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Condensed Statements of Consolidated Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
OPERATING ACTIVITIES    
Net income $ 653,731 $ 558,263
Adjustments to reconcile net income to net operating cash:    
Loss from discontinued operations 0 41,540
Depreciation 144,133 94,965
Amortization of intangible assets 158,942 35,088
Amortization of inventory purchase accounting adjustments 0 36,278
Stock-based compensation expense 36,776 35,866
Amortization of credit facility and debt issuance costs 5,513 2,940
Provisions for qualified exit costs 9,941 12,828
Provisions for environmental-related matters 32,018 1,629
Defined benefit pension plans net cost (868) 10,554
Net change in postretirement liability 996 (7,422)
Deferred income taxes 27,455 (6,968)
Other (9,995) (630)
Change in working capital accounts - net (471,675) (239,495)
Costs incurred for environmental-related matters (8,473) (6,059)
Costs incurred for qualified exit costs (14,325) (8,904)
Other 14,927 25,660
Net operating cash 579,096 586,133
INVESTING ACTIVITIES    
Capital expenditures (101,826) (83,635)
Acquisitions of businesses, net of cash acquired and divestiture (see Note 4) 0 (8,806,282)
Proceeds from sale of assets 14,354 37,131
Increase in other investments (19,511) (11,444)
Net investing cash (106,983) (8,864,230)
FINANCING ACTIVITIES    
Net increase (decrease) in short-term borrowings 23,985 (228,785)
Proceeds from long-term debt 0 7,984,375
Payments of long-term debt (151,794) (176)
Payments for credit facility and debt issuance costs (113) (45,454)
Payments of cash dividends (161,641) (158,934)
Proceeds from stock options exercised 33,419 79,157
Treasury stock purchased (334,155) 0
Other 73,586 (26,420)
Net financing cash (516,713) 7,603,763
Effect of exchange rate changes on cash (4,640) (5,410)
Net decrease in cash and cash equivalents (49,240) (679,744)
Cash and cash equivalents at beginning of year 204,213 889,793
Cash and cash equivalents at end of period 154,973 210,049
Income taxes paid 95,181 121,115
Interest paid $ 185,065 $ 31,816