0000355811-23-000046 | 10-Q | XBRL Viewer

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.

Investments (Schedule of Unrealized Loss on Investments) (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Investments [Abstract]
Aggregate Unrealized Losses, Loss duration less than one year	$ 516,647	$ 4,816,103
Aggregate Unrealized Losses, Loss duration greater than one year	9,484,009	8,217,959
Aggregate Unrealized Losses, Total	10,000,656	13,034,062
Aggregate Fair Value of Investments, Loss duration less than one year	40,487,017	77,701,146
Aggregate Fair Value of Investments, Loss duration greater than one year	111,100,115	76,643,586
Aggregate Fair Value of Investments, Total	$ 151,587,132	$ 154,344,732

Equity	6 Months Ended
Equity	Jun. 30, 2023
Equity [Abstract]
Equity	Equity The decrease in common stock during the six months ended June 30, 2023, was primarily due to the repurchases of 2.0 million shares, partially offset by the issuance of 1.2 million shares of the Company’s common stock, net of cancellations, under the Company’s stock-based compensation plans. The total net decrease was 0.7 million shares. The Company recorded a cash dividend of $0.120 per share during the second quarter of 2023 as compared to a cash dividend of $0.120 per share during the second quarter of 2022. The second quarter 2023 dividend of $28.0 million was declared on May 31, 2023 and was paid on July 19, 2023.

The entire disclosure for equity.

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Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Goodwill

The carrying value of Goodwill as of both June 30, 2023 and December 31, 2022 was $313.6 million and $313.8 million, respectively, as set forth in the table below:


	Carrying Amount
Balance as of December 31, 2022	$	313,807,494
Acquisitions	—
Divestitures	—
Impairments	—
Other	(160,226)
Balance as of June 30, 2023	$	313,647,268

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, 2023:


Other Intangible Assets	Gross		Accumulated Amortization		Net		Assumed Useful Life
Gentex Patents	$	40,639,478	$	(28,251,342)	$	12,388,136	Various

Other Intangible Assets
HomeLink® Trade Names and Trademarks	$	52,000,000	$	—	$	52,000,000	Indefinite
HomeLink® Technology	180,000,000		(146,250,000)		33,750,000		12 years
Existing Customer Platforms	43,000,000		(41,925,000)		1,075,000		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	$	(188,175,000)	$	209,710,910

Total Patents & Other Intangible Assets	$	438,525,388	$	(216,426,342)	$	222,099,046

As of December 31, 2022:


Other Intangible Assets	Gross		Accumulated Amortization		Net		Assumed Useful Life
Gentex Patents	$	40,653,851	$	(27,820,383)	$	12,833,468	Various

Other Intangible Assets
HomeLink® Trade Names and Trademarks	$	52,000,000	$	—	$	52,000,000	Indefinite
HomeLink® Technology	180,000,000		(138,750,000)		41,250,000		12 years
Existing Customer Platforms	43,000,000		(39,775,000)		3,225,000		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	$	(178,525,000)	$	219,360,910

Total Patents & Other Intangible Assets	$	438,539,761	$	(206,345,383)	$	232,194,378

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

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Inventories

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Inventories

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


	June 30, 2023		December 31, 2022
Raw materials	$	280,764,776	$	304,184,004
Work-in-process	44,861,244		45,512,275
Finished goods	64,400,248		54,663,991
Total Inventory	$	390,026,268	$	404,360,270

Income Taxes (Details)	6 Months Ended
Income Taxes (Details)	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	15.50%	15.00%

Debt and Financing Arrangements (Details) - USD ($)	Feb. 21, 2023	Jun. 30, 2023
Revolving Facility
Debt Instrument [Line Items]
Debt instrument, term	3 years
Principal amount	$ 250,000,000
Additional borrowings available	150,000,000
Long-term debt		$ 0
Letter of Credit
Debt Instrument [Line Items]
Additional borrowings available	20,000,000
Swing Loans
Debt Instrument [Line Items]
Additional borrowings available	$ 35,000,000

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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

Investments

6 Months Ended

Jun. 30, 2023

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. The Company has also made technology investments in certain non-consolidated affiliates for common share 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, the equity investments are held at cost.

Such technology investments totaled approximately $94.0 million and $69.5 million as of June 30, 2023 and December 31, 2022, respectively. On March 9, 2023, the Company purchased a 15% equity investment in Adasky, LTD. for $21.5 million. Adasky is an Israeli-based leading developer and manufacturer of intelligent thermal sensing technologies. $2.2 million and $3.8 million of these technology investments are classified within Short-Term Investments in the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022, respectively. $91.8 million and $65.7 million of these investments are classified within Long-Term Investments in the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022, respectively.

Assets or liabilities that have recurring fair value measurements are shown below as of June 30, 2023 and December 31, 2022:

As of June 30, 2023:


			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, 2023		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	237,665,601	$	237,665,601	$	—	$	—

Short-Term Investments:
Certificate of Deposit	1,244,803		1,244,803		—		—
Corporate Bonds	1,917,173		—		1,917,173		—
Government Securities	4,715,195		—		4,715,195		—
Municipal Bonds	3,475,351		—		3,475,351		—
Other	4,671,277		1,204,252		3,467,025		—
Long-Term Investments:
Asset Backed Securities	16,904,936		—		16,904,936		—
Certificate of Deposit	982,015		982,015		—		—
Corporate Bonds	46,808,383		—		46,808,383		—
Government Securities	29,169,577		—		29,169,577		—
Municipal Bonds	52,836,126		—		52,836,126		—

Common Stock	1,094,374		1,094,374		—		—
Total	$	401,484,811	$	242,191,045	$	159,293,766	$	—

As of December 31, 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	December 31, 2022		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	214,754,638	$	214,754,638	$	—	$	—
Restricted Cash	4,000,000		4,000,000		—		—
Short-Term Investments:
Certificate of Deposit	1,736,163		1,736,163		—		—
Corporate Bonds	5,473,341		—		5,473,341		—
Government Securities	4,423,041		—		4,423,041		—
Municipal Bonds	5,174,773		—		5,174,773		—
Other	2,347,602		1,093,602		1,254,000		—
Long-Term Investments:
Asset-backed Securities	18,829,696		—		18,829,696		—
Certificate of Deposit	238,925		238,925		—		—
Corporate Bonds	36,310,477		—		36,310,477		—
Governmental Securities	36,532,634		—		36,532,634		—
Municipal Bonds	48,430,166		—		48,430,166
Common Stock	293,300		293,300		—		—
Total	$	378,544,756	$	222,116,628	$	156,428,128	$	—

The amortized cost, unrealized gains and losses, and market value of investment securities are shown as of June 30, 2023 and December 31, 2022:

As of June 30, 2023:


			Unrealized
	Cost		Gains		Losses		Market Value
Short-Term Investments:
Certificate of Deposit	$	1,250,000	$	—	$	(5,197)	$	1,244,803
Corporate Bonds	1,988,060		—		(70,887)		1,917,173
Government Securities	4,754,815		—		(39,620)		4,715,195
Municipal Bonds	3,493,481		—		(18,130)		3,475,351
Other	4,671,277		—		—		4,671,277
Long-Term Investments:
Asset Backed Securities	17,111,473		—		(206,537)		16,904,936
Certificate of Deposit	1,000,000		—		(17,985)		982,015
Corporate Bonds	50,055,216		1,660		(3,248,493)		46,808,383
Government Securities	30,736,849		—		(1,567,272)		29,169,577
Municipal Bonds	57,325,671		336,990		(4,826,535)		52,836,126
Common Stock	842,085		252,288		—		1,094,373
Total	$	173,228,927	$	590,938	$	(10,000,656)	$	163,819,209

As of December 31, 2022:


			Unrealized
	Cost		Gains		Losses		Market Value
Short-Term Investments:
Certificate of Deposit	$	1,750,256	$	—	$	(14,093)	$	1,736,163
Corporate Bonds	5,571,417		—		(98,076)		5,473,341
Government Securities	4,476,613		—		(53,572)		4,423,041
Municipal Bonds	5,223,500		—		(48,727)		5,174,773
Other	2,347,602		—		—		2,347,602
Long-Term Investments:
Asset-backed Securities	19,151,229		—		(321,533)		18,829,696
Certificate of Deposit	250,000		—		(11,075)		238,925
Corporate Bonds	40,410,206		—		(4,099,729)		36,310,477
Government Securities	39,637,461		—		(3,104,827)		36,532,634
Municipal Bonds	53,476,883		235,713		(5,282,430)		48,430,166
Common Stock	292,638		662		—		293,300
Total	$	172,587,805	$	236,375	$	(13,034,062)	$	159,790,118

Unrealized losses on investments as of June 30, 2023, are as follows:


	Aggregate Unrealized Losses		Aggregate Fair Value of Investments
Loss duration of less than one year	$	516,647	$	40,487,017
Loss duration of greater than one year	9,484,009		111,100,115
Total	$	10,000,656	$	151,587,132

Unrealized losses on investments as of December 31, 2022, are as follows:


	Aggregate Unrealized Losses		Aggregate Fair Value of Investments
Loss duration of less than one year	$	4,816,103	$	77,701,146
Loss duration of greater than one year	8,217,959		76,643,586
Total	$	13,034,062	$	154,344,732

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, 2023 have contractual maturities as follows:


Due within one year	$	11,352,521
Due between one and five years	95,024,741
Due over five years	51,676,296
	$	158,053,558

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.

Revenue from Contract with Customer [Abstract]

Leases - Future Minimum Lease Payments (Details)	Jun. 30, 2023 USD ($)
Leases [Abstract]
2023 (excluding the six months ended June 30, 2023)	$ 1,051,018
2024	1,285,724
2025	882,673
2026	452,055
2027	215,760
Thereafter	0
Total future minimum lease payments	3,887,230
Less imputed interest	(200,767)
Total	3,686,463
Accrued Liabilities	1,768,445
Other Non-Current Liabilities	$ 1,918,018
Operating lease, liability, current, statement of financial position	Accrued liabilities
Operating lease, liability, noncurrent, statement of financial position	OTHER NON-CURRENT LIABILITIES

Revenue (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Disaggregation of 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, 2023 and June 30, 2022:


	Three Months Ended June 30,				Six Months Ended June 30,
Revenue	2023		2022		2023		2022
Automotive Products
U.S.	$	177,940,475	$	145,818,259	$	348,722,079	$	288,012,229
Germany	73,990,846		71,580,008		154,570,311		139,145,328
Japan	84,178,567		46,655,756		156,334,551		101,418,244
Mexico	36,803,254		29,792,178		71,090,798		61,927,257
Other	201,196,606		159,104,827		380,814,997		320,400,523
Total Automotive Products	$	574,109,748	$	452,951,028	$	1,111,532,736	$	910,903,581
Other Products (U.S.)	9,363,098		10,471,974		22,701,421		20,770,196
Total Revenue	$	583,472,846	$	463,423,002	$	1,134,234,157	$	931,673,777

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, 2023 and June 30, 2022:


	Three Months Ended June 30,				Six Months Ended June 30,
Revenue	2023		2022		2023		2022
Automotive Segment
Automotive Mirrors & Electronics	$	540,636,798	$	419,492,115	$	1,046,368,374	$	843,118,604
HomeLink Modules*	33,472,950		33,458,913		65,164,362		67,784,977
Total Automotive Products	$	574,109,748	$	452,951,028	$	1,111,532,736	$	910,903,581

Other Segment
Fire Protection Products	6,018,930		9,645,549		15,320,083		18,093,236
Aerospace Products	3,344,168		826,425		7,381,338		2,676,960
Total Other	$	9,363,098	$	10,471,974	$	22,701,421	$	20,770,196

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

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2023
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 2022 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, 2023, and the results of operations and cash flows for the interim periods presented.

Unaudited Condensed Consolidated Statements of Shareholders' Investment (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.120	$ 0.120	$ 0.240	$ 0.240

Leases - Narrative (Details)	Jun. 30, 2023
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	3 years
Weighted average discount rate	6.10%
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	5 years

Segment Reporting

6 Months Ended

Jun. 30, 2023

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.


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revenue:
Automotive Products	$	574,109,748	$	452,951,028	$	1,111,532,736	$	910,903,581
Other	9,363,098		10,471,974		22,701,421		20,770,196
Total	$	583,472,846	$	463,423,002	$	1,134,234,157	$	931,673,777
Income (Loss) from operations:
Automotive Products	$	128,729,058	$	86,908,119	$	240,168,856	$	190,383,628
Other	(1,439,670)		(1,117,150)		371,179		(1,286,755)
Total	$	127,289,388	$	85,790,969	$	240,540,035	$	189,096,873

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Less: Dividends and undistributed earnings allocated to participating securities

Earnings Per Share (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Basic Earnings Per Share

Net income

$ 109,155,403

$ 72,404,403

$ 206,733,664

$ 159,933,028

1,616,981

1,094,827

3,095,900

2,460,845

Net Income available to common shareholders

$ 107,538,422

$ 71,309,576

$ 203,637,764

$ 157,472,183

Basic weighted average shares outstanding(in share)

230,005,782

230,982,301

230,135,955

231,245,466

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

^[1]

$ 0.47

$ 0.31

$ 0.88

$ 0.68

Diluted Earnings Per Share

Allocation of Net Income used in basic computation

$ 107,538,422

$ 71,309,576

$ 203,637,764

$ 157,472,183

Reallocation of undistributed earnings

1,147

1,295

2,462

3,701

Net Income available to common shareholders - Diluted

$ 107,539,569

$ 71,310,871

$ 203,640,226

$ 157,475,884

Number of shares used in basic computation(in share)

230,005,782

230,982,301

230,135,955

231,245,466

Additional weighted average dilutive common stock equivalents (in shares)

222,568

456,483

255,153

544,919

Diluted weighted average shares outstanding (in share)

230,228,350

231,438,784

230,391,108

231,790,385

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

^[1]

$ 0.47

$ 0.31

$ 0.88

$ 0.68

2,355,346

1,792,677

2,274,875

1,549,824

[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.

Investments (Tables)

6 Months Ended

Jun. 30, 2023

Investments [Abstract]

Schedule of Investment Securities Stated at Fair Value

Assets or liabilities that have recurring fair value measurements are shown below as of June 30, 2023 and December 31, 2022:

As of June 30, 2023:


			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, 2023		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	237,665,601	$	237,665,601	$	—	$	—

Short-Term Investments:
Certificate of Deposit	1,244,803		1,244,803		—		—
Corporate Bonds	1,917,173		—		1,917,173		—
Government Securities	4,715,195		—		4,715,195		—
Municipal Bonds	3,475,351		—		3,475,351		—
Other	4,671,277		1,204,252		3,467,025		—
Long-Term Investments:
Asset Backed Securities	16,904,936		—		16,904,936		—
Certificate of Deposit	982,015		982,015		—		—
Corporate Bonds	46,808,383		—		46,808,383		—
Government Securities	29,169,577		—		29,169,577		—
Municipal Bonds	52,836,126		—		52,836,126		—

Common Stock	1,094,374		1,094,374		—		—
Total	$	401,484,811	$	242,191,045	$	159,293,766	$	—

As of December 31, 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	December 31, 2022		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	214,754,638	$	214,754,638	$	—	$	—
Restricted Cash	4,000,000		4,000,000		—		—
Short-Term Investments:
Certificate of Deposit	1,736,163		1,736,163		—		—
Corporate Bonds	5,473,341		—		5,473,341		—
Government Securities	4,423,041		—		4,423,041		—
Municipal Bonds	5,174,773		—		5,174,773		—
Other	2,347,602		1,093,602		1,254,000		—
Long-Term Investments:
Asset-backed Securities	18,829,696		—		18,829,696		—
Certificate of Deposit	238,925		238,925		—		—
Corporate Bonds	36,310,477		—		36,310,477		—
Governmental Securities	36,532,634		—		36,532,634		—
Municipal Bonds	48,430,166		—		48,430,166
Common Stock	293,300		293,300		—		—
Total	$	378,544,756	$	222,116,628	$	156,428,128	$	—

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, 2023 and December 31, 2022:

As of June 30, 2023:


			Unrealized
	Cost		Gains		Losses		Market Value
Short-Term Investments:
Certificate of Deposit	$	1,250,000	$	—	$	(5,197)	$	1,244,803
Corporate Bonds	1,988,060		—		(70,887)		1,917,173
Government Securities	4,754,815		—		(39,620)		4,715,195
Municipal Bonds	3,493,481		—		(18,130)		3,475,351
Other	4,671,277		—		—		4,671,277
Long-Term Investments:
Asset Backed Securities	17,111,473		—		(206,537)		16,904,936
Certificate of Deposit	1,000,000		—		(17,985)		982,015
Corporate Bonds	50,055,216		1,660		(3,248,493)		46,808,383
Government Securities	30,736,849		—		(1,567,272)		29,169,577
Municipal Bonds	57,325,671		336,990		(4,826,535)		52,836,126
Common Stock	842,085		252,288		—		1,094,373
Total	$	173,228,927	$	590,938	$	(10,000,656)	$	163,819,209

As of December 31, 2022:


			Unrealized
	Cost		Gains		Losses		Market Value
Short-Term Investments:
Certificate of Deposit	$	1,750,256	$	—	$	(14,093)	$	1,736,163
Corporate Bonds	5,571,417		—		(98,076)		5,473,341
Government Securities	4,476,613		—		(53,572)		4,423,041
Municipal Bonds	5,223,500		—		(48,727)		5,174,773
Other	2,347,602		—		—		2,347,602
Long-Term Investments:
Asset-backed Securities	19,151,229		—		(321,533)		18,829,696
Certificate of Deposit	250,000		—		(11,075)		238,925
Corporate Bonds	40,410,206		—		(4,099,729)		36,310,477
Government Securities	39,637,461		—		(3,104,827)		36,532,634
Municipal Bonds	53,476,883		235,713		(5,282,430)		48,430,166
Common Stock	292,638		662		—		293,300
Total	$	172,587,805	$	236,375	$	(13,034,062)	$	159,790,118

Schedule of Unrealized Loss on Investments

Unrealized losses on investments as of June 30, 2023, are as follows:


	Aggregate Unrealized Losses		Aggregate Fair Value of Investments
Loss duration of less than one year	$	516,647	$	40,487,017
Loss duration of greater than one year	9,484,009		111,100,115
Total	$	10,000,656	$	151,587,132

Unrealized losses on investments as of December 31, 2022, are as follows:


	Aggregate Unrealized Losses		Aggregate Fair Value of Investments
Loss duration of less than one year	$	4,816,103	$	77,701,146
Loss duration of greater than one year	8,217,959		76,643,586
Total	$	13,034,062	$	154,344,732

Schedule of Investments Classified by Contractual Maturity Date

Fixed income securities as of June 30, 2023 have contractual maturities as follows:


Due within one year	$	11,352,521
Due between one and five years	95,024,741
Due over five years	51,676,296
	$	158,053,558

Earnings Per Share

6 Months Ended

Jun. 30, 2023

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, 2023 and June 30, 2022:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Basic Earnings Per Share
Net Income	$	109,155,403	$	72,404,403	$	206,733,664	$	159,933,028
Less: Dividends and undistributed earnings allocated to participating securities	1,616,981		1,094,827		3,095,900		2,460,845
Net Income available to common shareholders	$	107,538,422	$	71,309,576	$	203,637,764	$	157,472,183

Basic weighted average shares outstanding	230,005,782		230,982,301		230,135,955		231,245,466
Net Income per share - Basic	$	0.47	$	0.31	$	0.88	$	0.68

Diluted Earnings Per Share
Allocation of Net Income used in basic computation	$	107,538,422	$	71,309,576	$	203,637,764	$	157,472,183
Reallocation of undistributed earnings	1,147		1,295		2,462		3,701
Net Income available to common shareholders - Diluted	$	107,539,569	$	71,310,871	$	203,640,226	$	157,475,884

Number of shares used in basic computation	230,005,782		230,982,301		230,135,955		231,245,466
Additional weighted average dilutive common stock equivalents	222,568		456,483		255,153		544,919
Diluted weighted average shares outstanding	230,228,350		231,438,784		230,391,108		231,790,385

Net Income per share - Diluted	$	0.47	$	0.31	$	0.88	$	0.68

Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive	2,355,346		1,792,677		2,274,875		1,549,824

Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 109,155,403	$ 72,404,403	$ 206,733,664	$ 159,933,028
Other comprehensive (loss) income before tax:
Foreign currency translation adjustments	(1,456,377)	(3,131,326)	(1,577,544)	(4,027,746)
Unrealized gains (losses) on debt securities, net	554,565	(3,414,108)	3,136,342	(11,209,338)
Other comprehensive (loss) income, before tax	(901,812)	(6,545,434)	1,558,798	(15,237,084)
Income tax impact related to components of other comprehensive income (loss)	116,459	(716,963)	658,632	(2,353,961)
Other comprehensive (loss) income, net of tax	(1,018,271)	(5,828,471)	900,166	(12,883,123)
Comprehensive income	$ 108,137,132	$ 66,575,932	$ 207,633,830	$ 147,049,905

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

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

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Stock-Based Compensation Plans (Narrative) (Details)		1 Months Ended	3 Months Ended		6 Months Ended
Stock-Based Compensation Plans (Narrative) (Details)	Jun. 30, 2022 shares	May 31, 2022 shares	Jun. 30, 2023 USD ($) plan shares	Jun. 30, 2022 USD ($) shares	Jun. 30, 2023 USD ($) plan shares	Jun. 30, 2022 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense for share-based payments \| $			$ 9,744,670	$ 8,573,230	$ 18,264,205	$ 15,361,567
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under the omnibus plan (in shares)					1,624,122
Number of shares authorized(in share)	2,000,000			2,000,000		2,000,000
ESPP discount rate	85.00%
ESPP discount rate recognized as compensation expense	15.00%
Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grants in period (in shares)					9,445,055
Shares issued under the omnibus plan (in shares)					23,954,574
Number of shares authorized(in share)			45,000,000		45,000,000
Employee Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost \| $			$ 8,765,464		$ 8,765,464
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 \| $			47,040,485		$ 47,040,485
Restricted period, maximum					10 years
Amortization expense \| $			$ 5,862,755	$ 5,335,072	$ 11,808,809	$ 10,625,877
Gentex Corporation Employee Stock Purchase Plan \| Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under the omnibus plan (in shares)					205,505
Number of shares authorized(in share)		2,000,000
ESPP discount rate		85.00%
ESPP discount rate recognized as compensation expense		15.00%
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]
Compensation expense for share-based payments \| $			$ 1,635,022	$ 1,442,676	$ 2,137,228	$ 1,122,206
Unrecognized compensation cost \| $			20,063,943		$ 20,063,943
Performance Shares \| Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under the omnibus plan (in shares)					3,507,089
Performance Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense for share-based payments \| $			$ 516,493		$ 641,218
Option vesting period					4 years

Inventories (Tables)

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories

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


	June 30, 2023		December 31, 2022
Raw materials	$	280,764,776	$	304,184,004
Work-in-process	44,861,244		45,512,275
Finished goods	64,400,248		54,663,991
Total Inventory	$	390,026,268	$	404,360,270

Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
	May 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Equity [Abstract]
Stock repurchased (in shares)				2.0
Common stock issued under stock compensation plan (in shares)				1.2
Net decrease in period (in shares)				0.7
Dividends declared (in dollars per share)		$ 0.120	$ 0.120	$ 0.240	$ 0.240
Dividends	$ 28.0

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

Investments (Investments Classified by Contractual Maturity Date) (Details) - Fixed Income Securities	Jun. 30, 2023 USD ($)
Debt Securities, Available-for-sale [Line Items]
Due within one year	$ 11,352,521
Due between one and five years	95,024,741
Due over five years	51,676,296
Total	$ 158,053,558

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Schedule of Future Minimum Lease Payments

Inventories (Details) - USD ($)

Jun. 30, 2023

Dec. 31, 2022

Inventory Disclosure [Abstract]

Raw materials

$ 280,764,776

$ 304,184,004

Work-in-process

44,861,244

45,512,275

Finished goods

64,400,248

54,663,991

Total Inventory

$ 390,026,268

$ 404,360,270

^[1]

[1]

Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Future minimum lease payments for operating leases as of June 30, 2023 were as follows:


Year ending December 31,

2023 (excluding the six months ended June 30, 2023)	$	1,051,018
2024	1,285,724
2025	882,673
2026	452,055
2027	215,760
Thereafter	—
Total future minimum lease payments	3,887,230
Less imputed interest	(200,767)
Total	$	3,686,463

Schedule of Lease Liabilities




Accrued Liabilities	$	1,768,445
Other Non-Current Liabilities	1,918,018
Total	$	3,686,463

Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Schedule of AOCI

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Foreign currency translation adjustments:
Balance at beginning of period	$	(4,153,406)	$	24,169	$	(4,032,239)	$	920,589
Other Comprehensive loss before reclassifications	(1,456,377)		(3,131,326)		(1,577,544)		(4,027,746)

Net current-period change	(1,456,377)		(3,131,326)		(1,577,544)		(4,027,746)
Balance at end of period	(5,609,783)		(3,107,157)		(5,609,783)		(3,107,157)

Unrealized (losses) gains on available-for-sale debt securities:
Balance at beginning of period	(8,071,091)		(5,151,577)		(10,110,695)		1,006,655
Other Comprehensive income (loss) before reclassifications	547,342		(2,903,717)		825,060		(9,327,653)
Amounts reclassified from accumulated other comprehensive income	(109,236)		206,572		1,652,650		472,276
Net current-period change	438,106		(2,697,145)		2,477,710		(8,855,377)
Balance at end of period	(7,632,985)		(7,848,722)		(7,632,985)		(7,848,722)







Accumulated other comprehensive loss, end of period	$	(13,242,768)	$	(10,955,879)	$	(13,242,768)	$	(10,955,879)

Schedule of Reclassifications Out of Other Comprehensive Income

The following table presents details of reclassifications out of accumulated other comprehensive loss for the three and six months ended June 30, 2023 and 2022:


Details about Accumulated Other Comprehensive Loss Components	Amounts Reclassified from Other Comprehensive Loss								Affected Line item in the Consolidated Statements of Income
	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Unrealized gains (losses) on available-for-sale debt securities
Realized gain (loss) on sale of securities	$	138,274	$	(261,483)	$	(2,091,962)	$	(597,818)	Investment income
Provision for income taxes	(29,038)		54,911		439,312		125,542		Provision for income taxes
Total net reclassifications for the period	$	109,236	$	(206,572)	$	(1,652,650)	$	(472,276)

Investments (Narrative) (Details) - USD ($)

Jun. 30, 2023

Mar. 09, 2023

Dec. 31, 2022

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Equity method investments

$ 21,500,000

Short-term investments

$ 20,172,297

$ 23,007,385

^[1]

Long-term investments

239,621,466

202,331,983

^[1]

Adasky, LTD

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Equity method investment, ownership percentage

15.00%

Long-term Investments

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Equity securities, FV-NI

94,000,000

69,500,000

Long-term investments

91,800,000

65,700,000

Short-Term Investments

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Short-term investments

$ 2,200,000

$ 3,800,000

Minimum | Gentex Corporation

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Equity method investment, ownership percentage

20.00%

Maximum | Gentex Corporation

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Equity method investment, ownership percentage

50.00%

[1]

Unaudited Condensed Consolidated Balance Sheets - USD ($)

Jun. 30, 2023

Dec. 31, 2022

^[1]

CURRENT ASSETS

Cash and cash equivalents

$ 237,665,601

$ 214,754,638

Restricted Cash

4,000,000

Short-term investments

20,172,297

23,007,385

Accounts receivable, net

350,409,472

276,493,752

Inventories

390,026,268

404,360,270

Prepaid expenses and other

27,032,788

26,036,331

Total current assets

1,025,306,426

948,652,376

PLANT AND EQUIPMENT—NET

596,694,337

550,033,036

OTHER ASSETS

Goodwill

313,647,268

313,807,494

Long-term investments

239,621,466

202,331,983

Intangible assets, net

209,710,910

219,360,910

Deferred tax asset

28,943,561

25,528,700

Patents and other assets, net

73,183,124

67,515,425

Total other assets

865,106,329

828,544,512

Total assets

2,487,107,092

2,327,229,924

CURRENT LIABILITIES

Accounts payable

168,456,476

151,740,046

Accrued liabilities

107,605,540

98,812,706

Total current liabilities

276,062,016

250,552,752

OTHER NON-CURRENT LIABILITIES

15,095,750

10,884,351

Total liabilities

291,157,766

261,437,103

SHAREHOLDERS’ INVESTMENT

Common stock

14,005,799

14,050,160

Additional paid-in capital

942,660,764

917,499,323

Retained earnings

1,252,525,531

1,148,386,272

Accumulated other comprehensive loss

(13,242,768)

(14,142,934)

Total shareholders’ investment

2,195,949,326

2,065,792,821

Total liabilities and shareholders’ investment

$ 2,487,107,092

$ 2,327,229,924

[1]

Stock-Based Compensation Plans

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Plans

As of June 30, 2023, 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, 2022, for additional information related to the Prior Plans.

The Company recognized total compensation expense for share-based payments of $9,744,670 and $18,264,205 for the three and six months ended June 30, 2023, respectively. The Company recognized compensation expense for share-based payments of $8,573,230 and $15,361,567 for the three and six months ended June 30, 2022, 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 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 2019 Omnibus 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, 2023, 9,445,055 share awards have been made under the Plan, resulting in 23,954,574 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	4,703,382	1.00	4,703,382
Restricted Stock	3,877,858	4.06	15,744,103
Performance Shares	863,815	4.06	3,507,089
Total	9,445,055		23,954,574

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, 2023, there was $8,765,464 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,
	2023		2022		2023		2022
Dividend Yield (1)	1.75	%	1.78	%	1.76	%	1.79	%
Expected volatility (2)	28.97	%	28.68	%	29.01	%	28.42	%
Risk-free interest rate (3)	4.13	%	3.01	%	3.87	%	2.72	%
Expected term of options (years) (4)	4.15		4.15		4.15		4.15
Weighted-avg. grant date fair value	$7.38		$6.49		$7.11		$6.43

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, 2023, the Company had unearned stock-based compensation of $47,040,485 associated with the restricted stock grants issued under the 2019 Omnibus Plan and the Second Restricted Stock 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, 2023 was $5,862,755 and $11,808,809, respectively. 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.

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, 2023, the Company had unearned stock-based compensation of $20,063,943 associated with these performance share grants. The unearned stock-based compensation related to these grants is being amortized to compensation expense over the applicable performance periods. Compensation expense related to these performance share grants in the three and six months ended June 30, 2023 was $1,635,022 and $2,137,228, respectively. Compensation expense related to these performance share grants in the three and six months ended June 30, 2022 was $1,442,676 and $1,122,206, respectively.

As part of its objective of attracting and retaining management to fulfill the Company's strategic goals, the Compensation Committee recommended and the Board approved on February 16, 2023, a retention grant of performance share awards ("PSAs"). In addition to the retention of management, the PSAs have been granted to further align management goals with those of the Company's shareholders. For that reason, the PSAs have been granted with performance criteria and will be based upon achievement of the Company's relative total shareholder return ("TSR") over a four year period (2023-2026), against a predetermined peer group. The grant date fair value of PSAs with TSR targets was determined using a Monte Carlo simulation. Compensation expense related to these retention grants in the three and six months ended June 30, 2023 was $516,493 and $641,218, respectively.

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, 2023, 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. As of June 30, 2023, the Company has issued 205,505 shares under this plan.

Revenue (Details) - USD ($)	3 Months Ended		6 Months Ended
Revenue (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 583,472,846	$ 463,423,002	$ 1,134,234,157	$ 931,673,777
Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue	574,109,748	452,951,028	1,111,532,736	910,903,581
Other Segment
Disaggregation of Revenue [Line Items]
Revenue	9,363,098	10,471,974	22,701,421	20,770,196
Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue	574,109,748	452,951,028	1,111,532,736	910,903,581
Automotive Mirrors & Electronics \| Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue	540,636,798	419,492,115	1,046,368,374	843,118,604
HomeLink Modules \| Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue	33,472,950	33,458,913	65,164,362	67,784,977
Fire Protection Products \| Other Segment
Disaggregation of Revenue [Line Items]
Revenue	6,018,930	9,645,549	15,320,083	18,093,236
Aerospace Products \| Other Segment
Disaggregation of Revenue [Line Items]
Revenue	3,344,168	826,425	7,381,338	2,676,960
U.S. \| Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue	177,940,475	145,818,259	348,722,079	288,012,229
U.S. \| Other Segment
Disaggregation of Revenue [Line Items]
Revenue	9,363,098	10,471,974	22,701,421	20,770,196
Germany \| Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue	73,990,846	71,580,008	154,570,311	139,145,328
Japan \| Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue	84,178,567	46,655,756	156,334,551	101,418,244
Mexico \| Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue	36,803,254	29,792,178	71,090,798	61,927,257
Other \| Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue	$ 201,196,606	$ 159,104,827	$ 380,814,997	$ 320,400,523

Revenue

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue


	Three Months Ended June 30,				Six Months Ended June 30,
Revenue	2023		2022		2023		2022
Automotive Products
U.S.	$	177,940,475	$	145,818,259	$	348,722,079	$	288,012,229
Germany	73,990,846		71,580,008		154,570,311		139,145,328
Japan	84,178,567		46,655,756		156,334,551		101,418,244
Mexico	36,803,254		29,792,178		71,090,798		61,927,257
Other	201,196,606		159,104,827		380,814,997		320,400,523
Total Automotive Products	$	574,109,748	$	452,951,028	$	1,111,532,736	$	910,903,581
Other Products (U.S.)	9,363,098		10,471,974		22,701,421		20,770,196
Total Revenue	$	583,472,846	$	463,423,002	$	1,134,234,157	$	931,673,777

Revenue by geographic area may fluctuate based on many factors, including: exposure to local economic, political, and labor conditions; 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, 2023 and June 30, 2022:


	Three Months Ended June 30,				Six Months Ended June 30,
Revenue	2023		2022		2023		2022
Automotive Segment
Automotive Mirrors & Electronics	$	540,636,798	$	419,492,115	$	1,046,368,374	$	843,118,604
HomeLink Modules*	33,472,950		33,458,913		65,164,362		67,784,977
Total Automotive Products	$	574,109,748	$	452,951,028	$	1,111,532,736	$	910,903,581

Other Segment
Fire Protection Products	6,018,930		9,645,549		15,320,083		18,093,236
Aerospace Products	3,344,168		826,425		7,381,338		2,676,960
Total Other	$	9,363,098	$	10,471,974	$	22,701,421	$	20,770,196

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

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//606/tableOfContent

Comprehensive Income (Loss) (Reclassification Out of Accumulated Other Comprehensive Income) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]
Provision for income taxes	$ (19,448,381)	$ (12,403,581)	$ (37,865,222)	$ (28,170,366)
Total net reclassifications for the period	109,155,403	72,404,403	206,733,664	159,933,028
Amounts Reclassified from Other Comprehensive Loss \| Unrealized (losses) gains on available-for-sale debt securities:
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]
Realized gain (loss) on sale of securities	138,274	(261,483)	(2,091,962)	(597,818)
Provision for income taxes	(29,038)	54,911	439,312	125,542
Total net reclassifications for the period	$ 109,236	$ (206,572)	$ (1,652,650)	$ (472,276)

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

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

Schedule of Automotive and Other Segment Reporting

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

These three non-automotive segments are combined into the "Other" segment as shown below.


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revenue:
Automotive Products	$	574,109,748	$	452,951,028	$	1,111,532,736	$	910,903,581
Other	9,363,098		10,471,974		22,701,421		20,770,196
Total	$	583,472,846	$	463,423,002	$	1,134,234,157	$	931,673,777
Income (Loss) from operations:
Automotive Products	$	128,729,058	$	86,908,119	$	240,168,856	$	190,383,628
Other	(1,439,670)		(1,117,150)		371,179		(1,286,755)
Total	$	127,289,388	$	85,790,969	$	240,540,035	$	189,096,873

Stock-Based Compensation Plans (Weighted-Average Assumptions for the ESOP) (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Dividend yield	1.75%	1.78%	1.76%	1.79%
Expected volatility	28.97%	28.68%	29.01%	28.42%
Risk-free interest rate	4.13%	3.01%	3.87%	2.72%
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)	$ 7.38	$ 6.49	$ 7.11	$ 6.43

Debt and Financing Arrangements	6 Months Ended
Debt and Financing Arrangements	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt and Financing Arrangements	Debt and Financing Arrangements On October 15, 2018, the Company entered into a credit agreement with PNC as the administrative agent and sole lender, which has now been amended and restated as discussed below. On February 21, 2023, as previously disclosed, the Company entered into an amended and restated credit agreement ("Credit Agreement") that provides for, among other things, a three-year unsecured revolving credit facility with a borrowing capacity of up to $250.0 million ("Revolver") that matures on February 21, 2026, replacing in its entirety the Company's above referenced prior $150.0 million revolving credit facility scheduled to mature on October 15, 2023. Included in the Revolver is a $20.0 million sublimit for standby letters of credit and a $35.0 million sublimit for swingline loans, each subject to certain conditions. Funds are available under the Revolver for working capital, capital expenditures, and other lawful corporate purposes, including, but not limited to, acquisitions and common stock repurchases, subject in each case to compliance with certain financial covenants, as defined in the Credit Agreement. As of June 30, 2023, there was no outstanding balance on the Revolver. As of June 30, 2023, the Company is in compliance with its covenants under the Credit Agreement.

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

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

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

$ 2,123,255,648

$ 1,928,968,900

$ 2,065,792,821

^[1]

$ 1,937,988,467

(1,018,271)

(5,828,471)

900,166

(12,883,123)

Accumulated Other Comprehensive Loss

2,195,949,326

1,986,574,480

2,195,949,326

1,986,574,480

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

(12,224,497)

(5,127,408)

(14,142,934)

1,927,244

(1,018,271)

(5,828,471)

900,166

(12,883,123)

Foreign currency translation adjustments:

(13,242,768)

(10,955,879)

(13,242,768)

(10,955,879)

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

Other Comprehensive loss before reclassifications

(4,153,406)

24,169

(4,032,239)

920,589

(1,456,377)

(3,131,326)

(1,577,544)

(4,027,746)

(1,456,377)

(3,131,326)

(1,577,544)

(4,027,746)

Unrealized (losses) gains on available-for-sale debt securities:

(5,609,783)

(3,107,157)

(5,609,783)

(3,107,157)

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

Other Comprehensive loss before reclassifications

(8,071,091)

(5,151,577)

(10,110,695)

1,006,655

547,342

(2,903,717)

825,060

(9,327,653)

Amounts reclassified from accumulated other comprehensive income

(109,236)

206,572

1,652,650

472,276

438,106

(2,697,145)

2,477,710

(8,855,377)

$ (7,632,985)

$ (7,848,722)

$ (7,632,985)

$ (7,848,722)

[1]

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

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Goodwill and Intangible Assets Disclosure [Abstract]

Investments (Schedule of Amortized Cost, Unrealized Gains and Losses, and Market Value of Investment Securities) (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Cost	$ 173,228,927	$ 172,587,805
Unrealized Gains	590,938	236,375
Unrealized Losses	(10,000,656)	(13,034,062)
Market Value	163,819,209	159,790,118
Short-Term Investments \| Certificate of Deposit
Debt Securities, Available-for-sale [Line Items]
Cost	1,250,000	1,750,256
Unrealized Gains	0	0
Unrealized Losses	(5,197)	(14,093)
Market Value	1,244,803	1,736,163
Short-Term Investments \| Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	1,988,060	5,571,417
Unrealized Gains	0	0
Unrealized Losses	(70,887)	(98,076)
Market Value	1,917,173	5,473,341
Short-Term Investments \| Government Securities
Debt Securities, Available-for-sale [Line Items]
Cost	4,754,815	4,476,613
Unrealized Gains	0	0
Unrealized Losses	(39,620)	(53,572)
Market Value	4,715,195
Short-Term Investments \| Municipal Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	3,493,481	5,223,500
Unrealized Gains	0	0
Unrealized Losses	(18,130)	(48,727)
Market Value	3,475,351
Short-Term Investments \| Other
Debt Securities, Available-for-sale [Line Items]
Cost	4,671,277	2,347,602
Unrealized Gains	0	0
Unrealized Losses	0	0
Market Value	4,671,277	2,347,602
Long-Term Investments \| Asset Backed Securities
Debt Securities, Available-for-sale [Line Items]
Cost	17,111,473	19,151,229
Unrealized Gains	0	0
Unrealized Losses	(206,537)	(321,533)
Market Value	16,904,936	18,829,696
Long-Term Investments \| Certificate of Deposit
Debt Securities, Available-for-sale [Line Items]
Cost	1,000,000	250,000
Unrealized Gains	0	0
Unrealized Losses	(17,985)	(11,075)
Market Value	982,015	238,925
Long-Term Investments \| Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	50,055,216	40,410,206
Unrealized Gains	1,660	0
Unrealized Losses	(3,248,493)	(4,099,729)
Market Value	46,808,383	36,310,477
Long-Term Investments \| Government Securities
Debt Securities, Available-for-sale [Line Items]
Cost	30,736,849	39,637,461
Unrealized Gains	0	0
Unrealized Losses	(1,567,272)	(3,104,827)
Market Value	29,169,577	36,532,634
Long-Term Investments \| Municipal Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	57,325,671	53,476,883
Unrealized Gains	336,990	235,713
Unrealized Losses	(4,826,535)	(5,282,430)
Market Value	52,836,126	48,430,166
Long-Term Investments \| Common Stock
Debt Securities, Available-for-sale [Line Items]
Cost	842,085	292,638
Unrealized Gains	252,288	662
Unrealized Losses	0	0
Market Value	$ 1,094,373	$ 293,300

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2023

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, 2023 and December 31, 2022 was $313.6 million and $313.8 million, respectively, as set forth in the table below:


	Carrying Amount
Balance as of December 31, 2022	$	313,807,494
Acquisitions	—
Divestitures	—
Impairments	—
Other	(160,226)
Balance as of June 30, 2023	$	313,647,268

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 component shortages, supply chain constraints, inflation, 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 ("In-Process R & D") as part of the acquisitions of: Vaporsens; Air-Craftglass; Argil; and Guardian, each of which has been previously disclosed.

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

As of June 30, 2023:


Other Intangible Assets	Gross		Accumulated Amortization		Net		Assumed Useful Life
Gentex Patents	$	40,639,478	$	(28,251,342)	$	12,388,136	Various

Other Intangible Assets
HomeLink® Trade Names and Trademarks	$	52,000,000	$	—	$	52,000,000	Indefinite
HomeLink® Technology	180,000,000		(146,250,000)		33,750,000		12 years
Existing Customer Platforms	43,000,000		(41,925,000)		1,075,000		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	$	(188,175,000)	$	209,710,910

Total Patents & Other Intangible Assets	$	438,525,388	$	(216,426,342)	$	222,099,046

As of December 31, 2022:


Other Intangible Assets	Gross		Accumulated Amortization		Net		Assumed Useful Life
Gentex Patents	$	40,653,851	$	(27,820,383)	$	12,833,468	Various

Other Intangible Assets
HomeLink® Trade Names and Trademarks	$	52,000,000	$	—	$	52,000,000	Indefinite
HomeLink® Technology	180,000,000		(138,750,000)		41,250,000		12 years
Existing Customer Platforms	43,000,000		(39,775,000)		3,225,000		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	$	(178,525,000)	$	219,360,910

Total Patents & Other Intangible Assets	$	438,539,761	$	(206,345,383)	$	232,194,378

Amortization expense on patents and intangible assets was approximately $5.2 million and $10.5 million during the three and six months ended June 30, 2023, respectively, compared to approximately $5.5 million and $11.1 million for the same periods ended June 30, 2022, respectively.

Excluding the impact of any future acquisitions, the Company estimates amortization expense for the year ending December 31, 2023 to be approximately $20 million, for the year ending December 31, 2024 to be

approximately $16 million, for the year ending December 31, 2025 to be approximately $13 million, and for each of the years ending December 31, 2026 and December 31, 2027 to be approximately $5 million.

Leases

6 Months Ended

Jun. 30, 2023

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, 2023 was 3 years, with a weighted average discount rate of 6.1%.

Future minimum lease payments for operating leases as of June 30, 2023 were as follows:


Year ending December 31,

2023 (excluding the six months ended June 30, 2023)	$	1,051,018
2024	1,285,724
2025	882,673
2026	452,055
2027	215,760
Thereafter	—
Total future minimum lease payments	3,887,230
Less imputed interest	(200,767)
Total	$	3,686,463




Accrued Liabilities	$	1,768,445
Other Non-Current Liabilities	1,918,018
Total	$	3,686,463

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe effective tax rate was 15.5% in the six months ended June 30, 2023, compared to an effective tax rate of 15.0% for the same period in 2022. 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, the foreign-derived intangible income tax deduction, and research and development tax credits.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2023

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	4,703,382	1.00	4,703,382
Restricted Stock	3,877,858	4.06	15,744,103
Performance Shares	863,815	4.06	3,507,089
Total	9,445,055		23,954,574

Schedule of 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,
	2023		2022		2023		2022
Dividend Yield (1)	1.75	%	1.78	%	1.76	%	1.79	%
Expected volatility (2)	28.97	%	28.68	%	29.01	%	28.42	%
Risk-free interest rate (3)	4.13	%	3.01	%	3.87	%	2.72	%
Expected term of options (years) (4)	4.15		4.15		4.15		4.15
Weighted-avg. grant date fair value	$7.38		$6.49		$7.11		$6.43

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.

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

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

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

Issuance of common stock from stock plan transactions

$ 2,123,255,648

$ 1,928,968,900

$ 2,065,792,821

^[1]

$ 1,937,988,467

7,926,787

5,671,020

$ 13,882,810

8,995,167

Issuance of common stock related to acquisitions

5,000,012

Repurchases of common stock (in shares)

(2,000,000)

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

(25,103,491)

$ (53,566,122)

(71,252,022)

9,744,670

8,573,230

18,264,205

15,361,567

Dividends declared

(28,011,420)

(28,214,614)

(56,058,218)

(56,568,616)

Net income

109,155,403

72,404,403

206,733,664

159,933,028

Other comprehensive (loss) income

(1,018,271)

(5,828,471)

900,166

(12,883,123)

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

$ 2,195,949,326

$ 1,986,574,480

$ 2,195,949,326

$ 1,986,574,480

Common Stock

Beginning balance (in shares)

233,726,045

234,477,338

234,169,335

236,440,840

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

$ 14,023,563

$ 14,068,640

$ 14,050,160

$ 14,186,450

624,323

492,494

1,227,959

969,182

Issuance of common stock from stock plan transactions

$ 37,459

$ 29,550

$ 73,677

$ 58,151

Issuance of common stock related to acquisitions (in shares)

162,433

Issuance of common stock related to acquisitions

$ 9,746

Repurchases of common stock (in shares)

(920,374)

(1,967,300)

(2,440,190)

Ending balance (in shares)

$ (55,223)

$ 0

$ (118,038)

$ (146,411)

233,429,994

235,132,265

233,429,994

235,132,265

Additional Paid-In Capital

$ 14,005,799

$ 14,107,936

$ 14,005,799

$ 14,107,936

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

Issuance of common stock from stock plan transactions

928,284,892

881,371,438

917,499,323

879,413,385

7,889,328

5,641,470

13,809,133

8,937,016

Issuance of common stock related to acquisitions

4,990,266

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

(3,258,126)

(6,911,897)

(8,125,830)

9,744,670

8,573,230

18,264,205

15,361,567

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

942,660,764

900,576,404

942,660,764

900,576,404

Retained Earnings

1,193,171,690

1,038,656,230

1,148,386,272

1,042,461,388

(21,790,142)

(46,536,187)

(62,979,781)

Dividends declared

(28,011,420)

(28,214,614)

(56,058,218)

(56,568,616)

Net income

109,155,403

72,404,403

206,733,664

159,933,028

Accumulated Other Comprehensive Loss

1,252,525,531

1,082,846,019

1,252,525,531

1,082,846,019

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

Other comprehensive (loss) income

(12,224,497)

(5,127,408)

(14,142,934)

1,927,244

(1,018,271)

(5,828,471)

900,166

(12,883,123)

Schedule of Earnings Per Share Basic and Diluted

$ (13,242,768)

$ (10,955,879)

$ (13,242,768)

$ (10,955,879)

[1]

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

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, 2023 and June 30, 2022:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Basic Earnings Per Share
Net Income	$	109,155,403	$	72,404,403	$	206,733,664	$	159,933,028
Less: Dividends and undistributed earnings allocated to participating securities	1,616,981		1,094,827		3,095,900		2,460,845
Net Income available to common shareholders	$	107,538,422	$	71,309,576	$	203,637,764	$	157,472,183

Basic weighted average shares outstanding	230,005,782		230,982,301		230,135,955		231,245,466
Net Income per share - Basic	$	0.47	$	0.31	$	0.88	$	0.68

Diluted Earnings Per Share
Allocation of Net Income used in basic computation	$	107,538,422	$	71,309,576	$	203,637,764	$	157,472,183
Reallocation of undistributed earnings	1,147		1,295		2,462		3,701
Net Income available to common shareholders - Diluted	$	107,539,569	$	71,310,871	$	203,640,226	$	157,475,884

Number of shares used in basic computation	230,005,782		230,982,301		230,135,955		231,245,466
Additional weighted average dilutive common stock equivalents	222,568		456,483		255,153		544,919
Diluted weighted average shares outstanding	230,228,350		231,438,784		230,391,108		231,790,385

Net Income per share - Diluted	$	0.47	$	0.31	$	0.88	$	0.68

Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive	2,355,346		1,792,677		2,274,875		1,549,824

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2023	Jul. 28, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	0-10235
Entity Registrant Name	GENTEX CORPORATION
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		233,435,809
Entity Central Index Key	0000355811
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Unaudited Condensed Consolidated Statements of Income - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Income Statement [Abstract]

NET SALES

$ 583,472,846

$ 463,423,002

$ 1,134,234,157

$ 931,673,777

COST OF GOODS SOLD

390,389,807

315,055,988

766,413,887

622,894,804

Gross profit

193,083,039

148,367,014

367,820,270

308,778,973

OPERATING EXPENSES:

Engineering, research and development

37,973,790

32,857,419

72,627,537

64,832,406

Selling, general & administrative

27,819,861

29,718,626

54,652,698

54,849,694

Total operating expenses

65,793,651

62,576,045

127,280,235

119,682,100

Income from operations

127,289,388

85,790,969

240,540,035

189,096,873

OTHER INCOME (LOSS)

Investment income

2,890,934

920,284

5,830,128

1,708,600

Other loss, net

(1,576,538)

(1,903,269)

(1,771,277)

(2,702,079)

Total other income (loss)

1,314,396

(982,985)

4,058,851

(993,479)

INCOME BEFORE PROVISION FOR INCOME TAXES

128,603,784

84,807,984

244,598,886

188,103,394

PROVISION FOR INCOME TAXES

19,448,381

12,403,581

37,865,222

28,170,366

NET INCOME

$ 109,155,403

$ 72,404,403

$ 206,733,664

$ 159,933,028

EARNINGS PER SHARE:

Basic (in dollars per share)

^[1]

$ 0.47

$ 0.31

$ 0.88

$ 0.68

Diluted (in dollars per share)

^[1]

0.47

0.31

0.88

0.68

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.

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

Jun. 30, 2023

Dec. 31, 2022

Intangible assets, net

$ 209,710,910

$ 219,360,910

^[1]

Gentex Patents

Finite-lived intangible assets, gross

40,639,478

40,653,851

Finite-lived intangible assets, accumulated amortization

(28,251,342)

(27,820,383)

Finite-lived intangible assets, net

12,388,136

12,833,468

HomeLink® Technology

Finite-lived intangible assets, gross

180,000,000

Finite-lived intangible assets, accumulated amortization

(146,250,000)

(138,750,000)

Finite-lived intangible assets, net

$ 33,750,000

$ 41,250,000

Finite-lived intangible asset, useful life

12 years

Existing Customer Platforms

Finite-lived intangible assets, gross

$ 43,000,000

Finite-lived intangible assets, accumulated amortization

(41,925,000)

(39,775,000)

Finite-lived intangible assets, net

$ 1,075,000

$ 3,225,000

Finite-lived intangible asset, useful life

10 years

Other Intangible Assets

Finite-lived intangible assets, accumulated amortization

$ (188,175,000)

$ (178,525,000)

Intangible assets, gross

397,885,910

Intangible assets, net

209,710,910

219,360,910

Patents and Other Intangible Assets

Total Patents & Other Intangible Assets, Gross

438,525,388

438,539,761

Total Patents & Other Intangible Assets, Accumulated Amortization

(216,426,342)

(206,345,383)

Total Patents & Other Intangible Assets, Net

222,099,046

232,194,378

HomeLink® Trade Names and Trademarks

HomeLink® Trade Names and Trademarks | Guardian Optical Technologies

52,000,000

Exclusive Licensing Agreement

1,300,000

In Process Research and Development | Vaporsens In-Process R&D

96,000,000

In Process Research and Development | Argil In-Process R&D

11,000,000

In Process Research and Development | Air-Craftglass In-Process R&D

6,278,132

In Process Research and Development | Guardian Optical Technologies

1,507,778

$ 6,800,000

[1]

Segment Reporting (Details) - USD ($)	3 Months Ended		6 Months Ended
Segment Reporting (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Revenue	$ 583,472,846	$ 463,423,002	$ 1,134,234,157	$ 931,673,777
Income (loss) from operations	127,289,388	85,790,969	240,540,035	189,096,873
Automotive Products
Segment Reporting Information [Line Items]
Revenue	574,109,748	452,951,028	1,111,532,736	910,903,581
Income (loss) from operations	128,729,058	86,908,119	240,168,856	190,383,628
Other
Segment Reporting Information [Line Items]
Revenue	9,363,098	10,471,974	22,701,421	20,770,196
Income (loss) from operations	$ (1,439,670)	$ (1,117,150)	$ 371,179	$ (1,286,755)

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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