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Goodwill and Other Intangible Assets
 6 Months Ended
Jun. 30, 2019
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 both December 31, 2018 and June 30, 2019 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 June 30, 2019:
Other Intangible AssetsGrossAccumulated AmortizationNetAssumed Useful Life
Gentex Patents$37,307,011 $(22,002,673)$15,304,338 Various
Other Intangible Assets
HomeLink® Trade Names and Trademarks
$52,000,000 $— $52,000,000 Indefinite
HomeLink® Technology
180,000,000 (86,250,000)93,750,000 12 years
Existing Customer Platforms43,000,000 (24,725,000)18,275,000 10 years
Exclusive Licensing Agreement96,000,000 — 96,000,000 Indefinite
Total Other Intangible Assets$371,000,000 $(110,975,000)$260,025,000 
Total Patents & Other Intangible Assets$408,307,011 $(132,977,673)$275,329,338 


As of December 31, 2018:

Other Intangible Assets
Gross
Accumulated Amortization
Net
Assumed Useful Life
Gentex Patents
$36,737,434 $(21,014,168)$15,723,266 Various
Other Intangible Assets
HomeLink® Trade Names and Trademarks
$52,000,000 $— $52,000,000 Indefinite
HomeLink® Technology
180,000,000 (78,750,000)101,250,000 12 years
Existing Customer Platforms43,000,000 (22,575,000)20,425,000 10 years
Exclusive Licensing Agreement
96,000,000 — 96,000,000 Indefinite
Total Other Intangible Assets$371,000,000 $(101,325,000)$269,675,000 
Total Patents & Other Intangible Assets$407,737,434 $(122,339,168)$285,398,266 

Amortization expense on patents and intangible assets was approximately $5.6 million and $11.2 million during the three and six months ended June 30, 2019, respectively, compared to approximately $5.6 million and $11.3 million for the same periods ended June 30, 2018, respectively.

Excluding the impact of any future acquisitions, the Company continues to estimate amortization expense for each of the years ended December 31, 2019, 2020, and 2021 to be approximately $22 million annually, approximately $21 million for 2022, and approximately $19 million for the year ended December 31, 2023.