $1,933,063,000 | $1,595,679,000 | $1,470,030,000 |
Expected rate of return on plan assets for measuring 2014 pension cost or income | 7.85% | ' | ' |
S&P 500 Index [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Passive portfolio benchmark | 49.00% | ' | ' |
Russell Mid Cap Index [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Passive portfolio benchmark | 5.00% | ' | ' |
Russell 2000 Index [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Passive portfolio benchmark | 8.00% | ' | ' |
MSCI EAFE Index [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Passive portfolio benchmark | 5.00% | ' | ' |
DJ Global Moderate Index [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Passive portfolio benchmark | 5.00% | ' | ' |
BarCap U.S. Govt/Credit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Passive portfolio benchmark | 28.00% | ' | ' |
Employee_Benefit_Plans_Changes
Employee Benefit Plans - Changes in Benefit Obligation (Detail) (Pension Benefits [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Pension Benefits [Member] | ' | ' | ' |
Changes in benefit obligation | ' | ' | ' |
Benefit obligation at beginning of year | $2,165,692,000 | $1,958,399,000 | ' |
Service cost | 19,083,000 | 15,254,000 | 13,039,000 |
Interest cost | 89,408,000 | 100,338,000 | 97,293,000 |
Plan participants' contributions | 3,543,000 | 3,962,000 | ' |
Plan amendments | ' | -4,217,000 | ' |
Actuarial (gain) loss | -164,784,000 | 330,028,000 | ' |
Foreign currency exchange rate changes | -13,893,000 | 5,489,000 | ' |
Gross benefits paid | -73,186,000 | -67,767,000 | ' |
Acquired plan | 9,322,000 | ' | ' |
Curtailments | ' | -175,794,000 | ' |
Benefit obligation at end of year | $2,035,185,000 | $2,165,692,000 | $1,958,399,000 |
Employee_Benefit_Plans_Assumpt
Employee Benefit Plans - Assumptions Used to Measure Pension Benefit Obligations for Plans (Detail) (Pension Benefits [Member]) | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Weighted-average discount rate | 5.10% | 4.17% |
Rate of increase in future compensation levels | 3.04% | 3.30% |
Employee_Benefit_Plans_Changes1
Employee Benefit Plans - Changes in Plan Assets (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Changes in plan assets | ' | ' |
Fair value of plan assets at end of year | $1,933,063,000 | $1,595,679,000 |
Pension Benefits [Member] | ' | ' |
Changes in plan assets | ' | ' |
Fair value of plan assets at beginning of year | 1,595,679,000 | 1,470,030,000 |
Actual return on plan assets | 336,151,000 | 168,491,000 |
Foreign currency exchange rate changes | -12,155,000 | 4,498,000 |
Employer contributions | 74,347,000 | 16,465,000 |
Acquired plan | 8,684,000 | ' |
Plan participants' contributions | 3,543,000 | 3,962,000 |
Benefits paid | -73,186,000 | -67,767,000 |
Fair value of plan assets at end of year | $1,933,063,000 | $1,595,679,000 |
Employee_Benefit_Plans_Asset_A
Employee Benefit Plans - Asset Allocations for Funded Pension Plans (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Equity Securities [Member] | Equity Securities [Member] | Debt Securities [Member] | Debt Securities [Member] | Target Asset Allocation 2014 [Member] | Target Asset Allocation 2014 [Member] | Target Asset Allocation 2014 [Member] | |||
Equity Securities [Member] | Debt Securities [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Target Allocation Percentage of Assets, Total | ' | ' | ' | ' | ' | ' | 100.00% | 71.00% | 29.00% |
Asset allocation, Total | 100.00% | 100.00% | 76.00% | 68.00% | 24.00% | 32.00% | ' | ' | ' |
Employee_Benefit_Plans_Fair_Va
Employee Benefit Plans - Fair Value of Plan Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | $1,933,063,000 | $1,595,679,000 |
Common Stocks - Mutual Funds - Equity [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | 505,572,000 | 342,846,000 |
Other Stocks [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | 791,728,000 | 608,017,000 |
Short-Term Investments [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | 59,058,000 | 37,626,000 |
Cash and Equivalents [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | 9,022,000 | 45,719,000 |
Government Bonds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | 144,447,000 | 166,413,000 |
Corporate Bonds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | 123,773,000 | 127,824,000 |
Asset-Backed and Mortgage-Backed Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | 19,345,000 | 24,077,000 |
Other-International [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | 12,072,000 | 10,188,000 |
Municipal Bonds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | 1,304,000 | 532,000 |
Municipal Funds-Fixed Income [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | 96,231,000 | 101,578,000 |
Cash Surrender Value of Life Insurance Policies [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | 2,723,000 | 2,623,000 |
Genuine Parts Company [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | 167,788,000 | 128,236,000 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | 1,605,539,000 | 1,247,339,000 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Common Stocks - Mutual Funds - Equity [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | 505,572,000 | 342,846,000 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other Stocks [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | 791,728,000 | 608,017,000 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Short-Term Investments [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | 59,058,000 | 37,626,000 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Cash and Equivalents [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | 9,022,000 | 45,719,000 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Government Bonds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | 61,171,000 | 74,707,000 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate Bonds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Asset-Backed and Mortgage-Backed Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other-International [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | 11,200,000 | 10,188,000 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Municipal Bonds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Municipal Funds-Fixed Income [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Cash Surrender Value of Life Insurance Policies [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Genuine Parts Company [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | 167,788,000 | 128,236,000 |
Significant Observable Inputs (Level 2) [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | 324,801,000 | 345,717,000 |
Significant Observable Inputs (Level 2) [Member] | Common Stocks - Mutual Funds - Equity [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | ' | ' |
Significant Observable Inputs (Level 2) [Member] | Other Stocks [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | ' | ' |
Significant Observable Inputs (Level 2) [Member] | Short-Term Investments [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | ' | ' |
Significant Observable Inputs (Level 2) [Member] | Cash and Equivalents [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | ' | ' |
Significant Observable Inputs (Level 2) [Member] | Government Bonds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | 83,276,000 | 91,706,000 |
Significant Observable Inputs (Level 2) [Member] | Corporate Bonds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | 123,773,000 | 127,824,000 |
Significant Observable Inputs (Level 2) [Member] | Asset-Backed and Mortgage-Backed Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | 19,345,000 | 24,077,000 |
Significant Observable Inputs (Level 2) [Member] | Other-International [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | 872,000 | ' |
Significant Observable Inputs (Level 2) [Member] | Municipal Bonds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | 1,304,000 | 532,000 |
Significant Observable Inputs (Level 2) [Member] | Municipal Funds-Fixed Income [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | 96,231,000 | 101,578,000 |
Significant Observable Inputs (Level 2) [Member] | Cash Surrender Value of Life Insurance Policies [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | ' | ' |
Significant Observable Inputs (Level 2) [Member] | Genuine Parts Company [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | 2,723,000 | 2,623,000 |
Significant Unobservable Inputs (Level 3) [Member] | Common Stocks - Mutual Funds - Equity [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | Other Stocks [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | Short-Term Investments [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | Cash and Equivalents [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | Government Bonds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | Corporate Bonds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | Asset-Backed and Mortgage-Backed Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | Other-International [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | Municipal Bonds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | Municipal Funds-Fixed Income [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | Cash Surrender Value of Life Insurance Policies [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | 2,723,000 | 2,623,000 |
Significant Unobservable Inputs (Level 3) [Member] | Genuine Parts Company [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of assets | ' | ' |
Employee_Benefit_Plans_Amounts
Employee Benefit Plans - Amounts Recognized in Consolidated Balance Sheets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Other long-term asset | $41,919 | $4,021 |
Pension and other post-retirement liabilities | -140,171 | -572,988 |
Pension Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Other long-term asset | 41,919 | 4,021 |
Other current liability | -5,976 | -5,402 |
Pension and other post-retirement liabilities | -138,065 | -568,632 |
Amounts recognized in consolidated balance sheets | ($102,122) | ($570,013) |
Employee_Benefit_Plans_Amounts1
Employee Benefit Plans - Amounts Recognized in Accumulated Other Comprehensive Loss (Income) (Detail) (Pension Benefits [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Pension Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Net actuarial loss | $590,568 | $1,043,089 |
Prior service credit | -3,074 | -10,612 |
Amounts recognized in accumulated other comprehensive loss (income) | $587,494 | $1,032,477 |
Employee_Benefit_Plans_Expecte
Employee Benefit Plans - Expected Cash Flows for Pension Plans (Detail) (Pension Benefits [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Pension Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $50,605 |
Defined Benefit Plan, Expected Future Benefit Payments in Year One | 79,073 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 88,704 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 96,385 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 104,225 |
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 112,082 |
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | $662,040 |
Employee_Benefit_Plans_Compone
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Detail) (Pension Benefits [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | $19,083,000 | $15,254,000 | $13,039,000 |
Interest cost | 89,408,000 | 100,338,000 | 97,293,000 |
Expected return on plan assets | -133,816,000 | -128,208,000 | -124,150,000 |
Amortization of prior service credit | -7,538,000 | -7,270,000 | -6,970,000 |
Amortization of actuarial loss | 83,934,000 | 70,161,000 | 53,039,000 |
Curtailment gain | ' | -23,507,000 | ' |
Net periodic benefit cost | $51,071,000 | $26,768,000 | $32,251,000 |
Employee_Benefit_Plans_Other_C
Employee Benefit Plans - Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Loss) Income (Detail) (Pension Benefits [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Current year actuarial (gain) loss | ($368,587) | $114,061 | $311,038 |
Recognition of actuarial loss | -83,934 | -70,161 | -53,039 |
Current year prior service credit | ' | -4,217 | ' |
Recognition of prior service credit | 7,538 | 30,777 | 6,970 |
Total recognized in other comprehensive (loss) income | -444,983 | 70,460 | 264,969 |
Total recognized in net periodic benefit cost and other comprehensive (loss) income | ($393,912) | $97,228 | $297,220 |
Employee_Benefit_Plans_Estimat
Employee Benefit Plans - Estimated Amounts Amortized from Accumulated Other Comprehensive Loss (Income) (Detail) (Pension Benefits [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Pension Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Actuarial loss | $26,606 |
Prior service credit | -1,904 |
Total | $24,702 |
Employee_Benefit_Plans_Assumpt1
Employee Benefit Plans - Assumptions Used in Measuring Net Periodic Benefit Costs (Detail) (Pension Benefits [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Weighted average discount rate | 4.17% | 5.17% | 5.74% |
Rate of increase in future compensation levels | 3.30% | 3.30% | 3.39% |
Expected long-term rate of return on plan assets | 7.83% | 7.84% | 7.87% |
Guarantees_Additional_Informat
Guarantees - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Guarantor Obligations [Line Items] | ' |
Total borrowings of the independents and affiliates | 258,703,000 |
Minimum [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Guaranteed obligations maturity | '1 year |
Maximum [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Guaranteed obligations maturity | '6 years |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Apr. 01, 2013 | Jan. 31, 2012 | Dec. 31, 2013 | Apr. 01, 2013 | Apr. 01, 2013 | Apr. 01, 2013 | Apr. 01, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | 1-May-12 | Dec. 31, 2013 | |
Automotive [Member] | Automotive [Member] | Industrial [Member] | Industrial [Member] | Electrical/Electronic Materials [Member] | Electrical/Electronic Materials [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Trademarks [Member] | Trademarks [Member] | Trademarks [Member] | Non-Competition Agreements [Member] | Non-Competition Agreements [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] | Quaker City Motor Parts Co. [Member] | Quaker City Motor Parts Co. [Member] | ||||
Business | Business | Business | Business | Business | Business | Minimum [Member] | Customer Relationships [Member] | Trademarks [Member] | Non-Competition Agreements [Member] | Cost of Sales [Member] | Selling, Administrative and Other Expenses [Member] | Automotive [Member] | Automotive [Member] | |||||||||||||||
Store | Store | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for acquisition | $650,000,000 | $343,000,000 | $115,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $590,000,000 | $166,000,000 | ' | ' | ' | ' | ' | ' | ' | $343,000,000 | ' |
Company acquired | ' | ' | ' | 1 | 1 | 1 | 3 | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill and other intangible assets acquired | 950,000,000 | 230,000,000 | 78,210,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other intangible assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | 235,000,000 | 108,000,000 | 37,378,000 | 141,000,000 | 2,000,000 | 12,100,000 | 4,000,000 | 650,000 | 347,000,000 | ' | ' | ' | 202,000,000 | 141,000,000 | 4,000,000 | ' | ' | ' | ' |
Weighted average amortization lives | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | '15 years | '15 years | '40 years | '40 years | '40 years | '1 year | '5 years | '26 years | ' | ' | ' | '16 years | '40 years | '1 year | ' | ' | ' | ' |
Percentage of investment acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 230,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000,000 | ' | ' | ' | ' | ' | ' | 300,000,000 | ' |
Number of Stores | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 460 | ' | ' | ' | ' | ' | ' | 135 |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business combination one time purchase accounting adjustments, post-closing sale of acquired inventory written up to fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,000,000 | ' | ' | ' |
Business combination one time negative purchase accounting adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of previously acquired investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales included in statement of income and comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 839,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.43 | ' | ' | ' | ' | ' | ' | ' | ' |
Pro-forma net sales | $14,400,000,000 | $14,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proforma earnings per share diluted | $4.42 | $4.53 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of stores serviced | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 260 |
Acquisitions_Business_Acquisit
Acquisitions - Business Acquisition Consideration Transferred (Detail) (USD $) | 12 Months Ended | 1 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 01, 2013 | Jan. 31, 2012 | |
GPC Asia Pacific [Member] | GPC Asia Pacific [Member] | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Cash | $650,000,000 | $343,000,000 | $115,600,000 | $590,000,000 | $166,000,000 |
Fair value of 30% investment held prior to business combination | ' | ' | ' | 234,000,000 | ' |
Total | ' | ' | ' | $824,000,000 | ' |
Acquisitions_Business_Acquisit1
Acquisitions - Business Acquisition Consideration Transferred (Parenthetical) (Detail) (GPC Asia Pacific [Member]) | Apr. 01, 2013 |
GPC Asia Pacific [Member] | ' |
Business Acquisition [Line Items] | ' |
Percentage of previously acquired investment | 30.00% |
Acquisitions_Estimated_Fair_Va
Acquisitions - Estimated Fair Values of Assets Acquired and Liabilities Assumed on Acquisition Date (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 01, 2013 |
GPC Asia Pacific [Member] | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Trade accounts receivable | ' | ' | ' | $94,000,000 |
Merchandise inventory | ' | ' | ' | 306,000,000 |
Prepaid expenses and other current assets | ' | ' | ' | 32,000,000 |
Property and equipment | ' | ' | ' | 59,000,000 |
Intangible assets | ' | ' | ' | 347,000,000 |
Other assets | ' | ' | ' | 24,000,000 |
Total identifiable assets acquired | ' | ' | ' | 862,000,000 |
Current liabilities | ' | ' | ' | -223,000,000 |
Long-term debt | ' | ' | ' | -230,000,000 |
Deferred tax liabilities and other | ' | ' | ' | -117,000,000 |
Total liabilities assumed | ' | ' | ' | -570,000,000 |
Net identifiable assets acquired | ' | ' | ' | 292,000,000 |
Goodwill | 789,971,000 | 298,040,000 | 177,620,000 | 532,000,000 |
Net assets acquired | ' | ' | ' | $824,000,000 |
Segment_Data_Additional_Inform
Segment Data - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting [Abstract] | ' | ' | ' |
Income (loss) from continuing operations before income taxes, foreign | $193,438 | $115,234 | $105,965 |
Segment_Data_Summary_of_Segmen
Segment Data - Summary of Segment Data (Detail) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total capital expenditures | $124,063,000 | $101,987,000 | $103,469,000 | $85,379,000 | $69,445,000 |
Total net sales | 14,077,843,000 | 13,013,868,000 | 12,458,877,000 | 11,207,589,000 | 10,057,512,000 |
Total net long-lived assets | 670,061,000 | 566,365,000 | 500,204,000 | 484,130,000 | 485,024,000 |
Intangible asset amortization | -28,987,000 | -12,991,000 | -6,774,000 | ' | ' |
Income before income taxes | 1,044,304,000 | 1,018,932,000 | 890,806,000 | 761,783,000 | 644,165,000 |
Total assets | 7,680,297,000 | 6,807,061,000 | 6,202,774,000 | 5,788,227,000 | 5,327,872,000 |
Total depreciation and amortization | 133,957,000 | 98,383,000 | 88,936,000 | 89,332,000 | 90,411,000 |
Intangible asset amortization | 28,987,000 | 12,991,000 | 6,774,000 | ' | ' |
United States [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total net sales | 11,594,713,000 | 11,299,291,000 | 10,791,303,000 | 9,793,820,000 | 8,935,651,000 |
Total net long-lived assets | 503,882,000 | 466,473,000 | 411,193,000 | 398,318,000 | 402,937,000 |
Canada [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total net sales | 1,560,799,000 | 1,616,921,000 | 1,571,733,000 | 1,327,552,000 | 1,078,799,000 |
Total net long-lived assets | 99,135,000 | 93,496,000 | 84,210,000 | 80,978,000 | 78,502,000 |
Australasia [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total net sales | 839,353,000 | ' | ' | ' | ' |
Total net long-lived assets | 60,614,000 | ' | ' | ' | ' |
Mexico [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total net sales | 131,787,000 | 127,754,000 | 118,867,000 | 100,325,000 | 81,547,000 |
Total net long-lived assets | 6,430,000 | 6,396,000 | 4,801,000 | 4,834,000 | 3,585,000 |
Other Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total net sales | -48,809,000 | -30,098,000 | -23,026,000 | -14,108,000 | -38,485,000 |
Automotive [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total capital expenditures | 97,735,000 | 67,482,000 | 61,795,000 | 46,888,000 | 53,911,000 |
Industrial [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total capital expenditures | 8,808,000 | 13,015,000 | 9,851,000 | 4,307,000 | 2,987,000 |
Office Products [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total capital expenditures | 9,297,000 | 16,013,000 | 22,036,000 | 29,866,000 | 5,782,000 |
Electrical/Electronic Materials [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total capital expenditures | 1,730,000 | 1,029,000 | 1,762,000 | 1,957,000 | 676,000 |
Corporate [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total capital expenditures | 6,493,000 | 4,448,000 | 8,025,000 | 2,361,000 | 6,089,000 |
Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total net sales | 14,077,843,000 | 13,013,868,000 | 12,458,877,000 | 11,207,589,000 | 10,057,512,000 |
Total operating profit | 1,132,288,000 | 1,078,148,000 | 980,221,000 | 839,381,000 | 701,656,000 |
Operating Segments [Member] | Automotive [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total net sales | 7,489,186,000 | 6,320,882,000 | 6,061,424,000 | 5,608,101,000 | 5,225,389,000 |
Total operating profit | 641,492,000 | 540,678,000 | 467,806,000 | 421,109,000 | 387,945,000 |
Total assets | 4,009,244,000 | 3,411,252,000 | 3,218,931,000 | 3,177,644,000 | 3,148,876,000 |
Total depreciation and amortization | 76,238,000 | 60,630,000 | 60,252,000 | 63,942,000 | 65,554,000 |
Operating Segments [Member] | Industrial [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total net sales | 4,429,976,000 | 4,453,574,000 | 4,173,574,000 | 3,521,863,000 | 2,885,782,000 |
Total operating profit | 320,720,000 | 352,119,000 | 337,628,000 | 255,616,000 | 162,353,000 |
Total assets | 1,162,697,000 | 1,130,877,000 | 1,100,024,000 | 955,241,000 | 865,431,000 |
Total depreciation and amortization | 8,751,000 | 8,307,000 | 7,495,000 | 7,208,000 | 7,611,000 |
Operating Segments [Member] | Office Products [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total net sales | 1,638,618,000 | 1,686,690,000 | 1,689,368,000 | 1,641,963,000 | 1,639,018,000 |
Total operating profit | 122,492,000 | 134,441,000 | 134,124,000 | 131,746,000 | 126,104,000 |
Total assets | 708,944,000 | 731,564,000 | 700,720,000 | 694,166,000 | 619,612,000 |
Total depreciation and amortization | 10,166,000 | 10,837,000 | 9,999,000 | 9,737,000 | 9,685,000 |
Operating Segments [Member] | Electrical/Electronic Materials [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total net sales | 568,872,000 | 582,820,000 | 557,537,000 | 449,770,000 | 345,808,000 |
Total operating profit | 47,584,000 | 50,910,000 | 40,663,000 | 30,910,000 | 25,254,000 |
Total assets | 156,780,000 | 137,237,000 | 129,933,000 | 113,757,000 | 76,716,000 |
Total depreciation and amortization | 1,904,000 | 1,733,000 | 1,554,000 | 1,414,000 | 1,666,000 |
Operating Segments [Member] | Other [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total net sales | -48,809,000 | -30,098,000 | -23,026,000 | -14,108,000 | -38,485,000 |
Operating Segments [Member] | Corporate [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total assets | 353,276,000 | 898,292,000 | 773,391,000 | 637,871,000 | 445,705,000 |
Total depreciation and amortization | 7,911,000 | 3,885,000 | 2,862,000 | 2,294,000 | 2,251,000 |
Segment Reconciling Items [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Interest expense, net | -24,330,000 | -19,619,000 | -24,608,000 | -26,598,000 | -27,112,000 |
Corporate expense | -34,667,000 | -26,606,000 | -58,033,000 | -46,263,000 | -26,735,000 |
Intangible asset amortization | -28,987,000 | -12,991,000 | -6,774,000 | -4,737,000 | -3,644,000 |
Goodwill and other intangible assets | 1,289,356,000 | 497,839,000 | 279,775,000 | 209,548,000 | 171,532,000 |
Intangible asset amortization | $28,987,000 | $12,991,000 | $6,774,000 | $4,737,000 | $3,644,000 |
Financial_Statement_Schedule_I1
Financial Statement Schedule II - Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Valuation And Qualifying Accounts [Abstract] | ' | ' | ' | |||
Balance at beginning of period | $19,180,190 | $16,916,455 | $15,598,912 | |||
Charged to costs and expenses | 8,691,000 | 8,046,605 | 13,247,731 | |||
Deductions | -13,448,190 | [1] | -5,782,870 | [1] | -11,930,188 | [1] |
Balance at End of Period | $14,423,000 | $19,180,190 | $16,916,455 | |||
[1] | Doubtful accounts written off, net of recoveries. |