Leased Properties (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Locations of Operating Lease Assets and Liabilities

The table below presents the locations of the operating lease assets and liabilities on the consolidated balance sheets:


(in thousands)	Balance Sheet Line Item	December 31, 2024		December 31, 2023
Operating lease assets	Operating lease assets	$	1,769,720	$	1,268,742

Operating lease liabilities:
Current operating lease liabilities	Other current liabilities	$	343,276	$	298,415
Noncurrent operating lease liabilities	Operating lease liabilities	1,458,391		979,938
Total operating lease liabilities		$	1,801,667	$	1,278,353

Schedule of Components of Operating Leases

Our weighted average remaining lease term and weighted average discount rate for operating leases are:


	December 31, 2024		December 31, 2023
Weighted average remaining lease term (in years)	7.79		6.34
Weighted average discount rate	4.28	%	3.67	%

Schedule of Undiscounted Future Minimum Lease Payments

The table below reconciles the undiscounted future minimum lease payments (displayed by year and in the aggregate) under noncancelable operating leases with terms of more than one year to the total operating lease liabilities recognized on the consolidated balance sheets as of December 31, 2024 (in thousands):


2025	$	436,600
2026	394,282
2027	310,407
2028	233,215
2029	155,557
Thereafter	682,913
Total undiscounted future minimum lease payments	2,212,974
Less: Difference between undiscounted lease payments and discounted operating lease liabilities	411,307
Total operating lease liabilities	$	1,801,667

Schedule of Lease Cost

The table below presents operating lease costs and supplemental cash flow information related to leases for the year ended December 31:


(in thousands)	2024		2023		2022
Operating lease costs	$	459,654	$	380,730	$	350,025
Cash paid for amounts included in the measurement of operating lease liabilities	$	449,374	$	389,610	$	358,767
Operating lease assets obtained in exchange for new operating lease liabilities	$	966,796	$	493,039	$	411,052

GENUINE PARTS CO 10-K