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SEGMENT REPORTING | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING ASC 280, Segment Reporting, requires that a public enterprise report financial and descriptive information about its reportable operating segments subject to certain aggregation criteria and quantitative thresholds. Operating segments are defined by ASC 280 as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-makers in deciding how to allocate resources and in assessing performance.
| 2023 |  | 2022 |  | 2021
Revenue: |  |  |  |  |
Automotive Products |  |  |  |  |
United States | $ | 688,164,335 |  | $ | 579,531,611 |  | $ | 542,690,346
Germany | 294,529,611 |  | 266,498,398 |  | 234,994,551
Japan | 323,872,022 |  | 234,888,653 |  | 211,417,475
Mexico | 142,082,011 |  | 121,553,711 |  | 111,761,245
Republic of Korea | 149,554,788 |  |  | 95,395,479 |  |  | 67,219,836 |
Other Countries | 656,457,524 |  |  | 576,874,606 |  |  | 529,104,581 |
Other | 44,554,753 |  | 44,215,585 |  | 33,981,895
Total | $ | 2,299,215,044 |  | $ | 1,918,958,043 |  | $ | 1,731,169,929
Income (Loss) from Operations: |  |  |  |  |
Automotive Products | $ | 495,650,700 |  | $ | 372,490,748 |  | $ | 414,185,075
Other | 80,353 |  | (2,484,622) |  | (4,403,097)
Total | $ | 495,731,053 |  | $ | 370,006,126 |  | $ | 409,781,978
Assets: |  |  |  |  |
Automotive Products | $ | 1,782,342,705 |  | $ | 1,670,634,277 |  | $ | 1,495,298,453
Other | 85,610,250 |  | 43,025,905 |  | 34,760,744
Corporate | 743,484,597 |  | 613,569,742 |  | 601,331,969
Total | $ | 2,611,437,552 |  | $ | 2,327,229,924 |  | $ | 2,131,391,166
Depreciation & Amortization: |  |  |  |  |
Automotive Products | $ | 87,123,055 |  | $ | 90,030,087 |  | $ | 92,516,347
Other | 1,231,061 |  | 1,056,510 |  | 913,451
Corporate | 4,967,076 |  | 5,481,846 |  | 5,682,221
Total | $ | 93,321,192 |  | $ | 96,568,443 |  | $ | 99,112,019
Capital Expenditures: |  |  |  |  |
Automotive Products | $ | 163,070,404 |  | $ | 141,166,506 |  | $ | 58,415,887
Other | 3,827,880 |  | 2,356,910 |  | 1,467,962
Corporate | 16,780,176 |  | 2,909,707 |  | 8,951,198
Total | $ | 183,678,460 |  | $ | 146,433,123 |  | $ | 68,835,047
Other includes Dimmable Aircraft Windows, Fire Protection Products, Nanofiber, and Medical. Major product line revenues included within the Automotive Products segment are as follows:
| 2023 |  | 2022 |  | 2021
Automotive Products |  |  |  |  |
Automotive Mirrors | $ | 2,128,473,563 |  |  | $ | 1,742,196,401 |  |  | $ | 1,563,424,443 |
HomeLink® Modules* | 126,186,728 |  |  | 132,546,057 |  |  | 133,763,591 |
Total Automotive Products | $ | 2,254,660,291 |  |  | $ | 1,874,742,458 |  |  | $ | 1,697,188,034 |
Other Products Revenue | $ | 44,554,753 |  |  | $ | 44,215,585 |  |  | $ | 33,981,895 |
Total Revenue | $ | 2,299,215,044 |  |  | $ | 1,918,958,043 |  |  | $ | 1,731,169,929 |
*Excludes HomeLink® revenue integrated into automotive mirrors. Corporate assets are principally cash and cash equivalents, investments, deferred income taxes and corporate fixed assets. Depreciation & Amortization on corporate fixed assets are allocated as appropriate to the Automotive and Other segments when reviewing operating results. Substantially all long-lived assets are located in the U.S. Automotive Products revenues in the “Other countries” category are sales to customer automotive manufacturing plants in Korea, Canada, Hungary, China, and the United Kingdom, as well as other foreign automotive customers. Most of the Company’s non-U.S. sales are invoiced and paid in U.S. dollars. During the years ended December 31, 2023, 2022 and 2021, approximately 8%, 7% and 8% of the Company’s net sales were invoiced and paid in foreign currencies, respectively. In 2023, the Company had three automotive customers (including direct sales to original equipment manufacturer ("OEM") customers and sales through their Tier 1 suppliers), which individually accounted for 10% or more of net sales as follows:
| Toyota Motor Company |  | Volkswagen Group |  | General Motors
2023 | 18% |  | 14% |  | 10%
2022 | 16% |  | 13% |  | 10%
2021 | 15% |  | 13% |  | 11%
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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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