Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 14, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | GPC | ||
Entity Registrant Name | GENUINE PARTS CO | ||
Entity Central Index Key | 40,987 | ||
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 (in shares) | 148,378,606 | ||
Entity Public Float | $ 14,613,215 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 242,879,000 | $ 211,631,000 |
Trade accounts receivable, net | 1,938,562,000 | 1,822,419,000 |
Merchandise inventories, net | 3,210,320,000 | 2,999,966,000 |
Prepaid expenses and other current assets | 556,670,000 | 521,300,000 |
Total current assets | 5,948,431,000 | 5,555,316,000 |
Goodwill | 956,153,000 | 840,582,000 |
Other intangible assets, less accumulated amortization | 618,510,000 | 521,213,000 |
Deferred tax assets | 132,652,000 | 118,525,000 |
Other assets | 475,530,000 | 460,918,000 |
Property, plant, and equipment: | ||
Land | 92,046,000 | 85,450,000 |
Buildings, less accumulated depreciation (2016 — $292,049; 2015 — $282,804) | 314,268,000 | 267,446,000 |
Machinery and equipment, less accumulated depreciation (2016 — $668,950; 2015 — $620,113) | 321,810,000 | 295,321,000 |
Net property, plant, and equipment | 728,124,000 | 648,217,000 |
Total assets | 8,859,400,000 | 8,144,771,000 |
Current liabilities: | ||
Trade accounts payable | (3,081,111,000) | (2,821,526,000) |
Current portion of debt | 325,000,000 | 375,000,000 |
Accrued compensation | 142,942,000 | 148,265,000 |
Other current liabilities | 597,513,000 | 503,268,000 |
Dividends payable | 97,584,000 | 92,595,000 |
Total current liabilities | 4,244,150,000 | 3,940,654,000 |
Long-term debt | 550,000,000 | 250,000,000 |
Pension and other post-retirement benefit liabilities | 341,510,000 | 284,235,000 |
Deferred tax liabilities | 48,326,000 | 50,684,000 |
Other long-term liabilities | 468,058,000 | 459,956,000 |
Equity: | ||
Preferred stock, par value $1 per share — authorized 10,000,000 shares; none issued | 0 | 0 |
Common stock, par value $1 per share — authorized 450,000,000 shares; issued and outstanding 148,410,422 shares in 2016 and 150,081,474 shares in 2015 | 148,410,000 | 150,081,000 |
Additional paid-in capital | 56,605,000 | 41,353,000 |
Accumulated other comprehensive loss | (1,013,021,000) | (930,618,000) |
Retained earnings | 4,001,734,000 | 3,885,751,000 |
Total parent equity | 3,193,728,000 | 3,146,567,000 |
Noncontrolling interests in subsidiaries | 13,628,000 | 12,675,000 |
Total equity | 3,207,356,000 | 3,159,242,000 |
Total liabilities and equity | $ 8,859,400,000 | $ 8,144,771,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Accumulated depreciation, buildings | $ 292,049 | $ 282,804 |
Accumulated depreciation, machinery and equipment | $ 668,950 | $ 620,113 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 450,000,000 | 450,000,000 |
Common stock, shares issued (in shares) | 148,410,422 | 150,081,474 |
Common stock, shares outstanding (in shares) | 148,410,422 | 150,081,474 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
Net sales | $ 15,339,713 | $ 15,280,044 | $ 15,341,647 |
Cost of goods sold | 10,740,106 | 10,724,192 | 10,747,886 |
Gross margin | 4,599,607 | 4,555,852 | 4,593,761 |
Operating expenses: | |||
Selling, administrative, and other expenses | 3,370,833 | 3,277,390 | 3,314,030 |
Depreciation and amortization | 147,487 | 141,675 | 148,313 |
Provision for doubtful accounts | 11,515 | 12,373 | 7,192 |
Total operating expenses | 3,529,835 | 3,431,438 | 3,469,535 |
Non-operating (income) expenses: | |||
Interest expense | 21,084 | 21,662 | 25,088 |
Other | (25,652) | (20,929) | (18,601) |
Total non-operating (income) expenses | (4,568) | 733 | 6,487 |
Income before income taxes | 1,074,340 | 1,123,681 | 1,117,739 |
Income taxes | $ 387,100 | $ 418,009 | $ 406,453 |
Basic net income per common share (in dollars per share) | $ 4.61 | $ 4.65 | $ 4.64 |
Diluted net income per common share (in dollars per share) | $ 4.59 | $ 4.63 | $ 4.61 |
Weighted average common shares outstanding (in shares) | 149,051 | 151,667 | 153,299 |
Dilutive effect of stock options and nonvested restricted stock awards (in shares) | 753 | 829 | 1,076 |
Weighted average common shares outstanding — assuming dilution (in shares) | 149,804 | 152,496 | 154,375 |
Net income | $ 687,240 | $ 705,672 | $ 711,286 |
Other comprehensive loss, net of tax: | |||
Foreign currency translation adjustment | (8,957) | (207,986) | (149,379) |
Pension and postretirement benefit adjustments, net of income taxes of 2016 — $50,144; 2015 — $5,335; 2014 — $112,993 | (73,446) | (2,421) | (173,177) |
Other comprehensive loss, net of tax | (82,403) | (210,407) | (322,556) |
Comprehensive income | $ 604,837 | $ 495,265 | $ 388,730 |
Consolidated Statements of Inc5
Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
Pension and postretirement benefit adjustments, tax | $ 50,144 | $ 5,335 | $ 112,993 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Total Parent Equity [Member] | Non-Controlling Interest in Subsidiaries [Member] |
Beginning balance at Dec. 31, 2013 | $ 3,358,768 | $ 153,773 | $ 14,935 | $ (397,655) | $ 3,578,021 | $ 3,349,074 | $ 9,694 |
Beginning balance (in shares) at Dec. 31, 2013 | 153,773,098 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 711,286 | 711,286 | 711,286 | ||||
Other comprehensive (loss) income, net of tax | (322,556) | (322,556) | (322,556) | ||||
Cash dividends declared | (352,564) | (352,564) | (352,564) | ||||
Stock options exercised, including tax benefit | (4,285) | $ 475 | (4,760) | (4,285) | |||
Stock options exercised, including tax benefit (in shares) | 474,800 | ||||||
Share-based compensation | 16,239 | 16,239 | 16,239 | ||||
Purchase of stock | (95,946) | $ (1,135) | (94,811) | (95,946) | |||
Purchase of stock (in shares) | (1,134,856) | ||||||
Noncontrolling interest activities | 1,422 | 1,422 | |||||
Ending balance at Dec. 31, 2014 | 3,312,364 | $ 153,113 | 26,414 | (720,211) | 3,841,932 | 3,301,248 | 11,116 |
Ending balance (in shares) at Dec. 31, 2014 | 153,113,042 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 705,672 | 705,672 | 705,672 | ||||
Other comprehensive (loss) income, net of tax | (210,407) | (210,407) | (210,407) | ||||
Cash dividends declared | (372,840) | (372,840) | (372,840) | ||||
Stock options exercised, including tax benefit | (2,548) | $ 230 | (2,778) | (2,548) | |||
Stock options exercised, including tax benefit (in shares) | 229,958 | ||||||
Share-based compensation | 17,717 | 17,717 | 17,717 | ||||
Purchase of stock | (292,275) | $ (3,262) | (289,013) | (292,275) | |||
Purchase of stock (in shares) | (3,261,526) | ||||||
Noncontrolling interest activities | 1,559 | 1,559 | |||||
Ending balance at Dec. 31, 2015 | 3,159,242 | $ 150,081 | 41,353 | (930,618) | 3,885,751 | 3,146,567 | 12,675 |
Ending balance (in shares) at Dec. 31, 2015 | 150,081,474 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 687,240 | 687,240 | 687,240 | ||||
Other comprehensive (loss) income, net of tax | (82,403) | (82,403) | (82,403) | ||||
Cash dividends declared | (391,852) | (391,852) | (391,852) | ||||
Stock options exercised, including tax benefit | $ (4,126) | $ 341 | (4,467) | (4,126) | |||
Stock options exercised, including tax benefit (in shares) | 1,045,000 | 340,703 | |||||
Share-based compensation | $ 19,719 | 19,719 | 19,719 | ||||
Purchase of stock | (181,417) | $ (2,012) | (179,405) | (181,417) | |||
Purchase of stock (in shares) | (2,011,755) | ||||||
Noncontrolling interest activities | 953 | 953 | |||||
Ending balance at Dec. 31, 2016 | $ 3,207,356 | $ 148,410 | $ 56,605 | $ (1,013,021) | $ 4,001,734 | $ 3,193,728 | $ 13,628 |
Ending balance (in shares) at Dec. 31, 2016 | 148,410,422 |
Consolidated Statements of Equ7
Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared (in dollars per share) | $ 2.63 | $ 2.46 | $ 2.30 |
Tax effect on stock options exercised | $ 12,021 | $ 7,024 | $ 17,766 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating activities | |||
Net income | $ 687,240 | $ 705,672 | $ 711,286 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 147,487 | 141,675 | 148,313 |
Excess tax benefits from share-based compensation | (12,021) | (7,024) | (17,766) |
Gain on sale of property, plant, and equipment | (15,237) | (3,189) | (3,719) |
Deferred income taxes | 33,226 | 35,544 | 54,319 |
Share-based compensation | 19,719 | 17,717 | 16,239 |
Changes in operating assets and liabilities: | |||
Trade accounts receivable, net | (53,544) | 1,974 | (225,178) |
Merchandise inventories, net | (64,214) | (21,821) | (100,820) |
Trade accounts payable | 240,717 | 331,419 | 292,257 |
Other short-term assets and liabilities | 37,271 | 967 | 15,616 |
Other long-term assets and liabilities | (74,566) | (43,561) | (100,402) |
Changes in operating assets and liabilities | 258,838 | 453,701 | 78,859 |
Net cash provided by operating activities | 946,078 | 1,159,373 | 790,145 |
Investing activities | |||
Purchases of property, plant and equipment | (160,643) | (109,544) | (107,681) |
Proceeds from sale of property, plant, and equipment | 28,811 | 8,618 | 8,866 |
Acquisition of businesses and other investing activities | (462,167) | (162,701) | (287,900) |
Net cash used in investing activities | (593,999) | (263,627) | (386,715) |
Financing activities | |||
Proceeds from debt | 4,350,000 | 3,862,224 | 2,727,924 |
Payments on debt | (4,100,000) | (4,005,191) | (2,735,862) |
Share-based awards exercised, net of taxes paid | (16,147) | (9,572) | (22,051) |
Excess tax benefits from share-based compensation | 12,021 | 7,024 | 17,766 |
Dividends paid | (386,863) | (368,284) | (347,271) |
Purchase of stock | (181,417) | (292,275) | (95,946) |
Net cash used in financing activities | (322,406) | (806,074) | (455,440) |
Effect of exchange rate changes on cash | 1,575 | (15,771) | (7,153) |
Net increase (decrease) in cash and cash equivalents | 31,248 | 73,901 | (59,163) |
Cash and cash equivalents at beginning of year | 211,631 | 137,730 | 196,893 |
Cash and cash equivalents at end of year | 242,879 | 211,631 | 137,730 |
Supplemental disclosures of cash flow information | |||
Income taxes | 374,865 | 352,153 | 408,604 |
Interest | $ 19,043 | $ 23,687 | $ 25,155 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 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 2,670 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, 2016 , 2015 , and 2014 , the Company recorded provisions for doubtful accounts of approximately $11,515,000 , $12,373,000 , and $7,192,000 , respectively. At December 31, 2016 and 2015 , the allowance for doubtful accounts was approximately $15,557,000 and $10,693,000 , 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 $426,760,000 and $438,510,000 higher than reported at December 31, 2016 and 2015 , respectively. During 2016 and 2014 , reductions in inventory levels in industrial parts inventories resulted in liquidations of LIFO inventory layers. The effect of the LIFO liquidations in 2016 and 2014 was to reduce cost of goods sold by approximately $6,000,000 and $8,000,000 , respectively. There were no LIFO liquidations in 2015. 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 2017 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, amounts due from vendors, and income taxes receivable. 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 Company tests goodwill for impairment at the reporting unit level, which is an operating segment or a level below an operating segment, which is referred to as a component. A component of an operating segment is a reporting unit if the component constitutes a business for which discrete financial information is available and management regularly reviews the operating results of that component. However, two or more components of an operating segment are aggregated and deemed a single reporting unit if the components have similar economic characteristics. 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, 2016 , 2015 , and 2014 . Other Assets Other assets are comprised of the following: December 31 2016 2015 (In Thousands) Retirement benefit assets $ 6,721 $ 3,336 Deferred compensation benefits 29,222 28,488 Investments 28,793 28,351 Cash surrender value of life insurance policies 106,251 105,213 Customer sales returns inventories 68,160 72,814 Guarantees related to borrowings 42,000 35,000 Other long-term prepayments and receivables 194,383 187,716 Total other assets $ 475,530 $ 460,918 The guarantees related to borrowings are discussed further in the guarantees footnote. 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 2016 2015 (In Thousands) Post-employment and other benefit/retirement liabilities $ 56,723 $ 54,034 Insurance liabilities 37,608 33,979 Other lease obligations 39,221 37,642 Other taxes payable 16,997 15,495 Customer deposits 79,528 85,552 Guarantees related to borrowings 42,000 35,000 Other 195,981 198,254 Total other long-term liabilities $ 468,058 $ 459,956 The guarantees related to borrowings are discussed further in the guarantees footnote. 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 Accumulated other comprehensive loss is comprised of the following: December 31 2016 2015 (In Thousands) Foreign currency translation $ (403,941 ) $ (394,984 ) Unrecognized net actuarial loss, net of tax (611,333 ) (540,018 ) Unrecognized prior service credit, net of tax 2,253 4,384 Total accumulated other comprehensive loss $ (1,013,021 ) $ (930,618 ) The following table presents the changes in accumulated other comprehensive loss by component for the years ended on December 31, 2016 and 2015 : Changes in Accumulated Other Comprehensive Loss by Component Pension Benefits Other Post- Retirement Benefits Foreign Currency Translation Total (In Thousands) Beginning balance, January 1, 2015 $ (532,069 ) $ (1,144 ) $ (186,998 ) $ (720,211 ) Other comprehensive loss before reclassifications, net of tax (25,558 ) (111 ) (207,986 ) (233,655 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 23,412 (164 ) — 23,248 Net current period other comprehensive loss (2,146 ) (275 ) (207,986 ) (210,407 ) Ending balance, December 31, 2015 (534,215 ) (1,419 ) (394,984 ) (930,618 ) Other comprehensive (loss) income before reclassifications, net of tax (92,758 ) 15 (8,957 ) (101,700 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 19,505 (208 ) — 19,297 Net current period other comprehensive loss (73,253 ) (193 ) (8,957 ) (82,403 ) Ending balance, December 31, 2016 $ (607,468 ) $ (1,612 ) $ (403,941 ) $ (1,013,021 ) The accumulated other comprehensive loss components related to the pension benefits are included in the computation of net periodic benefit income 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, trade accounts payable, and borrowings under the line of credit approximate their respective fair values based on the short-term nature of these instruments. At December 31, 2016 and 2015 , the fair value of fixed rate debt was approximately $549,000,000 and $501,000,000 , 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. At December 31, 2016 , the carrying value of fixed rate debt was $550,000,000 and is included in long-term debt in the consolidated balance sheet. At December 31, 2015 , the carrying value of fixed rate debt was $500,000,000 and is included in current portion of debt and long-term debt in the consolidated balance sheet. 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 $230,000,000 , $240,000,000 , and $230,000,000 , for the years ended December 31, 2016 , 2015 , and 2014 , respectively. Advertising Costs Advertising costs are expensed as incurred and totaled $66,900,000 , $75,000,000 , and $71,300,000 in the years ended December 31, 2016 , 2015 , and 2014 , 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 1,290,000 , 1,280,000 , and 610,000 shares of common stock ranging from $87 — $100 per share were outstanding at December 31, 2016 , 2015 , and 2014 , respectively. These options were excluded from the computation of diluted net income per common share because the options’ exercise prices were greater than the average market prices of common stock in each respective year. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) , which will create a single, comprehensive revenue recognition model for recognizing revenue from contracts with customers. The standard is effective for interim and annual reporting periods beginning after December 15, 2017 and may be adopted either retrospectively or on a modified retrospective basis. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process than are required under existing guidance, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation, among others. The Company has established a cross-functional implementation team to evaluate and implement the new standard update related to the recognition of revenue from contracts with customers. The Company primarily sells goods and recognizes revenue at point of sale or delivery and this will not change under the new standard. We are completing an analysis of revenue streams at each of the business units and are evaluating the impact the new standard may have on revenue recognition. In addition, the Company is evaluating recently issued guidance on practical expedients as part of the transition decision. Preliminarily, the Company plans to use the modified retrospective adoption method and does not believe there will be a material impact to the Company’s consolidated revenues upon adoption. The Company will continue to evaluate the impacts of the pending adoption of ASU 2014-09 and the preliminary assessments are subject to change. In February 2015, the FASB issued ASU 2015-02 , Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 amends the consolidation requirements and significantly changes the consolidation analysis required. ASU 2015-02 requires management to reevaluate all legal entities under a revised consolidation model to specifically (i) modify the evaluation of whether limited partnership and similar legal entities are variable interest entities (“VIEs”), (ii) eliminate the presumption that a general partner should consolidate a limited partnership, (iii) affect the consolidation analysis of reporting entities that are involved with VIEs particularly those that have fee arrangements and related party relationships, and (iv) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Act of 1940 for registered money market funds. ASU 2015-02 is effective for the Company's interim and annual periods beginning after December 15, 2015. The adoption of ASU 2015-02 did not have an impact on the Company’s consolidated financial statements or related disclosures. In May 2015, the FASB issued ASU No. 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent), which no longer requires investments that measure fair value using net asset value per share (or its equivalent) as a practical expedient to be categorized in the fair value hierarchy. ASU 2015-07 is effective for the Company's interim and annual periods beginning after December 15, 2015. The impact of the adoption of ASU 2015-07 did not have an impact on the Company’s consolidated financial statements and the presentation of investments measured at net asset value is shown in the employee benefit plans footnote. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) ("ASU 2016-02"), which requires an entity to recognize a right-of-use asset and a lease liability on the balance sheet for all leases, including operating leases, with a term greater than twelve months. Expanded disclosures with additional qualitative and quantitative information will also be required. This guidance is effective for interim and annual reporting periods beginning after December 15, 2018 and early adoption is permitted. The new standard must be adopted using a modified retrospective transition. The Company is currently evaluating the impact of ASU 2016-02 on its consolidated financial statements and related disclosures, but the Company does believe the adoption of this standard will have a significant impact on the consolidated balance sheets. As disclosed in the leased properties footnote, future minimum payments under noncancelable operating leases are approximately $865,000,000 and the Company does believe the adoption of this standard will have a significant impact on the consolidated balance sheets. In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09") that changes the accounting for certain aspects of share-based compensation to employees including forfeitures, employer tax withholding, and the financial statement presentation of excess tax benefits or expense. ASU 2016-09 also clarifies the statement of cash flows presentation for certain components of share-based compensation, which prospectively reclassifies cash flows from excess tax benefits of share-based compensation currently disclosed in financing activities to operating activities in the period of adoption. The guidance will increase income tax expense volatility, as well as the Company's cash flows from operations. In addition, the Company did not elect to change shares withheld for employment income tax purposes, or the current methodology of estimating forfeitures upon adoption. The Company will adopt ASU 2016-09 January 1, 2017, and it is not expected to have a material effect on the Company’s consolidated financial statements or related disclosures. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill during the years ended December 31, 2016 and 2015 by reportable segment, as well as other identifiable intangible assets, are summarized as follows (in thousands): Goodwill Other Intangible Assets, Net Automotive Industrial Office Products Electrical/ Electronic Materials Total Balance as of January 1, 2015 $ 599,839 $ 118,962 $ 47,608 $ 72,666 $ 839,075 $ 547,515 Additions 5,030 18,696 8,891 20,335 52,952 38,596 Amortization — — — — — (34,878 ) Foreign currency translation (49,866 ) (1,579 ) — — (51,445 ) (30,020 ) Balance as of December 31, 2015 555,003 136,079 56,499 93,001 840,582 521,213 Additions 56,518 36,267 25,609 901 119,295 139,982 Amortization — — — — — (40,870 ) Foreign currency translation (3,963 ) 247 (8 ) — (3,724 ) (1,815 ) Balance as of December 31, 2016 $ 607,558 $ 172,593 $ 82,100 $ 93,902 $ 956,153 $ 618,510 The gross carrying amounts and accumulated amortization relating to other intangible assets at December 31, 2016 and 2015 is as follows (in thousands): 2016 2015 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 603,966 $ (150,350 ) $ 453,616 $ 494,516 $ (115,636 ) $ 378,880 Trademarks 180,416 (16,154 ) 164,262 153,346 (11,922 ) 141,424 Non-competition agreements 5,098 (4,466 ) 632 5,765 (4,856 ) 909 $ 789,480 $ (170,970 ) $ 618,510 $ 653,627 $ (132,414 ) $ 521,213 Amortization expense for other intangible assets totaled $40,870,000 , $34,878,000 , and $36,867,000 for the years ended December 31, 2016 , 2015 , and 2014 , respectively. Estimated other intangible assets amortization expense for the succeeding five years is as follows (in thousands): 2017 $ 42,848 2018 42,614 2019 42,110 2020 41,462 2021 41,167 $ 210,201 |
Credit Facilities
Credit Facilities | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Credit Facilities | Credit Facilities The principal amounts of the Company’s borrowings subject to variable rates totaled approximately $325,000,000 and $125,000,000 at December 31, 2016 and 2015 , respectively. The weighted average interest rate on the Company’s outstanding borrowings was approximately 2.39% and 2.76% at December 31, 2016 and 2015 , respectively. The Company maintains a $1,200,000,000 unsecured revolving line of credit with a consortium of financial institutions, which matures in June 2021 with an optional one year extension and bears interest at LIBOR plus a margin, which is based on the Company’s leverage ratio ( 1.52% at December 31, 2016 ). 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 facility with appropriate notice. At December 31, 2016 and 2015 , approximately $325,000,000 and $125,000,000 were outstanding under this line of credit, respectively. Certain borrowings require the Company to comply with a financial covenant with respect to a maximum debt-to-capitalization ratio. At December 31, 2016 , 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 $64,930,000 and $62,874,000 outstanding at December 31, 2016 and 2015 , respectively. Amounts outstanding under the Company’s credit facilities consist of the following: December 31 2016 2015 (In Thousands) Unsecured revolving line of credit, $1,200,000,000, LIBOR plus 0.75% variable $ 325,000 $ 125,000 Unsecured term notes: November 30, 2011, Series D and E Senior Unsecured Notes, $250,000,000, 3.35% fixed, due November 30, 2016 — 250,000 July 29, 2016, Series G Senior Unsecured Notes, $50,000,000, 2.39% fixed, due July 29, 2021 50,000 — December 2, 2013, Series F Senior Unsecured Notes, $250,000,000, 2.99% fixed, due December 2, 2023 250,000 250,000 November 30, 2016, Series H Senior Unsecured Notes, $250,000,000, 2.99% fixed, due November 30, 2026 250,000 — Total debt 875,000 625,000 Less debt due within one year 325,000 375,000 Long-term debt, excluding current portion $ 550,000 $ 250,000 Approximate maturities under the Company’s credit facilities are as follows (in thousands): 2017 $ 325,000 2018 — 2019 — 2020 — 2021 50,000 Thereafter 500,000 $ 875,000 |
Leased Properties
Leased Properties | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Leased Properties | 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, 2016 (in thousands): 2017 $ 232,300 2018 182,100 2019 132,900 2020 89,700 2021 55,500 Thereafter 172,500 Total minimum lease payments $ 865,000 Rental expense for operating leases was approximately $278,000,000 , $254,000,000 , and $233,000,000 for 2016 , 2015 , and 2014 , respectively. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Share-Based Compensation At December 31, 2016 , total compensation cost related to nonvested awards not yet recognized was approximately $34,600,000 . The weighted-average period over which this compensation cost is expected to be recognized is approximately three years. The aggregate intrinsic value for SARs and RSUs outstanding at December 31, 2016 and 2015 was approximately $104,200,000 and $104,000,000 , respectively. The aggregate intrinsic value for SARs and RSUs vested totaled approximately $62,000,000 and $65,000,000 at December 31, 2016 and 2015 , respectively. At December 31, 2016 , the weighted-average contractual life for outstanding and exercisable SARs and RSUs was six and five years, respectively. Share-based compensation costs of $19,719,000 , $17,717,000 , and $16,239,000 , were recorded for the years ended December 31, 2016 , 2015 , and 2014 , respectively. The total income tax benefits recognized in the consolidated statements of income and comprehensive income for share-based compensation arrangements were approximately $7,900,000 , $7,100,000 , and $6,500,000 for 2016 , 2015 , and 2014 , respectively. There have been no modifications to valuation methodologies or methods during the years ended December 31, 2016 , 2015 , or 2014 . For the years ended December 31, 2016 , 2015 , and 2014 , the fair values for SARs granted were estimated using a Black-Scholes option pricing model with the following weighted-average assumptions, respectively: risk-free interest rate of 1.6% , 2.0% , and 2.8% ; dividend yield of 2.7% , 2.6% , and 2.8% ; 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 6.2% , 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, 2016 , 2015 , and 2014 were $18,200,000 , $15,200,000 , and $13,800,000 , respectively. A summary of the Company’s share-based compensation activity and related information is as follows: 2016 Shares (1) Weighted- Average Exercise Price (2) (In Thousands) Outstanding at beginning of year 4,181 $ 71 Granted 894 100 Exercised (1,045 ) 59 Forfeited (152 ) 91 Outstanding at end of year (3) 3,878 $ 79 Exercisable at end of year 2,171 $ 70 Shares available for future grants 9,132 (1) Shares include Restricted Stock Units (RSUs). (2) The weighted-average exercise price excludes RSUs. (3) The exercise prices for SARs outstanding as of December 31, 2016 ranged from approximately $42 to $100 . The weighted-average remaining contractual life of all SARs outstanding is approximately seven years. The weighted-average grant date fair value of SARs granted during the years 2016 , 2015 , and 2014 was $13.52 , $13.53 , and $13.77 , respectively. The aggregate intrinsic value of SARs and RSUs exercised during the years ended December 31, 2016 , 2015 , and 2014 was $48,200,000 , $30,100,000 , and $65,200,000 , respectively. In 2016 , the Company granted approximately 724,000 SARs and 170,000 RSUs. In 2015 , the Company granted approximately 711,000 SARs and 176,000 RSUs. In 2014 , the Company granted approximately 680,000 SARs and 165,000 RSUs. A summary of the Company’s nonvested share awards activity is as follows: Nonvested Share Awards (RSUs) Shares Weighted- Average Grant Date Fair Value (In Thousands) Nonvested at January 1, 2016 433 $ 82 Granted 170 100 Vested (140 ) 73 Forfeited (55 ) 86 Nonvested at December 31, 2016 408 $ 92 For the years ended December 31, 2016 , 2015 , and 2014 approximately $12,021,000 , $7,024,000 , and $17,766,000 , respectively, of excess tax benefits were classified as financing cash inflows. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 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, 2016 , the Company has not provided Federal income taxes on approximately $697,000,000 of undistributed earnings of its foreign subsidiaries. The Company intends to reinvest these earnings to fund expansion in these and other markets outside the U.S. Accordingly, the Company has not provided any provision for income tax expense in excess of foreign jurisdiction income tax requirements relative to such undistributed earnings in the accompanying consolidated financial statements. Due to the complexities associated with the hypothetical calculation to determine residual taxes on the undistributed earnings, including the availability of foreign tax credits, applicability of any additional local withholding tax and other indirect tax consequence that may arise due to the distribution of these earnings, the Company has concluded it is not practicable to determine the unrecognized deferred tax liability related to the undistributed earnings. Significant components of the Company’s deferred tax assets and liabilities are as follows: 2016 2015 (In Thousands) Deferred tax assets related to: Expenses not yet deducted for tax purposes $ 345,195 $ 318,368 Pension liability not yet deducted for tax purposes 397,391 347,263 742,586 665,631 Deferred tax liabilities related to: Employee and retiree benefits 276,256 249,126 Inventory 141,181 147,199 Other intangible assets 120,689 111,305 Property, plant, and equipment 61,666 58,496 Other 58,468 31,664 658,260 597,790 Net deferred tax assets $ 84,326 $ 67,841 The components of income before income taxes are as follows: 2016 2015 2014 (In Thousands) United States $ 934,476 $ 1,004,919 $ 978,824 Foreign 139,864 118,762 138,915 Income before income taxes $ 1,074,340 $ 1,123,681 $ 1,117,739 The components of income tax expense are as follows: 2016 2015 2014 (In Thousands) Current: Federal $ 284,199 $ 309,403 $ 224,591 State 41,083 45,460 43,513 Foreign 28,593 27,602 84,030 Deferred 33,225 35,544 54,319 $ 387,100 $ 418,009 $ 406,453 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: 2016 2015 2014 (In Thousands) Statutory rate applied to income $ 376,019 $ 393,288 $ 391,209 Plus state income taxes, net of Federal tax benefit 29,211 32,295 32,646 Earnings in jurisdictions taxed at rates different from the statutory US tax rate (18,057 ) (13,684 ) (3,453 ) Foreign tax credit (482 ) (264 ) (20,170 ) Other 409 6,374 6,221 $ 387,100 $ 418,009 $ 406,453 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 2012 or subject to non-United States income tax examinations for years ended prior to 2010. 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 amounts of unrecognized tax benefits is as follows: 2016 2015 2014 (In Thousands) Balance at beginning of year $ 15,815 $ 17,581 $ 47,190 Additions based on tax positions related to the current year 2,184 1,969 3,303 Additions for tax positions of prior years 1,317 61 6,415 Reductions for tax positions for prior years (1,369 ) (3,152 ) (851 ) Reduction for lapse in statute of limitations (2,516 ) (425 ) (481 ) Settlements (241 ) (219 ) (37,995 ) Balance at end of year $ 15,190 $ 15,815 $ 17,581 The amount of gross tax effected unrecognized tax benefits, including interest and penalties, as of December 31, 2016 and 2015 was approximately $17,176,000 and $17,684,000 , respectively, of which approximately $9,615,000 and $9,317,000 , respectively, if recognized, would affect the effective tax rate. During the years ended December 31, 2016 , 2015 , and 2014 , the Company paid interest and penalties of approximately $5,000 , $1,051,000 , and $14,000,000 , respectively. The Company had approximately $1,848,000 and $1,746,000 of accrued interest and penalties at December 31, 2016 and 2015 , 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, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 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. As of December 31, 2013, the Company implemented a hard freeze for the U.S. qualified defined benefit plan. Therefore, no further benefit accruals were provided after that date for additional credited service or earnings. In addition, all participants who were employed after December 31, 2013 became fully vested as of December 31, 2013. 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. 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 and supplemental retirement plans. Several assumptions are used to determine the benefit obligations, plan assets, and net periodic income. The discount rate for the pension plans is calculated using a bond matching approach to select specific bonds that would satisfy the projected benefit payments. The bond matching approach reflects the process that would be used to settle the pension obligations. The expected return on plan assets is based on a calculated market-related value of plan assets, where gains and losses on plan assets are amortized over a five year period and accumulate in other comprehensive income. Other non-investment unrecognized gains and losses are amortized in future net income based on a “corridor” approach, where the corridor is equal to 10% of the greater of the benefit obligation or the market-related value of plan assets at the beginning of the year. The unrecognized gains and losses in excess of the corridor criteria are amortized over the average future lifetime or service of plan participants, depending on the plan. These assumptions are updated at each annual measurement date. Changes in benefit obligations for the years ended December 31, 2016 and 2015 were: 2016 2015 (In Thousands) Changes in benefit obligation Benefit obligation at beginning of year $ 2,199,356 $ 2,352,094 Service cost 7,746 8,562 Interest cost 104,485 98,088 Plan participants’ contributions 2,585 2,838 Actuarial loss (gain) 139,851 (139,573 ) Foreign currency exchange rate changes 5,449 (35,082 ) Gross benefits paid (154,676 ) (87,571 ) Plan amendments 2,063 — Benefit obligation at end of year $ 2,306,859 $ 2,199,356 The benefit obligations for the Company’s U.S. pension plans included in the above were $2,105,665,000 and $2,012,935,000 at December 31, 2016 and 2015 , respectively. The total accumulated benefit obligation for the Company’s defined benefit pension plans in the U.S. and Canada was approximately $2,281,648,000 and $2,179,626,000 at December 31, 2016 and 2015 , respectively. The assumptions used to measure the pension benefit obligations for the plans at December 31, 2016 and 2015 , were: 2016 2015 Weighted-average discount rate 4.26 % 4.82 % Rate of increase in future compensation levels 3.14 % 3.12 % Changes in plan assets for the years ended December 31, 2016 and 2015 were: 2016 2015 (In Thousands) Changes in plan assets Fair value of plan assets at beginning of year $ 1,912,736 $ 2,021,837 Actual return on plan assets 146,022 (45,529 ) Foreign currency exchange rate changes 5,172 (33,382 ) Employer contributions 53,663 54,543 Plan participants’ contributions 2,585 2,838 Benefits paid (154,676 ) (87,571 ) Fair value of plan assets at end of year $ 1,965,502 $ 1,912,736 The fair values of plan assets for the Company’s U.S. pension plans included in the above were $1,760,713,000 and $1,731,368,000 at December 31, 2016 and 2015 , respectively. For the years ended December 31, 2016 and 2015 , the aggregate benefit obligation and aggregate fair value of plan assets for plans with benefit obligations in excess of plan assets were as follows: 2016 2015 (In Thousands) Aggregate benefit obligation $ 2,131,550 $ 2,186,412 Aggregate fair value of plan assets 1,783,472 1,896,456 For the years ended December 31, 2016 and 2015 , the aggregate accumulated benefit obligation and aggregate fair value of plan assets for plans with accumulated benefit obligations in excess of plan assets were as follows: 2016 2015 (In Thousands) Aggregate accumulated benefit obligation $ 2,086,711 $ 2,167,216 Aggregate fair value of plan assets 1,760,713 1,896,456 The asset allocations for the Company’s funded pension plans at December 31, 2016 and 2015 , and the target allocation for 2017 , by asset category were: Target Allocation 2017 Percentage of Plan Assets at December 31 2016 2015 Asset Category Equity securities 71 % 70 % 69 % Debt securities 29 % 30 % 31 % 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 investment 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 ( 47% S&P 500 Index, 5% Russell Mid Cap Index, 7% Russell 2000 Index, 5% MSCI EAFE Index, 5% DJ Global Moderate Index, 3% MSCI Emerging Market Net, and 28% BarCap U.S. Govt/Credit). The fair values of the plan assets as of December 31, 2016 and 2015 , 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). Certain investments are measured at fair value using the net asset value ("NAV") per share as a practical expedient and have not been classified in the fair value hierarchy. 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. 2016 Total Assets Measured at NAV Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In Thousands) Equity Securities Common stocks — mutual funds — equity $ 384,103 $ 114,182 $ 269,921 $ — $ — Genuine Parts Company common stock 192,841 — 192,841 — — Other stocks 793,101 — 793,007 — 94 Debt Securities Short-term investments 55,607 — 55,607 — — Cash and equivalents 15,995 — 15,995 — — Government bonds 157,303 — 102,468 54,835 — Corporate bonds 192,457 — — 192,457 — Asset-backed and mortgage–backed securities 8,872 — — 8,872 — Convertible securities 216 — — 216 — Other-international 24,613 — 20,868 3,745 — Municipal bonds 9,272 — — 9,272 — Mutual funds—fixed income 128,367 82,394 — 45,973 — Other Cash surrender value of life insurance policies 2,755 — — — 2,755 Total $ 1,965,502 $ 196,576 $ 1,450,707 $ 315,370 $ 2,849 2015 Total Assets Measured at NAV Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In Thousands) Equity Securities Common stocks — mutual funds — equity $ 349,852 $ 107,441 $ 242,411 $ — $ — Genuine Parts Company common stock 173,363 — 173,363 — — Other stocks 793,229 — 792,624 — 605 Debt Securities Short-term investments 46,195 — 46,195 — — Cash and equivalents 2,978 — 2,978 — — Government bonds 193,436 — 109,559 83,877 — Corporate bonds 172,119 — — 172,119 — Asset-backed and mortgage–backed securities 27,510 — — 27,510 — Convertible securities 434 — — 434 — Other-international 21,137 — 20,785 352 — Municipal bonds 5,857 — — 5,857 — Mutual funds—fixed income 123,895 83,241 — 40,654 — Other Cash surrender value of life insurance policies 2,731 — — — 2,731 Total $ 1,912,736 $ 190,682 $ 1,387,915 $ 330,803 $ 3,336 Equity securities include Genuine Parts Company common stock in the amounts of $192,841,000 ( 10% of total plan assets) and $173,363,000 ( 9% of total plan assets) at December 31, 2016 and 2015 , respectively. Dividend payments received by the plan on Company stock totaled approximately $5,308,000 and $4,965,000 in 2016 and 2015 , 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 2016 and 2015 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 2017 pension income is 7.82% 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: 2016 2015 (In Thousands) Other long-term asset $ 6,721 $ 3,336 Other current liability (8,206 ) (7,432 ) Pension and other post-retirement liabilities (339,872 ) (282,524 ) $ (341,357 ) $ (286,620 ) Amounts recognized in accumulated other comprehensive loss consist of: 2016 2015 (In Thousands) Net actuarial loss $ 1,003,247 $ 882,464 Prior service cost (credit) 672 (1,814 ) $ 1,003,919 $ 880,650 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 2017 , approximately $8,206,000 is expected to be paid from employer assets. Expected employer contributions below reflect amounts expected to be contributed to funded plans. Information about the expected cash flows for the pension plans follows (in thousands): Employer contribution 2017 (expected) $ 48,000 Expected benefit payments: 2017 $ 109,000 2018 116,000 2019 122,000 2020 127,000 2021 133,000 2022 through 2026 721,000 Net periodic benefit income included the following components: 2016 2015 2014 (In Thousands) Service cost $ 7,746 $ 8,562 $ 7,824 Interest cost 104,485 98,088 102,465 Expected return on plan assets (156,832 ) (150,130 ) (144,746 ) Amortization of prior service credit (432 ) (565 ) (1,890 ) Amortization of actuarial loss 31,641 38,197 26,791 Net periodic benefit income $ (13,392 ) $ (5,848 ) $ (9,556 ) Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) are as follows: 2016 2015 2014 (In Thousands) Current year actuarial loss $ 152,415 $ 44,930 $ 312,011 Recognition of actuarial loss (31,641 ) (38,197 ) (26,791 ) Current year prior service cost 2,063 — — Recognition of prior service credit 432 565 638 Total recognized in other comprehensive income (loss) $ 123,269 $ 7,298 $ 285,858 Total recognized in net periodic benefit income and other comprehensive income (loss) $ 109,877 $ 1,450 $ 276,303 The estimated amounts that will be amortized from accumulated other comprehensive loss into net periodic benefit income in 2017 are as follows in thousands: Actuarial loss $ 37,870 Prior service credit (349 ) Total $ 37,521 The assumptions used in measuring the net periodic benefit income for the plans follow: 2016 2015 2014 Weighted average discount rate 4.82 % 4.26 % 5.10 % Rate of increase in future compensation levels 3.12 % 3.07 % 3.04 % Expected long-term rate of return on plan assets 7.83 % 7.85 % 7.85 % Prior to 2014, the Company had two defined contribution plans that covered substantially all of its domestic employees. The Company’s matching contributions were determined based on the employee’s participation in the U.S. pension plan. Prior to 2014, U.S. pension plan participants who continued earning credited service after 2008 received a matching contribution of 20% of the first 6% of the employee’s salary. Other employees received a matching contribution of 100% of the first 5% of the employee’s salary. The two plans were merged effective January 1, 2014. Beginning in 2014, all employees receive a matching contribution of 100% of the first 5% of the employees’ salary. Total plan expense was approximately $56,975,000 in 2016 , $55,066,000 in 2015 , and $53,351,000 in 2014 . |
Guarantees
Guarantees | 12 Months Ended |
Dec. 31, 2016 | |
Guarantees [Abstract] | |
Guarantees | 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, 2016 , the Company was in compliance with all such covenants. At December 31, 2016 , the total borrowings of the independents and affiliates subject to guarantee by the Company were approximately $431,286,000 . 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 recognized certain assets and liabilities amounting to $42,000,000 and $35,000,000 for the guarantees related to the independents’ and affiliates’ borrowings at December 31, 2016 and 2015 , respectively. These assets and liabilities are included in other assets and other long-term liabilities in the consolidated balance sheets. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions The Company acquired several companies for approximately $420,000,000 , $140,000,000 , and $270,000,000 , net of cash acquired, during the years ended December 31, 2016 , 2015 , and 2014 , respectively. These acquisitions are considered individually immaterial, as well as immaterial in the aggregate. 2016 A significant portion of the acquisitions made in 2016 included eleven companies in the Automotive Parts Group, five companies in the Industrial Group, two companies in the Office Products Group, and one company in the Electrical/Electronic Materials Group. The purchase price for these nineteen acquisitions was approximately $370,000,000 , net of cash acquired. Automotive Parts Group The eleven Automotive Parts Group acquisitions generate annual revenues of approximately $235,000,000 . In February and July, 2016, the Company acquired two import automotive parts businesses, Olympus and Auto-Camping, respectively. Olympus operates six locations in the U.S. and Auto-Camping operates twenty locations in Canada. In March 2016, the Company acquired Covs Parts, a distributor of original equipment and aftermarket automotive parts, mining and industrial consumable and truck products, with twenty-one locations across Western Australia. In May 2016, the Company acquired Global Parts with six U.S. heavy vehicle parts locations. The Company acquired AMX, an aftermarket motorcycle parts retailer, and ASL, an automotive aftermarket parts distributor, in June and September 2016, respectively. AMX operates four stores in Australia and ASL operates 15 branches in New Zealand. The Company also acquired various automotive store groups in the U.S. and Australasia regions in 2016. Industrial Group The five Industrial Group acquisitions generate annual revenues of approximately $170,000,000 . In March 2016, the Company acquired two industrial distribution companies, Epperson and Company and Missouri Power Transmission, with three and fifteen locations, respectively. In April 2016, the Company acquired Colmar Belting Company, a distributor of belting, bearing and power transmission products. In August 2016, the Company acquired OBBCO, a distributor of industrial safety supplies. In October 2016, the Company acquired Braas Company, a distributor of products and services for industrial automation and control, with eight locations. Office Products Group The two Office Products Group acquisitions generate annual revenues of approximately $200,000,000 . In June 2016, the Company acquired The Safety Zone, a direct importer and distributor of supplies and devices for safety, janitorial, medical, food service and food processing application. The Safety Zone has eight distribution centers in the U.S. and one distribution center in Canada. In July 2016, the Company acquired certain assets within the janitorial and sanitation business of Rochester Midland Corporation. Electrical/Electronic Materials Group The Electrical/Electronic Materials Group acquisition generates annual revenues of approximately $12,000,000 . In October 2016, the Company acquired Communications Products and Services, a distributor of plant product solutions. Net sales from these nineteen acquisitions included in the Company's consolidated statement of income and comprehensive income at December 31, 2016 were approximately $350,000,000 . 2015 and 2014 A significant portion of the 2015 companies acquired included one company in the Electrical/Electronic Materials Group, three companies in the Office Products Group, four companies in the Industrial Group, and five store groups in the Automotive Parts Group for approximately $120,000,000 , net of cash acquired. A significant portion of the 2014 companies acquired included two companies each in the Automotive Parts Group, Office Products Group, and Electrical/Electronic Materials Group and one company in the Industrial Group for approximately $ 260,000,000 , net of cash acquired. 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 $260,000,000 , $90,000,000 and $200,000,000 of goodwill and other intangible assets associated with the 2016 , 2015 , and 2014 acquisitions, respectively. For the 2016 acquisitions, other intangible assets acquired consisted of customer relationships of $112,000,000 and trademarks of $28,000,000 with weighted average amortization lives of 17 and 35 years, respectively. For the 2015 acquisitions, other intangible assets acquired consisted of customer relationships of $39,000,000 with weighted average amortization lives of 15 years. For the 2014 acquisitions, other intangible assets acquired consisted of customer relationships of $82,000,000 and trademarks of $28,000,000 with weighted average amortization lives of 18 and 40 years, respectively. |
Segment Data
Segment Data | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Data | 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, and equity in income from investees, amortization, and noncontrolling interests. Approximately $139,900,000 , $118,800,000 and $138,900,000 of income before income taxes was generated in jurisdictions outside the United States for the years ended December 31, 2016 , 2015 , and 2014 , respectively. Net sales and net property, plant and equipment 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. 2016 2015 2014 2013 2012 (In Thousands) Net sales: Automotive $ 8,111,511 $ 8,015,098 $ 8,096,877 $ 7,489,186 $ 6,320,882 Industrial 4,634,212 4,646,689 4,771,080 4,429,976 4,453,574 Office products 1,969,405 1,937,629 1,802,754 1,638,618 1,686,690 Electrical/electronic materials 715,650 750,770 739,119 568,872 582,820 Other (91,065 ) (70,142 ) (68,183 ) (48,809 ) (30,098 ) Total net sales $ 15,339,713 $ 15,280,044 $ 15,341,647 $ 14,077,843 $ 13,013,868 Operating profit: Automotive $ 715,154 $ 729,152 $ 700,386 $ 641,492 $ 540,678 Industrial 336,608 339,180 370,043 320,720 352,119 Office products 117,035 140,866 133,727 122,492 134,441 Electrical/electronic materials 60,539 70,151 64,884 47,584 50,910 Total operating profit 1,229,336 1,279,349 1,269,040 1,132,288 1,078,148 Interest expense, net (19,525 ) (20,354 ) (24,192 ) (24,330 ) (19,619 ) Corporate expense (94,601 ) (100,436 ) (90,242 ) (34,667 ) (26,606 ) Intangible asset amortization (40,870 ) (34,878 ) (36,867 ) (28,987 ) (12,991 ) Income before income taxes $ 1,074,340 $ 1,123,681 $ 1,117,739 $ 1,044,304 $ 1,018,932 Assets: Automotive $ 4,601,150 $ 4,293,290 $ 4,275,298 $ 4,009,244 $ 3,411,252 Industrial 1,292,063 1,143,952 1,224,735 1,162,697 1,130,877 Office products 907,119 831,546 835,592 708,944 731,564 Electrical/electronic materials 203,334 191,866 196,400 156,780 137,237 Corporate 281,071 322,323 327,623 353,276 898,292 Goodwill and other intangible assets 1,574,663 1,361,794 1,386,590 1,289,356 497,839 Total assets $ 8,859,400 $ 8,144,771 $ 8,246,238 $ 7,680,297 $ 6,807,061 2016 2015 2014 2013 2012 (In Thousands) Depreciation and amortization: Automotive $ 65,372 $ 70,112 $ 77,645 $ 76,238 $ 60,630 Industrial 10,371 9,960 9,906 8,751 8,307 Office products 11,398 10,922 10,728 10,166 10,837 Electrical/electronic materials 2,967 2,933 2,658 1,904 1,733 Corporate 16,509 12,870 10,509 7,911 3,885 Intangible asset amortization 40,870 34,878 36,867 28,987 12,991 Total depreciation and amortization $ 147,487 $ 141,675 $ 148,313 $ 133,957 $ 98,383 Capital expenditures: Automotive $ 73,339 $ 77,504 $ 78,537 $ 97,735 $ 67,482 Industrial 27,383 13,998 12,442 8,808 13,015 Office products 12,072 12,323 11,135 9,297 16,013 Electrical/electronic materials 5,710 2,824 3,003 1,730 1,029 Corporate 42,139 2,895 2,564 6,493 4,448 Total capital expenditures $ 160,643 $ 109,544 $ 107,681 $ 124,063 $ 101,987 Net sales: United States $ 12,822,320 $ 12,843,078 $ 12,565,329 $ 11,594,713 $ 11,299,291 Canada 1,390,979 1,395,695 1,583,075 1,560,799 1,616,921 Australasia 1,104,511 992,064 1,133,620 839,353 — Mexico 112,968 119,349 127,806 131,787 127,754 Other (91,065 ) (70,142 ) (68,183 ) (48,809 ) (30,098 ) Total net sales $ 15,339,713 $ 15,280,044 $ 15,341,647 $ 14,077,843 $ 13,013,868 Net property, plant, and equipment: United States $ 561,164 $ 495,073 $ 495,452 $ 503,882 $ 466,473 Canada 81,260 79,023 98,939 99,135 93,496 Australasia 79,413 65,289 65,707 60,614 — Mexico 6,287 8,832 10,004 6,430 6,396 Total net property, plant, and equipment $ 728,124 $ 648,217 $ 670,102 $ 670,061 $ 566,365 |
Financial Statement Schedule II
Financial Statement Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
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 Beginning of Period Charged to Costs and Expenses Deductions(1) Balance at End of Period Year ended December 31, 2014: Reserves and allowances deducted from asset accounts: Allowance for doubtful accounts $ 14,423,000 $ 7,192,000 $ (9,779,000 ) $ 11,836,000 Year ended December 31, 2015: Reserves and allowances deducted from asset accounts: Allowance for doubtful accounts $ 11,836,000 $ 12,373,000 $ (13,516,000 ) $ 10,693,000 Year ended December 31, 2016: Reserves and allowances deducted from asset accounts: Allowance for doubtful accounts $ 10,693,000 $ 11,515,000 $ (6,651,000 ) $ 15,557,000 (1) Doubtful accounts written off, net of recoveries. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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 2,670 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. |
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 $426,760,000 and $438,510,000 higher than reported at December 31, 2016 and 2015 , respectively. During 2016 and 2014 , reductions in inventory levels in industrial parts inventories resulted in liquidations of LIFO inventory layers. The effect of the LIFO liquidations in 2016 and 2014 was to reduce cost of goods sold by approximately $6,000,000 and $8,000,000 , respectively. There were no LIFO liquidations in 2015. 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 2017 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, amounts due from vendors, and income taxes receivable. |
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 Company tests goodwill for impairment at the reporting unit level, which is an operating segment or a level below an operating segment, which is referred to as a component. A component of an operating segment is a reporting unit if the component constitutes a business for which discrete financial information is available and management regularly reviews the operating results of that component. However, two or more components of an operating segment are aggregated and deemed a single reporting unit if the components have similar economic characteristics. The present value of future cash flows approach was used to determine any potential impairment. |
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. |
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. |
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, trade accounts payable, and borrowings under the line of credit approximate their respective fair values based on the short-term nature of these instruments. At December 31, 2016 and 2015 , the fair value of fixed rate debt was approximately $549,000,000 and $501,000,000 , 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 $230,000,000 , $240,000,000 , and $230,000,000 , for the years ended December 31, 2016 , 2015 , and 2014 , respectively. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred and totaled $66,900,000 , $75,000,000 , and $71,300,000 in the years ended December 31, 2016 , 2015 , and 2014 , 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 1,290,000 , 1,280,000 , and 610,000 shares of common stock ranging from $87 — $100 per share were outstanding at December 31, 2016 , 2015 , and 2014 , respectively. These options were excluded from the computation of diluted net income per common share because the options’ exercise prices were greater than the average market prices of common stock in each respective year. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) , which will create a single, comprehensive revenue recognition model for recognizing revenue from contracts with customers. The standard is effective for interim and annual reporting periods beginning after December 15, 2017 and may be adopted either retrospectively or on a modified retrospective basis. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process than are required under existing guidance, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation, among others. The Company has established a cross-functional implementation team to evaluate and implement the new standard update related to the recognition of revenue from contracts with customers. The Company primarily sells goods and recognizes revenue at point of sale or delivery and this will not change under the new standard. We are completing an analysis of revenue streams at each of the business units and are evaluating the impact the new standard may have on revenue recognition. In addition, the Company is evaluating recently issued guidance on practical expedients as part of the transition decision. Preliminarily, the Company plans to use the modified retrospective adoption method and does not believe there will be a material impact to the Company’s consolidated revenues upon adoption. The Company will continue to evaluate the impacts of the pending adoption of ASU 2014-09 and the preliminary assessments are subject to change. In February 2015, the FASB issued ASU 2015-02 , Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 amends the consolidation requirements and significantly changes the consolidation analysis required. ASU 2015-02 requires management to reevaluate all legal entities under a revised consolidation model to specifically (i) modify the evaluation of whether limited partnership and similar legal entities are variable interest entities (“VIEs”), (ii) eliminate the presumption that a general partner should consolidate a limited partnership, (iii) affect the consolidation analysis of reporting entities that are involved with VIEs particularly those that have fee arrangements and related party relationships, and (iv) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Act of 1940 for registered money market funds. ASU 2015-02 is effective for the Company's interim and annual periods beginning after December 15, 2015. The adoption of ASU 2015-02 did not have an impact on the Company’s consolidated financial statements or related disclosures. In May 2015, the FASB issued ASU No. 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent), which no longer requires investments that measure fair value using net asset value per share (or its equivalent) as a practical expedient to be categorized in the fair value hierarchy. ASU 2015-07 is effective for the Company's interim and annual periods beginning after December 15, 2015. The impact of the adoption of ASU 2015-07 did not have an impact on the Company’s consolidated financial statements and the presentation of investments measured at net asset value is shown in the employee benefit plans footnote. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) ("ASU 2016-02"), which requires an entity to recognize a right-of-use asset and a lease liability on the balance sheet for all leases, including operating leases, with a term greater than twelve months. Expanded disclosures with additional qualitative and quantitative information will also be required. This guidance is effective for interim and annual reporting periods beginning after December 15, 2018 and early adoption is permitted. The new standard must be adopted using a modified retrospective transition. The Company is currently evaluating the impact of ASU 2016-02 on its consolidated financial statements and related disclosures, but the Company does believe the adoption of this standard will have a significant impact on the consolidated balance sheets. As disclosed in the leased properties footnote, future minimum payments under noncancelable operating leases are approximately $865,000,000 and the Company does believe the adoption of this standard will have a significant impact on the consolidated balance sheets. In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09") that changes the accounting for certain aspects of share-based compensation to employees including forfeitures, employer tax withholding, and the financial statement presentation of excess tax benefits or expense. ASU 2016-09 also clarifies the statement of cash flows presentation for certain components of share-based compensation, which prospectively reclassifies cash flows from excess tax benefits of share-based compensation currently disclosed in financing activities to operating activities in the period of adoption. The guidance will increase income tax expense volatility, as well as the Company's cash flows from operations. In addition, the Company did not elect to change shares withheld for employment income tax purposes, or the current methodology of estimating forfeitures upon adoption. The Company will adopt ASU 2016-09 January 1, 2017, and it is not expected to have a material effect on the Company’s consolidated financial statements or related disclosures. |
Share-based Compensation, Option and Incentive Plans | For the years ended December 31, 2016 , 2015 , and 2014 , the fair values for SARs granted were estimated using a Black-Scholes option pricing model with the following weighted-average assumptions, respectively: risk-free interest rate of 1.6% , 2.0% , and 2.8% ; dividend yield of 2.7% , 2.6% , and 2.8% ; 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 6.2% , respectively. The fair value of RSUs is based on the price of the Company’s stock on the date of grant. |
Unremitted Earnings in Foreign Investment | The Company intends to reinvest these earnings to fund expansion in these and other markets outside the U.S. Accordingly, the Company has not provided any provision for income tax expense in excess of foreign jurisdiction income tax requirements relative to such undistributed earnings in the accompanying consolidated financial statements. Due to the complexities associated with the hypothetical calculation to determine residual taxes on the undistributed earnings, including the availability of foreign tax credits, applicability of any additional local withholding tax and other indirect tax consequence that may arise due to the distribution of these earnings, the Company has concluded it is not practicable to determine the unrecognized deferred tax liability related to the undistributed earnings. |
Pension and Other Postretirement Plans | Prior to 2014, the Company had two defined contribution plans that covered substantially all of its domestic employees. The Company’s matching contributions were determined based on the employee’s participation in the U.S. pension plan. Prior to 2014, U.S. pension plan participants who continued earning credited service after 2008 received a matching contribution of 20% of the first 6% of the employee’s salary. Other employees received a matching contribution of 100% of the first 5% of the employee’s salary. The two plans were merged effective January 1, 2014. Beginning in 2014, all employees receive a matching contribution of 100% of the first 5% of the employees’ salary. 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 2017 pension income is 7.82% 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 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 investment 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 ( 47% S&P 500 Index, 5% Russell Mid Cap Index, 7% Russell 2000 Index, 5% MSCI EAFE Index, 5% DJ Global Moderate Index, 3% MSCI Emerging Market Net, and 28% BarCap U.S. Govt/Credit). The fair values of the plan assets as of December 31, 2016 and 2015 , 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). Certain investments are measured at fair value using the net asset value ("NAV") per share as a practical expedient and have not been classified in the fair value hierarchy. 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. 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. 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 and supplemental retirement plans. Several assumptions are used to determine the benefit obligations, plan assets, and net periodic income. The discount rate for the pension plans is calculated using a bond matching approach to select specific bonds that would satisfy the projected benefit payments. The bond matching approach reflects the process that would be used to settle the pension obligations. The expected return on plan assets is based on a calculated market-related value of plan assets, where gains and losses on plan assets are amortized over a five year period and accumulate in other comprehensive income. Other non-investment unrecognized gains and losses are amortized in future net income based on a “corridor” approach, where the corridor is equal to 10% of the greater of the benefit obligation or the market-related value of plan assets at the beginning of the year. The unrecognized gains and losses in excess of the corridor criteria are amortized over the average future lifetime or service of plan participants, depending on the plan. These assumptions are updated at each annual measurement date. |
Consolidation, Variable Interest Entity | 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, 2016 , the Company was in compliance with all such covenants. At December 31, 2016 , the total borrowings of the independents and affiliates subject to guarantee by the Company were approximately $431,286,000 . 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. |
Business Combinations | 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. |
Segment Reporting | 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. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Components of Other Assets | Other assets are comprised of the following: December 31 2016 2015 (In Thousands) Retirement benefit assets $ 6,721 $ 3,336 Deferred compensation benefits 29,222 28,488 Investments 28,793 28,351 Cash surrender value of life insurance policies 106,251 105,213 Customer sales returns inventories 68,160 72,814 Guarantees related to borrowings 42,000 35,000 Other long-term prepayments and receivables 194,383 187,716 Total other assets $ 475,530 $ 460,918 |
Components of Other Long-Term Liabilities | Other long-term liabilities are comprised of the following: December 31 2016 2015 (In Thousands) Post-employment and other benefit/retirement liabilities $ 56,723 $ 54,034 Insurance liabilities 37,608 33,979 Other lease obligations 39,221 37,642 Other taxes payable 16,997 15,495 Customer deposits 79,528 85,552 Guarantees related to borrowings 42,000 35,000 Other 195,981 198,254 Total other long-term liabilities $ 468,058 $ 459,956 |
Components of Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss is comprised of the following: December 31 2016 2015 (In Thousands) Foreign currency translation $ (403,941 ) $ (394,984 ) Unrecognized net actuarial loss, net of tax (611,333 ) (540,018 ) Unrecognized prior service credit, net of tax 2,253 4,384 Total accumulated other comprehensive loss $ (1,013,021 ) $ (930,618 ) |
Changes in Accumulated Other Comprehensive Loss | The following table presents the changes in accumulated other comprehensive loss by component for the years ended on December 31, 2016 and 2015 : Changes in Accumulated Other Comprehensive Loss by Component Pension Benefits Other Post- Retirement Benefits Foreign Currency Translation Total (In Thousands) Beginning balance, January 1, 2015 $ (532,069 ) $ (1,144 ) $ (186,998 ) $ (720,211 ) Other comprehensive loss before reclassifications, net of tax (25,558 ) (111 ) (207,986 ) (233,655 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 23,412 (164 ) — 23,248 Net current period other comprehensive loss (2,146 ) (275 ) (207,986 ) (210,407 ) Ending balance, December 31, 2015 (534,215 ) (1,419 ) (394,984 ) (930,618 ) Other comprehensive (loss) income before reclassifications, net of tax (92,758 ) 15 (8,957 ) (101,700 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 19,505 (208 ) — 19,297 Net current period other comprehensive loss (73,253 ) (193 ) (8,957 ) (82,403 ) Ending balance, December 31, 2016 $ (607,468 ) $ (1,612 ) $ (403,941 ) $ (1,013,021 ) |
Goodwill and Other Intangible22
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 by reportable segment, as well as other identifiable intangible assets, are summarized as follows (in thousands): Goodwill Other Intangible Assets, Net Automotive Industrial Office Products Electrical/ Electronic Materials Total Balance as of January 1, 2015 $ 599,839 $ 118,962 $ 47,608 $ 72,666 $ 839,075 $ 547,515 Additions 5,030 18,696 8,891 20,335 52,952 38,596 Amortization — — — — — (34,878 ) Foreign currency translation (49,866 ) (1,579 ) — — (51,445 ) (30,020 ) Balance as of December 31, 2015 555,003 136,079 56,499 93,001 840,582 521,213 Additions 56,518 36,267 25,609 901 119,295 139,982 Amortization — — — — — (40,870 ) Foreign currency translation (3,963 ) 247 (8 ) — (3,724 ) (1,815 ) Balance as of December 31, 2016 $ 607,558 $ 172,593 $ 82,100 $ 93,902 $ 956,153 $ 618,510 |
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, 2016 and 2015 is as follows (in thousands): 2016 2015 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Customer relationships $ 603,966 $ (150,350 ) $ 453,616 $ 494,516 $ (115,636 ) $ 378,880 Trademarks 180,416 (16,154 ) 164,262 153,346 (11,922 ) 141,424 Non-competition agreements 5,098 (4,466 ) 632 5,765 (4,856 ) 909 $ 789,480 $ (170,970 ) $ 618,510 $ 653,627 $ (132,414 ) $ 521,213 |
Estimated Other Intangible Assets Amortization Expense | Estimated other intangible assets amortization expense for the succeeding five years is as follows (in thousands): 2017 $ 42,848 2018 42,614 2019 42,110 2020 41,462 2021 41,167 $ 210,201 |
Credit Facilities (Tables)
Credit Facilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Outstanding Amount of Credit Facilities | Amounts outstanding under the Company’s credit facilities consist of the following: December 31 2016 2015 (In Thousands) Unsecured revolving line of credit, $1,200,000,000, LIBOR plus 0.75% variable $ 325,000 $ 125,000 Unsecured term notes: November 30, 2011, Series D and E Senior Unsecured Notes, $250,000,000, 3.35% fixed, due November 30, 2016 — 250,000 July 29, 2016, Series G Senior Unsecured Notes, $50,000,000, 2.39% fixed, due July 29, 2021 50,000 — December 2, 2013, Series F Senior Unsecured Notes, $250,000,000, 2.99% fixed, due December 2, 2023 250,000 250,000 November 30, 2016, Series H Senior Unsecured Notes, $250,000,000, 2.99% fixed, due November 30, 2026 250,000 — Total debt 875,000 625,000 Less debt due within one year 325,000 375,000 Long-term debt, excluding current portion $ 550,000 $ 250,000 |
Schedule of Maturities of Long-term Debt | Approximate maturities under the Company’s credit facilities are as follows (in thousands): 2017 $ 325,000 2018 — 2019 — 2020 — 2021 50,000 Thereafter 500,000 $ 875,000 |
Leased Properties (Tables)
Leased Properties (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 (in thousands): 2017 $ 232,300 2018 182,100 2019 132,900 2020 89,700 2021 55,500 Thereafter 172,500 Total minimum lease payments $ 865,000 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based 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: 2016 Shares (1) Weighted- Average Exercise Price (2) (In Thousands) Outstanding at beginning of year 4,181 $ 71 Granted 894 100 Exercised (1,045 ) 59 Forfeited (152 ) 91 Outstanding at end of year (3) 3,878 $ 79 Exercisable at end of year 2,171 $ 70 Shares available for future grants 9,132 (1) Shares include Restricted Stock Units (RSUs). (2) The weighted-average exercise price excludes RSUs. (3) The exercise prices for SARs outstanding as of December 31, 2016 ranged from approximately $42 to $100 . The weighted-average remaining contractual life of all SARs outstanding is approximately seven years. |
Summary of Company's Nonvested Share Awards (RSUs) Activity | A summary of the Company’s nonvested share awards activity is as follows: Nonvested Share Awards (RSUs) Shares Weighted- Average Grant Date Fair Value (In Thousands) Nonvested at January 1, 2016 433 $ 82 Granted 170 100 Vested (140 ) 73 Forfeited (55 ) 86 Nonvested at December 31, 2016 408 $ 92 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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: 2016 2015 (In Thousands) Deferred tax assets related to: Expenses not yet deducted for tax purposes $ 345,195 $ 318,368 Pension liability not yet deducted for tax purposes 397,391 347,263 742,586 665,631 Deferred tax liabilities related to: Employee and retiree benefits 276,256 249,126 Inventory 141,181 147,199 Other intangible assets 120,689 111,305 Property, plant, and equipment 61,666 58,496 Other 58,468 31,664 658,260 597,790 Net deferred tax assets $ 84,326 $ 67,841 |
Components of Income before Income Taxes | The components of income before income taxes are as follows: 2016 2015 2014 (In Thousands) United States $ 934,476 $ 1,004,919 $ 978,824 Foreign 139,864 118,762 138,915 Income before income taxes $ 1,074,340 $ 1,123,681 $ 1,117,739 |
Components of Income Tax Expense | The components of income tax expense are as follows: 2016 2015 2014 (In Thousands) Current: Federal $ 284,199 $ 309,403 $ 224,591 State 41,083 45,460 43,513 Foreign 28,593 27,602 84,030 Deferred 33,225 35,544 54,319 $ 387,100 $ 418,009 $ 406,453 |
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: 2016 2015 2014 (In Thousands) Statutory rate applied to income $ 376,019 $ 393,288 $ 391,209 Plus state income taxes, net of Federal tax benefit 29,211 32,295 32,646 Earnings in jurisdictions taxed at rates different from the statutory US tax rate (18,057 ) (13,684 ) (3,453 ) Foreign tax credit (482 ) (264 ) (20,170 ) Other 409 6,374 6,221 $ 387,100 $ 418,009 $ 406,453 |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: 2016 2015 2014 (In Thousands) Balance at beginning of year $ 15,815 $ 17,581 $ 47,190 Additions based on tax positions related to the current year 2,184 1,969 3,303 Additions for tax positions of prior years 1,317 61 6,415 Reductions for tax positions for prior years (1,369 ) (3,152 ) (851 ) Reduction for lapse in statute of limitations (2,516 ) (425 ) (481 ) Settlements (241 ) (219 ) (37,995 ) Balance at end of year $ 15,190 $ 15,815 $ 17,581 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Changes in Benefit Obligation | Changes in benefit obligations for the years ended December 31, 2016 and 2015 were: 2016 2015 (In Thousands) Changes in benefit obligation Benefit obligation at beginning of year $ 2,199,356 $ 2,352,094 Service cost 7,746 8,562 Interest cost 104,485 98,088 Plan participants’ contributions 2,585 2,838 Actuarial loss (gain) 139,851 (139,573 ) Foreign currency exchange rate changes 5,449 (35,082 ) Gross benefits paid (154,676 ) (87,571 ) Plan amendments 2,063 — Benefit obligation at end of year $ 2,306,859 $ 2,199,356 |
Assumptions Used to Measure Pension Benefit Obligations | The assumptions used to measure the pension benefit obligations for the plans at December 31, 2016 and 2015 , were: 2016 2015 Weighted-average discount rate 4.26 % 4.82 % Rate of increase in future compensation levels 3.14 % 3.12 % |
Changes in Plan Assets | Changes in plan assets for the years ended December 31, 2016 and 2015 were: 2016 2015 (In Thousands) Changes in plan assets Fair value of plan assets at beginning of year $ 1,912,736 $ 2,021,837 Actual return on plan assets 146,022 (45,529 ) Foreign currency exchange rate changes 5,172 (33,382 ) Employer contributions 53,663 54,543 Plan participants’ contributions 2,585 2,838 Benefits paid (154,676 ) (87,571 ) Fair value of plan assets at end of year $ 1,965,502 $ 1,912,736 |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | For the years ended December 31, 2016 and 2015 , the aggregate benefit obligation and aggregate fair value of plan assets for plans with benefit obligations in excess of plan assets were as follows: 2016 2015 (In Thousands) Aggregate benefit obligation $ 2,131,550 $ 2,186,412 Aggregate fair value of plan assets 1,783,472 1,896,456 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | For the years ended December 31, 2016 and 2015 , the aggregate accumulated benefit obligation and aggregate fair value of plan assets for plans with accumulated benefit obligations in excess of plan assets were as follows: 2016 2015 (In Thousands) Aggregate accumulated benefit obligation $ 2,086,711 $ 2,167,216 Aggregate fair value of plan assets 1,760,713 1,896,456 |
Asset Allocations for Funded Pension Plans | The asset allocations for the Company’s funded pension plans at December 31, 2016 and 2015 , and the target allocation for 2017 , by asset category were: Target Allocation 2017 Percentage of Plan Assets at December 31 2016 2015 Asset Category Equity securities 71 % 70 % 69 % Debt securities 29 % 30 % 31 % 100 % 100 % 100 % |
Fair Value of Plan Assets by Asset Category | 2016 Total Assets Measured at NAV Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In Thousands) Equity Securities Common stocks — mutual funds — equity $ 384,103 $ 114,182 $ 269,921 $ — $ — Genuine Parts Company common stock 192,841 — 192,841 — — Other stocks 793,101 — 793,007 — 94 Debt Securities Short-term investments 55,607 — 55,607 — — Cash and equivalents 15,995 — 15,995 — — Government bonds 157,303 — 102,468 54,835 — Corporate bonds 192,457 — — 192,457 — Asset-backed and mortgage–backed securities 8,872 — — 8,872 — Convertible securities 216 — — 216 — Other-international 24,613 — 20,868 3,745 — Municipal bonds 9,272 — — 9,272 — Mutual funds—fixed income 128,367 82,394 — 45,973 — Other Cash surrender value of life insurance policies 2,755 — — — 2,755 Total $ 1,965,502 $ 196,576 $ 1,450,707 $ 315,370 $ 2,849 2015 Total Assets Measured at NAV Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In Thousands) Equity Securities Common stocks — mutual funds — equity $ 349,852 $ 107,441 $ 242,411 $ — $ — Genuine Parts Company common stock 173,363 — 173,363 — — Other stocks 793,229 — 792,624 — 605 Debt Securities Short-term investments 46,195 — 46,195 — — Cash and equivalents 2,978 — 2,978 — — Government bonds 193,436 — 109,559 83,877 — Corporate bonds 172,119 — — 172,119 — Asset-backed and mortgage–backed securities 27,510 — — 27,510 — Convertible securities 434 — — 434 — Other-international 21,137 — 20,785 352 — Municipal bonds 5,857 — — 5,857 — Mutual funds—fixed income 123,895 83,241 — 40,654 — Other Cash surrender value of life insurance policies 2,731 — — — 2,731 Total $ 1,912,736 $ 190,682 $ 1,387,915 $ 330,803 $ 3,336 |
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: 2016 2015 (In Thousands) Other long-term asset $ 6,721 $ 3,336 Other current liability (8,206 ) (7,432 ) Pension and other post-retirement liabilities (339,872 ) (282,524 ) $ (341,357 ) $ (286,620 ) |
Amounts Recognized In Accumulated Other Comprehensive Loss Table | Amounts recognized in accumulated other comprehensive loss consist of: 2016 2015 (In Thousands) Net actuarial loss $ 1,003,247 $ 882,464 Prior service cost (credit) 672 (1,814 ) $ 1,003,919 $ 880,650 |
Expected Cash Flows for Pension Plans | Information about the expected cash flows for the pension plans follows (in thousands): Employer contribution 2017 (expected) $ 48,000 Expected benefit payments: 2017 $ 109,000 2018 116,000 2019 122,000 2020 127,000 2021 133,000 2022 through 2026 721,000 |
Components of Net Periodic Benefit (Income) Cost | Net periodic benefit income included the following components: 2016 2015 2014 (In Thousands) Service cost $ 7,746 $ 8,562 $ 7,824 Interest cost 104,485 98,088 102,465 Expected return on plan assets (156,832 ) (150,130 ) (144,746 ) Amortization of prior service credit (432 ) (565 ) (1,890 ) Amortization of actuarial loss 31,641 38,197 26,791 Net periodic benefit income $ (13,392 ) $ (5,848 ) $ (9,556 ) |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) | Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) are as follows: 2016 2015 2014 (In Thousands) Current year actuarial loss $ 152,415 $ 44,930 $ 312,011 Recognition of actuarial loss (31,641 ) (38,197 ) (26,791 ) Current year prior service cost 2,063 — — Recognition of prior service credit 432 565 638 Total recognized in other comprehensive income (loss) $ 123,269 $ 7,298 $ 285,858 Total recognized in net periodic benefit income and other comprehensive income (loss) $ 109,877 $ 1,450 $ 276,303 |
Estimated Amounts Amortized from Accumulated Other Comprehensive Loss | The estimated amounts that will be amortized from accumulated other comprehensive loss into net periodic benefit income in 2017 are as follows in thousands: Actuarial loss $ 37,870 Prior service credit (349 ) Total $ 37,521 |
Assumptions Used To Measure Net Periodic Benefit (Income) Cost | The assumptions used in measuring the net periodic benefit income for the plans follow: 2016 2015 2014 Weighted average discount rate 4.82 % 4.26 % 5.10 % Rate of increase in future compensation levels 3.12 % 3.07 % 3.04 % Expected long-term rate of return on plan assets 7.83 % 7.85 % 7.85 % |
Segment Data (Tables)
Segment Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Summary of Segment Data | 2016 2015 2014 2013 2012 (In Thousands) Net sales: Automotive $ 8,111,511 $ 8,015,098 $ 8,096,877 $ 7,489,186 $ 6,320,882 Industrial 4,634,212 4,646,689 4,771,080 4,429,976 4,453,574 Office products 1,969,405 1,937,629 1,802,754 1,638,618 1,686,690 Electrical/electronic materials 715,650 750,770 739,119 568,872 582,820 Other (91,065 ) (70,142 ) (68,183 ) (48,809 ) (30,098 ) Total net sales $ 15,339,713 $ 15,280,044 $ 15,341,647 $ 14,077,843 $ 13,013,868 Operating profit: Automotive $ 715,154 $ 729,152 $ 700,386 $ 641,492 $ 540,678 Industrial 336,608 339,180 370,043 320,720 352,119 Office products 117,035 140,866 133,727 122,492 134,441 Electrical/electronic materials 60,539 70,151 64,884 47,584 50,910 Total operating profit 1,229,336 1,279,349 1,269,040 1,132,288 1,078,148 Interest expense, net (19,525 ) (20,354 ) (24,192 ) (24,330 ) (19,619 ) Corporate expense (94,601 ) (100,436 ) (90,242 ) (34,667 ) (26,606 ) Intangible asset amortization (40,870 ) (34,878 ) (36,867 ) (28,987 ) (12,991 ) Income before income taxes $ 1,074,340 $ 1,123,681 $ 1,117,739 $ 1,044,304 $ 1,018,932 Assets: Automotive $ 4,601,150 $ 4,293,290 $ 4,275,298 $ 4,009,244 $ 3,411,252 Industrial 1,292,063 1,143,952 1,224,735 1,162,697 1,130,877 Office products 907,119 831,546 835,592 708,944 731,564 Electrical/electronic materials 203,334 191,866 196,400 156,780 137,237 Corporate 281,071 322,323 327,623 353,276 898,292 Goodwill and other intangible assets 1,574,663 1,361,794 1,386,590 1,289,356 497,839 Total assets $ 8,859,400 $ 8,144,771 $ 8,246,238 $ 7,680,297 $ 6,807,061 2016 2015 2014 2013 2012 (In Thousands) Depreciation and amortization: Automotive $ 65,372 $ 70,112 $ 77,645 $ 76,238 $ 60,630 Industrial 10,371 9,960 9,906 8,751 8,307 Office products 11,398 10,922 10,728 10,166 10,837 Electrical/electronic materials 2,967 2,933 2,658 1,904 1,733 Corporate 16,509 12,870 10,509 7,911 3,885 Intangible asset amortization 40,870 34,878 36,867 28,987 12,991 Total depreciation and amortization $ 147,487 $ 141,675 $ 148,313 $ 133,957 $ 98,383 Capital expenditures: Automotive $ 73,339 $ 77,504 $ 78,537 $ 97,735 $ 67,482 Industrial 27,383 13,998 12,442 8,808 13,015 Office products 12,072 12,323 11,135 9,297 16,013 Electrical/electronic materials 5,710 2,824 3,003 1,730 1,029 Corporate 42,139 2,895 2,564 6,493 4,448 Total capital expenditures $ 160,643 $ 109,544 $ 107,681 $ 124,063 $ 101,987 Net sales: United States $ 12,822,320 $ 12,843,078 $ 12,565,329 $ 11,594,713 $ 11,299,291 Canada 1,390,979 1,395,695 1,583,075 1,560,799 1,616,921 Australasia 1,104,511 992,064 1,133,620 839,353 — Mexico 112,968 119,349 127,806 131,787 127,754 Other (91,065 ) (70,142 ) (68,183 ) (48,809 ) (30,098 ) Total net sales $ 15,339,713 $ 15,280,044 $ 15,341,647 $ 14,077,843 $ 13,013,868 Net property, plant, and equipment: United States $ 561,164 $ 495,073 $ 495,452 $ 503,882 $ 466,473 Canada 81,260 79,023 98,939 99,135 93,496 Australasia 79,413 65,289 65,707 60,614 — Mexico 6,287 8,832 10,004 6,430 6,396 Total net property, plant, and equipment $ 728,124 $ 648,217 $ 670,102 $ 670,061 $ 566,365 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)Location$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | |
Accounting Policies [Abstract] | |||
Number of locations in North America and Australasia | Location | 2,670 | ||
Provisions for doubtful accounts | $ 11,515,000 | $ 12,373,000 | $ 7,192,000 |
Allowance for doubtful accounts receivable | 15,557,000 | 10,693,000 | |
Excess of FIFO costs over stated LIFO value | 426,760,000 | 438,510,000 | |
Reduction in cost of goods sold by the effect of LIFO liquidations | 6,000,000 | 8,000,000 | |
Impairment of goodwill | 0 | 0 | 0 |
Fair value of fixed rate debt | 549,000,000 | 501,000,000 | |
Long-term debt | 550,000,000 | 250,000,000 | |
Debt, combined amount | 500,000,000 | ||
Shipping and handling costs classified as selling, administrative and other expenses | 230,000,000 | 240,000,000 | 230,000,000 |
Advertising costs | $ 66,900,000 | $ 75,000,000 | $ 71,300,000 |
Outstanding options to purchase common shares not included in dilutive share (in shares) | shares | 1,290 | 1,280 | 610 |
Minimum exercise price of options (in dollars per share) | $ / shares | $ 87 | $ 87 | $ 87 |
Maximum exercise price of options (in dollars per share) | $ / shares | $ 100 | $ 100 | $ 100 |
Total minimum lease payments | $ 865,000,000 | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment awards granted vesting period range (in years) | 1 year | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment awards granted vesting period range (in years) | 5 years | ||
Building and Building Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment useful life (in years) | 10 years | ||
Building and Building Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment useful life (in years) | 40 years | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment useful life (in years) | 5 years | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment useful life (in years) | 15 years |
Summary of Significant Accoun30
Summary of Significant Accounting Policies - Components of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounting Policies [Abstract] | ||
Retirement benefit assets | $ 6,721 | $ 3,336 |
Deferred compensation benefits | 29,222 | 28,488 |
Investments | 28,793 | 28,351 |
Cash surrender value of life insurance policies | 106,251 | 105,213 |
Customer sales returns inventories | 68,160 | 72,814 |
Guarantees related to borrowings | 42,000 | 35,000 |
Other long-term prepayments and receivables | 194,383 | 187,716 |
Total other assets | $ 475,530 | $ 460,918 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies - Components of Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounting Policies [Abstract] | ||
Post-employment and other benefit/retirement liabilities | $ 56,723 | $ 54,034 |
Insurance liabilities | 37,608 | 33,979 |
Other lease obligations | 39,221 | 37,642 |
Other taxes payable | 16,997 | 15,495 |
Customer deposits | 79,528 | 85,552 |
Guarantees related to borrowings | 42,000 | 35,000 |
Other | 195,981 | 198,254 |
Total other long-term liabilities | $ 468,058 | $ 459,956 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies - Components of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounting Policies [Abstract] | ||
Foreign currency translation | $ (403,941) | $ (394,984) |
Unrecognized net actuarial loss, net of tax | (611,333) | (540,018) |
Unrecognized prior service credit, net of tax | 2,253 | 4,384 |
Total accumulated other comprehensive loss | $ (1,013,021) | $ (930,618) |
Summary of Significant Accoun33
Summary of Significant Accounting Policies - Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Changes in Accumulated Other Comprehensive Loss by Component | |||
Beginning balance | $ (930,618) | ||
Other comprehensive income (loss) before reclassifications, net of tax | (101,700) | $ (233,655) | |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 19,297 | 23,248 | |
Other comprehensive loss, net of tax | (82,403) | (210,407) | $ (322,556) |
Ending balance | (1,013,021) | (930,618) | |
Pension Benefits [Member] | |||
Changes in Accumulated Other Comprehensive Loss by Component | |||
Beginning balance | (534,215) | (532,069) | |
Other comprehensive income (loss) before reclassifications, net of tax | (92,758) | (25,558) | |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 19,505 | 23,412 | |
Other comprehensive loss, net of tax | (73,253) | (2,146) | |
Ending balance | (607,468) | (534,215) | (532,069) |
Other Post-Retirement Benefits [Member] | |||
Changes in Accumulated Other Comprehensive Loss by Component | |||
Beginning balance | (1,419) | (1,144) | |
Other comprehensive income (loss) before reclassifications, net of tax | 15 | (111) | |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | (208) | (164) | |
Other comprehensive loss, net of tax | (193) | (275) | |
Ending balance | (1,612) | (1,419) | (1,144) |
Foreign Currency Translation [Member] | |||
Changes in Accumulated Other Comprehensive Loss by Component | |||
Beginning balance | (394,984) | (186,998) | |
Other comprehensive income (loss) before reclassifications, net of tax | (8,957) | (207,986) | |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 0 | 0 | |
Other comprehensive loss, net of tax | (8,957) | (207,986) | |
Ending balance | (403,941) | (394,984) | (186,998) |
Accumulated Other Comprehensive Loss [Member] | |||
Changes in Accumulated Other Comprehensive Loss by Component | |||
Beginning balance | (930,618) | (720,211) | |
Other comprehensive loss, net of tax | (82,403) | (210,407) | (322,556) |
Ending balance | $ (1,013,021) | $ (930,618) | $ (720,211) |
Goodwill and Other Intangible34
Goodwill and Other Intangible Assets - Changes in Goodwill and Other Identifiable Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill | |||
Goodwill, beginning balance | $ 840,582 | $ 839,075 | |
Additions | 119,295 | 52,952 | |
Foreign currency translation | (3,724) | (51,445) | |
Goodwill, ending balance | 956,153 | 840,582 | $ 839,075 |
Other Intangible Assets, Net | |||
Other intangible assets, net, beginning balance | 521,213 | 547,515 | |
Additions | 139,982 | 38,596 | |
Amortization | (40,870) | (34,878) | (36,867) |
Foreign currency translation | (1,815) | (30,020) | |
Other intangible assets, net, ending balance | 618,510 | 521,213 | 547,515 |
Automotive | |||
Goodwill | |||
Goodwill, beginning balance | 555,003 | 599,839 | |
Additions | 56,518 | 5,030 | |
Foreign currency translation | (3,963) | (49,866) | |
Goodwill, ending balance | 607,558 | 555,003 | 599,839 |
Industrial | |||
Goodwill | |||
Goodwill, beginning balance | 136,079 | 118,962 | |
Additions | 36,267 | 18,696 | |
Foreign currency translation | 247 | (1,579) | |
Goodwill, ending balance | 172,593 | 136,079 | 118,962 |
Office Products | |||
Goodwill | |||
Goodwill, beginning balance | 56,499 | 47,608 | |
Additions | 25,609 | 8,891 | |
Foreign currency translation | (8) | 0 | |
Goodwill, ending balance | 82,100 | 56,499 | 47,608 |
Electrical/ Electronic Materials | |||
Goodwill | |||
Goodwill, beginning balance | 93,001 | 72,666 | |
Additions | 901 | 20,335 | |
Foreign currency translation | 0 | 0 | |
Goodwill, ending balance | $ 93,902 | $ 93,001 | $ 72,666 |
Goodwill and Other Intangible35
Goodwill and Other Intangible Assets - Gross Carrying Amounts and Accumulated Amortization Relating to Other Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 789,480 | $ 653,627 | |
Accumulated Amortization | (170,970) | (132,414) | |
Net | 618,510 | 521,213 | $ 547,515 |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 603,966 | 494,516 | |
Accumulated Amortization | (150,350) | (115,636) | |
Net | 453,616 | 378,880 | |
Trademarks | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 180,416 | 153,346 | |
Accumulated Amortization | (16,154) | (11,922) | |
Net | 164,262 | 141,424 | |
Non-competition agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 5,098 | 5,765 | |
Accumulated Amortization | (4,466) | (4,856) | |
Net | $ 632 | $ 909 |
Goodwill and Other Intangible36
Goodwill and Other Intangible Assets - Estimated Other Intangible Assets Amortization Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense for other intangible assets total | $ 40,870 | $ 34,878 | $ 36,867 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |||
2,017 | 42,848 | ||
2,018 | 42,614 | ||
2,019 | 42,110 | ||
2,020 | 41,462 | ||
2,021 | 41,167 | ||
Estimated other intangible assets amortization expense | $ 210,201 |
Credit Facilities - Additional
Credit Facilities - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Weighted average interest rate on outstanding borrowings | 2.39% | 2.76% |
Maximum borrowing capacity | $ 1,200,000,000 | |
Line of credit facility, interest rate at period end | 1.52% | |
Line of credit facility amount of option to increase additional borrowing | $ 350,000,000 | |
Outstanding line of credit | 325,000,000 | $ 125,000,000 |
Unused letter of credit outstanding due to workers' compensation and insurance reserve | 64,930,000 | 62,874,000 |
Line of Credit, Borrowings Subject to Variable Rate [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding line of credit | $ 325,000,000 | $ 125,000,000 |
Credit Facilities - Outstanding
Credit Facilities - Outstanding Amount of Credit Facilities (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Line of Credit Facility [Line Items] | ||
Unsecured revolving line of credit | $ 325,000,000 | $ 125,000,000 |
Maximum borrowing capacity | $ 1,200,000,000 | |
Debt instrument basis spread on variable rate | 0.75% | |
Total debt | $ 875,000,000 | 625,000,000 |
Less debt due within one year | 325,000,000 | 375,000,000 |
Long-term debt, excluding current portion | 550,000,000 | 250,000,000 |
3.5% Series D and E Senior Unsecured Notes | ||
Line of Credit Facility [Line Items] | ||
Senior unsecured notes | 0 | 250,000,000 |
Debt instrument, face amount | $ 250,000,000 | |
Debt instrument, stated percentage | 3.35% | |
2.99% Series G Senior Unsecured Notes | ||
Line of Credit Facility [Line Items] | ||
Senior unsecured notes | 50,000,000 | $ 0 |
Debt instrument, face amount | $ 50,000,000 | |
Debt instrument, stated percentage | 2.39% | |
2.99% Series F Senior Unsecured Notes | ||
Line of Credit Facility [Line Items] | ||
Senior unsecured notes | $ 250,000,000 | 250,000,000 |
Debt instrument, face amount | $ 250,000,000 | |
Debt instrument, stated percentage | 2.99% | |
2.99% Series H Senior Unsecured Notes | ||
Line of Credit Facility [Line Items] | ||
Senior unsecured notes | $ 250,000,000 | $ 0 |
Debt instrument, face amount | $ 250,000,000 | |
Debt instrument, stated percentage | 2.99% |
Credit Facilities Credit Facili
Credit Facilities Credit Facilities - Maturity of Credit Facilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
2,017 | $ 325,000 | |
2,018 | 0 | |
2,019 | 0 | |
2,020 | 0 | |
2,021 | 50,000 | |
Thereafter | 500,000 | |
Total debt | $ 875,000 | $ 625,000 |
Leased Properties (Detail)
Leased Properties (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Leases [Abstract] | |||
2,017 | $ 232.3 | ||
2,018 | 182.1 | ||
2,019 | 132.9 | ||
2,020 | 89.7 | ||
2,021 | 55.5 | ||
Thereafter | 172.5 | ||
Total minimum lease payments | 865 | ||
Rental expense under operating leases | $ 278 | $ 254 | $ 233 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation cost related to nonvested awards, unrecognized | $ 34,600 | ||
Weighted-average period to recognize compensation cost (in years) | 3 years | ||
Aggregate intrinsic value for outstanding options and RSUs | $ 104,200 | $ 104,000 | |
Aggregate intrinsic value for vested options and RSUs | $ 62,000 | 65,000 | |
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 | $ 19,719 | 17,717 | $ 16,239 |
Income tax benefit | $ 7,900 | $ 7,100 | $ 6,500 |
Weighted-average, risk-free interest | 1.60% | 2.00% | 2.80% |
Weighted-average, dividend yield | 2.70% | 2.60% | 2.80% |
Weighted-average, annual historical volatility factor | 19.00% | 19.00% | 19.00% |
Weighted-average, expected life (in years) | 7 years | 7 years | 7 years |
Weighted-average, estimated turnover | 6.20% | 6.20% | 6.20% |
Fair value of shares vested | $ 18,200 | $ 15,200 | $ 13,800 |
Weighted-average grant date fair value of options and SARs granted (in dollars per share) | $ 13.52 | $ 13.53 | $ 13.77 |
Aggregate intrinsic value of options exercised | $ 48,200 | $ 30,100 | $ 65,200 |
Granted (in shares) | 170 | ||
Excess tax benefits | $ 12,021 | $ 7,024 | $ 17,766 |
Stock Appreciation Rights [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 724 | 711 | 680 |
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | 170 | 176 | 165 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Company's Share-Based Compensation Activity and Related Information (Detail) shares in Thousands | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Beginning balance (in shares) | shares | 4,181 |
Granted (in shares) | shares | 894 |
Exercised (in shares) | shares | (1,045) |
Forfeited (in shares) | shares | (152) |
Ending balance (in shares) | shares | 3,878 |
Exercisable at end of year (in shares) | shares | 2,171 |
Shares available for future grants (in shares) | shares | 9,132 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Beginning balance, weighted average exercise price (in dollars per share) | $ 71 |
Granted, weighted average exercise price (in dollars per share) | 100 |
Exercised, weighed average exercise price (in dollars per share) | 59 |
Forfeited, weighted average exercise price (in dollars per share) | 91 |
Ending balance, weighted average exercise price (in dollars per share) | 79 |
Exercisable at end of year, weighted average exercise price (in dollars per share) | 70 |
Exercise price range, lower range limit (in dollars per share) | 42 |
Exercise price range, upper range limit (in dollars per share) | $ 100 |
Outstanding options, weighted average remaining contractual term (in years) | 7 years |
Share-Based Compensation - Su43
Share-Based Compensation - Summary of Company's Nonvested Share Awards (RSUs) Activity (Detail) shares in Thousands | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning balance (in shares) | shares | 433 |
Granted (in shares) | shares | 170 |
Vested (in shares) | shares | (140) |
Forfeited (in shares) | shares | (55) |
Ending balance (in shares) | shares | 408 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Beginning balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 82 |
Granted, weighted-average grant date fair value (in dollars per share) | $ / shares | 100 |
Vested, weighted-average grant date fair value (in dollars per share) | $ / shares | 73 |
Forfeited, weighted-average grant date fair value (in dollars per share) | $ / shares | 86 |
Ending balance, weighted average grant date fair value (in dollars per share) | $ / shares | $ 92 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Undistributed earnings of foreign subsidiaries | $ 697,000 | ||
Unrecognized tax benefits including interest and penalties | 17,176 | $ 17,684 | |
Unrecognized tax benefits that would impact effective tax rate | 9,615 | 9,317 | |
Interest and penalties paid by the Company | 5 | 1,051 | $ 14,000 |
Accrued interest and penalties | $ 1,848 | $ 1,746 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets related to: | ||
Expenses not yet deducted for tax purposes | $ 345,195 | $ 318,368 |
Pension liability not yet deducted for tax purposes | 397,391 | 347,263 |
Deferred tax assets, total | 742,586 | 665,631 |
Deferred tax liabilities related to: | ||
Employee and retiree benefits | 276,256 | 249,126 |
Inventory | 141,181 | 147,199 |
Other intangible assets | 120,689 | 111,305 |
Property, plant, and equipment | 61,666 | 58,496 |
Other | 58,468 | 31,664 |
Deferred tax liabilities, total | 658,260 | 597,790 |
Net deferred tax assets | $ 84,326 | $ 67,841 |
Income Taxes - Components of In
Income Taxes - Components of Income before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||||
United States | $ 934,476 | $ 1,004,919 | $ 978,824 | ||
Foreign | 139,864 | 118,762 | 138,915 | ||
Income before income taxes | $ 1,074,340 | $ 1,123,681 | $ 1,117,739 | $ 1,044,304 | $ 1,018,932 |
Income Taxes - Components of 47
Income Taxes - Components of Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | |||
Federal | $ 284,199 | $ 309,403 | $ 224,591 |
State | 41,083 | 45,460 | 43,513 |
Foreign | 28,593 | 27,602 | 84,030 |
Deferred | 33,226 | 35,544 | 54,319 |
Income tax expense, total | $ 387,100 | $ 418,009 | $ 406,453 |
Income Taxes - Difference Betwe
Income Taxes - Difference Between Total Tax Expense and Amount Computed by Applying Statutory Federal Income Tax Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Statutory rate applied to income | $ 376,019 | $ 393,288 | $ 391,209 |
Plus state income taxes, net of Federal tax benefit | 29,211 | 32,295 | 32,646 |
Earnings in jurisdictions taxed at rates different from the statutory US tax rate | (18,057) | (13,684) | (3,453) |
Foreign tax credit | (482) | (264) | (20,170) |
Other | 409 | 6,374 | 6,221 |
Income tax expense, total | $ 387,100 | $ 418,009 | $ 406,453 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 15,815 | $ 17,581 | $ 47,190 |
Additions based on tax positions related to the current year | 2,184 | 1,969 | 3,303 |
Additions for tax positions of prior years | 1,317 | 61 | 6,415 |
Reductions for tax positions for prior years | (1,369) | (3,152) | (851) |
Reduction for lapse in statute of limitations | (2,516) | (425) | (481) |
Settlements | (241) | (219) | (37,995) |
Balance at end of year | $ 15,190 | $ 15,815 | $ 17,581 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)plan | |
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization period of plan assets gains and losses (in years) | 5 years | ||
Corridor percentage | 10.00% | ||
Pension benefits expected to be paid from employer assets in next fiscal year | $ 8,206 | ||
Number of plans | plan | 2 | ||
Matching contribution to be received by pension plan participants of a specified percentage of employee's salary | 100.00% | ||
First percentage of employee's salary out of which matching contribution will be made | 5.00% | ||
Total defined contribution plans expense | $ 56,975 | $ 55,066 | $ 53,351 |
Prior to 2014, U.S. Pension Plan [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% | ||
Other Employees [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Matching contribution to be received by pension plan participants of a specified percentage of employee's salary | 100.00% | ||
First percentage of employee's salary out of which matching contribution will be made | 5.00% | ||
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations | $ 2,306,859 | 2,199,356 | 2,352,094 |
Total accumulated benefit obligations | 2,281,648 | 2,179,626 | |
Fair value of plan assets | 1,965,502 | 1,912,736 | $ 2,021,837 |
Genuine Parts Company common stock included in equity securities | $ 192,841 | $ 173,363 | |
Genuine Parts Company common stock as a percentage of total plan assets | 10.00% | 9.00% | |
Dividend payments on Genuine Parts Company common stock received by plan | $ 5,308 | $ 4,965 | |
Expected rate of return on plan assets for measuring next fiscal year pension cost or income | 7.82% | ||
Pension Benefits [Member] | S&P 500 Index [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Passive portfolio benchmark | 47.00% | ||
Pension Benefits [Member] | Russell Mid Cap Index [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Passive portfolio benchmark | 5.00% | ||
Pension Benefits [Member] | Russell 2000 Index [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Passive portfolio benchmark | 7.00% | ||
Pension Benefits [Member] | MSCI EAFE Index [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Passive portfolio benchmark | 5.00% | ||
Pension Benefits [Member] | DJ Global Moderate Index [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Passive portfolio benchmark | 5.00% | ||
Pension Benefits [Member] | MSCI Emerging Market Net [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Passive portfolio benchmark | 3.00% | ||
Pension Benefits [Member] | BarCap U.S. Govt/Credit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Passive portfolio benchmark | 28.00% | ||
United States Pension Plan of US Entity, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations | $ 2,105,665 | 2,012,935 | |
Fair value of plan assets | $ 1,760,713 | $ 1,731,368 |
Employee Benefit Plans - Change
Employee Benefit Plans - Changes in Benefit Obligation (Detail) - Pension Benefits [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Changes in benefit obligation | |||
Benefit obligation at beginning of year | $ 2,199,356 | $ 2,352,094 | |
Service cost | 7,746 | 8,562 | $ 7,824 |
Interest cost | 104,485 | 98,088 | 102,465 |
Plan participants’ contributions | 2,585 | 2,838 | |
Actuarial loss (gain) | 139,851 | (139,573) | |
Foreign currency exchange rate changes | 5,449 | (35,082) | |
Gross benefits paid | (154,676) | (87,571) | |
Plan amendments | 2,063 | 0 | |
Benefit obligation at end of year | $ 2,306,859 | $ 2,199,356 | $ 2,352,094 |
Employee Benefit Plans - Assump
Employee Benefit Plans - Assumptions Used to Measure Pension Benefit Obligations for Plans (Detail) - Pension Benefits [Member] | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average discount rate | 4.26% | 4.82% |
Rate of increase in future compensation levels | 3.14% | 3.12% |
Employee Benefit Plans - Chan53
Employee Benefit Plans - Changes in Plan Assets (Detail) - Pension Benefits [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Changes in plan assets | ||
Fair value of plan assets at beginning of year | $ 1,912,736 | $ 2,021,837 |
Actual return on plan assets | 146,022 | (45,529) |
Foreign currency exchange rate changes | 5,172 | (33,382) |
Employer contributions | 53,663 | 54,543 |
Plan participants’ contributions | 2,585 | 2,838 |
Benefits paid | (154,676) | (87,571) |
Fair value of plan assets at end of year | $ 1,965,502 | $ 1,912,736 |
Employee Benefit Plans Employee
Employee Benefit Plans Employee Benefit Plans - Aggregate Benefit Obligation (Details) - Pension Benefits [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Aggregate benefit obligation | $ 2,131,550 | $ 2,186,412 |
Aggregate fair value of plan assets | $ 1,783,472 | $ 1,896,456 |
Employee Benefit Plans Employ55
Employee Benefit Plans Employee Benefit Plans - Aggregate Accumulated Benefit Obligations (Details) - Pension Benefits [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Aggregate accumulated benefit obligation | $ 2,086,711 | $ 2,167,216 |
Aggregate fair value of plan assets | $ 1,760,713 | $ 1,896,456 |
Employee Benefit Plans - Asset
Employee Benefit Plans - Asset Allocations for Funded Pension Plans (Detail) - Pension Benefits [Member] | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocation | 100.00% | |
Actual plan asset allocation | 100.00% | 100.00% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocation | 71.00% | |
Actual plan asset allocation | 70.00% | 69.00% |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocation | 29.00% | |
Actual plan asset allocation | 30.00% | 31.00% |
Employee Benefit Plans - Fair V
Employee Benefit Plans - Fair Value of Plan Assets (Detail) - Pension Benefits [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | $ 1,965,502 | $ 1,912,736 | $ 2,021,837 |
Assets Measured at NAV | 196,576 | 190,682 | |
Common Stocks - Mutual Funds - Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 384,103 | 349,852 | |
Assets Measured at NAV | 114,182 | 107,441 | |
Genuine Parts Company [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 192,841 | 173,363 | |
Other Stocks [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 793,101 | 793,229 | |
Short-Term Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 55,607 | 46,195 | |
Cash and Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 15,995 | 2,978 | |
Government Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 157,303 | 193,436 | |
Corporate Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 192,457 | 172,119 | |
Asset Backed and Mortgage Backed Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 8,872 | 27,510 | |
Convertible Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 216 | 434 | |
Other-International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 24,613 | 21,137 | |
Municipal Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 9,272 | 5,857 | |
Municipal Funds-Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 128,367 | 123,895 | |
Assets Measured at NAV | 82,394 | 83,241 | |
Cash Surrender Value of Life Insurance Policies [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 2,755 | 2,731 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 1,450,707 | 1,387,915 | |
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 | 269,921 | 242,411 | |
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 | 192,841 | 173,363 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other Stocks [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 793,007 | 792,624 | |
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 | 55,607 | 46,195 | |
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 | 15,995 | 2,978 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Government Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 102,468 | 109,559 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
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 | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Convertible Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other-International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 20,868 | 20,785 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Municipal Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
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 | 0 | 0 | |
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 | 0 | 0 | |
Significant Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 315,370 | 330,803 | |
Significant Observable Inputs (Level 2) [Member] | Common Stocks - Mutual Funds - Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Significant Observable Inputs (Level 2) [Member] | Genuine Parts Company [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Significant Observable Inputs (Level 2) [Member] | Other Stocks [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Significant Observable Inputs (Level 2) [Member] | Short-Term Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Significant Observable Inputs (Level 2) [Member] | Cash and Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Significant Observable Inputs (Level 2) [Member] | Government Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 54,835 | 83,877 | |
Significant Observable Inputs (Level 2) [Member] | Corporate Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 192,457 | 172,119 | |
Significant Observable Inputs (Level 2) [Member] | Asset Backed and Mortgage Backed Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 8,872 | 27,510 | |
Significant Observable Inputs (Level 2) [Member] | Convertible Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 216 | 434 | |
Significant Observable Inputs (Level 2) [Member] | Other-International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 3,745 | 352 | |
Significant Observable Inputs (Level 2) [Member] | Municipal Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 9,272 | 5,857 | |
Significant Observable Inputs (Level 2) [Member] | Municipal Funds-Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 45,973 | 40,654 | |
Significant Observable Inputs (Level 2) [Member] | Cash Surrender Value of Life Insurance Policies [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 2,849 | 3,336 | |
Significant Unobservable Inputs (Level 3) [Member] | Common Stocks - Mutual Funds - Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Genuine Parts Company [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Other Stocks [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 94 | 605 | |
Significant Unobservable Inputs (Level 3) [Member] | Short-Term Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Cash and Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Government Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Corporate Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Asset Backed and Mortgage Backed Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Convertible Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Other-International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Municipal Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Municipal Funds-Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Cash Surrender Value of Life Insurance Policies [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of assets | $ 2,755 | $ 2,731 |
Employee Benefit Plans - Amount
Employee Benefit Plans - Amounts Recognized in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Other long-term asset | $ 6,721 | $ 3,336 |
Pension and other post-retirement liabilities | (341,510) | (284,235) |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other long-term asset | 6,721 | 3,336 |
Other current liability | (8,206) | (7,432) |
Pension and other post-retirement liabilities | (339,872) | (282,524) |
Amounts recognized in consolidated balance sheets | $ (341,357) | $ (286,620) |
Employee Benefit Plans - Amou59
Employee Benefit Plans - Amounts Recognized in Accumulated Other Comprehensive Loss (Detail) - Pension Benefits [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | $ 1,003,247 | $ 882,464 |
Prior service cost (credit) | 672 | (1,814) |
Amounts recognized in accumulated other comprehensive loss | $ 1,003,919 | $ 880,650 |
Employee Benefit Plans - Expect
Employee Benefit Plans - Expected Cash Flows for Pension Plans (Detail) - Pension Benefits [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Employer contribution 2017 (expected) | $ 48,000 |
Expected benefit payments: | |
2,017 | 109,000 |
2,018 | 116,000 |
2,019 | 122,000 |
2,020 | 127,000 |
2,021 | 133,000 |
2022 through 2026 | $ 721,000 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Benefit (Income) Cost (Detail) - Pension Benefits [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 7,746 | $ 8,562 | $ 7,824 |
Interest cost | 104,485 | 98,088 | 102,465 |
Expected return on plan assets | (156,832) | (150,130) | (144,746) |
Amortization of prior service credit | (432) | (565) | (1,890) |
Amortization of actuarial loss | 31,641 | 38,197 | 26,791 |
Net periodic benefit income | $ (13,392) | $ (5,848) | $ (9,556) |
Employee Benefit Plans - Other
Employee Benefit Plans - Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) (Detail) - Pension Benefits [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Current year actuarial loss | $ 152,415 | $ 44,930 | $ 312,011 |
Recognition of actuarial loss | (31,641) | (38,197) | (26,791) |
Current year prior service cost | 2,063 | 0 | 0 |
Recognition of prior service credit | 432 | 565 | 638 |
Total recognized in other comprehensive income (loss) | 123,269 | 7,298 | 285,858 |
Total recognized in net periodic benefit income and other comprehensive income (loss) | $ 109,877 | $ 1,450 | $ 276,303 |
Employee Benefit Plans - Estima
Employee Benefit Plans - Estimated Amounts Amortized from Accumulated Other Comprehensive Loss (Detail) - Pension Benefits [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss | $ 37,870 |
Prior service credit | (349) |
Total | $ 37,521 |
Employee Benefit Plans - Assu64
Employee Benefit Plans - Assumptions Used in Measuring Net Periodic Benefit (Income) Cost (Detail) - Pension Benefits [Member] | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average discount rate | 4.82% | 4.26% | 5.10% |
Rate of increase in future compensation levels | 3.12% | 3.07% | 3.04% |
Expected long-term rate of return on plan assets | 7.83% | 7.85% | 7.85% |
Guarantees (Detail)
Guarantees (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Guarantor Obligations [Line Items] | ||
Total borrowings of the independents and affiliates subject to guarantee | $ 431,286 | |
Guarantees related to borrowings, other assets | 42,000 | $ 35,000 |
Guarantees related to borrowings, other long-term liabilities | $ 42,000 | $ 35,000 |
Minimum [Member] | ||
Guarantor Obligations [Line Items] | ||
Guaranteed obligations maturity (in years) | 1 year | |
Maximum [Member] | ||
Guarantor Obligations [Line Items] | ||
Guaranteed obligations maturity (in years) | 6 years |
Acquisitions (Detail)
Acquisitions (Detail) $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Oct. 31, 2016Location | Sep. 30, 2016Location | Jun. 30, 2016Location | May 31, 2016Location | Mar. 31, 2016LocationBusiness | Jul. 31, 2016LocationBusiness | Dec. 31, 2016USD ($)Business | Dec. 31, 2015USD ($)Business | Dec. 31, 2014USD ($)Business | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Business Acquisition [Line Items] | |||||||||||
Cash paid for acquisition | $ 420,000 | $ 140,000 | $ 270,000 | ||||||||
Company acquired | Business | 19 | ||||||||||
Net sales | $ 15,339,713 | 15,280,044 | 15,341,647 | $ 14,077,843 | $ 13,013,868 | ||||||
Goodwill and other intangible assets acquired | 260,000 | 90,000 | 200,000 | ||||||||
Customer relationships | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Other intangible assets acquired | $ 112,000 | $ 39,000 | $ 82,000 | ||||||||
Weighted average amortization lives (in years) | 17 months | 15 years | 18 years | ||||||||
Trademarks | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Other intangible assets acquired | $ 28,000 | $ 28,000 | |||||||||
Weighted average amortization lives (in years) | 35 months | 40 years | |||||||||
United States [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Net sales | $ 12,822,320 | $ 12,843,078 | $ 12,565,329 | 11,594,713 | 11,299,291 | ||||||
Canada [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Net sales | 1,390,979 | 1,395,695 | 1,583,075 | $ 1,560,799 | $ 1,616,921 | ||||||
2016 Companies Acquired [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Cash paid for acquisition | 370,000 | ||||||||||
Net sales | $ 350,000 | ||||||||||
2015 Companies Acquired [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Cash paid for acquisition | $ 120,000 | ||||||||||
2014 Companies Acquired [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Cash paid for acquisition | $ 260,000 | ||||||||||
Electrical/ Electronic Materials | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Company acquired | Business | 1 | 1 | |||||||||
Electrical/ Electronic Materials | 2016 Companies Acquired [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Net sales | $ 12,000 | ||||||||||
Office Products | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Company acquired | Business | 2 | 3 | |||||||||
Office Products | United States [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of locations | Location | 8 | ||||||||||
Office Products | Canada [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of locations | Location | 1 | ||||||||||
Office Products | 2016 Companies Acquired [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Net sales | $ 200,000 | ||||||||||
Industrial | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Company acquired | Business | 2 | 5 | 4 | 1 | |||||||
Number of locations | Location | 8 | ||||||||||
Industrial | 2016 Companies Acquired [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Net sales | $ 170,000 | ||||||||||
Industrial | Epperson and Company [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of locations | Location | 3 | ||||||||||
Industrial | Missouri Power Transmission [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of locations | Location | 15 | ||||||||||
Automotive | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Company acquired | Business | 2 | 11 | 5 | 2 | |||||||
Automotive | United States [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of locations | Location | 6 | 6 | |||||||||
Automotive | Canada [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of locations | Location | 20 | ||||||||||
Automotive | Australia [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of locations | Location | 4 | 21 | |||||||||
Automotive | New Zealand [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of locations | Location | 15 | ||||||||||
Automotive | 2016 Companies Acquired [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Net sales | $ 235,000 |
Segment Data - Additional Infor
Segment Data - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting [Abstract] | |||
Income (loss) from continuing operations before income taxes, foreign | $ 139,864 | $ 118,762 | $ 138,915 |
Segment Data - Summary of Segme
Segment Data - Summary of Segment Data (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | |||||
Total net sales | $ 15,339,713 | $ 15,280,044 | $ 15,341,647 | $ 14,077,843 | $ 13,013,868 |
Total operating profit | 1,229,336 | 1,279,349 | 1,269,040 | 1,132,288 | 1,078,148 |
Intangible asset amortization | (40,870) | (34,878) | (36,867) | ||
Income before income taxes | 1,074,340 | 1,123,681 | 1,117,739 | 1,044,304 | 1,018,932 |
Total assets | 8,859,400 | 8,144,771 | 8,246,238 | 7,680,297 | 6,807,061 |
Total depreciation and amortization | 147,487 | 141,675 | 148,313 | 133,957 | 98,383 |
Total capital expenditures | 160,643 | 109,544 | 107,681 | 124,063 | 101,987 |
Total net property, plant, and equipment | 728,124 | 648,217 | 670,102 | 670,061 | 566,365 |
United States [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | 12,822,320 | 12,843,078 | 12,565,329 | 11,594,713 | 11,299,291 |
Total net property, plant, and equipment | 561,164 | 495,073 | 495,452 | 503,882 | 466,473 |
Canada [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | 1,390,979 | 1,395,695 | 1,583,075 | 1,560,799 | 1,616,921 |
Total net property, plant, and equipment | 81,260 | 79,023 | 98,939 | 99,135 | 93,496 |
Australasia [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | 1,104,511 | 992,064 | 1,133,620 | 839,353 | 0 |
Total net property, plant, and equipment | 79,413 | 65,289 | 65,707 | 60,614 | 0 |
Mexico [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | 112,968 | 119,349 | 127,806 | 131,787 | 127,754 |
Total net property, plant, and equipment | 6,287 | 8,832 | 10,004 | 6,430 | 6,396 |
Operating Segments [Member] | Automotive | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | 8,111,511 | 8,015,098 | 8,096,877 | 7,489,186 | 6,320,882 |
Total operating profit | 715,154 | 729,152 | 700,386 | 641,492 | 540,678 |
Total assets | 4,601,150 | 4,293,290 | 4,275,298 | 4,009,244 | 3,411,252 |
Total depreciation and amortization | 65,372 | 70,112 | 77,645 | 76,238 | 60,630 |
Total capital expenditures | 73,339 | 77,504 | 78,537 | 97,735 | 67,482 |
Operating Segments [Member] | Industrial | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | 4,634,212 | 4,646,689 | 4,771,080 | 4,429,976 | 4,453,574 |
Total operating profit | 336,608 | 339,180 | 370,043 | 320,720 | 352,119 |
Total assets | 1,292,063 | 1,143,952 | 1,224,735 | 1,162,697 | 1,130,877 |
Total depreciation and amortization | 10,371 | 9,960 | 9,906 | 8,751 | 8,307 |
Total capital expenditures | 27,383 | 13,998 | 12,442 | 8,808 | 13,015 |
Operating Segments [Member] | Office Products | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | 1,969,405 | 1,937,629 | 1,802,754 | 1,638,618 | 1,686,690 |
Total operating profit | 117,035 | 140,866 | 133,727 | 122,492 | 134,441 |
Total assets | 907,119 | 831,546 | 835,592 | 708,944 | 731,564 |
Total depreciation and amortization | 11,398 | 10,922 | 10,728 | 10,166 | 10,837 |
Total capital expenditures | 12,072 | 12,323 | 11,135 | 9,297 | 16,013 |
Operating Segments [Member] | Electrical/ Electronic Materials | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | 715,650 | 750,770 | 739,119 | 568,872 | 582,820 |
Total operating profit | 60,539 | 70,151 | 64,884 | 47,584 | 50,910 |
Total assets | 203,334 | 191,866 | 196,400 | 156,780 | 137,237 |
Total depreciation and amortization | 2,967 | 2,933 | 2,658 | 1,904 | 1,733 |
Total capital expenditures | 5,710 | 2,824 | 3,003 | 1,730 | 1,029 |
Other Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | (91,065) | (70,142) | (68,183) | (48,809) | (30,098) |
Segment Reconciling Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest expense, net | (19,525) | (20,354) | (24,192) | (24,330) | (19,619) |
Corporate expense | (94,601) | (100,436) | (90,242) | (34,667) | (26,606) |
Intangible asset amortization | (40,870) | (34,878) | (36,867) | (28,987) | (12,991) |
Total assets | 1,574,663 | 1,361,794 | 1,386,590 | 1,289,356 | 497,839 |
Total depreciation and amortization | 40,870 | 34,878 | 36,867 | 28,987 | 12,991 |
Corporate, Non-Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 281,071 | 322,323 | 327,623 | 353,276 | 898,292 |
Total depreciation and amortization | 16,509 | 12,870 | 10,509 | 7,911 | 3,885 |
Total capital expenditures | 42,139 | 2,895 | 2,564 | 6,493 | 4,448 |
Geography Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | $ (91,065) | $ (70,142) | $ (68,183) | $ (48,809) | $ (30,098) |
Financial Statement Schedule 69
Financial Statement Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 10,693 | $ 11,836 | $ 14,423 |
Charged to Costs and Expenses | 11,515 | 12,373 | 7,192 |
Deductions | (6,651) | (13,516) | (9,779) |
Balance at End of Period | $ 15,557 | $ 10,693 | $ 11,836 |