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Condensed Statements of Consolidated Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
OPERATING ACTIVITIES    
Net income $ 245,237 $ 250,127
Adjustments to reconcile net income to net operating cash:    
Depreciation 64,716 71,591
Amortization of intangible assets 78,771 85,049
Stock-based compensation expense 23,068 14,611
Amortization of credit facility and debt issuance costs 2,176 2,749
Provisions for qualified exit costs 949 3,799
Provisions for environmental-related matters 592 765
Defined benefit pension plans net cost 35,222 1,345
Net change in postretirement liability 672 996
Deferred income taxes (2,605) 3,451
Other 5,842 15
Change in working capital accounts - net (495,961) (382,842)
Costs incurred for environmental-related matters (4,575) (4,069)
Costs incurred for qualified exit costs (437) (8,084)
Other 10,383 1,246
Net operating cash (35,950) 40,749
INVESTING ACTIVITIES    
Capital expenditures (51,360) (42,253)
Proceeds from sale of assets 2,750 7,352
Increase in other investments (23,595) (5,650)
Net investing cash (72,205) (40,551)
FINANCING ACTIVITIES    
Net increase in short-term borrowings 496,220 288,866
Payments of long-term debt (39) (808)
Payments for credit facility and debt issuance costs (113)
Payments of cash dividends (104,762) (81,028)
Proceeds from stock options exercised 24,864 21,595
Treasury stock purchased (305,146) (241,148)
Proceeds from real estate financing transactions 9,488
Other (69,254) (14,813)
Net financing cash 51,371 (27,449)
Effect of exchange rate changes on cash (4,328) (18,349)
Net decrease in cash and cash equivalents (61,112) (45,600)
Cash and cash equivalents at beginning of year 155,505 204,213
Cash and cash equivalents at end of period 94,393 158,613
Income taxes paid 16,055 27,910
Interest paid $ 57,919 $ 57,757