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Goodwill and Other Intangible Assets | 3 Months Ended
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Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the cost of an acquisition in excess of the fair values assigned to identifiable net assets acquired. The Company recorded Goodwill of $307.4 million as part of the HomeLink® acquisition. The carrying value of Goodwill as of December 31, 2017 and March 31, 2018 was $307.4 million. In addition to annual impairment testing, which is performed as of the first day of the fourth quarter, the Company continuously monitors for events and circumstances that could negatively impact the key assumptions in determining fair value thus resulting in the need for interim impairment testing, including long-term revenue growth projections, profitability, discount rates, recent market valuations from transactions by comparable companies, volatility in the Company's market capitalization, and general industry, market and macroeconomic conditions. No such events or circumstances in the most recently completed quarter indicated the need for interim impairment testing. The patents and intangible assets and related change in carrying values are set forth in the tables below: As of March 31, 2018:
Other Intangible Assets | Gross | Accumulated Amortization | Net | Assumed Useful Life
Gentex Patents | $ | 36,352,536 | $ | (19,760,899) | $ | 16,591,637 | various
Other Intangible Assets |  |  |  |
HomeLink® Trade Names and Trademarks | $ | 52,000,000 | $ | — | $ | 52,000,000 | Indefinite
HomeLink® Technology | 180,000,000 | (67,500,000) | 112,500,000 | 12 years
Existing Customer Platforms | 43,000,000 | (19,350,000) | 23,650,000 | 10 years
Exclusive Licensing Agreement | 96,000,000 | — | 96,000,000 | Indefinite
Total Other Intangible Assets | $ | 371,000,000 | $ | (86,850,000) | $ | 284,150,000 |
Total Patents & Other Intangible Assets | $ | 407,352,536 | $ | (106,610,899) | $ | 300,741,637 |
As of December 31, 2017:
Other Intangible Assets | Gross | Accumulated Amortization | Net | Assumed Useful Life
Gentex Patents | $ | 34,847,029 | $ | (18,943,554) | $ | 15,903,475 | various
HomeLink® Trade Names and Trademarks | $ | 52,000,000 | $ | — | $ | 52,000,000 | Indefinite
HomeLink® Technology | 180,000,000 | (63,750,000) | $ | 116,250,000 | 12 years
Existing Customer Platforms | 43,000,000 | (18,275,000) | $ | 24,725,000 | 10 years
Exclusive Licensing Agreement | 96,000,000 | — | $ | 96,000,000 | Indefinite
Total other identifiable intangible assets | $ | 371,000,000 | $ | (82,025,000) | $ | 288,975,000 |
Total Patents & Other Intangible Assets | $ | 405,847,029 | $ | (100,968,554) | $ | 304,878,475 |
Amortization expense on patents and intangible assets was approximately $5.7 million during the three month period ended March 31, 2018, compared to approximately $5.6 million for the same period ended March 31, 2017. Excluding the impact of any future acquisitions, the Company continues to estimate amortization expense for each of the years ended December 31, 2018, 2019, 2020, 2021, and 2022 to be approximately $22 million annually.

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- Definition The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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