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Goodwill and Other Intangible Assets | 6 Months Ended
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Jun. 30, 2020
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 in 2013 and recorded an additional $1.7 million in Goodwill during the second quarter of 2020 as part of the acquisition of Vaporsens. See Note 16 for more information on the Vaporsens transaction. The carrying value of Goodwill as of June 30, 2020 and December 31, 2019 was $309.0 million and $307.4 million, respectively.
| Carrying Amount
Balance as of December 31, 2019 | $ | 307,365,845 |
Acquisitions | 1,667,177 |
Divestitures | — |
Impairments | — |
Other | — |
Balance as of June 30, 2020 | $ | 309,033,022 |
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 of goodwill or other intangible assets 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. The impact of COVID-19 was considered in the most recently completed quarter, but did not indicate 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, 2020:
Other Intangible Assets | Gross | Accumulated Amortization | Net | Assumed Useful Life
Gentex Patents | $ | 37,859,912 |  | $ | (23,591,325) |  | $ | 14,268,587 |  | Various
Vaporsens Technology License | 279,113 |  | (31,357) |  | 247,756 |  | Various
Other Intangible Assets |  |  |  |
HomeLink® Trade Names and Trademarks | $ | 52,000,000 |  | $ | — |  | $ | 52,000,000 |  | Indefinite
HomeLink® Technology | 180,000,000 |  | (101,250,000) |  | 78,750,000 |  | 12 years
Existing Customer Platforms | 43,000,000 |  | (29,025,000) |  | 13,975,000 |  | 10 years
Exclusive Licensing Agreement | 96,000,000 |  | — |  | 96,000,000 |  | Indefinite
Vaporsens In-Process R&D | 11,000,000 |  | — |  | 11,000,000 |  | Indefinite
Total Other Intangible Assets | $ | 382,000,000 |  | $ | (130,275,000) |  | $ | 251,725,000 |  |
Total Patents & Other Intangible Assets | $ | 420,139,025 |  | $ | (153,897,682) |  | $ | 266,241,343 |  |
As of December 31, 2019:
Other Intangible Assets | Gross | Accumulated Amortization | Net | Assumed Useful Life
Gentex Patents | $ | 37,328,963 |  | $ | (22,491,010) |  | $ | 14,837,953 |  | Various
Other Intangible Assets |  |  |  |
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 Intangible Assets | $ | 371,000,000 |  | $ | (120,625,000) |  | $ | 250,375,000 |  |
Total Patents & Other Intangible Assets | $ | 408,328,963 |  | $ | (143,116,010) |  | $ | 265,212,953 |  |
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, 2020, compared to approximately $5.6 million and $11.2 million for the same periods ended June 30, 2019. Excluding the impact of any future acquisitions, the Company estimates amortization expense for each of the years ended December 31, 2020 and 2021 to be approximately $22 million annually, for the year ended December 31, 2022 to be approximately $21 million, for the year ended December 31, 2023 to be approximately $19 million, and for the year ended December 31, 2024 to be approximately $16 million.

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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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