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Goodwill and Other Intangible Assets | 9 Months Ended
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Sep. 30, 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; $3.7 million as part of the acquisition of Vaporsens, Inc. ("Vaporsens") in the second quarter of 2020; and $0.9 million as a part of the acquisition of Argil, Inc. ("Argil") in the fourth quarter of 2020. During the third quarter of 2021, the Company made adjustments as part of the open measurement periods for Argil and for Air-Craftglass Production BV ("Air-Craftglass"), which was acquired in the third quarter of 2020. The Company reduced Goodwill recorded for Argil by $0.1 million and recorded an additional $0.2 million for Air-Craftglass during the third quarter of 2021. The Company also recorded $2.8 million in Goodwill as part of the acquisition of Guardian Optical Technologies ("Guardian") in the first quarter of 2021. See Note 15 for more information on these transactions. The carrying value of Goodwill as of both September 30, 2021 and December 31, 2020 was $314.8 million and $311.9 million, respectively, as set forth in the table below:
| Carrying Amount
Balance as of December 31, 2020 | $ | 311,922,787 |
Acquisitions | 2,848,364 |
Divestitures | — |
Impairments | — |
Other (Net Measurement Period Adjustments) | 34,503 |
Balance as of September 30, 2021 | $ | 314,805,654 |
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, the recent microchip shortage, supply chain constraints, and labor shortages were 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 ("I P R & D") as part of the acquisition of: Vaporsens; Air-Craftglass; and Argil, each of which has been previously disclosed. The Company also acquired I P R & D as part of the acquisition of 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 September 30, 2021:
Other Intangible Assets | Gross | Accumulated Amortization | Net | Assumed Useful Life
Gentex Patents | $ | 39,124,090 |  | $ | (25,858,926) |  | $ | 13,265,164 |  | Various
Vaporsens Technology Licenses | 346,654 |  | (62,740) |  | 283,914 |  | Various
Other Intangible Assets |  |  |  |
HomeLink® Trade Names and Trademarks | $ | 52,000,000 |  | $ | — |  | $ | 52,000,000 |  | Indefinite
HomeLink® Technology | 180,000,000 |  | (120,000,000) |  | 60,000,000 |  | 12 years
Existing Customer Platforms | 43,000,000 |  | (34,400,000) |  | 8,600,000 |  | 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 | 800,000 |  | — |  | 800,000 |  | Indefinite
Guardian In-Process R&D | 8,485,407 |  | — |  | 8,485,407 |  | Indefinite
Total Other Intangible Assets | $ | 397,563,539 |  | $ | (154,400,000) |  | $ | 243,163,539 |  |
Total Patents & Other Intangible Assets | $ | 437,034,283 |  | $ | (180,321,666) |  | $ | 256,712,617 |  |
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 | $ | 428,599,404 |  | $ | (164,492,709) |  | $ | 264,106,695 |  |
Amortization expense on patents and intangible assets was approximately $5.5 million and $16.7 million during the three and nine months ended September 30, 2021, respectively, compared to approximately $5.6 million and $16.8 million for the same periods ended September 30, 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 $20 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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