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Goodwill and Other Intangible Assets | 3 Months Ended
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Mar. 31, 2021
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 $3.7 million in Goodwill as part of the acquisition of Vaporsens that occurred in the second quarter of 2020 and an additional $0.9 million in Goodwill as a part of the acquisition of Argil, Inc. ("Argil") during the fourth quarter of 2020. The Company also recorded an additional $2.8 million in Goodwill as a part of the acquisition of Guardian that occurred in the first quarter of 2021. The carrying value of Goodwill as of March 31, 2021 and December 31, 2020 was $314.7 million and $311.9 million, respectively.
| Carrying Amount
Balance as of December 31, 2020 | $ | 311,922,787 |
Acquisitions | 2,758,721 |
Divestitures | — |
Impairments | — |
Other | — |
Balance as of March 31, 2021 | $ | 314,681,508 |
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 again considered in the most recently completed quarter, but did not indicate the need for interim impairment testing. The Company also acquired In-Process Research & Development as part of the acquisition of Vaporsens that occurred in the second quarter of 2020, the acquisition of Air-Craftglass Production BV ("Air-Craftglass") in the third quarter of 2020, and the acquisition of Argil in the fourth quarter of 2020, each of which has been previously disclosed. The Company also acquired Guardian in the first quarter of 2021. See Note 15 for more information on the Guardian transaction. The patents and intangible assets and related change in carrying values are set forth in the tables below: As of March 31, 2021:
Other Intangible Assets | Gross | Accumulated Amortization | Net | Assumed Useful Life
Gentex Patents | $ | 38,906,267 |  | $ | (25,116,962) |  | $ | 13,789,305 |  | Various
Vaporsens Technology Licenses | $ | 315,425 |  | $ | (54,062) |  | $ | 261,363 |  | Various
Other Intangible Assets |  |  |  |
HomeLink® Trade Names and Trademarks | $ | 52,000,000 |  | $ | — |  | $ | 52,000,000 |  | Indefinite
HomeLink® Technology | 180,000,000 |  | (112,500,000) |  | 67,500,000 |  | 12 years
Existing Customer Platforms | 43,000,000 |  | (32,250,000) |  | 10,750,000 |  | 10 years
Exclusive Licensing Agreement | 96,000,000 |  | — |  | 96,000,000 |  | Indefinite
Vaporsens In-Process R&D | 11,000,000 |  | — |  | 11,000,000 |  | Indefinite
Argil In- Process R&D | 6,278,132 |  | — |  | 6,278,132 |  | Indefinite
Air-Craftglass In-Process R&D | 1,389,237 |  | — |  | 1,389,237 |  | Indefinite
Guardian In-Process R&D | 11,994,440 |  | — |  | 11,994,440 |  | Indefinite
Total Other Intangible Assets | $ | 401,661,809 |  | $ | (144,750,000) |  | $ | 256,911,809 |  |
Total Patents & Other Intangible Assets | $ | 440,883,501 |  | $ | (169,921,024) |  | $ | 270,962,477 |  |
As of December 31, 2020:
Other Intangible Assets | Gross | Accumulated Amortization | Net | Assumed Useful Life
Gentex Patents | $ | 38,625,292 |  | $ | (24,528,853) |  | $ | 14,096,439 |  | Various
Vaporsens Technology Licenses | $ | 300,985 |  | $ | (38,856) |  | $ | 262,129 |  | Various
Other Intangible Assets |  |  |  |
HomeLink® Trade Names and Trademarks | $ | 52,000,000 |  | $ | — |  | $ | 52,000,000 |  | Indefinite
HomeLink® Technology | 180,000,000 |  | (108,750,000) |  | 71,250,000 |  | 12 years
Existing Customer Platforms | 43,000,000 |  | (31,175,000) |  | 11,825,000 |  | 10 years
Exclusive Licensing Agreement | 96,000,000 |  | — |  | 96,000,000 |  | Indefinite
Vaporsens In-Process R&D | 11,000,000 |  | $ | — |  | 11,000,000 |  | Indefinite
Argil In-Process R&D | 6,278,132 |  | $ | — |  | 6,278,132 |  | Indefinite
Air-Craftglass In-Process R&D | 1,394,995 |  | $ | — |  | 1,394,995 |  | Indefinite
Total Other Intangible Assets | $ | 389,673,127 |  | $ | (139,925,000) |  | $ | 249,748,127 |  |
Total Patents & Other Intangible Assets | $ | 428,298,419 |  | $ | (164,453,853) |  | $ | 263,844,566 |  |
Amortization expense on patents and intangible assets was approximately $5.6 million during the three months ended March 31, 2021, compared to approximately $5.6 million for the same period ended March 31, 2020, respectively. Excluding the impact of any future acquisitions, the Company estimates amortization expense for each of the years ending December 31, 2021 and 2022 to be approximately $22 million annually, for the year ending December 31, 2023 to be approximately $19 million, for the year ending December 31, 2024 to be approximately $16 million, and for the year ending December 31, 2025 to be approximately $12 million.

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