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Condensed Statements of Consolidated Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
OPERATING ACTIVITIES    
Net income $ 929,673 $ 855,832
Adjustments to reconcile net income to net operating cash:    
Depreciation 128,313 126,972
Amortization of intangible assets 20,172 19,969
Stock-based compensation expense 48,115 47,838
Amortization of credit facility and debt issuance costs 44,823 2,611
Provisions for qualified exit costs 1,541 7,488
Provisions for environmental-related matters 21,219 18,688
Defined benefit pension plans net cost 12,550 5,365
Net increase in postretirement liability 961 (111)
Other 7,825 1,284
Change in working capital accounts - net (241,619) (107,833)
Costs incurred for environmental-related matters (8,825) (8,151)
Costs incurred for qualified exit costs (5,074) (5,822)
Other 6,860 (61,626)
Net operating cash 966,534 902,504
INVESTING ACTIVITIES    
Capital expenditures (173,101) (157,990)
Proceeds from sale of assets 5,545 11,159
Increase in other investments (69,143) (14,946)
Net investing cash (236,699) (161,777)
FINANCING ACTIVITIES    
Net increase (decrease) in short-term borrowings 6,547 (634,315)
Proceeds from long-term debt 500 797,460
Payments of long-term debt (1,150) 0
Payments for credit facility and debt issuance costs (61,433) 0
Payments of cash dividends (233,863) (187,242)
Proceeds from stock options exercised 66,337 74,020
Income tax effect of stock-based compensation exercises and vesting (see Note 11) 0 86,801
Treasury stock purchased 0 (766,087)
Other (12,644) (42,027)
Net financing cash (235,706) (671,390)
Effect of exchange rate changes on cash 2,696 (19,040)
Net increase in cash and cash equivalents 496,825 50,297
Cash and cash equivalents at beginning of year 205,744 40,732
Cash and cash equivalents at end of period 702,569 91,029
Income taxes paid 314,663 235,838
Interest paid $ 115,370 $ 33,992