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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 113,450,870 $ 89,505,801
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 25,599,131 26,295,146
(Gain) on disposal of assets (2,391) (151,910)
Loss on disposal of assets 131,490 54,279
(Gain) on sale of investments (486,433) (42,461)
Loss on sale of investments 41,681 5,487
Change in deferred income taxes (1,544,501) (1,589,855)
Stock-based compensation expense related to employee stock options, employee stock purchases and restricted stock 5,894,645 6,356,070
Change in operating assets and liabilities:    
Accounts receivable, net 7,253,692 1,832,201
Inventories (6,768,464) (2,064,558)
Prepaid expenses and other 768,229 12,779,046
Accounts payable 22,277,513 2,545,274
Accrued liabilities, excluding dividends declared and short-term debt 24,233,539 15,755,950
Net cash provided by operating activities 190,849,001 151,280,470
Activity in available-for-sale securities:    
Sales proceeds 15,019,323 3,124,008
Maturities and calls 2,000,000 19,720,000
Purchases (31,379,609) (48,606,718)
Plant and equipment additions (12,599,388) (15,574,443)
Proceeds from sale of plant and equipment 17,744 165,533
Acquisition of businesses, net of cash acquired (12,023,440) 0
Increase in other assets (1,643,884) (2,544,554)
Net cash (used for) investing activities (40,609,254) (43,716,174)
CASH FLOWS (USED FOR) FINANCING ACTIVITIES:    
Proceeds from borrowings on Credit Agreement 0 75,000,000
Issuance of common stock from stock plan transactions 9,265,840 7,355,488
Cash dividends paid (29,243,108) (28,896,894)
Repurchases of common stock (97,692,763) (178,819,584)
Net cash (used for) financing activities (117,670,032) (125,360,990)
NET INCREASE IN CASH AND CASH EQUIVALENTS 32,569,715 (17,796,694)
CASH AND CASH EQUIVALENTS, beginning of period 423,371,036 296,321,622
CASH AND CASH EQUIVALENTS, end of period $ 455,940,751 $ 278,524,928