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GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2024
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 in 2020, which was determined to be fully impaired as part of the annual impairment analysis performed in 2024 (refer to Note 1, "Summary of Significant Accounting and Reporting Policies"; $0.2 million as part of the acquisition of Air-Craftglass Production BV ("Air-Craftglass") in 2020; $1.0 million as 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; $26.7 million as part of the acquisition of eSight in 2023; and $4.2 million as part of the acquisition of Galvaneyes, LLC ("Galvaneyes") in the fourth quarter of 2024. Refer to Note 12, "Acquisitions", for further information on the eSight and Galvaneyes acquisitions. The carrying value of Goodwill as of December 31, 2024 and December 31, 2023 was $340.7 million and $340.1 million, respectively, as set forth in the table below.
| Carrying Amount
Balance as of December 31, 2023 | $ | 340,105,631 |
Acquisitions | 4,228,000 |
Divestitures | — |
Impairments | (3,664,704) |
Other | — |
Balance as of December 31, 2024 | 340,668,927 |
As of December 31, 2024, $31.2 million of goodwill was recorded within the Other segment as a result of the Air-Craftglass, eSight, and Galvaneyes acquisitions, and $309.5 million of goodwill was recorded within the Automotive segment. 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 that additional impairment testing was needed for the Nanofiber reporting unit, which is included within the Other segment, as a result of the timing to commercialization and costs to develop exceeding the original estimates at the acquisition date. As a result of this testing, the Company recognized $3.7 million goodwill impairment and $5.2 million of IPR&D impairment during the year ended December 31, 2024, related to the acquisition of Vaporsens. No impairment has been recognized on goodwill or IPR&D in 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 certain general industry, market and macro-economic conditions. Other than as set forth above, no such events or circumstances that might negatively impact the key assumptions were observed in 2024 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, 2024 and December 31, 2023. As of December 31, 2024:
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 |  | (168,750,000) |  | 11,250,000 |  | 12 years
Existing Customer Platforms | 43,000,000 |  | (43,000,000) |  | — |  | 10 years
Exclusive Licensing Agreement | 96,000,000 |  | — |  | 96,000,000 |  | Indefinite
BioCenturion Trade Names and Trademarks | 640,000 |  | — |  | 640,000 |  | 10 years
BioCenturion Technology | 2,300,000 |  | — |  | 2,300,000 |  | 12 years
eSight Technology | 12,000,000 |  | (1,166,667) |  | 10,833,333 |  | 12 years
eSight Trade Names and Trademarks | 870,000 |  | (84,583) |  | 785,417 |  | 12 years
Vaporsens In-Process R&D | 5,800,000 |  | — |  | 5,800,000 |  | 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 |  | (54,167) |  | 1,245,833 |  | 12 years
Guardian In-Process R&D | 6,800,000 |  | (283,333) |  | 6,516,667 |  | 12 years
Total other identifiable intangible assets | $ | 408,495,910 |  | $ | (213,338,750) |  | $ | 195,157,160 |  |
As of December 31, 2023:
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 |  | (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 identifiable intangible assets | $ | 410,755,910 |  | $ | (196,750,000) |  | $ | 214,005,910 |  |
Accumulated amortization on patents and intangible assets was approximately $241.4 million and $224.7 million at December 31, 2024 and 2023, respectively. Amortization expense on patents and other intangible assets was approximately $17.9 million, $19.7 million, and $21.7 million in calendar years 2024, 2023 and 2022, respectively. At December 31, 2024, patents had a weighted average amortized life of 9 years. Excluding the impact of any future acquisitions, the Company anticipates amortization expense including patents and other intangible assets to be approximately: $14 million for the year ended December 31, 2025; and $3 million for each of the years ended December 31, 2026, December 31, 2027, December 31, 2028, and December 31, 2029.

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