XML 56 R6.htm IDEA: XBRL DOCUMENT v3.6.0.2
Statements of Consolidated Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
OPERATING ACTIVITIES      
Net income $ 1,132,703 [1] $ 1,053,849 $ 865,887
Adjustments to reconcile net income to net operating cash:      
Depreciation 172,074 170,323 169,087
Amortization of intangible assets 25,637 28,239 29,858
Impairment of goodwill and trademarks 10,688    
Amortization of credit facility and debt issuance costs 63,759 3,096 3,224
Provisions for environmental-related matters 42,932 31,071 36,046
Provisions for qualified exit costs 3,038 9,761 13,578
Deferred income taxes (68,241) 4,976 (19,038)
Defined benefit pension plans net cost 14,851 6,491 990
Stock-based compensation expense 72,109 72,342 64,735
Net decrease in postretirement liability (12,373) (6,645) (718)
Decrease in non-traded investments 64,689 65,144 63,365
(Gain) loss on sale or disposition of assets (30,564) (803) 1,436
Other 5,101 3,615 (3,021)
Change in working capital accounts:      
(Increase) in accounts receivable (113,855) (56,873) (80,252)
(Increase) in inventories (52,577) (40,733) (101,112)
(Decrease) increase in accounts payable (118,893) 160,111 78,603
(Decrease) increase in accrued taxes (2,159) 4,606 13,187
Increase (decrease) in accrued compensation and taxes withheld 60,632 (13,128) 29,513
(Increase) decrease in refundable income taxes (1,343) 19,230 (36,601)
Other 56,215 (955) (20,029)
Costs incurred for environmental-related matters (15,178) (11,995) (9,676)
Costs incurred for qualified exit costs (6,267) (11,200) (10,882)
Other 5,594 (43,059) (6,652)
Net operating cash 1,308,572 1,447,463 1,081,528
Investing Activities      
Capital expenditures (239,026) (234,340) (200,545)
Proceeds from sale of assets 38,434 11,300 1,516
Increase in other investments (103,182) (65,593) (111,021)
Net investing cash (303,774) (288,633) (310,050)
Financing Activities      
Net (decrease) increase in short-term borrowings (899) (630,226) 591,423
Proceeds from long-term debt 500 797,514 1,474
Payments of long-term debt (1,111)   (500,661)
Payments for credit facility and debt issuance costs (65,119)    
Payments of cash dividends (312,082) (249,647) (215,263)
Proceeds from stock options exercised 86,831 89,990 100,069
Income tax effect of stock-based compensation exercises and vesting   89,691 68,657
Treasury stock purchased   (1,035,291) (1,488,663)
Other (15,473) (42,384) (24,111)
Net financing cash (307,353) (980,353) (1,467,075)
Effect of exchange rate changes on cash (13,396) (13,465) (8,560)
Net increase (decrease) in cash and cash equivalents 684,049 165,012 (704,157)
Cash and cash equivalents at beginning of year 205,744 40,732 744,889
Cash and cash equivalents at end of year 889,793 205,744 40,732
Taxes paid on income 477,786 335,119 310,039
Interest paid on debt $ 153,850 $ 48,644 $ 67,306
[1] First quarter 2016 net income and basic and diluted net income per common share are restated due to the early adoption of ASU No. 2016-09 in the second quarter. See Notes 1 and 14.