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Condensed Statements of Consolidated Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
OPERATING ACTIVITIES    
Net income $ 481,341 $ 406,904
Adjustments to reconcile net income to net operating cash:    
Depreciation 84,581 83,513
Amortization of intangible assets 13,720 15,146
Stock-based compensation expense 32,578 29,563
Provisions for qualified exit costs 1,482 9,439
Provisions for environmental-related matters 11,560 (175)
Defined benefit pension plans net cost 3,576 3,626
Net increase in postretirement liability (111) 2,970
Other (2,373) 3,100
Change in working capital accounts - net (238,809) (202,068)
Costs incurred for environmental-related matters (5,573) (4,955)
Costs incurred for qualified exit costs (5,045) (3,877)
Other (27,907) (11,606)
Net operating cash 349,020 331,580
INVESTING ACTIVITIES    
Capital expenditures (87,542) (66,870)
Proceeds from sale of assets 8,021 373
Increase in other investments (1,486) (17,488)
Net investing cash (81,007) (83,985)
FINANCING ACTIVITIES    
Net increase (decrease) in short-term borrowings 484,636 (31,925)
Payments of long-term debt 0 (752)
Payments of cash dividends (125,251) (108,836)
Proceeds from stock options exercised 57,420 59,442
Income tax effect of stock-based compensation exercises and vesting 72,529 45,253
Treasury stock purchased (679,449) (665,492)
Other (34,081) (23,354)
Net financing cash (224,196) (725,664)
Effect of exchange rate changes on cash (9,481) 378
Net increase (decrease) in cash and cash equivalents 34,336 (477,691)
Cash and cash equivalents at beginning of year 40,732 744,889
Cash and cash equivalents at end of period 75,068 267,198
Income taxes paid 45,319 33,994
Interest paid $ 25,234 $ 33,893