Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

The Company recorded Goodwill of $307.4 million related to the HomeLink® acquisition, which occurred in September 2013. The Company also recorded an additional $3.7 million in Goodwill as part of the acquisition of Vaporsens, Inc. ("Vaporsens") in the second quarter of 2020, and an additional $0.9 million in Goodwill as part of the acquisition of Argil, Inc. ("Argil") during the fourth quarter of 2020. Refer to Note 12, "Acquisitions", for further information on these acquisitions. The carrying value of Goodwill as of December 31, 2020 and December 31, 2019 was $311.9 million and $307.4 million, respectively, as set forth in the table below.


	Carrying Amount
Balance as of December 31, 2019	$	307,365,845
Acquisitions	4,556,942
Divestitures	—
Impairments	—
Other	—
Balance as of December 31, 2020	$	311,922,787

The Company reviews goodwill for impairment during the fourth quarter on an annual basis or more frequently if events or changes in circumstances indicate that goodwill might be impaired. The Company has not recognized any impairment of goodwill in the current or prior periods. The Company continuously monitors for events and circumstances that could negatively impact the key assumptions in determining fair value thus resulting in the need for interim testing, including long-term revenue growth projections, profitability, discount rates, recent market valuations from transactions by comparable companies, volatility in the Company's market capitalization, and general industry, market and macro-economic conditions. No such events or circumstances, including the COVID-19 pandemic, that might negatively impact the key assumptions were observed in 2020 and, as such, nothing indicated the need for interim impairment testing.

The Intangible Assets and related change in carrying values are set forth in the table below as of December 31, 2020 and December 31, 2019.

As of December 31, 2020:


Other Intangible Assets	Gross		Accumulated Amortization		Net		Assumed Useful Life
HomeLink® Trade Names and Trademarks	$	52,000,000	$	—	$	52,000,000	Indefinite
HomeLink® Technology	180,000,000		(108,750,000)		$	71,250,000	12 years
Existing Customer Platforms	43,000,000		(31,175,000)		$	11,825,000	10 years
Exclusive Licensing Agreement	96,000,000		—		$	96,000,000	Indefinite
Vaporsens In-Process R&D	11,000,000		—		$	11,000,000	Indefinite
Argil In-Process R&D	6,278,132		—		$	6,278,132	Indefinite
Air-Craftglass In-Process R&D	1,394,995		—		$	1,394,995	Indefinite
Total other identifiable intangible assets	$	389,673,127	$	(139,925,000)	$	249,748,127

As of December 31, 2019:


Other Intangible Assets	Gross		Accumulated Amortization		Net		Assumed Useful Life
HomeLink® Trade Names and Trademarks	$	52,000,000	$	—	$	52,000,000	Indefinite
HomeLink® Technology	180,000,000		(93,750,000)		$	86,250,000	12 years
Existing Customer Platforms	43,000,000		(26,875,000)		$	16,125,000	10 years
Exclusive Licensing Agreement	96,000,000		—		$	96,000,000	Indefinite
Total other identifiable intangible assets	371,000,000		(120,625,000)		250,375,000

Accumulated amortization on patents and intangible assets was approximately $164.5 million and $143.1 million at December 31, 2020 and 2019, respectively. Amortization expense on patents and other intangible assets was approximately $22.4 million, $22.4 million, and $22.5 million in calendar years 2020, 2019 and 2018, respectively. At December 31, 2020, patents had a weighted average amortized life of 10 years.

Excluding the impact of any future acquisitions, the Company anticipates amortization expense including patents and other intangible assets for each of the years ended December 31, 2021 and 2022 to be approximately $22 million annually, approximately $19 million for the year ended December 31, 2023, approximately $16 million for the year ended December 31, 2024, and approximately $12 million for the year ended December 31, 2025.