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Goodwill and Other Intangible Assets | 9 Months Ended
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Sep. 30, 2024
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 2020; $0.2 million as part of the acquisition of Air-Craftglass Production BV ("Air-Craftglass") in 2020; $1.0 million as a part of the acquisition of Argil, Inc. ("Argil") in 2020; $2.0 million as part of the acquisition of Guardian Optical Technologies ("Guardian") in 2021; and $26.7 million as part of the acquisition of eSight in the fourth quarter of 2023. The carrying value of Goodwill as of both September 30, 2024 and December 31, 2023 was $340.1 million, as set forth in the table below:
| Carrying Amount
Balance as of December 31, 2023 | $ | 340,105,631 |
Acquisitions | — |
Divestitures | — |
Impairments | — |
Other | — |
Balance as of September 30, 2024 | $ | 340,105,631 |
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. No such events or circumstances that might negatively impact the key assumptions were observed in the third quarter of 2024 and, as such, nothing indicated the need for interim impairment testing. The Company also acquired In-Process Research & Development ("In-Process R & D") as part of the acquisitions of: Vaporsens; Air-Craftglass; Argil; and Guardian, each of which has been previously disclosed. The patents and intangible assets and related change in carrying values are set forth in the tables below: As of September 30, 2024:
Other Intangible Assets | Gross | Accumulated Amortization | Net | Assumed Useful Life
Gentex Patents | $ | 39,198,259 |  | $ | (27,882,575) |  | $ | 11,315,684 |  | Various
Other Intangible Assets |  |  |  |
HomeLink® Trade Names and Trademarks | $ | 52,000,000 |  | $ | — |  | $ | 52,000,000 |  | Indefinite
HomeLink® Technology | 180,000,000 |  | (165,000,000) |  | 15,000,000 |  | 12 years
Existing Customer Platforms | 43,000,000 |  | (43,000,000) |  | — |  | 10 years
Exclusive Licensing Agreement | 96,000,000 |  | — |  | 96,000,000 |  | Indefinite
eSight Technology | 12,000,000 |  | (916,667) |  | 11,083,333 |  | 12 years
eSight Trade Names and Trademarks | 870,000 |  | (66,458) |  | 803,542 |  | 12 years
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 |  | (27,083) |  | 1,272,917 |  | 12 years
Guardian Technology | 6,800,000 |  | (141,667) |  | 6,658,333 |  | 12 years
Total Other Intangible Assets | $ | 410,755,910 |  | $ | (209,151,875) |  | $ | 201,604,035 |  |
Total Patents & Other Intangible Assets | $ | 449,954,169 |  | $ | (237,034,450) |  | $ | 212,919,719 |  |
As of December 31, 2023:
Other Intangible Assets | Gross | Accumulated Amortization | Net | Assumed Useful Life
Gentex Patents | $ | 39,199,107 |  | $ | (27,769,803) |  | $ | 11,429,304 |  | Various
Other Intangible Assets |  |  |  |
HomeLink® Trade Names and Trademarks | $ | 52,000,000 |  | $ | — |  | $ | 52,000,000 |  | Indefinite
HomeLink® Technology | 180,000,000 |  | (153,750,000) |  | 26,250,000 |  | 12 years
Existing Customer Platforms | 43,000,000 |  | (43,000,000) |  | — |  | 10 years
Exclusive Licensing Agreement | 96,000,000 |  | — |  | 96,000,000 |  | Indefinite
eSight Technology | 12,000,000 |  | — |  | 12,000,000 |  | 12 years
eSight Trade Names and Trademarks | 870,000 |  | — |  | 870,000 |  | 12 years
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 Intangible Assets | $ | 410,755,910 |  | $ | (196,750,000) |  | $ | 214,005,910 |  |
Total Patents & Other Intangible Assets | $ | 449,955,017 |  | $ | (224,519,803) |  | $ | 225,435,214 |  |
Amortization expense on patents and intangible assets was approximately $4.5 million and $13.4 million during the three and nine months ended September 30, 2024, respectively, compared to approximately $5.2 million and $15.6 million for the same periods ended September 30, 2023, respectively. Excluding the impact of any future acquisitions, the Company estimates amortization expense for the year ending December 31, 2024 to be approximately $18 million, for the year ending December 31, 2025 to be approximately $14 million, and for each of the years ending December 31, 2026, December 31, 2027, and December 31, 2028 to be approximately $3 million.

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