GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

The Company recorded Goodwill of: $307.4 million related to the HomeLink® acquisition in 2013; $3.7 million as part of the acquisition of Vaporsens, Inc. ("Vaporsens") in 2020; $0.2 million as part of the acquisition of Air-Craftglass Production BV ("Air-Craftglass") in 2020; $1.0 million as part of the acquisition of Argil, Inc. ("Argil") in 2020; $2.0 million as part of the acquisition of Guardian Optical Technologies ("Guardian") in 2021; and $26.7 million as part of the acquisition of eSight in the fourth quarter of 2023. Refer to Note 12, "Acquisitions", for further information on the eSight acquisition. The carrying value of Goodwill as of December 31, 2023 and December 31, 2022 was $340.1 million and $313.8 million, respectively, as set forth in the table below.


	Carrying Amount
Balance as of December 31, 2022	$	313,807,494
Acquisitions	26,696,012
Divestitures	—
Impairments	—
Other	(397,875)
Balance as of December 31, 2023	340,105,631

As of December 31, 2023, $30.6 million of goodwill was recorded within the Other segment as a result of the Vaporsens, Air-Craftglass, and the eSight acquisitions, and $309.5 million of goodwill was recorded within the Automotive segment.

The Company reviews goodwill and IPR&D 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 performed a qualitative assessment (step 0) to determine whether it is more likely than not that a reporting unit or intangible asset's fair value is less than its carrying amount. Based on this test, the Company determined they were not and that no additional impairment testing was needed. The Company has not recognized any impairment of goodwill or IPR&D 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 certain general industry, market and macro-economic conditions. No such events or circumstances that might negatively impact the key assumptions were observed in 2023 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, 2023 and December 31, 2022.

As of December 31, 2023:


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		(153,750,000)		26,250,000		12 years
Existing Customer Platforms	43,000,000		(43,000,000)		—		10 years
Exclusive Licensing Agreement	96,000,000		—		96,000,000		Indefinite
eSight Technology	12,000,000		—		12,000,000		12 years
eSight Trade Names and Trademarks	870,000		—		870,000		12 years
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	1,507,778		—		1,507,778		Indefinite
Guardian Trade Names	1,300,000		—		1,300,000		Indefinite
Guardian In-Process R&D	6,800,000		—		6,800,000		Indefinite
Total other identifiable intangible assets	$	410,755,910	$	(196,750,000)	$	214,005,910

As of December 31, 2022:


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		(138,750,000)		41,250,000		12 years
Existing Customer Platforms	43,000,000		(39,775,000)		3,225,000		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	1,507,778		—		1,507,778		Indefinite
Guardian Trade Names	1,300,000		—		1,300,000		Indefinite
Guardian In-Process R&D	6,800,000		—		6,800,000		Indefinite
Total other identifiable intangible assets	$	397,885,910	$	(178,525,000)	$	219,360,910

Accumulated amortization on patents and intangible assets was approximately $224.7 million and $206.3 million at December 31, 2023 and 2022, respectively. Amortization expense on patents and other intangible assets was approximately $19.7 million, $21.7 million, and $22.2 million in calendar years 2023, 2022 and 2021, respectively. At December 31, 2023, patents had a weighted average amortized life of 11 years.

Excluding the impact of any future acquisitions, the Company anticipates amortization expense including patents and other intangible assets to be approximately: $17 million for the year ended December 31, 2024; $14 million for the year ended December 31, 2025; $3 million for each of the years ended December 31, 2026, December 2027, and December 31, 2028.