0000355811-22-000006 | 10-K | XBRL Viewer

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Consolidated Balance Sheets - USD ($)	Dec. 31, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 262,311,670	$ 423,371,036
Short-term investments	5,423,612	27,164,369
Accounts receivable, net	249,794,906	284,925,335
Inventories, net	316,267,442	226,291,843
Prepaid expenses and other	39,178,119	17,577,981
Total current assets	872,975,749	979,330,564
PLANT AND EQUIPMENT:
Land, buildings and improvements	363,646,380	350,574,243
Machinery and equipment	883,240,100	857,583,647
Construction-in-process	77,592,152	49,048,555
Total Plant and Equipment	1,324,478,632	1,257,206,445
Less- Accumulated depreciation	(860,356,956)	(789,071,310)
Net Plant and Equipment	464,121,676	468,135,135
OTHER ASSETS:
Goodwill	313,960,209	311,922,787
Long-term investments	207,693,147	162,028,068
Intangible assets, net	239,189,627	249,748,127
Patents and other assets, net	33,450,758	26,776,489
Total Other Assets	794,293,741	750,475,471
TOTAL ASSETS	2,131,391,166	2,197,941,170
CURRENT LIABILITIES:
Accounts payable	98,342,928	84,784,423
Accrued liabilities:
Salaries, wages and vacation	14,019,643	18,557,799
Income taxes	196,863	3,790,219
Royalties	19,140,907	21,056,412
Dividends payable	28,372,901	29,243,144
Other	21,582,858	20,304,860
Total current liabilities	181,656,100	177,736,857
OTHER NON-CURRENT LIABILITIES	11,746,599	17,300,442
DEFERRED INCOME TAXES	0	38,960,743
TOTAL LIABILITIES	193,402,699	233,998,042
SHAREHOLDERS’ INVESTMENT:
Common stock, par value 0.06 per share; 400,000,000 shares authorized; 236,440,840 and 243,692,869 shares issued and outstanding in 2021 and 2020 respectively.	14,186,450	14,621,572
Additional paid-in capital	879,413,385	852,771,508
Retained earnings	1,042,461,388	1,089,698,996
Accumulated other comprehensive income:
Unrealized gain on investments, net	1,006,655	6,082,007
Cumulative translation adjustment	920,589	769,045
Total shareholders’ investment	1,937,988,467	1,963,943,128
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT	$ 2,131,391,166	$ 2,197,941,170

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.06	$ 0.06
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	236,440,840	243,692,869
Common stock, shares outstanding (in shares)	236,440,840	243,692,869

Consolidated Statements of Income - USD ($)

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Income Statement [Abstract]

NET SALES

$ 1,731,169,929

$ 1,688,189,405

$ 1,858,897,406

COST OF GOODS SOLD

1,111,462,082

1,082,745,885

1,170,589,437

Gross profit

619,707,847

605,443,520

688,307,969

OPERATING EXPENSES:

Engineering, research and development

117,763,676

115,935,047

114,687,309

Selling, general and administrative

92,162,193

89,952,381

85,083,056

Total operating expenses

209,925,869

205,887,428

199,770,365

Income from operations

409,781,978

399,556,092

488,537,604

OTHER INCOME:

Investment income

3,589,798

6,986,303

11,230,696

Other income, net

2,979,960

5,270,534

647,034

Total other income

6,569,758

12,256,837

11,877,730

Income before provision for income taxes

416,351,736

411,812,929

500,415,334

PROVISION FOR INCOME TAXES

55,554,504

64,249,308

75,731,395

NET INCOME

$ 360,797,232

$ 347,563,621

$ 424,683,939

EARNINGS PER SHARE:

Basic (in dollars per share)

^[1]

$ 1.51

$ 1.41

$ 1.67

Diluted (in dollars per share)

^[1]

1.50

1.41

1.66

Cash Dividends Declared per Share (in dollars per share)

$ 0.480

$ 0.460

[1]	(1) Earnings Per Share has been adjusted to exclude the portion of net income allocated to participating securities as a result of share-based payment awards

Consolidated Statements of Comprehensive Income - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 360,797,232	$ 347,563,621	$ 424,683,939
Other comprehensive (loss) income before tax:
Foreign currency translation adjustments	151,544	3,153,634	(709,702)
Unrealized (losses) gains on available-for-sale securities, net	(6,424,496)	6,312,051	1,292,325
Other comprehensive (loss) income, before tax	(6,272,952)	9,465,685	582,623
(Benefit) Expense for income taxes related to components of other comprehensive (loss) income	(1,349,144)	1,325,530	271,388
Other comprehensive (loss) income, net of tax	(4,923,808)	8,140,155	311,235
Comprehensive income	$ 355,873,424	$ 355,703,776	$ 424,995,174

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Consolidated Statements of Shareholders' Investment - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	243,692,869
Beginning balance	$ 1,963,943,128	$ 1,938,087,820	$ 1,861,751,660
Issuance of common stock from stock plan transactions	29,808,787	41,803,640	77,821,151
Issuance of common stock related to acquisitions		3,559,229
Repurchases of common stock	(324,643,135)	(288,480,506)	(331,471,392)
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock	27,421,645	30,797,327	21,671,192
Dividends declared	(114,415,382)	(117,528,158)	(116,679,965)
Net income	360,797,232	347,563,621	424,683,939
Other comprehensive income (loss)	$ (4,923,808)	$ 8,140,155	311,235
Ending balance (in shares)	236,440,840	243,692,869
Ending balance	$ 1,937,988,467	$ 1,963,943,128	$ 1,938,087,820
Common Stocks
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	243,692,869	251,277,515	259,328,613
Beginning balance	$ 14,621,572	$ 15,076,651	$ 15,559,717
Issuance of common stock from stock plan transactions (in shares)	2,343,169	2,897,689	5,724,840
Issuance of common stock from stock plan transactions	$ 140,590	$ 173,861	$ 343,490
Issuance of common stock related to acquisitions (in shares)		163,718
Issuance of common stock related to acquisitions		$ 9,823
Repurchases of common stock (in shares)	(9,595,198)	(10,646,053)	(13,775,938)
Repurchases of common stock	$ (575,712)	$ (638,763)	$ (826,556)
Ending balance (in shares)	236,440,840	243,692,869	251,277,515
Ending balance	$ 14,186,450	$ 14,621,572	$ 15,076,651
Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	852,771,508	807,928,139	745,324,144
Issuance of common stock from stock plan transactions	29,668,197	41,629,779	77,477,661
Issuance of common stock related to acquisitions		3,549,406
Repurchases of common stock	(30,447,965)	(31,133,143)	(36,544,858)
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock	27,421,645	30,797,327	21,671,192
Ending balance	879,413,385	852,771,508	807,928,139
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,089,698,996	1,116,372,133	1,102,468,137
Repurchases of common stock	(293,619,458)	(256,708,600)	(294,099,978)
Dividends declared	(114,415,382)	(117,528,158)	(116,679,965)
Net income	360,797,232	347,563,621	424,683,939
Ending balance	1,042,461,388	1,089,698,996	1,116,372,133
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	6,851,052	(1,289,103)	(1,600,338)
Other comprehensive income (loss)	(4,923,808)	8,140,155	311,235
Ending balance	$ 1,927,244	$ 6,851,052	$ (1,289,103)

Consolidated Statements of Shareholders' Investment (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 0.480	$ 0.480	$ 0.460

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net income	$ 360,797,232	$ 347,563,621	$ 424,683,939
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	99,112,019	104,739,900	104,702,974
Gain on disposal of assets	(488,750)	(311,510)	(155,150)
Loss on disposal of assets	230,933	162,553	588,941
Gain on sale of investments	(1,379,538)	(3,163,164)	(660,643)
Loss on sale of investments	307,490	1,064,508	176,360
Deferred income taxes	(41,694,751)	(15,419,722)	(3,358,537)
Stock based compensation expense related to employee stock options, employee stock purchases and restricted stock	27,421,645	30,797,327	21,671,192
Change in operating assets and liabilities:
Accounts receivable	35,135,429	(49,290,457)	(21,872,527)
Inventories	(89,975,599)	22,725,798	(23,660,256)
Prepaid expenses and other	(20,241,994)	10,493,993	(3,646,457)
Accounts payable	7,266,309	(12,854,038)	4,743,601
Accrued liabilities	(14,322,863)	27,982,962	2,753,427
Net cash flows from operating activities	362,167,562	464,491,771	505,966,864
Activity in available-for-sale securities:
Sales proceeds	56,237,427	24,455,695	57,139,135
Maturities and calls	27,690,000	142,547,368	125,013,589
Purchases	(113,204,199)	(73,719,189)	(153,257,603)
Plant and equipment additions	(68,835,047)	(51,706,541)	(84,580,255)
Proceeds from sale of plant and equipment	2,577,855	383,429	2,001,315
Acquisition of businesses, net of cash acquired	(12,071,546)	(11,216,927)	0
Increase in other assets	(5,501,445)	(4,327,398)	(3,027,263)
Net cash (used for) from investing activities	(113,106,955)	26,416,437	(56,711,082)
CASH FLOWS USED FOR FINANCING ACTIVITIES:
Proceeds from borrowings on Credit Agreement	0	75,000,000	0
Repayment of borrowings on Credit Agreement	0	(75,000,000)	0
Issuance of common stock from stock plan transactions	29,808,787	41,803,640	77,821,151
Cash dividends paid	(115,285,625)	(117,181,928)	(116,309,197)
Repurchases of common stock	(324,643,135)	(288,480,506)	(331,471,392)
Net cash used for financing activities	(410,119,973)	(363,858,794)	(369,959,438)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(161,059,366)	127,049,414	79,296,344
CASH AND CASH EQUIVALENTS, Beginning of year	423,371,036	296,321,622	217,025,278
CASH AND CASH EQUIVALENTS, End of year	$ 262,311,670	$ 423,371,036	$ 296,321,622

Summary of Significant Accounting and Reporting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting and Reporting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES

The Company

Gentex Corporation, including its wholly-owned subsidiaries (the "Company"), is a leading supplier of digital vision, connected car, dimmable glass, and fire protection products. The Company’s largest business segment involves designing, developing, manufacturing, marketing, and supplying automatic-dimming rearview and non-dimming mirrors and various electronic modules for the automotive industry. The Company ships its product to all of the major automotive producing regions worldwide, which it supports with numerous sales, engineering and distribution locations worldwide.

A substantial portion of the Company’s net sales and accounts receivable result from transactions with domestic and foreign automotive manufacturers and Tier 1 suppliers. The Company also designs, develops, manufactures, markets, and supplies dimmable aircraft windows for the aviation industry and commercial smoke alarms and signaling devices for the fire protection products industry. The Company does not require collateral or other security for trade accounts receivable.

Significant accounting policies of the Company not described elsewhere are as follows:

Consolidation

The consolidated financial statements include the accounts of Gentex Corporation and all of its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated.

Cash Equivalents

Cash equivalents consist of funds invested in bank accounts and money market funds that have daily liquidity.

Allowance For Doubtful Accounts

The Company reviews a monthly aging report of all accounts receivable balances starting with invoices outstanding over sixty days. In addition, the Company monitors information about its customers through a variety of sources including the media, and information obtained through on-going interaction between Company personnel and the customer. Based on the evaluation of the above information, the Company estimates its allowances related to customer receivables on historical credit and collections experience, customers current financial condition and the specific identification of other potential problems, including the economic climate and impact the COVID-19 pandemic and supply chain constraints has had on specific customers. Actual collections can differ, requiring adjustments to the allowances, but historically such adjustments have not been material.

The following table presents the activity in the Company’s allowance for doubtful accounts:


	Beginning Balance		Net Additions/ (Reductions) to Costs and Expenses		Net Additions/Deductions and Other Adjustments		Ending Balance
Year Ended December 31, 2021:
Allowance for Doubtful Accounts	$	3,464,747	$	—	$	(288,542)	$	3,176,205
Year Ended December 31, 2020:
Allowance for Doubtful Accounts	$	2,451,293	$	1,000,000	$	13,454	$	3,464,747
Year Ended December 31, 2019:
Allowance for Doubtful Accounts	$	2,746,647	$	—	$	(295,354)	$	2,451,293

The Company’s allowance for doubtful accounts primarily relates to financially distressed automotive customers. The Company continues to work with these financially distressed customers in collecting past due balances.

Investments

The Company follows the provisions of ASC 820, Fair Value Measurements and Disclosures, for its financial assets and liabilities, and for its non-financial assets and liabilities subject to fair value measurements. ASC 820 provides a framework for measuring the fair value of assets and liabilities. This framework is intended to provide increased consistency in how fair value determinations are made under various existing accounting standards that permit, or in some cases, require estimates of fair-market value. This standard also expanded financial statement disclosure requirements about a company’s use of fair-value measurements, including the effect of such measurement on earnings. The cost of securities sold is based on the specific identification method.

The Company determines the fair value of its government securities, asset-backed securities, corporate bonds, and certain municipal bonds by utilizing monthly valuation statements that are provided by its broker. The broker determines the investment valuation by utilizing the bid price in the market and also refers to third party sources to validate valuations, and as such are classified as Level 2 assets.

The Company's certificates of deposit are classified as available for sale, and are considered as Level 1 assets. These investments are carried at amortized cost, which approximates fair value.

The Company will also periodically make technology investments in certain non-consolidated third-parties. These equity investments are accounted for in accordance with ASC 321, Investments - Equity Securities. Equity investments that do not have readily determinable fair values, and where the Company has not identified any observable events that would cause adjustment of the valuation to date, are held at cost. These technology investments totaled $16.8 million and $4.0 million as of December 31, 2021 and December 31, 2020, respectively. These investments are classified within Long-Term Investments in the consolidated balance sheet and are not included within the tables below. The $12.8 million increase in the balance of these technology investments are a result of additional investments with third-parties for potential automotive and medical devices use-cases.

Assets or liabilities that have recurring fair value measurements are shown below as of December 31, 2021 and December 31, 2020:


			Fair Value Measurements at Reporting Date Using
	Total as of		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	December 31, 2021		(Level I)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	262,311,670	$	262,311,670	$	—	$	—
Short-Term Investments:
Certificate of Deposit	1,507,770		1,507,770		—		—
Corporate Bonds	2,018,440		—		2,018,440		—


Other	1,897,402		1,897,402		—		—
Long-Term Investments:
Asset-backed Securities	25,799,513		—		25,799,513		—
Certificate of Deposit	2,056,710		2,056,710				—
Corporate Bonds	40,354,929		—		40,354,929		—
Government Securities	47,944,036		—		47,944,036		—

Municipal Bonds	74,720,480		—		74,720,480		—
Total	$	458,610,950	$	267,773,552	$	190,837,398	$	—


			Fair Value Measurements at Reporting Date Using
	Total as of		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	December 31, 2020		(Level I)		(Level 2)		(Level 3)
Cash & Cash Equivalents	423,371,036		$	423,371,036	$	—	$	—
Short-Term Investments:
Certificate of Deposit	1,516,693		1,516,693		—		—
Corporate Bonds	7,155,600		—		7,155,600		—
Government Securities	6,678,450		—		6,678,450		—
Municipal Bonds	10,284,765		—		10,284,765		—
Other	1,528,861		1,528,861		—		—
Long-Term Investments:
Asset-backed Securities	37,924,537		—		37,924,537		—
Certificate of Deposit	3,645,520		3,645,520		—		—
Corporate Bonds	9,024,035		—		9,024,035		—

Municipal Bonds	107,407,831		—		107,407,831		—
Total	$	608,537,328	$	430,062,110	$	178,475,218	$	—

The amortized cost, unrealized gains and losses, and market value of investment securities are shown as of December 31, 2021 and 2020:


	Unrealized
2021	Cost		Gains		Losses		Market Value
Short-Term Investments:
Certificate of Deposit	$	1,500,543	$	7,227	$	—	$	1,507,770
Corporate Bonds	1,994,639		23,801		—		2,018,440


Other	1,897,402		—		—		1,897,402
Long-Term Investments:
Asset-backed Securities	26,352,630		34,771		(587,888)		25,799,513
Certificate of Deposit	2,001,714		54,996		—		2,056,710
Corporate Bonds	40,716,866		168,416		(530,353)		40,354,929
Government Securities	48,385,672		55,939		(497,575)		47,944,036
Municipal Bonds	72,175,568		2,747,964		(203,052)		74,720,480

Total	$	195,025,034	$	3,093,114	$	(1,818,868)	$	196,299,280


	Unrealized
2020	Cost		Gains		Losses		Market Value
Short-Term Investments:
Certificate of Deposit	$	1,502,187	$	14,506	$	—	$	1,516,693
Corporate Bonds	7,084,638		70,962		—		7,155,600
Governmental Securities	6,635,132		43,318		—		6,678,450
Municipal Bonds	10,160,376		124,389		—		10,284,765
Other	1,528,861		—		—		1,528,861
Long-Term Investments:
Asset-backed Securities	37,681,113		800,802		(557,378)		37,924,537
Certificate of Deposit	3,503,898		141,622		—		3,645,520
Corporate Bonds	8,595,020		429,015		—		9,024,035

Municipal Bonds	100,776,325		6,635,428		(3,922)		107,407,831
Total	$	177,467,550	$	8,260,042	$	(561,300)	$	185,166,292

Unrealized losses on investments as of December 31, 2021 are as follows:


	Aggregate Unrealized Losses		Aggregate Fair Value
Less than one year	$	1,244,053	$	94,417,123
Greater than one year	574,815		6,875,230
Total	$	1,818,868	$	101,292,353

Unrealized losses on investments as of December 31, 2020 are as follows:


	Aggregate Unrealized Losses		Aggregate Fair Value
Less than one year	$	561,300	$	12,317,187
Greater than one year	—		—
Total	$	561,300	$	12,317,187

Effective January 1, 2020, the Company adopted Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The guidance modifies the impairment model for available-for-sale debt securities and provides a simplified

accounting model for purchased financial assets with credit deterioration since their origination. The Company utilized the guidance provided by ASC 326 to determine whether any of the available-for-sale debt securities held by the Company were impaired. No investments were considered to be impaired during the years presented. The Company has the intention and current ability to hold its debt investments until the amortized cost basis has been recovered. If market, industry, and/or investee conditions deteriorate, the Company may incur future impairments. No investments were considered to be other-than-temporarily impaired in 2021 and 2020.

Fixed income securities as of December 31, 2021, have contractual maturities as follows:


Due within one year	$	3,526,210
Due between one and five years	112,784,662
Due over five years	78,091,006
	$	194,401,878

Fair Value of Financial Instruments

The Company’s financial instruments consist of cash and cash equivalents, investments, accounts receivable, accounts payable, and short and long-term debt. The Company’s estimate of the fair values of these financial instruments approximates their carrying amounts at December 31, 2021 and 2020.

Inventories

Inventories include material, direct labor and manufacturing overhead and are valued at the lower of first-in, first-out (FIFO) cost or net realizable value. Inventories consisted of the following as of December 31, 2021 and 2020:


	2021		2020
Raw materials	$	235,014,277	$	151,688,455
Work-in-process	34,032,164		32,791,675
Finished goods	47,221,001		41,811,713
Total Inventory	$	316,267,442	$	226,291,843

Estimated inventory allowances for slow-moving and obsolete inventories are based on current assessments of future demands, market conditions, evaluation of longer lead times for certain electronic components and related management initiatives. If market conditions or customer requirements change and are less favorable than those projected by management, inventory allowances are adjusted accordingly. Allowances for slow-moving and obsolete inventories (which are included, net, in the above inventory values) were $10.9 million and $10.4 million at December 31, 2021 and 2020, respectively.

Plant and Equipment

Plant and equipment is stated at cost. Depreciation and amortization are computed for financial reporting purposes using the straight-line method, with estimated useful lives of 7 to 30 years for buildings and improvements, and 3 to 10 years for machinery and equipment. Depreciation expense was approximately $76.8 million, $82.4 million and $82.3 million in 2021, 2020 and 2019, respectively. As of December 31, 2021, 2020 and 2019, capital expenditures recorded in accounts payable totaled $9.8 million, $4.8 million and $3.8 million, respectively.

Impairment or Disposal of Long-Lived Assets

The Company reviews long-lived assets, including property, plant and equipment and other intangible assets with definite lives, for impairment whenever events or changes in circumstances indicate that the asset’s carrying amount may not be recoverable. The Company conducts its long-lived asset impairment analysis in accordance with ASC 360-10-15, Impairment or Disposal of Long-Lived Assets. ASC 360-10-15

requires the Company to group assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and evaluate the asset group against the sum of the undiscounted future cash flows. If the undiscounted cash flows do not indicate the carrying amount of the asset is recoverable, an impairment charge is measured as the amount by which the carrying amount of the asset group exceeds its fair value based on discounted cash flow analysis or appraisals.

Patents

The Company’s policy is to capitalize costs incurred to obtain patents. The cost of patents is amortized over their useful lives. The cost of patents in process is not amortized until issuance. The Company periodically obtains intellectual property rights, in the ordinary course of business, and the cost of the rights are amortized over their useful lives.

Goodwill and Intangible Assets

Goodwill reflects the cost of an acquisition in excess of the fair values assigned to identifiable net assets acquired. The Company reviews goodwill 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 performs an impairment review for its automotive reporting unit, which has been determined to be one of the Company’s reportable segments, using either a qualitative approach or quantitative approach which utilizes a fair value method that incorporates certain assumptions and judgments. The fair value of a reporting unit refers to the price that would be received to sell the unit as a whole in an orderly transaction between market participants at the measurement date. The Company performs a qualitative assessment (step 0) to determine whether it is more likely than not that a reporting unit's fair value is less than its carrying amount. If not, no further goodwill impairment testing is performed. If so, the Company performs a step 1 test to determine the fair value of the reporting unit using an income approach to estimate the fair value of each of its reporting units and a market valuation approach to further support this analysis. If the fair value of the reporting unit is greater than its carrying amount, goodwill is not considered to be impaired. However, if the fair value of the reporting unit is less than its carrying amount, an impairment change is recorded as the excess of the reporting unit's carrying value over its fair value.

The assumptions included in the impairment tests require judgment and changes to these inputs could impact the results of the calculations which could result in an impairment charge in future periods if the carrying amount of the reporting unit exceeds its calculated fair value. For the qualitative assessment performed, management considers factors such as macro-economic conditions, industry and market considerations, overall financial performance, and other company-specific events, amongst other factors, in making the determination as to whether it is more likely than not that a reporting unit's fair value is less than its carrying amount. Other than management's internal projections of future cash flows, the primary assumptions used in the step 1 impairment test is the weighted-average cost of capital and long-term growth rates. Although the Company's cash flow forecasts are based on assumptions that are considered reasonable by management and consistent with the plans and estimates management is using to operate the underlying business, there are significant judgments in determining the expected future cash flows attributable to a reporting unit. There have been no impairment charges recorded currently or in prior periods in which goodwill existed.

Indefinite lived intangible assets are also subject to annual impairment testing or more frequently if indicators of impairment are identified. Management's judgment and assumptions are required in determining the underlying fair value of the indefinite lived intangible assets. While the Company believes the judgments and assumptions used in determining fair value are reasonable, different assumptions could change the estimated fair values and, therefore, impairment charges could be required, which could be material to the consolidated financial statements. The indefinite lived intangible assets were not impaired as a result of the annual test prepared by management for either period presented.

As part of recent acquisitions, the Company acquired Indefinite lived in-process research and development ("IPR&D") intangible assets. These IPR&D assets are not amortized, but are tested for impairment annually, or more frequently when indicators of potential impairment exist, until the completion or abandonment of the

associated research and development efforts. Upon completion of the projects, the assets will be amortized over the expected economic life of the asset, which will be determined on that date. Should the project be determined to be abandoned, and if the asset developed has no alternative use, the full value of the asset will be charged to expense.

Refer to Note 10, "Goodwill and Intangible Assets" for information regarding the impairment testing performed in calendar year 2021.

Revenue Recognition

The Company recognizes revenue in accordance with Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers. Accordingly, revenue is recognized in an amount that reflects the consideration to which the Company expects to be entitled in exchange for promised goods or services when it transfers those goods or services to customers. Sales are shown net of returns, which have not historically been significant. The Company does not generate sales from arrangements with multiple deliverables. The Company generally receives purchase orders from customers on an annual basis. Typically, such purchase order provide the annual terms, including pricing, related to a particular vehicle model. Purchase orders generally do not specify quantities. The Company recognizes revenue based on the pricing terms included in our annual purchase orders.

As part of certain agreements, entered into in the ordinary course of business, the Company is asked to provide customers with annual price reductions. Such amounts are subject to estimate and are accrued as a reduction of revenue as products are shipped to those customers. For any shipments of product that may be subject to retroactive price adjustments that are then being negotiated, the Company records revenue based on the Company’s best estimate of the amount of consideration to which the entity will be entitled in exchange for transferring the promised goods to the customer. The Company's best estimate requires significant judgment based on historical results and expected outcomes of ongoing negotiations with customers. The Company's approach is to consider these adjustments to the contract price as variable consideration which is estimated based on the then most likely price amount. In addition, the Company has ongoing adjustments to our pricing arrangements with customers based on the related content, the cost of our products and other commercial factors. Such pricing accruals are adjusted as they are settled with our customers. Refer to Note 11, "Revenue", for further information.

Advertising and Promotional Materials

All advertising and promotional costs are expensed as incurred and amounted to approximately $1.8 million, $2.0 million and $3.0 million, in 2021, 2020 and 2019, respectively.

Repairs and Maintenance

Major renewals and improvements of property and equipment are capitalized, and repairs and maintenance are expensed as incurred. The Company incurred expenses relating to the repair and maintenance of plant and equipment of approximately $24.2 million, $22.6 million and $28.9 million, in 2021, 2020 and 2019, respectively.

Self-Insurance

The Company is self-insured for a portion of its risk on workers’ compensation and employee medical costs. The arrangements provide for stop loss insurance to manage the Company’s risk. Such costs are accrued based on known claims and an estimate of incurred, but not reported (IBNR) claims. IBNR claims are estimated using historical lag information and other data provided by claims administrators. This estimation process is subjective, and to the extent that future results differ from original estimates, adjustments to recorded accruals may be necessary.

Product Warranty

The Company periodically incurs product warranty costs. Any liabilities associated with product warranty are estimated based on known facts and circumstances and are not significant at December 31, 2021, 2020 and 2019. The Company does not offer extended warranties on its products.

Income Taxes

The provision for income taxes is based on the earnings reported in the consolidated financial statements. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax basis of assets and liabilities that will result in deductible or taxable amounts in the future. Such deferred income tax asset and liability computations are based on enacted tax laws and rates. The Company applies the provisions of ASC 740, Income Taxes, as it relates to uncertainty in income taxes recognized in the Company’s consolidated financial statements. A threshold of more likely than not to be sustained upon examination is applied to uncertain tax positions. The Company deems the estimates related to this provision to be reasonable, however, no assurance can be given that the final outcome of these matters will not vary from what is reflected in the historical income tax provisions and accruals.

Leases

The Company has operating leases for corporate offices, warehouses, vehicles, and other equipment, which are included within "Plant and Equipment" section of the Consolidated Balance Sheets. The leases have remaining lease terms of 1 year to 5 years. The weighted average remaining lease term for operating leases as of December 31, 2021 was 2 years, with a weighted average discount rate of 1.5%. Future minimum lease payments for operating leases as of December 31, 2021 were as follows:


Year ending December 31,

2022	$	1,352,855
2023	872,772
2024	166,652
2025	7,408
Thereafter	457
Total future minimum lease payments	$	2,400,144
Less imputed interest	(17,638)
Total	$	2,382,506

Earnings Per Share

The Company has unvested share-based payment awards with a right to receive non-forfeitable dividends, which are considered participating securities under ASC 260, Earnings Per Share. The Company allocates earnings to participating securities and computes earnings per share using the two-class method. Under the two-class method, net income per share is computed by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, net income is allocated to both common shares and participating securities based on their respective weighted average shares outstanding for the period.

The following table sets forth the computation of basic and diluted net income per common share under the two-class method for each of the last three years:


	2021		2020		2019
Basic Earnings Per Share
Net Income	$	360,797,232	$	347,563,621	$	424,683,939
Less: Allocated to participating securities	5,591,992		4,964,928		5,028,813
Net Income available to common shareholders	$	355,205,240	$	342,598,693	$	419,655,126

Basic weighted average shares outstanding	235,526,911		242,599,923		251,766,382
Net Income per share - Basic	$	1.51	$	1.41	$	1.67

Diluted Earnings Per Share
Allocation of Net Income used in basic computation	$	355,205,240	$	342,598,693	$	419,655,126
Reallocation of undistributed earnings	17,014		14,232		21,104
Net Income available to common shareholders — Diluted	$	355,222,254	$	342,612,925	$	419,676,230

Number of shares used in basic computation	235,526,911		242,599,923		251,766,382
Additional weighted average dilutive common stock equivalents	1,077,103		1,082,069		1,506,608
Diluted weighted average shares outstanding	236,604,014		243,681,992		253,272,990

Net income per share — Diluted	$	1.50	$	1.41	$	1.66

For the years ended December 31, 2021, 2020 and 2019, 200,037 shares, 403,071 shares, and 247,855 shares, respectively, related to stock option plans were not included in diluted average common shares outstanding because they were anti-dilutive.

Comprehensive Income (Loss)

Comprehensive income (loss) reflects the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. For the Company, comprehensive income represents net income adjusted for unrealized gains and losses on certain investments and foreign currency translation adjustments that are further detailed in Note 9 to the Consolidated Financial Statements.

Foreign Currency Translation

The financial position and results of operations of the Company’s foreign subsidiaries are measured using the local currency as the functional currency. Assets and liabilities are translated at the exchange rate in effect at year-end. Income statement accounts are translated at the average rate of exchange in effect during the year. The resulting translation adjustment is recorded as a separate component of shareholders’ investment. Gains and losses arising from re-measuring foreign currency transactions into the appropriate currency are included in the determination of net income.

Stock-Based Compensation Plans

The Company accounts for stock-based compensation using the fair value recognition provisions of ASC 718, Compensation - Stock Compensation. As described more fully in Note 5 to the Consolidated Financial Statements, the Company provides, or has provided, compensation benefits under an omnibus incentive plan, two other stock option plans, another restricted stock plan, and an employee stock purchase plan. The Company utilizes the Black-Scholes model to estimate the value of the stock options, which requires the input of assumptions. These assumptions include estimating (a) the length of time employees will retain their vested stock options before exercising them (“expected term”), (b) the volatility of the Company’s common stock price over the expected term, (c) the number of options that will ultimately not complete their vesting requirements (“forfeitures”) and (d) expected dividends. Changes in the assumptions can materially

affect the estimate of fair value of stock-based compensation and consequently, the related amounts recognized on the consolidated statements of operations.

Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Debt and Financing Arrangements	12 Months Ended
Debt and Financing Arrangements	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt and Financing Arrangements	DEBT AND FINANCING ARRANGEMENTS On October 15, 2018, the Company entered into a Credit Agreement ("Credit Agreement") with PNC as the administrative agent and sole lender. Pursuant to this Credit Agreement, the Company has access to a $150 million senior revolving credit facility (“Revolver”). Under the terms of the Credit Agreement, the Company is entitled to further request an additional aggregate principal amount of up to $100 million, subject to the satisfaction of certain conditions. In addition, the Company is entitled to the benefit of Swing Loans from amounts otherwise available under the Revolver in the aggregate principal amount of up to $20 million and to request Letters of Credit from amounts otherwise available under the Revolver in the aggregate principle amount up to $20 million, both subject to certain conditions. The obligations of the Company under the Credit Agreement are not secured, but are subject to certain covenants. As of December 31, 2021 and 2020, there were no outstanding balances on the Revolver. The Revolver expires on October 15, 2023. The Credit Agreement contains customary representations and warranties and certain covenants that place certain limitations on the Company. As of December 31, 2021, the Company was in compliance with its covenants under the Credit Agreement.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXESThe provision for income taxes is based on the earnings reported in the accompanying consolidated financial statements. The Company recognizes deferred income tax liabilities and assets for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Under this method, deferred income tax liabilities and assets are determined based on the cumulative temporary differences between the financial statement and tax basis of assets and liabilities using enacted tax rates expected to be applied to taxable income in years which those temporary differences are expected to be recovered or settled. Deferred income tax expense is measured by the net change in deferred income tax assets and liabilities during the year.

The foreign components of income before the provision for income taxes were not material for the years ended December 31, 2021, 2020 and 2019. The components of the provision for income taxes are as follows:


	2021		2020		2019
Currently payable:
Federal	$	89,507,896	$	67,606,617	$	73,563,685
State	5,642,926		10,180,218		3,765,929
Foreign	2,098,433		1,882,195		1,468,018
Total	97,249,255		79,669,030		78,797,632
Deferred income tax benefit:
Primarily federal	(41,694,751)		(15,419,722)		(3,066,237)
Provision for income taxes	$	55,554,504	$	64,249,308	$	75,731,395

The effective income tax rates are different from the statutory federal income tax rates for the following reasons:


	2021		2020		2019
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal income tax benefit	0.7		2.1		0.6

Research tax credit	(1.0)		(1.4)		(1.1)
Increase (Decrease) in reserve for uncertain tax provisions	0.1		(0.1)		0.3
Foreign tax credit	(0.2)		(0.1)		(0.1)
Foreign derived intangible income deduction	(6.3)		(5.2)		(4.8)
Stock compensation	(1.3)		(1.0)		(1.1)
Other	0.3		0.3		0.3
Effective income tax rate	13.3	%	15.6	%	15.1	%

The tax effect of temporary differences which give rise to deferred income tax assets and liabilities at December 31, 2021 and 2020, are as follows:


	December 31,
	2021		2020
Assets:
Accruals not currently deductible	$	12,823,493	$	13,135,048
Research and development costs	49,099,538		13,371,625
Stock based compensation	13,707,737		11,983,900



Other	2,118,484		1,163,204
Total deferred income tax assets	$	77,749,252	$	39,653,777
Liabilities:
Excess tax over book depreciation	$	(20,728,577)	$	(29,977,693)
Goodwill	(37,999,022)		(33,427,901)
Intangible assets	(11,718,904)		(11,237,588)
Other	(2,507,071)		(3,971,338)
Total deferred income tax liabilities	$	(72,953,574)	$	(78,614,520)
Net deferred income taxes	$	4,795,678	$	(38,960,743)

Net operating loss carryforwards with no expiration totaling $8.5 million are available to reduce future taxable earnings of certain domestic and foreign subsidiaries.

Income taxes paid in cash were approximately $105.8 million, $61.9 million and $74.9 million in 2021, 2020 and 2019, respectively.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	2021		2020		2019
Beginning of year	$	4,864,000	$	6,392,000	$	4,678,000
Additions based on tax positions related to the current year	1,023,000		918,000		1,695,000
Additions for tax positions in prior years	364,000		770,000		657,000
Reductions for tax positions in prior years	(51,000)		(2,907,000)		(38,000)

Reductions as a result of a lapse of the applicable statute of limitations	(925,000)		(309,000)		(600,000)
End of year	$	5,275,000	$	4,864,000	$	6,392,000

If recognized, unrecognized tax benefits would affect the effective tax rate.

The Company recognizes interest and penalties related to unrecognized tax benefits through the provision for income taxes. The Company has accrued approximately $605,000, $577,000, and $574,000 for interest as of December 31, 2021, 2020, and 2019, respectively. Interest expensed during 2021, 2020 and 2019 was not considered significant.

The Company is also subject to periodic and routine audits in both domestic and foreign tax jurisdictions, and it is reasonably possible that the amounts of unrecognized tax benefits could change as a result of an audit.

Based on the current audits in process, the payment of taxes as a result of audit settlements, and the completion of tax examinations, the Company does not expect these to have a material impact on the Company’s financial position or results of operations.

For the majority of tax jurisdictions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2016.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2021
Retirement Benefits [Abstract]
Employee Benefit Plans	EMPLOYEE BENEFIT PLANS The Company has a 401(k) retirement savings plan in which substantially all of its employees may participate. The plan includes a provision for the Company to match a percentage of the employee’s contributions at a rate determined by the Company’s Board of Directors. In 2021, 2020 and 2019 the Company’s contributions were approximately $9.0 million, $8.9 million and $8.7 million, respectively. The increase in each of the years was due to increased employee participation in the plan. The Company does not provide health care benefits to retired employees. The Gentex Corporation Non-Qualified Deferred Compensation Plan (the "Deferred Compensation Plan") is intended to enhance retirement savings among a select group of management or highly compensated employees who contribute significantly to the success of the Company. It is also intended to constitute an unfunded non-qualified deferred compensation plan described in Sections 201(2), 301(a)(3), and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). Only select management and highly compensated employees, including executive officers, are eligible to participate. The Deferred Compensation Plan is administered by a committee who shall approve designation of any participants and may also remove participants. Participants may elect, on a pre-tax basis, to defer receipt of compensation by making an election in accordance with the terms of the Deferred Compensation Plan. Participants are immediately vested in their own deferrals and related earnings. The Company may, but is not required, to match participant deferrals. Participants are generally vested in any such matching contributions 50% after two years but before three years of service and 100% after three years of service. A participant's vested credit balance under the Deferred Compensation Plan will generally be paid on the earliest to occur of: a separation from service; a fixed date or event; a change of control; or a plan termination. A participant can elect whether to receive his or her vested credit balance in a lump sum on the relevant payment date or in installments thereafter.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Stock-Based Compensation Plans

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation Plans

STOCK-BASED COMPENSATION PLANS

At December 31, 2021, the Company had two equity incentive plans under which awards are made, which include the Gentex Corporation 2019 Omnibus Incentive Plan ("2019 Omnibus Plan"), and an employee stock purchase plan. Those plans and any material amendments thereto have previously been approved by shareholders.

The 2019 Omnibus Plan provides for the potential awards to: i) employees; and ii) non-employee directors of the Company or its subsidiaries, which potential awards may be stock options, both incentive stock options and non-qualified stock options, appreciation rights, restricted stock, restricted stock units, performance share awards and performance units, and other awards that are stock-based, cash-based or a combination of both. The 2019 Omnibus Plan replaced the Company's Employee Stock Option Plan, Second Restricted Stock Plan, and Amended and Restated Non-Employee Director Stock Option Plan (the "Prior Plans"), which were also approved by shareholders. Any existing awards previously granted under the Prior Plans remain outstanding in accordance with their terms and are governed by the Prior Plans as applicable.

2019 Omnibus Incentive Plan

The 2019 Omnibus Plan covers 45,000,000 shares of common stock. The purpose of the 2019 Omnibus Plan is to attract and retain employees, officers, and directors of the Company and its subsidiaries and to motivate and provide such persons incentives and rewards for performance. As of December 31, 2021, 15,634,656 shares (net of shares from canceled/expired options) have been issued under the 2019 Omnibus Plan, which includes stock options (at a set conversion rate), restricted shares, and performance share awards.


	Shares Granted	Conversion Rate	Total Shares Under 2019 Omnibus Plan
Non-Qualified Stock Options	3,443,588	1.00	3,443,588
Restricted Stock	2,582,553	4.06	10,485,165
Performance Shares	420,173	4.06	1,705,903
Total	6,446,314		15,634,656

Employee Stock Options

The Employee Stock Option Plan allowed the Company to grant up to 24,000,000 shares of common stock under the plan, prior to its replacement by the 2019 Omnibus Plan.

The Company has granted options on 3,443,588 shares (net of shares from canceled/expired options) under the 2019 Omnibus Plan and 12,734,438 shares (net of shares from canceled/expired options) under the prior plan (prior to its replacement) through December 31, 2021. Under each of such plans, the option exercise price equals the stock’s market price on date of grant. The options vest after one to five years, and expire after five to ten years.

The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions for the indicated periods:


	2021			2020			2019
Dividend yield (1)	1.8		%	2.0		%	2.0		%
Expected volatility (2)	27.6		%	27.5		%	23.9		%
Risk-free interest rate (3)	1.3		%	0.3		%	1.8		%
Expected term of options (in years) (4)	4.1			4.2			4.2
Weighted-average grant-date fair value	$	6.59		$	4.83		$	4.42

(1) Represents the Company's estimated cash dividend yield over the expected term of option grant.

(2) Amount is determined based on analysis of historical price volatility of the Company's common stock. The expected volatility is based on the daily percentage change in the price of the stock over a period equal to the expected term of the option grant.

(3) Represents the U.S. Treasury yield over the expected term of the option grant.

(4) Represents the period of time that options granted are expected to be outstanding. Based on analysis of historical option exercise activity, the Company has determined that all employee groups exhibit similar exercise and post-vesting termination behavior.

As of December 31, 2021, there was $9,324,372 of unrecognized compensation cost related to stock option awards which is expected to be recognized over the remaining vesting periods, with a weighted-average period of 2.08 years. Stock option expense for the years ended December 31, 2021, 2020 and 2019 was $5,780,959, $4,935,527, and $6,345,147 respectively.

A summary of the status of the Company’s stock option plans at December 31, 2021, 2020 and 2019, and changes during the same periods are presented in the tables below.


	2021
	Shares (000)	Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contract Life	Aggregate Intrinsic Value (000)
Outstanding at Beginning of Year	4,533	$	23
Granted	1,434	34
Exercised	(1,184)	20			$	17,289
Forfeited	(248)	27
Outstanding at End of Year	4,535	27		3.4 years	$	35,283
Exercisable at End of Year	1,380	$	23	2.5 years	$	16,433


	2020
	Shares (000)	Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contract Life	Aggregate Intrinsic Value (000)
Outstanding at Beginning of Year	5,435	$	20
Granted	1,571	26
Exercised	(2,077)	18			$	23,861
Forfeited	(396)	22
Outstanding at End of Year	4,533	23		3.4 years	$	48,501
Exercisable at End of Year	1,358	$	20	2.3 years	$	18,334


	2019
	Shares (000)	Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contract Life	Aggregate Intrinsic Value (000)
Outstanding at Beginning of Year	8,944	$	18
Granted	1,049	25
Exercised	(4,402)	16			$	36,294
Forfeited	(156)	20
Outstanding at End of Year	5,435	20		3.1 years	$	47,170
Exercisable at End of Year	1,859	$	18	2.2 years	$	20,484

A summary of the status of the Company’s non-vested employee stock option activity for the years ended December 31, 2021, 2020, and 2019, are presented in the table below:


	2021			2020			2019
	Shares (000)	Wtd. Avg Grant Date Fair Value		Shares (000)	Wtd. Avg Grant Date Fair Value		Shares (000)	Wtd. Avg Grant Date Fair Value
Nonvested Stock Options at Beginning of Year	3,175	$	5	3,575	$	4	4,842	$	4
Granted	1,434	7		1,571	5		1,049	4
Vested	(1,212)	4		(1,585)	4		(2,165)	4
Forfeited	(241)	5		(386)	4		(151)	4
Nonvested Stock Options at End of Year	3,156	$	5	3,175	$	5	3,575	$	4

Restricted Shares

The Company’s Second Restricted Stock Plan provided for a maximum number of shares that may be subject to awards of 9,000,000 shares, prior to its replacement by the 2019 Omnibus Plan.

Restricted shares awarded under either that plan or the 2019 Omnibus Plan entitle the shareholder to all rights of common stock ownership except that the shares may not be sold, transferred, pledged, exchanged or otherwise disposed of during the restriction period. The restriction period is determined by a committee, appointed by the Board of Directors, but may not exceed ten years. The Company has issued 2,582,553 shares under the 2019 Omnibus Plan and 5,630,019 shares under the prior plan (prior to its replacement) as of December 31, 2021, and has 3,760,468 shares outstanding under such plans.


	2021		2020		2019
Vesting Period(1)	Shares Granted	Market Price at Grant Date	Shares Granted	Market Price at Grant Date	Shares Granted	Market Price at Grant Date
1 Year	24,634	32.98 - 34.37	42,074	22.16 - 26.94	39,627	22.19
2 Year	—	—	21,669	23.88 - 26.94	—	—
3 Years	606,853	32.98 - 35.67	119,504	23.88 - 31.08	64,718	20.40
4 Years	309,955	32.98 - 35.67	479,346	20.68 - 28.98	773,698	20.68 - 28.98
5 Years	157,169	32.98 - 35.67	170,355	20.68 - 28.98	254,988	20.68 - 28.98
	1,098,611	$32.98 - 35.67	832,948	$20.68 - 31.08	1,133,031	$20.40 - 28.98
(1) Each of these awards cliff vest after the restriction period with no additional restrictions.

A summary of restricted share award activity, including award grants, vesting, and forfeitures for the years ended December 31, 2021, 2020, and 2019, are presented in the table below:


	2021	2020	2019
	Shares (000)	Shares (000)	Shares (000)
Nonvested, Beginning of Year	3,599	3,315	2,638
Granted	1,099	833	1,133
Vested	(759)	(303)	(361)
Forfeited	(179)	(246)	(95)
Nonvested, End of Year	3,760	3,599	3,315

As of December 31, 2021, there was unearned stock-based compensation of $46,009,313 associated with these restricted stock grants. The unearned stock-based compensation related to these grants is being amortized to compensation expense over the applicable restriction periods. Compensation expense related to restricted stock for the years ended December 31, 2021, 2020 and 2019 was $19,304,013, $20,675,447, and $13,770,917 respectively.

Performance Shares

Performance shares awarded under the 2019 Omnibus Plan are considered performance condition awards as attainment is based on the Company's performance relative to pre-established metrics. The fair value of such performance share awards was determined using the Company's closing stock price on the date of grant. The expected attainment of the metrics for these awards is then analyzed each reporting period, and the related expense is adjusted based on expected attainment, if the then expected attainment differs from previous expectations. The cumulative effect on current and prior periods of a change in expected attainment is recognized in the period of change. As of December 31, 2021, the Company had unearned stock-based compensation of $6,416,607 associated with these performance share grants. The unearned stock-based compensation related to these grants is being amortized to compensation expense over the applicable performance periods. Compensation expense related to performance share grants for the years ended December 31, 2021, 2020, and 2019 was $1,573,831, $4,424,678, and $897,136, respectively.

Employee Stock Purchase Plan

In 2013, the Gentex Corporation Employee Stock Purchase Plan covering 2,000,000 shares of common stock was approved by the shareholders, replacing a prior plan. Under such plan, the Company sells shares at 85% of the stock’s market price at the date of purchase. Under ASC 718, the 15% discounted value is recognized as compensation expense. Compensation expense related to the employee stock purchase plan for the years ended December 31, 2021, 2020, and 2019 was $713,912, $810,605, and $647,988, respectively. The following table summarizes shares sold to employees under the 2013 Plan in the years ended December 31, 2021, 2020 and 2019:


Plan	2021	2020	2019	Cumulative Shares Issued	Weighted Average Fair Value 2021
2013 Employee Stock Purchase Plan	143,892	208,273	173,013	1,498,021	$	29.08

Contingencies	12 Months Ended
Contingencies	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingencies	CONTINGENCIESThe Company is periodically involved in legal proceedings, legal actions and claims arising in the normal course of business, including proceedings relating to product liability, intellectual property, safety and health, employment and other matters. Such matters are subject to many uncertainties and outcomes are not predictable. The Company does not believe, however, that at the current time there are matters that constitute material pending legal proceedings that will have a material adverse effect on the financial position, future results of operations, or cash flows of the Company.

Segment Reporting

12 Months Ended

Dec. 31, 2021

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-makers in deciding how to allocate resources and in assessing performance.


	2021		2020		2019
Revenue:
Automotive Products
United States	$	542,690,346	$	519,337,271	$	569,939,756
Germany	234,994,551		228,652,827		296,276,971
Japan	211,417,475		216,100,530		225,577,146
Mexico	111,761,245		127,157,684		160,967,900
Other Countries	596,324,417		556,949,831		557,775,114
Other	33,981,895		39,991,262		48,360,519
Total	$	1,731,169,929	$	1,688,189,405	$	1,858,897,406
Income (Loss) from Operations:
Automotive Products	$	414,185,075	$	393,979,860	$	473,546,112
Other	(4,403,097)		5,576,232		14,991,492
Total	$	409,781,978	$	399,556,092	$	488,537,604
Assets:
Automotive Products	$	1,495,298,453	$	1,436,374,596	$	1,463,030,286
Other	34,760,744		33,317,668		16,000,669
Corporate	601,331,969		728,248,906		689,772,238
Total	$	2,131,391,166	$	2,197,941,170	$	2,168,803,193
Depreciation & Amortization:
Automotive Products	$	92,516,347	$	97,530,191	$	97,520,972
Other	913,451		689,894		481,861
Corporate	5,682,221		6,519,815		6,700,141
Total	$	99,112,019	$	104,739,900	$	104,702,974
Capital Expenditures:
Automotive Products	$	58,415,887	$	34,926,686	$	63,537,512
Other	1,467,962		1,470,705		1,704,045
Corporate	8,951,198		15,309,150		19,338,698
Total	$	68,835,047	$	51,706,541	$	84,580,255

Other includes Dimmable Aircraft Windows, Fire Protection Products, and Nanofiber. Major product line revenues included within the Automotive Products segment are as follows:


	2021		2020		2019
Automotive Products
Automotive Mirrors	$	1,563,424,443	$	1,520,628,604	$	1,638,600,272
HomeLink® Modules*	133,763,591		127,569,539		171,936,615
Total Automotive Products	$	1,697,188,034	$	1,648,198,143	$	1,810,536,887



Other Products Revenue	$	33,981,895	$	39,991,262	$	48,360,519

Total Revenue	$	1,731,169,929	$	1,688,189,405	$	1,858,897,406

*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, 2021, 2020 and 2019, approximately 8%, 7% and 7% of the Company’s net sales were invoiced and paid in foreign currencies, respectively.

In 2021, the Company had three automotive customers (including direct sales to OEM customers and sales through their Tier 1 suppliers), which individually accounted for 10% or more of net sales as follows:


	Toyota Motor Company	Volkswagen Group	General Motors
2021	15%	13%	11%
2020	14%	14%	12%
2019	13%	14%	11%

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (Unaudited)

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

The following table sets forth selected financial information for all of the quarters during the years ended December 31, 2021 and 2020 (in thousands, except per share data):



	First				Second				Third				Fourth
	2021		2020		2021		2020		2021		2020		2021		2020
Net Sales	$	483,725	$	453,762	$	428,005	$	229,926	$	399,599	$	474,639	$	419,841	$	529,864
Gross Profit	183,300		156,587		151,597		43,945		140,900		188,237		143,911		216,675
Operating Income (Loss)	133,734		105,027		99,925		(6,738)		88,165		138,853		87,959		162,414
Net Income (Loss)	113,451		89,506		86,506		(2,374)		76,661		117,093		84,179		143,339
Earnings (Loss) Per Share (Basic)(1)	$	0.47	$	0.36	$	0.36	$	(0.01)	$	0.32	$	0.48	$	0.36	$	0.58
Earnings (Loss) Per Share (Diluted)(1)	$	0.46	$	0.36	$	0.36	$	(0.01)	$	0.32	$	0.48	$	0.35	$	0.59
(1)Basic and diluted earnings (loss) per share are computed independently for each quarter presented. Therefore the sum of quarterly basic and diluted per share information may not equal annual basis and diluted earnings per share.

Comprehensive Income

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Comprehensive Income

COMPREHENSIVE INCOME

Comprehensive income reflects the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. For the Company, comprehensive income represents net income adjusted for unrealized gains and losses on certain investments and foreign currency translation adjustments.


	For the Years ended December 31,
	2021		2020		2019
Foreign currency translation adjustments:
Balance at beginning of period	$	769,045	$	(2,384,589)	$	(1,674,887)
Other comprehensive income (loss) before reclassifications	151,544		3,153,634		(709,702)

Net current-period change	151,544		3,153,634		(709,702)
Balance at end of period	920,589		769,045		(2,384,589)

Unrealized gains (losses) on available-for-sale securities:
Balance at beginning of period	6,082,007		1,095,486		74,549

Other comprehensive income before reclassifications	(4,228,434)		6,644,459		1,403,521
Amounts reclassified from accumulated other comprehensive income	(846,918)		(1,657,938)		(382,584)
Net current-period change	(5,075,352)		4,986,521		1,020,937
Balance at end of period	1,006,655		6,082,007		1,095,486







Accumulated other comprehensive (loss) income, end of period	$	1,927,244	$	6,851,052	$	(1,289,103)

All amounts are shown net of tax. Amounts in parentheses indicate debits.

The following table presents details of reclassifications out of accumulated other comprehensive income for the twelve months ended December 31, 2021, 2020 and 2019:


Details about Accumulated Other Comprehensive Income Components							Affected Line item in the Statement of Consolidated Income
	For the Years ended December 31,
	2021		2020		2019
Unrealized gains on available-for-sale debt securities
Realized gain on sale of securities	$	1,072,048	$	2,098,656	$	484,283	Other income, net
Provision for income taxes	(225,130)		(440,718)		(101,699)		Provision for Income Taxes







Total reclassifications for the period	$	846,918	$	1,657,938	$	382,584	Net of tax

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

GOODWILL AND INTANGIBLE ASSETS

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 the second quarter of 2020; and $0.9 million as part of the acquisition of Argil, Inc. ("Argil") during the fourth quarter of 2020. Refer to Note 12, "Acquisitions", for further information on these acquisitions. 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 $2.0 million in Goodwill as part of the acquisition of Guardian Optical Technologies ("Guardian") in the first quarter of 2021.The carrying value of Goodwill as of December 31, 2021 and December 31, 2020 was $314.0 million and $311.9 million, respectively, as set forth in the table below.


	Carrying Amount
Balance as of December 31, 2020	$	311,922,787
Acquisitions	1,951,439
Divestitures	—
Impairments	—
Other	85,983
Balance as of December 31, 2021	$	313,960,209

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 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 general industry, market and macro-economic conditions. No such events or circumstances, including the COVID-19 pandemic or electronics components shortage, that might negatively impact the key assumptions were observed in 2021 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, 2021 and December 31, 2020.

As of December 31, 2021:


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		(123,750,000)		56,250,000		12 years
Existing Customer Platforms	43,000,000		(35,475,000)		7,525,000		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	1,384,856		—		1,384,856		Indefinite
Guardian In-Process R&D	7,243,860		—		7,243,860		Indefinite
Total other identifiable intangible assets	$	398,414,626	$	(159,225,000)	$	239,189,626

As of December 31, 2020:


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		(108,750,000)		$	71,250,000	12 years
Existing Customer Platforms	43,000,000		(31,175,000)		$	11,825,000	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	1,394,995		—		$	1,394,995	Indefinite
Total other identifiable intangible assets	$	389,673,127	$	(139,925,000)	$	249,748,127

Accumulated amortization on patents and intangible assets was approximately $185.7 million and $164.5 million at December 31, 2021 and 2020, respectively. Amortization expense on patents and other intangible assets was approximately $22.2 million, $22.4 million, and $22.4 million in calendar years 2021, 2020 and 2019, respectively. At December 31, 2021, patents had a weighted average amortized life of 10 years.

Excluding the impact of any future acquisitions, the Company anticipates amortization expense including patents and other intangible assets to be approximately $22 million for the year ended December 31, 2022, approximately $20 million for the year ended December 31, 2023, approximately $16 million for the year ended December 31, 2024, and approximately $12 million for the year ended December 31, 2025.

Revenue

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue

REVENUE

The following table shows the Company’s Automotive and Other Products revenue disaggregated by geographical location for Automotive Products for the years ended December 31, 2021, 2020, and 2019:


	For the Years ended December 31,
Revenue	2021		2020		2019
Automotive Products
U.S.	$	542,690,346	$	519,337,271	$	569,939,756
Germany	234,994,551		228,652,827		296,276,971
Japan	211,417,475		216,100,530		225,577,146
Mexico	111,761,245		127,157,684		160,967,900
Other	596,324,417		556,949,831		557,775,114
Total Automotive Products	$	1,697,188,034	$	1,648,198,143	$	1,810,536,887
Other Products (U.S.)	33,981,895		39,991,262		48,360,519
Total Revenue	$	1,731,169,929	$	1,688,189,405	$	1,858,897,406

Revenue by geographic area may fluctuate based on many factors, including: exposure to local economic, political and labor conditions; unexpected changes in laws, regulations, trade or monetary or fiscal policy, including interest rates, foreign currency exchange rates and changes in the rate of inflation in the U.S. and other foreign countries; and tariffs, quotas, customs and other import or export restrictions and other trade barriers.

The following table disaggregates the Company’s Automotive and Other revenue by major source for the years ended December 31, 2021 and 2020:


	For the Years Ended December 31,
Revenue	2021		2020
Automotive Segment
Automotive Mirrors & Electronics	$	1,563,424,443	$	1,520,628,604
HomeLink Modules*	133,763,591		127,569,539
Total Automotive Products	$	1,697,188,034	$	1,648,198,143

Other Segment
Fire Protection Products	$	25,048,697	$	22,716,985
Windows Products	8,914,798		17,274,277
Nanofiber Products	18,400		$	—
Total Other	$	33,981,895	$	39,991,262

*Excludes HomeLink revenue related to HomeLink modules integrated into automotive mirrors.

Revenue is recognized when obligations under the terms of a contract with the customer are satisfied. Such recognition generally occurs with the transfer of control of the products at a point in time. The Company's automotive OEM contracts generally include Long Term Supply Agreements ("LTSA") entered into in the ordinary course of business and Purchase Orders ("PO") whereby the LTSA sometimes stipulates the pricing and delivery terms and is evaluated together with a PO, which identifies the quantity, timing, and the type of product to be transferred. Certain customer contracts do not always have an LTSA, in which case, the contracts are governed by the PO from the customer in conjunction with other mutually agreed upon terms and conditions.

The Company does not generate revenue from arrangements with multiple deliverables. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods excluding revenue amounts that are transferred to third parties, such as sales, value add, and other taxes the Company collects concurrently with revenue-producing activities. The Company does not incur any incremental cost to obtain contracts. Costs are incurred to fulfill contracts with the OEM. However, such costs are accounted for under ASC 340-10, and are not treated as fulfillment costs under ASC 340-40.

Automotive Products Segment

Automotive Rearview Mirrors and Electronics

The Company manufactures interior electrochromic automatic-dimming rearview mirrors that darken to reduce glare and improve visibility for the driver. These electronic interior mirrors can also include additional electronic features such as compass, microphones, HomeLink®, lighting assist and driver assist forward safety camera systems, various lighting systems, various telematics systems, ITM® systems, and a wide variety of displays. The Company also ships interior non-automatic-dimming rearview mirrors with features. The Company’s interior electrochromic automatic-dimming rearview mirrors also power the application of the Company’s exterior electrochromic automatic-dimming rearview mirrors that darken to reduce glare and improve visibility for the driver. These electronic exterior mirrors typically range in size and shape per automaker specification, but also include additional features such as turn signal indicators, side blind zone indicators, and courtesy lighting. The Company also ships exterior non-automatic-dimming rearview mirrors with similar electronic features as what is available in its automatic-dimming applications. The Company manufactures other automotive electronics products both inside and outside of the rearview mirror through HomeLink® applications in the vehicle including the rearview mirror, interior visor, overhead console, or center console.

For the majority of automotive products, transfer of control and revenue recognition occurs when the Company ships the product from the manufacturing facility to the customer. The Company generally receives payment equal to the price that applies at the time of invoice for most automotive product sales. For any shipments of product that may be subject to retroactive price adjustments that are then being negotiated, the Company records revenue based on the Company’s best estimate of the amount of consideration to which the entity will be entitled in exchange for transferring the promised goods to the customer. The Company's best estimate requires significant judgment based on historical results and expected outcomes of ongoing negotiations with customers. The Company's approach is to consider these adjustments to the contract price as variable consideration which is estimated based on the then most likely price amount. Payment terms on automotive part sales to customers range from 15 days to 90 days. Estimated revenue is adjusted at the earlier of when the most likely amount of consideration expected to be received changes or when the consideration becomes fixed.

HomeLink® Modules

The Company manufactures and sells HomeLink® Modules individually, as well as in combination with the automotive mirrors and other advanced features, as described above. For the majority of automotive products, transfer of control and revenue recognition occurs when the Company ships the product from the manufacturing facility to the customer.

Other Segment

Dimmable Aircraft Windows

The Company supplies variable dimmable windows for the passenger compartment on the Boeing 787 Dreamliner Series of Aircraft. For dimmable aircraft windows, transfer of control and revenue recognition occurs when the Company ships the product from the manufacturing facility to the customer. Payment terms on dimmable aircraft window sales range from 30 days to 45 days.

Fire Protection Products

The Company manufactures photoelectric smoke detectors and alarms, visual signaling alarms, electrochemical carbon monoxide detectors and alarms, audible and visual signaling alarms, and bells and speakers for use in fire detection systems in office buildings, hotels, and other commercial and residential buildings. For fire protection parts, transfer of control and revenue recognition occurs when the Company ships the product from the manufacturing facility to the customer. Payment terms on fire protection part sales to customers range from 30 days to 75 days.

Nanofiber

The Company acquired Vaporsens in early 2020, which specializes in nanofiber chemical sensing research and development. Vaporsens is primarily involved with research and development of technology related to nanofibers sensing a variety of chemicals and/or compounds. Refer to Note 12, "Acquisitions", for further information.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Acquisitions

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Acquisitions

ACQUISITIONS

On September 18, 2020, the Company acquired Air-Craftglass, a Belgian company specializing in research and development for aircraft windows, for an initial payment of $1.1 million in a stock purchase deal. The Company funded the acquisition with cash on hand. The transaction also included contingent consideration based on future revenues. The valuation process was completed during the third quarter of 2021.

Air-Craftglass is now a 100% owned subsidiary of the Company, and has been classified within the “Other” segment. The assets acquired and liabilities assumed were recorded at fair value on the acquisition date.

The Company accounted for the acquisition under the provisions of FASB ASC Topic 805, Business Combinations. There were no revenues of the business of Air-Craftglass which were included in the Company’s consolidated statement of income and comprehensive income for the year ended December 31, 2021.

On December 14, 2020, the Company acquired Argil for $3.7 million in a stock purchase deal, which was in addition to the previous $4.2 million equity investment by the Company in Argil. The Company funded the acquisition with cash on hand. Argil specializes in electrochromic technology and research and development, which the Company anticipates using to complement and expand its product offerings and leverage for manufacturing efficiencies. The valuation process was completed during the fourth quarter of 2021.

Argil is now a 100% owned subsidiary of the Company, and has been classified within the “Automotive” segment. The assets acquired and liabilities assumed were recorded at fair value on the acquisition date. The Company accounted for the acquisition under the provisions of FASB ASC Topic 805, Business Combinations. There were no revenues of the business of Argil which were included in the Company’s consolidated statement of income and comprehensive income for the year ended December 31, 2021.

On March 3, 2021 the Company acquired Guardian for approximately $12.0 million. Guardian is an Israeli research and development company that specializes in in-cabin sensing technologies for the automotive industry. The Company funded the acquisition with cash on hand. The valuation process was completed during the fourth quarter of 2021.

Guardian is now a 100% owned subsidiary of the Company as Gentex Technologies (Israel), LTD, and is classified within the Automotive segment. The Company accounted for the acquisition under the provisions of FASB ASC Topic 805, Business Combinations. There were no revenues of the business of Guardian which were included in the Company’s consolidated statement of income and comprehensive income in 2021.

The following table summarizes the fair values of the assets acquired, and the liabilities assumed, as of the acquisition date of March 3, 2021:


	Fair Value
Current Assets	$	32,378
Personal Property	15,000
In-Process R&D	6,800,000
Trade Names and Trademarks	1,300,000
Deferred Tax Asset	1,942,623
Goodwill	1,951,439
Total Net Assets Acquired	$	12,041,440

Through December 31, 2021, the Company has incurred acquisition-related costs of approximately $375,000, which has been expensed as incurred in the "Selling, general & administrative" section of its Consolidated Statements of Income.

Summary of Significant Accounting and Reporting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Consolidation	Consolidation The consolidated financial statements include the accounts of Gentex Corporation and all of its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated.
Cash Equivalents	Cash Equivalents Cash equivalents consist of funds invested in bank accounts and money market funds that have daily liquidity.
Allowance For Doubtful Accounts	Allowance For Doubtful AccountsThe Company reviews a monthly aging report of all accounts receivable balances starting with invoices outstanding over sixty days. In addition, the Company monitors information about its customers through a variety of sources including the media, and information obtained through on-going interaction between Company personnel and the customer. Based on the evaluation of the above information, the Company estimates its allowances related to customer receivables on historical credit and collections experience, customers current financial condition and the specific identification of other potential problems, including the economic climate and impact the COVID-19 pandemic and supply chain constraints has had on specific customers. Actual collections can differ, requiring adjustments to the allowances, but historically such adjustments have not been materialThe Company’s allowance for doubtful accounts primarily relates to financially distressed automotive customers. The Company continues to work with these financially distressed customers in collecting past due balances.
Investments	Investments The Company follows the provisions of ASC 820, Fair Value Measurements and Disclosures, for its financial assets and liabilities, and for its non-financial assets and liabilities subject to fair value measurements. ASC 820 provides a framework for measuring the fair value of assets and liabilities. This framework is intended to provide increased consistency in how fair value determinations are made under various existing accounting standards that permit, or in some cases, require estimates of fair-market value. This standard also expanded financial statement disclosure requirements about a company’s use of fair-value measurements, including the effect of such measurement on earnings. The cost of securities sold is based on the specific identification method. The Company determines the fair value of its government securities, asset-backed securities, corporate bonds, and certain municipal bonds by utilizing monthly valuation statements that are provided by its broker. The broker determines the investment valuation by utilizing the bid price in the market and also refers to third party sources to validate valuations, and as such are classified as Level 2 assets. The Company's certificates of deposit are classified as available for sale, and are considered as Level 1 assets. These investments are carried at amortized cost, which approximates fair value. The Company will also periodically make technology investments in certain non-consolidated third-parties. These equity investments are accounted for in accordance with ASC 321, Investments - Equity Securities. Equity investments that do not have readily determinable fair values, and where the Company has not identified any observable events that would cause adjustment of the valuation to date, are held at cost. These technology investments totaled $16.8 million and $4.0 million as of December 31, 2021 and December 31, 2020, respectively. These investments are classified within Long-Term Investments in the consolidated balance sheet and are not included within the tables below. The $12.8 million increase in the balance of these technology investments are a result of additional investments with third-parties for potential automotive and medical devices use-cases. Effective January 1, 2020, the Company adopted Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The guidance modifies the impairment model for available-for-sale debt securities and provides a simplified accounting model for purchased financial assets with credit deterioration since their origination. The Company utilized the guidance provided by ASC 326 to determine whether any of the available-for-sale debt securities held by the Company were impaired. No investments were considered to be impaired during the years presented. The Company has the intention and current ability to hold its debt investments until the amortized cost basis has been recovered. If market, industry, and/or investee conditions deteriorate, the Company may incur future impairments.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, investments, accounts receivable, accounts payable, and short and long-term debt. The Company’s estimate of the fair values of these financial instruments approximates their carrying amounts at December 31, 2021 and 2020.
Inventories	InventoriesInventories include material, direct labor and manufacturing overhead and are valued at the lower of first-in, first-out (FIFO) cost or net realizable value.Estimated inventory allowances for slow-moving and obsolete inventories are based on current assessments of future demands, market conditions, evaluation of longer lead times for certain electronic components and related management initiatives. If market conditions or customer requirements change and are less favorable than those projected by management, inventory allowances are adjusted accordingly.
Plant and Equipment	Plant and EquipmentPlant and equipment is stated at cost. Depreciation and amortization are computed for financial reporting purposes using the straight-line method, with estimated useful lives of 7 to 30 years for buildings and improvements, and 3 to 10 years for machinery and equipment.
Impairment or Disposal of Long-Lived Assets	Impairment or Disposal of Long-Lived Assets The Company reviews long-lived assets, including property, plant and equipment and other intangible assets with definite lives, for impairment whenever events or changes in circumstances indicate that the asset’s carrying amount may not be recoverable. The Company conducts its long-lived asset impairment analysis in accordance with ASC 360-10-15, Impairment or Disposal of Long-Lived Assets. ASC 360-10-15 requires the Company to group assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and evaluate the asset group against the sum of the undiscounted future cash flows. If the undiscounted cash flows do not indicate the carrying amount of the asset is recoverable, an impairment charge is measured as the amount by which the carrying amount of the asset group exceeds its fair value based on discounted cash flow analysis or appraisals.
Patents	PatentsThe Company’s policy is to capitalize costs incurred to obtain patents. The cost of patents is amortized over their useful lives. The cost of patents in process is not amortized until issuance. The Company periodically obtains intellectual property rights, in the ordinary course of business, and the cost of the rights are amortized over their useful lives.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill reflects the cost of an acquisition in excess of the fair values assigned to identifiable net assets acquired. The Company reviews goodwill 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 performs an impairment review for its automotive reporting unit, which has been determined to be one of the Company’s reportable segments, using either a qualitative approach or quantitative approach which utilizes a fair value method that incorporates certain assumptions and judgments. The fair value of a reporting unit refers to the price that would be received to sell the unit as a whole in an orderly transaction between market participants at the measurement date. The Company performs a qualitative assessment (step 0) to determine whether it is more likely than not that a reporting unit's fair value is less than its carrying amount. If not, no further goodwill impairment testing is performed. If so, the Company performs a step 1 test to determine the fair value of the reporting unit using an income approach to estimate the fair value of each of its reporting units and a market valuation approach to further support this analysis. If the fair value of the reporting unit is greater than its carrying amount, goodwill is not considered to be impaired. However, if the fair value of the reporting unit is less than its carrying amount, an impairment change is recorded as the excess of the reporting unit's carrying value over its fair value. The assumptions included in the impairment tests require judgment and changes to these inputs could impact the results of the calculations which could result in an impairment charge in future periods if the carrying amount of the reporting unit exceeds its calculated fair value. For the qualitative assessment performed, management considers factors such as macro-economic conditions, industry and market considerations, overall financial performance, and other company-specific events, amongst other factors, in making the determination as to whether it is more likely than not that a reporting unit's fair value is less than its carrying amount. Other than management's internal projections of future cash flows, the primary assumptions used in the step 1 impairment test is the weighted-average cost of capital and long-term growth rates. Although the Company's cash flow forecasts are based on assumptions that are considered reasonable by management and consistent with the plans and estimates management is using to operate the underlying business, there are significant judgments in determining the expected future cash flows attributable to a reporting unit. There have been no impairment charges recorded currently or in prior periods in which goodwill existed. Indefinite lived intangible assets are also subject to annual impairment testing or more frequently if indicators of impairment are identified. Management's judgment and assumptions are required in determining the underlying fair value of the indefinite lived intangible assets. While the Company believes the judgments and assumptions used in determining fair value are reasonable, different assumptions could change the estimated fair values and, therefore, impairment charges could be required, which could be material to the consolidated financial statements. The indefinite lived intangible assets were not impaired as a result of the annual test prepared by management for either period presented. As part of recent acquisitions, the Company acquired Indefinite lived in-process research and development ("IPR&D") intangible assets. These IPR&D assets are not amortized, but are tested for impairment annually, or more frequently when indicators of potential impairment exist, until the completion or abandonment of the associated research and development efforts. Upon completion of the projects, the assets will be amortized over the expected economic life of the asset, which will be determined on that date. Should the project be determined to be abandoned, and if the asset developed has no alternative use, the full value of the asset will be charged to expense.
Revenue Recognition	Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers. Accordingly, revenue is recognized in an amount that reflects the consideration to which the Company expects to be entitled in exchange for promised goods or services when it transfers those goods or services to customers. Sales are shown net of returns, which have not historically been significant. The Company does not generate sales from arrangements with multiple deliverables. The Company generally receives purchase orders from customers on an annual basis. Typically, such purchase order provide the annual terms, including pricing, related to a particular vehicle model. Purchase orders generally do not specify quantities. The Company recognizes revenue based on the pricing terms included in our annual purchase orders. As part of certain agreements, entered into in the ordinary course of business, the Company is asked to provide customers with annual price reductions. Such amounts are subject to estimate and are accrued as a reduction of revenue as products are shipped to those customers. For any shipments of product that may be subject to retroactive price adjustments that are then being negotiated, the Company records revenue based on the Company’s best estimate of the amount of consideration to which the entity will be entitled in exchange for transferring the promised goods to the customer. The Company's best estimate requires significant judgment based on historical results and expected outcomes of ongoing negotiations with customers. The Company's approach is to consider these adjustments to the contract price as variable consideration which is estimated based on the then most likely price amount. In addition, the Company has ongoing adjustments to our pricing arrangements with customers based on the related content, the cost of our products and other commercial factors. Such pricing accruals are adjusted as they are settled with our customers.
Advertising and Promotional Materials	Advertising and Promotional MaterialsAll advertising and promotional costs are expensed as incurred
Repairs and Maintenance	Repairs and MaintenanceMajor renewals and improvements of property and equipment are capitalized, and repairs and maintenance are expensed as incurred.
Self-Insurance	Self-Insurance The Company is self-insured for a portion of its risk on workers’ compensation and employee medical costs. The arrangements provide for stop loss insurance to manage the Company’s risk. Such costs are accrued based on known claims and an estimate of incurred, but not reported (IBNR) claims. IBNR claims are estimated using historical lag information and other data provided by claims administrators. This estimation process is subjective, and to the extent that future results differ from original estimates, adjustments to recorded accruals may be necessary.
Product Warranty	Product Warranty The Company periodically incurs product warranty costs. Any liabilities associated with product warranty are estimated based on known facts and circumstances and are not significant at December 31, 2021, 2020 and 2019. The Company does not offer extended warranties on its products.
Income Taxes	Income Taxes The provision for income taxes is based on the earnings reported in the consolidated financial statements. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax basis of assets and liabilities that will result in deductible or taxable amounts in the future. Such deferred income tax asset and liability computations are based on enacted tax laws and rates. The Company applies the provisions of ASC 740, Income Taxes, as it relates to uncertainty in income taxes recognized in the Company’s consolidated financial statements. A threshold of more likely than not to be sustained upon examination is applied to uncertain tax positions. The Company deems the estimates related to this provision to be reasonable, however, no assurance can be given that the final outcome of these matters will not vary from what is reflected in the historical income tax provisions and accruals.
Leases	LeasesThe Company has operating leases for corporate offices, warehouses, vehicles, and other equipment, which are included within "Plant and Equipment" section of the Consolidated Balance Sheets. The leases have remaining lease terms of 1 year to 5 years. The weighted average remaining lease term for operating leases as of December 31, 2021 was 2 years, with a weighted average discount rate of 1.5%.
Earnings Per Share	Earnings Per ShareThe Company has unvested share-based payment awards with a right to receive non-forfeitable dividends, which are considered participating securities under ASC 260, Earnings Per Share. The Company allocates earnings to participating securities and computes earnings per share using the two-class method. Under the two-class method, net income per share is computed by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, net income is allocated to both common shares and participating securities based on their respective weighted average shares outstanding for the period.
Other Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) reflects the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. For the Company, comprehensive income represents net income adjusted for unrealized gains and losses on certain investments and foreign currency translation adjustments that are further detailed in Note 9 to the Consolidated Financial Statements.
Foreign Currency Translation	Foreign Currency Translation The financial position and results of operations of the Company’s foreign subsidiaries are measured using the local currency as the functional currency. Assets and liabilities are translated at the exchange rate in effect at year-end. Income statement accounts are translated at the average rate of exchange in effect during the year. The resulting translation adjustment is recorded as a separate component of shareholders’ investment. Gains and losses arising from re-measuring foreign currency transactions into the appropriate currency are included in the determination of net income.
Stock-Based Compensation Plans	Stock-Based Compensation Plans The Company accounts for stock-based compensation using the fair value recognition provisions of ASC 718, Compensation - Stock Compensation. As described more fully in Note 5 to the Consolidated Financial Statements, the Company provides, or has provided, compensation benefits under an omnibus incentive plan, two other stock option plans, another restricted stock plan, and an employee stock purchase plan. The Company utilizes the Black-Scholes model to estimate the value of the stock options, which requires the input of assumptions. These assumptions include estimating (a) the length of time employees will retain their vested stock options before exercising them (“expected term”), (b) the volatility of the Company’s common stock price over the expected term, (c) the number of options that will ultimately not complete their vesting requirements (“forfeitures”) and (d) expected dividends. Changes in the assumptions can materially affect the estimate of fair value of stock-based compensation and consequently, the related amounts recognized on the consolidated statements of operations.
Estimates	Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Summary of Significant Accounting and Reporting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Allowance for Doubtful Accounts

The following table presents the activity in the Company’s allowance for doubtful accounts:


	Beginning Balance		Net Additions/ (Reductions) to Costs and Expenses		Net Additions/Deductions and Other Adjustments		Ending Balance
Year Ended December 31, 2021:
Allowance for Doubtful Accounts	$	3,464,747	$	—	$	(288,542)	$	3,176,205
Year Ended December 31, 2020:
Allowance for Doubtful Accounts	$	2,451,293	$	1,000,000	$	13,454	$	3,464,747
Year Ended December 31, 2019:
Allowance for Doubtful Accounts	$	2,746,647	$	—	$	(295,354)	$	2,451,293

Schedule of Assets or Liabilities Having Recurring Measurements

Assets or liabilities that have recurring fair value measurements are shown below as of December 31, 2021 and December 31, 2020:


			Fair Value Measurements at Reporting Date Using
	Total as of		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	December 31, 2021		(Level I)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	262,311,670	$	262,311,670	$	—	$	—
Short-Term Investments:
Certificate of Deposit	1,507,770		1,507,770		—		—
Corporate Bonds	2,018,440		—		2,018,440		—


Other	1,897,402		1,897,402		—		—
Long-Term Investments:
Asset-backed Securities	25,799,513		—		25,799,513		—
Certificate of Deposit	2,056,710		2,056,710				—
Corporate Bonds	40,354,929		—		40,354,929		—
Government Securities	47,944,036		—		47,944,036		—

Municipal Bonds	74,720,480		—		74,720,480		—
Total	$	458,610,950	$	267,773,552	$	190,837,398	$	—


			Fair Value Measurements at Reporting Date Using
	Total as of		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	December 31, 2020		(Level I)		(Level 2)		(Level 3)
Cash & Cash Equivalents	423,371,036		$	423,371,036	$	—	$	—
Short-Term Investments:
Certificate of Deposit	1,516,693		1,516,693		—		—
Corporate Bonds	7,155,600		—		7,155,600		—
Government Securities	6,678,450		—		6,678,450		—
Municipal Bonds	10,284,765		—		10,284,765		—
Other	1,528,861		1,528,861		—		—
Long-Term Investments:
Asset-backed Securities	37,924,537		—		37,924,537		—
Certificate of Deposit	3,645,520		3,645,520		—		—
Corporate Bonds	9,024,035		—		9,024,035		—

Municipal Bonds	107,407,831		—		107,407,831		—
Total	$	608,537,328	$	430,062,110	$	178,475,218	$	—

Schedule of Amortized Cost, Unrealized Gains And Losses, And Market Value of Investment Securities

The amortized cost, unrealized gains and losses, and market value of investment securities are shown as of December 31, 2021 and 2020:


	Unrealized
2021	Cost		Gains		Losses		Market Value
Short-Term Investments:
Certificate of Deposit	$	1,500,543	$	7,227	$	—	$	1,507,770
Corporate Bonds	1,994,639		23,801		—		2,018,440


Other	1,897,402		—		—		1,897,402
Long-Term Investments:
Asset-backed Securities	26,352,630		34,771		(587,888)		25,799,513
Certificate of Deposit	2,001,714		54,996		—		2,056,710
Corporate Bonds	40,716,866		168,416		(530,353)		40,354,929
Government Securities	48,385,672		55,939		(497,575)		47,944,036
Municipal Bonds	72,175,568		2,747,964		(203,052)		74,720,480

Total	$	195,025,034	$	3,093,114	$	(1,818,868)	$	196,299,280


	Unrealized
2020	Cost		Gains		Losses		Market Value
Short-Term Investments:
Certificate of Deposit	$	1,502,187	$	14,506	$	—	$	1,516,693
Corporate Bonds	7,084,638		70,962		—		7,155,600
Governmental Securities	6,635,132		43,318		—		6,678,450
Municipal Bonds	10,160,376		124,389		—		10,284,765
Other	1,528,861		—		—		1,528,861
Long-Term Investments:
Asset-backed Securities	37,681,113		800,802		(557,378)		37,924,537
Certificate of Deposit	3,503,898		141,622		—		3,645,520
Corporate Bonds	8,595,020		429,015		—		9,024,035

Municipal Bonds	100,776,325		6,635,428		(3,922)		107,407,831
Total	$	177,467,550	$	8,260,042	$	(561,300)	$	185,166,292

Schedule of Unrealized Losses on Investments

Unrealized losses on investments as of December 31, 2021 are as follows:


	Aggregate Unrealized Losses		Aggregate Fair Value
Less than one year	$	1,244,053	$	94,417,123
Greater than one year	574,815		6,875,230
Total	$	1,818,868	$	101,292,353

Unrealized losses on investments as of December 31, 2020 are as follows:


	Aggregate Unrealized Losses		Aggregate Fair Value
Less than one year	$	561,300	$	12,317,187
Greater than one year	—		—
Total	$	561,300	$	12,317,187

Investments Classified by Contractual Maturity Date

Fixed income securities as of December 31, 2021, have contractual maturities as follows:


Due within one year	$	3,526,210
Due between one and five years	112,784,662
Due over five years	78,091,006
	$	194,401,878

Schedule of Inventories

Inventories consisted of the following as of December 31, 2021 and 2020:


	2021		2020
Raw materials	$	235,014,277	$	151,688,455
Work-in-process	34,032,164		32,791,675
Finished goods	47,221,001		41,811,713
Total Inventory	$	316,267,442	$	226,291,843

Schedule of Future Minimum Lease Payments

Future minimum lease payments for operating leases as of December 31, 2021 were as follows:


Year ending December 31,

2022	$	1,352,855
2023	872,772
2024	166,652
2025	7,408
Thereafter	457
Total future minimum lease payments	$	2,400,144
Less imputed interest	(17,638)
Total	$	2,382,506

Schedule of Earnings Per Share Basic and Diluted

The following table sets forth the computation of basic and diluted net income per common share under the two-class method for each of the last three years:


	2021		2020		2019
Basic Earnings Per Share
Net Income	$	360,797,232	$	347,563,621	$	424,683,939
Less: Allocated to participating securities	5,591,992		4,964,928		5,028,813
Net Income available to common shareholders	$	355,205,240	$	342,598,693	$	419,655,126

Basic weighted average shares outstanding	235,526,911		242,599,923		251,766,382
Net Income per share - Basic	$	1.51	$	1.41	$	1.67

Diluted Earnings Per Share
Allocation of Net Income used in basic computation	$	355,205,240	$	342,598,693	$	419,655,126
Reallocation of undistributed earnings	17,014		14,232		21,104
Net Income available to common shareholders — Diluted	$	355,222,254	$	342,612,925	$	419,676,230

Number of shares used in basic computation	235,526,911		242,599,923		251,766,382
Additional weighted average dilutive common stock equivalents	1,077,103		1,082,069		1,506,608
Diluted weighted average shares outstanding	236,604,014		243,681,992		253,272,990

Net income per share — Diluted	$	1.50	$	1.41	$	1.66

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Provision For Income Taxes

The components of the provision for income taxes are as follows:


	2021		2020		2019
Currently payable:
Federal	$	89,507,896	$	67,606,617	$	73,563,685
State	5,642,926		10,180,218		3,765,929
Foreign	2,098,433		1,882,195		1,468,018
Total	97,249,255		79,669,030		78,797,632
Deferred income tax benefit:
Primarily federal	(41,694,751)		(15,419,722)		(3,066,237)
Provision for income taxes	$	55,554,504	$	64,249,308	$	75,731,395

Schedule of Effective Income Tax Rates Different from Statutory Federal Income Tax Rates

The effective income tax rates are different from the statutory federal income tax rates for the following reasons:


	2021		2020		2019
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal income tax benefit	0.7		2.1		0.6

Research tax credit	(1.0)		(1.4)		(1.1)
Increase (Decrease) in reserve for uncertain tax provisions	0.1		(0.1)		0.3
Foreign tax credit	(0.2)		(0.1)		(0.1)
Foreign derived intangible income deduction	(6.3)		(5.2)		(4.8)
Stock compensation	(1.3)		(1.0)		(1.1)
Other	0.3		0.3		0.3
Effective income tax rate	13.3	%	15.6	%	15.1	%

Schedule of Deferred Income Tax Assets And Liabilities

The tax effect of temporary differences which give rise to deferred income tax assets and liabilities at December 31, 2021 and 2020, are as follows:


	December 31,
	2021		2020
Assets:
Accruals not currently deductible	$	12,823,493	$	13,135,048
Research and development costs	49,099,538		13,371,625
Stock based compensation	13,707,737		11,983,900



Other	2,118,484		1,163,204
Total deferred income tax assets	$	77,749,252	$	39,653,777
Liabilities:
Excess tax over book depreciation	$	(20,728,577)	$	(29,977,693)
Goodwill	(37,999,022)		(33,427,901)
Intangible assets	(11,718,904)		(11,237,588)
Other	(2,507,071)		(3,971,338)
Total deferred income tax liabilities	$	(72,953,574)	$	(78,614,520)
Net deferred income taxes	$	4,795,678	$	(38,960,743)

Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	2021		2020		2019
Beginning of year	$	4,864,000	$	6,392,000	$	4,678,000
Additions based on tax positions related to the current year	1,023,000		918,000		1,695,000
Additions for tax positions in prior years	364,000		770,000		657,000
Reductions for tax positions in prior years	(51,000)		(2,907,000)		(38,000)

Reductions as a result of a lapse of the applicable statute of limitations	(925,000)		(309,000)		(600,000)
End of year	$	5,275,000	$	4,864,000	$	6,392,000

Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of Shares Under 2019 Omnibus Incentive Plan


	Shares Granted	Conversion Rate	Total Shares Under 2019 Omnibus Plan
Non-Qualified Stock Options	3,443,588	1.00	3,443,588
Restricted Stock	2,582,553	4.06	10,485,165
Performance Shares	420,173	4.06	1,705,903
Total	6,446,314		15,634,656

Schedule of Weighted-Average Assumptions

The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions for the indicated periods:


	2021			2020			2019
Dividend yield (1)	1.8		%	2.0		%	2.0		%
Expected volatility (2)	27.6		%	27.5		%	23.9		%
Risk-free interest rate (3)	1.3		%	0.3		%	1.8		%
Expected term of options (in years) (4)	4.1			4.2			4.2
Weighted-average grant-date fair value	$	6.59		$	4.83		$	4.42

(1) Represents the Company's estimated cash dividend yield over the expected term of option grant.

(3) Represents the U.S. Treasury yield over the expected term of the option grant.

Summary of Stock Option Activity

A summary of the status of the Company’s stock option plans at December 31, 2021, 2020 and 2019, and changes during the same periods are presented in the tables below.


	2021
	Shares (000)	Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contract Life	Aggregate Intrinsic Value (000)
Outstanding at Beginning of Year	4,533	$	23
Granted	1,434	34
Exercised	(1,184)	20			$	17,289
Forfeited	(248)	27
Outstanding at End of Year	4,535	27		3.4 years	$	35,283
Exercisable at End of Year	1,380	$	23	2.5 years	$	16,433


	2020
	Shares (000)	Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contract Life	Aggregate Intrinsic Value (000)
Outstanding at Beginning of Year	5,435	$	20
Granted	1,571	26
Exercised	(2,077)	18			$	23,861
Forfeited	(396)	22
Outstanding at End of Year	4,533	23		3.4 years	$	48,501
Exercisable at End of Year	1,358	$	20	2.3 years	$	18,334


	2019
	Shares (000)	Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contract Life	Aggregate Intrinsic Value (000)
Outstanding at Beginning of Year	8,944	$	18
Granted	1,049	25
Exercised	(4,402)	16			$	36,294
Forfeited	(156)	20
Outstanding at End of Year	5,435	20		3.1 years	$	47,170
Exercisable at End of Year	1,859	$	18	2.2 years	$	20,484

Schedule of Non-Vested Stock Option Activity

A summary of the status of the Company’s non-vested employee stock option activity for the years ended December 31, 2021, 2020, and 2019, are presented in the table below:


	2021			2020			2019
	Shares (000)	Wtd. Avg Grant Date Fair Value		Shares (000)	Wtd. Avg Grant Date Fair Value		Shares (000)	Wtd. Avg Grant Date Fair Value
Nonvested Stock Options at Beginning of Year	3,175	$	5	3,575	$	4	4,842	$	4
Granted	1,434	7		1,571	5		1,049	4
Vested	(1,212)	4		(1,585)	4		(2,165)	4
Forfeited	(241)	5		(386)	4		(151)	4
Nonvested Stock Options at End of Year	3,156	$	5	3,175	$	5	3,575	$	4

Schedule of Restricted Shares


	2021		2020		2019
Vesting Period(1)	Shares Granted	Market Price at Grant Date	Shares Granted	Market Price at Grant Date	Shares Granted	Market Price at Grant Date
1 Year	24,634	32.98 - 34.37	42,074	22.16 - 26.94	39,627	22.19
2 Year	—	—	21,669	23.88 - 26.94	—	—
3 Years	606,853	32.98 - 35.67	119,504	23.88 - 31.08	64,718	20.40
4 Years	309,955	32.98 - 35.67	479,346	20.68 - 28.98	773,698	20.68 - 28.98
5 Years	157,169	32.98 - 35.67	170,355	20.68 - 28.98	254,988	20.68 - 28.98
	1,098,611	$32.98 - 35.67	832,948	$20.68 - 31.08	1,133,031	$20.40 - 28.98
(1) Each of these awards cliff vest after the restriction period with no additional restrictions.

Schedule of Restricted Share Award Activity

A summary of restricted share award activity, including award grants, vesting, and forfeitures for the years ended December 31, 2021, 2020, and 2019, are presented in the table below:


	2021	2020	2019
	Shares (000)	Shares (000)	Shares (000)
Nonvested, Beginning of Year	3,599	3,315	2,638
Granted	1,099	833	1,133
Vested	(759)	(303)	(361)
Forfeited	(179)	(246)	(95)
Nonvested, End of Year	3,760	3,599	3,315

Schedule of Employee Stock Purchase Plan

The following table summarizes shares sold to employees under the 2013 Plan in the years ended December 31, 2021, 2020 and 2019:


Plan	2021	2020	2019	Cumulative Shares Issued	Weighted Average Fair Value 2021
2013 Employee Stock Purchase Plan	143,892	208,273	173,013	1,498,021	$	29.08

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Schedule of Automotive and Other Segment Reporting


	2021		2020		2019
Revenue:
Automotive Products
United States	$	542,690,346	$	519,337,271	$	569,939,756
Germany	234,994,551		228,652,827		296,276,971
Japan	211,417,475		216,100,530		225,577,146
Mexico	111,761,245		127,157,684		160,967,900
Other Countries	596,324,417		556,949,831		557,775,114
Other	33,981,895		39,991,262		48,360,519
Total	$	1,731,169,929	$	1,688,189,405	$	1,858,897,406
Income (Loss) from Operations:
Automotive Products	$	414,185,075	$	393,979,860	$	473,546,112
Other	(4,403,097)		5,576,232		14,991,492
Total	$	409,781,978	$	399,556,092	$	488,537,604
Assets:
Automotive Products	$	1,495,298,453	$	1,436,374,596	$	1,463,030,286
Other	34,760,744		33,317,668		16,000,669
Corporate	601,331,969		728,248,906		689,772,238
Total	$	2,131,391,166	$	2,197,941,170	$	2,168,803,193
Depreciation & Amortization:
Automotive Products	$	92,516,347	$	97,530,191	$	97,520,972
Other	913,451		689,894		481,861
Corporate	5,682,221		6,519,815		6,700,141
Total	$	99,112,019	$	104,739,900	$	104,702,974
Capital Expenditures:
Automotive Products	$	58,415,887	$	34,926,686	$	63,537,512
Other	1,467,962		1,470,705		1,704,045
Corporate	8,951,198		15,309,150		19,338,698
Total	$	68,835,047	$	51,706,541	$	84,580,255

Schedule of Major Product Line Revenues

Other includes Dimmable Aircraft Windows, Fire Protection Products, and Nanofiber. Major product line revenues included within the Automotive Products segment are as follows:


	2021		2020		2019
Automotive Products
Automotive Mirrors	$	1,563,424,443	$	1,520,628,604	$	1,638,600,272
HomeLink® Modules*	133,763,591		127,569,539		171,936,615
Total Automotive Products	$	1,697,188,034	$	1,648,198,143	$	1,810,536,887



Other Products Revenue	$	33,981,895	$	39,991,262	$	48,360,519

Total Revenue	$	1,731,169,929	$	1,688,189,405	$	1,858,897,406

*Excludes HomeLink® revenue integrated into automotive mirrors.

Schedule of Automotive Customers Individually Accounted for 10% or More of Net Sales


	Toyota Motor Company	Volkswagen Group	General Motors
2021	15%	13%	11%
2020	14%	14%	12%
2019	13%	14%	11%

Quarterly Financial Information (Tables)

12 Months Ended

Dec. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

The following table sets forth selected financial information for all of the quarters during the years ended December 31, 2021 and 2020 (in thousands, except per share data):



	First				Second				Third				Fourth
	2021		2020		2021		2020		2021		2020		2021		2020
Net Sales	$	483,725	$	453,762	$	428,005	$	229,926	$	399,599	$	474,639	$	419,841	$	529,864
Gross Profit	183,300		156,587		151,597		43,945		140,900		188,237		143,911		216,675
Operating Income (Loss)	133,734		105,027		99,925		(6,738)		88,165		138,853		87,959		162,414
Net Income (Loss)	113,451		89,506		86,506		(2,374)		76,661		117,093		84,179		143,339
Earnings (Loss) Per Share (Basic)(1)	$	0.47	$	0.36	$	0.36	$	(0.01)	$	0.32	$	0.48	$	0.36	$	0.58
Earnings (Loss) Per Share (Diluted)(1)	$	0.46	$	0.36	$	0.36	$	(0.01)	$	0.32	$	0.48	$	0.35	$	0.59
(1)Basic and diluted earnings (loss) per share are computed independently for each quarter presented. Therefore the sum of quarterly basic and diluted per share information may not equal annual basis and diluted earnings per share.

Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)


	For the Years ended December 31,
	2021		2020		2019
Foreign currency translation adjustments:
Balance at beginning of period	$	769,045	$	(2,384,589)	$	(1,674,887)
Other comprehensive income (loss) before reclassifications	151,544		3,153,634		(709,702)

Net current-period change	151,544		3,153,634		(709,702)
Balance at end of period	920,589		769,045		(2,384,589)

Unrealized gains (losses) on available-for-sale securities:
Balance at beginning of period	6,082,007		1,095,486		74,549

Other comprehensive income before reclassifications	(4,228,434)		6,644,459		1,403,521
Amounts reclassified from accumulated other comprehensive income	(846,918)		(1,657,938)		(382,584)
Net current-period change	(5,075,352)		4,986,521		1,020,937
Balance at end of period	1,006,655		6,082,007		1,095,486







Accumulated other comprehensive (loss) income, end of period	$	1,927,244	$	6,851,052	$	(1,289,103)

Reclassification Out of Accumulated Other Comprehensive Income

The following table presents details of reclassifications out of accumulated other comprehensive income for the twelve months ended December 31, 2021, 2020 and 2019:


Details about Accumulated Other Comprehensive Income Components							Affected Line item in the Statement of Consolidated Income
	For the Years ended December 31,
	2021		2020		2019
Unrealized gains on available-for-sale debt securities
Realized gain on sale of securities	$	1,072,048	$	2,098,656	$	484,283	Other income, net
Provision for income taxes	(225,130)		(440,718)		(101,699)		Provision for Income Taxes







Total reclassifications for the period	$	846,918	$	1,657,938	$	382,584	Net of tax

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The carrying value of Goodwill as of December 31, 2021 and December 31, 2020 was $314.0 million and $311.9 million, respectively, as set forth in the table below.


	Carrying Amount
Balance as of December 31, 2020	$	311,922,787
Acquisitions	1,951,439
Divestitures	—
Impairments	—
Other	85,983
Balance as of December 31, 2021	$	313,960,209

Schedule of Intangible Assets

The Intangible Assets and related change in carrying values are set forth in the table below as of December 31, 2021 and December 31, 2020.

As of December 31, 2021:


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		(123,750,000)		56,250,000		12 years
Existing Customer Platforms	43,000,000		(35,475,000)		7,525,000		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	1,384,856		—		1,384,856		Indefinite
Guardian In-Process R&D	7,243,860		—		7,243,860		Indefinite
Total other identifiable intangible assets	$	398,414,626	$	(159,225,000)	$	239,189,626

As of December 31, 2020:


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		(108,750,000)		$	71,250,000	12 years
Existing Customer Platforms	43,000,000		(31,175,000)		$	11,825,000	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	1,394,995		—		$	1,394,995	Indefinite
Total other identifiable intangible assets	$	389,673,127	$	(139,925,000)	$	249,748,127

Revenue (Tables)

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table shows the Company’s Automotive and Other Products revenue disaggregated by geographical location for Automotive Products for the years ended December 31, 2021, 2020, and 2019:


	For the Years ended December 31,
Revenue	2021		2020		2019
Automotive Products
U.S.	$	542,690,346	$	519,337,271	$	569,939,756
Germany	234,994,551		228,652,827		296,276,971
Japan	211,417,475		216,100,530		225,577,146
Mexico	111,761,245		127,157,684		160,967,900
Other	596,324,417		556,949,831		557,775,114
Total Automotive Products	$	1,697,188,034	$	1,648,198,143	$	1,810,536,887
Other Products (U.S.)	33,981,895		39,991,262		48,360,519
Total Revenue	$	1,731,169,929	$	1,688,189,405	$	1,858,897,406

The following table disaggregates the Company’s Automotive and Other revenue by major source for the years ended December 31, 2021 and 2020:


	For the Years Ended December 31,
Revenue	2021		2020
Automotive Segment
Automotive Mirrors & Electronics	$	1,563,424,443	$	1,520,628,604
HomeLink Modules*	133,763,591		127,569,539
Total Automotive Products	$	1,697,188,034	$	1,648,198,143

Other Segment
Fire Protection Products	$	25,048,697	$	22,716,985
Windows Products	8,914,798		17,274,277
Nanofiber Products	18,400		$	—
Total Other	$	33,981,895	$	39,991,262

*Excludes HomeLink revenue related to HomeLink modules integrated into automotive mirrors.

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Assets Acquired and Liabilities Assumed

The following table summarizes the fair values of the assets acquired, and the liabilities assumed, as of the acquisition date of March 3, 2021:


	Fair Value
Current Assets	$	32,378
Personal Property	15,000
In-Process R&D	6,800,000
Trade Names and Trademarks	1,300,000
Deferred Tax Asset	1,942,623
Goodwill	1,951,439
Total Net Assets Acquired	$	12,041,440

Summary of Significant Accounting and Reporting Policies (Schedule of Allowance for Doubtful Accounts) (Details) - Allowance for Doubtful Accounts - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Activity in the Company’s allowance for doubtful accounts
Beginning Balance	$ 3,464,747	$ 2,451,293	$ 2,746,647
Net Additions/ (Reductions) to Costs and Expenses	0	1,000,000	0
Net Additions/Deductions and Other Adjustments	(288,542)	13,454	(295,354)
Ending Balance	$ 3,176,205	$ 3,464,747	$ 2,451,293

Summary of Significant Accounting and Reporting Policies (Narrative) (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) plan shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares
Summary Of Significant Accounting And Reporting Policies [Line Items]
Technology investments	$ 16,800,000	$ 4,000,000
Decrease in the balance of technology investments	12,800,000
Equity Investment losses were considered to be other than temporary	0	0
Allowance for obsolete and slow moving inventories	10,900,000	10,400,000
Depreciation expense	76,800,000	82,400,000	$ 82,300,000
Account payable, capital expenditures	9,800,000	4,800,000	3,800,000
Advertising and promotional costs	1,800,000	2,000,000	3,000,000
Repair and maintenance of plant and equipment	$ 24,200,000	$ 22,600,000	$ 28,900,000
Weighted average remaining lease term	2 years
Weighted average discount rate	1.50%
Number of shares related to stock plans not included in diluted average common shares outstanding because their effect would be antidilutive \| shares	200,037	403,071	247,855
Employee Stock Option
Summary Of Significant Accounting And Reporting Policies [Line Items]
Number of plans \| plan	2
Minimum
Summary Of Significant Accounting And Reporting Policies [Line Items]
Remaining lease term	1 year
Maximum
Summary Of Significant Accounting And Reporting Policies [Line Items]
Remaining lease term	5 years
Buildings and improvements \| Minimum
Summary Of Significant Accounting And Reporting Policies [Line Items]
Minimum estimated useful life, in years	7 years
Buildings and improvements \| Maximum
Summary Of Significant Accounting And Reporting Policies [Line Items]
Minimum estimated useful life, in years	30 years
Machinery and equipment \| Minimum
Summary Of Significant Accounting And Reporting Policies [Line Items]
Minimum estimated useful life, in years	3 years
Machinery and equipment \| Maximum
Summary Of Significant Accounting And Reporting Policies [Line Items]
Minimum estimated useful life, in years	10 years

Summary of Significant Accounting and Reporting Policies (Schedule of Amortized Cost, Unrealized Gains and Losses, and Market Value of Investment Securities) (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Cost	$ 195,025,034	$ 177,467,550
Unrealized gains	3,093,114	8,260,042
Unrealized losses	(1,818,868)	(561,300)
Market Value	196,299,280	185,166,292
Certificate of Deposit \| Short-term Investments
Debt Securities, Available-for-sale [Line Items]
Cost	1,500,543	1,502,187
Unrealized gains	7,227	14,506
Unrealized losses	0	0
Market Value	1,507,770	1,516,693
Certificate of Deposit \| Long-term Investments
Debt Securities, Available-for-sale [Line Items]
Cost	2,001,714	3,503,898
Unrealized gains	54,996	141,622
Unrealized losses	0	0
Market Value	2,056,710	3,645,520
Asset-backed Securities \| Long-term Investments
Debt Securities, Available-for-sale [Line Items]
Cost	26,352,630	37,681,113
Unrealized gains	34,771	800,802
Unrealized losses	(587,888)	(557,378)
Market Value	25,799,513	37,924,537
Corporate Bonds \| Short-term Investments
Debt Securities, Available-for-sale [Line Items]
Cost	1,994,639	7,084,638
Unrealized gains	23,801	70,962
Unrealized losses	0	0
Market Value	2,018,440	7,155,600
Corporate Bonds \| Long-term Investments
Debt Securities, Available-for-sale [Line Items]
Cost	40,716,866	8,595,020
Unrealized gains	168,416	429,015
Unrealized losses	(530,353)	0
Market Value	40,354,929	9,024,035
Government Securities \| Short-term Investments
Debt Securities, Available-for-sale [Line Items]
Cost		6,635,132
Unrealized gains		43,318
Unrealized losses		0
Market Value		6,678,450
Government Securities \| Long-term Investments
Debt Securities, Available-for-sale [Line Items]
Cost	48,385,672
Unrealized gains	55,939
Unrealized losses	(497,575)
Market Value	47,944,036
Municipal Bonds \| Short-term Investments
Debt Securities, Available-for-sale [Line Items]
Cost		10,160,376
Unrealized gains		124,389
Unrealized losses		0
Market Value		10,284,765
Municipal Bonds \| Long-term Investments
Debt Securities, Available-for-sale [Line Items]
Cost	72,175,568	100,776,325
Unrealized gains	2,747,964	6,635,428
Unrealized losses	(203,052)	(3,922)
Market Value	74,720,480	107,407,831
Other \| Short-term Investments
Debt Securities, Available-for-sale [Line Items]
Cost	1,897,402	1,528,861
Unrealized gains	0	0
Unrealized losses	0	0
Market Value	$ 1,897,402	$ 1,528,861

Summary of Significant Accounting and Reporting Policies (Schedule of Unrealized Losses on Investments) (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Aggregate Unrealized Losses, Less than one year	$ 1,244,053	$ 561,300
Aggregate Fair Value, Less than one year	94,417,123	12,317,187
Aggregate Unrealized Losses, Greater than one year	574,815	0
Aggregate Fair Value, Greater than one year	6,875,230	0
Aggregate Unrealized Losses, Total	1,818,868	561,300
Aggregate Fair Value, Total	$ 101,292,353	$ 12,317,187

Summary of Significant Accounting and Reporting Policies (Fixed Income Securities Contractual Maturity) (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Total	$ 196,299,280	$ 185,166,292
Fixed Income Securities
Debt Securities, Available-for-sale [Line Items]
Due within one year	3,526,210
Due between one and five years	112,784,662
Due over five years	78,091,006
Total	$ 194,401,878

Summary of Significant Accounting and Reporting Policies (Inventories) (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Raw materials	$ 235,014,277	$ 151,688,455
Work-in-process	34,032,164	32,791,675
Finished goods	47,221,001	41,811,713
Total Inventory	$ 316,267,442	$ 226,291,843

Summary of Significant Accounting and Reporting Policies (Leases) (Details)	Dec. 31, 2021 USD ($)
Accounting Policies [Abstract]
2022	$ 1,352,855
2023	872,772
2024	166,652
2025	7,408
Thereafter	457
Total future minimum lease payments	2,400,144
Less imputed interest	(17,638)
Total	$ 2,382,506
Operating lease, liability, statement of financial position

Summary of Significant Accounting and Reporting Policies (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($)

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Basic Earnings Per Share

Net income

$ 360,797,232

$ 347,563,621

$ 424,683,939

Less: Allocated to participating securities

5,591,992

4,964,928

5,028,813

Net Income available to common shareholders

$ 355,205,240

$ 342,598,693

$ 419,655,126

Basic weighted average shares outstanding (in shares)

235,526,911

242,599,923

251,766,382

Net Income per share - Basic (in dollars per share)

^[1]

$ 1.51

$ 1.41

$ 1.67

Diluted Earnings Per Share

Allocation of Net Income used in basic computation

$ 355,205,240

$ 342,598,693

$ 419,655,126

Reallocation of undistributed earnings

17,014

14,232

21,104

Net Income available to common shareholders — Diluted

$ 355,222,254

$ 342,612,925

$ 419,676,230

Number of shares used in basic computation (in shares)

235,526,911

242,599,923

251,766,382

Additional weighted average dilutive common stock equivalents (in shares)

1,077,103

1,082,069

1,506,608

Diluted weighted average shares outstanding (in shares)

236,604,014

243,681,992

253,272,990

Net income per share - Diluted (in dollars per share)

^[1]

$ 1.50

$ 1.41

$ 1.66

[1]	(1) Earnings Per Share has been adjusted to exclude the portion of net income allocated to participating securities as a result of share-based payment awards

Debt and Financing Arrangements (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Oct. 15, 2018
Revolver
Debt Instrument [Line Items]
Principal amount			$ 150,000,000
Additional principal amount available (up to)			100,000,000
Amount outstanding	$ 0	$ 0
Swing Loans
Debt Instrument [Line Items]
Additional principal amount available (up to)			20,000,000
Letters of Credit
Debt Instrument [Line Items]
Additional principal amount available (up to)			$ 20,000,000

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Income Taxes (Schedule of Components of Provision for Income Taxes) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Currently payable:
Federal	$ 89,507,896	$ 67,606,617	$ 73,563,685
State	5,642,926	10,180,218	3,765,929
Foreign	2,098,433	1,882,195	1,468,018
Total	97,249,255	79,669,030	78,797,632
Deferred income tax benefit:
Primarily federal	(41,694,751)	(15,419,722)	(3,066,237)
Provision for income taxes	$ 55,554,504	$ 64,249,308	$ 75,731,395

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes (Schedule of Effective Income Tax Rates Different from Statutory Federal Income Tax Rates) (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Statutory federal income tax rate	21.00%	21.00%	21.00%
State income taxes, net of federal income tax benefit	0.70%	2.10%	0.60%
Research tax credit	(1.00%)	(1.40%)	(1.10%)
Increase (Decrease) in reserve for uncertain tax provisions	0.10%	(0.10%)	0.30%
Foreign tax credit	(0.20%)	(0.10%)	(0.10%)
Foreign derived intangible income deduction	(6.30%)	(5.20%)	(4.80%)
Stock compensation	(1.30%)	(1.00%)	(1.10%)
Other	0.30%	0.30%	0.30%
Effective income tax rate	13.30%	15.60%	15.10%

Income Taxes (Schedule of Deferred Income Tax Assets and Liabilities) (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Assets:
Accruals not currently deductible	$ 12,823,493	$ 13,135,048
Research and development costs	49,099,538	13,371,625
Stock based compensation	13,707,737	11,983,900
Other	2,118,484	1,163,204
Total deferred income tax assets	77,749,252	39,653,777
Liabilities:
Excess tax over book depreciation	(20,728,577)	(29,977,693)
Goodwill	(37,999,022)	(33,427,901)
Intangible assets	(11,718,904)	(11,237,588)
Other	(2,507,071)	(3,971,338)
Total deferred income tax liabilities	(72,953,574)	(78,614,520)
Net deferred income taxes	0	$ (38,960,743)
Patent, and Other Assets, Net
Liabilities:
Net deferred income taxes	$ 4,795,678

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Operating loss carryforwards	$ 8,500
Income taxes paid	105,800	$ 61,900	$ 74,900
Unrecognized tax benefits accrued interest	$ 605	$ 577	$ 574

Income Taxes (Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits ) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Beginning of year	$ 4,864	$ 6,392	$ 4,678
Additions based on tax positions related to the current year	1,023	918	1,695
Additions for tax positions in prior years	364	770	657
Reductions for tax positions in prior years	(51)	(2,907)	(38)
Reductions as a result of a lapse of the applicable statute of limitations	(925)	(309)	(600)
End of year	$ 5,275	$ 4,864	$ 6,392

Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Company's contributions under 401(k) retirement savings plan	$ 9.0	$ 8.9	$ 8.7
Deferred Compensation Arrangement With Individual, Tranche One
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Deferred compensation arrangement vesting percentage	50.00%
Deferred Compensation Arrangement With Individual, Tranche One \| Minimum
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Deferred compensation arrangement, service period	2 years
Deferred Compensation Arrangement With Individual, Tranche One \| Maximum
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Deferred compensation arrangement, service period	3 years
Deferred Compensation Arrangement With Individual, Tranche Two
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Deferred compensation arrangement vesting percentage	100.00%
Deferred compensation arrangement, service period	3 years

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

Stock-Based Compensation Plans (Narrative) (Details)	12 Months Ended				108 Months Ended
Stock-Based Compensation Plans (Narrative) (Details)	Dec. 31, 2021 USD ($) plan shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2013 shares	Dec. 31, 2021 USD ($) plan shares	Dec. 31, 2018 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, granted (in shares)	1,099,000	833,000	1,133,000
Number of shares outstanding	3,760,000	3,599,000	3,315,000		3,760,000	2,638,000
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares approved (in shares)				2,000,000
Shares, granted (in shares)	143,892	208,273	173,013		1,498,021
Amortization expense \| $	$ 713,912	$ 810,605	$ 647,988
ESPP discount rate				85.00%
Discount recognized as compensation expense				15.00%
Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of plans \| plan	2				2
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of plans \| plan	2				2
Stock option expense \| $	$ 5,780,959	4,935,527	6,345,147
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost \| $	6,416,607				$ 6,416,607
Amortization expense \| $	$ 1,573,831	4,424,678	897,136
Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares approved (in shares)	45,000,000				45,000,000
Shares issued under plan (in shares)	15,634,656				15,634,656
Options granted net of shares from canceled/expired options (in shares)	3,443,588
Restricted period, maximum, in years	10 years
Shares, granted (in shares)	2,582,553
Shares outstanding (in shares)	3,760,468
Omnibus Incentive Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option vesting period	1 year
Award expiration period	5 years
Omnibus Incentive Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option vesting period	5 years
Award expiration period	10 years
Employee Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares approved (in shares)	24,000,000				24,000,000
Options granted net of shares from canceled/expired options (in shares)	12,734,438
Unrecognized compensation cost \| $	$ 9,324,372				$ 9,324,372
Weighted-average period for unrecognized compensation cost expected to be recognized	2 years 29 days
Restricted Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares approved (in shares)	9,000,000				9,000,000
Shares, granted (in shares)	5,630,019
Unearned stock-based compensation \| $	$ 46,009,313				$ 46,009,313
Amortization expense \| $	$ 19,304,013	$ 20,675,447	$ 13,770,917

Stock-Based Compensation Plans (Summary of Shares Under 2019 Omnibus Incentive Plan) (Details) - Omnibus Incentive Plan	Dec. 31, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-qualified stock options, shares granted (in shares)	3,443,588
Restricted stock, shares granted (in shares)	2,582,553
Performance shares, shares granted (in shares)	420,173
Total shares granted (in shares)	6,446,314
Non-qualified stock options, conversion ratio	1.00
Restricted Stock, Conversion Ratio	4.06
Performance shares, conversion ratio	4.06
Non-qualified stock options, total shares under 2019 Omnibus Incentive Plan (in shares)	3,443,588
Restricted stock, total shares under 2019 Omnibus Incentive Plan (in shares)	10,485,165
Performance shares, total shares under 2019 Omnibus Incentive Plan (in shares)	1,705,903
Total shares under 2019 Omnibus Plan (in shares)	15,634,656

Stock-Based Compensation Plans (Schedule of Weighted-Average Assumptions) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Dividend yield	1.80%	2.00%	2.00%
Expected volatility	27.60%	27.50%	23.90%
Risk-free interest rate	1.30%	0.30%	1.80%
Expected term of options (in years)	4 years 1 month 6 days	4 years 2 months 12 days	4 years 2 months 12 days
Weighted-average grant-date fair value (in dollars per share)	$ 6.59	$ 4.83	$ 4.42

Stock-Based Compensation Plans (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Shares
Shares, outstanding at beginning of year (in shares)	4,533	5,435	8,944
Shares, granted (in shares)	1,434	1,571	1,049
Shares, exercised (in shares)	(1,184)	(2,077)	(4,402)
Shares, forfeited (in shares)	(248)	(396)	(156)
Shares, outstanding at end of year (in shares)	4,535	4,533	5,435
Shares, exercisable at end of year (in shares)	1,380	1,358	1,859
Wtd. Avg Grant Date Fair Value
Wtd. avg. ex. price, outstanding at beginning of year (in dollars per share)	$ 23	$ 20	$ 18
Wtd. avg. ex. price, granted (in dollars per share)	34	26	25
Wtd. avg. ex. price, exercised (in dollars per share)	20	18	16
Wtd. avg. ex. price, forfeited (in dollars per share)	27	22	20
Wtd. avg. ex. price, outstanding at end of year (in dollars per share)	27	23	20
Wtd. avg. ex. price, exercisable at end of year (in dollars per share)	$ 23	$ 20	$ 18
Option expiration period, years	3 years 4 months 24 days	3 years 4 months 24 days	3 years 1 month 6 days
Wtd. avg. remaining contract life, exercisable at end of year	2 years 6 months	2 years 3 months 18 days	2 years 2 months 12 days
Aggregate intrinsic value, exercised	$ 17,289	$ 23,861	$ 36,294
Aggregate intrinsic value, outstanding at end of year	35,283	48,501	47,170
Aggregate intrinsic value, exercisable at end of year	$ 16,433	$ 18,334	$ 20,484

Stock-Based Compensation Plans (Schedule of Non-Vested Stock Option Activity) (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Shares
Shares, nonvested restricted shares at beginning of year (in shares)	3,175	3,575	4,842
Shares, granted (in shares)	1,434	1,571	1,049
Shares, vested (in shares)	(1,212)	(1,585)	(2,165)
Shares, forfeited (in shares)	(241)	(386)	(151)
Shares, nonvested restricted shares at end of year (in shares)	3,156	3,175	3,575
Wtd. Avg Grant Date Fair Value
Wtd. avg grant date fair value, nonvested stock options at Beginning of Year (in dollars per share)	$ 5	$ 4	$ 4
Wtd. avg grant date fair value, granted (in dollars per share)	6.59	4.83	4.42
Wtd. avg grant date fair value, vested (in dollars per share)	4	4	4
Wtd. avg grant date fair value, forfeited (in dollars per share)	5	4	4
Wtd. avg grant date fair value, nonvested stock options at end of year (in dollars per share)	$ 5	$ 5	$ 4

Stock-Based Compensation Plans (Restricted Share Award Activity) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Shares
Shares, nonvested restricted shares at beginning of year (in shares)	3,599	3,315	2,638
Shares, granted (in shares)	1,099	833	1,133
Shares, vested (in shares)	(759)	(303)	(361)
Shares, forfeited (in shares)	(179)	(246)	(95)
Shares, nonvested restricted shares at end of year (in shares)	3,760	3,599	3,315

Stock-Based Compensation Plans (Employee Stock Purchase Plan) (Details) - $ / shares	12 Months Ended			108 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, granted (in shares)	1,099,000	833,000	1,133,000
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, granted (in shares)	143,892	208,273	173,013	1,498,021
Weighted average fair value (in dollars per share)				$ 29.08

Segment Reporting (Schedule of Automotive and Other Segment Reporting) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Revenues	$ 1,731,169,929	$ 1,688,189,405	$ 1,858,897,406
Income (Loss) from Operations	409,781,978	399,556,092	488,537,604
Assets	2,131,391,166	2,197,941,170	2,168,803,193
Depreciation & Amortization	99,112,019	104,739,900	104,702,974
Capital Expenditures	68,835,047	51,706,541	84,580,255
Corporate
Segment Reporting Information [Line Items]
Assets	601,331,969	728,248,906	689,772,238
Depreciation & Amortization	5,682,221	6,519,815	6,700,141
Capital Expenditures	8,951,198	15,309,150	19,338,698
Automotive Products
Segment Reporting Information [Line Items]
Revenues	1,697,188,034	1,648,198,143	1,810,536,887
Income (Loss) from Operations	414,185,075	393,979,860	473,546,112
Automotive Products \| Operating Segments
Segment Reporting Information [Line Items]
Assets	1,495,298,453	1,436,374,596	1,463,030,286
Depreciation & Amortization	92,516,347	97,530,191	97,520,972
Capital Expenditures	58,415,887	34,926,686	63,537,512
Other
Segment Reporting Information [Line Items]
Revenues	33,981,895	39,991,262	48,360,519
Income (Loss) from Operations	(4,403,097)	5,576,232	14,991,492
Other \| Operating Segments
Segment Reporting Information [Line Items]
Assets	34,760,744	33,317,668	16,000,669
Depreciation & Amortization	913,451	689,894	481,861
Capital Expenditures	1,467,962	1,470,705	1,704,045
United States \| Automotive Products
Segment Reporting Information [Line Items]
Revenues	542,690,346	519,337,271	569,939,756
Germany \| Automotive Products
Segment Reporting Information [Line Items]
Revenues	234,994,551	228,652,827	296,276,971
Japan \| Automotive Products
Segment Reporting Information [Line Items]
Revenues	211,417,475	216,100,530	225,577,146
Mexico \| Automotive Products
Segment Reporting Information [Line Items]
Revenues	111,761,245	127,157,684	160,967,900
Other Countries \| Automotive Products
Segment Reporting Information [Line Items]
Revenues	$ 596,324,417	$ 556,949,831	$ 557,775,114

Segment Reporting (Schedule of Major Product Line Revenues) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue from External Customer [Line Items]
Revenues	$ 1,731,169,929	$ 1,688,189,405	$ 1,858,897,406
Automotive Products
Revenue from External Customer [Line Items]
Revenues	1,697,188,034	1,648,198,143	1,810,536,887
Automotive Products \| Automotive Mirrors
Revenue from External Customer [Line Items]
Revenues	1,563,424,443	1,520,628,604	1,638,600,272
Automotive Products \| HomeLink Modules
Revenue from External Customer [Line Items]
Revenues	133,763,591	127,569,539	171,936,615
Other Products Revenue
Revenue from External Customer [Line Items]
Revenues	33,981,895	39,991,262	48,360,519
Other Products Revenue \| Other Products Revenue
Revenue from External Customer [Line Items]
Revenues	$ 33,981,895	$ 39,991,262	$ 48,360,519

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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+ Details

Segment Reporting (Schedule of Automotive Customers Individually Accounted for 10% or More of Net Sales) (Details) - automotiveCustomer	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue, Major Customer [Line Items]
Percentage net sales invoiced and paid in foreign currencies	8.00%	7.00%	7.00%
Number of customers which individually accounted for 10% or more of net sales	3
Customer concentration risk \| Toyota Motor Company \| Revenue Benchmark
Revenue, Major Customer [Line Items]
Percentage of revenue individually accounted by customers	15.00%	14.00%	13.00%
Customer concentration risk \| Volkswagen Group \| Revenue Benchmark
Revenue, Major Customer [Line Items]
Percentage of revenue individually accounted by customers	13.00%	14.00%	14.00%
Customer concentration risk \| General Motors \| Revenue Benchmark
Revenue, Major Customer [Line Items]
Percentage of revenue individually accounted by customers	11.00%	12.00%	11.00%

Quarterly Financial Information (Details) - USD ($)

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Net Sales

$ 1,731,169,929

$ 1,688,189,405

$ 1,858,897,406

Gross Profit

619,707,847

605,443,520

688,307,969

Operating Income (Loss)

409,781,978

399,556,092

488,537,604

Net income

$ 360,797,232

$ 347,563,621

$ 424,683,939

Earnings (Loss) Per Share (Basic) (in dollars per share)

^[1]

$ 1.51

$ 1.41

$ 1.67

Earnings (Loss) Per Share (Diluted) (in dollars per share)

^[1]

$ 1.50

$ 1.41

$ 1.66

[1]	(1) Earnings Per Share has been adjusted to exclude the portion of net income allocated to participating securities as a result of share-based payment awards

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Comprehensive Income (AOCI Rollforward) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 1,963,943,128	$ 1,938,087,820	$ 1,861,751,660
Other comprehensive (loss) income, net of tax	(4,923,808)	8,140,155	311,235
Ending balance	1,937,988,467	1,963,943,128	1,938,087,820
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	6,851,052	(1,289,103)	(1,600,338)
Ending balance	1,927,244	6,851,052	(1,289,103)
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	769,045	(2,384,589)	(1,674,887)
Other comprehensive income before reclassifications	151,544	3,153,634	(709,702)
Other comprehensive (loss) income, net of tax	151,544	3,153,634	(709,702)
Ending balance	920,589	769,045	(2,384,589)
Unrealized gains (losses) on available-for-sale securities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	6,082,007	1,095,486	74,549
Other comprehensive income before reclassifications	(4,228,434)	6,644,459	1,403,521
Amounts reclassified from accumulated other comprehensive income	(846,918)	(1,657,938)	(382,584)
Other comprehensive (loss) income, net of tax	(5,075,352)	4,986,521	1,020,937
Ending balance	$ 1,006,655	$ 6,082,007	$ 1,095,486

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Comprehensive Income (Reclassification Out of Accumulated Other Comprehensive Income) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]
Provision for income taxes	$ (55,554,504)	$ (64,249,308)	$ (75,731,395)
Total reclassifications for the period	360,797,232	347,563,621	424,683,939
Amounts Reclassified from Other Comprehensive Income
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications for the period	846,918	1,657,938	382,584
Amounts Reclassified from Other Comprehensive Income \| Unrealized gains on available-for-sale debt securities
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]
Realized gain on sale of securities	1,072,048	2,098,656	484,283
Provision for income taxes	$ (225,130)	$ (440,718)	$ (101,699)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Goodwill and Intangible Assets (Details) - USD ($)	3 Months Ended				12 Months Ended
Goodwill and Intangible Assets (Details) - USD ($)	Sep. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2013
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Goodwill			$ 311,922,787		$ 313,960,209	$ 311,922,787
Acquisitions					1,951,439
Amortization of intangible assets					22,200,000	22,400,000	$ 22,400,000
Patents and Other Intangible Assets
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Accumulated amortization			164,500,000		$ 185,700,000	164,500,000
Finite-lived intangible asset, useful life					10 years
Amortization expense, year 2022					$ 22,000,000
Amortization expense, year 2023					22,000,000
Amortization expense, year 2024					20,000,000
Amortization expense, year 2025					16,000,000
Amortization expense, year 2026					12,000,000
HomeLink®
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Goodwill								$ 307,400,000
Accumulated amortization			139,925,000		$ 159,225,000	$ 139,925,000
Vaporsens Inc
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Acquisitions				$ 3,700,000
Argil
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Acquisitions			$ 900,000
Goodwill, period increase (decrease)	$ (100,000)
Air-Craftglass
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Goodwill, period increase (decrease)	$ 200,000
Guardian Optical Technologies
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Goodwill		$ 1,951,439
Acquisitions		$ 2,000,000

Goodwill and Intangible Assets (Schedule of Goodwill) (Details)	12 Months Ended
	Dec. 31, 2021 USD ($)
Goodwill [Roll Forward]
Balance as of December 31, 2020	$ 311,922,787
Acquisitions	1,951,439
Divestitures	0
Impairments	0
Other	85,983
Balance as of December 31, 2021	$ 313,960,209

Goodwill and Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 239,189,627	$ 249,748,127
HomeLink®
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, accumulated amortization	(159,225,000)	(139,925,000)
Intangible assets, gross	398,414,626	389,673,127
Intangible assets, net	239,189,626	249,748,127
HomeLink® \| HomeLink® Technology
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	180,000,000	180,000,000
Finite-lived intangible assets, accumulated amortization	(123,750,000)	(108,750,000)
Finite-lived intangible assets, net	$ 56,250,000	$ 71,250,000
Finite-lived intangible asset, useful life	12 years	12 years
HomeLink® \| Existing Customer Platforms
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 43,000,000	$ 43,000,000
Finite-lived intangible assets, accumulated amortization	(35,475,000)	(31,175,000)
Finite-lived intangible assets, net	$ 7,525,000	$ 11,825,000
Finite-lived intangible asset, useful life	10 years	10 years
HomeLink® \| HomeLink® Trade Names and Trademarks
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 52,000,000	$ 52,000,000
HomeLink® \| Exclusive Licensing Agreement
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	96,000,000	96,000,000
Vaporsens Inc \| In-Process R&D
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	11,000,000	11,000,000
Argil \| In-Process R&D
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	6,278,132	6,278,132
Air-Craftglass \| In-Process R&D
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	1,507,778	$ 1,394,995
Guardian Optical Technologies \| HomeLink® Trade Names and Trademarks
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	1,384,856
Guardian Optical Technologies \| In-Process R&D
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 7,243,860

Revenue (Details) - USD ($)	12 Months Ended
Revenue (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 1,731,169,929	$ 1,688,189,405	$ 1,858,897,406
Automotive Segment
Disaggregation of Revenue [Line Items]
Revenues	1,697,188,034	1,648,198,143
Other
Disaggregation of Revenue [Line Items]
Revenues	33,981,895	39,991,262	48,360,519
Automotive Products
Disaggregation of Revenue [Line Items]
Revenues	1,697,188,034	1,648,198,143	1,810,536,887
Automotive Mirrors & Electronics \| Automotive Segment
Disaggregation of Revenue [Line Items]
Revenues	$ 1,563,424,443	1,520,628,604
Automotive Mirrors & Electronics \| Automotive Segment \| Minimum
Disaggregation of Revenue [Line Items]
Payment terms (in days)	15 days
Automotive Mirrors & Electronics \| Automotive Segment \| Maximum
Disaggregation of Revenue [Line Items]
Payment terms (in days)	90 days
HomeLink Modules \| Automotive Segment
Disaggregation of Revenue [Line Items]
Revenues	$ 133,763,591	127,569,539
Other Products (U.S.) \| Other
Disaggregation of Revenue [Line Items]
Revenues	33,981,895	39,991,262	48,360,519
Fire Protection Products \| Other
Disaggregation of Revenue [Line Items]
Revenues	$ 25,048,697	22,716,985
Fire Protection Products \| Other \| Minimum
Disaggregation of Revenue [Line Items]
Payment terms (in days)	30 days
Fire Protection Products \| Other \| Maximum
Disaggregation of Revenue [Line Items]
Payment terms (in days)	75 days
Windows Products \| Other
Disaggregation of Revenue [Line Items]
Revenues	$ 8,914,798	17,274,277
Nanofiber Products \| Other
Disaggregation of Revenue [Line Items]
Revenues	$ 18,400	0
Dimmable Aircraft Windows \| Other \| Minimum
Disaggregation of Revenue [Line Items]
Payment terms (in days)	30 days
Dimmable Aircraft Windows \| Other \| Maximum
Disaggregation of Revenue [Line Items]
Payment terms (in days)	45 days
United States \| Automotive Products
Disaggregation of Revenue [Line Items]
Revenues	$ 542,690,346	519,337,271	569,939,756
United States \| Other Products (U.S.)
Disaggregation of Revenue [Line Items]
Revenues	33,981,895	39,991,262	48,360,519
Germany \| Automotive Products
Disaggregation of Revenue [Line Items]
Revenues	234,994,551	228,652,827	296,276,971
Japan \| Automotive Products
Disaggregation of Revenue [Line Items]
Revenues	211,417,475	216,100,530	225,577,146
Mexico \| Automotive Products
Disaggregation of Revenue [Line Items]
Revenues	111,761,245	127,157,684	160,967,900
Other Countries \| Automotive Products
Disaggregation of Revenue [Line Items]
Revenues	$ 596,324,417	$ 556,949,831	$ 557,775,114

Acquisitions (Details) - USD ($)			12 Months Ended
Acquisitions (Details) - USD ($)	Dec. 14, 2020	Sep. 18, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2021	Mar. 03, 2021
Business Acquisition [Line Items]
Revenues			$ 1,731,169,929	$ 1,688,189,405	$ 1,858,897,406
Selling, General and Administrative Expenses
Business Acquisition [Line Items]
Acquisition-related costs			375,000
Argil
Business Acquisition [Line Items]
Initial investment in Argil	$ 4,200,000
Air-CraftGlass
Business Acquisition [Line Items]
Purchase price of acquisition		$ 1,100,000
Ownership percentage of business acquisition		100.00%
Revenues			0
Argil
Business Acquisition [Line Items]
Purchase price of acquisition	$ 3,700,000
Ownership percentage of business acquisition	100.00%
Revenues			$ 0
Guardian Optical Technologies
Business Acquisition [Line Items]
Ownership percentage of business acquisition						100.00%
Business acquisition agreement, value							$ 12,000,000

Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($)	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 313,960,209		$ 311,922,787
Guardian Optical Technologies
Business Acquisition [Line Items]
Current Assets		$ 32,378
Personal Property		15,000
Deferred Tax Asset		1,942,623
Goodwill		1,951,439
Total Net Assets Acquired		12,041,440
Guardian Optical Technologies \| In-Process R&D
Business Acquisition [Line Items]
In-Process R&D		6,800,000
Guardian Optical Technologies \| Trade Names and Trademarks
Business Acquisition [Line Items]
Trade Names and Trademarks		$ 1,300,000

Summary of Significant Accounting and Reporting Policies (Schedule of Assets or Liabilities Having Recurring Measurements) (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash & Cash Equivalents	$ 262,311,670	$ 423,371,036
Total	458,610,950	608,537,328
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash & Cash Equivalents	262,311,670	423,371,036
Total	267,773,552	430,062,110
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash & Cash Equivalents	0	0
Total	190,837,398	178,475,218
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash & Cash Equivalents	0	0
Total	0	0
Short-term Investments \| Certificate of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	1,507,770	1,516,693
Short-term Investments \| Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	2,018,440	7,155,600
Short-term Investments \| Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments		6,678,450
Short-term Investments \| Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	1,897,402	1,528,861
Short-term Investments \| Municipal Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments		10,284,765
Short-term Investments \| Level 1 \| Certificate of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	1,507,770	1,516,693
Short-term Investments \| Level 1 \| Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	0	0
Short-term Investments \| Level 1 \| Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments		0
Short-term Investments \| Level 1 \| Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	1,897,402	1,528,861
Short-term Investments \| Level 1 \| Municipal Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments		0
Short-term Investments \| Level 2 \| Certificate of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	0	0
Short-term Investments \| Level 2 \| Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	2,018,440	7,155,600
Short-term Investments \| Level 2 \| Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments		6,678,450
Short-term Investments \| Level 2 \| Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	0	0
Short-term Investments \| Level 2 \| Municipal Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments		10,284,765
Short-term Investments \| Level 3 \| Certificate of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	0	0
Short-term Investments \| Level 3 \| Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	0	0
Short-term Investments \| Level 3 \| Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments		0
Short-term Investments \| Level 3 \| Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	0	0
Short-term Investments \| Level 3 \| Municipal Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments		0
Long-term Investments \| Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	25,799,513	37,924,537
Long-term Investments \| Certificate of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	2,056,710	3,645,520
Long-term Investments \| Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	40,354,929	9,024,035
Long-term Investments \| Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	47,944,036
Long-term Investments \| Municipal Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	74,720,480	107,407,831
Long-term Investments \| Level 1 \| Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	0	0
Long-term Investments \| Level 1 \| Certificate of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	2,056,710	3,645,520
Long-term Investments \| Level 1 \| Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	0	0
Long-term Investments \| Level 1 \| Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	0
Long-term Investments \| Level 1 \| Municipal Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	0	0
Long-term Investments \| Level 2 \| Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	25,799,513	37,924,537
Long-term Investments \| Level 2 \| Certificate of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments		0
Long-term Investments \| Level 2 \| Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	40,354,929	9,024,035
Long-term Investments \| Level 2 \| Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	47,944,036
Long-term Investments \| Level 2 \| Municipal Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	74,720,480	107,407,831
Long-term Investments \| Level 3 \| Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	0	0
Long-term Investments \| Level 3 \| Certificate of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	0	0
Long-term Investments \| Level 3 \| Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	0	0
Long-term Investments \| Level 3 \| Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	0
Long-term Investments \| Level 3 \| Municipal Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of investments	$ 0	$ 0

Stock-Based Compensation Plans (Vested Restricted Stocks) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market price at vesting date (in dollars per share)	$ 34	$ 26	$ 25
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	1,098,611	832,948	1,133,031
Restricted Stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market price at vesting date (in dollars per share)	$ 32.98	$ 20.68	$ 20.40
Restricted Stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market price at vesting date (in dollars per share)	$ 35.67	$ 31.08	$ 28.98
Restricted Stock \| 1 Year
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	24,634	42,074	39,627
Market price at vesting date (in dollars per share)			$ 22.19
Restricted Stock \| 1 Year \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market price at vesting date (in dollars per share)	$ 32.98	$ 22.16
Restricted Stock \| 1 Year \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market price at vesting date (in dollars per share)	$ 34.37	$ 26.94
Restricted Stock \| 2 Year
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	0	21,669	0
Market price at vesting date (in dollars per share)	$ 0		$ 0
Restricted Stock \| 2 Year \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market price at vesting date (in dollars per share)		$ 23.88
Restricted Stock \| 2 Year \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market price at vesting date (in dollars per share)		$ 26.94
Restricted Stock \| 3 Years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	606,853	119,504	64,718
Market price at vesting date (in dollars per share)			$ 20.4
Restricted Stock \| 3 Years \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market price at vesting date (in dollars per share)	$ 32.98	$ 23.88
Restricted Stock \| 3 Years \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market price at vesting date (in dollars per share)	$ 35.67	$ 31.08
Restricted Stock \| 4 Years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	309,955	479,346	773,698
Restricted Stock \| 4 Years \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market price at vesting date (in dollars per share)	$ 32.98	$ 20.68	$ 20.68
Restricted Stock \| 4 Years \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market price at vesting date (in dollars per share)	$ 35.67	$ 28.98	$ 28.98
Restricted Stock \| 5 Years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	157,169	170,355	254,988
Restricted Stock \| 5 Years \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market price at vesting date (in dollars per share)	$ 32.98	$ 20.68	$ 20.68
Restricted Stock \| 5 Years \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market price at vesting date (in dollars per share)	$ 35.67	$ 28.98	$ 28.98