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Condensed Statements of Consolidated Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
OPERATING ACTIVITIES    
Net income $ 542,940 $ 481,341
Adjustments to reconcile net income to net operating cash:    
Depreciation 86,724 84,581
Amortization of intangible assets 12,003 13,720
Stock-based compensation expense 31,948 32,578
Amortization of credit facility and debt issuance costs 25,691 2,166
Provisions for qualified exit costs 1,422 1,482
Provisions for environmental-related matters 20,536 11,560
Defined benefit pension plans net cost 9,948 3,576
Net increase in postretirement liability 961 (111)
Other 1,196 (4,539)
Change in working capital accounts - net (211,572) (238,809)
Costs incurred for environmental-related matters (6,716) (5,573)
Costs incurred for qualified exit costs (4,155) (5,045)
Other (943) (27,907)
Net operating cash 509,983 349,020
INVESTING ACTIVITIES    
Capital expenditures (114,081) (87,542)
Proceeds from sale of assets 2,039 8,021
Increase in other investments (36,950) (1,486)
Net investing cash (148,992) (81,007)
FINANCING ACTIVITIES    
Net increase in short-term borrowings 15,318 484,636
Payments of long-term debt (84) 0
Payments for credit facility and debt issuance costs (61,433) 0
Payments of cash dividends (155,721) (125,251)
Proceeds from stock options exercised 43,708 57,420
Income tax effect of stock-based compensation exercises and vesting (see Note 11) 0 72,529
Treasury stock purchased 0 (679,449)
Other (12,645) (34,081)
Net financing cash (170,857) (224,196)
Effect of exchange rate changes on cash 6,778 (9,481)
Net increase in cash and cash equivalents 196,912 34,336
Cash and cash equivalents at beginning of year 205,744 40,732
Cash and cash equivalents at end of period 402,656 75,068
Income taxes paid 73,636 45,319
Interest paid $ 66,583 $ 25,234