XML 56 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
Statements of Consolidated Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Operating Activities      
Net income [1],[2],[3] $ 1,108,746 $ 1,727,948 $ 1,132,703
Adjustments to reconcile net income to net operating cash:      
Loss from discontinued operations 41,540
Depreciation 278,169 284,997 172,074
Amortization of intangible assets 318,112 206,764 25,404
Amortization of inventory purchase accounting adjustments 113,833
Impairment of goodwill and trademarks 2,022 10,688
Amortization of credit facility and debt issuance costs 12,133 8,313 63,759
Provisions for environmental-related matters 176,297 15,443 42,932
Provisions for qualified exit costs 14,923 50,503 3,038
Deferred income taxes [3] (143,378) (620,730) (68,241)
Defined benefit pension plans net cost 36,371 18,153 14,851
Stock-based compensation expense 82,588 90,292 72,109
Net decrease in postretirement liability (15,863) (17,865) (12,373)
Decrease in non-traded investments 72,453 65,703 64,689
Loss (gain) on sale or disposition of assets 12,825 5,422 (30,564)
Other (13,839) 1,051 5,334
Change in working capital accounts:      
Decrease (increase) in accounts receivable 18,424 (49,850) (113,855)
(Increase) in inventories [3] (119,510) (89,959) (52,577)
Increase (decrease) in accounts payable 113,786 166,687 (118,893)
Increase (decrease) in accrued taxes 2,717 (20,878) (2,159)
Increase in accrued compensation and taxes withheld 4,640 11,286 60,632
Decrease (increase) in refundable income taxes 20,092 (15,520) (1,343)
Increase in California litigation accrual 136,333
Other (46,773) 16,270 56,215
Costs incurred for environmental-related matters (17,718) (13,792) (15,178)
Costs incurred for qualified exit costs (21,256) (45,422) (6,267)
Other (86,572) (68,243) 5,594
Net operating cash 1,943,700 1,883,968 1,308,572
Investing Activities      
Capital expenditures (250,957) (222,767) (239,026)
Acquisitions of businesses, net of cash acquired (8,810,315)
Proceeds from sale of assets 38,354 47,246 38,434
Increase in other investments (39,037) (61,526) (103,182)
Net investing cash (251,640) (9,047,362) (303,774)
Financing Activities      
Net (decrease) increase in short-term borrowings (300,942) 356,320 (899)
Proceeds from long-term debt 8,275,169 500
Payments of long-term debt (852,627) (1,852,812) (1,111)
Payments for credit facility and debt issuance costs (5,185) (49,376) (65,119)
Payments of cash dividends (322,934) (319,029) (312,082)
Proceeds from stock options exercised 90,745 143,579 86,831
Treasury stock purchased (613,312)
Proceeds from real estate financing transactions 225,345
Other 32,257 (39,761) (15,473)
Net financing cash (1,746,653) 6,514,090 (307,353)
Effect of exchange rate changes on cash 5,885 (36,276) (13,396)
Net (decrease) increase in cash and cash equivalents (48,708) (685,580) 684,049
Cash and cash equivalents at beginning of year 204,213 889,793 205,744
Cash and cash equivalents at end of year 155,505 204,213 889,793
Taxes paid on income 292,169 419,695 477,786
Interest paid on debt $ 368,045 $ 220,630 $ 153,850
[1] The year ended December 31, 2017 has been adjusted for an inventory accounting change.
[2] The year ended December 31, 2017 has been adjusted for an inventory accounting change.
[3] The year ended December 31, 2017 has been adjusted for an inventory accounting change.