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Goodwill and Other Intangible Assets | 9 Months Ended
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Sep. 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 September 30, 2019 and December 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 September 30, 2019:
Other Intangible Assets | Gross | Accumulated Amortization | Net | Assumed Useful Life
Gentex Patents | $ | 37,160,431 |  | $ | (22,094,953) |  | $ | 15,065,478 |  | Various
Other Intangible Assets |  |  |  |
HomeLink® Trade Names and Trademarks | $ | 52,000,000 |  | $ | — |  | $ | 52,000,000 |  | Indefinite
HomeLink® Technology | 180,000,000 |  | (90,000,000) |  | 90,000,000 |  | 12 years
Existing Customer Platforms | 43,000,000 |  | (25,800,000) |  | 17,200,000 |  | 10 years
Exclusive Licensing Agreement | 96,000,000 |  | — |  | 96,000,000 |  | Indefinite
Total Other Intangible Assets | $ | 371,000,000 |  | $ | (115,800,000) |  | $ | 255,200,000 |  |
Total Patents & Other Intangible Assets | $ | 408,160,431 |  | $ | (137,894,953) |  | $ | 270,265,478 |  |
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 Platforms | 43,000,000 |  | (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 $16.8 million during the three and nine months ended September 30, 2019, respectively, compared to approximately $5.6 million and $16.9 million for the same periods ended September 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.

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