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Goodwill and Other Intangible Assets
 3 Months Ended
Mar. 31, 2021
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 $3.7 million in Goodwill as part of the acquisition of Vaporsens that occurred in the second quarter of 2020 and an additional $0.9 million in Goodwill as a part of the acquisition of Argil, Inc. ("Argil") during the fourth quarter of 2020. The Company also recorded an additional $2.8 million in Goodwill as a part of the acquisition of Guardian that occurred in the first quarter of 2021. The carrying value of Goodwill as of March 31, 2021 and December 31, 2020 was $314.7 million and $311.9 million, respectively.


Carrying Amount
Balance as of December 31, 2020$311,922,787 
Acquisitions2,758,721 
Divestitures— 
Impairments— 
Other — 
Balance as of March 31, 2021$314,681,508 


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 again considered in the most recently completed quarter, but did not indicate the need for interim impairment testing.

The Company also acquired In-Process Research & Development as part of the acquisition of Vaporsens that occurred in the second quarter of 2020, the acquisition of Air-Craftglass Production BV ("Air-Craftglass") in the third quarter of 2020, and the acquisition of Argil in the fourth quarter of 2020, each of which has been previously disclosed. The Company also acquired Guardian in the first quarter of 2021. See Note 15 for more information on the Guardian transaction.

The patents and intangible assets and related change in carrying values are set forth in the tables below:
As of March 31, 2021:
Other Intangible AssetsGrossAccumulated AmortizationNetAssumed Useful Life
Gentex Patents$38,906,267 $(25,116,962)$13,789,305 Various
Vaporsens Technology Licenses$315,425 $(54,062)$261,363 Various
Other Intangible Assets
HomeLink® Trade Names and Trademarks
$52,000,000 $— $52,000,000 Indefinite
HomeLink® Technology
180,000,000 (112,500,000)67,500,000 12 years
Existing Customer Platforms43,000,000 (32,250,000)10,750,000 10 years
Exclusive Licensing Agreement96,000,000 — 96,000,000 Indefinite
Vaporsens In-Process R&D11,000,000 — 11,000,000 Indefinite
Argil In- Process R&D6,278,132 — 6,278,132 Indefinite
Air-Craftglass In-Process R&D1,389,237 — 1,389,237 Indefinite
Guardian In-Process R&D11,994,440 — 11,994,440 Indefinite
Total Other Intangible Assets$401,661,809 $(144,750,000)$256,911,809 
Total Patents & Other Intangible Assets$440,883,501 $(169,921,024)$270,962,477 

As of December 31, 2020:

Other Intangible Assets
Gross
Accumulated Amortization
Net
Assumed Useful Life
Gentex Patents
$38,625,292 $(24,528,853)$14,096,439 Various
Vaporsens Technology Licenses$300,985 $(38,856)$262,129 Various
Other Intangible Assets
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 Platforms43,000,000 (31,175,000)11,825,000 10 years
Exclusive Licensing Agreement
96,000,000 — 96,000,000 Indefinite
    Vaporsens In-Process R&D11,000,000 $— 11,000,000 Indefinite
    Argil In-Process R&D6,278,132 $— 6,278,132 Indefinite
    Air-Craftglass In-Process R&D1,394,995 $— 1,394,995 Indefinite
Total Other Intangible Assets$389,673,127 $(139,925,000)$249,748,127 
Total Patents & Other Intangible Assets$428,298,419 $(164,453,853)$263,844,566 

Amortization expense on patents and intangible assets was approximately $5.6 million during the three months ended March 31, 2021, compared to approximately $5.6 million for the same period ended March 31, 2020, respectively.

Excluding the impact of any future acquisitions, the Company estimates amortization expense for each of the years ending December 31, 2021 and 2022 to be approximately $22 million annually, for the year
ending December 31, 2023 to be approximately $19 million, for the year ending December 31, 2024 to be approximately $16 million, and for the year ending December 31, 2025 to be approximately $12 million.