QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☑ | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company |
Class | Shares Outstanding, July 24, 2020 | |||||||
Common Stock, $.06 Par Value |
Part I - Financial Information | Page | |||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Part II - Other Information | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 6. | ||||||||
June 30, 2020 (Unaudited) | December 31, 2019 (Note) | ||||||||||
ASSETS | |||||||||||
CURRENT ASSETS | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Short-term investments | |||||||||||
Accounts receivable, net | |||||||||||
Inventories | |||||||||||
Prepaid expenses and other | |||||||||||
Total current assets | |||||||||||
PLANT AND EQUIPMENT—NET | |||||||||||
OTHER ASSETS | |||||||||||
Goodwill | |||||||||||
Long-term investments | |||||||||||
Intangible assets, net | |||||||||||
Patents and other assets, net | |||||||||||
Total other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND SHAREHOLDERS’ INVESTMENT | |||||||||||
CURRENT LIABILITIES | |||||||||||
Accounts payable | $ | $ | |||||||||
Current portion of long-term debt | |||||||||||
Accrued liabilities | |||||||||||
Total current liabilities | |||||||||||
OTHER NON-CURRENT LIABILITIES | |||||||||||
DEFERRED INCOME TAXES | |||||||||||
Total liabilities | |||||||||||
SHAREHOLDERS’ INVESTMENT | |||||||||||
Common stock | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive income (loss) | ( | ||||||||||
Total shareholders’ investment | |||||||||||
Total liabilities and shareholders’ investment | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
NET SALES | $ | $ | $ | $ | |||||||||||||||||||
COST OF GOODS SOLD | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||||
Engineering, research and development | |||||||||||||||||||||||
Selling, general & administrative | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
(Loss) Income from operations | ( | ||||||||||||||||||||||
OTHER INCOME | |||||||||||||||||||||||
Investment income | |||||||||||||||||||||||
Other income, net | |||||||||||||||||||||||
Total other income | |||||||||||||||||||||||
(LOSS) INCOME BEFORE (BENEFIT FROM) PROVISION FOR INCOME TAXES | ( | ||||||||||||||||||||||
(BENEFIT FROM) PROVISION FOR INCOME TAXES | ( | ||||||||||||||||||||||
NET (LOSS) INCOME | $ | ( | $ | $ | $ | ||||||||||||||||||
EARNINGS (LOSS) PER SHARE: (1) | |||||||||||||||||||||||
Basic | $ | ( | $ | $ | $ | ||||||||||||||||||
Diluted | $ | ( | $ | $ | $ | ||||||||||||||||||
Cash Dividends Declared per Share | $ | $ | $ | $ | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net (Loss) Income | $ | ( | $ | $ | $ | ||||||||||||||||||
Other comprehensive income before tax: | |||||||||||||||||||||||
Foreign currency translation adjustments | ( | ( | ( | ||||||||||||||||||||
Unrealized gains on debt securities, net | |||||||||||||||||||||||
Other comprehensive income, before tax | |||||||||||||||||||||||
Income tax impact related to components of other comprehensive income | |||||||||||||||||||||||
Other comprehensive income, net of tax | |||||||||||||||||||||||
Comprehensive Income | $ | $ | $ | $ |
Common Stock Shares | Common Stock Amount | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Investment | ||||||||||||||||||||||||||||||
BALANCE AS OF APRIL 1, 2020 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Issuance of common stock from stock plan transactions | — | — | |||||||||||||||||||||||||||||||||
Issuance of common stock related to acquisitions | — | — | |||||||||||||||||||||||||||||||||
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock | — | — | — | — | |||||||||||||||||||||||||||||||
Dividends declared ($ | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||
BALANCE AS OF JUNE 30, 2020 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
BALANCE AS OF APRIL 1, 2019 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Issuance of common stock from stock plan transactions | — | — | |||||||||||||||||||||||||||||||||
Repurchases of common stock | ( | ( | ( | ( | — | ( | |||||||||||||||||||||||||||||
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock | — | — | — | — | |||||||||||||||||||||||||||||||
Dividends declared ($ | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||
BALANCE AS OF JUNE 30, 2019 | $ | $ | $ | $ | $ |
Common Stock Shares | Common Stock Amount | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Investment | ||||||||||||||||||||||||||||||
BALANCE AS OF JANUARY 1, 2020 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Issuance of common stock from stock plan transactions | — | — | |||||||||||||||||||||||||||||||||
Issuance of common stock related to acquisitions | — | — | |||||||||||||||||||||||||||||||||
Repurchases of common stock | ( | ( | ( | ( | — | ( | |||||||||||||||||||||||||||||
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock | — | — | — | — | |||||||||||||||||||||||||||||||
Dividends declared ($ | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||
BALANCE AS OF JUNE 30, 2020 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
BALANCE AS OF JANUARY 1, 2019 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Issuance of common stock from stock plan transactions | — | — | |||||||||||||||||||||||||||||||||
Repurchases of common stock | ( | ( | ( | ( | — | ( | |||||||||||||||||||||||||||||
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock | — | — | — | — | |||||||||||||||||||||||||||||||
Dividends declared ($ | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | |||||||||||||||||||||||||||||||
BALANCE AS OF JUNE 30, 2019 | $ | $ | $ | $ | $ |
2020 | 2019 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
(Gain) on disposal of assets | ( | ( | |||||||||
Loss on disposal of assets | |||||||||||
(Gain) on sale of investments | ( | ( | |||||||||
Loss on sale of investments | |||||||||||
Change in deferred income taxes | ( | ||||||||||
Stock-based compensation expense related to employee stock options, employee stock purchases and restricted stock | |||||||||||
Change in operating assets and liabilities: | |||||||||||
Accounts receivable, net | ( | ||||||||||
Inventories | ( | ||||||||||
Prepaid expenses and other | ( | ||||||||||
Accounts payable | ( | ( | |||||||||
Accrued liabilities, excluding dividends declared and short-term debt | |||||||||||
Net cash provided by operating activities | |||||||||||
CASH FLOWS (USED FOR) INVESTING ACTIVITIES: | |||||||||||
Activity in available-for-sale securities: | |||||||||||
Sales proceeds | |||||||||||
Maturities and calls | |||||||||||
Purchases | ( | ( | |||||||||
Plant and equipment additions | ( | ( | |||||||||
Proceeds from sale of plant and equipment | |||||||||||
Acquisition of businesses, net of cash acquired | ( | ||||||||||
Decrease in other assets | ( | ( | |||||||||
Net cash (used for) investing activities | ( | ||||||||||
CASH FLOWS (USED FOR) FINANCING ACTIVITIES: | |||||||||||
Proceeds from borrowings on Credit Agreement | |||||||||||
Issuance of common stock from stock plan transactions | |||||||||||
Cash dividends paid | ( | ( | |||||||||
Repurchases of common stock | ( | ( | |||||||||
Net cash (used for) financing activities | ( | ( | |||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | |||||||||||
CASH AND CASH EQUIVALENTS, beginning of period | |||||||||||
CASH AND CASH EQUIVALENTS, end of period | $ | $ |
Carrying Amount | |||||
Balance as of December 31, 2019 | $ | ||||
Acquisitions | |||||
Divestitures | |||||
Impairments | |||||
Other | |||||
Balance as of June 30, 2020 | $ |
Other Intangible Assets | Gross | Accumulated Amortization | Net | Assumed Useful Life | ||||||||||
Gentex Patents | $ | $ | ( | $ | Various | |||||||||
Vaporsens Technology License | ( | Various | ||||||||||||
Other Intangible Assets | ||||||||||||||
HomeLink® Trade Names and Trademarks | $ | $ | — | $ | Indefinite | |||||||||
HomeLink® Technology | ( | |||||||||||||
Existing Customer Platforms | ( | |||||||||||||
Exclusive Licensing Agreement | — | Indefinite | ||||||||||||
Vaporsens In-Process R&D | — | Indefinite | ||||||||||||
Total Other Intangible Assets | $ | $ | ( | $ | ||||||||||
Total Patents & Other Intangible Assets | $ | $ | ( | $ |
Other Intangible Assets | Gross | Accumulated Amortization | Net | Assumed Useful Life | ||||||||||
Gentex Patents | $ | $ | ( | $ | Various | |||||||||
Other Intangible Assets | ||||||||||||||
HomeLink® Trade Names and Trademarks | $ | $ | — | $ | Indefinite | |||||||||
HomeLink® Technology | ( | |||||||||||||
Existing Customer Platforms | ( | |||||||||||||
Exclusive Licensing Agreement | — | Indefinite | ||||||||||||
Total Other Intangible Assets | $ | $ | ( | $ | ||||||||||
Total Patents & Other Intangible Assets | $ | $ | ( | $ |
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||
Total as of | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||
Description | June 30, 2020 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Cash & Cash Equivalents | $ | $ | $ | $ | |||||||||||||||||||
Short-Term Investments: | |||||||||||||||||||||||
Certificate of Deposit | |||||||||||||||||||||||
Corporate Bonds | |||||||||||||||||||||||
Government Securities | |||||||||||||||||||||||
Municipal Bonds | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Long-Term Investments: | |||||||||||||||||||||||
Asset Backed Securities | |||||||||||||||||||||||
Certificate of Deposit | |||||||||||||||||||||||
Corporate Bonds | |||||||||||||||||||||||
Government Securities | |||||||||||||||||||||||
Municipal Bonds | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||||||
Total as of | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||
Description | December 31, 2019 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
Cash & Cash Equivalents | $ | $ | $ | $ | |||||||||||||||||||
Short-Term Investments: | |||||||||||||||||||||||
Certificate of Deposit | |||||||||||||||||||||||
Corporate Bonds | |||||||||||||||||||||||
Government Securities | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Long-Term Investments: | |||||||||||||||||||||||
Asset-backed Securities | |||||||||||||||||||||||
Certificate of Deposit | |||||||||||||||||||||||
Corporate Bonds | |||||||||||||||||||||||
Governmental Securities | |||||||||||||||||||||||
Municipal Bonds | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Unrealized | |||||||||||||||||||||||
Cost | Gains | Losses | Market Value | ||||||||||||||||||||
Short-Term Investments: | |||||||||||||||||||||||
Certificate of Deposit | $ | $ | $ | $ | |||||||||||||||||||
Corporate Bonds | ( | ||||||||||||||||||||||
Government Securities | |||||||||||||||||||||||
Municipal Bonds | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Long-Term Investments: | |||||||||||||||||||||||
Asset Backed Securities | ( | ||||||||||||||||||||||
Certificate of Deposit | |||||||||||||||||||||||
Corporate Bonds | |||||||||||||||||||||||
Government Securities | |||||||||||||||||||||||
Municipal Bonds | ( | ||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
Unrealized | |||||||||||||||||||||||
Cost | Gains | Losses | Market Value | ||||||||||||||||||||
Short-Term Investments: | |||||||||||||||||||||||
Certificate of Deposit | $ | $ | $ | $ | |||||||||||||||||||
Corporate Bonds | |||||||||||||||||||||||
Government Securities | ( | ||||||||||||||||||||||
Other | |||||||||||||||||||||||
Long-Term Investments: | |||||||||||||||||||||||
Asset-backed Securities | ( | ||||||||||||||||||||||
Certificate of Deposit | ( | ||||||||||||||||||||||
Corporate Bonds | |||||||||||||||||||||||
Government Securities | |||||||||||||||||||||||
Municipal Bonds | ( | ||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
Aggregate Unrealized Losses | Aggregate Fair Value | ||||||||||
Loss duration of less than one year | $ | $ | |||||||||
Loss duration of greater than one year | |||||||||||
Total | $ | $ |
Aggregate Unrealized Losses | Aggregate Fair Value | ||||||||||
Loss duration of less than one year | $ | $ | |||||||||
Loss duration of greater than one year | |||||||||||
Total | $ | $ |
Due within one year | $ | ||||
Due between one and five years | |||||
Due over five years | |||||
$ |
June 30, 2020 | December 31, 2019 | ||||||||||
Raw materials | $ | $ | |||||||||
Work-in-process | |||||||||||
Finished goods | |||||||||||
Total Inventory | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Basic Earnings Per Share | ||||||||||||||||||||||||||
Net (Loss) Income | $ | ( | $ | $ | $ | |||||||||||||||||||||
Less: Dividends and undistributed earnings allocated to participating securities | ||||||||||||||||||||||||||
Net (Loss) Income available to common shareholders | $ | ( | $ | $ | $ | |||||||||||||||||||||
Basic weighted average shares outstanding | ||||||||||||||||||||||||||
Net (Loss) Income per share - Basic | $ | ( | $ | $ | $ | |||||||||||||||||||||
Diluted Earnings Per Share | ||||||||||||||||||||||||||
Allocation of Net (Loss) Income used in basic computation | $ | ( | $ | $ | — | $ | $ | |||||||||||||||||||
Reallocation of undistributed earnings | ||||||||||||||||||||||||||
Net (Loss) Income available to common shareholders - Diluted | $ | ( | $ | $ | $ | |||||||||||||||||||||
Number of shares used in basic computation | ||||||||||||||||||||||||||
Additional weighted average dilutive common stock equivalents | ||||||||||||||||||||||||||
Diluted weighted average shares outstanding | 0 | 0 | ||||||||||||||||||||||||
Net (Loss) Income per share - Diluted | $ | ( | $ | $ | $ | |||||||||||||||||||||
Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Dividend Yield (1) | % | % | % | % | |||||||||||||||||||
Expected volatility (2) | % | % | % | % | |||||||||||||||||||
Risk-free interest rate (3) | % | % | % | % | |||||||||||||||||||
Expected term of options (years) (4) | |||||||||||||||||||||||
Weighted-avg. grant date fair value | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Foreign currency translation adjustments: | |||||||||||||||||||||||
Balance at beginning of period | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Other Comprehensive (loss) income before reclassifications | ( | ( | ( | ||||||||||||||||||||
Net current-period change | ( | ( | ( | ||||||||||||||||||||
Balance at end of period | ( | ( | ( | ( | |||||||||||||||||||
Unrealized gains on available-for-sale debt securities: | |||||||||||||||||||||||
Balance at beginning of period | |||||||||||||||||||||||
Other Comprehensive income before reclassifications | |||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | ( | ( | ( | ( | |||||||||||||||||||
Net current-period change | |||||||||||||||||||||||
Balance at end of period | |||||||||||||||||||||||
Accumulated other comprehensive income, end of period | $ | $ | $ | $ |
Details about Accumulated Other Comprehensive Income Components | Amounts Reclassified from Other Comprehensive Income | Affected Line item in the Statement of Consolidated Income | ||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||
Unrealized gains on available-for-sale debt securities | ||||||||||||||||||||||||||||||||
Realized gain on sale of securities | $ | $ | $ | $ | Investment income | |||||||||||||||||||||||||||
Provision for income taxes | ( | ( | ( | ( | Provision for income taxes | |||||||||||||||||||||||||||
Total net reclassifications for the period | $ | $ | $ | $ | Net of tax | |||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Automotive Products | $ | $ | $ | $ | |||||||||||||||||||
Other | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Income from operations: | |||||||||||||||||||||||
Automotive Products | $ | ( | $ | $ | $ | ||||||||||||||||||
Other | ( | ||||||||||||||||||||||
Total | $ | ( | $ | $ | $ |
Revenue | Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | |||||||||||||
Automotive Products | |||||||||||||||||
U.S. | $ | $ | $ | $ | |||||||||||||
Germany | |||||||||||||||||
Japan | |||||||||||||||||
Mexico | |||||||||||||||||
Other | |||||||||||||||||
Total Automotive Products | $ | $ | $ | $ | |||||||||||||
Other Products (U.S.) | |||||||||||||||||
Total Revenue | $ | $ | $ | $ |
Revenue | Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | ||||||||||||||||
Automotive Segment | ||||||||||||||||||||
Automotive Mirrors & Electronics | $ | $ | $ | $ | ||||||||||||||||
HomeLink Modules* | ||||||||||||||||||||
Total Automotive Products | $ | $ | $ | $ | ||||||||||||||||
Other Segment | ||||||||||||||||||||
Fire Protection Products | ||||||||||||||||||||
Windows Products | ||||||||||||||||||||
Total Other | $ | $ | $ | $ | ||||||||||||||||
*Excludes HomeLink revenue where HomeLink electronics are integrated into interior auto-dimming mirrors. |
Year ending December 31, | ||||||||
2020 (excluding the six months ended June 30, 2020) | $ | |||||||
2021 | ||||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
Thereafter | ||||||||
Total future minimum lease payments | ||||||||
Less imputed interest | ( | |||||||
Total | $ |
Reported as of June 30, 2020 | ||||||||
Accrued Liabilities | $ | |||||||
Other Non-Current Liabilities | ||||||||
Total | $ | |||||||
Fair Value | ||||||||
Current Assets | $ | |||||||
Personal Property | ||||||||
Technology Licenses | ||||||||
In-Process R&D | ||||||||
Goodwill | ||||||||
Total assets acquired | ||||||||
Current liabilities | ||||||||
Deferred Tax Liability | ||||||||
Total Liabilities assumed | ||||||||
Net Assets Acquired | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | % Change | 2020 | 2019 | % Change | ||||||||||||||||||||||||||||||
North American Interior Mirrors | 787 | 2,206 | (64)% | 2,806 | 4,433 | (37)% | |||||||||||||||||||||||||||||
North American Exterior Mirrors | 455 | 1,320 | (66)% | 1,689 | 2,549 | (34)% | |||||||||||||||||||||||||||||
Total North American Mirror Units | 1,242 | 3,526 | (65)% | 4,495 | 6,981 | (36)% | |||||||||||||||||||||||||||||
International Interior Mirrors | 2,916 | 5,339 | (45)% | 7,948 | 10,596 | (25)% | |||||||||||||||||||||||||||||
International Exterior Mirrors | 1,102 | 1,953 | (44)% | 3,211 | 3,924 | (18)% | |||||||||||||||||||||||||||||
Total International Mirror Units | 4,018 | 7,293 | (45)% | 11,159 | 14,520 | (23)% | |||||||||||||||||||||||||||||
Total Interior Mirrors | 3,703 | 7,545 | (51)% | 10,754 | 15,028 | (28)% | |||||||||||||||||||||||||||||
Total Exterior Mirrors | 1,557 | 3,273 | (52)% | 4,900 | 6,473 | (24)% | |||||||||||||||||||||||||||||
Total Auto-Dimming Mirror Units | 5,260 | 10,819 | (51)% | 15,654 | 21,501 | (27)% |
Reconcilliation of Non-GAAP Measures | |||||||||||
(Unaudited) | |||||||||||
Three Months Ended June 30, | |||||||||||
2020 | 2019 | ||||||||||
Gross Profit - GAAP | $ | 43,944,808 | $ | 176,537,604 | |||||||
Severance Related Costs | 3,927,906 | — | |||||||||
Adjusted Gross Profit - (Non-GAAP) | $ | 47,872,714 | $ | 176,537,604 | |||||||
Gross Margin - GAAP | 19.1 | % | 37.7 | % | |||||||
Adjusted Gross Margin - (Non-GAAP) | 20.8 | % | 37.7 | % | |||||||
E, R & D Expenses - GAAP | $ | 28,992,968 | $ | 28,359,343 | |||||||
Less: Severance Related Costs | (3,311,839) | — | |||||||||
Adjusted E, R & D Expenses - (Non-GAAP) | $ | 25,681,129 | $ | 28,359,343 | |||||||
S, G & A Expenses - GAAP | $ | 21,690,096 | $ | 20,273,295 | |||||||
Less: Severance Related Costs | (1,593,610) | — | |||||||||
Adjusted S, G & A Expenses - (Non-GAAP) | $ | 20,096,486 | $ | 20,273,295 | |||||||
Operating Expenses - GAAP | $ | 50,683,064 | $ | 48,632,638 | |||||||
Less: Severance Related Costs | (4,905,449) | — | |||||||||
Adjusted Operating Expenses - (Non-GAAP) | $ | 45,777,615 | $ | 48,632,638 | |||||||
Operating (Loss) Income - GAAP | $ | (6,738,256) | $ | 127,904,966 | |||||||
Severance Related Costs - Overhead | 3,927,906 | — | |||||||||
Severance Related Costs - Operating | 4,905,449 | — | |||||||||
Adjusted Operating Income - (Non-GAAP) | $ | 2,095,099 | $ | 127,904,966 |
Reconcilliation of Non-GAAP Measures (continued) | |||||||||||
(Unaudited) | |||||||||||
Three Months Ended June 30, | |||||||||||
2020 | 2019 | ||||||||||
Net (Loss) Income - GAAP | $ | (2,374,033) | $108,958,625 | ||||||||
Severance related costs | 8,833,355 | — | |||||||||
Tax Impact of Adjusting Items (at effective tax rate of 21% in each period) | (1,855,005) | — | |||||||||
Adjusted Net Income (Loss) - (Non-GAAP) | $4,604,317 | $108,958,625 | |||||||||
Earnings Per Share(1): | |||||||||||
Basic | $ | (0.01) | $ | 0.42 | |||||||
Diluted | (0.01) | 0.42 | |||||||||
Adjusted Earnings Per Share(1): | |||||||||||
Basic | $ | 0.02 | $ | 0.42 | |||||||
Diluted | 0.02 | 0.42 | |||||||||
Weighted Average Shares | |||||||||||
Basic | 241,684,323 | 255,219,868 | |||||||||
Diluted | 242,545,795 | 256,579,622 | |||||||||
(1) Earnings Per Share and Adjusted Earnings Per Share for the three months ended June 30, 2019 has been adjusted to exclude the portion of net (loss) income allocated to participating securities as a result of share-based payment awards. |
June 30, 2020 | December 31, 2019 | ||||||||||
Working Capital | $ | 641,695,591 | $ | 778,530,092 | |||||||
Long Term Investments | 171,134,695 | 139,909,323 | |||||||||
Total | $ | 812,830,286 | $ | 918,439,415 |
Light Vehicle Production (per IHS Markit Automotive mid-July light vehicle production forecast) | |||||||||||||||||||||||
(in Millions) | |||||||||||||||||||||||
Region | 2H 2020 | 2H 2019 | % Change | Calendar Year 2020 | Calendar Year 2019 | % Change | |||||||||||||||||
North America | 7.53 | 7.83 | (4) | % | 12.62 | 16.31 | (23) | % | |||||||||||||||
Europe | 9.05 | 9.83 | (8) | % | 15.85 | 21.11 | (25) | % | |||||||||||||||
Japan and Korea | 5.45 | 6.38 | (15) | % | 10.53 | 13.11 | (20) | % | |||||||||||||||
China | 12.26 | 13.15 | (7) | % | 21.52 | 24.67 | (13) | % | |||||||||||||||
Total Light Vehicle Production | 34.29 | 37.19 | (8) | % | 60.52 | 75.20 | (20) | % |
Issuer Purchase of Equity Securities | ||||||||||||||
Period | Total Number of Shares Purchased | Weighted Average Price Paid Per Share | Total Number of Shares Purchased As Part of a Publicly Announced Plan or Program | Maximum Number of Shares That May Yet Be Purchased Under the Plan or Program | ||||||||||
January 2020 | — | — | — | 20,065,319 | ||||||||||
February 2020 | 1,945,036 | 29.40 | 1,945,036 | 18,120,283 | ||||||||||
March 2020 | 5,073,996 | 23.97 | 5,073,996 | 13,046,287 | ||||||||||
1st Quarter 2020 Total | 7,019,032 | 25.48 | 7,019,032 | |||||||||||
2nd Quarter 2020 Total | — | — | 13,046,287 | |||||||||||
2020 Total | 7,019,032 | 25.48 | 7,019,032 | 13,046,287 |
See Exhibit Index on Page 42 |
GENTEX CORPORATION | |||||||||||
Date: | August 7, 2020 | /s/ Steven R. Downing | |||||||||
Steven R. Downing | |||||||||||
President and Chief Executive Officer | |||||||||||
(Principal Executive Officer) on behalf of Gentex Corporation | |||||||||||
Date: | August 7, 2020 | /s/ Kevin C. Nash | |||||||||
Kevin C. Nash | |||||||||||
Vice President, Finance, Chief Financial Officer and Treasurer | |||||||||||
(Principal Financial Officer and Principal Accounting Officer) on behalf of Gentex Corporation |
Exhibit No. | Description | |||||||
31.1 | ||||||||
31.2 | ||||||||
32 | ||||||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase |
Unaudited Condensed Consolidated Balance Sheets - USD ($) |
Jun. 30, 2020 |
Dec. 31, 2019 |
[1] | ||
---|---|---|---|---|---|
CURRENT ASSETS | |||||
Cash and cash equivalents | $ 343,811,484 | $ 296,321,622 | |||
Short-term investments | 70,015,164 | 140,384,053 | |||
Accounts receivable, net | 170,643,014 | 235,410,326 | |||
Inventories | 259,728,189 | 248,941,855 | |||
Prepaid expenses and other | 15,128,837 | 29,319,036 | |||
Total current assets | 859,326,688 | 950,376,892 | |||
PLANT AND EQUIPMENT—NET | 485,314,868 | 498,316,100 | |||
OTHER ASSETS | |||||
Goodwill | 309,033,022 | 307,365,845 | |||
Long-term investments | 171,134,695 | 139,909,323 | |||
Intangible assets, net | 251,725,000 | 250,375,000 | |||
Patents and other assets, net | 24,507,260 | 22,460,033 | |||
Total other assets | 756,399,977 | 720,110,201 | |||
Total assets | 2,101,041,533 | 2,168,803,193 | |||
CURRENT LIABILITIES | |||||
Accounts payable | 60,183,429 | 97,553,917 | |||
Current portion of long-term debt | 75,000,000 | 0 | |||
Accrued liabilities | 82,447,668 | 74,292,883 | |||
Total current liabilities | 217,631,097 | 171,846,800 | |||
OTHER NON-CURRENT LIABILITIES | 10,306,855 | 7,414,424 | |||
DEFERRED INCOME TAXES | 50,496,168 | 51,454,149 | |||
Total liabilities | 278,434,120 | 230,715,373 | |||
SHAREHOLDERS’ INVESTMENT | |||||
Common stock | 14,746,529 | 15,076,651 | |||
Additional paid-in capital | 818,678,880 | 807,928,139 | |||
Retained earnings | 986,442,760 | 1,116,372,133 | |||
Accumulated other comprehensive income (loss) | 2,739,244 | (1,289,103) | |||
Total shareholders’ investment | 1,822,607,413 | 1,938,087,820 | |||
Total liabilities and shareholders’ investment | $ 2,101,041,533 | $ 2,168,803,193 | |||
|
Unaudited Condensed Consolidated Statements of Income - USD ($) |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|||
Income Statement [Abstract] | ||||||
NET SALES | $ 229,925,556 | $ 468,711,354 | $ 683,687,281 | $ 937,300,351 | ||
COST OF GOODS SOLD | 185,980,748 | 292,173,750 | 483,154,994 | 591,118,243 | ||
Gross profit | 43,944,808 | 176,537,604 | 200,532,287 | 346,182,108 | ||
OPERATING EXPENSES: | ||||||
Engineering, research and development | 28,992,968 | 28,359,343 | 58,608,390 | 56,448,524 | ||
Selling, general & administrative | 21,690,096 | 20,273,295 | 43,634,987 | 40,232,286 | ||
Total operating expenses | 50,683,064 | 48,632,638 | 102,243,377 | 96,680,810 | ||
(Loss) Income from operations | (6,738,256) | 127,904,966 | 98,288,910 | 249,501,298 | ||
OTHER INCOME | ||||||
Investment income | 1,462,033 | 2,140,387 | 3,908,682 | 5,403,128 | ||
Other income, net | 1,404,196 | 237,191 | 1,205,030 | 286,660 | ||
Total other income | 2,866,229 | 2,377,578 | 5,113,712 | 5,689,788 | ||
(LOSS) INCOME BEFORE (BENEFIT FROM) PROVISION FOR INCOME TAXES | (3,872,027) | 130,282,544 | 103,402,622 | 255,191,086 | ||
(BENEFIT FROM) PROVISION FOR INCOME TAXES | (1,497,994) | 21,323,919 | 16,270,854 | 41,952,050 | ||
NET (LOSS) INCOME | $ (2,374,033) | $ 108,958,625 | $ 87,131,768 | $ 213,239,036 | ||
EARNINGS (LOSS) PER SHARE: | ||||||
Basic (in dollars per share) | [1] | $ (0.01) | $ 0.42 | $ 0.35 | $ 0.82 | |
Diluted (in dollars per share) | [1] | (0.01) | 0.42 | 0.35 | 0.82 | |
Cash Dividends Declared per Share (in dollars per share) | $ 0.120 | $ 0.115 | $ 0.240 | $ 0.23 | ||
|
Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net (Loss) Income | $ (2,374,033) | $ 108,958,625 | $ 87,131,768 | $ 213,239,036 |
Other comprehensive income before tax: | ||||
Foreign currency translation adjustments | 136,627 | (475,686) | (555,463) | (176,687) |
Unrealized gains on debt securities, net | 3,022,561 | 1,583,089 | 5,802,291 | 2,881,325 |
Other comprehensive income, before tax | 3,159,188 | 1,107,403 | 5,246,828 | 2,704,638 |
Income tax impact related to components of other comprehensive income | 634,738 | 332,448 | 1,218,481 | 605,079 |
Other comprehensive income, net of tax | 2,524,450 | 774,955 | 4,028,347 | 2,099,559 |
Comprehensive Income | $ 150,417 | $ 109,733,580 | $ 91,160,115 | $ 215,338,595 |
Unaudited Condensed Consolidated Statements of Shareholders' Investment - USD ($) |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance at beginning of period | $ 1,834,605,633 | $ 1,857,074,748 | $ 1,938,087,820 | [1] | $ 1,861,751,660 | ||
Issuance of common stock from stock plan transactions | 8,355,204 | 31,420,260 | $ 15,710,692 | 41,934,814 | |||
Issuance of common stock related to acquisitions (in shares) | 100,000 | ||||||
Issuance of common stock related to acquisitions | 3,559,229 | $ 3,559,229 | |||||
Repurchases of common stock (in shares) | (7,000,000.0) | ||||||
Repurchases of common stock | (69,871,143) | $ (178,819,584) | (166,138,371) | ||||
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock | 5,430,583 | 5,276,201 | 11,786,653 | 10,139,148 | |||
Dividends declared | (29,493,653) | (29,299,410) | (58,877,512) | (58,691,610) | |||
Net (Loss) Income | (2,374,033) | 108,958,625 | 87,131,768 | 213,239,036 | |||
Other comprehensive income | 2,524,450 | 774,955 | 4,028,347 | 2,099,558 | |||
Balance at end of period | $ 1,822,607,413 | $ 1,904,334,236 | $ 1,822,607,413 | $ 1,904,334,236 | |||
Common Stock | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning balance (in shares) | 244,865,658 | 255,584,345 | 251,277,515 | 259,328,613 | |||
Balance at beginning of period | $ 14,691,939 | $ 15,335,061 | $ 15,076,651 | $ 15,559,717 | |||
Issuance of common stock from stock plan transactions (in shares) | 746,112 | 2,269,483 | 1,353,287 | 3,250,153 | |||
Issuance of common stock from stock plan transactions | $ 44,767 | $ 136,170 | $ 81,198 | $ 195,010 | |||
Issuance of common stock related to acquisitions (in shares) | 163,718 | 163,718 | |||||
Issuance of common stock related to acquisitions | $ 9,823 | $ 9,823 | |||||
Repurchases of common stock (in shares) | (3,074,709) | (7,019,032) | (7,799,647) | ||||
Repurchases of common stock | $ (184,483) | $ (421,143) | $ (467,979) | ||||
Ending balance (in shares) | 245,775,488 | 254,779,119 | 245,775,488 | 254,779,119 | |||
Balance at end of period | $ 14,746,529 | $ 15,286,748 | $ 14,746,529 | $ 15,286,748 | |||
Additional Paid-In Capital | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance at beginning of period | 801,388,454 | 748,641,461 | 807,928,139 | 745,324,144 | |||
Issuance of common stock from stock plan transactions | 8,310,437 | 31,284,090 | 15,629,494 | 41,739,804 | |||
Issuance of common stock related to acquisitions | 3,549,406 | 3,549,406 | |||||
Repurchases of common stock | (7,963,499) | (20,214,812) | (19,964,843) | ||||
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock | 5,430,583 | 5,276,201 | 11,786,653 | 10,139,148 | |||
Balance at end of period | 818,678,880 | 777,238,253 | 818,678,880 | 777,238,253 | |||
Retained Earnings | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance at beginning of period | 1,018,310,446 | 1,093,373,960 | 1,116,372,133 | 1,102,468,137 | |||
Repurchases of common stock | (61,723,161) | (158,183,629) | (145,705,549) | ||||
Dividends declared | (29,493,653) | (29,299,410) | (58,877,512) | (58,691,610) | |||
Net (Loss) Income | (2,374,033) | 108,958,625 | 87,131,768 | 213,239,036 | |||
Balance at end of period | 986,442,760 | 1,111,310,014 | 986,442,760 | 1,111,310,014 | |||
Accumulated Other Comprehensive Income (Loss) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Balance at beginning of period | 214,794 | (275,734) | (1,289,103) | (1,600,338) | |||
Other comprehensive income | 2,524,450 | 774,955 | 4,028,347 | 2,099,560 | |||
Balance at end of period | $ 2,739,244 | $ 499,221 | $ 2,739,244 | $ 499,221 | |||
|
Unaudited Condensed Consolidated Statements of Shareholders' Investment (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared (in dollars per share) | $ 0.120 | $ 0.115 | $ 0.240 | $ 0.23 |
Basis of Presentation |
6 Months Ended |
---|---|
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of PresentationThe unaudited condensed consolidated financial statements included herein have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these unaudited condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company's 2019 annual report on Form 10-K. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only a normal and recurring nature, necessary to present fairly the financial position of the Company as of June 30, 2020, and the results of operations and cash flows for the interim periods presented. |
Adoption of New Accounting Pronouncements |
6 Months Ended |
---|---|
Jun. 30, 2020 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Adoption of New Accounting Pronouncements | Adoption of New Accounting PronouncementsEffective January 1, 2020, the Company adopted Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This guidance must be adopted using a modified retrospective transition method through a cumulative-effect adjustment to retained earnings in the period of adoption. Based on the insignificant impact of this ASU on the Company's financial statements, a cumulative-effect adjustment to retained earnings was not deemed necessary. The standard requires a change in the measurement approach for credit losses on financial assets measured on an amortized cost basis from an incurred loss method to an expected loss method, thereby eliminating the requirement that a credit loss be considered probable to impact the valuation of a financial asset measured on an amortized cost basis. The standard requires the measurement of expected credit losses to be based on relevant information about past events, including historical experience, current conditions, and a reasonable and supportable forecast that affects the collectability of the related financial asset. It also modifies the impairment model for available-for-sale debt securities and provides a simplified accounting model for purchased financial assets with credit deterioration since their origination. The adoption of this standard did not have a material impact on the Company's consolidated balance sheet, consolidated income statement, or consolidated statement of cash flows. |
Goodwill and Other Intangible Assets |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 and recorded an additional $1.7 million in Goodwill during the second quarter of 2020 as part of the acquisition of Vaporsens. See Note 16 for more information on the Vaporsens transaction. The carrying value of Goodwill as of June 30, 2020 and December 31, 2019 was $309.0 million and $307.4 million, respectively.
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. The impact of COVID-19 was considered in the most recently completed quarter, but did not indicate the need for interim impairment testing. The patents and intangible assets and related change in carrying values are set forth in the tables below: As of June 30, 2020:
As of December 31, 2019:
Amortization expense on patents and intangible assets was approximately $5.6 million and $11.2 million during the three and six months ended June 30, 2020, compared to approximately $5.6 million and $11.2 million for the same periods ended June 30, 2019. Excluding the impact of any future acquisitions, the Company estimates amortization expense for each of the years ended December 31, 2020 and 2021 to be approximately $22 million annually, for the year ended December 31, 2022 to be approximately $21 million, for the year ended December 31, 2023 to be approximately $19 million, and for the year ended December 31, 2024 to be approximately $16 million.
|
Investments |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments The Company follows the provisions of Accounting Standards Codification ("ASC") 820, Fair Value Measurements and Disclosures, for its financial assets and liabilities, and for its non-financial assets and liabilities subject to fair value measurements. ASC 820 provides a framework for measuring the fair value of assets and liabilities. This framework is intended to provide increased consistency in how fair value determinations are made under various existing accounting standards that permit, or in some cases, require estimates of fair-market value. This standard also expanded financial statement disclosure requirements with respect to a company’s use of fair-value measurements, including the effect of such measurements on earnings. The cost of securities sold is based on the specific identification method. The Company determines the fair value of its government securities, asset-backed securities, municipal bonds, and corporate bonds by utilizing monthly valuation statements that are provided by its broker. The broker determines the investment valuation by utilizing the bid price in the market and also refers to third party sources to validate valuations, and as such are classified as Level 2 assets. The Company's certificates of deposit are classified as available for sale and are considered as Level 1 assets. These investments are carried at cost, which approximates fair value. The Company also periodically makes technology investments in certain non-consolidated third-parties. These equity investments are accounted for in accordance with ASC 321, Investments - Equity Securities. Equity investments that do not have readily determinable fair values, and where the Company has not identified any observable events that would cause adjustment of the valuation to date, such equity investments are held at cost. These technology investments totaled approximately $8.7 million and $9.0 million as of June 30, 2020 and December 31, 2019, respectively. These investments are classified within Long-Term Investments in the consolidated balance sheet. Assets or liabilities that have recurring fair value measurements are shown below as of June 30, 2020 and December 31, 2019: As of June 30, 2020:
As of December 31, 2019:
The amortized cost, unrealized gains and losses, and market value of investment securities are shown as of June 30, 2020 and December 31, 2019: As of June 30, 2020:
As of December 31, 2019:
Unrealized losses on investments as of June 30, 2020, are as follows:
Unrealized losses on investments as of December 31, 2019, are as follows:
Effective January 1, 2020, the Company adopted Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The guidance modifies the impairment model for available-for-sale debt securities and provides a simplified accounting model for purchased financial assets with credit deterioration since their origination. The Company utilized the guidance provided by ASC 326 to determine whether any of the available-for-sale debt securities held by the Company were impaired. No investments were considered to be impaired during the periods presented. The Company has the intention and current ability to hold its debt investments until the amortized cost basis has been recovered. Fixed income securities as of June 30, 2020 have contractual maturities as follows:
|
Inventories |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories consisted of the following at the respective balance sheet dates:
|
Earnings Per Share |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share The Company has unvested share-based payment awards with a right to receive non-forfeitable dividends, which are considered participating securities under ASC 260, Earnings Per Share. The Company allocates earnings to participating securities and computes earnings per share using the two-class method. Under the two-class method, net income (loss) per share is computed by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, net income (loss) is allocated to both common shares and participating securities based on their respective weighted average shares outstanding for the period. For a period of net loss, net loss is not allocated to participating securities. The following table sets forth the computation of basic and diluted net income (loss) per common share under the two-class method for the three and six months ended June 30, 2020 and June 30, 2019, respectively:
|
Stock-Based Compensation Plans |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation Plans | Stock-Based Compensation Plans As of June 30, 2020, the Company had two equity incentive plans, which include the Gentex Corporation 2019 Omnibus Incentive Plan ("2019 Omnibus Plan"), and an employee stock purchase plan. Those plans and any prior material amendments thereto have previously been approved by shareholders. The 2019 Omnibus Plan provides for the potential awards to: i) employees; and ii) non-employee directors of the Company or its subsidiaries, which potential awards may be stock options (both incentive stock options and non-qualified stock options), appreciation rights, restricted stock, restricted stock units, performance share awards and performance units, and other awards that are stock-based, cash-based or a combination of both. The 2019 Omnibus Plan replaced the Company's Employee Stock Option Plan, Second Restricted Stock Plan, and Amended and Restated Non-Employee Director Stock Option Plan (the "Prior Plans"), which were also approved by shareholders. Any existing awards previously granted under the Prior Plans, including those made to non-officers in the first quarter of 2019, remain outstanding in accordance with their terms and are governed by the Prior Plans as applicable. Readers should refer to Note 5 of the consolidated financial statements in the Company's Annual Report on Form 10-K for the calendar year ended December 31, 2019, for additional information related to the Prior Plans. The Company recognized total compensation expense for share-based payments of $9,641,353 and $15,960,362 for three and six months ended June 30, 2020, respectively, which included approximately $4,173,710 in severance expense during the second quarter 2020. The Company recognized compensation expense for share-based payments of $5,200,045 and $9,986,839 for the three and six months ended June 30, 2019, respectively. A portion of the compensation cost for share based payment awards is capitalized as part of inventory. 2019 Omnibus Incentive Plan The 2019 Omnibus Incentive Plan covers 45,000,000 shares of common stock. The purpose of the 2019 Omnibus Incentive Plan is to attract and retain employees, officers, and directors of the Company and its subsidiaries and to motivate and provide such persons incentives and rewards for performance. As of June 30, 2020, 8,458,942 shares (net of shares from canceled/expired options) have been issued under the 2019 Omnibus Plan, which includes stock options (at a set conversion rate), restricted shares, and performance share awards. Employee Stock Options Under the 2019 Omnibus Plan and the Employee Stock Option Plan, the option exercise price equals the stock’s market price on the date of grant. The options vest after to five years, and expire after to ten years. As of June 30, 2020, there was $6,882,606 of unearned compensation cost associated with stock options granted under the 2019 Omnibus Incentive Plan and the Employee Stock Option Plan, which is expected to be recognized over the remaining vesting periods. The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions for the indicated periods:
1.Represents the Company’s estimated cash dividend yield over the expected term of option grant. 2.Amount is determined based on analysis of historical price volatility of the Company’s common stock. The expected volatility is based on the daily percentage change in the price of the stock over a period equal to the expected term of the option grant. 3.Represents the U.S. Treasury yield over the expected term of the option grant. 4.Represents the period of time that options granted are expected to be outstanding. Based on analysis of historical option exercise activity, the Company has determined that all employee groups exhibit similar exercise and post-vesting termination behavior. Restricted Shares Restricted shares awarded under the 2019 Omnibus Plan and the Second Restricted Stock Plan entitle the shareholder to all rights of common stock ownership except that the shares may not be sold, transferred, pledged, exchanged or otherwise disposed of during the restriction period. The restriction period is determined by the Compensation Committee, appointed by the Board of Directors, but may not exceed ten years under the terms of such plans. As of June 30, 2020, the Company had unearned stock-based compensation of $43,352,020 associated with the restricted stock grants issued under the 2019 Omnibus Plan and the prior plan. The unearned stock-based compensation related to these grants is being amortized to compensation expense over the applicable restriction periods. Amortization expense from restricted stock grants in the three and six months ended June 30, 2020 was $7,580,492 and $11,905,749, respectively, which included $4,148,477 of severance related expense for the second quarter of 2020. Amortization expense from restricted stock grants for the three and six months ended June 30, 2019 was $3,274,411 and $6,046,175, respectively. Performance Shares Performance shares awarded under the 2019 Omnibus Plan are considered performance condition awards as attainment is based on the Company's performance relative to pre-established metrics. The fair value of such performance share awards was determined using the Company's closing stock price on the date of grant. The expected attainment of the metrics for these awards is then analyzed each reporting period, and the related expense is adjusted based on expected attainment, if the then expected attainment differs from previous expectations. The cumulative effect on current and prior periods of a change in expected attainment is recognized in the period of change. As of June 30, 2020, the Company had unearned stock-based compensation of $4,932,401 associated with these performance share grants. The unearned stock-based compensation related to these grants is being amortized to compensation expense over the applicable performance periods. Amortization expense from performance share grants in the three and six months ended June 30, 2020 was $563,783 and $957,560, respectively. No amortization expense for performance share grants was incurred in 2019, as no such awards were issued and outstanding. Employee Stock Purchase Plan The Company has an employee stock purchase plan covering 2,000,000 shares of common stock. Under the plan, the Company sells shares at 85% of the stock’s market price at date of purchase. Under ASC 718, Compensation - Stock Compensation, the 15% discounted value is recognized as compensation expense. As of June 30, 2020, the Company has issued 1,269,603 shares under this plan.
|
Comprehensive Income |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income | Comprehensive Income Comprehensive income reflects the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. For the Company, comprehensive income represents net income adjusted for unrealized gains and losses on certain debt investments, foreign currency translation adjustments, and derivatives. The following table presents the net changes in the Company's accumulated other comprehensive income (loss) by component (all amounts shown are net of tax):
The following table presents details of reclassifications out of accumulated other comprehensive income for the three and six months ended June 30, 2020 and 2019.
|
Debt and Financing Arrangements |
6 Months Ended |
---|---|
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt and Financing Arrangements | Debt and Financing Arrangements On October 15, 2018, the Company entered into a Credit Agreement (“Credit Agreement”) with PNC as the administrative agent and sole lender. Pursuant to this Credit Agreement, the Company has access to a $150 million senior revolving credit facility (“Revolver”). Under the terms of the Credit Agreement, the Company is entitled to further request an additional aggregate principal amount of up to $100 million, subject to the satisfaction of certain conditions. In addition, the Company is entitled to the benefit of swing loans from amounts otherwise available under the Revolver in the aggregate principal amount of up to $20 million and to request Letters of Credit from amounts otherwise available under the Revolver in the aggregate principle amount up to $20 million, both subject to certain conditions. The obligations of the Company under the Credit Agreement are not secured, but are subject to certain covenants. As of June 30, 2020, there was an outstanding balance of $75 million on the Revolver. In the next twelve months, the Company has the ability and intent to repay the full outstanding balance using cash; therefore, this balance has been classified as a current liability. The Revolver expires on October 15, 2023. As of June 30, 2020, the borrowing rate on its Revolver is derived from the one month LIBOR, and based on the Company's leverage ratio as of June 30, 2020, the interest rate on its borrowings is equal to 1.06%. During the three and six months ended June 30, 2020, interest expense was $0.3 million and $0.4 million respectively, which was recorded with the "Other income (loss), net" section of the Unaudited Consolidated Statements of Income. Based on loan balances as of June 30, 2020, a one percent increase in the Company's borrowing rate would increase net interest expense paid by the Company on its borrowings by approximately $0.8 million dollars on an annual basis. The Credit Agreement contains customary representations and warranties and certain covenants that place certain limitations on the Company. As of June 30, 2020, the Company is in compliance with its covenants under the Credit Agreement.
|
Equity |
6 Months Ended |
---|---|
Jun. 30, 2020 | |
Equity [Abstract] | |
Equity | Equity The decrease in common stock during the six months ended June 30, 2020, was primarily due to the repurchases of 7.0 million shares, partially offset by the issuance of 1.4 million shares of the Company’s common stock under the Company’s stock-based compensation plans and the issuance of 0.1 million shares of the Company's common stock as part of the acquisition of Vaporsens (see Note 16 for more information). The total net decrease was 5.5 million shares. The Company announced a $0.005 (1/2 cent) per share increase in its quarterly cash dividend rate during the first quarter of 2020. As such, the Company recorded a cash dividend of $0.120 per share during the second quarter of 2020 as compared to a cash dividend of $0.115 per share during the second quarter of 2019. The second quarter 2020 dividend of $29.5 million was declared on June 9, 2020, and was paid on July 22, 2020.
|
Contingencies |
6 Months Ended |
---|---|
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | ContingenciesThe Company is periodically involved in legal proceedings, legal actions and claims arising in the normal course of business, including proceedings relating to product liability, intellectual property, safety and health, employment, regulatory, and other matters. Such matters are subject to many uncertainties and outcomes are not predictable. The Company does not believe, however, that at the current time any of these matters constitute material pending legal proceedings that will have a material adverse effect on the financial position or future results of operations or cash flows of the Company. |
Segment Reporting |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment Reporting The Company's automotive segment develops and manufactures digital vision and connected car products and electronics, including: automatic-dimming rearview mirrors with and without electronic features; non-auto dimming rearview mirrors with and without electronic features; and other electronics. The Company also develops and manufactures variably dimming windows for the aerospace industry and fire protection products for the commercial construction industry, which are combined into the "Other" segment. During the second quarter of 2020, the Company also acquired Vaporsens, which specializes in nanofiber chemical sensing research and development, which was also combined in the "Other" segment, as shown below. Further information in regards to the Vaporsens transaction is included in Note 16 of the financial statements.
|
Income Taxes |
6 Months Ended |
---|---|
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe effective tax rate was 15.7% in the six months ended June 30, 2020 compared to 16.4% for the same period in 2019. Generally, effective tax rates for these periods differ from statutory federal income tax rates, due to provisions for state and local income taxes, permanent tax differences, and the foreign-derived intangible income tax deduction and research and development tax credits. |
Revenue |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue The following table shows the Company’s Automotive revenue and Other Products revenue disaggregated by geographical location for Automotive Products for the three and six month periods ended June 30, 2020 and June 30, 2019:
Revenue by geographic area may fluctuate based on many factors, including: exposure to local economic, political and labor conditions; a pandemic; unexpected changes in laws, regulations, trade or monetary or fiscal policy, including interest rates, foreign currency exchange rates and changes in the rate of inflation in the U.S. and other foreign countries; and tariffs, quotas, customs and other import or export restrictions and other trade barriers. The following table disaggregates the Company’s Automotive revenue and Other revenue by major source for the three and six month periods ended June 30, 2020 and June 30, 2019:
|
Leases |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company has operating leases for corporate offices, warehouses, vehicles, and other equipment, which are included within "Plant and Equipment - Net" section of the Condensed Consolidated Balance Sheets. The leases have remaining lease terms of 1 year to 5 years. The weighted average remaining lease term for operating leases as of June 30, 2020 was 2 years, with a weighted average discount rate of 1.4%. Future minimum lease payments for operating leases as of June 30, 2020 were as follows:
|
Acquisition of Vaporsens, Inc |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of Vaporsens, Inc | Acquisition of Vaporsens, Inc On April 3, 2020, the Company acquired Vaporsens, Inc (“Vaporsens”) for $10.6 million in a stock purchase deal, which was in addition to the previous $3.0 million equity investment by the Company in Vaporsens. The Company funded the acquisition with $7.1 million in cash payments, with the remaining $3.5 million of consideration paid with restricted common stock of the Company. Vaporsens specializes in nanofiber chemical sensing research and development, which the Company anticipates using to complement and expand its product offerings. Vaporsens is now a 100% owned subsidiary of the Company, and will be classified within the “Other” segment. The assets acquired and liabilities assumed were recorded at fair value on the acquisition date. The Company accounted for the acquisition under the provisions of FASB ASC Topic 805, Business Combinations. There were no revenues or earnings of the business of Vaporsens which were included in the the Company’s consolidated statement of income and comprehensive income for the quarter or year to date periods ended June 30, 2020. The following table summarizes the fair values of the assets acquired, and the liabilities assumed, as of the acquisition date of April 3, 2020. The valuation process is not complete and the final determination of the fair values may result in further adjustments to the values presented below:
The allocation of the purchase price above is considered preliminary and was based upon valuation information available and estimates and assumptions made as of June 30, 2020. The Company is still in the process of verifying data and finalizing information related to the valuation and recording of identifiable intangible assets, deferred taxes, net working capital, and the resulting effects on the amount of recorded goodwill. The Company expects to finalize these matters within the measurement period, which is currently expected to remain open through the end of calendar year 2020. Through June 30, 2020, the Company has incurred acquisition-related costs of approximately $550,000, which has been expensed as incurred in the "Selling, general & administrative" section of its Condensed Consolidated Income Statement.
|
Adoption of New Accounting Pronouncements (Policies) |
6 Months Ended |
---|---|
Jun. 30, 2020 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Adoption of New Accounting Pronouncements | Effective January 1, 2020, the Company adopted Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This guidance must be adopted using a modified retrospective transition method through a cumulative-effect adjustment to retained earnings in the period of adoption. Based on the insignificant impact of this ASU on the Company's financial statements, a cumulative-effect adjustment to retained earnings was not deemed necessary. The standard requires a change in the measurement approach for credit losses on financial assets measured on an amortized cost basis from an incurred loss method to an expected loss method, thereby eliminating the requirement that a credit loss be considered probable to impact the valuation of a financial asset measured on an amortized cost basis. The standard requires the measurement of expected credit losses to be based on relevant information about past events, including historical experience, current conditions, and a reasonable and supportable forecast that affects the collectability of the related financial asset. It also modifies the impairment model for available-for-sale debt securities and provides a simplified accounting model for purchased financial assets with credit deterioration since their origination. The adoption of this standard did not have a material impact on the Company's consolidated balance sheet, consolidated income statement, or consolidated statement of cash flows. |
Goodwill and Other Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The carrying value of Goodwill as of June 30, 2020 and December 31, 2019 was $309.0 million and $307.4 million, respectively.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets | The patents and intangible assets and related change in carrying values are set forth in the tables below: As of June 30, 2020:
As of December 31, 2019:
|
Investments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities Stated at Fair Value | Assets or liabilities that have recurring fair value measurements are shown below as of June 30, 2020 and December 31, 2019: As of June 30, 2020:
As of December 31, 2019:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amortized Cost, Unrealized Gains And Losses, And Market Value of Investment Securities | The amortized cost, unrealized gains and losses, and market value of investment securities are shown as of June 30, 2020 and December 31, 2019: As of June 30, 2020:
As of December 31, 2019:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Unrealized Loss on Investments | Unrealized losses on investments as of June 30, 2020, are as follows:
Unrealized losses on investments as of December 31, 2019, are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Classified by Contractual Maturity Date | Fixed income securities as of June 30, 2020 have contractual maturities as follows:
|
Inventories (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories | Inventories consisted of the following at the respective balance sheet dates:
|
Earnings Per Share (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share Basic And Diluted | The following table sets forth the computation of basic and diluted net income (loss) per common share under the two-class method for the three and six months ended June 30, 2020 and June 30, 2019, respectively:
|
Stock-Based Compensation Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-Average Assumptions For The Employee Stock Option Plan | The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions for the indicated periods:
1.Represents the Company’s estimated cash dividend yield over the expected term of option grant. 2.Amount is determined based on analysis of historical price volatility of the Company’s common stock. The expected volatility is based on the daily percentage change in the price of the stock over a period equal to the expected term of the option grant. 3.Represents the U.S. Treasury yield over the expected term of the option grant. 4.Represents the period of time that options granted are expected to be outstanding. Based on analysis of historical option exercise activity, the Company has determined that all employee groups exhibit similar exercise and post-vesting termination behavior.
|
Comprehensive Income (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of AOCI | The following table presents the net changes in the Company's accumulated other comprehensive income (loss) by component (all amounts shown are net of tax):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications out of other comprehensive income | The following table presents details of reclassifications out of accumulated other comprehensive income for the three and six months ended June 30, 2020 and 2019.
|
Segment Reporting (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Automotive and Other Segment Reporting | During the second quarter of 2020, the Company also acquired Vaporsens, which specializes in nanofiber chemical sensing research and development, which was also combined in the "Other" segment, as shown below. Further information in regards to the Vaporsens transaction is included in Note 16 of the financial statements.
|
Revenue (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following table shows the Company’s Automotive revenue and Other Products revenue disaggregated by geographical location for Automotive Products for the three and six month periods ended June 30, 2020 and June 30, 2019:
Revenue by geographic area may fluctuate based on many factors, including: exposure to local economic, political and labor conditions; a pandemic; unexpected changes in laws, regulations, trade or monetary or fiscal policy, including interest rates, foreign currency exchange rates and changes in the rate of inflation in the U.S. and other foreign countries; and tariffs, quotas, customs and other import or export restrictions and other trade barriers. The following table disaggregates the Company’s Automotive revenue and Other revenue by major source for the three and six month periods ended June 30, 2020 and June 30, 2019:
|
Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Future minimum lease payments | Future minimum lease payments for operating leases as of June 30, 2020 were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease liabilities |
|
Acquisition of Vaporsens, Inc (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired, and the liabilities assumed, as of the acquisition date of April 3, 2020. The valuation process is not complete and the final determination of the fair values may result in further adjustments to the values presented below:
|
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Apr. 03, 2020 |
Dec. 31, 2019 |
[1] | Dec. 31, 2013 |
|||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Goodwill | $ 309,033,022 | $ 309,033,022 | $ 307,365,845 | |||||||
Acquisitions | 1,667,177 | |||||||||
Amortization expense | 5,600,000 | $ 11,200,000 | 5,600,000 | $ 11,200,000 | ||||||
Amortization expense, 2020 | 22,000,000 | 22,000,000 | ||||||||
Amortization expense, 2021 | 22,000,000 | 22,000,000 | ||||||||
Amortization expense, 2022 | 21,000,000 | 21,000,000 | ||||||||
Amortization expense, 2023 | 19,000,000 | 19,000,000 | ||||||||
Amortization expense, 2024 | 16,000,000 | $ 16,000,000 | ||||||||
HomeLink® | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Goodwill | $ 307,400,000 | |||||||||
Vaporsens Inc | ||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||
Goodwill | $ 1,667,177 | |||||||||
Acquisitions | $ 1,700,000 | |||||||||
|
Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2020
USD ($)
| ||||
Goodwill [Roll Forward] | ||||
Balance as of December 31, 2019 | $ 307,365,845 | [1] | ||
Acquisitions | 1,667,177 | |||
Divestitures | 0 | |||
Impairments | 0 | |||
Other | 0 | |||
Balance as of June 30, 2020 | $ 309,033,022 | |||
|
Investments (Narrative) (Details) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Investments, Debt and Equity Securities [Abstract] | ||
Technology investments | $ 8,700,000 | $ 9,000,000.0 |
Equity investment losses were considered to be other than temporary | $ 0 |
Investments (Schedule of Assets or Liabilities, Recurring Fair Value Measurements) (Details) - USD ($) |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash & Cash Equivalents | $ 343,811,484 | $ 296,321,622 |
Market Value | 232,479,290 | 271,275,758 |
Investments and Cash | 576,290,774 | 567,597,380 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash & Cash Equivalents | 343,811,484 | 296,321,622 |
Investments and Cash | 351,829,702 | 352,610,965 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash & Cash Equivalents | 0 | 0 |
Investments and Cash | 224,461,072 | 214,986,415 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash & Cash Equivalents | 0 | 0 |
Investments and Cash | 0 | 0 |
Short-Term Investments | Certificate of Deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 1,023,558 | 50,099,795 |
Short-Term Investments | Certificate of Deposit | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 1,023,558 | 50,099,795 |
Short-Term Investments | Certificate of Deposit | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Short-Term Investments | Certificate of Deposit | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Short-Term Investments | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 18,465,053 | 29,219,685 |
Short-Term Investments | Corporate Bonds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Short-Term Investments | Corporate Bonds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 18,465,053 | 29,219,685 |
Short-Term Investments | Corporate Bonds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Short-Term Investments | Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 43,412,712 | 58,432,823 |
Short-Term Investments | Government Securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Short-Term Investments | Government Securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 43,412,712 | 58,432,823 |
Short-Term Investments | Government Securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Short-Term Investments | Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 4,292,331 | |
Short-Term Investments | Municipal Bonds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | |
Short-Term Investments | Municipal Bonds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 4,292,331 | |
Short-Term Investments | Municipal Bonds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | |
Short-Term Investments | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 2,821,510 | 2,631,750 |
Short-Term Investments | Other | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 2,821,510 | 2,631,750 |
Short-Term Investments | Other | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Short-Term Investments | Other | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Long-Term Investments | Certificate of Deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 4,173,150 | 3,557,798 |
Long-Term Investments | Certificate of Deposit | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 4,173,150 | 3,557,798 |
Long-Term Investments | Certificate of Deposit | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | |
Long-Term Investments | Certificate of Deposit | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Long-Term Investments | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 21,101,912 | 22,815,998 |
Long-Term Investments | Corporate Bonds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Long-Term Investments | Corporate Bonds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 21,101,912 | 22,815,998 |
Long-Term Investments | Corporate Bonds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Long-Term Investments | Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 617,226 | 6,088,190 |
Long-Term Investments | Government Securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Long-Term Investments | Government Securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 617,226 | 6,088,190 |
Long-Term Investments | Government Securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Long-Term Investments | Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 94,430,839 | 72,638,690 |
Long-Term Investments | Municipal Bonds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Long-Term Investments | Municipal Bonds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 94,430,839 | 72,638,690 |
Long-Term Investments | Municipal Bonds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Long-Term Investments | Asset Backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 42,140,999 | 25,791,029 |
Long-Term Investments | Asset Backed Securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 0 | 0 |
Long-Term Investments | Asset Backed Securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | 42,140,999 | 25,791,029 |
Long-Term Investments | Asset Backed Securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Market Value | $ 0 | $ 0 |
Investments (Schedule of Amortized Cost, Unrealized Gains and Losses, and Market Value of Investment Securities) (Details) - USD ($) |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Cost | $ 225,290,306 | $ 269,889,067 |
Unrealized Gains | 7,244,469 | 1,974,255 |
Unrealized Losses | (55,485) | (587,564) |
Market Value | 232,479,290 | 271,275,758 |
Short-Term Investments | Certificate of Deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 1,000,000 | 50,099,795 |
Unrealized Gains | 23,558 | 0 |
Unrealized Losses | 0 | 0 |
Market Value | 1,023,558 | 50,099,795 |
Short-Term Investments | Corporate Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 18,328,367 | 29,025,624 |
Unrealized Gains | 138,975 | 194,061 |
Unrealized Losses | (2,289) | 0 |
Market Value | 18,465,053 | 29,219,685 |
Short-Term Investments | Government Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 43,146,665 | 58,343,911 |
Unrealized Gains | 266,047 | 99,917 |
Unrealized Losses | 0 | (11,005) |
Market Value | 43,412,712 | 58,432,823 |
Short-Term Investments | Municipal Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 4,256,184 | |
Unrealized Gains | 36,147 | |
Unrealized Losses | 0 | |
Market Value | 4,292,331 | |
Short-Term Investments | Other | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 2,821,510 | 2,631,750 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Market Value | 2,821,510 | 2,631,750 |
Long-Term Investments | Certificate of Deposit | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 4,006,912 | 3,500,000 |
Unrealized Gains | 166,238 | 58,808 |
Unrealized Losses | 0 | (1,010) |
Market Value | 4,173,150 | 3,557,798 |
Long-Term Investments | Corporate Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 20,230,114 | 22,306,130 |
Unrealized Gains | 871,798 | 509,868 |
Unrealized Losses | 0 | 0 |
Market Value | 21,101,912 | 22,815,998 |
Long-Term Investments | Government Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 614,995 | 6,012,705 |
Unrealized Gains | 2,231 | 75,485 |
Unrealized Losses | 0 | 0 |
Market Value | 617,226 | 6,088,190 |
Long-Term Investments | Municipal Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 89,744,967 | 71,997,996 |
Unrealized Gains | 4,707,257 | 1,036,116 |
Unrealized Losses | (21,385) | (395,422) |
Market Value | 94,430,839 | 72,638,690 |
Long-Term Investments | Asset Backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 41,140,592 | 25,971,156 |
Unrealized Gains | 1,032,218 | 0 |
Unrealized Losses | (31,811) | (180,127) |
Market Value | $ 42,140,999 | $ 25,791,029 |
Investments (Schedule of Unrealized Loss on Investments) (Details) - USD ($) |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Investments [Abstract] | ||
Aggregate Unrealized Losses, Loss duration less than one year | $ 55,485 | $ 587,564 |
Aggregate Fair Value, Loss duration less than one year | 18,860,975 | 90,721,081 |
Aggregate Unrealized Losses, Loss duration greater than one year | 0 | 0 |
Aggregate Fair Value, Loss duration greater than one year | 0 | 0 |
Aggregate Unrealized Losses, Total | 55,485 | 587,564 |
Aggregate Fair Value, Total | $ 18,860,975 | $ 90,721,081 |
Investments (Investments Classified by Contractual Maturity Date) (Details) - Fixed Income Securities |
Jun. 30, 2020
USD ($)
|
---|---|
Debt Securities, Available-for-sale [Line Items] | |
Due within one year | $ 67,193,654 |
Due between one and five years | 46,324,201 |
Due over five years | 116,139,925 |
Total | $ 229,657,780 |
Inventories (Schedule of Inventories) (Details) - USD ($) |
Jun. 30, 2020 |
Dec. 31, 2019 |
|||
---|---|---|---|---|---|
Inventory Disclosure [Abstract] | |||||
Raw materials | $ 179,537,716 | $ 164,974,553 | |||
Work-in-process | 34,708,883 | 33,069,255 | |||
Finished goods | 45,481,590 | 50,898,047 | |||
Total Inventory | $ 259,728,189 | $ 248,941,855 | [1] | ||
|
Earnings Per Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|||
Basic Earnings Per Share | ||||||
NET (LOSS) INCOME | $ (2,374,033) | $ 108,958,625 | $ 87,131,768 | $ 213,239,036 | ||
Less: Dividends and undistributed earnings allocated to participating securities | 439,327 | 1,256,243 | 1,245,275 | 2,348,020 | ||
Net (Loss) Income available to common shareholders | $ (2,813,360) | $ 107,702,382 | $ 85,886,493 | $ 210,891,016 | ||
Basic weighted average shares outstanding (in shares) | 241,684,323 | 255,219,868 | 243,983,276 | 256,350,600 | ||
Net (Loss) Income per share - Basic (in dollars per share) | [1] | $ (0.01) | $ 0.42 | $ 0.35 | $ 0.82 | |
Earnings Per Share, Diluted [Abstract] | ||||||
Allocation of Net (Loss) Income used in basic computation | $ (2,813,360) | $ 107,702,382 | $ 85,886,493 | $ 210,891,016 | ||
Reallocation of undistributed earnings | 0 | 4,848 | 1,697 | 8,842 | ||
Net (Loss) Income available to common shareholders - Diluted | $ (2,813,360) | $ 107,707,230 | $ 85,888,190 | $ 210,899,858 | ||
Number of shares used in basic computation | 241,684,323 | 255,219,868 | 243,983,276 | 256,350,600 | ||
Additional weighted average dilutive common stock equivalents (in shares) | 0 | 1,359,753 | 1,085,380 | 1,344,285 | ||
Diluted weighted average shares outstanding (in shares) | 241,684,323 | 256,579,621 | 245,068,656 | 257,694,885 | ||
Net (Loss) Income per share - Diluted (in dollars per share) | [1] | $ (0.01) | $ 0.42 | $ 0.35 | $ 0.82 | |
Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive (in shares) | 1,636,661 | 1,013,332 | 428,948 | 1,011,948 | ||
|
Stock-Based Compensation Plans (Narrative) (Details) |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Jun. 30, 2020
USD ($)
plan
shares
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2020
USD ($)
plan
shares
|
Jun. 30, 2019
USD ($)
|
Dec. 31, 2019
USD ($)
|
Sep. 30, 2019
shares
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share based compensation expense | $ 15,960,362 | $ 10,139,148 | ||||
Compensation expense for share-based payments | $ 9,641,353 | $ 5,200,045 | 9,986,839 | |||
Employee Severance | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation expense for share-based payments | 4,173,710 | |||||
Omnibus Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized (in shares) | shares | 45,000,000 | |||||
Shares issued under the Omnibus plan | shares | 8,458,942 | |||||
Employee Stock Option Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation cost | 6,882,606 | $ 6,882,606 | ||||
Employee Stock Option Plan | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Option vesting period | 1 year | |||||
Option expiration period | 5 years | |||||
Employee Stock Option Plan | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Option vesting period | 5 years | |||||
Option expiration period | 10 years | |||||
Restricted Stock Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation cost | 43,352,020 | $ 43,352,020 | ||||
Restricted period, maximum | 10 years | |||||
Amortization expense | 7,580,492 | $ 3,274,411 | $ 11,905,749 | $ 6,046,175 | ||
Restricted Stock Plan | Employee Severance | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Amortization expense | $ 4,148,477 | |||||
Employee Stock Purchase Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares approved (in shares) | shares | 2,000,000 | 2,000,000 | ||||
ESPP discount rate | 85.00% | |||||
ESPP discount rate recognized as compensation expense | 15.00% | |||||
Shares granted (in shares) | shares | 1,269,603 | 1,269,603 | ||||
Equity Incentive Plans | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of plans | plan | 2 | 2 | ||||
Performance Shares | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation cost | $ 4,932,401 | $ 4,932,401 | ||||
Amortization expense | $ 563,783 | $ 957,560 | $ 0 |
Stock-Based Compensation Plans (Weighted-Average Assumptions for the ESOP) (Details) - $ / shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Share-based Payment Arrangement [Abstract] | ||||
Dividend yield | 1.99% | 2.03% | 2.01% | 2.03% |
Expected volatility | 27.91% | 23.71% | 27.21% | 23.64% |
Risk-free interest rate | 0.29% | 1.76% | 0.33% | 2.00% |
Expected term of options | 4 years 1 month 28 days | 4 years 2 months 1 day | 4 years 1 month 28 days | 4 years 2 months 4 days |
Weighted average grant-date fair value (in dollars per share) | $ 4.67 | $ 4.23 | $ 4.24 | $ 3.96 |
Comprehensive Income (AOCI Rollforward) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
[1] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Balance at beginning of period | $ 1,834,605,633 | $ 1,857,074,748 | $ 1,938,087,820 | [1] | $ 1,861,751,660 | ||||
Comprehensive Income | 150,417 | 109,733,580 | 91,160,115 | 215,338,595 | |||||
Balance at end of period | 1,822,607,413 | 1,904,334,236 | 1,822,607,413 | 1,904,334,236 | |||||
Accumulated other comprehensive income, end of period | 2,739,244 | 2,739,244 | $ (1,289,103) | ||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Balance at beginning of period | 214,794 | (275,734) | (1,289,103) | (1,600,338) | |||||
Balance at end of period | 2,739,244 | 499,221 | 2,739,244 | 499,221 | |||||
Accumulated other comprehensive income, end of period | 2,739,244 | 499,221 | 2,739,244 | 499,221 | |||||
Foreign currency translation adjustments | |||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Balance at beginning of period | (3,076,679) | (1,375,888) | (2,384,589) | (1,674,887) | |||||
Other Comprehensive (loss) income before reclassifications | 136,627 | (475,686) | (555,463) | (176,687) | |||||
Comprehensive Income | 136,627 | (475,686) | (555,463) | (176,687) | |||||
Balance at end of period | (2,940,052) | (1,851,574) | (2,940,052) | (1,851,574) | |||||
Unrealized gains (losses) on available-for-sale debt securities | |||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Balance at beginning of period | 3,291,473 | 1,100,154 | 1,095,486 | 74,549 | |||||
Other Comprehensive (loss) income before reclassifications | 3,109,755 | 1,353,661 | 5,334,951 | 2,449,241 | |||||
Comprehensive Income | 2,387,823 | 1,250,641 | 4,583,810 | 2,276,246 | |||||
Amounts reclassified from accumulated other comprehensive income | (721,932) | (103,020) | (751,141) | (172,995) | |||||
Balance at end of period | $ 5,679,296 | $ 2,350,795 | $ 5,679,296 | $ 2,350,795 | |||||
|
Comprehensive Income (Reclassification Out of Accumulated Other Comprehensive Income) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||||
Provision for income taxes | $ 1,497,994 | $ (21,323,919) | $ (16,270,854) | $ (41,952,050) |
Amounts Reclassified from Other Comprehensive Income | Unrealized gains (losses) on available-for-sale debt securities | ||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||||
Realized gain on sale of securities | 913,838 | 130,405 | 950,812 | 218,981 |
Provision for income taxes | (191,906) | (27,385) | (199,671) | (45,986) |
Total net reclassifications for the period | $ 721,932 | $ 103,020 | $ 751,141 | $ 172,995 |
Debt and Financing Arrangements (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2020 |
Oct. 15, 2018 |
|
Debt Instrument [Line Items] | |||
interest rate | 1.06% | ||
Interest expense | $ 300,000 | $ 400,000 | |
Increase in borrowing rate | 1.00% | ||
Interest expense annual increase | $ 800,000 | ||
Revolving Facility | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 150,000,000 | ||
Long-term debt | $ 75,000,000 | $ 75,000,000 | |
Credit Agreement | |||
Debt Instrument [Line Items] | |||
Additional borrowings available | 100,000,000 | ||
Swing Loans | |||
Debt Instrument [Line Items] | |||
Additional borrowings available | 20,000,000 | ||
Letter of Credit | |||
Debt Instrument [Line Items] | |||
Additional borrowings available | $ 20,000,000 |
Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Equity [Abstract] | |||||
Stock repurchased (in shares) | 7.0 | ||||
Common stock issued under stock compensation plan (in shares) | 1.4 | ||||
Issuance of common stock related to acquisitions (in shares) | 0.1 | ||||
Net decrease in period (in shares) | 5.5 | ||||
Increase in quarterly dividend rate (in dollars per share) | $ 0.005 | ||||
Dividends declared (in dollars per share) | $ 0.120 | $ 0.115 | $ 0.240 | $ 0.23 | |
Dividends declared | $ 29.5 |
Segment Reporting (Schedule of Automotive and Other Segment Reporting) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Segment Reporting Information [Line Items] | ||||
Revenue | $ 229,925,556 | $ 468,711,354 | $ 683,687,281 | $ 937,300,351 |
Income from operations | (6,738,256) | 127,904,966 | 98,288,910 | 249,501,298 |
Automotive Products | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 222,067,846 | 456,625,064 | 661,923,434 | 912,423,707 |
Income from operations | (6,054,235) | 124,295,223 | 94,721,308 | 241,247,925 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 7,857,710 | 12,086,290 | 21,763,847 | 24,876,644 |
Income from operations | $ (684,021) | $ 3,609,743 | $ 3,567,602 | $ 8,253,373 |
Income Taxes (Details) |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 15.70% | 16.40% |
Revenue (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 229,925,556 | $ 468,711,354 | $ 683,687,281 | $ 937,300,351 |
Automotive Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 222,067,846 | 456,625,064 | 661,923,434 | 912,423,707 |
Other Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 7,857,710 | 12,086,290 | 21,763,848 | 24,876,644 |
Automotive Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 222,067,846 | 456,625,064 | 661,923,434 | 912,423,707 |
Automotive Mirrors & Electronics | Automotive Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 210,600,540 | 413,429,267 | 611,685,854 | 822,400,934 |
HomeLink Modules | Automotive Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 11,467,306 | 43,195,797 | 50,237,580 | 90,022,773 |
Fire Protection Products | Other Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4,837,540 | 6,359,266 | 11,006,291 | 12,211,499 |
Windows Products | Other Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 3,020,170 | 5,727,024 | 10,757,557 | 12,665,145 |
U.S. | Automotive Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 55,849,461 | 144,547,946 | 191,431,379 | 285,931,010 |
U.S. | Other Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 7,857,710 | 12,086,290 | 21,763,847 | 24,876,644 |
Germany | Automotive Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 23,866,009 | 73,151,692 | 96,651,733 | 151,601,619 |
Japan | Automotive Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 37,333,947 | 55,722,292 | 88,470,880 | 112,055,986 |
Mexico | Automotive Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 13,589,601 | 42,178,705 | 59,540,082 | 86,589,093 |
Other | Automotive Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 91,428,828 | $ 141,024,429 | $ 225,829,360 | $ 276,245,999 |
Leases (Details) |
Jun. 30, 2020
USD ($)
|
---|---|
Lessee, Lease, Description [Line Items] | |
Weighted average remaining lease term | 2 years |
Weighted average discount rate | 1.40% |
2020 (excluding the six months ended June 30, 2020) | $ 616,477 |
2021 | 931,848 |
2022 | 617,178 |
2023 | 209,525 |
2024 | 12,555 |
Thereafter | 2,697 |
Total future minimum lease payments | 2,390,280 |
Less imputed interest | (25,703) |
Total | 2,364,577 |
Accrued Liabilities | 1,105,254 |
Other Non-Current Liabilities | $ 1,259,323 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease terms | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease terms | 5 years |
Acquisition of Vaporsens, Inc (Details) - USD ($) $ in Thousands |
Apr. 03, 2020 |
Jun. 30, 2020 |
---|---|---|
Selling, General and Administrative Expenses | ||
Business Acquisition [Line Items] | ||
Acquisition-related costs | $ 550 | |
Vaporsens Inc | ||
Business Acquisition [Line Items] | ||
Initial investment in Vaporsens | $ 3,000 | |
Vaporsens Inc | ||
Business Acquisition [Line Items] | ||
Purchase price of acquisition | 10,600 | |
Cash paid to acquire business | $ 7,100 | |
Ownership percentage of business acquisition | 100.00% | |
Vaporsens Inc | Common Stock | Restricted Stock | ||
Business Acquisition [Line Items] | ||
Equity interest investment | $ 3,500 |
Acquisition of Vaporsens, Inc - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) |
Jun. 30, 2020 |
Apr. 03, 2020 |
Dec. 31, 2019 |
[1] | ||
---|---|---|---|---|---|---|
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Goodwill | $ 309,033,022 | $ 307,365,845 | ||||
Vaporsens Inc | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Current Assets | $ 435,722 | |||||
Personal Property | 562,840 | |||||
Goodwill | 1,667,177 | |||||
Total assets acquired | 13,911,074 | |||||
Current liabilities | 255,522 | |||||
Deferred Tax Liability | 36,552 | |||||
Total Liabilities assumed | 292,074 | |||||
Net Assets Acquired | 13,619,000 | |||||
Technology Licenses | Vaporsens Inc | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Finite lived intangible assets | 245,335 | |||||
In-Process R&D | Vaporsens Inc | ||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||
Finite lived intangible assets | $ 11,000,000 | |||||
|
=SY'ZNM*[>>70AR((CTWY3KF0;NER\G$X$:"]J"A('%$Y(#$1S:(9O(S>48G8L*W8JC8C.'2BZF=R##(Y?
M20!=C.(/-Y.H2P_3G>2AW9+G5E;I%)VD.4J*+),EG#2@3E4+62K7Q<3M=]S]
M3OYPS4]K%>S/#S['1K$>.F#XW#/68.1$,6/V1D[4WG9WR-=.'-%N<31,L[6^
MTOD7C'4[/,;8QBK\'F,VS,68"V4SYD(=96PGH2CM/KS+:H&&Z7.:J#RIT%!-
M@31@4+,6:]9^G,M!VY4X&**YH0W=*&*N;R>,FJ6M11WF$3URIJ=:!QZV[/01
M[=9'[D2X_8[5"3E%D2QS.*Y4J%7N#UMF%[)"3TKE<*#[
'L0?%
M4F)167(E.6G__:YDQTN*$\KV$DE7]YS[H9OC=*OTDRD8L^BE%-*,@L+:Z@9C
MDQ>L)&:@*B;A9J5T22P<]1J;2C-"/:@4. K#2UP2+H,L];:YSE)56\$EFVMD
MZK(D^G7,A-J.@F&P,SSP=6&= 6=I1=9LP>QC-==PPAT+Y263ABN)-%N-@MOA
MS2QQ_M[A!V=;L[='KI*E4D_N<$='0>@28H+EUC$06#9LPH1P1)#&<\L9="$=
M<'^_8__J:X=:EL2PB1(_.;7%*/@2(,I6I!;V06V_L;:>"\>7*V'\+]JVOF&
M\MI85;9@R*#DLEG)2]N'/0#P] .B%A"]!21' '$+B-\;(6D!R7LC7+0 7SIN
M:O>-FQ)+LE2K+=+.&]C_)GC7>F!-V ]:7W:3M0!^/+]?PO4$L#!!0 ( %%9!U$>
M)+-N(@< $@2 9 >&PO=V]R:W-H965TQ[58CB6'X""P
%(4_P$MV$HVS 1KG!\5%8Z1:>Q46HD#XTD M@@?%Q+VGAAPJQM9G7FN#
M.-HQ^R@$^T4[P:(90_-DE0:;I&K[J#^N/,(@PD S9;GO5FV
)4B^L0,M.JGR+<7?G^:SE0ZW
M78/#7&TFUCB']I_#4NOA%.=^0IK/H>F#POD$F\X(WWHZ>#\)=$6?>C\:J7XQ
M$O59H,\M7QDICZ@,^C[]D85L/70C<*J2,U4Q"O&7I"R -_(T9B>A%V;YJ5L=
MCU;%8)EX"?P2)L# ,IVKCC-5,4Z\ >!"#_NFK$X/BR*#^-J>O.U13$P%3#.
M0S()XCH,,G8"M^%L3C([1">G(S)CLK(;G*B" CJ911PE;
M]Q0LX,.@_TBR-47PC#UHGZ$O4T9?H)'UY!,F?K0H7U)O2IO*_<3QWM38460667[B)
MW\#N-;D!*7A7XQPU=>,VAS>5 0H&N= 0[3EITS#M^;A01'8&3IV!J][ N3/0
MLI9B8Z =EZV!SUL#\]Y W1]MSX=^E EY$;,AW(2M#=ENM+ZS*KRR+9\Q^V?1
MT/9^O]KTC&" 00"?W%".)"7)1$Y$U2DV;G/!(XR ![&- 8&10R\A\D0$QA@
M %%,.4A/@!]_34<$]@G ?@WIWWPO >"NVT>9L"%!#1,\)6