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SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
ASC 280, Segment Reporting, requires that a public enterprise report financial and descriptive information about its reportable operating segments subject to certain aggregation criteria and quantitative thresholds. Operating segments are defined by ASC 280 as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-maker ("CODM") in deciding how to allocate resources and in assessing performance. The Company's CODM is its Chief Executive Officer. The Company discloses segment information under two reportable segments, which are Automotive Products and Other.

Automotive Products: Automotive applications are the largest business segment for the Company, consisting of interior and exterior electrochromic automatic-dimming rearview mirrors and automotive electronics. Automotive rearview mirrors and electronics accounted for approximately 98% of the Company’s consolidated net sales in 2024.

Other: The Other reportable segment includes the operating segments of Fire Protection, Dimmable Aircraft Windows, Nanofiber, Medical, and Biometrics. These operating segments accounted for approximately 2% of the Company's consolidated net sales in 2024.

The table below presents net sales and the significant expense categories that are included in reportable segment operating profit and regularly provided to our CODM:
202420232022
Net Sales:
Automotive Products$2,264,724,564$2,254,660,291$1,874,742,458
Other48,589,76944,554,75344,215,585
Total$2,313,314,333$2,299,215,044$1,918,958,043
Cost of Goods Sold:
Automotive Products$1,507,698,600$1,506,237,606$1,275,111,908
Other34,525,54330,347,43034,031,950
Total$1,542,224,143$1,536,585,036$1,309,143,858
Operating Expenses:
Automotive Products$280,803,585$252,771,985$227,139,802
Other30,560,03214,126,97012,668,257
Total$311,363,617$266,898,955$239,808,059
Income (Loss) from Operations:
Automotive Products$476,222,379$495,650,700$372,490,748
Other(16,495,806)80,353(2,484,622)
Total$459,726,573$495,731,053$370,006,126
Assets:
Automotive Products$1,819,179,258$1,782,342,705$1,670,634,277
Other90,067,30385,610,25043,025,905
Corporate851,574,414743,484,597613,569,742
Total$2,760,820,975$2,611,437,552$2,327,229,924
Depreciation & Amortization:
Automotive Products$87,207,822$87,123,055$90,030,087
Other2,724,9781,231,0611,056,510
Corporate4,781,8624,967,0765,481,846
Total$94,714,662$93,321,192$96,568,443
Capital Expenditures:
Automotive Products$127,601,204$163,070,404$141,166,506
Other2,691,3033,827,8802,356,910
Corporate14,376,49516,780,1762,909,707
Total$144,669,002$183,678,460$146,433,123
Other includes Dimmable Aircraft Windows, Fire Protection Products, Nanofiber, Medical, and Biometrics. Major product line revenues included within the Automotive Products segment are as follows:
202420232022
Automotive Products
Automotive Mirrors$2,145,847,699 $2,128,473,563 $1,742,196,401 
HomeLink® Modules*
118,876,865 126,186,728 132,546,057 
Total Automotive Products$2,264,724,564 $2,254,660,291 $1,874,742,458 
Other Products Revenue$48,589,769 $44,554,753 $44,215,585 
Total Revenue$2,313,314,333 $2,299,215,044 $1,918,958,043 
*Excludes HomeLink® revenue integrated into automotive mirrors.
Corporate assets are principally cash and cash equivalents, investments, deferred income taxes and corporate fixed assets. Depreciation & Amortization on corporate fixed assets are allocated as appropriate to the Automotive and Other segments when reviewing operating results. Substantially all long-lived assets are located in the U.S.
Automotive Products revenues in the “Other countries” category are sales to customer automotive manufacturing plants in Korea, Canada, Hungary, China, and the United Kingdom, as well as other foreign automotive customers. Most of the Company’s non-U.S. sales are invoiced and paid in U.S. dollars. During the years ended December 31, 2024, 2023 and 2022, approximately 7%, 8% and 7% of the Company’s net sales were invoiced and paid in foreign currencies, respectively.
In 2024, the Company had three automotive customers (including direct sales to original equipment manufacturer ("OEM") customers and sales through their Tier 1 suppliers), which individually accounted for 10% or more of net sales as follows:
Toyota Motor CompanyVolkswagen GroupGeneral Motors
202419%13%11%
202318%14%10%
202216%13%10%
.