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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2021
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 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 part of the acquisition of Argil, Inc. ("Argil") during the fourth quarter of 2020. Refer to Note 12, "Acquisitions", for further information on these acquisitions. 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 $2.0 million in Goodwill as part of the acquisition of Guardian Optical Technologies ("Guardian") in the first quarter of 2021.The carrying value of Goodwill as of December 31, 2021 and December 31, 2020 was $314.0 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 | 1,951,439 |
Divestitures | — |
Impairments | — |
Other | 85,983 |
Balance as of December 31, 2021 | $ | 313,960,209 |
The Company reviews goodwill and IPR&D 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 or IPR&D 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, including the COVID-19 pandemic or electronics components shortage, that might negatively impact the key assumptions were observed in 2021 and, as such, nothing indicated the need for interim impairment testing. The Intangible Assets and related change in carrying values are set forth in the table below as of December 31, 2021 and December 31, 2020. As of December 31, 2021:
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 |  | (123,750,000) |  | 56,250,000 |  | 12 years
Existing Customer Platforms | 43,000,000 |  | (35,475,000) |  | 7,525,000 |  | 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 | 1,507,778 |  | — |  | 1,507,778 |  | Indefinite
Guardian Trade Names | 1,384,856 |  | — |  | 1,384,856 |  | Indefinite
Guardian In-Process R&D | 7,243,860 |  | — |  | 7,243,860 |  | Indefinite
Total other identifiable intangible assets | $ | 398,414,626 |  | $ | (159,225,000) |  | $ | 239,189,626 |  |
As of December 31, 2020:
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 |  | (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 identifiable intangible assets | $ | 389,673,127 |  | $ | (139,925,000) |  | $ | 249,748,127 |  |
Accumulated amortization on patents and intangible assets was approximately $185.7 million and $164.5 million at December 31, 2021 and 2020, respectively. Amortization expense on patents and other intangible assets was approximately $22.2 million, $22.4 million, and $22.4 million in calendar years 2021, 2020 and 2019, respectively. At December 31, 2021, 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 to be approximately $22 million for the year ended December 31, 2022, approximately $20 million for the year ended December 31, 2023, approximately $16 million for the year ended December 31, 2024, and approximately $12 million for the year ended December 31, 2025.

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