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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS The Company recorded Goodwill of $307.4 million related to the HomeLink® acquisition, which occurred in September 2013. The carrying value of Goodwill as of both December 31, 2019 and December 31, 2018 was $307.4 million as set forth in the table below.
| Carrying Amount
Balance as of December 31, 2018 | $ | 307,365,845 |
Acquisitions | — |
Divestitures | — |
Impairments | — |
Other | — |
Balance as of December 31, 2019 | $ | 307,365,845 |
The Company reviews goodwill for impairment during the fourth quarter on an annual basis or more frequently if events or changes in circumstances indicate that goodwill might be impaired. The Company has not recognized any impairment of goodwill in the current or prior periods. 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 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 macro-economic conditions. No such events or circumstances that negatively impacted the key assumptions were noted in 2019. The Intangible Assets and related change in carrying values are set forth in the table below as of December 31, 2019 and December 31, 2018. As of December 31, 2019:
Other Intangible Assets | Gross | Accumulated Amortization | Net | Assumed Useful Life
HomeLink® Trade Names and Trademarks | $ | 52,000,000 |  | $ | — |  | $ | 52,000,000 |  | Indefinite
HomeLink® Technology | 180,000,000 |  | (93,750,000 | ) | $ | 86,250,000 |  | 12 years
Existing Customer Platforms | 43,000,000 |  | (26,875,000 | ) | $ | 16,125,000 |  | 10 years
Exclusive Licensing Agreement | 96,000,000 |  | — |  | $ | 96,000,000 |  | Indefinite
Total other identifiable intangible assets | 371,000,000 |  | (120,625,000 | ) | 250,375,000 |  |
As of December 31, 2018:
Other Intangible Assets | Gross | Accumulated Amortization | Net | Assumed Useful Life
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 identifiable intangible assets | 371,000,000 |  | (101,325,000 | ) | 269,675,000 |  |
Accumulated amortization on patents and intangible assets was approximately $143.1 million and $122.3 million at December 31, 2019 and 2018, respectively. Amortization expense on patents and other intangible assets was approximately $22.4 million, $22.5 million, and $22.5 million in calendar years 2019, 2018 and 2017, respectively. At December 31, 2019, patents had a weighted average amortized life of 10 years. Excluding the impact of any future acquisitions, the Company anticipates amortization expense including patents and other intangible assets for each of the years ended December 31, 2020 and 2021 to be approximately $22 million annually, approximately $21 million for the year ended December 31, 2022, approximately $19 million for the year ended December 31, 2023, and approximately $16 million for the year ended December 31, 2024.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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