Napa Auto Parts 2014 Annual Report Download - page 68

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Genuine Parts Company and Subsidiaries
Notes to Consolidated Financial Statements — (Continued)
December 31, 2014
2013
Total
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
Significant
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
(In Thousands)
Equity Securities
Common stocks — mutual funds — equity ............ $ 505,572 $ 505,572 $ — $ —
Genuine Parts Company ........................... 167,788 167,788 — —
Other stocks ..................................... 791,728 791,728 — —
Debt Securities
Short-term investments ............................ 59,058 59,058 — —
Cash and equivalents .............................. 9,022 9,022 — —
Government bonds ................................ 144,447 61,171 83,276 —
Corporate bonds .................................. 123,773 — 123,773 —
Asset-backed and mortgage-backed securities .......... 19,345 — 19,345 —
Other-international ............................... 12,072 11,200 872 —
Municipal bonds ................................. 1,304 — 1,304 —
Municipal funds-fixed income ...................... 96,231 — 96,231 —
Other
Cash surrender value of life insurance policies .......... 2,723 — — 2,723
Total ........................................... $1,933,063 $1,605,539 $324,801 $2,723
Equity securities include Genuine Parts Company common stock in the amounts of $215,477,000 (11% of
total plan assets) and $167,788,000 (9% of total plan assets) at December 31, 2014 and 2013, respectively. Divi-
dend payments received by the plan on Company stock totaled approximately $4,650,000 and $4,336,000 in
2014 and 2013, respectively. Fees paid during the year for services rendered by parties in interest were based on
customary and reasonable rates for such services.
The changes in the fair value measurement of plan assets using significant unobservable inputs (Level 3)
during 2014 and 2013 were not material.
Based on the investment policy for the pension plans, as well as an asset study that was performed based on
the Company’s asset allocations and future expectations, the Company’s expected rate of return on plan assets for
measuring 2015 pension cost or income is 7.84% for the plans. The asset study forecasted expected rates of
return for the approximate duration of the Company’s benefit obligations, using capital market data and historical
relationships.
The following table sets forth the funded status of the plans and the amounts recognized in the consolidated
balance sheets at December 31:
2014 2013
(In Thousands)
Other long-term asset ........................................... $ 4,247 $ 41,919
Other current liability ........................................... (6,740) (5,976)
Pension and other post-retirement liabilities ......................... (327,764) (138,065)
$(330,257) $(102,122)
F-24