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Goodwill and Other Intangible Assets
 3 Months Ended
Mar. 31, 2025
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 2020; $0.2 million as part of the acquisition of Air-Craftglass Production BV ("Air-Craftglass") in 2020; $1.0 million as a 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 Corporation ("eSight") in the fourth quarter of 2023; and $4.2 million as part of the acquisition of GalvanEyes LLC in the fourth quarter of 2024 (see Note 16). The carrying value of Goodwill as of both March 31, 2025 and December 31, 2024 was $340.7 million as set forth in the table below:

Carrying Amount
Beginning balance as of January 1, 2025$340,668,927 
Acquisitions— 
Divestitures— 
Impairments— 
Other— 
Balance as of March 31, 2025$340,668,927 
Gross carrying value at March 31, 2025$344,333,631 
Accumulated impairment charges(3,664,704)
Net carrying value at March 31, 2025$340,668,927 

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. No such events or circumstances that might negatively impact the key assumptions were observed in the first quarter of 2025 and, as such, nothing indicated the need for interim impairment testing.

The Company also acquired In-Process Research & Development ("In-Process R & D") as part of the acquisitions of Vaporsens; Air-Craftglass; Argil; and Guardian, each of which has been previously disclosed.

The patents and intangible assets and related change in carrying values are set forth in the tables below.
As of March 31, 2025:
Other Intangible AssetsGrossAccumulated AmortizationNetAssumed Useful Life
Gentex Patents$39,503,234 $(28,395,328)$11,107,906 Various
Other Intangible Assets
HomeLink® Trade Names and Trademarks
$52,000,000 $— $52,000,000 Indefinite
HomeLink® Technology
180,000,000 (172,500,000)7,500,000 12 years
Existing Customer Platforms43,000,000 (43,000,000)— 10 years
Exclusive Licensing Agreement96,000,000 — 96,000,000 Indefinite
BioCenturion LLC ("BioCenturion") Trade Names and Trademarks
640,000 (26,666)613,334 10 years
BioCenturion Technology2,300,000 (79,861)2,220,139 12 years
eSight Technology12,000,000 (1,416,667)10,583,333 12 years
eSight Trade Names and Trademarks870,000 (102,708)767,292 12 years
Vaporsens In-Process R&D5,800,000 — 5,800,000 Indefinite
Argil In-Process R&D6,278,132 — 6,278,132 Indefinite
Air-Craftglass Technology1,507,778 (31,412)1,476,366 12 years
Guardian Trade Names1,300,000 (81,250)1,218,750 12 years
Guardian Technology6,800,000 (425,000)6,375,000 12 years
Total Other Intangible Assets$408,495,910 $(217,663,564)$190,832,346 
Total Patents & Other Intangible Assets$447,999,144 $(246,058,892)$201,940,252 
As of December 31, 2024:
Other Intangible Assets
Gross
Accumulated Amortization
Net
Assumed Useful Life
Gentex Patents
$39,266,409 $(28,137,761)$11,128,648 Various
Other Intangible Assets
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 Platforms43,000,000 (43,000,000)— 10 years
Exclusive Licensing Agreement
96,000,000 — 96,000,000 Indefinite
BioCenturion Trade Names and Trademarks640,000 — 640,000 10 years
BioCenturion Technology2,300,000 — 2,300,000 12 years
eSight Technology12,000,000 (1,166,667)10,833,333 12 years
eSight Trade Names and Trademarks870,000 (84,583)785,417 12 years
Vaporsens In-Process R&D5,800,000 — 5,800,000 Indefinite
Argil In-Process R&D6,278,132 — 6,278,132 Indefinite
Air-Craftglass In-Process R&D1,507,778 — 1,507,778 Indefinite
Guardian Trade Names1,300,000 (54,167)1,245,833 12 years
Guardian In-Process R&D6,800,000 (283,333)6,516,667 12 years
Total Other Intangible Assets$408,495,910 $(213,338,750)$195,157,160 
Total Patents & Other Intangible Assets$447,762,319 $(241,476,511)$206,285,808 

Amortization expense on patents and intangible assets was approximately $4.6 million during the three months ended March 31, 2025, compared to approximately $4.5 million for the three months ended March 31, 2024.

Excluding the impact of any future acquisitions, the Company estimates amortization expense for the year ending December 31, 2025 to be approximately $14.5 million, and for each of the years ending December 31, 2026, December 31, 2027, December 31, 2028, and December 31, 2029 to be approximately $3 million.