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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.


Carrying Amount
Balance as of December 31, 2019$307,365,845  
Acquisitions1,667,177  
Divestitures—  
Impairments—  
Other —  
Balance as of June 30, 2020$309,033,022  
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:
Other Intangible AssetsGrossAccumulated AmortizationNetAssumed Useful Life
Gentex Patents$37,859,912  $(23,591,325) $14,268,587  Various
Vaporsens Technology License279,113  (31,357) 247,756  Various
Other Intangible Assets
HomeLink® Trade Names and Trademarks
$52,000,000  $—  $52,000,000  Indefinite
HomeLink® Technology
180,000,000  (101,250,000) 78,750,000  12 years
Existing Customer Platforms43,000,000  (29,025,000) 13,975,000  10 years
Exclusive Licensing Agreement96,000,000  —  96,000,000  Indefinite
Vaporsens In-Process R&D11,000,000  —  11,000,000  Indefinite
Total Other Intangible Assets$382,000,000  $(130,275,000) $251,725,000  
Total Patents & Other Intangible Assets$420,139,025  $(153,897,682) $266,241,343  

As of December 31, 2019:

Other Intangible Assets
Gross
Accumulated Amortization
Net
Assumed Useful Life
Gentex Patents
$37,328,963  $(22,491,010) $14,837,953  Various
Other Intangible Assets
HomeLink® Trade Names and Trademarks
$52,000,000  $—  $52,000,000  Indefinite
HomeLink® Technology
180,000,000  (93,750,000) 86,250,000  12 years
Existing Customer Platforms43,000,000  (26,875,000) 16,125,000  10 years
Exclusive Licensing Agreement
96,000,000  —  96,000,000  Indefinite
Total Other Intangible Assets$371,000,000  $(120,625,000) $250,375,000  
Total Patents & Other Intangible Assets$408,328,963  $(143,116,010) $265,212,953  

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.