0000355811-22-000035 | 10-Q | XBRL Viewer

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Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2022	Jul. 22, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	0-10235
Entity Registrant Name	GENTEX CORPORATION
Entity Central Index Key	0000355811
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Incorporation, State or Country Code	MI
Entity Tax Identification Number	38-2030505
Entity Address, Address Line One	600 N. Centennial
Entity Address, City or Town	Zeeland
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	49464
City Area Code	616
Local Phone Number	772-1800
Title of 12(b) Security	Common Stock, par value $0.06 per share
Trading Symbol	GNTX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		235,129,597

Unaudited Condensed Consolidated Balance Sheets - USD ($)

Jun. 30, 2022

Dec. 31, 2021

CURRENT ASSETS

Cash and cash equivalents

$ 269,372,471

$ 262,311,670

^[1]

Short-term investments

11,992,154

5,423,612

^[1]

Accounts receivable, net

274,404,572

249,794,906

^[1]

Inventories

392,577,825

316,267,442

^[1]

Prepaid expenses and other

43,539,709

39,178,119

^[1]

Total current assets

991,886,731

872,975,749

^[1]

PLANT AND EQUIPMENT—NET

488,913,960

464,121,676

^[1]

OTHER ASSETS

Goodwill

313,857,650

313,960,209

^[1]

Long-term investments

157,704,267

207,693,147

^[1]

Equity method investments

39,940,046

Intangible assets, net

229,010,910

239,189,627

^[1]

Patents and other assets, net

63,140,670

33,450,758

^[1]

Total other assets

803,653,543

794,293,741

^[1]

Total assets

2,284,454,234

2,131,391,166

^[1]

CURRENT LIABILITIES

Accounts payable

186,623,085

98,342,928

^[1]

Accrued liabilities

99,548,802

83,313,172

^[1]

Total current liabilities

286,171,887

181,656,100

^[1]

OTHER NON-CURRENT LIABILITIES

11,707,867

11,746,599

^[1]

Total liabilities

297,879,754

193,402,699

^[1]

SHAREHOLDERS’ INVESTMENT

Common stock

14,107,936

14,186,450

^[1]

Additional paid-in capital

900,576,404

879,413,385

^[1]

Retained earnings

1,082,846,019

1,042,461,388

^[1]

Accumulated other comprehensive (loss) income

(10,955,879)

1,927,244

^[1]

Total shareholders’ investment

1,986,574,480

1,937,988,467

^[1]

Total liabilities and shareholders’ investment

$ 2,284,454,234

$ 2,131,391,166

^[1]

[1]

The condensed consolidated balance sheet at December 31, 2021 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Unaudited Condensed Consolidated Statements of Income - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Income Statement [Abstract]

NET SALES

$ 463,423,002

$ 428,005,026

$ 931,673,777

$ 911,729,865

COST OF GOODS SOLD

315,055,988

276,408,285

622,894,804

576,832,956

Gross profit

148,367,014

151,596,741

308,778,973

334,896,909

OPERATING EXPENSES:

Engineering, research and development

32,857,419

29,059,058

64,832,406

56,711,139

Selling, general & administrative

29,718,626

22,613,062

54,849,694

44,527,448

Total operating expenses

62,576,045

51,672,120

119,682,100

101,238,587

Income from operations

85,790,969

99,924,621

189,096,873

233,658,322

OTHER (LOSS) INCOME

Investment income

920,284

903,139

1,708,600

1,926,549

Other (loss) income, net

(1,903,269)

987,959

(2,702,079)

1,497,584

Total other (loss) income

(982,985)

1,891,098

(993,479)

3,424,133

INCOME BEFORE PROVISION FOR INCOME TAXES

84,807,984

101,815,719

188,103,394

237,082,455

PROVISION FOR INCOME TAXES

12,403,581

15,309,301

28,170,366

37,125,167

NET INCOME

$ 72,404,403

$ 86,506,418

$ 159,933,028

$ 199,957,288

EARNINGS PER SHARE:

Basic (in dollars per share)

^[1]

$ 0.31

$ 0.36

$ 0.68

$ 0.83

Diluted (in dollars per share)

^[1]

0.31

0.36

0.68

0.82

Cash Dividends Declared per Share (in dollars per share)

$ 0.120

$ 0.240

[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.

Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 72,404,403	$ 86,506,418	$ 159,933,028	$ 199,957,288
Other comprehensive (loss) income before tax:
Foreign currency translation adjustments	(3,131,326)	963,199	(4,027,746)	110,787
Unrealized (losses) gains on debt securities, net	(3,414,108)	1,705,281	(11,209,338)	(3,413,672)
Other comprehensive (loss) income, before tax	(6,545,434)	2,668,480	(15,237,084)	(3,302,885)
Income tax impact related to components of other comprehensive (loss) income	(716,963)	358,109	(2,353,961)	(716,871)
Other comprehensive (loss) income, net of tax	(5,828,471)	2,310,371	(12,883,123)	(2,586,014)
Comprehensive income	$ 66,575,932	$ 88,816,789	$ 147,049,905	$ 197,371,274

- 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

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

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+ Details

Unaudited Condensed Consolidated Statements of Shareholders' Investment - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Balance at beginning of period

$ 1,928,968,900

$ 1,960,980,714

$ 1,937,988,467

^[1]

$ 1,963,943,128

Issuance of common stock from stock plan transactions

5,671,020

4,391,044

8,995,167

13,656,884

Issuance of common stock for equity investment purchases

5,000,012

$ 5,000,012

Repurchases of common stock (in shares)

(2,400,000)

Repurchases of common stock

(115,921,079)

$ (71,252,022)

(213,613,842)

Stock-based compensation expense related to stock options, employee stock purchases and restricted stock

8,573,230

6,727,513

15,361,567

12,622,158

Dividends declared ($0.24 per share)

(28,214,614)

(28,675,992)

(56,568,616)

(57,660,613)

Net income

72,404,403

86,506,418

159,933,028

199,957,288

Other comprehensive income (loss)

(5,828,471)

2,310,371

(12,883,123)

(2,586,014)

Balance at end of period

$ 1,986,574,480

$ 1,916,318,989

$ 1,986,574,480

$ 1,916,318,989

Common Stock

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Beginning balance (in shares)

234,477,338

241,538,824

236,440,840

243,692,869

Balance at beginning of period

$ 14,068,640

$ 14,492,329

$ 14,186,450

$ 14,621,572

Issuance of common stock from stock plan transactions (in shares)

492,494

838,896

969,182

1,439,916

Issuance of common stock from stock plan transactions

$ 29,550

$ 50,334

$ 58,151

$ 86,395

Issuance of common stock for equity investment purchases (in shares)

162,433

Issuance of common stock for equity investment purchases

$ 9,746

Repurchases of common stock (in shares)

(3,411,131)

(2,440,190)

(6,166,196)

Repurchases of common stock

$ (204,668)

$ (146,411)

$ (369,972)

Ending balance (in shares)

235,132,265

238,966,589

235,132,265

238,966,589

Balance at end of period

$ 14,107,936

$ 14,337,995

$ 14,107,936

$ 14,337,995

Additional Paid-In Capital

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Balance at beginning of period

881,371,438

859,355,232

879,413,385

852,771,508

Issuance of common stock from stock plan transactions

5,641,470

4,340,710

8,937,016

13,570,489

Issuance of common stock for equity investment purchases

4,990,266

Repurchases of common stock

(10,745,063)

(8,125,830)

(19,285,763)

Stock-based compensation expense related to stock options, employee stock purchases and restricted stock

8,573,230

6,727,513

15,361,567

12,622,158

Balance at end of period

900,576,404

859,678,392

900,576,404

859,678,392

Retained Earnings

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Balance at beginning of period

1,038,656,230

1,085,178,486

1,042,461,388

1,089,698,996

Repurchases of common stock

(104,971,348)

(62,979,781)

(193,958,107)

Dividends declared ($0.24 per share)

(28,214,614)

(28,675,992)

(56,568,616)

(57,660,613)

Net income

72,404,403

86,506,418

159,933,028

199,957,288

Balance at end of period

1,082,846,019

1,038,037,564

1,082,846,019

1,038,037,564

Accumulated Other Comprehensive (Loss) Income

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Balance at beginning of period

(5,127,408)

1,954,667

1,927,244

6,851,052

Other comprehensive income (loss)

(5,828,471)

2,310,371

(12,883,123)

(2,586,014)

Balance at end of period

$ (10,955,879)

$ 4,265,038

$ (10,955,879)

$ 4,265,038

[1]

Unaudited Condensed Consolidated Statements of Shareholders' Investment (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.120	$ 0.120	$ 0.240	$ 0.240

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 159,933,028	$ 199,957,288
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	50,052,518	51,497,665
(Gain) on disposal of assets	(45,214)	(19,891)
Loss on disposal of assets	11,776	133,036
(Gain) on sale of investments	(391,378)	(969,971)
Loss on sale of investments	989,196	192,346
Change in deferred income taxes	5,044,744	(3,546,862)
Stock-based compensation expense related to employee stock options, employee stock purchases and restricted stock	15,361,567	12,622,158
Change in operating assets and liabilities:
Accounts receivable, net	(24,609,666)	50,784,339
Inventories	(76,310,383)	(37,608,133)
Prepaid expenses and other	(6,035,375)	(41,394,722)
Accounts payable	48,905,968	16,477,865
Accrued liabilities, excluding dividends declared and short-term debt	16,354,262	4,117,051
Net cash provided by operating activities	189,261,043	252,242,169
Activity in available-for-sale securities:
Sales proceeds	37,429,595	34,250,068
Maturities and calls	3,000,000	16,685,000
Purchases	(19,506,446)	(71,596,074)
Purchase of equity method investments	(24,250,000)	0
Plant and equipment additions	(57,998,319)	(31,352,443)
Proceeds from sale of plant and equipment	44,881	99,850
Acquisition of businesses, net of cash acquired	0	(12,023,440)
Increase in other assets	(1,937,117)	(458,637)
Net cash used for investing activities	(63,217,406)	(64,395,676)
CASH FLOWS USED FOR FINANCING ACTIVITIES:
Issuance of common stock from stock plan transactions	8,995,167	13,656,884
Cash dividends paid	(56,725,981)	(58,227,768)
Repurchases of common stock	(71,252,022)	(213,613,842)
Net cash used for financing activities	(118,982,836)	(258,184,726)
NET INCREASE IN CASH AND CASH EQUIVALENTS	7,060,801	(70,338,233)
CASH AND CASH EQUIVALENTS, beginning of period	262,311,670	423,371,036
CASH AND CASH EQUIVALENTS, end of period	$ 269,372,471	$ 353,032,803

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of PresentationThe unaudited condensed consolidated financial statements included herein have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these unaudited condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company's 2021 annual report on Form 10-K. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only a normal and recurring nature, necessary to present fairly the financial position of the Company as of June 30, 2022, and the results of operations and cash flows for the interim periods presented.

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill represents the cost of an acquisition in excess of the fair values assigned to identifiable net assets acquired. The Company recorded Goodwill of: $307.4 million as part of the HomeLink® acquisition in 2013; $3.7 million as part of the acquisition of Vaporsens, Inc. ("Vaporsens") in the second quarter of 2020; $0.2 million as part of the acquisition of Air-Craftglass Production BV ("Air-Craftglass") in the third quarter of 2020; $1.0 million as a part of the acquisition of Argil, Inc. ("Argil") in the fourth quarter of 2020; and $2.0 million as part of the acquisition of Guardian Optical Technologies ("Guardian") in the first quarter of 2021. The carrying value of Goodwill as of both June 30, 2022 and December 31, 2021 was $313.9 million and $314.0 million, respectively, as set forth in the table below:


	Carrying Amount
Balance as of December 31, 2021	$	313,960,209
Acquisitions	—
Divestitures	—
Impairments	—
Other	(102,559)
Balance as of June 30, 2022	$	313,857,650

In addition to annual impairment testing, which is performed as of the first day of the fourth quarter, the Company continuously monitors for events and circumstances that could negatively impact the key assumptions in determining fair value of goodwill or other intangible assets thus resulting in the need for interim impairment testing, including long-term revenue growth projections, profitability, discount rates, recent market valuations from transactions by comparable companies, volatility in the Company's market capitalization, and general industry, market and macroeconomic conditions. The impact of COVID-19, the recent microchip shortage, supply chain constraints, and labor shortages were again considered in the most recently completed quarter, but did not indicate the need for interim impairment testing.

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

The patents and intangible assets and related change in carrying values are set forth in the tables below:

As of June 30, 2022:


Other Intangible Assets	Gross		Accumulated Amortization		Net		Assumed Useful Life
Gentex Patents	$	39,495,602	$	(27,389,285)	$	12,106,317	Various
Vaporsens Technology Licenses	351,290		(67,367)		283,923		Various

Other Intangible Assets
HomeLink® Trade Names and Trademarks	$	52,000,000	$	—	$	52,000,000	Indefinite
HomeLink® Technology	180,000,000		(131,250,000)		48,750,000		12 years
Existing Customer Platforms	43,000,000		(37,625,000)		5,375,000		10 years
Exclusive Licensing Agreement	96,000,000		—		96,000,000		Indefinite
Vaporsens In-Process R&D	11,000,000		—		11,000,000		Indefinite
Argil In-Process R&D	6,278,132		—		6,278,132		Indefinite
Air-Craftglass In-Process R&D	1,507,778		—		1,507,778		Indefinite
Guardian Trade Names	1,300,000		—		1,300,000		Indefinite
Guardian In-Process R&D	6,800,000		—		6,800,000		Indefinite
Total Other Intangible Assets	$	397,885,910	$	(168,875,000)	$	229,010,910

Total Patents & Other Intangible Assets	$	437,732,802	$	(196,331,652)	$	241,401,150

As of December 31, 2021:


Other Intangible Assets	Gross		Accumulated Amortization		Net		Assumed Useful Life
Gentex Patents	$	39,362,187	$	(26,506,155)	$	12,856,032	Various
Vaporsens Technology Licenses	351,290		(50,107)		301,183		Various

Other Intangible Assets
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	1,384,857		—		1,384,857		Indefinite
Guardian In-Process R&D	7,243,860		—		7,243,860		Indefinite
Total Other Intangible Assets	$	398,414,627	$	(159,225,000)	$	239,189,627

Total Patents & Other Intangible Assets	$	438,128,104	$	(185,781,262)	$	252,346,842

Amortization expense on patents and intangible assets was approximately $5.5 million and $11.1 million during the three and six months ended June 30, 2022, respectively, and approximately $5.6 million and $11.2 million for the same periods ended June 30, 2021, respectively.

Excluding the impact of any future acquisitions, the Company estimates amortization expense for the year ending December 31, 2022 to be approximately $22 million, for the year ending December 31, 2023 to be

approximately $20 million, for the year ending December 31, 2024 to be approximately $16 million, and for each of the years ending December 31, 2025 and December 31, 2026 to be approximately $12 million

Investments

6 Months Ended

Jun. 30, 2022

Investments [Abstract]

Investments

The Company follows the provisions of Accounting Standards Codification ("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 with respect to a company’s use of fair-value measurements, including the effect of such measurements 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, municipal bonds, and corporate 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 cost, which approximates fair value.

The Company also periodically makes technology investments in certain non-consolidated third-parties. These equity investments are accounted for in accordance with ASC 323, Investments - Equity Method and Joint Ventures. The Company's share of the earnings or losses of non-controlled affiliates, over which the Company exercises significant influence (generally a 20% to 50% ownership interest), is included in the consolidated operating results using the equity method of accounting. These equity method investments, over which the Company exercises significant influence, totaled approximately $39.9 million as of June 30, 2022 (including approximately $11.1 million of investments accounted for under ASC 321, Investments - Equity Securities, as of December 31, 2021, for which the Company obtained significant influence during 2022). The Company did not have equity method investments as of December 31, 2021. These investments are classified within Equity Method Investments in the condensed consolidated balance sheets.

The Company has made technology investments in certain non-consolidated affiliates for ownership interests of less than 20% (where the Company does not have the ability to exercise significant influence). These equity investments are accounted for in accordance with ASC 321, Investments - Equity Securities. For these 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 then held at cost. These technology investments totaled approximately $7.6 million and $16.8 million as of June 30, 2022 and December 31, 2021, respectively. These investments are classified within Long-Term Investments in the condensed consolidated balance sheets.

Assets or liabilities that have recurring fair value measurements are shown below as of June 30, 2022 and December 31, 2021:

As of June 30, 2022:


			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	June 30, 2022		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	269,372,471	$	269,372,471	$	—	$	—
Short-Term Investments:
Certificate of Deposit	1,752,930		1,752,930		—		—
Corporate Bonds	5,467,319		—		5,467,319		—

Municipal Bonds	1,729,072		—		1,729,072		—
Other	3,042,833		3,042,833		—		—
Long-Term Investments:
Asset Backed Securities	23,356,697		—		23,356,697		—
Certificate of Deposit	735,897		735,897		—		—
Corporate Bonds	34,178,081		—		34,178,081		—
Government Securities	38,901,568		—		38,901,568		—
Municipal Bonds	52,972,792		—		52,972,792		—


Total	$	431,509,660	$	274,904,131	$	156,605,529	$	—

As of December 31, 2021:


			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 1)		(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		—
Government Securities	—		—		—		—
Municipal Bonds	—		—		—		—
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		—
Governmental 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	$	—

The amortized cost, unrealized gains and losses, and market value of investment securities are shown as of June 30, 2022 and December 31, 2021:

As of June 30, 2022:


			Unrealized
	Cost		Gains		Losses		Market Value
Short-Term Investments:
Certificate of Deposit	$	1,750,990	$	4,098	$	(2,158)	$	1,752,930
Corporate Bonds	5,630,319		—		(163,000)		5,467,319

Municipal Bonds	1,740,477		760		(12,165)		1,729,072
Other	3,042,833		—		—		3,042,833
Long-Term Investments:
Asset Backed Securities	24,055,501		—		(698,804)		23,356,697
Certificate of Deposit	750,000		—		(14,103)		735,897
Corporate Bonds	37,765,445		—		(3,587,364)		34,178,081
Government Securities	41,238,181		2,361		(2,338,974)		38,901,568
Municipal Bonds	56,098,534		188,395		(3,314,137)		52,972,792
Total	$	172,072,280	$	195,614	$	(10,130,705)	$	162,137,189

As of December 31, 2021:


			Unrealized
	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 losses on investments as of June 30, 2022, are as follows:


	Aggregate Unrealized Losses		Aggregate Fair Value of Investments
Loss duration of less than one year	$	8,893,651	$	143,233,962
Loss duration of greater than one year	1,237,054		9,273,913
Total	$	10,130,705	$	152,507,875

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


	Aggregate Unrealized Losses		Aggregate Fair Value of Investments
Loss duration of less than one year	$	1,244,053	$	94,417,123
Loss duration of greater than one year	574,815		6,875,230
Total	$	1,818,868	$	101,292,353

Effective January 1, 2020, the Company adopted 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 periods presented. The Company has the intention and current ability to hold its debt investments until any amortized cost basis has been recovered.

Fixed income securities as of June 30, 2022 have contractual maturities as follows:


Due within one year	$	8,949,321
Due between one and five years	89,732,074
Due over five years	60,412,961
	$	159,094,356

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Inventories

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Inventories

InventoriesInventories consisted of the following at the respective balance sheet dates:


	June 30, 2022		December 31, 2021
Raw materials	$	278,888,521	$	235,014,277
Work-in-process	43,334,800		34,032,164
Finished goods	70,354,504		47,221,001
Total Inventory	$	392,577,825	$	316,267,442

Earnings Per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

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. For a period of net loss, net loss is not allocated to participating securities.

The following table sets forth the computation of basic and diluted net income per common share under the two-class method for the three and six months ended June 30, 2022 and June 30, 2021:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Basic Earnings Per Share
Net Income	$	72,404,403	$	86,506,418	$	159,933,028	$	199,957,288
Less: Dividends and undistributed earnings allocated to participating securities	1,094,827		1,324,767		2,460,845		2,974,367
Net Income available to common shareholders	$	71,309,576	$	85,181,651	$	157,472,183	$	196,982,921

Basic weighted average shares outstanding	230,982,301		238,602,197		231,245,466		238,198,668
Net Income per share - Basic	$	0.31	$	0.36	$	0.68	$	0.83

Diluted Earnings Per Share
Allocation of Net Income used in basic computation	$	71,309,576	$	85,181,651	$	157,472,183	$	196,982,921
Reallocation of undistributed earnings	1,295		3,980		3,701		10,464
Net Income available to common shareholders - Diluted	$	71,310,871	$	85,185,631	$	157,475,884	$	196,993,385

Number of shares used in basic computation	230,982,301		238,602,197		231,245,466		238,198,668
Additional weighted average dilutive common stock equivalents	456,483		1,130,301		544,919		1,218,528
Diluted weighted average shares outstanding	231,438,784		239,732,498		231,790,385		239,417,196

Net Income per share - Diluted	$	0.31	$	0.36	$	0.68	$	0.82

Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive	1,792,677		270,475		1,549,824		137,484

Stock-Based Compensation Plans

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Plans

As of June 30, 2022, the Company had two equity incentive plans, which include the Gentex Corporation 2019 Omnibus Incentive Plan ("2019 Omnibus Plan"), and an employee stock purchase plan. Those plans and any prior 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 awards and 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.

Readers should refer to Note 5 of the consolidated financial statements in the Company's Annual Report on Form 10-K for the calendar year ended December 31, 2021, for additional information related to the Prior Plans.

The Company recognized total compensation expense for share-based payments of $8,573,230 for the three months ended June 30, 2022, and total compensation expense for share-based payments of $15,361,567 for the six months ended June 30, 2022. The Company recognized compensation expense for share-based payments of $6,727,513 and $12,622,158 for the three and six months ended June 30, 2021,

respectively. A portion of the compensation cost for share based payment awards is capitalized as part of inventory.

2019 Omnibus Incentive Plan

The purpose of the 2019 Omnibus Incentive 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. Pursuant to the terms of the Plan, each type of award counts against the available shares based on a predetermined conversion rate (shown in the table below). As of June 30, 2022, 7,560,663 share awards have been made under the Plan, resulting in 18,598,316 shares granted of the 45,000,000 total shares available to be issued under the Plan. The shares issued are presented net of shares from canceled/expired options and shares.


	Shares Granted	Conversion Rate	Total Shares Under 2019 Omnibus Plan
Non-Qualified Stock Options	3,953,587	1.00	3,953,587
Restricted Stock	3,048,317	4.06	12,376,167
Performance Shares	558,759	4.06	2,268,562
Total	7,560,663		18,598,316

Employee Stock Options

Under the 2019 Omnibus Plan and the Employee Stock Option Plan, the option exercise price equals the stock’s market price on the date of grant. The options vest after one to five years, and expire after five to ten years. As of June 30, 2022, there was $9,646,122 of unearned compensation cost associated with stock options granted under the 2019 Omnibus Incentive Plan and the Employee Stock Option Plan, which is expected to be recognized over the remaining vesting periods.

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:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Dividend Yield (1)	1.78	%	1.86	%	1.79	%	1.88	%
Expected volatility (2)	28.68	%	27.68	%	28.42	%	27.76	%
Risk-free interest rate (3)	3.01	%	0.87	%	2.72	%	0.90	%
Expected term of options (years) (4)	4.15		4.15		4.15		4.15
Weighted-avg. grant date fair value	$6.49		$6.32		$6.43		$6.58

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.

Restricted Shares

Restricted shares awarded under the 2019 Omnibus Plan and the Second Restricted Stock 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 the Compensation Committee, appointed by the Board of Directors, but may not exceed ten years under the terms of such plans. As of June 30, 2022, the Company had unearned stock-based compensation of $47,881,596 associated with the restricted stock grants issued under the 2019 Omnibus Plan and the Prior Plan. The unearned stock-based compensation related to these grants is being amortized to compensation expense over the applicable restriction periods. Compensation expense from restricted stock grants in the three and six months ended June 30, 2022 was $5,335,072 and $10,625,877,

respectively. Compensation expense from restricted stock grants in the three and six months ended June 30, 2021 was $4,459,401 and $8,762,376, 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 average closing stock price on the twenty days preceding 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 June 30, 2022, the Company had unearned stock-based compensation of $10,269,387 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.

Employee Stock Purchase Plan

Prior to July 1, 2022, the Company had in place an employee stock purchase plan covering 2,000,000 shares of common stock. Under that plan, the Company sold shares at 85% of the stock’s market price at date of purchase. Under ASC 718, Compensation - Stock Compensation, the 15% discounted value was recognized as compensation expense. As of June 30, 2022, the Company has issued 1,624,122 shares under this prior plan.

In May 2022, the 2022 Gentex Corporation Employee Stock Purchase Plan covering 2,000,000 shares of common stock was approved by shareholders replacing the above referenced prior plan effective July 1, 2022. Under the plan, the Company sells shares at 85% of the stock's market price at date of purchase. Under ASC 718, the 15% discounted value is recognized as compensation expense.

Comprehensive Income

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

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 debt investments and foreign currency translation adjustments.

The following table presents the net changes in the Company's accumulated other comprehensive income by component (all amounts shown are net of tax):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Foreign currency translation adjustments:
Balance at beginning of period	$	24,169	$	(83,367)	$	920,589	$	769,045
Other Comprehensive (loss) income before reclassifications	(3,131,326)		963,199		(4,027,746)		110,787

Net current-period change	(3,131,326)		963,199		(4,027,746)		110,787
Balance at end of period	(3,107,157)		879,832		(3,107,157)		879,832

Unrealized gains on available-for-sale debt securities:
Balance at beginning of period	(5,151,577)		2,038,034		1,006,655		6,082,007
Other Comprehensive (loss) income before reclassifications	(2,903,717)		1,610,141		(9,327,653)		(2,082,477)
Amounts reclassified from accumulated other comprehensive income	206,572		(262,969)		472,276		(614,324)
Net current-period change	(2,697,145)		1,347,172		(8,855,377)		(2,696,801)
Balance at end of period	(7,848,722)		3,385,206		(7,848,722)		3,385,206







Accumulated other comprehensive (loss) income, end of period	$	(10,955,879)	$	4,265,038	$	(10,955,879)	$	4,265,038

The following table presents details of reclassifications out of accumulated other comprehensive (loss) income for the three and six months ended June 30, 2022 and 2021:


Details about Accumulated Other Comprehensive Income Components	Amounts Reclassified from Other Comprehensive (Loss) Income								Affected Line item in the Consolidated Statements of Income
	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Unrealized (losses) gains on available-for-sale debt securities
Realized (loss) gain on sale of securities	$	(261,483)	$	332,872	$	(597,818)	$	777,625	Investment income
Provision for income taxes	54,911		(69,903)		125,542		(163,301)		Provision for income taxes
Total net reclassifications for the period	$	(206,572)	$	262,969	$	(472,276)	$	614,324	Net of tax

Debt and Financing Arrangements	6 Months Ended
Debt and Financing Arrangements	Jun. 30, 2022
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 June 30, 2022, there was no outstanding balance 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 June 30, 2022, the Company is 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.

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+ Details

Equity	6 Months Ended
Equity	Jun. 30, 2022
Equity [Abstract]
Equity	Equity The decrease in common stock during the six months ended June 30, 2022, was primarily due to the repurchases of 2.4 million shares, partially offset by the issuance of 1.1 million shares of the Company’s common stock, net of cancellations, under the Company’s stock-based compensation plans. The total net decrease was 1.3 million shares. The Company recorded a cash dividend of $0.120 per share during the second quarter of 2022 as compared to a cash dividend of $0.120 per share during the second quarter of 2021. The second quarter 2022 dividend of $28.2 million was declared on May 27, 2022, and was paid on July 20, 2022.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Contingencies	6 Months Ended
Contingencies	Jun. 30, 2022
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, regulatory, 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 any of these matters constitute material pending legal proceedings that will have a material adverse effect on the financial position or future results of operations or cash flows of the Company.The Company is responding to a subpoena issued by the staff of the Division of Enforcement of the SEC for records from approximately 2015-2019. The Company has been informed that the SEC staff may be reviewing certain accounting determinations, including determinations that the staff believes could have impacted the Company’s reported earnings per share for certain periods during that time frame. The Company has continued to assert that its financial statements filed with the SEC in Forms 10-K and 10-Q in 2015-2019 present fairly, in all material respects, its financial condition, results of operations and cash flows as of or for the periods ending on their respective dates. The Company maintains that its actions were appropriate; however, the Company remains open to resolving this matter with the SEC, and therefore, the Company has accrued an amount as of June 30, 2022 for an estimated liability. The Company does not believe the accrued liability is material to the financial statements.

Segment Reporting

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segment Reporting

Segment ReportingThe Company's automotive segment develops and manufactures digital vision and connected car products and electronics, including: automatic-dimming rearview mirrors with and without electronic features; non-auto dimming rearview mirrors with and without electronic features; and other electronics. The Company also develops and manufactures variably dimming windows and laminate products for the aerospace industry and fire protection products for the commercial construction industry. In 2020, the Company acquired Vaporsens, which specializes in nanofiber chemical sensing. These three non-automotive segments are combined into the "Other" segment as shown below. In first quarter of 2021, the Company acquired Guardian, which is combined in the Automotive Segment below. Further information in regards to the Guardian transaction is included in Note 15 of the financial statements.


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Revenue:
Automotive Products	$	452,951,028	$	420,622,653	$	910,903,581	$	896,240,089
Other	10,471,974		7,382,373		20,770,196		15,489,776
Total	$	463,423,002	$	428,005,026	$	931,673,777	$	911,729,865
Income (Loss) from operations:
Automotive Products	$	86,908,119	$	101,790,310	$	190,383,628	$	236,458,363
Other	(1,117,150)		(1,865,689)		(1,286,755)		(2,800,041)
Total	$	85,790,969	$	99,924,621	$	189,096,873	$	233,658,322

- 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.

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+ Details

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe effective tax rate was 15.0% in the six months ended June 30, 2022, compared to an effective tax rate of 15.7% for the same period in 2021. Generally, effective tax rates for these periods differ from statutory federal income tax rates, due to provisions for state and local income taxes, permanent tax differences, and the foreign-derived intangible income tax deduction and research and development tax credits.

- 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.

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (a)
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Revenue

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue

The following table shows the Company’s Automotive revenue and Other Products revenue disaggregated by geographical location for Automotive Products for the three and six month periods ended June 30, 2022 and June 30, 2021:


	Three Months Ended June 30,				Six Months Ended June 30,
Revenue	2022		2021		2022		2021
Automotive Products
U.S.	$	145,818,259	$	135,857,058	$	288,012,229	$	282,282,375
Germany	71,580,008		58,935,672		139,145,328		128,350,856
Japan	46,655,756		54,160,515		101,418,244		108,064,110
Mexico	29,792,178		28,589,143		61,927,257		60,335,131
Other	159,104,827		143,080,265		320,400,523		317,207,617
Total Automotive Products	$	452,951,028	$	420,622,653	$	910,903,581	$	896,240,089
Other Products (U.S.)	10,471,974		7,382,373		20,770,196		15,489,776
Total Revenue	$	463,423,002	$	428,005,026	$	931,673,777	$	911,729,865

Revenue by geographic area may fluctuate based on many factors, including: exposure to local economic, political and labor conditions; a pandemic; global supply chain constraints; 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 revenue and Other revenue by major source for the three and six month periods ended June 30, 2022 and June 30, 2021:


	Three Months Ended June 30,				Six Months Ended June 30,
Revenue	2022		2021		2022		2021
Automotive Segment
Automotive Mirrors & Electronics	$	419,492,115	$	390,074,655	$	843,118,604	$	825,581,585
HomeLink Modules*	33,458,913		30,547,998		67,784,977		70,658,504
Total Automotive Products	$	452,951,028	$	420,622,653	$	910,903,581	$	896,240,089

Other Segment
Fire Protection Products	9,645,549		6,319,662		18,093,236		12,123,820
Aerospace Products	826,425		1,062,711		2,676,960		3,365,956
Total Other	$	10,471,974	$	7,382,373	$	20,770,196	$	15,489,776

*Excludes HomeLink revenue where HomeLink electronics are integrated into interior auto-dimming mirrors.

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

The Company has operating leases for certain sales and engineering offices, as well as other vehicles and equipment, which are included within "Plant and Equipment - Net" section of the Condensed 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 June 30, 2022 was 2 years, with a weighted average discount rate of 4.4%.

Future minimum lease payments for operating leases as of June 30, 2022 were as follows:


Year ending December 31,

2022 (excluding the three months ended June 30, 2022)	$	706,167
2023	1,016,442
2024	223,816
2025	33,226
2026	6,314
Thereafter	940
Total future minimum lease payments	1,986,905
Less imputed interest	(34,730)
Total	$	1,952,175


Reported as of June 30, 2022

Accrued Liabilities	$	1,265,582
Other Non-Current Liabilities	686,593
Total	$	1,952,175

Acquisition	6 Months Ended
Acquisition	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisition	Acquisition 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.

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The carrying value of Goodwill as of both June 30, 2022 and December 31, 2021 was $313.9 million and $314.0 million, respectively, as set forth in the table below:


	Carrying Amount
Balance as of December 31, 2021	$	313,960,209
Acquisitions	—
Divestitures	—
Impairments	—
Other	(102,559)
Balance as of June 30, 2022	$	313,857,650

Schedule of Intangible Assets

The patents and intangible assets and related change in carrying values are set forth in the tables below:

As of June 30, 2022:


Other Intangible Assets	Gross		Accumulated Amortization		Net		Assumed Useful Life
Gentex Patents	$	39,495,602	$	(27,389,285)	$	12,106,317	Various
Vaporsens Technology Licenses	351,290		(67,367)		283,923		Various

Other Intangible Assets
HomeLink® Trade Names and Trademarks	$	52,000,000	$	—	$	52,000,000	Indefinite
HomeLink® Technology	180,000,000		(131,250,000)		48,750,000		12 years
Existing Customer Platforms	43,000,000		(37,625,000)		5,375,000		10 years
Exclusive Licensing Agreement	96,000,000		—		96,000,000		Indefinite
Vaporsens In-Process R&D	11,000,000		—		11,000,000		Indefinite
Argil In-Process R&D	6,278,132		—		6,278,132		Indefinite
Air-Craftglass In-Process R&D	1,507,778		—		1,507,778		Indefinite
Guardian Trade Names	1,300,000		—		1,300,000		Indefinite
Guardian In-Process R&D	6,800,000		—		6,800,000		Indefinite
Total Other Intangible Assets	$	397,885,910	$	(168,875,000)	$	229,010,910

Total Patents & Other Intangible Assets	$	437,732,802	$	(196,331,652)	$	241,401,150

As of December 31, 2021:


Other Intangible Assets	Gross		Accumulated Amortization		Net		Assumed Useful Life
Gentex Patents	$	39,362,187	$	(26,506,155)	$	12,856,032	Various
Vaporsens Technology Licenses	351,290		(50,107)		301,183		Various

Other Intangible Assets
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	1,384,857		—		1,384,857		Indefinite
Guardian In-Process R&D	7,243,860		—		7,243,860		Indefinite
Total Other Intangible Assets	$	398,414,627	$	(159,225,000)	$	239,189,627

Total Patents & Other Intangible Assets	$	438,128,104	$	(185,781,262)	$	252,346,842

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Topic 350
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 1
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Topic 350
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Investments (Tables)

6 Months Ended

Jun. 30, 2022

Investments [Abstract]

Investment Securities Stated at Fair Value

Assets or liabilities that have recurring fair value measurements are shown below as of June 30, 2022 and December 31, 2021:

As of June 30, 2022:


			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	June 30, 2022		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	269,372,471	$	269,372,471	$	—	$	—
Short-Term Investments:
Certificate of Deposit	1,752,930		1,752,930		—		—
Corporate Bonds	5,467,319		—		5,467,319		—

Municipal Bonds	1,729,072		—		1,729,072		—
Other	3,042,833		3,042,833		—		—
Long-Term Investments:
Asset Backed Securities	23,356,697		—		23,356,697		—
Certificate of Deposit	735,897		735,897		—		—
Corporate Bonds	34,178,081		—		34,178,081		—
Government Securities	38,901,568		—		38,901,568		—
Municipal Bonds	52,972,792		—		52,972,792		—


Total	$	431,509,660	$	274,904,131	$	156,605,529	$	—

As of December 31, 2021:


			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 1)		(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		—
Government Securities	—		—		—		—
Municipal Bonds	—		—		—		—
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		—
Governmental 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	$	—

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 June 30, 2022 and December 31, 2021:

As of June 30, 2022:


			Unrealized
	Cost		Gains		Losses		Market Value
Short-Term Investments:
Certificate of Deposit	$	1,750,990	$	4,098	$	(2,158)	$	1,752,930
Corporate Bonds	5,630,319		—		(163,000)		5,467,319

Municipal Bonds	1,740,477		760		(12,165)		1,729,072
Other	3,042,833		—		—		3,042,833
Long-Term Investments:
Asset Backed Securities	24,055,501		—		(698,804)		23,356,697
Certificate of Deposit	750,000		—		(14,103)		735,897
Corporate Bonds	37,765,445		—		(3,587,364)		34,178,081
Government Securities	41,238,181		2,361		(2,338,974)		38,901,568
Municipal Bonds	56,098,534		188,395		(3,314,137)		52,972,792
Total	$	172,072,280	$	195,614	$	(10,130,705)	$	162,137,189

As of December 31, 2021:


			Unrealized
	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

Schedule of Unrealized Loss on Investments

Unrealized losses on investments as of June 30, 2022, are as follows:


	Aggregate Unrealized Losses		Aggregate Fair Value of Investments
Loss duration of less than one year	$	8,893,651	$	143,233,962
Loss duration of greater than one year	1,237,054		9,273,913
Total	$	10,130,705	$	152,507,875

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


	Aggregate Unrealized Losses		Aggregate Fair Value of Investments
Loss duration of less than one year	$	1,244,053	$	94,417,123
Loss duration of greater than one year	574,815		6,875,230
Total	$	1,818,868	$	101,292,353

Investments Classified by Contractual Maturity Date

Fixed income securities as of June 30, 2022 have contractual maturities as follows:


Due within one year	$	8,949,321
Due between one and five years	89,732,074
Due over five years	60,412,961
	$	159,094,356

Inventories (Tables)

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following at the respective balance sheet dates:


	June 30, 2022		December 31, 2021
Raw materials	$	278,888,521	$	235,014,277
Work-in-process	43,334,800		34,032,164
Finished goods	70,354,504		47,221,001
Total Inventory	$	392,577,825	$	316,267,442

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

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 the three and six months ended June 30, 2022 and June 30, 2021:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Basic Earnings Per Share
Net Income	$	72,404,403	$	86,506,418	$	159,933,028	$	199,957,288
Less: Dividends and undistributed earnings allocated to participating securities	1,094,827		1,324,767		2,460,845		2,974,367
Net Income available to common shareholders	$	71,309,576	$	85,181,651	$	157,472,183	$	196,982,921

Basic weighted average shares outstanding	230,982,301		238,602,197		231,245,466		238,198,668
Net Income per share - Basic	$	0.31	$	0.36	$	0.68	$	0.83

Diluted Earnings Per Share
Allocation of Net Income used in basic computation	$	71,309,576	$	85,181,651	$	157,472,183	$	196,982,921
Reallocation of undistributed earnings	1,295		3,980		3,701		10,464
Net Income available to common shareholders - Diluted	$	71,310,871	$	85,185,631	$	157,475,884	$	196,993,385

Number of shares used in basic computation	230,982,301		238,602,197		231,245,466		238,198,668
Additional weighted average dilutive common stock equivalents	456,483		1,130,301		544,919		1,218,528
Diluted weighted average shares outstanding	231,438,784		239,732,498		231,790,385		239,417,196

Net Income per share - Diluted	$	0.31	$	0.36	$	0.68	$	0.82

Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive	1,792,677		270,475		1,549,824		137,484

Stock-Based Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Shares Issued, Net of Shares from Canceled/Expired Options and Shares

The shares issued are presented net of shares from canceled/expired options and shares.


	Shares Granted	Conversion Rate	Total Shares Under 2019 Omnibus Plan
Non-Qualified Stock Options	3,953,587	1.00	3,953,587
Restricted Stock	3,048,317	4.06	12,376,167
Performance Shares	558,759	4.06	2,268,562
Total	7,560,663		18,598,316

Weighted-Average Assumptions For The Employee Stock Option Plan

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:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Dividend Yield (1)	1.78	%	1.86	%	1.79	%	1.88	%
Expected volatility (2)	28.68	%	27.68	%	28.42	%	27.76	%
Risk-free interest rate (3)	3.01	%	0.87	%	2.72	%	0.90	%
Expected term of options (years) (4)	4.15		4.15		4.15		4.15
Weighted-avg. grant date fair value	$6.49		$6.32		$6.43		$6.58

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.

Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Schedule of AOCI

The following table presents the net changes in the Company's accumulated other comprehensive income by component (all amounts shown are net of tax):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Foreign currency translation adjustments:
Balance at beginning of period	$	24,169	$	(83,367)	$	920,589	$	769,045
Other Comprehensive (loss) income before reclassifications	(3,131,326)		963,199		(4,027,746)		110,787

Net current-period change	(3,131,326)		963,199		(4,027,746)		110,787
Balance at end of period	(3,107,157)		879,832		(3,107,157)		879,832

Unrealized gains on available-for-sale debt securities:
Balance at beginning of period	(5,151,577)		2,038,034		1,006,655		6,082,007
Other Comprehensive (loss) income before reclassifications	(2,903,717)		1,610,141		(9,327,653)		(2,082,477)
Amounts reclassified from accumulated other comprehensive income	206,572		(262,969)		472,276		(614,324)
Net current-period change	(2,697,145)		1,347,172		(8,855,377)		(2,696,801)
Balance at end of period	(7,848,722)		3,385,206		(7,848,722)		3,385,206







Accumulated other comprehensive (loss) income, end of period	$	(10,955,879)	$	4,265,038	$	(10,955,879)	$	4,265,038

Reclassifications Out of Other Comprehensive Income

The following table presents details of reclassifications out of accumulated other comprehensive (loss) income for the three and six months ended June 30, 2022 and 2021:


Details about Accumulated Other Comprehensive Income Components	Amounts Reclassified from Other Comprehensive (Loss) Income								Affected Line item in the Consolidated Statements of Income
	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Unrealized (losses) gains on available-for-sale debt securities
Realized (loss) gain on sale of securities	$	(261,483)	$	332,872	$	(597,818)	$	777,625	Investment income
Provision for income taxes	54,911		(69,903)		125,542		(163,301)		Provision for income taxes
Total net reclassifications for the period	$	(206,572)	$	262,969	$	(472,276)	$	614,324	Net of tax

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule of Automotive and Other Segment Reporting

These three non-automotive segments are combined into the "Other" segment as shown below. In first quarter of 2021, the Company acquired Guardian, which is combined in the Automotive Segment below. Further information in regards to the Guardian transaction is included in Note 15 of the financial statements.


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Revenue:
Automotive Products	$	452,951,028	$	420,622,653	$	910,903,581	$	896,240,089
Other	10,471,974		7,382,373		20,770,196		15,489,776
Total	$	463,423,002	$	428,005,026	$	931,673,777	$	911,729,865
Income (Loss) from operations:
Automotive Products	$	86,908,119	$	101,790,310	$	190,383,628	$	236,458,363
Other	(1,117,150)		(1,865,689)		(1,286,755)		(2,800,041)
Total	$	85,790,969	$	99,924,621	$	189,096,873	$	233,658,322

Revenue (Tables)

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


	Three Months Ended June 30,				Six Months Ended June 30,
Revenue	2022		2021		2022		2021
Automotive Products
U.S.	$	145,818,259	$	135,857,058	$	288,012,229	$	282,282,375
Germany	71,580,008		58,935,672		139,145,328		128,350,856
Japan	46,655,756		54,160,515		101,418,244		108,064,110
Mexico	29,792,178		28,589,143		61,927,257		60,335,131
Other	159,104,827		143,080,265		320,400,523		317,207,617
Total Automotive Products	$	452,951,028	$	420,622,653	$	910,903,581	$	896,240,089
Other Products (U.S.)	10,471,974		7,382,373		20,770,196		15,489,776
Total Revenue	$	463,423,002	$	428,005,026	$	931,673,777	$	911,729,865

The following table disaggregates the Company’s Automotive revenue and Other revenue by major source for the three and six month periods ended June 30, 2022 and June 30, 2021:


	Three Months Ended June 30,				Six Months Ended June 30,
Revenue	2022		2021		2022		2021
Automotive Segment
Automotive Mirrors & Electronics	$	419,492,115	$	390,074,655	$	843,118,604	$	825,581,585
HomeLink Modules*	33,458,913		30,547,998		67,784,977		70,658,504
Total Automotive Products	$	452,951,028	$	420,622,653	$	910,903,581	$	896,240,089

Other Segment
Fire Protection Products	9,645,549		6,319,662		18,093,236		12,123,820
Aerospace Products	826,425		1,062,711		2,676,960		3,365,956
Total Other	$	10,471,974	$	7,382,373	$	20,770,196	$	15,489,776

*Excludes HomeLink revenue where HomeLink electronics are integrated into interior auto-dimming mirrors.

Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Future Minimum Lease Payments

Future minimum lease payments for operating leases as of June 30, 2022 were as follows:


Year ending December 31,

2022 (excluding the three months ended June 30, 2022)	$	706,167
2023	1,016,442
2024	223,816
2025	33,226
2026	6,314
Thereafter	940
Total future minimum lease payments	1,986,905
Less imputed interest	(34,730)
Total	$	1,952,175

Lease Liabilities


Reported as of June 30, 2022

Accrued Liabilities	$	1,265,582
Other Non-Current Liabilities	686,593
Total	$	1,952,175

Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Jun. 30, 2022

Jun. 30, 2021

Dec. 31, 2021

^[1]

Dec. 31, 2013

Finite-Lived Intangible Assets [Line Items]

Goodwill

$ 313,857,650

$ 313,960,209

Acquisitions

Amortization of intangible assets

5,500,000

$ 5,600,000

11,100,000

$ 11,200,000

Amortization expense, remainder of fiscal year

22,000,000

Amortization expense, year one

20,000,000

Amortization expense, year two

16,000,000

Amortization expense, year three

12,000,000

Amortization expense, year four

$ 12,000,000

HomeLink®

Finite-Lived Intangible Assets [Line Items]

Goodwill

$ 307,400,000

Vaporsens Inc

Finite-Lived Intangible Assets [Line Items]

Acquisitions

$ 3,700,000

Air-CraftGlass

Finite-Lived Intangible Assets [Line Items]

Acquisitions

$ 200,000

Argil, Inc.

Finite-Lived Intangible Assets [Line Items]

Acquisitions

$ 1,000,000

Guardian Optical Technologies

Finite-Lived Intangible Assets [Line Items]

Acquisitions

$ 2,000,000

[1]

Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details)

6 Months Ended

Jun. 30, 2022

USD ($)

Goodwill [Roll Forward]

Balance as of December 31, 2021

$ 313,960,209

^[1]

(102,559)

Balance as of June 30, 2022

$ 313,857,650

[1]

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and Other Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($)

6 Months Ended

12 Months Ended

Jun. 30, 2022

Dec. 31, 2021

Finite-Lived Intangible Assets [Line Items]

Intangible assets, net

$ 229,010,910

$ 239,189,627

^[1]

Patents and Other Intangible Assets

Finite-Lived Intangible Assets [Line Items]

Intangible patents and assets, gross

437,732,802

438,128,104

Finite-Lived Intangible Patents and Assets, Accumulated Amortization

(196,331,652)

(185,781,262)

Intangible patents and assets, net

241,401,150

252,346,842

Gentex Patents

Finite-Lived Intangible Assets [Line Items]

Finite-lived intangible assets, gross

39,495,602

39,362,187

Finite-lived intangible assets, accumulated amortization

(27,389,285)

(26,506,155)

Finite-lived intangible assets, net

12,106,317

12,856,032

Vaporsens Technology Licenses

Finite-Lived Intangible Assets [Line Items]

Finite-lived intangible assets, gross

351,290

Finite-lived intangible assets, accumulated amortization

(67,367)

(50,107)

Finite-lived intangible assets, net

283,923

301,183

HomeLink® Technology

Finite-Lived Intangible Assets [Line Items]

Finite-lived intangible assets, gross

180,000,000

Finite-lived intangible assets, accumulated amortization

(131,250,000)

(123,750,000)

Finite-lived intangible assets, net

$ 48,750,000

$ 56,250,000

Finite-lived intangible asset, useful life

12 years

Existing Customer Platforms

Finite-Lived Intangible Assets [Line Items]

Finite-lived intangible assets, gross

$ 43,000,000

Finite-lived intangible assets, accumulated amortization

(37,625,000)

(35,475,000)

Finite-lived intangible assets, net

$ 5,375,000

$ 7,525,000

Finite-lived intangible asset, useful life

10 years

Other Intangible Assets

Finite-Lived Intangible Assets [Line Items]

Finite-lived intangible assets, accumulated amortization

$ (168,875,000)

$ (159,225,000)

Intangible assets, gross

397,885,910

398,414,627

Intangible assets, net

229,010,910

239,189,627

HomeLink® Trade Names and Trademarks

Finite-Lived Intangible Assets [Line Items]

Indefinite-lived intangible assets

52,000,000

HomeLink® Trade Names and Trademarks | Guardian Optical Technologies

Finite-Lived Intangible Assets [Line Items]

Indefinite-lived intangible assets

1,300,000

1,384,857

Exclusive Licensing Agreement

Finite-Lived Intangible Assets [Line Items]

Indefinite-lived intangible assets

96,000,000

In Process Research and Development | Vaporsens Inc

Finite-Lived Intangible Assets [Line Items]

Indefinite-lived intangible assets

11,000,000

In Process Research and Development | Argil, Inc.

Finite-Lived Intangible Assets [Line Items]

Indefinite-lived intangible assets

6,278,132

In Process Research and Development | Air-CraftGlass

Finite-Lived Intangible Assets [Line Items]

Indefinite-lived intangible assets

1,507,778

In Process Research and Development | Guardian Optical Technologies

Finite-Lived Intangible Assets [Line Items]

Indefinite-lived intangible assets

$ 6,800,000

$ 7,243,860

[1]

Investments (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
Investments (Narrative) (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method Investments	$ 39,900,000		$ 39,900,000		$ 0
Equity Securities, FV-NI					11,100,000
Equity investment losses were considered to be other than temporary	0	$ 0	0	$ 0
Long-term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity Securities, FV-NI	$ 7,600,000		$ 7,600,000		$ 16,800,000
Minimum \| Gentex Corporation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investment, ownership percentage	20.00%		20.00%
Maximum \| Gentex Corporation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investment, ownership percentage	50.00%		50.00%

Investments (Schedule of Amortized Cost, Unrealized Gains and Losses, and Market Value of Investment Securities) (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Cost	$ 172,072,280	$ 195,025,034
Unrealized Gains	195,614	3,093,114
Unrealized Losses	(10,130,705)	(1,818,868)
Market Value	162,137,189	196,299,280
Short-Term Investments \| Certificate of Deposit
Debt Securities, Available-for-sale [Line Items]
Cost	1,750,990	1,500,543
Unrealized Gains	4,098	7,227
Unrealized Losses	(2,158)	0
Market Value	1,752,930	1,507,770
Short-Term Investments \| Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	5,630,319	1,994,639
Unrealized Gains	0	23,801
Unrealized Losses	(163,000)	0
Market Value	5,467,319	2,018,440
Short-Term Investments \| Government Securities
Debt Securities, Available-for-sale [Line Items]
Market Value		0
Short-Term Investments \| Municipal Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	1,740,477
Unrealized Gains	760
Unrealized Losses	(12,165)
Market Value	1,729,072	0
Short-Term Investments \| Other
Debt Securities, Available-for-sale [Line Items]
Cost	3,042,833	1,897,402
Unrealized Gains	0	0
Unrealized Losses	0	0
Market Value	3,042,833	1,897,402
Long-Term Investments \| Asset Backed Securities
Debt Securities, Available-for-sale [Line Items]
Cost	24,055,501	26,352,630
Unrealized Gains	0	34,771
Unrealized Losses	(698,804)	(587,888)
Market Value	23,356,697	25,799,513
Long-Term Investments \| Certificate of Deposit
Debt Securities, Available-for-sale [Line Items]
Cost	750,000	2,001,714
Unrealized Gains	0	54,996
Unrealized Losses	(14,103)	0
Market Value	735,897	2,056,710
Long-Term Investments \| Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	37,765,445	40,716,866
Unrealized Gains	0	168,416
Unrealized Losses	(3,587,364)	(530,353)
Market Value	34,178,081	40,354,929
Long-Term Investments \| Government Securities
Debt Securities, Available-for-sale [Line Items]
Cost	41,238,181	48,385,672
Unrealized Gains	2,361	55,939
Unrealized Losses	(2,338,974)	(497,575)
Market Value	38,901,568	47,944,036
Long-Term Investments \| Municipal Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	56,098,534	72,175,568
Unrealized Gains	188,395	2,747,964
Unrealized Losses	(3,314,137)	(203,052)
Market Value	$ 52,972,792	$ 74,720,480

Investments (Schedule of Unrealized Loss on Investments) (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Investments [Abstract]
Aggregate Unrealized Losses, Loss duration less than one year	$ 8,893,651	$ 1,244,053
Aggregate Unrealized Losses, Loss duration greater than one year	1,237,054	574,815
Aggregate Unrealized Losses, Total	10,130,705	1,818,868
Aggregate Fair Value of Investments, Loss duration less than one year	143,233,962	94,417,123
Aggregate Fair Value of Investments, Loss duration greater than one year	9,273,913	6,875,230
Aggregate Fair Value of Investments, Total	$ 152,507,875	$ 101,292,353

Investments (Investments Classified by Contractual Maturity Date) (Details) - Fixed Income Securities	Jun. 30, 2022 USD ($)
Debt Securities, Available-for-sale [Line Items]
Due within one year	$ 8,949,321
Due between one and five years	89,732,074
Due over five years	60,412,961
Total	$ 159,094,356

Inventories (Schedule of Inventories) (Details) - USD ($)

Jun. 30, 2022

Dec. 31, 2021

Inventory Disclosure [Abstract]

Raw materials

$ 278,888,521

$ 235,014,277

Work-in-process

43,334,800

34,032,164

Finished goods

70,354,504

47,221,001

Total Inventory

$ 392,577,825

$ 316,267,442

^[1]

[1]

Earnings Per Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Basic Earnings Per Share

Net income

$ 72,404,403

$ 86,506,418

$ 159,933,028

$ 199,957,288

Less: Dividends and undistributed earnings allocated to participating securities

1,094,827

1,324,767

2,460,845

2,974,367

Net Income available to common shareholders

$ 71,309,576

$ 85,181,651

$ 157,472,183

$ 196,982,921

Basic weighted average shares outstanding

230,982,301

238,602,197

231,245,466

238,198,668

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

^[1]

$ 0.31

$ 0.36

$ 0.68

$ 0.83

Diluted Earnings Per Share

Allocation of Net Income used in basic computation

$ 71,309,576

$ 85,181,651

$ 157,472,183

$ 196,982,921

Reallocation of undistributed earnings

1,295

3,980

3,701

10,464

Net Income available to common shareholders - Diluted

$ 71,310,871

$ 85,185,631

$ 157,475,884

$ 196,993,385

Number of shares used in basic computation

230,982,301

238,602,197

231,245,466

238,198,668

Additional weighted average dilutive common stock equivalents (in shares)

456,483

1,130,301

544,919

1,218,528

Diluted weighted average shares outstanding

231,438,784

239,732,498

231,790,385

239,417,196

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

^[1]

$ 0.31

$ 0.36

$ 0.68

$ 0.82

1,792,677

270,475

1,549,824

137,484

[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.

Stock-Based Compensation Plans (Narrative) (Details)	1 Months Ended	3 Months Ended		6 Months Ended
Stock-Based Compensation Plans (Narrative) (Details)	May 31, 2022 shares	Jun. 30, 2022 USD ($) plan shares	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) plan shares	Jun. 30, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense for share-based payments \| $		$ 8,573,230	$ 6,727,513	$ 15,361,567	$ 12,622,158
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under the Omnibus plan				1,624,122
Number of shares authorized	2,000,000	2,000,000		2,000,000
ESPP discount rate	85.00%			85.00%
ESPP discount rate recognized as compensation expense	15.00%			15.00%
Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grants in period (in shares)				7,560,663
Shares issued under the Omnibus plan				18,598,316
Number of shares authorized		45,000,000		45,000,000
Employee Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost \| $		$ 9,646,122		$ 9,646,122
Employee Stock Option Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option vesting period				1 year
Option expiration period				5 years
Employee Stock Option Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option vesting period				5 years
Option expiration period				10 years
Restricted Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost \| $		47,881,596		$ 47,881,596
Restricted period, maximum				10 years
Amortization expense \| $		$ (5,335,072)	$ (4,459,401)	$ (10,625,877)	$ (8,762,376)
Equity Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of plans \| plan		2		2
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost \| $		$ 10,269,387		$ 10,269,387
Performance Shares \| Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under the Omnibus plan				2,268,562

Stock-Based Compensation Plans (Shares Issued Net of Shares Canceled/Expired) (Details) - Omnibus Incentive Plan	6 Months Ended
	Jun. 30, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grants in period (in shares)	7,560,663
Shares issued under the Omnibus plan	18,598,316
Non-Qualified Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	3,953,587
Conversion rate, options	100.00%
Shares issued under the Omnibus plan	3,953,587
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	3,048,317
Conversion rate, shares	406.00%
Shares issued under the Omnibus plan	12,376,167
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	558,759
Conversion rate, shares	406.00%
Shares issued under the Omnibus plan	2,268,562

Stock-Based Compensation Plans (Weighted-Average Assumptions for the ESOP) (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-Based Payment Arrangement [Abstract]
Dividend yield	1.78%	1.86%	1.79%	1.88%
Expected volatility	28.68%	27.68%	28.42%	27.76%
Risk-free interest rate	3.01%	0.87%	2.72%	0.90%
Expected term of options (years)	4 years 1 month 24 days	4 years 1 month 24 days	4 years 1 month 24 days	4 years 1 month 24 days
Weighted average grant-date fair value (in dollars per share)	$ 6.49	$ 6.32	$ 6.43	$ 6.58

Comprehensive Income (AOCI Rollforward) (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Dec. 31, 2021

^[1]

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Balance at beginning of period

$ 1,928,968,900

$ 1,960,980,714

$ 1,937,988,467

^[1]

$ 1,963,943,128

Net current-period change

(5,828,471)

2,310,371

(12,883,123)

(2,586,014)

Balance at end of period

1,986,574,480

1,916,318,989

1,986,574,480

1,916,318,989

Accumulated other comprehensive (loss) income, end of period

(10,955,879)

$ 1,927,244

Accumulated Other Comprehensive (Loss) Income

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Balance at beginning of period

(5,127,408)

1,954,667

1,927,244

6,851,052

Net current-period change

(5,828,471)

2,310,371

(12,883,123)

(2,586,014)

Balance at end of period

(10,955,879)

4,265,038

(10,955,879)

4,265,038

Accumulated other comprehensive (loss) income, end of period

(10,955,879)

4,265,038

(10,955,879)

4,265,038

Foreign currency translation adjustments

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Balance at beginning of period

24,169

(83,367)

920,589

769,045

Other Comprehensive (loss) income before reclassifications

(3,131,326)

963,199

(4,027,746)

110,787

Net current-period change

(3,131,326)

963,199

(4,027,746)

110,787

Balance at end of period

(3,107,157)

879,832

(3,107,157)

879,832

Unrealized gains on available-for-sale debt securities

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Balance at beginning of period

(5,151,577)

2,038,034

1,006,655

6,082,007

Other Comprehensive (loss) income before reclassifications

(2,903,717)

1,610,141

(9,327,653)

(2,082,477)

Amounts reclassified from accumulated other comprehensive income

206,572

(262,969)

472,276

(614,324)

Net current-period change

(2,697,145)

1,347,172

(8,855,377)

(2,696,801)

Balance at end of period

$ (7,848,722)

$ 3,385,206

$ (7,848,722)

$ 3,385,206

[1]

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.7-04(19))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

+ Details

- 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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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-Name Accounting Standards Codification
-Topic 852
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (SAB Topic 4.E)
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-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Comprehensive Income (Reclassification Out of Accumulated Other Comprehensive Income) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]
Provision for income taxes	$ (12,403,581)	$ (15,309,301)	$ (28,170,366)	$ (37,125,167)
Unrealized gains on available-for-sale debt securities
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]
Total net reclassifications for the period	(206,572)	262,969	(472,276)	614,324
Amounts Reclassified from Other Comprehensive Income \| Unrealized gains on available-for-sale debt securities
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]
Realized (loss) gain on sale of securities	(261,483)	332,872	(597,818)	777,625
Provision for income taxes	54,911	(69,903)	125,542	(163,301)
Total net reclassifications for the period	$ (206,572)	$ 262,969	$ (472,276)	$ 614,324

- Definition

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

+ References + Details

Debt and Financing Arrangements (Details) - USD ($)	Jun. 30, 2022	Oct. 15, 2018
Revolving Facility
Debt Instrument [Line Items]
Principal amount		$ 150,000,000
Long-term debt	$ 0
Credit Agreement
Debt Instrument [Line Items]
Additional borrowings available		100,000,000
Swing Loans
Debt Instrument [Line Items]
Additional borrowings available		20,000,000
Letter of Credit
Debt Instrument [Line Items]
Additional borrowings available		$ 20,000,000

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
	May 27, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Equity [Abstract]
Stock repurchased (in shares)				2.4
Common stock issued under stock compensation plan (in shares)				1.1
Net decrease in period (in shares)				1.3
Dividends declared (in dollars per share)		$ 0.120	$ 0.120	$ 0.240	$ 0.240
Dividends declared	$ 28.2

Segment Reporting (Schedule of Automotive and Other Segment Reporting) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Revenue	$ 463,423,002	$ 428,005,026	$ 931,673,777	$ 911,729,865
Income (loss) from operations	85,790,969	99,924,621	189,096,873	233,658,322
Automotive Products
Segment Reporting Information [Line Items]
Revenue	452,951,028	420,622,653	910,903,581	896,240,089
Income (loss) from operations	86,908,119	101,790,310	190,383,628	236,458,363
Other
Segment Reporting Information [Line Items]
Revenue	10,471,974	7,382,373	20,770,196	15,489,776
Income (loss) from operations	$ (1,117,150)	$ (1,865,689)	$ (1,286,755)	$ (2,800,041)

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
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-Publisher FASB
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-Topic 924
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Income Taxes (Details)	6 Months Ended
Income Taxes (Details)	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	15.00%	15.70%

Revenue (Details) - USD ($)	3 Months Ended		6 Months Ended
Revenue (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 463,423,002	$ 428,005,026	$ 931,673,777	$ 911,729,865
Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue	452,951,028	420,622,653	910,903,581	896,240,089
Other Segment
Disaggregation of Revenue [Line Items]
Revenue	10,471,974	7,382,373	20,770,196	15,489,776
Automotive Products
Disaggregation of Revenue [Line Items]
Revenue	452,951,028	420,622,653	910,903,581	896,240,089
Automotive Mirrors & Electronics \| Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue	419,492,115	390,074,655	843,118,604	825,581,585
HomeLink Modules \| Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue	33,458,913	30,547,998	67,784,977	70,658,504
Fire Protection Products \| Other Segment
Disaggregation of Revenue [Line Items]
Revenue	9,645,549	6,319,662	18,093,236	12,123,820
Aerospace Products \| Other Segment
Disaggregation of Revenue [Line Items]
Revenue	826,425	1,062,711	2,676,960	3,365,956
U.S. \| Automotive Products
Disaggregation of Revenue [Line Items]
Revenue	145,818,259	135,857,058	288,012,229	282,282,375
U.S. \| Other Products
Disaggregation of Revenue [Line Items]
Revenue	10,471,974	7,382,373	20,770,196	15,489,776
Germany \| Automotive Products
Disaggregation of Revenue [Line Items]
Revenue	71,580,008	58,935,672	139,145,328	128,350,856
Japan \| Automotive Products
Disaggregation of Revenue [Line Items]
Revenue	46,655,756	54,160,515	101,418,244	108,064,110
Mexico \| Automotive Products
Disaggregation of Revenue [Line Items]
Revenue	29,792,178	28,589,143	61,927,257	60,335,131
Other \| Automotive Products
Disaggregation of Revenue [Line Items]
Revenue	$ 159,104,827	$ 143,080,265	$ 320,400,523	$ 317,207,617

Leases (Details)	Jun. 30, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	2 years
Weighted average discount rate	4.40%
2022 (excluding the three months ended June 30, 2022)	$ 706,167
2023	1,016,442
2024	223,816
2025	33,226
2026	6,314
Thereafter	940
Total future minimum lease payments	1,986,905
Less imputed interest	(34,730)
Total	1,952,175
Accrued Liabilities	1,265,582
Other Non-Current Liabilities	$ 686,593
Operating lease, liability, current, statement of financial position	Accrued liabilities
Operating lease, liability, noncurrent, statement of financial position	OTHER NON-CURRENT LIABILITIES
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	5 years

Acquisition (Details) - Guardian Optical Technologies $ in Millions	Mar. 03, 2021 USD ($)
Business Acquisition [Line Items]
Purchase price of acquisition	$ 12.0
Ownership percentage of business acquisition	100.00%