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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2022
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; $0.2 million as part of the acquisition of Air-Craftglass Production BV ("Air-Craftglass") in the third quarter of 2020; $1.0 million as part of the acquisition of Argil, Inc. ("Argil") in the fourth quarter of 2020; and $2.0 million as part of the acquisition of Guardian Optical Technologies ("Guardian") in the first quarter of 2021. Refer to Note 12, "Acquisitions", for further information on the Guardian acquisition. The carrying value of Goodwill as of December 31, 2022 and December 31, 2021 was $313.8 million and $314.0 million, respectively, as set forth in the table below.
| Carrying Amount
Balance as of December 31, 2021 | $ | 313,960,209 |
Acquisitions | — |
Divestitures | — |
Impairments | — |
Other | (152,715) |
Balance as of December 31, 2022 | $ | 313,807,494 |
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 performed a qualitative assessment (step 0) to determine whether it is more likely than not that a reporting unit or intangible asset's fair value is less than its carrying amount. Based on this test, the Company determined they were not and that no additional impairment testing was needed. 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 supply chain disruptions and electronics components shortage, that might negatively impact the key assumptions were observed in 2022 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, 2022 and December 31, 2021. As of December 31, 2022:
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 |  | (138,750,000) |  | 41,250,000 |  | 12 years
Existing Customer Platforms | 43,000,000 |  | (39,775,000) |  | 3,225,000 |  | 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 | 1,300,000 |  | — |  | 1,300,000 |  | Indefinite
Guardian In-Process R&D | 6,800,000 |  | — |  | 6,800,000 |  | Indefinite
Total other identifiable intangible assets | $ | 397,885,910 |  | $ | (178,525,000) |  | $ | 219,360,910 |  |
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 |  |
Accumulated amortization on patents and intangible assets was approximately $206.3 million and $185.7 million at December 31, 2022 and 2021, respectively. Amortization expense on patents and other intangible assets was approximately $21.7 million, $22.2 million, and $22.4 million in calendar years 2022, 2021 and 2019, respectively. At December 31, 2022, patents had a weighted average amortized life of 11 years. Excluding the impact of any future acquisitions, the Company anticipates amortization expense including patents and other intangible assets to be approximately: $20 million for the year ended December 31, 2023; $16 million for the year ended December 31, 2024; $13 million for the year ended December 31, 2025; and $12 million for the years ended December 31, 2026 and December 31, 2027.

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