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Goodwill and Other Intangible Assets
 9 Months Ended
Sep. 30, 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; $3.7 million as part of the acquisition of Vaporsens, Inc. ("Vaporsens") in the second quarter of 2020; and $0.9 million as a part of the acquisition of Argil, Inc. ("Argil") in the fourth quarter of 2020. During the third quarter of 2021, the Company made adjustments as part of the open measurement periods for Argil and for Air-Craftglass Production BV ("Air-Craftglass"), which was acquired in the third quarter of 2020. The Company reduced Goodwill recorded for Argil by $0.1 million and recorded an additional $0.2 million for Air-Craftglass during the third quarter of 2021. The Company also recorded $2.8 million in Goodwill as part of the acquisition of Guardian Optical Technologies ("Guardian") in the first quarter of 2021. See Note 15 for more information on these transactions. The carrying value of Goodwill as of both September 30, 2021 and December 31, 2020 was $314.8 million and $311.9 million, respectively, as set forth in the table below:

Carrying Amount
Balance as of December 31, 2020$311,922,787 
Acquisitions2,848,364 
Divestitures— 
Impairments— 
Other (Net Measurement Period Adjustments)34,503 
Balance as of September 30, 2021$314,805,654 

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, the recent microchip shortage, supply chain constraints, and labor shortages were 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 ("I P R & D") as part of the acquisition of: Vaporsens; Air-Craftglass; and Argil, each of which has been previously disclosed. The Company also acquired I P R & D as part of the acquisition of 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 September 30, 2021:
Other Intangible AssetsGrossAccumulated AmortizationNetAssumed Useful Life
Gentex Patents$39,124,090 $(25,858,926)$13,265,164 Various
Vaporsens Technology Licenses346,654 (62,740)283,914 Various
Other Intangible Assets
HomeLink® Trade Names and Trademarks
$52,000,000 $— $52,000,000 Indefinite
HomeLink® Technology
180,000,000 (120,000,000)60,000,000 12 years
Existing Customer Platforms43,000,000 (34,400,000)8,600,000 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&D800,000 — 800,000 Indefinite
Guardian In-Process R&D8,485,407 — 8,485,407 Indefinite
Total Other Intangible Assets$397,563,539 $(154,400,000)$243,163,539 
Total Patents & Other Intangible Assets$437,034,283 $(180,321,666)$256,712,617 

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 Licenses300,985 (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$428,599,404 $(164,492,709)$264,106,695 

Amortization expense on patents and intangible assets was approximately $5.5 million and $16.7 million during the three and nine months ended September 30, 2021, respectively, compared to approximately $5.6 million and $16.8 million for the same periods ended September 30, 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 $20 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.