0000355811-23-000056 | 10-Q | XBRL Viewer

Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2023

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Foreign currency translation adjustments:
Balance at beginning of period	$	(5,609,783)	$	(3,107,157)	$	(4,032,239)	$	920,589
Other Comprehensive (loss) income before reclassifications	(717,457)		17,751,603		(2,295,001)		13,723,857

Net current-period change	(717,457)		17,751,603		(2,295,001)		13,723,857
Balance at end of period	(6,327,240)		14,644,446		(6,327,240)		14,644,446

Unrealized (losses) gains on available-for-sale debt securities:
Balance at beginning of period	(7,632,985)		(7,848,722)		(10,110,695)		1,006,655
Other Comprehensive (loss) income before reclassifications	(1,293,419)		(3,714,578)		(468,359)		(13,042,231)
Amounts reclassified from accumulated other comprehensive income	1,580,904		204,811		3,233,554		677,087
Net current-period change	287,485		(3,509,767)		2,765,195		(12,365,144)
Balance at end of period	(7,345,500)		(11,358,489)		(7,345,500)		(11,358,489)







Accumulated other comprehensive (loss) income, end of period	$	(13,672,740)	$	3,285,957	$	(13,672,740)	$	3,285,957

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 nine months ended September 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Unrealized gains (losses) on available-for-sale debt securities
Realized gain (loss) on sale of securities	$	(2,001,144)	$	(259,254)	$	(4,093,106)	$	(857,072)	Investment income
Provision for income taxes	420,240		54,443		859,552		179,985		Provision for income taxes
Total net reclassifications for the period	$	(1,580,904)	$	(204,811)	$	(3,233,554)	$	(677,087)

Inventories

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Inventories

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


	September 30, 2023		December 31, 2022
Raw materials	$	281,802,062	$	304,184,004
Work-in-process	44,896,661		45,512,275
Finished goods	68,754,057		54,663,991
Total Inventory	$	395,452,780	$	404,360,270

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Oct. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		233,252,591
Entity Central Index Key	0000355811
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Stock-Based Compensation Plans - Narrative (Details)		1 Months Ended	3 Months Ended		9 Months Ended
Stock-Based Compensation Plans - Narrative (Details)	Jun. 30, 2022 shares	May 31, 2022 shares	Sep. 30, 2023 USD ($) plan shares	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) plan shares	Sep. 30, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense for share-based payments \| $			$ 10,948,031	$ 7,611,546	$ 29,212,236	$ 22,973,113
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 shares)	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 \| $			$ 2,463,158	308,812	$ 4,600,386	1,431,018
Unrecognized compensation cost \| $			18,288,329		18,288,329
Performance Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense for share-based payments \| $			$ 441,115		$ 1,082,333
Option vesting period					4 years
Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grants in period (in shares)					9,733,895
Shares issued under the omnibus plan (in shares)					24,797,549
Number of shares authorized (in shares)			45,000,000		45,000,000
Omnibus Incentive Plan \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under the omnibus plan (in shares)					3,515,440
Employee Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost \| $			$ 8,461,373		$ 8,461,373
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 \| $			46,555,320		$ 46,555,320
Restricted period, maximum					10 years
Amortization expense \| $			$ 6,369,348	$ 5,504,462	$ 18,178,157	$ 16,130,339
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)					250,369
Number of shares authorized (in shares)		2,000,000
ESPP discount rate		85.00%
ESPP discount rate recognized as compensation expense		15.00%

Earnings Per Share (Details) - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Basic Earnings Per Share

Net income

$ 104,725,412

$ 72,655,995

$ 311,459,076

$ 232,589,023

Less: Dividends and undistributed earnings allocated to participating securities

1,537,105

1,096,274

4,636,523

3,563,605

Net Income available to common shareholders

$ 103,188,307

$ 71,559,721

$ 306,822,553

$ 229,025,418

Basic weighted average shares outstanding (in shares)

230,047,014

231,316,879

229,866,008

231,072,421

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

^[1]

$ 0.45

$ 0.31

$ 1.33

$ 0.99

Diluted Earnings Per Share

Allocation of Net Income used in basic computation

$ 103,188,307

$ 71,559,721

$ 306,822,553

$ 229,025,418

Reallocation of undistributed earnings

1,978

848

4,577

4,412

Net Income available to common shareholders - Diluted

$ 103,190,285

$ 71,560,569

$ 306,827,130

$ 229,029,830

Number of shares used in basic computation (in shares)

230,047,014

231,316,879

229,866,008

231,072,421

Additional weighted average dilutive common stock equivalents (in shares)

410,397

300,138

315,666

457,032

Diluted weighted average shares outstanding (in shares)

230,457,411

231,617,017

230,181,674

231,529,453

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

^[1]

$ 0.45

$ 0.31

$ 1.33

$ 0.99

1,384,066

2,456,463

1,410,341

1,526,986

[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

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Plans

As of September 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 $10,948,031 and $29,212,236 for the three and nine months ended September 30, 2023, respectively. The Company recognized compensation expense for share-based payments of $7,611,546 and $22,973,113 for the three and nine months ended September 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 September 30, 2023, 9,733,895 share awards have been made under the Plan, resulting in 24,797,549 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	4,811,132	1.00	4,811,132
Restricted Stock	4,056,891	4.06	16,470,977
Performance Shares	865,872	4.06	3,515,440
Total	9,733,895		24,797,549

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 September 30, 2023, there was $8,461,373 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Dividend Yield (1)	1.72	%	1.78	%	1.74	%	1.79	%
Expected volatility (2)	28.66	%	29.02	%	28.89	%	28.62	%
Risk-free interest rate (3)	4.60	%	4.06	%	4.11	%	3.16	%
Expected term of options (years) (4)	4.14		4.15		4.15		4.15
Weighted-avg. grant date fair value	$8.40		$5.97		$7.54		$6.28

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 September 30, 2023, the Company had unearned stock-based compensation of $46,555,320 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 nine months ended September 30, 2023 was $6,369,348 and $18,178,157, respectively. Compensation expense from restricted stock grants in the three and nine months ended September 30, 2022 was $5,504,462 and $16,130,339, 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 September 30, 2023, the Company had unearned stock-based compensation of $18,288,329 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 nine months ended September 30, 2023 was $2,463,158 and $4,600,386, respectively. Compensation expense related to these performance share grants in the three and nine months ended September 30, 2022 was $308,812 and $1,431,018, 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 nine months ended September 30, 2023 was $441,115 and $1,082,333, 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 September 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 September 30, 2023, the Company has issued 250,369 shares under this plan.

Equity	9 Months Ended
Equity	Sep. 30, 2023
Equity [Abstract]
Equity	Equity The decrease in common stock during the nine months ended September 30, 2023, was primarily due to the repurchases of 2.7 million shares, partially offset by the issuance of 1.8 million shares of the Company’s common stock, net of cancellations, under the Company’s stock-based compensation plans. The total net decrease was 0.9 million shares. The Company recorded a cash dividend of $0.120 per share during the third quarter of 2023 as compared to a cash dividend of $0.120 per share during the third quarter of 2022. The third quarter 2023 dividend of $28.0 million was declared on September 1, 2023 and was paid on October 18, 2023.

- Definition

The entire disclosure for equity.

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+ Details

Investments

9 Months Ended

Sep. 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% common shares 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 $125.3 million and $69.5 million as of September 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. On July 5, 2023, the Company purchased an additional 12% equity investment in Adasky, for an additional $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 September 30, 2023 and December 31, 2022, respectively. $123.1 million and $65.7 million of these investments are classified within Long-Term Investments in the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022, respectively.

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

As of September 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	September 30, 2023		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	260,633,625	$	260,633,625	$	—	$	—

Short-Term Investments:
Certificate of Deposit	989,198		989,198		—		—
Corporate Bonds	1,927,301		—		1,927,301		—
Government Securities	5,176,215		—		5,176,215		—
Municipal Bonds	2,409,861		—		2,409,861		—
Other	4,723,625		1,256,600		3,467,025		—
Long-Term Investments:
Asset Backed Securities	21,064,870		—		21,064,870		—
Certificate of Deposit	740,950		740,950		—		—
Corporate Bonds	50,484,099		—		50,484,099		—
Government Securities	28,297,530		—		28,297,530		—
Municipal Bonds	47,583,725		—		47,583,725		—

Common Stock	1,386,988		1,386,988		—		—
Total	$	425,417,987	$	265,007,361	$	160,410,626	$	—

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 September 30, 2023 and December 31, 2022:

As of September 30, 2023:


			Unrealized
	Cost		Gains		Losses		Market Value
Short-Term Investments:
Certificate of Deposit	$	1,000,000	$	—	$	(10,802)	$	989,198
Corporate Bonds	1,982,128		—		(54,827)		1,927,301
Government Securities	5,198,015		—		(21,800)		5,176,215
Municipal Bonds	2,431,031		—		(21,170)		2,409,861
Other	4,723,625		—		—		4,723,625
Long-Term Investments:
Asset Backed Securities	21,273,402		—		(208,532)		21,064,870
Certificate of Deposit	750,000		—		(9,050)		740,950
Corporate Bonds	53,814,699		—		(3,330,600)		50,484,099
Government Securities	29,640,890		—		(1,343,360)		28,297,530
Municipal Bonds	51,881,686		378,802		(4,676,763)		47,583,725
Common Stock	1,637,386		2,311		(252,709)		1,386,988
Total	$	174,332,862	$	381,113	$	(9,929,613)	$	164,784,362

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 September 30, 2023, are as follows:


	Aggregate Unrealized Losses		Aggregate Fair Value of Investments
Loss duration of less than one year	$	1,340,283	$	51,123,646
Loss duration of greater than one year	8,589,330		103,252,208
Total	$	9,929,613	$	154,375,854

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 September 30, 2023 have contractual maturities as follows:


Due within one year	$	10,502,575
Due between one and five years	98,587,270
Due over five years	49,583,904
	$	158,673,749

- 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

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The carrying value of Goodwill as of both September 30, 2023 and December 31, 2022 was $313.2 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	(650,101)
Balance as of September 30, 2023	$	313,157,393

Schedule of Intangible Assets

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

As of September 30, 2023:


Other Intangible Assets	Gross		Accumulated Amortization		Net		Assumed Useful Life
Gentex Patents	$	39,170,904	$	(27,611,804)	$	11,559,100	Various

Other Intangible Assets
HomeLink® Trade Names and Trademarks	$	52,000,000	$	—	$	52,000,000	Indefinite
HomeLink® Technology	180,000,000		(150,000,000)		30,000,000		12 years
Existing Customer Platforms	43,000,000		(43,000,000)		—		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	$	(193,000,000)	$	204,885,910

Total Patents & Other Intangible Assets	$	437,056,814	$	(220,611,804)	$	216,445,010

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Subsequent Event (Details) - eSight Corporation - Subsequent Event $ in Millions	Nov. 02, 2023 USD ($)
Business Acquisition [Line Items]
Purchase price of acquisition	$ 18.9
Ownership percentage of business acquisition	20.00%
Provision earn out period	10 years

Investments - Schedule of Investments Classified by Contractual Maturity Date (Details) - Fixed Income Securities	Sep. 30, 2023 USD ($)
Debt Securities, Available-for-sale [Line Items]
Due within one year	$ 10,502,575
Due between one and five years	98,587,270
Due over five years	49,583,904
Total	$ 158,673,749

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
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+ Details

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' INVESTMENT - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

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

Beginning Balance

$ 2,195,949,326

$ 1,986,574,480

$ 2,065,792,821

^[1]

$ 1,937,988,467

Issuance of common stock from stock plan transactions

10,422,050

3,369,936

$ 24,304,861

12,365,103

Issuance of common stock related to acquisitions

5,000,012

Repurchases of common stock (in shares)

(2,700,000)

Repurchases of common stock

(25,169,378)

(22,256,782)

$ (78,735,501)

(93,508,804)

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

10,948,031

7,611,546

29,212,236

22,973,113

Dividends declared

(27,991,662)

(28,151,347)

(84,049,880)

(84,719,963)

Net income

104,725,412

72,655,995

311,459,076

232,589,023

Other comprehensive income (loss)

(429,972)

14,241,836

470,194

1,358,713

Ending Balance

$ 2,268,453,807

$ 2,034,045,664

$ 2,268,453,807

$ 2,034,045,664

Common Stock

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

Beginning balance (in shares)

233,429,994

235,132,265

234,169,335

236,440,840

Beginning Balance

$ 14,005,799

$ 14,107,936

$ 14,050,160

$ 14,186,450

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

605,637

315,433

1,833,596

1,284,615

Issuance of common stock from stock plan transactions

$ 36,338

$ 18,926

$ 110,016

$ 77,077

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)

(776,488)

(850,306)

(2,743,788)

(3,290,496)

Repurchases of common stock

$ (46,589)

$ (51,019)

$ (164,628)

$ (197,430)

Ending balance (in shares)

233,259,143

234,597,392

233,259,143

234,597,392

Ending Balance

$ 13,995,548

$ 14,075,843

$ 13,995,548

$ 14,075,843

Additional Paid-In Capital

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

Beginning Balance

942,660,764

900,576,404

917,499,323

879,413,385

Issuance of common stock from stock plan transactions

10,385,712

3,351,010

24,194,845

12,288,026

Issuance of common stock related to acquisitions

4,990,266

Repurchases of common stock

(2,795,358)

(2,916,551)

(9,707,255)

(11,042,381)

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

10,948,031

7,611,546

29,212,236

22,973,113

Ending Balance

961,199,149

908,622,409

961,199,149

908,622,409

Retained Earnings

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

Beginning Balance

1,252,525,531

1,082,846,019

1,148,386,272

1,042,461,388

Repurchases of common stock

(22,327,431)

(19,289,212)

(68,863,618)

(82,268,993)

Dividends declared

(27,991,662)

(28,151,347)

(84,049,880)

(84,719,963)

Net income

104,725,412

72,655,995

311,459,076

232,589,023

Ending Balance

1,306,931,850

1,108,061,455

1,306,931,850

1,108,061,455

Accumulated Other Comprehensive Income (Loss)

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

Beginning Balance

(13,242,768)

(10,955,879)

(14,142,934)

1,927,244

Other comprehensive income (loss)

(429,972)

14,241,836

470,194

1,358,713

Ending Balance

$ (13,672,740)

$ 3,285,957

$ (13,672,740)

$ 3,285,957

[1]

The condensed consolidated balance sheet at December 31, 2022 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.

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

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Mar. 31, 2021

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Sep. 30, 2023

Sep. 30, 2022

Dec. 31, 2022

^[1]

Dec. 31, 2013

Finite-Lived Intangible Assets [Line Items]

Goodwill

$ 313,157,393

$ 313,807,494

Acquisitions

Amortization of intangible assets

5,200,000

$ 5,500,000

15,600,000

$ 16,600,000

Total Patents & Other Intangible Assets

Finite-Lived Intangible Assets [Line Items]

Amortization expense, remainder of fiscal year

20,000,000

Amortization expense, year one

16,000,000

Amortization expense, year two

13,000,000

Amortization expense, year three

5,000,000

Amortization expense, year four

$ 5,000,000

HomeLink®

Finite-Lived Intangible Assets [Line Items]

Goodwill

$ 307,400,000

Vaporsens In-Process R&D

Finite-Lived Intangible Assets [Line Items]

Acquisitions

$ 3,700,000

Air-Craftglass In-Process R&D

Finite-Lived Intangible Assets [Line Items]

Acquisitions

$ 200,000

Argil In-Process R&D

Finite-Lived Intangible Assets [Line Items]

Acquisitions

$ 1,000,000

Guardian Optical Technologies

Finite-Lived Intangible Assets [Line Items]

Acquisitions

$ 2,000,000

[1]

Inventories (Details) - USD ($)

Sep. 30, 2023

Dec. 31, 2022

Inventory Disclosure [Abstract]

Raw materials

$ 281,802,062

$ 304,184,004

Work-in-process

44,896,661

45,512,275

Finished goods

68,754,057

54,663,991

Total Inventory

$ 395,452,780

$ 404,360,270

^[1]

[1]

Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
	Sep. 01, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Equity [Abstract]
Stock repurchased (in shares)				2.7
Common stock issued under stock compensation plan (in shares)				1.8
Net decrease in period (in shares)				0.9
Dividends declared (in dollars per share)		$ 0.120	$ 0.120	$ 0.360	$ 0.360
Dividends	$ 28.0

- Definition

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.

+ References + Details

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 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 September 30, 2023, and the results of operations and cash flows for the interim periods presented.

Leases - Schedule of Future Minimum Lease Payments (Details)	Sep. 30, 2023 USD ($)
Leases [Abstract]
2023 (excluding the nine months ended September 30, 2023)	$ 499,620
2024	1,526,098
2025	1,058,401
2026	455,548
2027	215,734
Thereafter	0
Total future minimum lease payments	3,755,401
Less imputed interest	(189,042)
Total	3,566,359
Accrued Liabilities	1,633,120
Other Non-Current Liabilities	$ 1,933,239
Operating lease, liability, current, statement of financial position	Accrued liabilities
Operating lease, liability, noncurrent, statement of financial position	OTHER NON-CURRENT LIABILITIES

Segment Reporting

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenue:
Automotive Products	$	564,510,277	$	480,937,253	$	1,676,043,013	$	1,391,840,835
Other	11,338,213		12,699,442		34,039,634		33,469,637
Total	$	575,848,490	$	493,636,695	$	1,710,082,647	$	1,425,310,472
Income (Loss) from operations:
Automotive Products	$	121,875,176	$	87,109,317	$	362,044,032	$	277,492,945
Other	541,353		(317,777)		912,532		(1,604,532)
Total	$	122,416,529	$	86,791,540	$	362,956,564	$	275,888,413

- 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

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 104,725,412	$ 72,655,995	$ 311,459,076	$ 232,589,023
Other comprehensive (loss) income before tax:
Foreign currency translation adjustments	(717,457)	17,751,603	(2,295,001)	13,723,857
Unrealized gains (losses) on debt securities, net	363,905	(4,442,743)	3,500,247	(15,652,081)
Other comprehensive (loss) income, before tax	(353,552)	13,308,860	1,205,246	(1,928,224)
Income tax impact related to components of other comprehensive income (loss)	76,420	(932,976)	735,052	(3,286,937)
Other comprehensive (loss) income, net of tax	(429,972)	14,241,836	470,194	1,358,713
Comprehensive income	$ 104,295,440	$ 86,897,831	$ 311,929,270	$ 233,947,736

- Definition

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

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- Definition

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

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+ Details

Investments - Narrative (Details) - USD ($)

Sep. 30, 2023

Jul. 05, 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

$ 17,464,830

$ 23,007,385

^[1]

Long-term investments

272,615,535

202,331,983

^[1]

Long-term Investments

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

Equity securities, FV-NI

125,300,000

69,500,000

Long-term investments

123,100,000

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

Adasky, LTD

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

Equity method investment, ownership percentage

12.00%

15.00%

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]

Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Comprehensive Income (Loss)

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

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Foreign currency translation adjustments:
Balance at beginning of period	$	(5,609,783)	$	(3,107,157)	$	(4,032,239)	$	920,589
Other Comprehensive (loss) income before reclassifications	(717,457)		17,751,603		(2,295,001)		13,723,857

Net current-period change	(717,457)		17,751,603		(2,295,001)		13,723,857
Balance at end of period	(6,327,240)		14,644,446		(6,327,240)		14,644,446

Unrealized (losses) gains on available-for-sale debt securities:
Balance at beginning of period	(7,632,985)		(7,848,722)		(10,110,695)		1,006,655
Other Comprehensive (loss) income before reclassifications	(1,293,419)		(3,714,578)		(468,359)		(13,042,231)
Amounts reclassified from accumulated other comprehensive income	1,580,904		204,811		3,233,554		677,087
Net current-period change	287,485		(3,509,767)		2,765,195		(12,365,144)
Balance at end of period	(7,345,500)		(11,358,489)		(7,345,500)		(11,358,489)







Accumulated other comprehensive (loss) income, end of period	$	(13,672,740)	$	3,285,957	$	(13,672,740)	$	3,285,957

The following table presents details of reclassifications out of accumulated other comprehensive loss for the three and nine months ended September 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Unrealized gains (losses) on available-for-sale debt securities
Realized gain (loss) on sale of securities	$	(2,001,144)	$	(259,254)	$	(4,093,106)	$	(857,072)	Investment income
Provision for income taxes	420,240		54,443		859,552		179,985		Provision for income taxes
Total net reclassifications for the period	$	(1,580,904)	$	(204,811)	$	(3,233,554)	$	(677,087)

Contingencies	9 Months Ended
Contingencies	Sep. 30, 2023
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.

Revenue (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

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 nine month periods ended September 30, 2023 and September 30, 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
Revenue	2023		2022		2023		2022
Automotive Products
U.S.	$	171,312,177	$	147,865,393	$	520,034,256	$	435,877,621
Germany	72,169,634		65,508,444		226,739,945		204,653,773
Japan	73,330,091		63,797,497		229,664,642		165,215,741
Mexico	38,494,969		32,024,141		109,585,767		93,951,398
Other	209,203,406		171,741,778		590,018,403		492,142,302
Total Automotive Products	$	564,510,277	$	480,937,253	$	1,676,043,013	$	1,391,840,835
Other Products (U.S.)	11,338,213		12,699,442		34,039,634		33,469,637
Total Revenue	$	575,848,490	$	493,636,695	$	1,710,082,647	$	1,425,310,472

The following table disaggregates the Company’s Automotive revenue and Other revenue by major source for the three and nine month periods ended September 30, 2023 and September 30, 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
Revenue	2023		2022		2023		2022
Automotive Segment
Automotive Mirrors & Electronics	$	531,423,832	$	448,773,060	$	1,577,792,206	$	1,291,891,664
HomeLink Modules*	33,086,445		32,164,193		98,250,807		99,949,171
Total Automotive Products	$	564,510,277	$	480,937,253	$	1,676,043,013	$	1,391,840,835

Other Segment
Fire Protection Products	5,151,785		10,484,680		20,471,868		28,577,916
Aerospace Products	6,186,428		2,214,762		13,567,766		4,891,721
Total Other	$	11,338,213	$	12,699,442	$	34,039,634	$	33,469,637

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

Inventories (Tables)

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories

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


	September 30, 2023		December 31, 2022
Raw materials	$	281,802,062	$	304,184,004
Work-in-process	44,896,661		45,512,275
Finished goods	68,754,057		54,663,991
Total Inventory	$	395,452,780	$	404,360,270

Revenue (Details) - USD ($)	3 Months Ended		9 Months Ended
Revenue (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue:	$ 575,848,490	$ 493,636,695	$ 1,710,082,647	$ 1,425,310,472
Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue:	564,510,277	480,937,253	1,676,043,013	1,391,840,835
Other Segment
Disaggregation of Revenue [Line Items]
Revenue:	11,338,213	12,699,442	34,039,634	33,469,637
Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue:	564,510,277	480,937,253	1,676,043,013	1,391,840,835
Automotive Mirrors & Electronics \| Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue:	531,423,832	448,773,060	1,577,792,206	1,291,891,664
HomeLink Modules \| Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue:	33,086,445	32,164,193	98,250,807	99,949,171
Fire Protection Products \| Other Segment
Disaggregation of Revenue [Line Items]
Revenue:	5,151,785	10,484,680	20,471,868	28,577,916
Aerospace Products \| Other Segment
Disaggregation of Revenue [Line Items]
Revenue:	6,186,428	2,214,762	13,567,766	4,891,721
U.S. \| Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue:	171,312,177	147,865,393	520,034,256	435,877,621
U.S. \| Other Segment
Disaggregation of Revenue [Line Items]
Revenue:		12,699,442		33,469,637
Germany \| Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue:	72,169,634	65,508,444	226,739,945	204,653,773
Japan \| Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue:	73,330,091	63,797,497	229,664,642	165,215,741
Mexico \| Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue:	38,494,969	32,024,141	109,585,767	93,951,398
Other \| Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue:	$ 209,203,406	$ 171,741,778	$ 590,018,403	$ 492,142,302

Stock-Based Compensation Plans - Schedule of Shares Issued Net of Shares Canceled/Expired (Details) - Omnibus Incentive Plan	9 Months Ended
	Sep. 30, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grants in period (in shares)	9,733,895
Shares issued under the omnibus plan (in shares)	24,797,549
Non-Qualified Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Shares, granted (in shares)	4,811,132
Conversion rate, options	100.00%
Shares issued under the omnibus plan (in shares)	4,811,132
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	4,056,891
Conversion rate, shares	406.00%
Shares issued under the omnibus plan (in shares)	16,470,977
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	865,872
Conversion rate, shares	406.00%
Shares issued under the omnibus plan (in shares)	3,515,440

Investments - Schedule of Amortized Cost, Unrealized Gains and Losses, and Market Value of Investment Securities (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Cost	$ 174,332,862	$ 172,587,805
Unrealized Gains	381,113	236,375
Unrealized Losses	(9,929,613)	(13,034,062)
Market Value	164,784,362	159,790,118
Short-Term Investments \| Certificate of Deposit
Debt Securities, Available-for-sale [Line Items]
Cost	1,000,000	1,750,256
Unrealized Gains	0	0
Unrealized Losses	(10,802)	(14,093)
Market Value	989,198	1,736,163
Short-Term Investments \| Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	1,982,128	5,571,417
Unrealized Gains	0	0
Unrealized Losses	(54,827)	(98,076)
Market Value	1,927,301	5,473,341
Short-Term Investments \| Government Securities
Debt Securities, Available-for-sale [Line Items]
Cost	5,198,015	4,476,613
Unrealized Gains	0	0
Unrealized Losses	(21,800)	(53,572)
Market Value	5,176,215
Short-Term Investments \| Municipal Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	2,431,031	5,223,500
Unrealized Gains	0	0
Unrealized Losses	(21,170)	(48,727)
Market Value	2,409,861
Short-Term Investments \| Other
Debt Securities, Available-for-sale [Line Items]
Cost	4,723,625	2,347,602
Unrealized Gains	0	0
Unrealized Losses	0	0
Market Value	4,723,625	2,347,602
Long-Term Investments \| Asset Backed Securities
Debt Securities, Available-for-sale [Line Items]
Cost	21,273,402	19,151,229
Unrealized Gains	0	0
Unrealized Losses	(208,532)	(321,533)
Market Value	21,064,870	18,829,696
Long-Term Investments \| Certificate of Deposit
Debt Securities, Available-for-sale [Line Items]
Cost	750,000	250,000
Unrealized Gains	0	0
Unrealized Losses	(9,050)	(11,075)
Market Value	740,950	238,925
Long-Term Investments \| Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	53,814,699	40,410,206
Unrealized Gains	0	0
Unrealized Losses	(3,330,600)	(4,099,729)
Market Value	50,484,099	36,310,477
Long-Term Investments \| Government Securities
Debt Securities, Available-for-sale [Line Items]
Cost	29,640,890	39,637,461
Unrealized Gains	0	0
Unrealized Losses	(1,343,360)	(3,104,827)
Market Value	28,297,530	36,532,634
Long-Term Investments \| Municipal Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	51,881,686	53,476,883
Unrealized Gains	378,802	235,713
Unrealized Losses	(4,676,763)	(5,282,430)
Market Value	47,583,725	48,430,166
Long-Term Investments \| Common Stock
Debt Securities, Available-for-sale [Line Items]
Cost	1,637,386	292,638
Unrealized Gains	2,311	662
Unrealized Losses	(252,709)	0
Market Value	$ 1,386,988	$ 293,300

Income Taxes (Details)	9 Months Ended
Income Taxes (Details)	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	15.60%	15.20%

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2023

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 nine months ended September 30, 2023 and September 30, 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Basic Earnings Per Share
Net Income	$	104,725,412	$	72,655,995	$	311,459,076	$	232,589,023
Less: Dividends and undistributed earnings allocated to participating securities	1,537,105		1,096,274		4,636,523		3,563,605
Net Income available to common shareholders	$	103,188,307	$	71,559,721	$	306,822,553	$	229,025,418

Basic weighted average shares outstanding	230,047,014		231,316,879		229,866,008		231,072,421
Net Income per share - Basic	$	0.45	$	0.31	$	1.33	$	0.99

Diluted Earnings Per Share
Allocation of Net Income used in basic computation	$	103,188,307	$	71,559,721	$	306,822,553	$	229,025,418
Reallocation of undistributed earnings	1,978		848		4,577		4,412
Net Income available to common shareholders - Diluted	$	103,190,285	$	71,560,569	$	306,827,130	$	229,029,830

Number of shares used in basic computation	230,047,014		231,316,879		229,866,008		231,072,421
Additional weighted average dilutive common stock equivalents	410,397		300,138		315,666		457,032
Diluted weighted average shares outstanding	230,457,411		231,617,017		230,181,674		231,529,453

Net Income per share - Diluted	$	0.45	$	0.31	$	1.33	$	0.99

Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive	1,384,066		2,456,463		1,410,341		1,526,986

Segment Reporting - Narrative (Details)	9 Months Ended
Segment Reporting - Narrative (Details)	Sep. 30, 2023 segment
Other
Segment Reporting Information [Line Items]
Number of non-automotive segments	3

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Automotive and Other Segment Reporting

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenue:
Automotive Products	$	564,510,277	$	480,937,253	$	1,676,043,013	$	1,391,840,835
Other	11,338,213		12,699,442		34,039,634		33,469,637
Total	$	575,848,490	$	493,636,695	$	1,710,082,647	$	1,425,310,472
Income (Loss) from operations:
Automotive Products	$	121,875,176	$	87,109,317	$	362,044,032	$	277,492,945
Other	541,353		(317,777)		912,532		(1,604,532)
Total	$	122,416,529	$	86,791,540	$	362,956,564	$	275,888,413

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

9 Months Ended

Sep. 30, 2023

USD ($)

Goodwill [Roll Forward]

Balance as of December 31, 2022

$ 313,807,494

^[1]

(650,101)

Balance as of September 30, 2023

$ 313,157,393

[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

Stock-Based Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2023

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	4,811,132	1.00	4,811,132
Restricted Stock	4,056,891	4.06	16,470,977
Performance Shares	865,872	4.06	3,515,440
Total	9,733,895		24,797,549

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Dividend Yield (1)	1.72	%	1.78	%	1.74	%	1.79	%
Expected volatility (2)	28.66	%	29.02	%	28.89	%	28.62	%
Risk-free interest rate (3)	4.60	%	4.06	%	4.11	%	3.16	%
Expected term of options (years) (4)	4.14		4.15		4.15		4.15
Weighted-avg. grant date fair value	$8.40		$5.97		$7.54		$6.28

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.

Subsequent Event	9 Months Ended
Subsequent Event	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On November 2, 2023, the Company acquired certain technology assets from eSight Corporation for approximately $18.9 million in cash, in addition to the 20% equity the Company previously held in the assets, as well as an earn out provision over a ten year period. The technology acquired from eSight provides the most advanced and versatile low-vision smart glasses available for those with visual impairments and is compatible with more than 20 eye conditions including Macular Degeneration, Diabetic Retinopathy, and Stargardt disease. These assets will be classified within the Company's Other segment. The Company will account for the acquisition under the provisions of FASB ASC Topic 805, Business Combinations.

Investments (Tables)

9 Months Ended

Sep. 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 September 30, 2023 and December 31, 2022:

As of September 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	September 30, 2023		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	260,633,625	$	260,633,625	$	—	$	—

Short-Term Investments:
Certificate of Deposit	989,198		989,198		—		—
Corporate Bonds	1,927,301		—		1,927,301		—
Government Securities	5,176,215		—		5,176,215		—
Municipal Bonds	2,409,861		—		2,409,861		—
Other	4,723,625		1,256,600		3,467,025		—
Long-Term Investments:
Asset Backed Securities	21,064,870		—		21,064,870		—
Certificate of Deposit	740,950		740,950		—		—
Corporate Bonds	50,484,099		—		50,484,099		—
Government Securities	28,297,530		—		28,297,530		—
Municipal Bonds	47,583,725		—		47,583,725		—

Common Stock	1,386,988		1,386,988		—		—
Total	$	425,417,987	$	265,007,361	$	160,410,626	$	—

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 September 30, 2023 and December 31, 2022:

As of September 30, 2023:


			Unrealized
	Cost		Gains		Losses		Market Value
Short-Term Investments:
Certificate of Deposit	$	1,000,000	$	—	$	(10,802)	$	989,198
Corporate Bonds	1,982,128		—		(54,827)		1,927,301
Government Securities	5,198,015		—		(21,800)		5,176,215
Municipal Bonds	2,431,031		—		(21,170)		2,409,861
Other	4,723,625		—		—		4,723,625
Long-Term Investments:
Asset Backed Securities	21,273,402		—		(208,532)		21,064,870
Certificate of Deposit	750,000		—		(9,050)		740,950
Corporate Bonds	53,814,699		—		(3,330,600)		50,484,099
Government Securities	29,640,890		—		(1,343,360)		28,297,530
Municipal Bonds	51,881,686		378,802		(4,676,763)		47,583,725
Common Stock	1,637,386		2,311		(252,709)		1,386,988
Total	$	174,332,862	$	381,113	$	(9,929,613)	$	164,784,362

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 September 30, 2023, are as follows:


	Aggregate Unrealized Losses		Aggregate Fair Value of Investments
Loss duration of less than one year	$	1,340,283	$	51,123,646
Loss duration of greater than one year	8,589,330		103,252,208
Total	$	9,929,613	$	154,375,854

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 September 30, 2023 have contractual maturities as follows:


Due within one year	$	10,502,575
Due between one and five years	98,587,270
Due over five years	49,583,904
	$	158,673,749

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' INVESTMENT (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.120	$ 0.120	$ 0.360	$ 0.360

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Income Statement [Abstract]

NET SALES

$ 575,848,490

$ 493,636,695

$ 1,710,082,647

$ 1,425,310,472

COST OF GOODS SOLD

384,407,857

346,435,670

1,150,821,744

969,330,474

Gross profit

191,440,633

147,201,025

559,260,903

455,979,998

OPERATING EXPENSES:

Engineering, research and development

40,197,517

33,541,331

112,825,054

98,373,737

Selling, general & administrative

28,826,587

26,868,154

83,479,285

81,717,848

Total operating expenses

69,024,104

60,409,485

196,304,339

180,091,585

Income from operations

122,416,529

86,791,540

362,956,564

275,888,413

OTHER INCOME (LOSS)

Investment income

3,851,967

1,496,852

9,682,096

3,205,452

Other loss, net

(1,788,335)

(2,126,039)

(3,559,613)

(4,828,119)

Total other income (loss)

2,063,632

(629,187)

6,122,483

(1,622,667)

INCOME BEFORE PROVISION FOR INCOME TAXES

124,480,161

86,162,353

369,079,047

274,265,746

PROVISION FOR INCOME TAXES

19,754,749

13,506,358

57,619,971

41,676,723

NET INCOME

$ 104,725,412

$ 72,655,995

$ 311,459,076

$ 232,589,023

EARNINGS PER SHARE:

Basic (in dollars per share)

^[1]

$ 0.45

$ 0.31

$ 1.33

$ 0.99

Diluted (in dollars per share)

^[1]

0.45

0.31

1.33

0.99

Cash Dividends Declared per Share (in dollars per share)

$ 0.120

$ 0.360

[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.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe effective tax rate was 15.6% in the nine months ended September 30, 2023, compared to an effective tax rate of 15.2% 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.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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-Topic 740
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Debt and Financing Arrangements	9 Months Ended
Debt and Financing Arrangements	Sep. 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 September 30, 2023, there was no outstanding balance on the Revolver. As of September 30, 2023, 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Subparagraph (b)
-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)

Sep. 30, 2023

Dec. 31, 2022

^[1]

CURRENT ASSETS

Cash and cash equivalents

$ 260,633,625

$ 214,754,638

Restricted Cash

4,000,000

Short-term investments

17,464,830

23,007,385

Accounts receivable, net

351,142,147

276,493,752

Inventories

395,452,780

404,360,270

Prepaid expenses and other

30,758,445

26,036,331

Total current assets

1,055,451,827

948,652,376

PLANT AND EQUIPMENT—NET

606,180,738

550,033,036

OTHER ASSETS

Goodwill

313,157,393

313,807,494

Long-term investments

272,615,535

202,331,983

Intangible assets, net

204,885,910

219,360,910

Deferred tax asset

36,513,490

25,528,700

Patents and other assets, net

69,513,945

67,515,425

Total other assets

896,686,273

828,544,512

Total assets

2,558,318,838

2,327,229,924

CURRENT LIABILITIES

Accounts payable

171,359,850

151,740,046

Accrued liabilities

103,045,653

98,812,706

Total current liabilities

274,405,503

250,552,752

OTHER NON-CURRENT LIABILITIES

15,459,528

10,884,351

Total liabilities

289,865,031

261,437,103

SHAREHOLDERS’ INVESTMENT

Common stock

13,995,548

14,050,160

Additional paid-in capital

961,199,149

917,499,323

Retained earnings

1,306,931,850

1,148,386,272

Accumulated other comprehensive loss

(13,672,740)

(14,142,934)

Total shareholders’ investment

2,268,453,807

2,065,792,821

Total liabilities and shareholders’ investment

$ 2,558,318,838

$ 2,327,229,924

[1]

Segment Reporting - Schedule of Segment Reporting (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Revenue:	$ 575,848,490	$ 493,636,695	$ 1,710,082,647	$ 1,425,310,472
Income (Loss) from operations:	122,416,529	86,791,540	362,956,564	275,888,413
Automotive Products
Segment Reporting Information [Line Items]
Revenue:	564,510,277	480,937,253	1,676,043,013	1,391,840,835
Income (Loss) from operations:	121,875,176	87,109,317	362,044,032	277,492,945
Other
Segment Reporting Information [Line Items]
Revenue:	11,338,213	12,699,442	34,039,634	33,469,637
Income (Loss) from operations:	$ 541,353	$ (317,777)	$ 912,532	$ (1,604,532)

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 30
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Comprehensive Income (Loss) - Schedule of Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]
Provision for income taxes	$ (19,754,749)	$ (13,506,358)	$ (57,619,971)	$ (41,676,723)
Total net reclassifications for the period	104,725,412	72,655,995	311,459,076	232,589,023
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	(2,001,144)	(259,254)	(4,093,106)	(857,072)
Provision for income taxes	420,240	54,443	859,552	179,985
Total net reclassifications for the period	$ (1,580,904)	$ (204,811)	$ (3,233,554)	$ (677,087)

- Definition

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

+ References + Details

- Definition

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

+ References

+ Details

Earnings Per Share

9 Months Ended

Sep. 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.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Basic Earnings Per Share
Net Income	$	104,725,412	$	72,655,995	$	311,459,076	$	232,589,023
Less: Dividends and undistributed earnings allocated to participating securities	1,537,105		1,096,274		4,636,523		3,563,605
Net Income available to common shareholders	$	103,188,307	$	71,559,721	$	306,822,553	$	229,025,418

Basic weighted average shares outstanding	230,047,014		231,316,879		229,866,008		231,072,421
Net Income per share - Basic	$	0.45	$	0.31	$	1.33	$	0.99

Diluted Earnings Per Share
Allocation of Net Income used in basic computation	$	103,188,307	$	71,559,721	$	306,822,553	$	229,025,418
Reallocation of undistributed earnings	1,978		848		4,577		4,412
Net Income available to common shareholders - Diluted	$	103,190,285	$	71,560,569	$	306,827,130	$	229,029,830

Number of shares used in basic computation	230,047,014		231,316,879		229,866,008		231,072,421
Additional weighted average dilutive common stock equivalents	410,397		300,138		315,666		457,032
Diluted weighted average shares outstanding	230,457,411		231,617,017		230,181,674		231,529,453

Net Income per share - Diluted	$	0.45	$	0.31	$	1.33	$	0.99

Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive	1,384,066		2,456,463		1,410,341		1,526,986

Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2023

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 September 30, 2023 and December 31, 2022 was $313.2 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	(650,101)
Balance as of September 30, 2023	$	313,157,393

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 the UAW strike, component shortages, supply chain constraints, inflation, and labor shortages were 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 September 30, 2023:


Other Intangible Assets	Gross		Accumulated Amortization		Net		Assumed Useful Life
Gentex Patents	$	39,170,904	$	(27,611,804)	$	11,559,100	Various

Other Intangible Assets
HomeLink® Trade Names and Trademarks	$	52,000,000	$	—	$	52,000,000	Indefinite
HomeLink® Technology	180,000,000		(150,000,000)		30,000,000		12 years
Existing Customer Platforms	43,000,000		(43,000,000)		—		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	$	(193,000,000)	$	204,885,910

Total Patents & Other Intangible Assets	$	437,056,814	$	(220,611,804)	$	216,445,010

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 $15.6 million during the three and nine months ended September 30, 2023, respectively, compared to approximately $5.5 million and $16.6 million for the same periods ended September 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

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

The Company has operating leases for certain sales, manufacturing, 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 September 30, 2023 was 3 years, with a weighted average discount rate of 6.3%.

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


Year ending December 31,

2023 (excluding the nine months ended September 30, 2023)	$	499,620
2024	1,526,098
2025	1,058,401
2026	455,548
2027	215,734
Thereafter	—
Total future minimum lease payments	3,755,401
Less imputed interest	(189,042)
Total	$	3,566,359




Accrued Liabilities	$	1,633,120
Other Non-Current Liabilities	1,933,239
Total	$	3,566,359

Stock-Based Compensation Plans - Schedule of Weighted-Average Assumptions for the ESOP (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Dividend yield	1.72%	1.78%	1.74%	1.79%
Expected volatility	28.66%	29.02%	28.89%	28.62%
Risk-free interest rate	4.60%	4.06%	4.11%	3.16%
Expected term of options (in years)	4 years 1 month 20 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)	$ 8.40	$ 5.97	$ 7.54	$ 6.28

Debt and Financing Arrangements (Details) - USD ($)	Feb. 21, 2023	Sep. 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

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.12-04(a))
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Reference 4: 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 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

- Definition

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

+ References + Details

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 311,459,076	$ 232,589,023
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	71,001,177	73,289,065
(Gain) on disposal of assets	(271,510)	(56,257)
Loss on disposal of assets	250,435	22,096
(Gain) on sale of investments and equity method investment income	(2,747,586)	(391,378)
Loss on sale of investments and equity method investment losses	6,840,692	1,248,450
Change in deferred income taxes	(11,870,944)	4,785,787
Stock-based compensation expense related to employee stock options, employee stock purchases and restricted stock	29,212,236	22,973,113
Change in operating assets and liabilities:
Accounts receivable, net	(74,648,395)	(42,618,585)
Inventories	8,907,490	(102,018,719)
Prepaid expenses and other	(5,416,624)	(16,978,469)
Accounts payable	27,451,773	52,511,201
Accrued liabilities, excluding dividends declared	7,500,486	11,002,238
Net cash provided by operating activities	367,668,306	236,357,565
Activity in investments:
Sales proceeds	32,839,883	37,429,595
Maturities and calls	14,435,000	3,500,000
Purchases	(112,608,739)	(49,554,476)
Plant and equipment additions	(121,393,801)	(108,475,787)
Proceeds from sale of plant and equipment	185,610	91,949
Increase in other assets	(2,533,687)	(2,310,428)
Net cash used for investing activities	(189,075,734)	(119,319,147)
CASH FLOWS USED FOR FINANCING ACTIVITIES:
Issuance of common stock from stock plan transactions	24,304,861	12,365,103
Cash dividends paid	(84,159,105)	(84,941,178)
Repurchases of common stock	(76,859,341)	(83,840,290)
Net cash used for financing activities	(136,713,585)	(156,416,365)
NET INCREASE IN CASH AND CASH EQUIVALENTS	41,878,987	(39,377,947)
CASH, CASH EQUIVALENTS, and RESTRICTED CASH, beginning of period	218,754,638	262,311,670
CASH, CASH EQUIVALENTS, and RESTRICTED CASH, end of period	260,633,625	222,933,723
Property and equipment in accounts payable and accrued expenses and other current liabilities	$ 9,708,125	$ 5,064,356

Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Schedule of Future Minimum Lease Payments

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


Year ending December 31,

2023 (excluding the nine months ended September 30, 2023)	$	499,620
2024	1,526,098
2025	1,058,401
2026	455,548
2027	215,734
Thereafter	—
Total future minimum lease payments	3,755,401
Less imputed interest	(189,042)
Total	$	3,566,359

Schedule of Lease Liabilities




Accrued Liabilities	$	1,633,120
Other Non-Current Liabilities	1,933,239
Total	$	3,566,359

Revenue

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue


	Three Months Ended September 30,				Nine Months Ended September 30,
Revenue	2023		2022		2023		2022
Automotive Products
U.S.	$	171,312,177	$	147,865,393	$	520,034,256	$	435,877,621
Germany	72,169,634		65,508,444		226,739,945		204,653,773
Japan	73,330,091		63,797,497		229,664,642		165,215,741
Mexico	38,494,969		32,024,141		109,585,767		93,951,398
Other	209,203,406		171,741,778		590,018,403		492,142,302
Total Automotive Products	$	564,510,277	$	480,937,253	$	1,676,043,013	$	1,391,840,835
Other Products (U.S.)	11,338,213		12,699,442		34,039,634		33,469,637
Total Revenue	$	575,848,490	$	493,636,695	$	1,710,082,647	$	1,425,310,472

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; labor strikes, armed conflicts and acts of terrorism and war; 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 nine month periods ended September 30, 2023 and September 30, 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
Revenue	2023		2022		2023		2022
Automotive Segment
Automotive Mirrors & Electronics	$	531,423,832	$	448,773,060	$	1,577,792,206	$	1,291,891,664
HomeLink Modules*	33,086,445		32,164,193		98,250,807		99,949,171
Total Automotive Products	$	564,510,277	$	480,937,253	$	1,676,043,013	$	1,391,840,835

Other Segment
Fire Protection Products	5,151,785		10,484,680		20,471,868		28,577,916
Aerospace Products	6,186,428		2,214,762		13,567,766		4,891,721
Total Other	$	11,338,213	$	12,699,442	$	34,039,634	$	33,469,637

*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
-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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-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

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-Name Accounting Standards Codification
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-Publisher FASB
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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
-Topic 606
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Investments - Schedule of Unrealized Loss on Investment (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Investments [Abstract]
Aggregate Unrealized Losses, Loss of duration less than one year	$ 1,340,283	$ 4,816,103
Aggregate Unrealized Losses, Loss of duration greater than one year	8,589,330	8,217,959
Aggregate Unrealized Losses, Total	9,929,613	13,034,062
Aggregate Fair Value of Investments, Loss of duration less than one year	51,123,646	77,701,146
Aggregate Fair Value of Investments, Loss of duration greater than one year	103,252,208	76,643,586
Aggregate Fair Value of Investments, Total	$ 154,375,854	$ 154,344,732

Leases - Narrative (Details)	Sep. 30, 2023
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	3 years
Weighted average discount rate	6.30%
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	5 years

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

Sep. 30, 2023

Dec. 31, 2022

Finite-Lived Intangible Assets [Line Items]

Intangible assets, net

$ 204,885,910

$ 219,360,910

^[1]

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

Exclusive Licensing Agreement

Finite-Lived Intangible Assets [Line Items]

Indefinite-lived intangible assets

96,000,000

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

Finite-Lived Intangible Assets [Line Items]

Indefinite-lived intangible assets

11,000,000

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

Finite-Lived Intangible Assets [Line Items]

Indefinite-lived intangible assets

6,278,132

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

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

Gentex Patents

Finite-Lived Intangible Assets [Line Items]

Gross

39,170,904

40,653,851

Accumulated Amortization

(27,611,804)

(27,820,383)

Net

11,559,100

12,833,468

HomeLink® Technology

Finite-Lived Intangible Assets [Line Items]

Gross

180,000,000

Accumulated Amortization

(150,000,000)

(138,750,000)

Net

$ 30,000,000

$ 41,250,000

Assumed Useful Life

12 years

Existing Customer Platforms

Finite-Lived Intangible Assets [Line Items]

Gross

$ 43,000,000

Accumulated Amortization

(43,000,000)

(39,775,000)

Net

$ 0

$ 3,225,000

Assumed Useful Life

10 years

Total Other Intangible Assets

Finite-Lived Intangible Assets [Line Items]

Accumulated Amortization

$ (193,000,000)

$ (178,525,000)

Intangible assets, gross

397,885,910

Intangible assets, net

204,885,910

219,360,910

Total Patents & Other Intangible Assets

Finite-Lived Intangible Assets [Line Items]

Total Patents & Other Intangible Assets, Gross

437,056,814

438,539,761

Total Patents & Other Intangible Assets, Accumulated Amortization

(220,611,804)

(206,345,383)

Total Patents & Other Intangible Assets, Net

$ 216,445,010

$ 232,194,378

[1]

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

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

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

Beginning Balance

$ 2,195,949,326

$ 1,986,574,480

$ 2,065,792,821

^[1]

$ 1,937,988,467

Net current-period change

(429,972)

14,241,836

470,194

1,358,713

Ending Balance

2,268,453,807

2,034,045,664

2,268,453,807

2,034,045,664

Accumulated Other Comprehensive Income

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

Beginning Balance

(13,242,768)

(10,955,879)

(14,142,934)

1,927,244

Net current-period change

(429,972)

14,241,836

470,194

1,358,713

Ending Balance

(13,672,740)

3,285,957

(13,672,740)

3,285,957

Foreign currency translation adjustments:

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

Beginning Balance

(5,609,783)

(3,107,157)

(4,032,239)

920,589

Other Comprehensive (loss) income before reclassifications

(717,457)

17,751,603

(2,295,001)

13,723,857

Net current-period change

(717,457)

17,751,603

(2,295,001)

13,723,857

Ending Balance

(6,327,240)

14,644,446

(6,327,240)

14,644,446

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

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

Beginning Balance

(7,632,985)

(7,848,722)

(10,110,695)

1,006,655

Other Comprehensive (loss) income before reclassifications

(1,293,419)

(3,714,578)

(468,359)

(13,042,231)

Amounts reclassified from accumulated other comprehensive income

1,580,904

204,811

3,233,554

677,087

Net current-period change

287,485

(3,509,767)

2,765,195

(12,365,144)

Ending Balance

$ (7,345,500)

$ (11,358,489)

$ (7,345,500)

$ (11,358,489)

[1]

- Definition

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

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- Definition

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

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