Genuine Parts Company Files 2023 Annual Report on Form 10-K

TL;DR

<b>Genuine Parts Company filed its 2023 10-K report detailing its fiscal year operations.</b>

AI Summary

GENUINE PARTS CO (GPC) filed a Annual Report (10-K) with the SEC on February 22, 2024. The filing covers the fiscal year ending December 31, 2023. Genuine Parts Company is incorporated in Georgia (GA). The company's SIC code is 5013 (Wholesale-Motor Vehicle Supplies & New Parts). The filing was submitted on February 22, 2024. The company's business and mailing address is 2999 Wildwood Parkway, Atlanta, GA 30339.

Why It Matters

For investors and stakeholders tracking GENUINE PARTS CO, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Genuine Parts Company's financial performance and business operations for the fiscal year 2023, crucial for investors and analysts to assess the company's health and future prospects. Understanding the company's industry classification (SIC 5013) and its operational base in Atlanta, GA, helps contextualize its market position and strategic focus within the automotive wholesale sector.

Risk Assessment

Risk Level: low — GENUINE PARTS CO shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or significant negative developments, indicating a stable reporting cycle.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-K to understand Genuine Parts Company's performance drivers and strategic initiatives for 2023.

Key Numbers

• 20231231 — Fiscal Year End (Conformed Period of Report)
• 20240222 — Filing Date (Filed As Of Date)
• 5013 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• GENUINE PARTS CO (company) — Filer name
• 0000040987 (company) — Central Index Key
• GA (company) — State of Incorporation
• 2999 WILDWOOD PARKWAY (company) — Business Address Street 1
• ATLANTA (company) — Business Address City
• 30339 (company) — Business Address ZIP
• 6789345000 (company) — Business Phone

FAQ

Industry Context

Genuine Parts Company operates in the wholesale distribution of automotive parts and industrial supplies. This sector is characterized by a large number of independent distributors and a focus on supply chain efficiency.

Regulatory Implications

As a publicly traded company, Genuine Parts Company is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of Form 10-K.

What Investors Should Do

1. Analyze the revenue and net income trends for fiscal year 2023.
2. Examine the company's balance sheet for key financial health indicators like debt and cash.
3. Review any disclosed risk factors or management commentary on future outlook.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-22: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the 2023 fiscal year, so no prior period comparison is available within this specific data extract.

Key Financial Figures

• $1.00 — ange on which registered Common Stock, $1.00 par value per share GPC New York Stock
• $200 billion — a total addressable market greater than $200 billion. The majority of the automotive afterma
• $150 billion — otal addressable market of greater than $150 billion. In 2023, our Industrial segment served

Filing Documents

• gpc-20231231.htm (10-K) — 2133KB
• a202310-kexhibit41.htm (EX-4.1) — 7KB
• ex1035-gpcamendmentno3xame.htm (EX-10.35) — 102KB
• gpcinsidertradingpolicy-ex.htm (EX-19) — 60KB
• subsidiariesofthecompany20.htm (EX-21) — 7KB
• gpcconsent2023-exx23.htm (EX-23) — 5KB
• gpc-12312023xex311.htm (EX-31.1) — 7KB
• gpc-12312023xex312.htm (EX-31.2) — 7KB
• gpc-12312023xex32.htm (EX-32) — 5KB
• gpcclawbackpolicy-exx97.htm (EX-97) — 145KB
• gpc-20231231_g1.jpg (GRAPHIC) — 236KB
• gpc-20231231_g2.jpg (GRAPHIC) — 10KB
• 0000040987-24-000024.txt (&nbsp;) — 13084KB
• gpc-20231231.xsd (EX-101.SCH) — 78KB
• gpc-20231231_cal.xml (EX-101.CAL) — 140KB
• gpc-20231231_def.xml (EX-101.DEF) — 301KB
• gpc-20231231_lab.xml (EX-101.LAB) — 1097KB
• gpc-20231231_pre.xml (EX-101.PRE) — 668KB
• gpc-20231231_htm.xml (XML) — 2092KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 15 Item 1C. Cybersecurity 15 Item 2.

Properties

Properties 16 Item 3.

Legal Proceedings

Legal Proceedings 17 Item 4. Mine Safety Disclosures 17 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 18 Item 6. [Reserved] 19 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 32 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 34 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 71 Item 9A.

Controls and Procedures

Controls and Procedures 71 Item 9B. Other Information 73 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 73 PART III Item 10. Directors, Executive Officers and Corporate Governance 74 Item 11.

Executive Compensation

Executive Compensation 75 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 75 Item 13. Certain Relationships and Related Transactions, and Director Independence 75 Item 14. Principal Accounting Fees and Services 76 PART IV Item 15. Exhibits and Financial Statement Schedules 77 Item 16. Form 10-K Summary 81

Signatures

Signatures 82 Table of Contents PART I.

. BUSINESS

ITEM 1 . BUSINESS. Incorporated in the State of Georgia in 1928, Genuine Parts Company is a global service organization engaged in the distribution of automotive and industrial replacement parts. We serve our customers from more than 10,700 locations, primarily in North America, Europe, as well as Australia and New Zealand ("Australasia"). We offer outstanding service, an industry-leading assortment of replacement parts, extensive supply chain and distribution capabilities, and enhanced technology solutions. As used in this report, "we," "us," "our," "GPC," and the "company" refers to GPC and its subsidiaries, except as otherwise indicated by the context; and the terms "automotive parts" and "industrial parts" refer to replacement parts in each respective category. OUR PURPOSE & STRATEGY We keep the world moving — this is our purpose and the foundation for how we do business. We are one global team unified by our mission to be an employer of choice, supplier of choice, valued customer, responsible corporate citizen and investment of choice for our shareholders. We strive to be a respected community member that gives back to the communities in which we operate. In order to execute this mission, we align our resources with strategic areas of focus for our operations. We focus on our market-leading automotive and industrial businesses to deliver profitable growth, operational efficiencies and strong cash flow. We are organized into two business segments: our Automotive Parts Group ("Automotive") and our Industrial Parts Group ("Industrial"). In the automotive landscape, we see a positive long-term growth outlook across the markets we serve supported by an increase in miles driven, a growing and aging car parc, increasing vehicle complexity, and a growing opportunity with electric vehicles. In the industrial landscape, we see disruptions in the global supply chain creating opportunities with nearshoring, a strong outlook for automation and robotics solutions, the n

View Full Filing

View this 10-K filing on SEC EDGAR