GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2024

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 in 2020, which was determined to be fully impaired as part of the annual impairment analysis performed in 2024 (refer to Note 1, "Summary of Significant Accounting and Reporting Policies"; $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; $26.7 million as part of the acquisition of eSight in 2023; and $4.2 million as part of the acquisition of Galvaneyes, LLC ("Galvaneyes") in the fourth quarter of 2024. Refer to Note 12, "Acquisitions", for further information on the eSight and Galvaneyes acquisitions. The carrying value of Goodwill as of December 31, 2024 and December 31, 2023 was $340.7 million and $340.1 million, respectively, as set forth in the table below.


	Carrying Amount
Balance as of December 31, 2023	$	340,105,631
Acquisitions	4,228,000
Divestitures	—
Impairments	(3,664,704)
Other	—
Balance as of December 31, 2024	340,668,927

As of December 31, 2024, $31.2 million of goodwill was recorded within the Other segment as a result of the Air-Craftglass, eSight, and Galvaneyes 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 that additional impairment testing was needed for the Nanofiber reporting unit, which is included within the Other segment, as a result of the timing to commercialization and costs to develop exceeding the original estimates at the acquisition date. As a result of this testing, the Company recognized $3.7 million goodwill impairment and $5.2 million of IPR&D impairment during the year ended December 31, 2024, related to the acquisition of Vaporsens. No impairment has been recognized on goodwill or IPR&D in 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. Other than as set forth above, no such events or circumstances that might negatively impact the key assumptions were observed in 2024 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, 2024 and December 31, 2023.

As of December 31, 2024:


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		(168,750,000)		11,250,000		12 years
Existing Customer Platforms	43,000,000		(43,000,000)		—		10 years
Exclusive Licensing Agreement	96,000,000		—		96,000,000		Indefinite
BioCenturion Trade Names and Trademarks	640,000		—		640,000		10 years
BioCenturion Technology	2,300,000		—		2,300,000		12 years
eSight Technology	12,000,000		(1,166,667)		10,833,333		12 years
eSight Trade Names and Trademarks	870,000		(84,583)		785,417		12 years
Vaporsens In-Process R&D	5,800,000		—		5,800,000		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		(54,167)		1,245,833		12 years
Guardian In-Process R&D	6,800,000		(283,333)		6,516,667		12 years
Total other identifiable intangible assets	$	408,495,910	$	(213,338,750)	$	195,157,160

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

Accumulated amortization on patents and intangible assets was approximately $241.4 million and $224.7 million at December 31, 2024 and 2023, respectively. Amortization expense on patents and other intangible assets was approximately $17.9 million, $19.7 million, and $21.7 million in calendar years 2024, 2023 and 2022, respectively. At December 31, 2024, patents had a weighted average amortized life of 9 years.

Excluding the impact of any future acquisitions, the Company anticipates amortization expense including patents and other intangible assets to be approximately: $14 million for the year ended December 31, 2025; and $3 million for each of the years ended December 31, 2026, December 31, 2027, December 31, 2028, and December 31, 2029.