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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q | | | | | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2023
OR | | | | | |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number: 1-5690
__________________________________________
GENUINE PARTS COMPANY
(Exact name of registrant as specified in its charter)
__________________________________________ | | | | | | | | |
GA | | 58-0254510 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
| | | | | | | | | | | | | | |
2999 WILDWOOD PARKWAY, | | 30339 |
ATLANTA, | GA | | |
(Address of principal executive offices) | | (Zip Code) |
678-934-5000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | | | | | | | |
Title of Each Class | | Trading Symbol | | Name of each exchange on which registered |
Common Stock, $1.00 par value per share | | GPC | | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. | | | | | | | | | | | | | | | | | | | | |
Large accelerated filer | | ☒ | | Accelerated filer | | ☐ |
| | | | | |
Non-accelerated filer | | ☐ | | Smaller reporting company | | ☐ |
| | | | | | |
Emerging growth company | | ☐ | | | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
There were 140,437,947 shares of common stock outstanding as of July 17, 2023.
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
GENUINE PARTS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED) | | | | | | | | | | | | | | |
(in thousands, except share and per share data) | | June 30, 2023 | | December 31, 2022 |
Assets | | | | |
Current assets: | | | | |
Cash and cash equivalents | | $ | 530,105 | | | $ | 653,463 | |
Trade accounts receivable, less allowance for doubtful accounts (2023 – $60,480; 2022 – $53,872) | | 2,554,171 | | | 2,188,868 | |
Merchandise inventories, net | | 4,512,874 | | | 4,441,649 | |
Prepaid expenses and other current assets | | 1,486,556 | | | 1,532,759 | |
Total current assets | | 9,083,706 | | | 8,816,739 | |
Goodwill | | 2,627,031 | | | 2,588,113 | |
Other intangible assets, less accumulated amortization | | 1,778,378 | | | 1,812,510 | |
Property, plant and equipment, less accumulated depreciation (2023 – $1,509,715; 2022 – $1,435,677) | | 1,441,757 | | | 1,326,014 | |
Operating lease assets | | 1,142,140 | | | 1,104,678 | |
Other assets | | 868,623 | | | 847,325 | |
Total assets | | $ | 16,941,635 | | | $ | 16,495,379 | |
| | | | |
Liabilities and equity | | | | |
Current liabilities: | | | | |
Trade accounts payable | | $ | 5,570,566 | | | $ | 5,456,550 | |
Current portion of debt | | 417,630 | | | 252,029 | |
Dividends payable | | 133,491 | | | 126,191 | |
Other current liabilities | | 1,778,107 | | | 1,851,340 | |
Total current liabilities | | 7,899,794 | | | 7,686,110 | |
Long-term debt | | 2,986,138 | | | 3,076,794 | |
Operating lease liabilities | | 862,549 | | | 836,019 | |
Pension and other post–retirement benefit liabilities | | 197,783 | | | 197,879 | |
Deferred tax liabilities | | 397,801 | | | 391,163 | |
Other long-term liabilities | | 511,776 | | | 502,967 | |
Equity: | | | | |
Preferred stock, par value – $1 per share; authorized – 10,000,000 shares; none issued | | — | | | — | |
Common stock, par value – $1 per share; authorized – 450,000,000 shares; issued and outstanding – 2023 – 140,467,550 shares; 2022 – 140,941,649 shares | | 140,468 | | | 140,941 | |
Additional paid-in capital | | 153,748 | | | 140,324 | |
Accumulated other comprehensive loss | | (1,011,857) | | | (1,032,542) | |
Retained earnings | | 4,788,852 | | | 4,541,640 | |
Total parent equity | | 4,071,211 | | | 3,790,363 | |
Noncontrolling interests in subsidiaries | | 14,583 | | | 14,084 | |
Total equity | | 4,085,794 | | | 3,804,447 | |
Total liabilities and equity | | $ | 16,941,635 | | | $ | 16,495,379 | |
See accompanying Notes to Condensed Consolidated Financial Statements.
GENUINE PARTS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands, except per share data) | | 2023 | | 2022 | | 2023 | | 2022 |
Net sales | | $ | 5,915,006 | | | $ | 5,602,414 | | | $ | 11,680,124 | | | $ | 10,897,049 | |
Cost of goods sold | | 3,780,263 | | | 3,641,615 | | | 7,531,980 | | | 7,110,303 | |
Gross profit | | 2,134,743 | | | 1,960,799 | | | 4,148,144 | | | 3,786,746 | |
Operating expenses: | | | | | | | | |
Selling, administrative and other expenses | | 1,581,653 | | | 1,364,015 | | | 3,092,897 | | | 2,767,994 | |
Depreciation and amortization | | 90,873 | | | 85,890 | | | 178,088 | | | 173,259 | |
Provision for doubtful accounts | | 8,322 | | | 2,899 | | | 13,961 | | | 7,393 | |
Total operating expenses | | 1,680,848 | | | 1,452,804 | | | 3,284,946 | | | 2,948,646 | |
Non-operating expense (income): | | | | | | | | |
Interest expense, net | | 16,455 | | | 20,248 | | | 33,319 | | | 40,098 | |
Other | | (16,649) | | | (3,820) | | | (28,616) | | | (19,281) | |
Total non-operating expense (income) | | (194) | | | 16,428 | | | 4,703 | | | 20,817 | |
Income before income taxes | | 454,089 | | | 491,567 | | | 858,495 | | | 817,283 | |
Income taxes | | 109,595 | | | 119,038 | | | 210,044 | | | 198,916 | |
Net income | | $ | 344,494 | | | $ | 372,529 | | | $ | 648,451 | | | $ | 618,367 | |
Dividends declared per common share | | $ | 0.950 | | | $ | 0.895 | | | $ | 1.900 | | | $ | 1.790 | |
Basic earnings per share | | $ | 2.45 | | | $ | 2.63 | | | $ | 4.61 | | | $ | 4.36 | |
Diluted earnings per share | | $ | 2.44 | | | $ | 2.62 | | | $ | 4.58 | | | $ | 4.34 | |
See accompanying Notes to Condensed Consolidated Financial Statements.
GENUINE PARTS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands) | | 2023 | | 2022 | | 2023 | | 2022 |
Net income | | $ | 344,494 | | | $ | 372,529 | | | $ | 648,451 | | | $ | 618,367 | |
Other comprehensive income (loss), net of income taxes: | | | | | | | | |
Foreign currency translation adjustments | | (9,540) | | | (159,078) | | | 14,287 | | | (116,946) | |
Cash flow hedge adjustments, net of income taxes in 2023 — $951 and $951; 2022 — $1,383 and $2,767, respectively | | 2,572 | | | 3,741 | | | 2,572 | | | 7,482 | |
Pension and postretirement benefit adjustments, net of income taxes in 2023 — $702 and $1,405; 2022 — $2,580 and $5,160, respectively | | 1,912 | | | 6,986 | | | 3,826 | | | 13,975 | |
Other comprehensive income (loss), net of income taxes | | (5,056) | | | (148,351) | | | 20,685 | | | (95,489) | |
Comprehensive income | | $ | 339,438 | | | $ | 224,178 | | | $ | 669,136 | | | $ | 522,878 | |
See accompanying Notes to Condensed Consolidated Financial Statements.
GENUINE PARTS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, 2023 |
(in thousands, except share and per share data) | | Common Stock Shares | | Common Stock Amount | | Additional Paid-In Capital | | Accumulated Other Comprehensive Loss | | Retained Earnings | | Total Parent Equity | | Non-controlling Interests in Subsidiaries | | Total Equity |
April 1, 2023 | | 140,545,475 | | | $ | 140,545 | | | $ | 147,690 | | | $ | (1,006,801) | | | $ | 4,644,770 | | | $ | 3,926,204 | | | $ | 13,432 | | | $ | 3,939,636 | |
Net income | | — | | | — | | | — | | | — | | | 344,494 | | | 344,494 | | | — | | | 344,494 | |
Other comprehensive loss, net of tax | | — | | | — | | | — | | | (5,056) | | | — | | | (5,056) | | | — | | | (5,056) | |
Cash dividend declared, $0.9500 per share | | — | | | — | | | — | | | — | | | (133,492) | | | (133,492) | | | — | | | (133,492) | |
Shares issued from employee incentive plans | | 351,648 | | | 351 | | | (22,241) | | | — | | | — | | | (21,890) | | | — | | | (21,890) | |
Share-based compensation | | — | | | — | | | 28,299 | | | — | | | — | | | 28,299 | | | — | | | 28,299 | |
Purchase of stock | | (429,573) | | | (428) | | | — | | | — | | | (66,920) | | | (67,348) | | | — | | | (67,348) | |
Noncontrolling interest activities | | — | | | — | | | — | | | — | | | — | | | — | | | 1,151 | | | 1,151 | |
June 30, 2023 | | 140,467,550 | | | $ | 140,468 | | | $ | 153,748 | | | $ | (1,011,857) | | | $ | 4,788,852 | | | $ | 4,071,211 | | | $ | 14,583 | | | $ | 4,085,794 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, 2023 |
(in thousands, except share and per share data) | | Common Stock Shares | | Common Stock Amount | | Additional Paid-In Capital | | Accumulated Other Comprehensive Loss | | Retained Earnings | | Total Parent Equity | | Non-controlling Interests in Subsidiaries | | Total Equity |
January 1, 2023 | | 140,941,649 | | | $ | 140,941 | | | $ | 140,324 | | | $ | (1,032,542) | | | $ | 4,541,640 | | | $ | 3,790,363 | | | $ | 14,084 | | | $ | 3,804,447 | |
Net income | | — | | | — | | | — | | | — | | | 648,451 | | | 648,451 | | | — | | | 648,451 | |
Other comprehensive income, net of tax | | — | | | — | | | — | | | 20,685 | | | — | | | 20,685 | | | — | | | 20,685 | |
Cash dividend declared, $1.9000 per share | | — | | | — | | | — | | | — | | | (267,229) | | | (267,229) | | | — | | | (267,229) | |
Shares issued from employee incentive plans | | 366,480 | | | 366 | | | (23,521) | | | — | | | — | | | (23,155) | | | — | | | (23,155) | |
Share-based compensation | | — | | | — | | | 36,945 | | | — | | | — | | | 36,945 | | | — | | | 36,945 | |
Purchase of stock | | (840,579) | | | (839) | | | — | | | — | | | (134,010) | | | (134,849) | | | — | | | (134,849) | |
Noncontrolling interest activities | | — | | | — | | | — | | | — | | | — | | | — | | | 499 | | | 499 | |
June 30, 2023 | | 140,467,550 | | | $ | 140,468 | | | $ | 153,748 | | | $ | (1,011,857) | | | $ | 4,788,852 | | | $ | 4,071,211 | | | $ | 14,583 | | | $ | 4,085,794 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, 2022 |
(in thousands, except share and per share data) | | Common Stock Shares | | Common Stock Amount | | Additional Paid-In Capital | | Accumulated Other Comprehensive Loss | | Retained Earnings | | Total Parent Equity | | Non-controlling Interests in Subsidiaries | | Total Equity |
April 1, 2022 | | 141,627,749 | | $ | 141,628 | | | $ | 126,064 | | | $ | (804,877) | | | $ | 4,132,925 | | | $ | 3,595,740 | | | $ | 12,136 | | | $ | 3,607,876 | |
Net income | | — | | | — | | | — | | | — | | | 372,529 | | | 372,529 | | | — | | | 372,529 | |
Other comprehensive loss, net of tax | | — | | | — | | | — | | | (148,351) | | | — | | | (148,351) | | | — | | | (148,351) | |
Cash dividend declared, $0.8950 per share | | — | | | — | | | — | | | — | | | (126,716) | | | (126,716) | | | — | | | (126,716) | |
Shares issued from employee incentive plans | | 30,588 | | | 30 | | | (13,387) | | | — | | | — | | | (13,357) | | | — | | | (13,357) | |
Share-based compensation | | — | | | — | | | 10,711 | | | — | | | — | | | 10,711 | | | — | | | 10,711 | |
Purchase of stock | | (377,496) | | | (377) | | | — | | | — | | | (49,623) | | | (50,000) | | | — | | | (50,000) | |
Noncontrolling interest activities | | — | | | — | | | — | | | — | | | — | | | — | | | 871 | | | 871 | |
June 30, 2022 | | 141,280,841 | | | $ | 141,281 | | | $ | 123,388 | | | $ | (953,228) | | | $ | 4,329,115 | | | $ | 3,640,556 | | | $ | 13,007 | | | $ | 3,653,563 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, 2022 |
(in thousands, except share and per share data) | | Common Stock Shares | | Common Stock Amount | | Additional Paid-In Capital | | Accumulated Other Comprehensive Loss | | Retained Earnings | | Total Parent Equity | | Non-controlling Interests in Subsidiaries | | Total Equity |
January 1, 2022 | | 142,180,683 | | $ | 142,181 | | | $ | 119,975 | | | $ | (857,739) | | | $ | 4,086,325 | | | $ | 3,490,742 | | | $ | 12,548 | | | $ | 3,503,290 | |
Net income | | — | | | — | | | — | | | — | | | 618,367 | | | 618,367 | | | — | | | 618,367 | |
Other comprehensive loss, net of tax | | — | | | — | | | — | | | (95,489) | | | — | | | (95,489) | | | — | | | (95,489) | |
Cash dividend declared, $1.7900 per share | | — | | | — | | | — | | | — | | | (253,607) | | | (253,607) | | | — | | | (253,607) | |
Shares issued from employee incentive plans | | 49,258 | | | 49 | | | (14,469) | | | — | | | — | | | (14,420) | | | — | | | (14,420) | |
Share-based compensation | | — | | | — | | | 17,882 | | | — | | | — | | | 17,882 | | | — | | | 17,882 | |
Purchase of stock | | (949,100) | | | (949) | | | — | | | — | | | (121,970) | | | (122,919) | | | — | | | (122,919) | |
Noncontrolling interest activities | | — | | | — | | | — | | | — | | | — | | | — | | | 459 | | | 459 | |
June 30, 2022 | | 141,280,841 | | | $ | 141,281 | | | $ | 123,388 | | | $ | (953,228) | | | $ | 4,329,115 | | | $ | 3,640,556 | | | $ | 13,007 | | | $ | 3,653,563 | |
See accompanying Notes to Condensed Consolidated Financial Statements.
GENUINE PARTS COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
| | | | | | | | | | | | | | |
| | Six Months Ended June 30, |
(in thousands) | | 2023 | | 2022 |
Operating activities: | | | | |
Net income | | $ | 648,451 | | | $ | 618,367 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | |
Depreciation and amortization | | 178,088 | | | 173,259 | |
Share-based compensation | | 36,945 | | | 17,882 | |
Excess tax benefits from share-based compensation | | (6,431) | | | (3,137) | |
Gain on sale of real estate | | — | | | (102,803) | |
Changes in operating assets and liabilities | | (400,050) | | | 87,417 | |
Net cash provided by operating activities | | 457,003 | | | 790,985 | |
Investing activities: | | | | |
Purchases of property, plant and equipment | | (205,336) | | | (152,976) | |
Proceeds from sale of property, plant and equipment | | 4,762 | | | 140,841 | |
Proceeds from sale of investments | | 80,482 | | | — | |
Acquisitions and other investing activities | | (106,028) | | | (1,531,318) | |
Net cash used in investing activities | | (226,120) | | | (1,543,453) | |
Financing activities: | | | | |
Proceeds from debt | | 1,668,757 | | | 3,850,642 | |
Payments on debt | | (1,602,138) | | | (2,872,124) | |
Shares issued from employee incentive plans | | (23,155) | | | (14,420) | |
Dividends paid | | (259,929) | | | (242,767) | |
Purchases of stock | | (134,849) | | | (122,919) | |
Other financing activities | | (6,436) | | | (13,901) | |
Net cash provided by (used in) financing activities | | (357,750) | | | 584,511 | |
Effect of exchange rate changes on cash and cash equivalents | | 3,509 | | | (27,613) | |
Net decrease in cash and cash equivalents | | (123,358) | | | (195,570) | |
Cash and cash equivalents at beginning of period | | 653,463 | | | 714,701 | |
Cash and cash equivalents at end of period | | $ | 530,105 | | | $ | 519,131 | |
See accompanying Notes to Condensed Consolidated Financial Statements.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1.General
Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes required by accounting principles generally accepted in the U.S. (“U.S. GAAP”) for complete financial statements. Except as disclosed herein, there have been no material changes in the information disclosed in the Notes to the Consolidated Financial Statements included in the Annual Report on Form 10-K of Genuine Parts Company (the “Company,” “we,” “our,” “us,” or “its”) for the year ended December 31, 2022. Accordingly, the unaudited Condensed Consolidated Financial Statements and related disclosures herein should be read in conjunction with our 2022 Annual Report on Form 10-K.
The preparation of interim financial statements requires management to make estimates and assumptions that affect the amounts reported in the unaudited Condensed Consolidated Financial Statements. Specifically, we make estimates and assumptions in our unaudited Condensed Consolidated Financial Statements for inventory adjustments, the accrual of bad debts, credit losses on guaranteed loans, customer sales returns, and volume incentives earned, among others. Inventory adjustments (including adjustments for a majority of inventories that are valued under the last-in, first-out (“LIFO”) method) are accrued on an interim basis and adjusted in the fourth quarter based on the annual book to physical inventory adjustment and LIFO valuation. Reserves for bad debts, credit losses on guaranteed loans and customer sales returns are estimated and accrued on an interim basis based on a consideration of historical experience, current conditions, and reasonable and supportable forecasts. Volume incentives are estimated based upon cumulative and projected purchasing levels.
In the opinion of management, all adjustments necessary for a fair presentation of our financial results for the interim periods have been made. These adjustments are of a normal recurring nature. We have reclassified certain prior period amounts to conform to the current period presentation. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of results for the year ended December 31, 2023. We have evaluated subsequent events through the date the unaudited Condensed Consolidated Financial Statements covered by this quarterly report were issued.
Recent Accounting Pronouncements
Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASU”) to the FASB Accounting Standards Codification (“ASC”). We consider the applicability and impact of all ASUs and any not listed below were assessed and determined to not be applicable or are expected to have an immaterial impact on our Condensed Consolidated Financial Statements.
In September 2022, the FASB issued ASU 2022-04, Liabilities-Supplier Finance Programs. This standard requires disclosure of the key terms of outstanding supply chain finance programs and a rollforward of the related amounts due to vendors participating in these programs. The new standard does not affect the recognition, measurement or financial statement presentation of any amounts due. The guidance is effective in the first quarter of 2023, except for the rollforward, which is effective in the first quarter of 2024. For additional information, please refer to the supply chain finance programs section herein.
Derivatives and Hedging
We are exposed to various risks arising from business operations and market conditions, including fluctuations in certain foreign currencies. We use derivative and non-derivative instruments as risk management tools to mitigate the potential impact of foreign exchange rate risks. The objective of using these tools is to reduce fluctuations in our earnings and cash flows associated with changes in these rates. Derivative instruments are recognized in the Condensed Consolidated Balance Sheets at fair value and are designated as Level 2 in the fair value hierarchy. They are valued using inputs other than quoted prices, such as foreign exchange rates and yield curves.
The following table summarizes the classification and carrying amounts of the derivative instruments and the foreign currency denominated debt, a non-derivative financial instrument, that are designated and qualify as part of hedging relationships (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | June 30, 2023 | | December 31, 2022 |
Instrument | | Balance Sheet Location | | Notional | | Balance | | Notional | | Balance |
Net investment hedges: | | | | | | | | | | |
Forward contracts | | Prepaid expenses and other current assets | | $ | 606,950 | | $ | 39,731 | | $ | 606,950 | | $ | 46,670 |
Forward contract | | Other current liabilities | | $ | 106,800 | | $ | 4,344 | | $ | 106,800 | | $ | 3,064 |
Foreign currency debt | | Long-term debt | | € | 700,000 | | $ | 760,480 | | € | 700,000 | | $ | 749,280 |
The tables below present gains and losses related to designated net investment hedges:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Gain (Loss) Recognized in AOCL before Reclassifications | | Gain Recognized in Interest Expense for Excluded Components |
(in thousands) | | 2023 | | 2022 | | 2023 | | 2022 |
Three Months Ended June 30, | | | | | | | | |
Net investment hedges: | | | | | | | | |
Forward contracts | | $ | (9,212) | | | $ | 66,986 | | | $ | 3,158 | | | $ | 7,565 | |
Foreign currency debt | | 2,940 | | | 50,190 | | | — | | | — | |
Total | | $ | (6,272) | | | $ | 117,176 | | | $ | 3,158 | | | $ | 7,565 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Gain (Loss) Recognized in AOCL before Reclassifications | | Gain Recognized in Interest Expense for Excluded Components |
(in thousands) | | 2023 | | 2022 | | 2023 | | 2022 |
Six Months Ended June 30, | | | | | | | | |
Net investment hedges: | | | | | | | | |
Forward contracts | | $ | (14,536) | | | $ | 86,380 | | | $ | 6,317 | | | $ | 15,130 | |
Foreign currency debt | | (11,200) | | | 61,950 | | | — | | | — | |
Total | | $ | (25,736) | | | $ | 148,330 | | | $ | 6,317 | | | $ | 15,130 | |
Fair Value of Financial Instruments
As of June 30, 2023 the fair value of our senior unsecured notes was approximately $3.0 billion, which are designated as Level 2 in the fair value hierarchy. Our valuation technique is based primarily on prices and other relevant information generated by observable transactions involving identical or comparable assets or liabilities.
Guarantees
We guarantee the borrowings of certain independently controlled automotive parts stores and businesses (“independents”) and certain other affiliates in which we have a noncontrolling equity ownership interest (“affiliates”). While such borrowings of the independents and affiliates are outstanding, we are required to maintain compliance with certain covenants. At June 30, 2023, we were in compliance with all such covenants.
As of June 30, 2023, the total borrowings of the independents and affiliates subject to guarantee by us were approximately $956 million. These loans generally mature over periods from one to six years. We regularly monitor the performance of these loans and the ongoing operating results, financial condition and ratings from credit rating agencies of the independents and affiliates that participate in the guarantee programs. In the event that we are required to make payments in connection with these guarantees, we would obtain and liquidate certain collateral pledged by the independents or affiliates (e.g., accounts receivable and inventory) to recover all or a substantial portion of the amounts paid under the guarantees. We recognize a liability equal to current expected credit losses over the lives of the loans in the guaranteed loan portfolio, based on a consideration of historical experience, current conditions, the nature and expected value of any collateral, and reasonable and supportable forecasts. To date, we have not had significant losses in connection with guarantees of independents’ and affiliates’ borrowings and the
current expected credit loss reserve is not material. As of June 30, 2023, there are no material guaranteed loans for which the borrower is experiencing financial difficulty and recovery is expected to be provided substantially through the operation or sale of the collateral.
As of June 30, 2023, we have recognized certain assets and liabilities amounting to $68 million each for the guarantees related to the independents’ and affiliates’ borrowings. These assets and liabilities are included in other assets and other long-term liabilities in the Condensed Consolidated Balance Sheets. The liabilities relate to our noncontingent obligation to stand ready to perform under the guarantee programs and they are distinct from our current expected credit loss reserve.
Supply Chain Finance Programs
Several global financial institutions offer voluntary supply chain finance (“SCF”) programs which enable our suppliers (generally those that grant extended terms), at their sole discretion, to sell their receivables from us to these financial institutions on a non-recourse basis at a rate that takes advantage of our credit rating and may be beneficial to them. We and our suppliers agree on commercial terms for the goods and services we procure, including prices, quantities and payment terms, regardless of whether the supplier elects to participate in the SCF program. Our current payment terms with the majority of our suppliers range from 30 to 360 days. The suppliers sell goods or services, as applicable, to us and they issue the associated invoices to us based on the agreed-upon contractual terms. Then, if they are participating in the SCF program, our suppliers, at their sole discretion, determine which invoices, if any, they want to sell to the financial institutions. In turn, we direct payment to the financial institutions, rather than the suppliers, for the invoices sold to the financial institutions. No guarantees are provided by us or any of our subsidiaries on third-party performance under the SCF program; however, we guarantee the payment by our subsidiaries to the financial institutions participating in the SCF program for the applicable invoices. We have no economic interest in a supplier’s decision to participate in the SCF program, and we have no direct financial relationship with the financial institutions, as it relates to the SCF program. Accordingly, amounts due to our suppliers that elected to participate in the SCF program are included in the line item accounts payable in our consolidated balance sheets.
All activity related to amounts due to suppliers that elected to participate in the SCF program is reflected in cash flows from operating activities in our consolidated statement of cash flows. As of June 30, 2023 and December 31, 2022, the outstanding payment obligations to the financial institutions are $2.9 billion and $3.1 billion, respectively. The amount settled through the SCF program was $2.1 billion and $1.8 billion for the six months ended June 30, 2023 and June 30, 2022 respectively.
Earnings Per Share
We calculate basic earnings per share by dividing net income by the weighted average number of common shares outstanding. Certain outstanding options are not included in the diluted earnings per share calculation because their inclusion would have been anti-dilutive. Antidilutive common stock equivalents excluded from the diluted earnings per share calculation are not material.
The following table summarizes basic and diluted shares outstanding:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands, except per share data) | | 2023 | | 2022 | | 2023 | | 2022 |
Net income | | $ | 344,494 | | | $ | 372,529 | | | $ | 648,451 | | | $ | 618,367 | |
| | | | | | | | |
Weighted average common shares outstanding | | 140,574 | | | 141,581 | | | 140,688 | | | 141,747 | |
Dilutive effect of stock options and non-vested restricted stock awards | | 673 | | | 723 | | | 808 | | | 835 | |
Weighted average common shares outstanding – assuming dilution | | 141,247 | | | 142,304 | | | 141,496 | | | 142,582 | |
Basic earnings per share | | $ | 2.45 | | | $ | 2.63 | | | $ | 4.61 | | | $ | 4.36 | |
Diluted earnings per share | | $ | 2.44 | | | $ | 2.62 | | | $ | 4.58 | | | $ | 4.34 | |
2. Segment Information
The following table presents a summary of our reportable segment financial information:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands) | | 2023 | | 2022 | | 2023 | | 2022 |
Net sales: | | | | | | | | |
Automotive | | $ | 3,654,999 | | | $ | 3,467,494 | | | $ | 7,160,826 | | | $ | 6,743,115 | |
Industrial | | 2,260,007 | | | 2,134,920 | | | 4,519,298 | | | 4,153,934 | |
Total net sales | | $ | 5,915,006 | | | $ | 5,602,414 | | | $ | 11,680,124 | | | $ | 10,897,049 | |
Segment profit: | | | | | | | | |
Automotive | | $ | 329,347 | | | $ | 322,553 | | | $ | 593,767 | | | $ | 587,126 | |
Industrial | | 283,372 | | | 225,472 | | | 545,359 | | | 413,825 | |
Total segment profit | | 612,719 | | | 548,025 | | | 1,139,126 | | | 1,000,951 | |
Interest expense, net | | (16,455) | | | (20,248) | | | (33,319) | | | (40,098) | |
Intangible asset amortization | | (40,625) | | | (39,630) | | | (79,747) | | | (79,324) | |
Corporate expense | | (101,550) | | | (73,312) | | | (167,565) | | | (115,063) | |
Other unallocated income, net (1) | | — | | | 76,732 | | | — | | | 50,817 | |
Income before income taxes | | $ | 454,089 | | | $ | 491,567 | | | $ | 858,495 | | | $ | 817,283 | |
(1) The following table presents a summary of the other unallocated income, net:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands) | | 2023 | | 2022 | | 2023 | | 2022 |
Other unallocated income, net: | | | | | | | | |
Gain on sale of real estate (2) | | $ | — | | | $ | 102,803 | | | $ | — | | | $ | 102,803 | |
Gain on insurance proceeds (3) | | — | | | 873 | | | — | | | 1,507 | |
Transaction and other costs (4) | | — | | | (26,944) | | | — | | | (53,493) | |
Total other unallocated income, net | | $ | — | | | $ | 76,732 | | | $ | — | | | $ | 50,817 | |
(2) Amount reflects a gain on the sale of real estate that had been leased to S.P. Richards.
(3) Amount reflects insurance recoveries in excess of losses incurred on inventory, property, plant and equipment and other fire-related costs.
(4) Amount primarily reflects costs associated with the January 3, 2022 acquisition of Kaman Distribution Group.
Beginning in 2023, certain functions, including cybersecurity and the management of our product liability litigation, were transferred to corporate to be streamlined and centrally managed. These costs totaled $15 million and $29 million for the three and six months ended June 30, 2022, of which $9 million and $18 million were allocated to Automotive and $6 million and $11 million were allocated to Industrial based on several factors, including sales volumes and headcount. Beginning in 2023, these costs, which totaled $8 million and $18 million for the three and six months ended June 30, 2023, are no longer allocated to our segments when measuring their operating performance. We have not restated the 2022 comparative segment financial information.
Net sales are disaggregated by geographical region for each of our reportable segments, as we deem this presentation best depicts how the nature, amount, timing and uncertainty of net sales and cash flows are affected by economic factors. The following table presents disaggregated geographical net sales from contracts with customers by reportable segment:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands) | | 2023 | | 2022 | | 2023 | | 2022 |
North America: | | | | | | | | |
Automotive | | $ | 2,344,701 | | | $ | 2,302,008 | | | $ | 4,550,086 | | | $ | 4,432,881 | |
Industrial | | 2,128,747 | | | 2,021,297 | | | 4,259,462 | | | 3,931,730 | |
Total North America | | $ | 4,473,448 | | | $ | 4,323,305 | | | $ | 8,809,548 | | | $ | 8,364,611 | |
Australasia: | | | | | | | | |
Automotive | | $ | 407,853 | | | $ | 398,940 | | | $ | 814,615 | | | $ | 777,849 | |
Industrial | | 131,260 | | | 113,623 | | | 259,836 | | | 222,204 | |
Total Australasia | | $ | 539,113 | | | $ | 512,563 | | | $ | 1,074,451 | | | $ | 1,000,053 | |
Europe – Automotive | | $ | 902,445 | | | $ | 766,546 | | | $ | 1,796,125 | | | $ | 1,532,385 | |
Total net sales | | $ | 5,915,006 | | | $ | 5,602,414 | | | $ | 11,680,124 | | | $ | 10,897,049 | |
3. Accounts Receivable Sales Agreement
Under our accounts receivable sales agreement (the "A/R Sales Agreement"), we continuously sell designated pools of receivables as they are originated by us and certain U.S. subsidiaries to a separate bankruptcy-remote special purpose entity (“SPE”). The A/R Sales Agreement has a three-year term, which we intend to renew.
We continue to be involved with the receivables transferred by the SPE to the unaffiliated financial institutions by providing collection services. As cash is collected on sold receivables, the SPE continuously transfers ownership and control of new qualifying receivables to the unaffiliated financial institutions so that the total principal amount outstanding of receivables sold is approximately $1.0 billion at any point in time (which is the maximum amount allowed under the agreement as amended on January 3, 2022).
The total principal amount outstanding of receivables sold is approximately $1.0 billion as of both June 30, 2023 and December 31, 2022. The amount of receivables pledged as collateral as of June 30, 2023 and December 31, 2022 is approximately $1.4 billion and $1.1 billion, respectively.
The following table summarizes the activity and amounts outstanding under the A/R Sales Agreement for the:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands) | | 2023 | | 2022 | | 2023 | | 2022 |
Receivables sold to the financial institution and derecognized | | $ | 2,139,392 | | | $ | 2,242,273 | | | $ | 4,304,799 | | | $ | 4,478,718 | |
Cash collected on sold receivables | | $ | 2,139,393 | | | $ | 2,242,274 | | | $ | 4,304,804 | | | $ | 4,278,729 | |
Continuous cash activity related to the A/R Sales Agreement is reflected in net cash provided by operating activities in the Condensed Consolidated Statements of Cash Flows. The SPE incurs fees due to the unaffiliated financial institutions related to the accounts receivable sales transactions. Those fees, which totaled $15 million and $4 million for the three months ended and $29 million and $7 million for the six months ended June 30, 2023 and 2022, respectively, are recorded within other non-operating expense (income) in the Condensed Consolidated Statements of Income. The SPE has a recourse obligation to repurchase from the unaffiliated financial institutions any previously sold receivables that are not collected due to the occurrence of certain events, including credit
quality deterioration and customer sales returns. The reserve recognized for this recourse obligation as of June 30, 2023 and December 31, 2022 is not material. The servicing liability related to our collection services also is not material, given the high quality of the customers underlying the receivables and the anticipated short collection period.
4. Employee Benefit Plans
Net periodic benefit income from our pension plans included the following components for our pension benefits:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands) | | 2023 | | 2022 | | 2023 | | 2022 |
Service cost | | $ | 1,503 | | | $ | 2,586 | | | $ | 2,997 | | | $ | 5,202 | |
Interest cost | | 26,136 | | | 18,849 | | | 52,253 | | | 37,716 | |
Expected return on plan assets | | (41,263) | | | (37,646) | | | (82,503) | | | (75,318) | |
Amortization of prior service cost | | 173 | | | 172 | | | 346 | | | 344 | |
Amortization of actuarial loss | | 2,340 | | | 9,275 | | | 4,681 | | | 18,554 | |
Net periodic benefit income | | $ | (11,111) | | | $ | (6,764) | | | $ | (22,226) | | | $ | (13,502) | |
Service cost is recorded in selling, administrative and other expenses in the Condensed Consolidated Statements of Income while all other components are recorded within other non-operating expense (income). Pension benefits also include amounts related to supplemental retirement plans.
5. Acquisitions
We acquired several businesses for approximately $116 million and $1.6 billion, net of cash acquired, during the six months ended June 30, 2023 and 2022, respectively. For each acquisition, we allocate the purchase price to the assets acquired and the liabilities assumed based on their fair values as of their respective acquisition dates. The results of operations for acquired businesses are included in our Condensed Consolidated Statements of Income beginning on their respective acquisition dates.
KDG Acquisition
On January 3, 2022, we, through our wholly-owned subsidiary, Motion Industries, Inc., acquired all of the equity interests in KDG for a purchase price of approximately $1.3 billion in cash, net of cash acquired of approximately $30 million. KDG, which is headquartered in Bloomfield, Connecticut, is a power transmission, automation and fluid power industrial distributor and solutions provider with operations throughout the United States, providing electro-mechanical products, bearings, power transmission, motion control and electrical and fluid power components to maintenance, repair, and operation and original equipment manufacturer customers.
6. Accumulated Other Comprehensive Loss
The following tables present the changes in AOCL by component for the six months ended June 30:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Changes in Accumulated Other Comprehensive Loss by Component |
(in thousands) | | Pension and Other Post-Retirement Benefits | | Cash Flow Hedges | | Foreign Currency Translation | | Total |
Beginning balance, January 1, 2023 | | $ | (506,610) | | | $ | (2,572) | | | $ | (523,360) | | | $ | (1,032,542) | |
Other comprehensive income before reclassifications | | — | | | 2,765 | | | 14,287 | | | 17,052 | |
Amounts reclassified from accumulated other comprehensive loss | | 3,826 | | | (193) | | | — | | | 3,633 | |
Other comprehensive income, net of income taxes | | 3,826 | | | 2,572 | | | 14,287 | | | 20,685 | |
Ending balance, June 30, 2023 | | $ | (502,784) | | | $ | — | | | $ | (509,073) | | | $ | (1,011,857) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Changes in Accumulated Other Comprehensive Loss by Component |
(in thousands) | | Pension and Other Post-Retirement Benefits | | Cash Flow Hedges | | Foreign Currency Translation | | Total |
Beginning balance, January 1, 2022 | | $ | (463,227) | | | $ | (15,042) | | | $ | (379,470) | | | $ | (857,739) | |
Other comprehensive loss before reclassifications | | — | | | — | | | (116,946) | | | (116,946) | |
Amounts reclassified from accumulated other comprehensive loss | | 13,975 | | | 7,482 | | | — | | | 21,457 | |
Other comprehensive income (loss), net of income taxes | | 13,975 | | | 7,482 | | | (116,946) | | | (95,489) | |
Ending balance, June 30, 2022 | | $ | (449,252) | | | $ | (7,560) | | | $ | (496,416) | | | $ | (953,228) | |
The AOCL components related to the pension benefits are included in the computation of net periodic benefit income in the Employee Benefit Plans Footnote. Generally, tax effects in AOCL are established at the currently enacted tax rate and reclassified to net income in the same period that the related pre-tax AOCL reclassifications are recognized.
7. Commitments and Contingencies
Legal Matters
We are subject to various legal proceedings, many involving routine litigation incidental to the businesses, including approximately 2,200 pending product liability lawsuits resulting from our national distribution of automotive parts and supplies. Many of these involve claims of personal injury allegedly resulting from the use of automotive parts we distributed. The amount accrued for pending and future claims was $208 million as of June 30, 2023, which represents our best estimate of the liability within our calculated range of $182 million to $257 million, discounted using a discount rate of 3.81%. The amount accrued for pending and future claims was $220 million as of December 31, 2022, which represents our best estimate of the liability within our calculated range of $190 million to $270 million, discounted using a discount rate of 3.83%. Our undiscounted product liability was $266 million and $285 million as of June 30, 2023 and December 31, 2022, respectively. There have been no significant developments to the information presented in our 2022 Annual Report on Form 10-K with respect to litigation or commitments and contingencies.
Environmental Liabilities
Item 103 of SEC Regulation S-K requires disclosure of certain environmental matters when a governmental authority is a party to the proceedings and such proceedings involve potential monetary sanctions that we reasonably believe will exceed an applied threshold not to exceed $1 million. Applying this threshold, there are no environmental matters to disclose for this period.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with the unaudited Condensed Consolidated Financial Statements and accompanying notes contained herein and with the audited Consolidated Financial Statements, accompanying notes, related information and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2022. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of results for the year ended December 31, 2023.
Forward-Looking Statements
Some statements in this report, as well as in other materials we file with the Securities and Exchange Commission (“SEC”), release to the public, or make available on our website, constitute forward-looking statements that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements in the future tense and all statements accompanied by words such as “expect,” “likely,” “outlook,” “forecast,” “preliminary,” “would,” “could,” “should,” “position,” “will,” “project,” “intend,” “plan,” “on track,” “anticipate,” “to come,” “may,” “possible,” “assume,” or similar expressions are intended to identify such forward-looking statements. These forward-looking statements include our view of business and economic trends for the remainder of the year and our expectations regarding our ability to capitalize on these business and economic trends and to execute our strategic priorities. Senior officers may also make verbal statements to analysts, investors, the media and others that are forward-looking.
We caution you that all forward-looking statements involve risks and uncertainties, and while we believe that our expectations for the future are reasonable in view of currently available information, you are cautioned not to place undue reliance on our forward-looking statements. Actual results or events may differ materially from those indicated as a result of various important factors. Such factors may include, among other things, changes in general economic conditions, including unemployment, inflation (including the impact of tariffs) or deflation, financial institution disruptions and geopolitical conflicts such as the conflict between Russia and Ukraine; volatility in oil prices; significant cost increases, such as rising fuel and freight expenses; public health emergencies such as the COVID-19 pandemic, including the effects on the financial health of our business partners and customers, on supply chains and our suppliers, on vehicle miles driven as well as other metrics that affect our business, and on access to capital and liquidity provided by the financial and capital markets; our ability to maintain compliance with our debt covenants; our ability to successfully integrate acquired businesses into our operations and to realize the anticipated synergies and benefits; our ability to successfully implement our business initiatives in our two business segments; slowing demand for our products; the ability to maintain favorable supplier arrangements and relationships; changes in national and international legislation or government regulations or policies, including changes to import tariffs, environmental and social policy, infrastructure programs and privacy legislation, and their impact to us, our suppliers and customers; changes in tax policies; volatile exchange rates; our ability to successfully attract and retain employees in the current labor market; uncertain credit markets and other macroeconomic conditions; competitive product, service and pricing pressures; failure or weakness in our disclosure controls and procedures and internal controls over financial reporting, including as a result of the work from home environment; the uncertainties and costs of litigation; disruptions caused by a failure or breach of our information systems, as well as other risks and uncertainties discussed in our 2022 Annual Report on Form 10-K and from time to time in our subsequent filings with the SEC.
Forward-looking statements speak only as of the date they are made, and we undertake no duty to update any forward-looking statements except as required by law. You are advised, however, to review any further disclosures we make on related subjects in our subsequent Forms 10-K, 10-Q, 8-K and other reports filed with the SEC.
Overview
Genuine Parts Company is a service organization engaged in the global distribution of automotive and industrial replacement parts. We have a long tradition of growth dating back to 1928, the year we were founded in Atlanta, Georgia. We conduct business in North America, Europe and Australasia from a network of more than 10,000 locations.
Our Automotive Parts Group ("Automotive") operates in the U.S., Canada, Mexico, France, the U.K., Ireland, Germany, Poland, the Netherlands, Belgium, Spain, Portugal, Australia and New Zealand, and accounted for 61% of total revenues for the six months ended June 30, 2023. Our Industrial Parts Group ("Industrial") operates in the U.S., Canada, Mexico, Australia, New Zealand, Indonesia and Singapore, and accounted for 39% of our total revenues for the six months ended June 30, 2023.
Key Performance Indicators
We consider a variety of performance and financial measures in assessing our business, and the key performance indicators used to measure our results are Comparable Sales, Gross Profit and Gross Margin, Selling, Administrative and Other Expenses ("SG&A"), Segment Profit and Segment Margin, as well as Net Income and EBITDA along with their adjusted measures. For more information regarding our key performance indicators please reference the Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2022.
Results of Operations
Our revenues grew 5.6% compared to the three months ended June 30, 2022, which reflects continued solid overall customer demand as well as the ongoing benefits of our business mix and geographic diversity. Our revenue growth and gross margin expansion, which reflect the benefits of our strategic pricing and sourcing initiatives, helped drive a 60 basis point improvement in total segment margin, led by our Industrial segment, with sales and segment profit up 5.9% and 25.7%, respectively. Our results for the three and six months ended June 30, 2022 includes income of $77 million and $51 million, respectively, which primarily related to the net benefit of a gain on sale of real estate and KDG acquisition costs.
Our results of operations are summarized below for the three months ended June 30, 2023 and 2022.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | | | |
| | 2023 | | 2022 | | | | |
(in thousands) | | $ | | % of Sales | | $ | | % of Sales | | $ Change | | % Change |
Net sales | | $ | 5,915,006 | | | 100.0 | % | | $ | 5,602,414 | | | 100.0 | % | | $ | 312,592 | | | 5.6 | % |
Cost of goods sold | | 3,780,263 | | | 63.9 | % | | 3,641,615 | | | 65.0 | % | | 138,648 | | | 3.8 | % |
Gross profit | | 2,134,743 | | | 36.1 | % | | 1,960,799 | | | 35.0 | % | | 173,944 | | | 8.9 | % |
Operating expenses: | | | | | | | | | | | | |
Selling, administrative and other expenses | | 1,581,653 | | | 26.7 | % | | 1,364,015 | | | 24.3 | % | | 217,638 | | | 16.0 | % |
Depreciation and amortization | | 90,873 | | | 1.5 | % | | 85,890 | | | 1.5 | % | | 4,983 | | | 5.8 | % |
Provision for doubtful accounts | | 8,322 | | | 0.1 | % | | 2,899 | | | 0.1 | % | | 5,423 | | | NM |
Total operating expenses | | 1,680,848 | | | 28.4 | % | | 1,452,804 | | | 25.9 | % | | 228,044 | | | 15.7 | % |
Non-operating expense (income): | | | | | | | | | | | | |
Interest expense, net | | 16,455 | | | 0.3 | % | | 20,248 | | | 0.4 | % | | (3,793) | | | (18.7) | % |
Other | | (16,649) | | | (0.3) | % | | (3,820) | | | (0.1) | % | | (12,829) | | | NM |
Total non-operating expense (income) | | (194) | | | — | % | | 16,428 | | | 0.3 | % | | (16,622) | | | (101.2) | % |
Income before income taxes | | 454,089 | | | 7.7 | % | | 491,567 | | | 8.8 | % | | (37,478) | | | (7.6) | % |
Income taxes | | 109,595 | | | 1.9 | % | | 119,038 | | | 2.1 | % | | (9,443) | | | (7.9) | % |
Net income | | $ | 344,494 | | | 5.8 | % | | $ | 372,529 | | | 6.6 | % | | $ | (28,035) | | | (7.5) | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | | | |
(in thousands, except per share data) | | 2023 | | 2022 | | $ Change | | % Change |
Diluted EPS | | $ | 2.44 | | $ | 2.62 | | $ | (0.18) | | | (6.9) | % |
Total adjusted EBITDA | | $ | 561,417 | | $ | 520,973 | | $ | 40,444 | | | 7.8 | % |
Automotive segment profit | | $ | 329,347 | | $ | 322,553 | | $ | 6,794 | | | 2.1 | % |
Industrial segment profit | | $ | 283,372 | | $ | 225,472 | | $ | 57,900 | | | 25.7 | % |
Total segment profit | | $ | 612,719 | | $ | 548,025 | | $ | 64,694 | | | 11.8 | % |
Automotive segment margin | | 9.0 | % | | 9.3 | % | | | | |
Industrial segment margin | | 12.5 | % | | 10.6 | % | | | | |
Total segment margin | | 10.4 | % | | 9.8 | % | | | | |
Our results of operations are summarized below for the six months ended June 30, 2023 and 2022.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, | | | | |
| | 2023 | | 2022 | | | | |
(in thousands) | | $ | | % of Sales | | $ | | % of Sales | | $ Change | | % Change |
Net sales | | $ | 11,680,124 | | | 100.0 | % | | $ | 10,897,049 | | | 100.0 | % | | $ | 783,075 | | | 7.2 | % |
Cost of goods sold | | 7,531,980 | | | 64.5 | % | | 7,110,303 | | | 65.2 | % | | 421,677 | | | 5.9 | % |
Gross profit | | 4,148,144 | | | 35.5 | % | | 3,786,746 | | | 34.8 | % | | 361,398 | | | 9.5 | % |
Operating expenses: | | | | | | | | | | | | |
Selling, administrative and other expenses | | 3,092,897 | | | 26.5 | % | | 2,767,994 | | | 25.4 | % | | 324,903 | | | 11.7 | % |
Depreciation and amortization | | 178,088 | | | 1.5 | % | | 173,259 | | | 1.6 | % | | 4,829 | | | 2.8 | % |
Provision for doubtful accounts | | 13,961 | | | 0.1 | % | | 7,393 | | | 0.1 | % | | 6,568 | | | 88.8 | % |
Total operating expenses | | 3,284,946 | | | 28.1 | % | | 2,948,646 | | | 27.1 | % | | 336,300 | | | 11.4 | % |
Non-operating expense (income): | | | | | | | | | | | | |
Interest expense, net | | 33,319 | | | 0.3 | % | | 40,098 | | | 0.4 | % | | (6,779) | | | (16.9) | % |
Other | | (28,616) | | | (0.2) | % | | (19,281) | | | (0.2) | % | | (9,335) | | | 48.4 | % |
Total non-operating expense (income) | | 4,703 | | | — | % | | 20,817 | | | 0.2 | % | | (16,114) | | | (77.4) | % |
Income before income taxes | | 858,495 | | | 7.4 | % | | 817,283 | | | 7.5 | % | | 41,212 | | | 5.0 | % |
Income taxes | | 210,044 | | | 1.8 | % | | 198,916 | | | 1.8 | % | | 11,128 | | | 5.6 | % |
Net income | | $ | 648,451 | | | 5.6 | % | | $ | 618,367 | | | 5.7 | % | | $ | 30,084 | | | 4.9 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, | | | | |
(in thousands, except per share data) | | 2023 | | 2022 | | $ Change | | % Change |
Diluted EPS | | $ | 4.58 | | $ | 4.34 | | $ | 0.24 | | | 5.5 | % |
Total adjusted EBITDA | | $ | 1,069,902 | | $ | 979,823 | | $ | 90,079 | | | 9.2 | % |
Automotive segment profit | | $ | 593,767 | | $ | 587,126 | | $ | 6,641 | | | 1.1 | % |
Industrial segment profit | | $ | 545,359 | | $ | 413,825 | | $ | 131,534 | | | 31.8 | % |
Total segment profit | | $ | 1,139,126 | | $ | 1,000,951 | | $ | 138,175 | | | 13.8 | % |
Automotive segment margin | | 8.3 | % | | 8.7 | % | | | | |
Industrial segment margin | | 12.1 | % | | 10.0 | % | | | | |
Total segment margin | | 9.8 | % | | 9.2 | % | | | | |
Net Sales
Our net sales for the three months ended June 30, 2023 increased 5.6% compared to the same period of the prior year. The increase in sales is attributable to a 4.9% increase in comparable sales and a 1.8% benefit from acquisitions, partially offset by a net unfavorable impact of foreign currency and other of 1.1%.
Our net sales for the six months ended June 30, 2023 increased 7.2% compared to the same period of the prior year. The increase in sales is attributable to a 6.8% increase in comparable sales and a 2.1% benefit from acquisitions, partially offset by a net unfavorable impact of foreign currency and other 1.7%.
Solid customer demand in Industrial and our international automotive businesses combined with a favorable pricing environment were the primary drivers of our comparable sales growth. Both segments also experienced the ongoing benefits of strategic pricing initiatives and acquisitions completed in prior periods.
Automotive
Net sales for Automotive were $3.7 billion for the three months ended June 30, 2023, an increase of 5.4%, compared to the same period in the prior year. The increase for the three months ended June 30, 2023 consisted of a 4.3% increase in comparable sales and a 2.6% benefit from acquisitions, offset by a 1.5% unfavorable impact of foreign currency and other.
Net sales for Automotive were $7.2 billion for the six months ended June 30, 2023, an increase of 6.2%, compared to the same period in the prior year. The increase for the six months ended June 30, 2023 consisted of a 5.4% increase in comparable sales and a 3.0% benefit from acquisitions, offset by a 2.2% unfavorable impact of foreign currency and other.
Net sales growth was primarily driven by continued solid demand for automotive parts in Europe and Australasia and a continued favorable pricing environment in all regions due to elevated inflation in product costs. We also continue to benefit from acquisitions, such as our entry into new markets in Spain and Portugal midway through the second quarter of 2022. These benefits were partially offset by the unfavorable impact of foreign exchange rates, primarily related to Australia and Canada.
Industrial
Net sales for Industrial were $2.3 billion, an increase of 5.9% for the three months ended June 30, 2023 compared to the same period in 2022. The increase reflects a 6.0% increase in comparable sales and a 0.6% benefit from acquisitions, slightly offset by a 0.7% unfavorable impact of foreign currency compared to the same period in 2022.
Net sales for Industrial were $4.5 billion, an increase of 8.8% for the six months ended June 30, 2023 compared to the same period in 2022. The increase reflects a 9.0% increase in comparable sales and a 0.6% from acquisitions, slightly offset by a 0.8% unfavorable impact of foreign currency compared to the same period in 2022.
Our growth in comparable sales reflects the positive impact of our ongoing sales and pricing initiatives and continued solid growth in many of the industry segments we serve. All industries in North America improved over the prior year period and many experienced double-digit growth, with the largest impact in food products, iron and steel, and pulp and paper. We attribute part of our sales growth to the diversification of our products and service offerings, and ongoing benefits from the KDG acquisition, including enhanced capabilities in industrial solutions, such as automation and robotic solutions, fluid power and conveyance.
Gross Profit and Gross Margin
Gross profit for the three months ended June 30, 2023, increased $174 million, or approximately 8.9%, compared to the same period in the prior year. Gross margin increased 110 basis points to 36.1% for the three months ended June 30, 2023. Gross profit for the six months ended June 30, 2023 increased $361 million or 9.5% compared to the same period in prior year. Gross margin increased 70 basis points to 35.5% for the six months ended June 30, 2023.
Gross profit increases for the quarter and for the year-to-date periods were primarily driven by the increases in net sales and expanded gross margins. Gross margin improvements for the periods reflect the positive contributions of our strategic pricing and sourcing initiatives.
Operating Expenses
SG&A expenses represent 26.7% of sales for the three months ended June 30, 2023, an increase of 240 basis points from 24.3% in the second quarter of 2022. SG&A expenses represent 26.5% for the six months ended June 30, 2023, an increase of 110 basis points from 25.4% in the first half of 2022. SG&A expenses as a percentage of sales for the three and six months ended June 30, 2022 include income of $77 million and $51 million, respectively, which primarily related to the net benefit of a gain on sale of real estate offset by KDG acquisition costs. Excluding those effects, SG&A expense as a percent of sales increased 100 basis points and 60 basis points for the three and six month periods ended June 30, 2023, respectively. The increases are primarily driven by increased personnel costs due to wage inflation, and global investments in information technology to support our ongoing strategic initiatives.
Segment Profit
Beginning in 2023, certain functions, including cybersecurity and the management of our product liability litigation, were transferred to corporate to be streamlined and centrally managed. These costs totaled $15 million and $29 million for the three and six months ended June 30, 2022, of which $9 million and $18 million were allocated to Automotive and $6 million and $11 million were allocated to Industrial based on several factors, including sales volumes and headcount. Beginning in 2023, these costs, which totaled $8 million and $18 million for the three and six months ended June 30, 2023, are no longer allocated to our segments when measuring their operating performance. We have not restated the 2022 comparative segment profit financial information.
Automotive
Automotive segment profit for the three months ended June 30, 2023, increased 2.1% compared to the same period in 2022. Automotive segment margin decreased 30 basis points to 9.0% for the three months ended June 30, 2023. For the six months ended June 30, 2023, Automotive segment profit increased 1.1% compared to the same period in the prior year, and Automotive segment margin decreased 40 basis points to 8.3% for the same period in 2022. Global Automotive segment profit was negatively impacted by lower than expected sales in the U.S. combined with higher wages and investments in information technology.
Industrial
Industrial segment profit increased 25.7% and 31.8% for the three and six months ended June 30, 2023 compared to the same periods in 2022. For the three and six months ended June 30, 2023, Industrial segment margin increased 190 basis points and 210 basis points to 12.5% and 12.1%, respectively, when compared to the same periods in the previous year. The improved Industrial segment margin is primarily due to strong sales growth and our continued focus on leveraging expenses and executing supply chain initiatives as well as other strategic initiatives in areas such as category management and pricing.
Income Taxes
Our effective income tax rate for the three month period ended June 30, 2023 was 24.1% compared to 24.2% for the same period in 2022. The rate decrease is primarily due to excess tax stock compensation benefits.
Our effective income tax rate for the six months ended June 30, 2023 was 24.5% compared to 24.3% for the same period in 2022. The rate increase for the six month period is primarily related to one-time adjustments reducing the 2022 comparative rate. The full year estimated effective tax rate is expected to be between 24.4% and 24.8%.
Net Income
For the three months ended June 30, 2023, net income was $344 million, a decrease of 7.5% compared to net income of $373 million for the same three month period in the prior year. On a per share diluted basis, net income was $2.44, a decrease of 6.9% compared to $2.62 for the same period in 2022. Our results for the three months ended June 30, 2022 include income of $77 million, which primarily related to the net benefit of a gain on sale of real estate and KDG acquisition costs. Excluding these amounts, on an adjusted basis, net income increased 10.0% compared to $313 million for the same period in the prior year. On an adjusted per share diluted basis, net income increased 10.9% compared to $2.20 for the same period in 2022.
For the six months ended June 30, 2023, net income was $648 million, an increase of 4.9% compared to net income of $618 million for the same six month period in the prior year. On a per share diluted basis, net income was $4.58, an increase of 5.5% compared to $4.34 for the same period in 2022. Our results for the six months ended June 30, 2022 include income of $51 million, which primarily related to the net benefit of a gain on sale of real estate and KDG acquisition costs. Excluding these amounts, on an adjusted basis, net income increased 12.0% compared to $579 million for the same period in the prior year. On an adjusted per share diluted basis, net income increased 12.8% compared to $4.06 for the same period in 2022.
For the three months ended June 30, 2023, adjusted EBITDA was $561 million, an increase of 7.8% from $521 million for the same three month period in the prior year. For the six months ended June 30, 2023, adjusted EBITDA was $1.1 billion, an increase of 9.2% from $980 million for the same six month period in the prior year.
The growth in these metrics in all periods presented reflects the strong operating results, primarily in our Industrial segment, driven by solid sales growth and the continued execution of our strategic pricing and other initiatives, as discussed more fully in the commentary above.
Non-GAAP Financial Measures
Adjusted net income, adjusted diluted EPS and adjusted EBITDA are non-GAAP measures (see table below for reconciliations to the most directly comparable GAAP measures).
The following tables set forth reconciliations of net income and diluted EPS to adjusted net income and adjusted diluted EPS, respectively, to account for the impact of adjustments. We also include a reconciliation from segment profit to segment EBITDA and adjusted EBITDA. We believe that the presentation of adjusted net income, adjusted diluted EPS, and adjusted EBITDA, which are not calculated in accordance with GAAP, when considered together with the corresponding GAAP financial measures and the reconciliations to those measures, provide meaningful supplemental information to both management and investors that is indicative of our core operations. We consider these metrics useful to investors because they provide greater transparency into management’s view
and assessment of our ongoing operating performance by removing items management believes are not representative of our continuing operations and may distort our longer-term operating trends. In the case of adjusted EBITDA by Segment, we believe this additional metric is useful to investors as it provides further insight into the performance of our segments. We believe the non-GAAP metrics included herein also enhance the comparability of our results from period to period and with our competitors, as well as to show ongoing results from operations distinct from items that are infrequent or not associated with our core operations. We do not, nor do we suggest investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, GAAP financial information.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands) | | 2023 | | 2022 | | 2023 | | 2022 |
GAAP net income | | $ | 344,494 | | | $ | 372,529 | | | $ | 648,451 | | | $ | 618,367 | |
| | | | | | | | |
Adjustments: | | | | | | | | |
Gain on sale of real estate (1) | | — | | | (102,803) | | | — | | | (102,803) | |
Gain on insurance proceeds (2) | | — | | | (873) | | | — | | | (1,507) | |
Transaction and other costs (3) | | — | | | 26,944 | | | — | | | 53,493 | |
Total adjustments | | — | | | (76,732) | | | — | | | (50,817) | |
Tax impact of adjustments | | — | | | 17,291 | | | — | | | 11,187 | |
Adjusted net income | | $ | 344,494 | | | $ | 313,088 | | | $ | 648,451 | | | $ | 578,737 | |
The table below represent amounts per common share assuming dilution:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands, except per share data) | | 2023 | | 2022 | | 2023 | | 2022 |
GAAP diluted earnings per share | | $ | 2.44 | | | $ | 2.62 | | | $ | 4.58 | | | $ | 4.34 | |
| | | | | | | | |
Adjustments: | | | | | | | | |
Gain on sale of real estate (1) | | — | | | (0.72) | | | — | | | (0.72) | |
Gain on insurance proceeds (2) | | — | | | (0.01) | | | — | | | (0.02) | |
Transaction and other costs (3) | | — | | | 0.19 | | | — | | | 0.38 | |
Total adjustments | | — | | | (0.54) | | | — | | | (0.36) | |
Tax impact of adjustments | | — | | | 0.12 | | | — | | | 0.08 | |
Adjusted diluted earnings per share | | $ | 2.44 | | | $ | 2.20 | | | $ | 4.58 | | | $ | 4.06 | |
Weighted average common shares outstanding – assuming dilution | | 141,247 | | | 142,304 | | | 141,496 | | | 142,582 | |
(1) Adjustment reflects a gain on the sale of real estate that had been leased to S.P. Richards.
(2) Adjustment reflects insurance recoveries in excess of losses incurred on inventory, property, plant and equipment and other fire-related costs.
(3) Adjustment primarily reflects costs associated with the January 3, 2022 acquisition of Kaman Distribution Group.
The table below clarifies where the adjusted items are presented in the Condensed Consolidated Statements of Income: | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands) | | 2023 | | 2022 | | 2023 | | 2022 |
Line item: | | | | | | | | |
Cost of goods sold | | $ | — | | | $ | — | | | $ | — | | | $ | 5,000 | |
Selling, administrative and other expenses | | — | | | (75,859) | | | — | | | (54,310) | |
Non-operating income: Other | | — | | | (873) | | | — | | | (1,507) | |
Total adjustments | | $ | — | | | $ | (76,732) | | | $ | — | | | $ | (50,817) | |
The table below represents a reconciliation from GAAP net income to adjusted EBITDA:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands) | | 2023 | | 2022 | | 2023 | | 2022 |
GAAP net income | | $ | 344,494 | | | $ | 372,529 | | | $ | 648,451 | | | $ | 618,367 | |
Depreciation and amortization | | 90,873 | | | 85,890 | | | 178,088 | | | 173,259 | |
Interest expense, net | | 16,455 | | | 20,248 | | | 33,319 | | | 40,098 | |
Income taxes | | 109,595 | | | 119,038 | | | 210,044 | | | 198,916 | |
EBITDA | | 561,417 | | | 597,705 | | | 1,069,902 | | | 1,030,640 | |
Total adjustments (1) | | — | | | (76,732) | | | — | | | (50,817) | |
Adjusted EBITDA | | $ | 561,417 | | | $ | 520,973 | | | $ | 1,069,902 | | | $ | 979,823 | |
The table below represents a reconciliation from segment profit to segment EBITDA and adjusted EBITDA:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
(in thousands) | | 2023 | | 2022 | | 2023 | | 2022 |
Automotive: | | | | | | | | |
Segment Profit | | $ | 329,347 | | | $ | 322,553 | | | $ | 593,767 | | | $ | 587,126 | |
Depreciation | | 40,901 | | | 36,438 | | | 79,010 | | | 72,692 | |
Other costs (2) | | — | | | 8,926 | | | — | | | 17,853 | |
Automotive segment EBITDA | | 370,248 | | | 367,917 | | | 672,777 | | | 677,671 | |
| | | | | | | | |
Industrial: | | | | | | | | |
Segment Profit | | 283,372 | | | 225,472 | | | 545,359 | | | 413,825 | |
Depreciation | | 7,080 | | | 6,574 | | | 14,130 | | | 14,525 | |
Other costs (2) | | — | | | 5,587 | | | — | | | 11,174 | |
Industrial segment EBITDA | | 290,452 | | | 237,633 | | | 559,489 | | | 439,524 | |
| | | | | | | | |
Corporate: | | | | | | | | |
Corporate expense | | (101,550) | | | (73,312) | | | (167,565) | | | (115,063) | |
Depreciation | | 2,267 | | | 3,248 | | | 5,201 | | | 6,718 | |
Other costs (2) | | — | | | (14,513) | | | — | | | (29,027) | |
Other unallocated costs (1) | | — | | | 76,732 | | | — | | | 50,817 | |
Corporate EBITDA | | (99,283) | | | (7,845) | | | (162,364) | | | (86,555) | |
Total adjustments (1) | | — | | | (76,732) | | | — | | | (50,817) | |
Corporate adjusted EBITDA | | (99,283) | | | (84,577) | | | (162,364) | | | (137,372) | |
| | | | | | | | |
Adjusted EBITDA | | $ | 561,417 | | | $ | 520,973 | | | $ | 1,069,902 | | | $ | 979,823 | |
(1) Amounts are the same as adjustments included within the adjusted net income table above.
(2) These represent costs for certain functions, including cybersecurity and product liability litigation that were transferred to Corporate beginning in 2023 to be streamlined and centrally managed. We presented the 2022 comparative period to reflect how management manages these costs in 2023 and going forward.
Financial Condition
Our cash balance was $530 million as of June 30, 2023, a decrease of $123 million from December 31, 2022. For the six months ended June 30, 2023, we had net cash provided by operating activities of $457 million, net cash used in investing activities of $226 million and net cash used in financing activities of $358 million.
The cash provided by operating activities decreased $334 million compared to the prior year period. The six months ended June 30, 2022 received a $200 million benefit because we increased the facility limit of our A/R Sales Agreement. The remaining decrease is due to other net working capital changes primarily due to an increase of approximately 2 days in our day sales outstanding as a result of challenging economic conditions.
We had $226 million in net cash used for investing activities, primarily for capital expenditures and acquisitions, and other investing activities of $311 million, partially offset by $80 million related to cash proceeds from the sale of our remaining investment in S.P. Richards and other investments. The financing activities consisted primarily of $260 million for dividends paid to our shareholders and $135 million of stock repurchases. Total debt of $3.4 billion at June 30, 2023 increased $75 million, or 2.3%, from December 31, 2022.
Liquidity and Capital Resources
We ended the quarter with $2.0 billion of total liquidity (comprising $1.4 billion availability on the revolving credit facility and $530 million of cash and cash equivalents). From time to time, we may enter into other credit facilities or financing arrangements to provide additional liquidity and to manage against foreign currency risk. We currently believe that the existing lines of credit and cash generated from operations will be sufficient to fund our ongoing operating activities and our anticipated cash commitments for investing and financing activities, such as capital expenditures and potential acquisitions, future debt obligations, and dividends.
We have a strong cash position and solid financial strength to pursue strategic growth opportunities through disciplined, strategic capital deployment. Our key priorities include the reinvestment in our businesses through capital expenditures, mergers and acquisitions, the dividend and share repurchases. We have plans for additional investments in our businesses to drive growth, improve efficiencies and productivity, and drive shareholder value.
We expect to be able to continue to borrow funds at reasonable rates over the long term. At June 30, 2023, our total average cost of debt was 2.39%, and we remain in compliance with all covenants connected with our borrowings.
On March 14, 2023, we entered into a second amendment to our syndicated facility agreement dated October 30, 2020 to replace the benchmark rate, the 1-month London Inter Bank Offered Rate, with the 1-month Secured Overnight Financing Rate for borrowings denominated in U.S. Dollar.
Any failure to comply with our debt covenants or restrictions could result in a default under our financing arrangements or could require us to obtain waivers from our lenders for failure to comply with these restrictions. The occurrence of a default that remains uncured or the inability to secure a necessary consent or waiver could create cross defaults under other debt arrangements and have a material adverse effect on our business, financial condition, results of operations and cash flows.
On February 21, 2023, we announced a 6% increase in the regular quarterly cash dividend for 2023. Our Board of Directors increased the cash dividend payable to an annual rate of $3.80 per share compared with the prior year dividend of $3.58 per share. We have paid a cash dividend every year since going public in 1948, and 2023 marks the 67th consecutive year of increased dividends paid to shareholders.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
For quantitative and qualitative disclosures about market risk, refer to “Quantitative and Qualitative Disclosures About Market Risk” in Item 7A of Part II of our 2022 Annual Report on Form 10-K. Our exposure to market risk has not changed materially since December 31, 2022.
Item 4. Controls and Procedures
As of the end of the period covered by this report, an evaluation was performed under the supervision and with the participation of our management, including the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of our disclosure controls and procedures. Based on that evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective as of the end of the period covered by
this report to provide reasonable assurance that information required to be disclosed by us in the reports that we file or furnish under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including the CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure.
Changes in Internal Control over Financial Reporting
There have been no changes in our internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rule 13a-15 of the SEC that occurred during our last quarter ended June 30, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II – OTHER INFORMATION
Item 1. Legal Proceedings
Information with respect to our legal proceedings may be found in the Commitments and Contingencies Footnote in the Notes to Condensed Consolidated Financial Statements in Item 1 of Part I, which is incorporated herein by reference.
Item 1A. Risk Factors
In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our 2022 Annual Report on Form 10-K, which could materially affect our business, financial condition or future results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
The following table provides information about the purchases of shares of our common stock during the three months ended June 30, 2023:
ISSUER PURCHASES OF EQUITY SECURITIES | | | | | | | | | | | | | | | | | | | | | | | | | | |
Period | | Total Number of Shares Purchased (1) | | Average Price Paid Per Share | | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | | Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs |
April 1, 2023 through April 30, 2023 | | 86,072 | | $165.86 | | 82,652 | | 9,799,340 |
May 1, 2023 through May 31, 2023 | | 427,874 | | $159.30 | | 295,677 | | 9,503,663 |
June 1, 2023 through June 30, 2023 | | 54,975 | | $155.40 | | 51,244 | | 9,452,419 |
Totals | | 568,921 | | $159.92 | | 429,573 | | 9,452,419 |
(1)Includes shares surrendered by employees to satisfy tax withholding obligations in connection with the vesting of shares of restricted stock, the exercise of share appreciation rights and/or tax withholding obligations.
(2)On August 21, 2017, the Board of Directors announced that it had authorized the repurchase of 15 million shares. The authorization for the repurchase continues until all such shares have been repurchased or the repurchase plan is terminated by action of the Board of Directors. Approximately 9.5 million shares authorized remain available to be repurchased. There were no other repurchase plans announced as of June 30, 2023.
Item 5. Other Information
Rule 10b5-1 Trading Plans
During the fiscal quarter ended June 30, 2023, none of the Company’s directors or executive officers adopted, modified or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
Item 6. Exhibits
(a) The following exhibits are filed or furnished as part of this report: | | | | | | | | |
Exhibit 3.1 | | |
| |
Exhibit 3.2 | | |
| | |
Exhibit 31.1 | | |
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Exhibit 31.2 | | |
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Exhibit 32 | | |
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Exhibit 101.INS | | XBRL Instance Document - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. |
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Exhibit 101.SCH | | XBRL Taxonomy Extension Schema Document |
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Exhibit 101.CAL | | XBRL Taxonomy Extension Calculation Linkbase Document |
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Exhibit 101.DEF | | XBRL Taxonomy Extension Definition Linkbase Document |
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Exhibit 101.LAB | | XBRL Taxonomy Extension Labels Linkbase Document |
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Exhibit 101.PRE | | XBRL Taxonomy Extension Presentation Linkbase Document |
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Exhibit 104 | | The cover page from this Quarterly Report on Form 10-Q for the period ended June 30, 2023 formatted in Inline XBRL |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| | | | | | | | |
| | Genuine Parts Company (Registrant) |
| | |
Date: July 20, 2023 | | /s/ Bert Nappier |
| | Bert Nappier |
| | Executive Vice President and Chief Financial Officer (Duly Authorized Officer and Principal Financial and Accounting Officer) |
EXHIBIT 31.1
CERTIFICATIONS
I, Paul D. Donahue, certify that:
| | | | | |
1. | I have reviewed this quarterly report on Form 10-Q of Genuine Parts Company; |
| | | | | |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| | | | | |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
| | | | | |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| | | | | | | | |
| a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| | | | | | | | |
| b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| | | | | | | | |
| c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
| | | | | | | | |
| d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
| | | | | |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
| | | | | | | | |
| a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
| | | | | | | | |
| b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
| | | | | |
Date: July 20, 2023 | /s/ Paul D. Donahue |
| Paul D. Donahue Chairman and Chief Executive Officer |
EXHIBIT 31.2
CERTIFICATIONS
I, Bert Nappier, certify that:
| | | | | |
1. | I have reviewed this quarterly report on Form 10-Q of Genuine Parts Company; |
| | | | | |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| | | | | |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
| | | | | |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| | | | | | | | |
| a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| | | | | | | | |
| b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| | | | | | | | |
| c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
| | | | | | | | |
| d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
| | | | | |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
| | | | | | | | |
| a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
| | | | | | | | |
| b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
| | | | | |
Date: July 20, 2023 | /s/ Bert Nappier |
| Bert Nappier Executive Vice President and Chief Financial Officer |
EXHIBIT 32
STATEMENT OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER OF
GENUINE PARTS COMPANY
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
§ 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Genuine Parts Company (the “Company”) on Form 10-Q for the quarter ended June 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Paul D. Donahue, Chairman and Chief Executive Officer of the Company, and, I, Bert Nappier, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
| | | | | |
1 | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| | | | | |
2 | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
| | | | | | | | |
| | |
/s/ Paul D. Donahue | | /s/ Bert Nappier |
Paul D. Donahue Chairman and Chief Executive Officer | | Bert Nappier Executive Vice President and Chief Financial Officer |
July 20, 2023 | | July 20, 2023 |
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v3.23.2
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Current assets: |
|
|
Cash and cash equivalents |
$ 530,105
|
$ 653,463
|
Trade accounts receivable, less allowance for doubtful accounts (2023 – $60,480; 2022 – $53,872) |
2,554,171
|
2,188,868
|
Merchandise inventories, net |
4,512,874
|
4,441,649
|
Prepaid expenses and other current assets |
1,486,556
|
1,532,759
|
Total current assets |
9,083,706
|
8,816,739
|
Goodwill |
2,627,031
|
2,588,113
|
Other intangible assets, less accumulated amortization |
1,778,378
|
1,812,510
|
Property, plant and equipment, less accumulated depreciation (2023 – $1,509,715; 2022 – $1,435,677) |
1,441,757
|
1,326,014
|
Operating lease assets |
1,142,140
|
1,104,678
|
Other assets |
868,623
|
847,325
|
Total assets |
16,941,635
|
16,495,379
|
Current liabilities: |
|
|
Trade accounts payable |
5,570,566
|
5,456,550
|
Current portion of debt |
417,630
|
252,029
|
Dividends payable |
133,491
|
126,191
|
Other current liabilities |
1,778,107
|
1,851,340
|
Total current liabilities |
7,899,794
|
7,686,110
|
Long-term debt |
2,986,138
|
3,076,794
|
Operating lease liabilities |
862,549
|
836,019
|
Pension and other post–retirement benefit liabilities |
197,783
|
197,879
|
Deferred tax liabilities |
397,801
|
391,163
|
Other long-term liabilities |
511,776
|
502,967
|
Equity: |
|
|
Preferred stock, par value – $1 per share; authorized – 10,000,000 shares; none issued |
0
|
0
|
Common stock, par value – $1 per share; authorized – 450,000,000 shares; issued and outstanding – 2023 – 140,467,550 shares; 2022 – 140,941,649 shares |
140,468
|
140,941
|
Additional paid-in capital |
153,748
|
140,324
|
Accumulated other comprehensive loss |
(1,011,857)
|
(1,032,542)
|
Retained earnings |
4,788,852
|
4,541,640
|
Total parent equity |
4,071,211
|
3,790,363
|
Noncontrolling interests in subsidiaries |
14,583
|
14,084
|
Total equity |
4,085,794
|
3,804,447
|
Total liabilities and equity |
$ 16,941,635
|
$ 16,495,379
|
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v3.23.2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Allowance for doubtful accounts receivable |
$ 60,480
|
$ 53,872
|
Accumulated depreciation |
$ 1,509,715
|
$ 1,435,677
|
Preferred stock, par value (usd per share) |
$ 1
|
$ 1
|
Preferred stock, shares authorized (in shares) |
10,000,000
|
10,000,000
|
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0
|
0
|
Common stock, par value (usd per share) |
$ 1
|
$ 1
|
Common stock, shares authorized (in shares) |
450,000,000
|
450,000,000
|
Common stock, shares issued (in shares) |
140,467,550
|
140,941,649
|
Common stock, shares outstanding (in shares) |
140,467,550
|
140,941,649
|
X |
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v3.23.2
Condensed Consolidated Statements of Income - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Net sales |
$ 5,915,006
|
$ 5,602,414
|
$ 11,680,124
|
$ 10,897,049
|
Cost of goods sold |
3,780,263
|
3,641,615
|
7,531,980
|
7,110,303
|
Gross profit |
2,134,743
|
1,960,799
|
4,148,144
|
3,786,746
|
Operating expenses: |
|
|
|
|
Selling, administrative and other expenses |
1,581,653
|
1,364,015
|
3,092,897
|
2,767,994
|
Depreciation and amortization |
90,873
|
85,890
|
178,088
|
173,259
|
Provision for doubtful accounts |
8,322
|
2,899
|
13,961
|
7,393
|
Total operating expenses |
1,680,848
|
1,452,804
|
3,284,946
|
2,948,646
|
Non-operating expense (income): |
|
|
|
|
Interest expense, net |
16,455
|
20,248
|
33,319
|
40,098
|
Other |
(16,649)
|
(3,820)
|
(28,616)
|
(19,281)
|
Total non-operating expense (income) |
(194)
|
16,428
|
4,703
|
20,817
|
Income before income taxes |
454,089
|
491,567
|
858,495
|
817,283
|
Income taxes |
109,595
|
119,038
|
210,044
|
198,916
|
Net income |
$ 344,494
|
$ 372,529
|
$ 648,451
|
$ 618,367
|
Dividends declared per common share (usd per share) |
$ 0.950
|
$ 0.8950
|
$ 1.9000
|
$ 1.790
|
Basic earnings per share (usd per share) |
2.45
|
2.63
|
4.61
|
4.36
|
Diluted earnings per share (usd per share) |
$ 2.44
|
$ 2.62
|
$ 4.58
|
$ 4.34
|
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- DefinitionAggregate dividends declared during the period for each share of common stock outstanding.
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v3.23.2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Statement of Comprehensive Income [Abstract] |
|
|
|
|
Net income |
$ 344,494
|
$ 372,529
|
$ 648,451
|
$ 618,367
|
Foreign currency translation adjustments |
(9,540)
|
(159,078)
|
14,287
|
(116,946)
|
Cash flow hedge adjustments, net of income taxes in 2023 — $951 and $951; 2022 — $1,383 and $2,767, respectively |
2,572
|
3,741
|
2,572
|
7,482
|
Pension and postretirement benefit adjustments, net of income taxes in 2023 — $702 and $1,405; 2022 — $2,580 and $5,160, respectively |
1,912
|
6,986
|
3,826
|
13,975
|
Other comprehensive income (loss), net of income taxes |
(5,056)
|
(148,351)
|
20,685
|
(95,489)
|
Comprehensive income |
$ 339,438
|
$ 224,178
|
$ 669,136
|
$ 522,878
|
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- DefinitionOther Comprehensive Income (Loss), Cash Flow Hedge and Net Investment Hedge, Gain (Loss), after Reclassification and Tax
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3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Statement of Comprehensive Income [Abstract] |
|
|
|
|
Net investment hedge, tax |
$ (951)
|
$ 1,383
|
$ (951)
|
$ 2,767
|
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$ (702)
|
$ 2,580
|
$ (1,405)
|
$ 5,160
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Condensed Consolidated Statements of Equity - USD ($) $ in Thousands |
Total |
Total Parent Equity |
Common Stock |
Additional Paid-In Capital |
Accumulated Other Comprehensive Loss |
Retained Earnings |
Non-controlling Interests in Subsidiaries |
Beginning balance (in shares) at Dec. 31, 2021 |
|
|
142,180,683
|
|
|
|
|
Beginning balance at Dec. 31, 2021 |
$ 3,503,290
|
$ 3,490,742
|
$ 142,181
|
$ 119,975
|
$ (857,739)
|
$ 4,086,325
|
$ 12,548
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
Net income |
618,367
|
618,367
|
|
|
|
618,367
|
|
Other comprehensive income (loss), net of tax |
(95,489)
|
(95,489)
|
|
|
(95,489)
|
|
|
Cash dividend declared |
(253,607)
|
(253,607)
|
|
|
|
(253,607)
|
|
Shares issued from employee incentive plans (in shares) |
|
|
49,258
|
|
|
|
|
Shares issued from employee incentive plans |
(14,420)
|
(14,420)
|
$ 49
|
(14,469)
|
|
|
|
Share-based compensation |
17,882
|
17,882
|
|
17,882
|
|
|
|
Purchase of stock (in shares) |
|
|
(949,100)
|
|
|
|
|
Purchase of stock |
(122,919)
|
(122,919)
|
$ (949)
|
|
|
(121,970)
|
|
Noncontrolling interest activities |
459
|
|
|
|
|
|
459
|
Ending balance (in shares) at Jun. 30, 2022 |
|
|
141,280,841
|
|
|
|
|
Ending balance at Jun. 30, 2022 |
3,653,563
|
3,640,556
|
$ 141,281
|
123,388
|
(953,228)
|
4,329,115
|
13,007
|
Beginning balance (in shares) at Mar. 31, 2022 |
|
|
141,627,749
|
|
|
|
|
Beginning balance at Mar. 31, 2022 |
3,607,876
|
3,595,740
|
$ 141,628
|
126,064
|
(804,877)
|
4,132,925
|
12,136
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
Net income |
372,529
|
372,529
|
|
|
|
372,529
|
|
Other comprehensive income (loss), net of tax |
(148,351)
|
(148,351)
|
|
|
(148,351)
|
|
|
Cash dividend declared |
(126,716)
|
(126,716)
|
|
|
|
(126,716)
|
|
Shares issued from employee incentive plans (in shares) |
|
|
30,588
|
|
|
|
|
Shares issued from employee incentive plans |
(13,357)
|
(13,357)
|
$ 30
|
(13,387)
|
|
|
|
Share-based compensation |
10,711
|
10,711
|
|
10,711
|
|
|
|
Purchase of stock (in shares) |
|
|
(377,496)
|
|
|
|
|
Purchase of stock |
(50,000)
|
(50,000)
|
$ (377)
|
|
|
(49,623)
|
|
Noncontrolling interest activities |
871
|
|
|
|
|
|
871
|
Ending balance (in shares) at Jun. 30, 2022 |
|
|
141,280,841
|
|
|
|
|
Ending balance at Jun. 30, 2022 |
$ 3,653,563
|
3,640,556
|
$ 141,281
|
123,388
|
(953,228)
|
4,329,115
|
13,007
|
Beginning balance (in shares) at Dec. 31, 2022 |
140,941,649
|
|
140,941,649
|
|
|
|
|
Beginning balance at Dec. 31, 2022 |
$ 3,804,447
|
3,790,363
|
$ 140,941
|
140,324
|
(1,032,542)
|
4,541,640
|
14,084
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
Net income |
648,451
|
648,451
|
|
|
|
648,451
|
|
Other comprehensive income (loss), net of tax |
20,685
|
20,685
|
|
|
20,685
|
|
|
Cash dividend declared |
(267,229)
|
(267,229)
|
|
|
|
(267,229)
|
|
Shares issued from employee incentive plans (in shares) |
|
|
366,480
|
|
|
|
|
Shares issued from employee incentive plans |
(23,155)
|
(23,155)
|
$ 366
|
(23,521)
|
|
|
|
Share-based compensation |
36,945
|
36,945
|
|
36,945
|
|
|
|
Purchase of stock (in shares) |
|
|
(840,579)
|
|
|
|
|
Purchase of stock |
(134,849)
|
(134,849)
|
$ (839)
|
|
|
(134,010)
|
|
Noncontrolling interest activities |
$ 499
|
|
|
|
|
|
499
|
Ending balance (in shares) at Jun. 30, 2023 |
140,467,550
|
|
140,467,550
|
|
|
|
|
Ending balance at Jun. 30, 2023 |
$ 4,085,794
|
4,071,211
|
$ 140,468
|
153,748
|
(1,011,857)
|
4,788,852
|
14,583
|
Beginning balance (in shares) at Mar. 31, 2023 |
|
|
140,545,475
|
|
|
|
|
Beginning balance at Mar. 31, 2023 |
3,939,636
|
3,926,204
|
$ 140,545
|
147,690
|
(1,006,801)
|
4,644,770
|
13,432
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
Net income |
344,494
|
344,494
|
|
|
|
344,494
|
|
Other comprehensive income (loss), net of tax |
(5,056)
|
(5,056)
|
|
|
(5,056)
|
|
|
Cash dividend declared |
(133,492)
|
(133,492)
|
|
|
|
(133,492)
|
|
Shares issued from employee incentive plans (in shares) |
|
|
351,648
|
|
|
|
|
Shares issued from employee incentive plans |
(21,890)
|
(21,890)
|
$ 351
|
(22,241)
|
|
|
|
Share-based compensation |
28,299
|
28,299
|
|
28,299
|
|
|
|
Purchase of stock (in shares) |
|
|
(429,573)
|
|
|
|
|
Purchase of stock |
(67,348)
|
(67,348)
|
$ (428)
|
|
|
(66,920)
|
|
Noncontrolling interest activities |
$ 1,151
|
|
|
|
|
|
1,151
|
Ending balance (in shares) at Jun. 30, 2023 |
140,467,550
|
|
140,467,550
|
|
|
|
|
Ending balance at Jun. 30, 2023 |
$ 4,085,794
|
$ 4,071,211
|
$ 140,468
|
$ 153,748
|
$ (1,011,857)
|
$ 4,788,852
|
$ 14,583
|
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v3.23.2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Operating activities: |
|
|
Net income |
$ 648,451
|
$ 618,367
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Depreciation and amortization |
178,088
|
173,259
|
Share-based compensation |
36,945
|
17,882
|
Excess tax benefits from share-based compensation |
(6,431)
|
(3,137)
|
Gain on sale of real estate |
0
|
(102,803)
|
Changes in operating assets and liabilities |
(400,050)
|
87,417
|
Net cash provided by operating activities |
457,003
|
790,985
|
Investing activities: |
|
|
Purchases of property, plant and equipment |
(205,336)
|
(152,976)
|
Proceeds from sale of property, plant and equipment |
4,762
|
140,841
|
Proceeds from sale of investments |
80,482
|
0
|
Acquisitions and other investing activities |
(106,028)
|
(1,531,318)
|
Net cash used in investing activities |
(226,120)
|
(1,543,453)
|
Financing activities: |
|
|
Proceeds from debt |
1,668,757
|
3,850,642
|
Payments on debt |
(1,602,138)
|
(2,872,124)
|
Shares issued from employee incentive plans |
(23,155)
|
(14,420)
|
Dividends paid |
(259,929)
|
(242,767)
|
Purchases of stock |
(134,849)
|
(122,919)
|
Other financing activities |
(6,436)
|
(13,901)
|
Net cash provided by (used in) financing activities |
(357,750)
|
584,511
|
Effect of exchange rate changes on cash and cash equivalents |
3,509
|
(27,613)
|
Net decrease in cash and cash equivalents |
(123,358)
|
(195,570)
|
Cash and cash equivalents at beginning of period |
653,463
|
714,701
|
Cash and cash equivalents at end of period |
$ 530,105
|
$ 519,131
|
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v3.23.2
General
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
General |
General Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes required by accounting principles generally accepted in the U.S. (“U.S. GAAP”) for complete financial statements. Except as disclosed herein, there have been no material changes in the information disclosed in the Notes to the Consolidated Financial Statements included in the Annual Report on Form 10-K of Genuine Parts Company (the “Company,” “we,” “our,” “us,” or “its”) for the year ended December 31, 2022. Accordingly, the unaudited Condensed Consolidated Financial Statements and related disclosures herein should be read in conjunction with our 2022 Annual Report on Form 10-K. The preparation of interim financial statements requires management to make estimates and assumptions that affect the amounts reported in the unaudited Condensed Consolidated Financial Statements. Specifically, we make estimates and assumptions in our unaudited Condensed Consolidated Financial Statements for inventory adjustments, the accrual of bad debts, credit losses on guaranteed loans, customer sales returns, and volume incentives earned, among others. Inventory adjustments (including adjustments for a majority of inventories that are valued under the last-in, first-out (“LIFO”) method) are accrued on an interim basis and adjusted in the fourth quarter based on the annual book to physical inventory adjustment and LIFO valuation. Reserves for bad debts, credit losses on guaranteed loans and customer sales returns are estimated and accrued on an interim basis based on a consideration of historical experience, current conditions, and reasonable and supportable forecasts. Volume incentives are estimated based upon cumulative and projected purchasing levels. In the opinion of management, all adjustments necessary for a fair presentation of our financial results for the interim periods have been made. These adjustments are of a normal recurring nature. We have reclassified certain prior period amounts to conform to the current period presentation. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of results for the year ended December 31, 2023. We have evaluated subsequent events through the date the unaudited Condensed Consolidated Financial Statements covered by this quarterly report were issued. Recent Accounting Pronouncements Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASU”) to the FASB Accounting Standards Codification (“ASC”). We consider the applicability and impact of all ASUs and any not listed below were assessed and determined to not be applicable or are expected to have an immaterial impact on our Condensed Consolidated Financial Statements. In September 2022, the FASB issued ASU 2022-04, Liabilities-Supplier Finance Programs. This standard requires disclosure of the key terms of outstanding supply chain finance programs and a rollforward of the related amounts due to vendors participating in these programs. The new standard does not affect the recognition, measurement or financial statement presentation of any amounts due. The guidance is effective in the first quarter of 2023, except for the rollforward, which is effective in the first quarter of 2024. For additional information, please refer to the supply chain finance programs section herein. Derivatives and Hedging We are exposed to various risks arising from business operations and market conditions, including fluctuations in certain foreign currencies. We use derivative and non-derivative instruments as risk management tools to mitigate the potential impact of foreign exchange rate risks. The objective of using these tools is to reduce fluctuations in our earnings and cash flows associated with changes in these rates. Derivative instruments are recognized in the Condensed Consolidated Balance Sheets at fair value and are designated as Level 2 in the fair value hierarchy. They are valued using inputs other than quoted prices, such as foreign exchange rates and yield curves. The following table summarizes the classification and carrying amounts of the derivative instruments and the foreign currency denominated debt, a non-derivative financial instrument, that are designated and qualify as part of hedging relationships (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | Instrument | | Balance Sheet Location | | Notional | | Balance | | Notional | | Balance | Net investment hedges: | | | | | | | | | | | Forward contracts | | Prepaid expenses and other current assets | | $ | 606,950 | | $ | 39,731 | | $ | 606,950 | | $ | 46,670 | Forward contract | | Other current liabilities | | $ | 106,800 | | $ | 4,344 | | $ | 106,800 | | $ | 3,064 | Foreign currency debt | | Long-term debt | | € | 700,000 | | $ | 760,480 | | € | 700,000 | | $ | 749,280 |
The tables below present gains and losses related to designated net investment hedges: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gain (Loss) Recognized in AOCL before Reclassifications | | Gain Recognized in Interest Expense for Excluded Components | (in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | Three Months Ended June 30, | | | | | | | | | Net investment hedges: | | | | | | | | | Forward contracts | | $ | (9,212) | | | $ | 66,986 | | | $ | 3,158 | | | $ | 7,565 | | Foreign currency debt | | 2,940 | | | 50,190 | | | — | | | — | | Total | | $ | (6,272) | | | $ | 117,176 | | | $ | 3,158 | | | $ | 7,565 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gain (Loss) Recognized in AOCL before Reclassifications | | Gain Recognized in Interest Expense for Excluded Components | (in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | Six Months Ended June 30, | | | | | | | | | Net investment hedges: | | | | | | | | | Forward contracts | | $ | (14,536) | | | $ | 86,380 | | | $ | 6,317 | | | $ | 15,130 | | Foreign currency debt | | (11,200) | | | 61,950 | | | — | | | — | | Total | | $ | (25,736) | | | $ | 148,330 | | | $ | 6,317 | | | $ | 15,130 | |
Fair Value of Financial Instruments As of June 30, 2023 the fair value of our senior unsecured notes was approximately $3.0 billion, which are designated as Level 2 in the fair value hierarchy. Our valuation technique is based primarily on prices and other relevant information generated by observable transactions involving identical or comparable assets or liabilities. Guarantees We guarantee the borrowings of certain independently controlled automotive parts stores and businesses (“independents”) and certain other affiliates in which we have a noncontrolling equity ownership interest (“affiliates”). While such borrowings of the independents and affiliates are outstanding, we are required to maintain compliance with certain covenants. At June 30, 2023, we were in compliance with all such covenants. As of June 30, 2023, the total borrowings of the independents and affiliates subject to guarantee by us were approximately $956 million. These loans generally mature over periods from one to six years. We regularly monitor the performance of these loans and the ongoing operating results, financial condition and ratings from credit rating agencies of the independents and affiliates that participate in the guarantee programs. In the event that we are required to make payments in connection with these guarantees, we would obtain and liquidate certain collateral pledged by the independents or affiliates (e.g., accounts receivable and inventory) to recover all or a substantial portion of the amounts paid under the guarantees. We recognize a liability equal to current expected credit losses over the lives of the loans in the guaranteed loan portfolio, based on a consideration of historical experience, current conditions, the nature and expected value of any collateral, and reasonable and supportable forecasts. To date, we have not had significant losses in connection with guarantees of independents’ and affiliates’ borrowings and the current expected credit loss reserve is not material. As of June 30, 2023, there are no material guaranteed loans for which the borrower is experiencing financial difficulty and recovery is expected to be provided substantially through the operation or sale of the collateral. As of June 30, 2023, we have recognized certain assets and liabilities amounting to $68 million each for the guarantees related to the independents’ and affiliates’ borrowings. These assets and liabilities are included in other assets and other long-term liabilities in the Condensed Consolidated Balance Sheets. The liabilities relate to our noncontingent obligation to stand ready to perform under the guarantee programs and they are distinct from our current expected credit loss reserve. Supply Chain Finance Programs Several global financial institutions offer voluntary supply chain finance (“SCF”) programs which enable our suppliers (generally those that grant extended terms), at their sole discretion, to sell their receivables from us to these financial institutions on a non-recourse basis at a rate that takes advantage of our credit rating and may be beneficial to them. We and our suppliers agree on commercial terms for the goods and services we procure, including prices, quantities and payment terms, regardless of whether the supplier elects to participate in the SCF program. Our current payment terms with the majority of our suppliers range from 30 to 360 days. The suppliers sell goods or services, as applicable, to us and they issue the associated invoices to us based on the agreed-upon contractual terms. Then, if they are participating in the SCF program, our suppliers, at their sole discretion, determine which invoices, if any, they want to sell to the financial institutions. In turn, we direct payment to the financial institutions, rather than the suppliers, for the invoices sold to the financial institutions. No guarantees are provided by us or any of our subsidiaries on third-party performance under the SCF program; however, we guarantee the payment by our subsidiaries to the financial institutions participating in the SCF program for the applicable invoices. We have no economic interest in a supplier’s decision to participate in the SCF program, and we have no direct financial relationship with the financial institutions, as it relates to the SCF program. Accordingly, amounts due to our suppliers that elected to participate in the SCF program are included in the line item accounts payable in our consolidated balance sheets. All activity related to amounts due to suppliers that elected to participate in the SCF program is reflected in cash flows from operating activities in our consolidated statement of cash flows. As of June 30, 2023 and December 31, 2022, the outstanding payment obligations to the financial institutions are $2.9 billion and $3.1 billion, respectively. The amount settled through the SCF program was $2.1 billion and $1.8 billion for the six months ended June 30, 2023 and June 30, 2022 respectively. Earnings Per Share We calculate basic earnings per share by dividing net income by the weighted average number of common shares outstanding. Certain outstanding options are not included in the diluted earnings per share calculation because their inclusion would have been anti-dilutive. Antidilutive common stock equivalents excluded from the diluted earnings per share calculation are not material. The following table summarizes basic and diluted shares outstanding: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands, except per share data) | | 2023 | | 2022 | | 2023 | | 2022 | Net income | | $ | 344,494 | | | $ | 372,529 | | | $ | 648,451 | | | $ | 618,367 | | | | | | | | | | | Weighted average common shares outstanding | | 140,574 | | | 141,581 | | | 140,688 | | | 141,747 | | Dilutive effect of stock options and non-vested restricted stock awards | | 673 | | | 723 | | | 808 | | | 835 | | Weighted average common shares outstanding – assuming dilution | | 141,247 | | | 142,304 | | | 141,496 | | | 142,582 | | Basic earnings per share | | $ | 2.45 | | | $ | 2.63 | | | $ | 4.61 | | | $ | 4.36 | | Diluted earnings per share | | $ | 2.44 | | | $ | 2.62 | | | $ | 4.58 | | | $ | 4.34 | |
|
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v3.23.2
Segment Information
|
6 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
Segment Information |
Segment Information The following table presents a summary of our reportable segment financial information: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | Net sales: | | | | | | | | | Automotive | | $ | 3,654,999 | | | $ | 3,467,494 | | | $ | 7,160,826 | | | $ | 6,743,115 | | Industrial | | 2,260,007 | | | 2,134,920 | | | 4,519,298 | | | 4,153,934 | | Total net sales | | $ | 5,915,006 | | | $ | 5,602,414 | | | $ | 11,680,124 | | | $ | 10,897,049 | | Segment profit: | | | | | | | | | Automotive | | $ | 329,347 | | | $ | 322,553 | | | $ | 593,767 | | | $ | 587,126 | | Industrial | | 283,372 | | | 225,472 | | | 545,359 | | | 413,825 | | Total segment profit | | 612,719 | | | 548,025 | | | 1,139,126 | | | 1,000,951 | | Interest expense, net | | (16,455) | | | (20,248) | | | (33,319) | | | (40,098) | | Intangible asset amortization | | (40,625) | | | (39,630) | | | (79,747) | | | (79,324) | | Corporate expense | | (101,550) | | | (73,312) | | | (167,565) | | | (115,063) | | Other unallocated income, net (1) | | — | | | 76,732 | | | — | | | 50,817 | | Income before income taxes | | $ | 454,089 | | | $ | 491,567 | | | $ | 858,495 | | | $ | 817,283 | |
(1) The following table presents a summary of the other unallocated income, net: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | Other unallocated income, net: | | | | | | | | | Gain on sale of real estate (2) | | $ | — | | | $ | 102,803 | | | $ | — | | | $ | 102,803 | | Gain on insurance proceeds (3) | | — | | | 873 | | | — | | | 1,507 | | Transaction and other costs (4) | | — | | | (26,944) | | | — | | | (53,493) | | Total other unallocated income, net | | $ | — | | | $ | 76,732 | | | $ | — | | | $ | 50,817 | |
(2) Amount reflects a gain on the sale of real estate that had been leased to S.P. Richards. (3) Amount reflects insurance recoveries in excess of losses incurred on inventory, property, plant and equipment and other fire-related costs. (4) Amount primarily reflects costs associated with the January 3, 2022 acquisition of Kaman Distribution Group. Beginning in 2023, certain functions, including cybersecurity and the management of our product liability litigation, were transferred to corporate to be streamlined and centrally managed. These costs totaled $15 million and $29 million for the three and six months ended June 30, 2022, of which $9 million and $18 million were allocated to Automotive and $6 million and $11 million were allocated to Industrial based on several factors, including sales volumes and headcount. Beginning in 2023, these costs, which totaled $8 million and $18 million for the three and six months ended June 30, 2023, are no longer allocated to our segments when measuring their operating performance. We have not restated the 2022 comparative segment financial information. Net sales are disaggregated by geographical region for each of our reportable segments, as we deem this presentation best depicts how the nature, amount, timing and uncertainty of net sales and cash flows are affected by economic factors. The following table presents disaggregated geographical net sales from contracts with customers by reportable segment: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | North America: | | | | | | | | | Automotive | | $ | 2,344,701 | | | $ | 2,302,008 | | | $ | 4,550,086 | | | $ | 4,432,881 | | Industrial | | 2,128,747 | | | 2,021,297 | | | 4,259,462 | | | 3,931,730 | | Total North America | | $ | 4,473,448 | | | $ | 4,323,305 | | | $ | 8,809,548 | | | $ | 8,364,611 | | Australasia: | | | | | | | | | Automotive | | $ | 407,853 | | | $ | 398,940 | | | $ | 814,615 | | | $ | 777,849 | | Industrial | | 131,260 | | | 113,623 | | | 259,836 | | | 222,204 | | Total Australasia | | $ | 539,113 | | | $ | 512,563 | | | $ | 1,074,451 | | | $ | 1,000,053 | | Europe – Automotive | | $ | 902,445 | | | $ | 766,546 | | | $ | 1,796,125 | | | $ | 1,532,385 | | Total net sales | | $ | 5,915,006 | | | $ | 5,602,414 | | | $ | 11,680,124 | | | $ | 10,897,049 | |
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.23.2
Accounts Receivable Sales Agreement
|
6 Months Ended |
Jun. 30, 2023 |
Receivables [Abstract] |
|
Accounts Receivable Sales Agreement |
Accounts Receivable Sales Agreement Under our accounts receivable sales agreement (the "A/R Sales Agreement"), we continuously sell designated pools of receivables as they are originated by us and certain U.S. subsidiaries to a separate bankruptcy-remote special purpose entity (“SPE”). The A/R Sales Agreement has a three-year term, which we intend to renew. We continue to be involved with the receivables transferred by the SPE to the unaffiliated financial institutions by providing collection services. As cash is collected on sold receivables, the SPE continuously transfers ownership and control of new qualifying receivables to the unaffiliated financial institutions so that the total principal amount outstanding of receivables sold is approximately $1.0 billion at any point in time (which is the maximum amount allowed under the agreement as amended on January 3, 2022). The total principal amount outstanding of receivables sold is approximately $1.0 billion as of both June 30, 2023 and December 31, 2022. The amount of receivables pledged as collateral as of June 30, 2023 and December 31, 2022 is approximately $1.4 billion and $1.1 billion, respectively. The following table summarizes the activity and amounts outstanding under the A/R Sales Agreement for the: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | Receivables sold to the financial institution and derecognized | | $ | 2,139,392 | | | $ | 2,242,273 | | | $ | 4,304,799 | | | $ | 4,478,718 | | Cash collected on sold receivables | | $ | 2,139,393 | | | $ | 2,242,274 | | | $ | 4,304,804 | | | $ | 4,278,729 | |
Continuous cash activity related to the A/R Sales Agreement is reflected in net cash provided by operating activities in the Condensed Consolidated Statements of Cash Flows. The SPE incurs fees due to the unaffiliated financial institutions related to the accounts receivable sales transactions. Those fees, which totaled $15 million and $4 million for the three months ended and $29 million and $7 million for the six months ended June 30, 2023 and 2022, respectively, are recorded within other non-operating expense (income) in the Condensed Consolidated Statements of Income. The SPE has a recourse obligation to repurchase from the unaffiliated financial institutions any previously sold receivables that are not collected due to the occurrence of certain events, including credit quality deterioration and customer sales returns. The reserve recognized for this recourse obligation as of June 30, 2023 and December 31, 2022 is not material. The servicing liability related to our collection services also is not material, given the high quality of the customers underlying the receivables and the anticipated short collection period.
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- DefinitionThe entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.
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v3.23.2
Employee Benefit Plans
|
6 Months Ended |
Jun. 30, 2023 |
Retirement Benefits [Abstract] |
|
Employee Benefit Plans |
Employee Benefit Plans Net periodic benefit income from our pension plans included the following components for our pension benefits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | Service cost | | $ | 1,503 | | | $ | 2,586 | | | $ | 2,997 | | | $ | 5,202 | | Interest cost | | 26,136 | | | 18,849 | | | 52,253 | | | 37,716 | | Expected return on plan assets | | (41,263) | | | (37,646) | | | (82,503) | | | (75,318) | | Amortization of prior service cost | | 173 | | | 172 | | | 346 | | | 344 | | Amortization of actuarial loss | | 2,340 | | | 9,275 | | | 4,681 | | | 18,554 | | Net periodic benefit income | | $ | (11,111) | | | $ | (6,764) | | | $ | (22,226) | | | $ | (13,502) | |
Service cost is recorded in selling, administrative and other expenses in the Condensed Consolidated Statements of Income while all other components are recorded within other non-operating expense (income). Pension benefits also include amounts related to supplemental retirement plans.
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- DefinitionThe entire disclosure for retirement benefits.
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v3.23.2
Acquisitions
|
6 Months Ended |
Jun. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
Acquisitions |
Acquisitions We acquired several businesses for approximately $116 million and $1.6 billion, net of cash acquired, during the six months ended June 30, 2023 and 2022, respectively. For each acquisition, we allocate the purchase price to the assets acquired and the liabilities assumed based on their fair values as of their respective acquisition dates. The results of operations for acquired businesses are included in our Condensed Consolidated Statements of Income beginning on their respective acquisition dates. KDG Acquisition On January 3, 2022, we, through our wholly-owned subsidiary, Motion Industries, Inc., acquired all of the equity interests in KDG for a purchase price of approximately $1.3 billion in cash, net of cash acquired of approximately $30 million. KDG, which is headquartered in Bloomfield, Connecticut, is a power transmission, automation and fluid power industrial distributor and solutions provider with operations throughout the United States, providing electro-mechanical products, bearings, power transmission, motion control and electrical and fluid power components to maintenance, repair, and operation and original equipment manufacturer customers.
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- DefinitionThe entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).
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v3.23.2
Accumulated Other Comprehensive Loss
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Accumulated Other Comprehensive Loss |
Accumulated Other Comprehensive Loss The following tables present the changes in AOCL by component for the six months ended June 30: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Changes in Accumulated Other Comprehensive Loss by Component | (in thousands) | | Pension and Other Post-Retirement Benefits | | Cash Flow Hedges | | Foreign Currency Translation | | Total | Beginning balance, January 1, 2023 | | $ | (506,610) | | | $ | (2,572) | | | $ | (523,360) | | | $ | (1,032,542) | | Other comprehensive income before reclassifications | | — | | | 2,765 | | | 14,287 | | | 17,052 | | Amounts reclassified from accumulated other comprehensive loss | | 3,826 | | | (193) | | | — | | | 3,633 | | Other comprehensive income, net of income taxes | | 3,826 | | | 2,572 | | | 14,287 | | | 20,685 | | Ending balance, June 30, 2023 | | $ | (502,784) | | | $ | — | | | $ | (509,073) | | | $ | (1,011,857) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Changes in Accumulated Other Comprehensive Loss by Component | (in thousands) | | Pension and Other Post-Retirement Benefits | | Cash Flow Hedges | | Foreign Currency Translation | | Total | Beginning balance, January 1, 2022 | | $ | (463,227) | | | $ | (15,042) | | | $ | (379,470) | | | $ | (857,739) | | Other comprehensive loss before reclassifications | | — | | | — | | | (116,946) | | | (116,946) | | Amounts reclassified from accumulated other comprehensive loss | | 13,975 | | | 7,482 | | | — | | | 21,457 | | Other comprehensive income (loss), net of income taxes | | 13,975 | | | 7,482 | | | (116,946) | | | (95,489) | | Ending balance, June 30, 2022 | | $ | (449,252) | | | $ | (7,560) | | | $ | (496,416) | | | $ | (953,228) | |
The AOCL components related to the pension benefits are included in the computation of net periodic benefit income in the Employee Benefit Plans Footnote. Generally, tax effects in AOCL are established at the currently enacted tax rate and reclassified to net income in the same period that the related pre-tax AOCL reclassifications are recognized.
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- DefinitionThe entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.
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v3.23.2
Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Commitments and Contingencies Legal Matters We are subject to various legal proceedings, many involving routine litigation incidental to the businesses, including approximately 2,200 pending product liability lawsuits resulting from our national distribution of automotive parts and supplies. Many of these involve claims of personal injury allegedly resulting from the use of automotive parts we distributed. The amount accrued for pending and future claims was $208 million as of June 30, 2023, which represents our best estimate of the liability within our calculated range of $182 million to $257 million, discounted using a discount rate of 3.81%. The amount accrued for pending and future claims was $220 million as of December 31, 2022, which represents our best estimate of the liability within our calculated range of $190 million to $270 million, discounted using a discount rate of 3.83%. Our undiscounted product liability was $266 million and $285 million as of June 30, 2023 and December 31, 2022, respectively. There have been no significant developments to the information presented in our 2022 Annual Report on Form 10-K with respect to litigation or commitments and contingencies. Environmental Liabilities Item 103 of SEC Regulation S-K requires disclosure of certain environmental matters when a governmental authority is a party to the proceedings and such proceedings involve potential monetary sanctions that we reasonably believe will exceed an applied threshold not to exceed $1 million. Applying this threshold, there are no environmental matters to disclose for this period.
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v3.23.2
Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Pay vs Performance Disclosure |
|
|
|
|
Net income |
$ 344,494
|
$ 372,529
|
$ 648,451
|
$ 618,367
|
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v3.23.2
General (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Accounting |
The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes required by accounting principles generally accepted in the U.S. (“U.S. GAAP”) for complete financial statements. Except as disclosed herein, there have been no material changes in the information disclosed in the Notes to the Consolidated Financial Statements included in the Annual Report on Form 10-K of Genuine Parts Company (the “Company,” “we,” “our,” “us,” or “its”) for the year ended December 31, 2022. Accordingly, the unaudited Condensed Consolidated Financial Statements and related disclosures herein should be read in conjunction with our 2022 Annual Report on Form 10-K.
|
Use of Estimates |
The preparation of interim financial statements requires management to make estimates and assumptions that affect the amounts reported in the unaudited Condensed Consolidated Financial Statements. Specifically, we make estimates and assumptions in our unaudited Condensed Consolidated Financial Statements for inventory adjustments, the accrual of bad debts, credit losses on guaranteed loans, customer sales returns, and volume incentives earned, among others. Inventory adjustments (including adjustments for a majority of inventories that are valued under the last-in, first-out (“LIFO”) method) are accrued on an interim basis and adjusted in the fourth quarter based on the annual book to physical inventory adjustment and LIFO valuation. Reserves for bad debts, credit losses on guaranteed loans and customer sales returns are estimated and accrued on an interim basis based on a consideration of historical experience, current conditions, and reasonable and supportable forecasts. Volume incentives are estimated based upon cumulative and projected purchasing levels. In the opinion of management, all adjustments necessary for a fair presentation of our financial results for the interim periods have been made. These adjustments are of a normal recurring nature. We have reclassified certain prior period amounts to conform to the current period presentation.
|
Recent Accounting Pronouncements |
Recent Accounting Pronouncements Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASU”) to the FASB Accounting Standards Codification (“ASC”). We consider the applicability and impact of all ASUs and any not listed below were assessed and determined to not be applicable or are expected to have an immaterial impact on our Condensed Consolidated Financial Statements. In September 2022, the FASB issued ASU 2022-04, Liabilities-Supplier Finance Programs. This standard requires disclosure of the key terms of outstanding supply chain finance programs and a rollforward of the related amounts due to vendors participating in these programs. The new standard does not affect the recognition, measurement or financial statement presentation of any amounts due. The guidance is effective in the first quarter of 2023, except for the rollforward, which is effective in the first quarter of 2024. For additional information, please refer to the supply chain finance programs section herein.
|
Derivatives and Hedging |
Derivatives and Hedging We are exposed to various risks arising from business operations and market conditions, including fluctuations in certain foreign currencies. We use derivative and non-derivative instruments as risk management tools to mitigate the potential impact of foreign exchange rate risks. The objective of using these tools is to reduce fluctuations in our earnings and cash flows associated with changes in these rates. Derivative instruments are recognized in the Condensed Consolidated Balance Sheets at fair value and are designated as Level 2 in the fair value hierarchy. They are valued using inputs other than quoted prices, such as foreign exchange rates and yield curves.
|
Fair Value of Financial Instruments |
Our valuation technique is based primarily on prices and other relevant information generated by observable transactions involving identical or comparable assets or liabilities.
|
Guarantees |
We guarantee the borrowings of certain independently controlled automotive parts stores and businesses (“independents”) and certain other affiliates in which we have a noncontrolling equity ownership interest (“affiliates”). While such borrowings of the independents and affiliates are outstanding, we are required to maintain compliance with certain covenants. At June 30, 2023, we were in compliance with all such covenants.As of June 30, 2023, there are no material guaranteed loans for which the borrower is experiencing financial difficulty and recovery is expected to be provided substantially through the operation or sale of the collateral.
|
Supply Chain Finance Programs |
Supply Chain Finance Programs Several global financial institutions offer voluntary supply chain finance (“SCF”) programs which enable our suppliers (generally those that grant extended terms), at their sole discretion, to sell their receivables from us to these financial institutions on a non-recourse basis at a rate that takes advantage of our credit rating and may be beneficial to them. We and our suppliers agree on commercial terms for the goods and services we procure, including prices, quantities and payment terms, regardless of whether the supplier elects to participate in the SCF program. Our current payment terms with the majority of our suppliers range from 30 to 360 days. The suppliers sell goods or services, as applicable, to us and they issue the associated invoices to us based on the agreed-upon contractual terms. Then, if they are participating in the SCF program, our suppliers, at their sole discretion, determine which invoices, if any, they want to sell to the financial institutions. In turn, we direct payment to the financial institutions, rather than the suppliers, for the invoices sold to the financial institutions. No guarantees are provided by us or any of our subsidiaries on third-party performance under the SCF program; however, we guarantee the payment by our subsidiaries to the financial institutions participating in the SCF program for the applicable invoices. We have no economic interest in a supplier’s decision to participate in the SCF program, and we have no direct financial relationship with the financial institutions, as it relates to the SCF program. Accordingly, amounts due to our suppliers that elected to participate in the SCF program are included in the line item accounts payable in our consolidated balance sheets. All activity related to amounts due to suppliers that elected to participate in the SCF program is reflected in cash flows from operating activities in our consolidated statement of cash flows.
|
Earnings Per Share |
Earnings Per ShareWe calculate basic earnings per share by dividing net income by the weighted average number of common shares outstanding. Certain outstanding options are not included in the diluted earnings per share calculation because their inclusion would have been anti-dilutive.
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v3.23.2
General (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Schedule of Derivative Instruments |
The following table summarizes the classification and carrying amounts of the derivative instruments and the foreign currency denominated debt, a non-derivative financial instrument, that are designated and qualify as part of hedging relationships (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2023 | | December 31, 2022 | Instrument | | Balance Sheet Location | | Notional | | Balance | | Notional | | Balance | Net investment hedges: | | | | | | | | | | | Forward contracts | | Prepaid expenses and other current assets | | $ | 606,950 | | $ | 39,731 | | $ | 606,950 | | $ | 46,670 | Forward contract | | Other current liabilities | | $ | 106,800 | | $ | 4,344 | | $ | 106,800 | | $ | 3,064 | Foreign currency debt | | Long-term debt | | € | 700,000 | | $ | 760,480 | | € | 700,000 | | $ | 749,280 |
|
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) |
The tables below present gains and losses related to designated net investment hedges: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gain (Loss) Recognized in AOCL before Reclassifications | | Gain Recognized in Interest Expense for Excluded Components | (in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | Three Months Ended June 30, | | | | | | | | | Net investment hedges: | | | | | | | | | Forward contracts | | $ | (9,212) | | | $ | 66,986 | | | $ | 3,158 | | | $ | 7,565 | | Foreign currency debt | | 2,940 | | | 50,190 | | | — | | | — | | Total | | $ | (6,272) | | | $ | 117,176 | | | $ | 3,158 | | | $ | 7,565 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gain (Loss) Recognized in AOCL before Reclassifications | | Gain Recognized in Interest Expense for Excluded Components | (in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | Six Months Ended June 30, | | | | | | | | | Net investment hedges: | | | | | | | | | Forward contracts | | $ | (14,536) | | | $ | 86,380 | | | $ | 6,317 | | | $ | 15,130 | | Foreign currency debt | | (11,200) | | | 61,950 | | | — | | | — | | Total | | $ | (25,736) | | | $ | 148,330 | | | $ | 6,317 | | | $ | 15,130 | |
|
Schedule of Earnings per Share, Basic and Diluted |
The following table summarizes basic and diluted shares outstanding: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands, except per share data) | | 2023 | | 2022 | | 2023 | | 2022 | Net income | | $ | 344,494 | | | $ | 372,529 | | | $ | 648,451 | | | $ | 618,367 | | | | | | | | | | | Weighted average common shares outstanding | | 140,574 | | | 141,581 | | | 140,688 | | | 141,747 | | Dilutive effect of stock options and non-vested restricted stock awards | | 673 | | | 723 | | | 808 | | | 835 | | Weighted average common shares outstanding – assuming dilution | | 141,247 | | | 142,304 | | | 141,496 | | | 142,582 | | Basic earnings per share | | $ | 2.45 | | | $ | 2.63 | | | $ | 4.61 | | | $ | 4.36 | | Diluted earnings per share | | $ | 2.44 | | | $ | 2.62 | | | $ | 4.58 | | | $ | 4.34 | |
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v3.23.2
Segment Information (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
Summary of Segment Information |
The following table presents a summary of our reportable segment financial information: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | Net sales: | | | | | | | | | Automotive | | $ | 3,654,999 | | | $ | 3,467,494 | | | $ | 7,160,826 | | | $ | 6,743,115 | | Industrial | | 2,260,007 | | | 2,134,920 | | | 4,519,298 | | | 4,153,934 | | Total net sales | | $ | 5,915,006 | | | $ | 5,602,414 | | | $ | 11,680,124 | | | $ | 10,897,049 | | Segment profit: | | | | | | | | | Automotive | | $ | 329,347 | | | $ | 322,553 | | | $ | 593,767 | | | $ | 587,126 | | Industrial | | 283,372 | | | 225,472 | | | 545,359 | | | 413,825 | | Total segment profit | | 612,719 | | | 548,025 | | | 1,139,126 | | | 1,000,951 | | Interest expense, net | | (16,455) | | | (20,248) | | | (33,319) | | | (40,098) | | Intangible asset amortization | | (40,625) | | | (39,630) | | | (79,747) | | | (79,324) | | Corporate expense | | (101,550) | | | (73,312) | | | (167,565) | | | (115,063) | | Other unallocated income, net (1) | | — | | | 76,732 | | | — | | | 50,817 | | Income before income taxes | | $ | 454,089 | | | $ | 491,567 | | | $ | 858,495 | | | $ | 817,283 | |
(1) The following table presents a summary of the other unallocated income, net: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | Other unallocated income, net: | | | | | | | | | Gain on sale of real estate (2) | | $ | — | | | $ | 102,803 | | | $ | — | | | $ | 102,803 | | Gain on insurance proceeds (3) | | — | | | 873 | | | — | | | 1,507 | | Transaction and other costs (4) | | — | | | (26,944) | | | — | | | (53,493) | | Total other unallocated income, net | | $ | — | | | $ | 76,732 | | | $ | — | | | $ | 50,817 | |
(2) Amount reflects a gain on the sale of real estate that had been leased to S.P. Richards. (3) Amount reflects insurance recoveries in excess of losses incurred on inventory, property, plant and equipment and other fire-related costs. (4) Amount primarily reflects costs associated with the January 3, 2022 acquisition of Kaman Distribution Group.
|
Revenue from External Customers by Geographic Areas |
The following table presents disaggregated geographical net sales from contracts with customers by reportable segment: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | North America: | | | | | | | | | Automotive | | $ | 2,344,701 | | | $ | 2,302,008 | | | $ | 4,550,086 | | | $ | 4,432,881 | | Industrial | | 2,128,747 | | | 2,021,297 | | | 4,259,462 | | | 3,931,730 | | Total North America | | $ | 4,473,448 | | | $ | 4,323,305 | | | $ | 8,809,548 | | | $ | 8,364,611 | | Australasia: | | | | | | | | | Automotive | | $ | 407,853 | | | $ | 398,940 | | | $ | 814,615 | | | $ | 777,849 | | Industrial | | 131,260 | | | 113,623 | | | 259,836 | | | 222,204 | | Total Australasia | | $ | 539,113 | | | $ | 512,563 | | | $ | 1,074,451 | | | $ | 1,000,053 | | Europe – Automotive | | $ | 902,445 | | | $ | 766,546 | | | $ | 1,796,125 | | | $ | 1,532,385 | | Total net sales | | $ | 5,915,006 | | | $ | 5,602,414 | | | $ | 11,680,124 | | | $ | 10,897,049 | |
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v3.23.2
Accounts Receivable Sales Agreement (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Receivables [Abstract] |
|
Loans, Notes, Trade and Other Receivables, Sales |
The following table summarizes the activity and amounts outstanding under the A/R Sales Agreement for the: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | Receivables sold to the financial institution and derecognized | | $ | 2,139,392 | | | $ | 2,242,273 | | | $ | 4,304,799 | | | $ | 4,478,718 | | Cash collected on sold receivables | | $ | 2,139,393 | | | $ | 2,242,274 | | | $ | 4,304,804 | | | $ | 4,278,729 | |
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v3.23.2
Employee Benefit Plans (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Retirement Benefits [Abstract] |
|
Components of Net Periodic Benefit Income for the Pension Plans |
Net periodic benefit income from our pension plans included the following components for our pension benefits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | Service cost | | $ | 1,503 | | | $ | 2,586 | | | $ | 2,997 | | | $ | 5,202 | | Interest cost | | 26,136 | | | 18,849 | | | 52,253 | | | 37,716 | | Expected return on plan assets | | (41,263) | | | (37,646) | | | (82,503) | | | (75,318) | | Amortization of prior service cost | | 173 | | | 172 | | | 346 | | | 344 | | Amortization of actuarial loss | | 2,340 | | | 9,275 | | | 4,681 | | | 18,554 | | Net periodic benefit income | | $ | (11,111) | | | $ | (6,764) | | | $ | (22,226) | | | $ | (13,502) | |
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v3.23.2
Accumulated Other Comprehensive Loss (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Changes in Accumulated Other Comprehensive Loss |
The following tables present the changes in AOCL by component for the six months ended June 30: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Changes in Accumulated Other Comprehensive Loss by Component | (in thousands) | | Pension and Other Post-Retirement Benefits | | Cash Flow Hedges | | Foreign Currency Translation | | Total | Beginning balance, January 1, 2023 | | $ | (506,610) | | | $ | (2,572) | | | $ | (523,360) | | | $ | (1,032,542) | | Other comprehensive income before reclassifications | | — | | | 2,765 | | | 14,287 | | | 17,052 | | Amounts reclassified from accumulated other comprehensive loss | | 3,826 | | | (193) | | | — | | | 3,633 | | Other comprehensive income, net of income taxes | | 3,826 | | | 2,572 | | | 14,287 | | | 20,685 | | Ending balance, June 30, 2023 | | $ | (502,784) | | | $ | — | | | $ | (509,073) | | | $ | (1,011,857) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Changes in Accumulated Other Comprehensive Loss by Component | (in thousands) | | Pension and Other Post-Retirement Benefits | | Cash Flow Hedges | | Foreign Currency Translation | | Total | Beginning balance, January 1, 2022 | | $ | (463,227) | | | $ | (15,042) | | | $ | (379,470) | | | $ | (857,739) | | Other comprehensive loss before reclassifications | | — | | | — | | | (116,946) | | | (116,946) | | Amounts reclassified from accumulated other comprehensive loss | | 13,975 | | | 7,482 | | | — | | | 21,457 | | Other comprehensive income (loss), net of income taxes | | 13,975 | | | 7,482 | | | (116,946) | | | (95,489) | | Ending balance, June 30, 2022 | | $ | (449,252) | | | $ | (7,560) | | | $ | (496,416) | | | $ | (953,228) | |
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v3.23.2
General - Schedule of Location and Fair Value Amounts of Derivative Instruments (Details) - Net investment hedges - Designated as hedging relationship € in Thousands, $ in Thousands |
6 Months Ended |
12 Months Ended |
|
|
Jun. 30, 2023
EUR (€)
|
Dec. 31, 2022
EUR (€)
|
Jun. 30, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Prepaid expenses and other current assets | Forward contracts |
|
|
|
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] |
|
|
|
|
Notional amount |
|
|
$ 606,950
|
$ 606,950
|
Derivative asset, balance |
|
|
39,731
|
46,670
|
Other current liabilities | Forward contracts |
|
|
|
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] |
|
|
|
|
Notional amount |
|
|
106,800
|
106,800
|
Derivative liability, balance |
|
|
4,344
|
3,064
|
Long-term debt | Foreign currency debt |
|
|
|
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] |
|
|
|
|
Non-derivative notional amount | € |
€ 700,000
|
€ 700,000
|
|
|
Non-derivative balance |
|
|
$ 760,480
|
$ 749,280
|
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v3.23.2
General - Schedule of Gains (Losses) Related to Designated Cash Flow Hedges and Net Investment Hedges (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] |
|
|
|
|
Gain Recognized in Interest Expense for Excluded Components |
$ 3,158
|
$ 7,565
|
$ 6,317
|
$ 15,130
|
Gain (Loss) Recognized in AOCL before Reclassifications |
(6,272)
|
117,176
|
(25,736)
|
148,330
|
Forward contracts | Net investment hedges |
|
|
|
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] |
|
|
|
|
Gain (Loss) Recognized in AOCL before Reclassifications |
(9,212)
|
66,986
|
(14,536)
|
86,380
|
Gain Recognized in Interest Expense for Excluded Components |
3,158
|
7,565
|
6,317
|
15,130
|
Foreign currency debt | Net investment hedges |
|
|
|
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] |
|
|
|
|
Gain (Loss) Recognized in AOCL before Reclassifications |
2,940
|
50,190
|
(11,200)
|
61,950
|
Gain Recognized in Interest Expense for Excluded Components |
$ 0
|
$ 0
|
$ 0
|
$ 0
|
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v3.23.2
General - Earning Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Accounting Policies [Abstract] |
|
|
|
|
Net income |
$ 344,494
|
$ 372,529
|
$ 648,451
|
$ 618,367
|
Weighted average common shares outstanding (in shares) |
140,574
|
141,581
|
140,688
|
141,747
|
Dilutive effect of stock options and non-vested restricted stock awards (in shares) |
673
|
723
|
808
|
835
|
Weighted average common shares outstanding - assuming dilution (in shares) |
141,247
|
142,304
|
141,496
|
142,582
|
Basic earnings per share (usd per share) |
$ 2.45
|
$ 2.63
|
$ 4.61
|
$ 4.36
|
Diluted earnings per share (usd per share) |
$ 2.44
|
$ 2.62
|
$ 4.58
|
$ 4.34
|
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v3.23.2
Segment Information - Operating Results by Segment (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Segment Reporting Information [Line Items] |
|
|
|
|
Net sales |
$ 5,915,006
|
$ 5,602,414
|
$ 11,680,124
|
$ 10,897,049
|
Income before income taxes |
454,089
|
491,567
|
858,495
|
817,283
|
Operating Segments |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Net sales |
5,915,006
|
5,602,414
|
11,680,124
|
10,897,049
|
Operating profit |
612,719
|
548,025
|
1,139,126
|
1,000,951
|
Operating Segments | Automotive Parts |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Net sales |
3,654,999
|
3,467,494
|
7,160,826
|
6,743,115
|
Operating profit |
329,347
|
322,553
|
593,767
|
587,126
|
Operating Segments | Industrial Parts |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Net sales |
2,260,007
|
2,134,920
|
4,519,298
|
4,153,934
|
Operating profit |
283,372
|
225,472
|
545,359
|
413,825
|
Other |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Interest expense, net |
(16,455)
|
(20,248)
|
(33,319)
|
(40,098)
|
Intangible asset amortization |
(40,625)
|
(39,630)
|
(79,747)
|
(79,324)
|
Corporate expense |
(101,550)
|
(73,312)
|
(167,565)
|
(115,063)
|
Other unallocated amounts |
$ 0
|
$ 76,732
|
$ 0
|
$ 50,817
|
X |
- DefinitionOther Unallocated Income, Net
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Segment Information - Summary of Unallocated Income, Net (Details) - Other - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Segment Reporting Information [Line Items] |
|
|
|
|
Gain on sale of real estate |
$ 0
|
$ 102,803
|
$ 0
|
$ 102,803
|
Gain on insurance proceeds |
0
|
873
|
0
|
1,507
|
Transaction and other costs |
0
|
(26,944)
|
0
|
(53,493)
|
Total other unallocated income, net |
$ 0
|
$ 76,732
|
$ 0
|
$ 50,817
|
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v3.23.2
Segment Information - Disaggregated Geographical Revenue by Reportable Segment (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
$ 5,915,006
|
$ 5,602,414
|
$ 11,680,124
|
$ 10,897,049
|
North America |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
4,473,448
|
4,323,305
|
8,809,548
|
8,364,611
|
Australasia |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
539,113
|
512,563
|
1,074,451
|
1,000,053
|
Automotive Parts | North America |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
2,344,701
|
2,302,008
|
4,550,086
|
4,432,881
|
Automotive Parts | Australasia |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
407,853
|
398,940
|
814,615
|
777,849
|
Automotive Parts | Europe |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
902,445
|
766,546
|
1,796,125
|
1,532,385
|
Industrial Parts | North America |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
2,128,747
|
2,021,297
|
4,259,462
|
3,931,730
|
Industrial Parts | Australasia |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
$ 131,260
|
$ 113,623
|
$ 259,836
|
$ 222,204
|
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- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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v3.23.2
Accounts Receivable Sales Agreement (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Receivables [Abstract] |
|
|
|
|
|
Sale agreement term |
|
|
3 years
|
|
|
Sale agreement amount |
$ 1,000,000
|
|
$ 1,000,000
|
|
|
Principal amount outstanding of receivables sold at period end |
|
|
1,000,000
|
|
$ 1,000,000
|
Amount held as collateral |
1,400,000
|
|
1,400,000
|
|
$ 1,100,000
|
Receivables sold to the financial institution and derecognized |
2,139,392
|
$ 2,242,273
|
4,304,799
|
$ 4,478,718
|
|
Cash collected on sold receivables |
2,139,393
|
2,242,274
|
4,304,804
|
4,278,729
|
|
Accounts receivable sales transactions fees |
$ 15,000
|
$ 4,000
|
$ 29,000
|
$ 7,000
|
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v3.23.2
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3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Retirement Benefits [Abstract] |
|
|
|
|
Service cost |
$ 1,503
|
$ 2,586
|
$ 2,997
|
$ 5,202
|
Interest cost |
26,136
|
18,849
|
52,253
|
37,716
|
Expected return on plan assets |
(41,263)
|
(37,646)
|
(82,503)
|
(75,318)
|
Amortization of prior service cost |
173
|
172
|
346
|
344
|
Amortization of actuarial loss |
2,340
|
9,275
|
4,681
|
18,554
|
Net periodic benefit income |
$ (11,111)
|
$ (6,764)
|
$ (22,226)
|
$ (13,502)
|
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v3.23.2
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive (Loss) by Component (Details) - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
AOCI Attributable to Parent [Roll Forward] |
|
|
Beginning balance |
$ 3,804,447
|
$ 3,503,290
|
Other comprehensive income (loss) before reclassifications |
17,052
|
(116,946)
|
Amounts reclassified from accumulated other comprehensive loss |
3,633
|
21,457
|
Other comprehensive income (loss), net of income taxes |
20,685
|
(95,489)
|
Ending balance |
4,085,794
|
3,653,563
|
Pension and Other Post-Retirement Benefits |
|
|
AOCI Attributable to Parent [Roll Forward] |
|
|
Beginning balance |
(506,610)
|
(463,227)
|
Other comprehensive income (loss) before reclassifications |
0
|
0
|
Amounts reclassified from accumulated other comprehensive loss |
3,826
|
13,975
|
Other comprehensive income (loss), net of income taxes |
3,826
|
13,975
|
Ending balance |
(502,784)
|
(449,252)
|
Cash Flow Hedges |
|
|
AOCI Attributable to Parent [Roll Forward] |
|
|
Beginning balance |
(2,572)
|
(15,042)
|
Other comprehensive income (loss) before reclassifications |
2,765
|
0
|
Amounts reclassified from accumulated other comprehensive loss |
(193)
|
7,482
|
Other comprehensive income (loss), net of income taxes |
2,572
|
7,482
|
Ending balance |
0
|
(7,560)
|
Foreign Currency Translation |
|
|
AOCI Attributable to Parent [Roll Forward] |
|
|
Beginning balance |
(523,360)
|
(379,470)
|
Other comprehensive income (loss) before reclassifications |
14,287
|
(116,946)
|
Amounts reclassified from accumulated other comprehensive loss |
0
|
0
|
Other comprehensive income (loss), net of income taxes |
14,287
|
(116,946)
|
Ending balance |
(509,073)
|
(496,416)
|
Total |
|
|
AOCI Attributable to Parent [Roll Forward] |
|
|
Beginning balance |
(1,032,542)
|
(857,739)
|
Ending balance |
$ (1,011,857)
|
$ (953,228)
|
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