Napa Auto Parts 2014 Annual Report Download - page 55

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Genuine Parts Company and Subsidiaries
Notes to Consolidated Financial Statements — (Continued)
December 31, 2014
Other Assets
Other assets are comprised of the following:
December 31
2014 2013
(In Thousands)
Retirement benefit assets .......................................... $ 4,247 $ 41,919
Deferred compensation benefits .................................... 27,828 24,939
Investments .................................................... 29,139 28,760
Cash surrender value of life insurance policies ......................... 105,227 95,094
Customer sales returns inventories .................................. 67,400 55,200
Guarantees related to borrowings ................................... 29,000 29,000
Other long-term prepayments and receivables ......................... 188,849 126,922
Total other assets ................................................ $451,690 $401,834
The guarantees related to borrowings are discussed further in the guarantees footnote.
Property, Plant, and Equipment
Property, plant, and equipment are stated at cost. Depreciation and amortization is primarily determined on a
straight-line basis over the following estimated useful life of each asset: buildings and improvements, 10 to 40
years; machinery and equipment, 5 to 15 years.
Long-Lived Assets Other Than Goodwill
The Company assesses its long-lived assets other than goodwill for impairment whenever facts and circum-
stances indicate that the carrying amount may not be fully recoverable. To analyze recoverability, the Company
projects undiscounted net future cash flows over the remaining life of such assets. If these projected cash flows
are less than the carrying amount, an impairment would be recognized, resulting in a write-down of assets with a
corresponding charge to earnings. Impairment losses, if any, are measured based upon the difference between the
carrying amount and the fair value of the assets.
Other Long-Term Liabilities
Other long-term liabilities are comprised of the following:
December 31
2014 2013
(In Thousands)
Post-employment and other benefit/retirement liabilities ................. $ 57,754 $ 55,150
Insurance liabilities .............................................. 48,569 47,930
Other lease obligations ........................................... 40,040 27,815
Other taxes payable .............................................. 18,947 59,107
Customer deposits ............................................... 81,496 65,826
Guarantees related to borrowings ................................... 29,000 29,000
Other ......................................................... 171,943 130,170
Total other long-term liabilities .................................... $447,749 $414,998
F-11