0000355811-24-000011 | 10-K | XBRL Viewer

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STOCK-BASED COMPENSATION PLANS - Schedule of Non-Vested Stock Option Activity (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Shares
Shares, nonvested restricted shares at beginning of year (in shares)	2,913	3,156	3,175
Option shares, granted (in shares)	768	1,219	1,434
Shares, vested (in shares)	(1,056)	(1,153)	(1,212)
Shares, forfeited (in shares)	(180)	(309)	(241)
Shares, nonvested restricted shares at end of year (in shares)	2,445	2,913	3,156
Wtd. Avg Grant Date Fair Value
Wtd. avg grant date fair value, nonvested stock options at Beginning of Year (in dollars per share)	$ 6	$ 5	$ 5
Wtd. avg grant date fair value, granted (in dollars per share)	7.66	6.42	6.59
Wtd. avg grant date fair value, vested (in dollars per share)	6	4	4
Wtd. avg grant date fair value, forfeited (in dollars per share)	6	6	5
Wtd. avg grant date fair value, nonvested stock options at end of year (in dollars per share)	$ 7	$ 6	$ 5

DEBT AND FINANCING ARRANGEMENTS	12 Months Ended
DEBT AND FINANCING ARRANGEMENTS	Dec. 31, 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 million ("Revolver") that matures on February 21, 2026, replacing in its entirety the Company's above referenced prior $150.0 million revolving credit facility, which would have otherwise matured 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. The obligations of the Company under the Credit Agreement are not secured, but are subject to certain covenants. As of December 31, 2023, there was no outstanding balances on the Revolver and as of December 31, 2022 there was no outstanding balance under the prior revolving credit facility. The Credit Agreement contains customary representations and warranties and certain covenants that place certain limitations on the Company. As of December 31, 2023, the Company was in compliance with its covenants under the Credit Agreement.

- Definition

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

+ References

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
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

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(c))
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

STOCK-BASED COMPENSATION PLANS - Narrative (Details)	1 Months Ended	12 Months Ended
STOCK-BASED COMPENSATION PLANS - Narrative (Details)	May 31, 2022 shares	Dec. 31, 2023 USD ($) plan shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Jun. 30, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option expiration period		2 years 10 months 24 days	3 years 1 month 6 days	3 years 4 months 24 days
Shares, granted (in shares)		1,027,000	949,000	1,099,000
Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares approved (in shares)		45,000,000
Shares issued under plan (in shares)		25,611,657
Options granted net of shares from canceled/expired options (in shares)		4,908,950
Maximum restricted period		10 years
Shares, granted (in shares)		4,231,194
Shares outstanding (in shares)		3,377,863
Employee Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares approved (in shares)		24,000,000
Options granted net of shares from canceled/expired options (in shares)		12,674,639
Unrecognized compensation cost \| $		$ 7,993,783
Weighted-average period for unrecognized compensation cost expected to be recognized		2 years 1 month 2 days
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]
Shares approved (in shares)		9,000,000
Unrecognized compensation cost \| $		$ 45,797,227
Shares, granted (in shares)		5,630,019
Restricted compensation expense \| $		$ 24,809,834	$ 21,773,179	$ 19,304,013
Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of plans \| plan		2
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of plans \| plan		2
Stock option expense \| $		$ 6,095,854	6,302,581	5,780,959
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost \| $		16,118,617
Stock option expense \| $		$ 5,882,458	1,246,369	1,573,831
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of plans \| plan		2
Shares approved (in shares)					2,000,000
Employee Stock Purchase Plan \| Gentex Corporation Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares approved (in shares)	2,000,000
Stock option expense \| $		$ 882,294	$ 906,478	$ 713,912
ESPP discount rate	85.00%
Discount recognized as compensation expense	15.00%
Performance Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option expense \| $		$ 1,526,983

STOCK-BASED COMPENSATION PLANS - Schedule of Weighted-Average Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Dividend yield	1.70%	1.80%	1.80%
Expected volatility	28.80%	28.80%	27.60%
Risk-free interest rate	4.00%	3.40%	1.30%
Expected term of options (in years)	4 years 2 months 12 days	4 years 2 months 12 days	4 years 1 month 6 days
Weighted-average grant-date fair value (in dollars per share)	$ 7.66	$ 6.42	$ 6.59

ACQUISITIONS - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($)	Dec. 31, 2023	Nov. 02, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 340,105,631		$ 313,807,494
eSight
Business Acquisition [Line Items]
Current Assets		$ 441,228
Personal Property		75,000
Right of Use Asset (Lease)		116,562
Goodwill		26,696,012
Total Assets		40,198,802
Lease Liability		116,562
Contingent Earn Out Liability		12,000,000
Total Liabilities		12,116,562
eSight \| Technology
Business Acquisition [Line Items]
Intangible assets		12,000,000
eSight \| Trademarks and Trade Names
Business Acquisition [Line Items]
Intangible assets		$ 870,000

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Provision For Income Taxes

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


	2023		2022		2021
Currently payable:
Federal	$	85,978,954	$	62,670,986	$	89,507,896
State	6,242,525		4,310,783		5,642,926
Foreign	2,091,533		1,761,732		2,098,433
Total	94,313,012		68,743,501		97,249,255
Deferred income tax benefit:
Primarily federal	(17,735,110)		(17,777,777)		(41,694,751)
Provision for income taxes	$	76,577,902	$	50,965,724	$	55,554,504

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

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


	2023		2022		2021
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal income tax benefit	0.8		0.9		0.7

Research tax credit	(1.3)		(1.8)		(1.0)
(Decrease) Increase in reserve for uncertain tax provisions	—		(0.2)		0.1
Non-deductible executive compensation	0.1		0.3		0.1
Non-deductible expenses	0.1		0.3		—
Foreign tax credit	(0.5)		(0.3)		(0.2)
Foreign derived intangible income deduction	(5.1)		(6.2)		(6.3)
Stock compensation	(0.4)		(0.6)		(1.3)
Other	0.5		0.4		0.2
Effective income tax rate	15.2	%	13.8	%	13.3	%

Schedule of Deferred Income Tax Assets And Liabilities

The tax effect of temporary differences which give rise to deferred income tax assets and liabilities at December 31, 2023 and 2022, are as follows:


	December 31,
	2023		2022
Assets:
Accruals not currently deductible	$	10,989,677	$	9,778,184
Research and development costs	70,252,363		58,501,232
Stock based compensation	15,536,416		14,670,250
Excess tax over book depreciation	7,060,777		—


Other	4,025,082		4,722,513
Total deferred income tax assets	$	107,864,315	$	87,672,179
Liabilities:
Excess tax over book depreciation	$	—	$	(3,460,485)
Goodwill	(47,185,855)		(42,580,026)
Intangible assets	(15,235,639)		(13,268,772)
Other	(4,329,062)		(2,834,196)
Total deferred income tax liabilities	$	(66,750,556)	$	(62,143,479)
Net deferred income taxes	$	41,113,759	$	25,528,700

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

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


	2023		2022		2021
Beginning of year	$	4,630,000	$	5,275,000	$	4,864,000
Additions based on tax positions related to the current year	1,046,000		951,000		1,023,000
Additions for tax positions in prior years	671,000		353,000		364,000
Reductions for tax positions in prior years	(31,000)		(26,000)		(51,000)

Reductions as a result of a lapse of the applicable statute of limitations	(1,538,000)		(1,923,000)		(925,000)
End of year	$	4,778,000	$	4,630,000	$	5,275,000

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($)

3 Months Ended

12 Months Ended

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

Net Sales

$ 589,132,000

$ 575,848,000

$ 583,473,000

$ 550,761,000

$ 493,648,000

$ 493,637,000

$ 463,423,000

$ 468,251,000

$ 2,299,215,044

$ 1,918,958,043

$ 1,731,169,929

Gross Profit

203,369,000

191,441,000

193,083,000

174,737,000

153,834,000

147,201,000

148,367,000

160,412,000

762,630,008

609,814,185

619,707,847

Operating Income

132,774,000

122,417,000

127,289,000

113,251,000

94,118,000

86,792,000

85,791,000

103,306,000

495,731,053

370,006,126

409,781,978

Net Income

$ 116,944,000

$ 104,725,000

$ 109,155,000

$ 97,578,000

$ 86,168,000

$ 72,656,000

$ 72,404,000

$ 87,529,000

$ 428,403,272

$ 318,757,352

$ 360,797,232

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

$ 0.50

$ 0.45

$ 0.47

$ 0.42

$ 0.37

$ 0.31

$ 0.37

$ 1.84

^[1]

$ 1.36

^[1]

$ 1.51

^[1]

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

$ 0.50

$ 0.45

$ 0.47

$ 0.42

$ 0.37

$ 0.31

$ 0.37

$ 1.84

^[1]

$ 1.36

^[1]

$ 1.50

^[1]

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

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

+ References

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

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+ Details

ACQUISITIONS - Narrative (Details) - eSight $ in Millions	Nov. 02, 2023 USD ($)
Business Acquisition [Line Items]
Cash purchase price of acquisition	$ 18.9
Assumption of promissory note	$ 9.4
Equity interest percentage in acquiree previously held	20.00%
Earn out provision period	10 years
Total earn out, maximum potential payment	$ 70.0
Revenue from business included in statement of income and comprehensive income (less than)	$ 0.1

STOCK-BASED COMPENSATION PLANS - Schedule of Restricted Share Award Activity (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Shares
Shares, nonvested restricted shares at beginning of year (in shares)	3,553	3,760	3,599
Shares, granted (in shares)	1,027	949	1,099
Shares, vested (in shares)	(1,058)	(935)	(759)
Shares, forfeited (in shares)	(144)	(221)	(179)
Shares, nonvested restricted shares at end of year (in shares)	3,378	3,553	3,760

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor name	Ernst & Young LLP
Auditor location	Grand Rapids, Michigan
Auditor firm ID	42

COMPREHENSIVE INCOME - Schedule of Reclassification From Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]
Realized (loss) gain on sale of securities									$ (4,248,230)	$ (5,078,873)	$ 2,979,960
Provision for income taxes									(76,577,902)	(50,965,724)	(55,554,504)
Total reclassifications for the period	$ 116,944,000	$ 104,725,000	$ 109,155,000	$ 97,578,000	$ 86,168,000	$ 72,656,000	$ 72,404,000	$ 87,529,000	428,403,272	318,757,352	360,797,232
Amounts Reclassified from Other Comprehensive Income (Loss) \| Unrealized (losses) gains on available-for-sale securities
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]
Realized (loss) gain on sale of securities									(5,984,678)	(1,712,867)	1,072,048
Provision for income taxes									1,256,782	359,702	(225,130)
Total reclassifications for the period									$ (4,727,896)	$ (1,353,165)	$ 846,918

- 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

SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)

3 Months Ended

12 Months Ended

Dec. 31, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

Sep. 30, 2022

Jun. 30, 2022

Mar. 31, 2022

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Basic Earnings Per Share

Net income

$ 116,944,000

$ 104,725,000

$ 109,155,000

$ 97,578,000

$ 86,168,000

$ 72,656,000

$ 72,404,000

$ 87,529,000

$ 428,403,272

$ 318,757,352

$ 360,797,232

Less: Allocated to participating securities

6,352,424

4,875,057

5,591,992

Net Income available to common shareholders

$ 422,050,848

$ 313,882,295

$ 355,205,240

Basic weighted average shares outstanding (in shares)

229,405,479

230,825,293

235,526,911

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

$ 0.50

$ 0.45

$ 0.47

$ 0.42

$ 0.37

$ 0.31

$ 0.37

$ 1.84

^[1]

$ 1.36

^[1]

$ 1.51

^[1]

Diluted Earnings Per Share

Allocation of Net Income used in basic computation

$ 422,050,848

$ 313,882,295

$ 355,205,240

Reallocation of undistributed earnings

6,341

5,299

17,014

Net Income available to common shareholders — Diluted

$ 422,057,189

$ 313,887,594

$ 355,222,254

Number of shares used in basic computation (in shares)

229,405,479

230,825,293

235,526,911

Additional weighted average dilutive common stock equivalents (in shares)

314,719

394,196

1,077,103

Diluted weighted average shares outstanding (in shares)

229,720,198

231,219,489

236,604,014

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

$ 0.50

$ 0.45

$ 0.47

$ 0.42

$ 0.37

$ 0.31

$ 0.37

$ 1.84

^[1]

$ 1.36

^[1]

$ 1.50

^[1]

[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

COMMITMENTS AND CONTINGENCIES (Details) - VOXX - Common Class A - $ / shares	Jan. 05, 2024	Oct. 06, 2023	Oct. 04, 2023
Loss Contingencies [Line Items]
Number of shares acquired (in shares)		1,568,750	3,137,500
Shares purchased, price per share (in dollars per share)		$ 10
Subsequent Event
Loss Contingencies [Line Items]
Number of shares acquired (in shares)	1,568,750
Shares purchased, price per share (in dollars per share)	$ 10

SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES - Schedule of Unrealized Losses on Investments (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Aggregate Unrealized Losses, Loss of duration less than one year	$ 126,074	$ 4,816,103
Aggregate Unrealized Losses, Loss of duration greater than one year	4,400,003	8,217,959
Aggregate Unrealized Losses, Total	4,526,077	13,034,062
Aggregate Fair Value of Investments, Loss of duration less than one year	13,449,592	77,701,146
Aggregate Fair Value of Investments, Loss of duration greater than one year	76,966,258	76,643,586
Aggregate Fair Value, Total	$ 90,415,850	$ 154,344,732

STOCK-BASED COMPENSATION PLANS - Schedule of Shares Under 2019 Omnibus Incentive Plan (Details)	12 Months Ended
	Dec. 31, 2023 shares	Dec. 31, 2022 shares	Dec. 31, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option shares, granted (in shares)	768,000	1,219,000	1,434,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	1,000,064	949,089	1,098,611
Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grants in period (in shares)	10,008,139
Shares issued under the Omnibus plan	25,611,657
Omnibus Incentive Plan \| Non-Qualified Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option shares, granted (in shares)	4,908,950
Conversion rate, options	1.00
Shares issued under the Omnibus plan	4,908,950
Omnibus Incentive Plan \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	4,231,194
Conversion rate, shares	4.06
Shares issued under the Omnibus plan	17,178,648
Omnibus Incentive Plan \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	867,995
Conversion rate, shares	4.06
Shares issued under the Omnibus plan	3,524,059

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ INVESTMENT - USD ($)	3 Months Ended				12 Months Ended
	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		234,169,335			234,169,335
Beginning balance		$ 2,065,792,821		$ 1,937,988,467	$ 2,065,792,821	$ 1,937,988,467	$ 1,963,943,128
Issuance of common stock from stock plan transactions					29,398,272	16,602,274	29,808,787
Issuance of common stock related to acquisitions						5,000,012
Repurchases of common stock					(146,036,137)	(113,894,370)	(324,643,135)
Stock-based compensation expense related to stock options, employee stock purchases, restricted stock, and performance share awards					39,197,422	30,228,606	27,421,645
Dividends declared					(111,824,393)	(112,819,342)	(114,415,382)
Net income	$ 116,944,000	$ 97,578,000	$ 86,168,000	$ 87,529,000	428,403,272	318,757,352	360,797,232
Other comprehensive income (loss)					$ 7,585,812	$ (16,070,178)	(4,923,808)
Ending balance (in shares)	231,455,443		234,169,335		231,455,443	234,169,335
Ending balance	$ 2,312,517,069		$ 2,065,792,821		$ 2,312,517,069	$ 2,065,792,821	$ 1,937,988,467
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		234,169,335		236,440,840	234,169,335	236,440,840	243,692,869
Beginning balance		$ 14,050,160		$ 14,186,450	$ 14,050,160	$ 14,186,450	$ 14,621,572
Issuance of common stock from stock plan transactions (in shares)					2,218,094	1,606,965	2,343,169
Issuance of common stock from stock plan transactions					$ 133,086	$ 96,418	$ 140,590
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)					(4,931,986)	(4,040,903)	(9,595,198)
Repurchases of common stock					$ (295,920)	$ (242,454)	$ (575,712)
Ending balance (in shares)	231,455,443		234,169,335		231,455,443	234,169,335	236,440,840
Ending balance	$ 13,887,326		$ 14,050,160		$ 13,887,326	$ 14,050,160	$ 14,186,450
Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		917,499,323		879,413,385	917,499,323	879,413,385	852,771,508
Issuance of common stock from stock plan transactions					29,265,186	16,505,856	29,668,197
Issuance of common stock related to acquisitions						4,990,266
Repurchases of common stock					(17,716,056)	(13,638,790)	(30,447,965)
Stock-based compensation expense related to stock options, employee stock purchases, restricted stock, and performance share awards					39,197,422	30,228,606	27,421,645
Ending balance	968,245,875		917,499,323		968,245,875	917,499,323	879,413,385
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		1,148,386,272		1,042,461,388	1,148,386,272	1,042,461,388	1,089,698,996
Repurchases of common stock					(128,024,161)	(100,013,126)	(293,619,458)
Dividends declared					(111,824,393)	(112,819,342)	(114,415,382)
Net income					428,403,272	318,757,352	360,797,232
Ending balance	1,336,940,990		1,148,386,272		1,336,940,990	1,148,386,272	1,042,461,388
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		$ (14,142,934)		$ 1,927,244	(14,142,934)	1,927,244	6,851,052
Other comprehensive income (loss)					7,585,812	(16,070,178)	(4,923,808)
Ending balance	$ (6,557,122)		$ (14,142,934)		$ (6,557,122)	$ (14,142,934)	$ 1,927,244

INCOME TAXES - Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning of year	$ 4,630,000	$ 5,275,000	$ 4,864,000
Additions based on tax positions related to the current year	1,046,000	951,000	1,023,000
Additions for tax positions in prior years	671,000	353,000	364,000
Reductions for tax positions in prior years	(31,000)	(26,000)	(51,000)
Reductions as a result of a lapse of the applicable statute of limitations	(1,538,000)	(1,923,000)	(925,000)
End of year	$ 4,778,000	$ 4,630,000	$ 5,275,000

SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Automotive and Other Segment Reporting


	2023		2022		2021
Revenue:
Automotive Products
United States	$	688,164,335	$	579,531,611	$	542,690,346
Germany	294,529,611		266,498,398		234,994,551
Japan	323,872,022		234,888,653		211,417,475
Mexico	142,082,011		121,553,711		111,761,245
Republic of Korea	149,554,788		95,395,479		67,219,836
Other Countries	656,457,524		576,874,606		529,104,581
Other	44,554,753		44,215,585		33,981,895
Total	$	2,299,215,044	$	1,918,958,043	$	1,731,169,929
Income (Loss) from Operations:
Automotive Products	$	495,650,700	$	372,490,748	$	414,185,075
Other	80,353		(2,484,622)		(4,403,097)
Total	$	495,731,053	$	370,006,126	$	409,781,978
Assets:
Automotive Products	$	1,782,342,705	$	1,670,634,277	$	1,495,298,453
Other	85,610,250		43,025,905		34,760,744
Corporate	743,484,597		613,569,742		601,331,969
Total	$	2,611,437,552	$	2,327,229,924	$	2,131,391,166
Depreciation & Amortization:
Automotive Products	$	87,123,055	$	90,030,087	$	92,516,347
Other	1,231,061		1,056,510		913,451
Corporate	4,967,076		5,481,846		5,682,221
Total	$	93,321,192	$	96,568,443	$	99,112,019
Capital Expenditures:
Automotive Products	$	163,070,404	$	141,166,506	$	58,415,887
Other	3,827,880		2,356,910		1,467,962
Corporate	16,780,176		2,909,707		8,951,198
Total	$	183,678,460	$	146,433,123	$	68,835,047

Schedule of Major Product Line Revenues

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


	2023		2022		2021
Automotive Products
Automotive Mirrors	$	2,128,473,563	$	1,742,196,401	$	1,563,424,443
HomeLink® Modules*	126,186,728		132,546,057		133,763,591
Total Automotive Products	$	2,254,660,291	$	1,874,742,458	$	1,697,188,034



Other Products Revenue	$	44,554,753	$	44,215,585	$	33,981,895

Total Revenue	$	2,299,215,044	$	1,918,958,043	$	1,731,169,929

*Excludes HomeLink® revenue integrated into automotive mirrors.

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

In 2023, the Company had three automotive customers (including direct sales to original equipment manufacturer ("OEM") customers and sales through their Tier 1 suppliers), which individually accounted for 10% or more of net sales as follows:


	Toyota Motor Company	Volkswagen Group	General Motors
2023	18%	14%	10%
2022	16%	13%	10%
2021	15%	13%	11%

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ INVESTMENT (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 0.480	$ 0.480	$ 0.480

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.06	$ 0.06
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	231,455,443	234,169,335
Common stock, shares outstanding (in shares)	231,455,443	234,169,335

COMPREHENSIVE INCOME (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)


	For the Years ended December 31,
	2023		2022		2021
Foreign currency translation adjustments:
Balance at beginning of period	$	(4,032,239)	$	920,589	$	769,045
Other comprehensive (loss) income before reclassifications	(502,480)		(4,952,828)		151,544

Net current-period change	(502,480)		(4,952,828)		151,544
Balance at end of period	(4,534,719)		(4,032,239)		920,589

Unrealized gains (losses) on available-for-sale securities:
Balance at beginning of period	(10,110,695)		1,006,655		6,082,007
Other comprehensive income (loss) before reclassifications	3,360,396		(12,470,515)		(4,228,434)
Amounts reclassified from accumulated other comprehensive income (loss)	4,727,896		1,353,165		(846,918)
Net current-period change	8,088,292		(11,117,350)		(5,075,352)
Balance at end of period	(2,022,403)		(10,110,695)		1,006,655







Accumulated other comprehensive (loss) income, end of period	$	(6,557,122)	$	(14,142,934)	$	1,927,244

Schedule of Reclassification From Accumulated Other Comprehensive Income (Loss)

The following table presents details of reclassifications from accumulated other comprehensive (loss) income for the years ended December 31, 2023, 2022 and 2021:


Details about Accumulated Other Comprehensive (Loss) Income Components							Affected Line item in the Statement of Consolidated Income
	For the Years ended December 31,
	2023		2022		2021
Unrealized (losses) gains on available-for-sale securities
Realized (loss) gain on sale of securities	$	(5,984,678)	$	(1,712,867)	$	1,072,048	Other (loss) income, net
Provision for income taxes	1,256,782		359,702		(225,130)		Provision for Income Taxes







Total reclassifications for the period	$	(4,727,896)	$	(1,353,165)	$	846,918	Net of tax

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 428,403,272	$ 318,757,352	$ 360,797,232
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	93,321,192	96,568,443	99,112,019
Gain on disposal of assets	(355,544)	(70,736)	(488,750)
Loss on disposal of assets	443,373	28,424	230,933
Gain on sale of investments and equity method investment income	(5,492,269)	(392,040)	(1,379,538)
Loss on sale of investments and equity method investment losses	11,476,947	2,104,907	307,490
Deferred income taxes	(17,735,110)	(17,777,777)	(41,694,751)
Stock based compensation expense related to employee stock options, employee stock purchases and restricted stock	39,197,422	30,228,606	27,421,645
Change in operating assets and liabilities:
Accounts receivable	(45,251,116)	(26,698,846)	35,135,429
Inventories	2,127,242	(88,092,828)	(89,975,599)
Prepaid expenses and other	(4,101,866)	(28,788,331)	(20,241,994)
Accounts payable	40,951,490	37,423,488	7,266,309
Accrued liabilities	(5,735,441)	14,909,867	(14,322,863)
Net cash flows from operating activities	537,249,592	338,200,529	362,167,562
Activity in available-for-sale securities:
Sales proceeds	58,847,341	37,429,595	56,237,427
Maturities and calls	17,445,000	3,500,000	27,690,000
Purchases	(97,849,498)	(18,194,193)	(100,301,699)
Purchase of technology investments	(71,083,511)	(45,743,460)	(12,902,500)
Plant and equipment additions	(183,678,460)	(146,433,123)	(68,835,047)
Proceeds from sale of plant and equipment	292,723	313,917	2,577,855
Acquisition of businesses, net of cash acquired	(18,936,539)	0	(12,071,546)
Increase in other assets	(4,453,376)	(3,611,244)	(5,501,445)
Net cash used for investing activities	(299,416,320)	(172,738,508)	(113,106,955)
CASH FLOWS USED FOR FINANCING ACTIVITIES:
Issuance of common stock from stock plan transactions	29,398,272	16,602,274	29,808,787
Cash dividends paid	(112,150,060)	(113,091,921)	(115,285,625)
Repurchases of common stock	(147,401,103)	(112,529,406)	(324,643,135)
Net cash used for financing activities	(230,152,891)	(209,019,053)	(410,119,973)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	7,680,381	(43,557,032)	(161,059,366)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, Beginning of year	218,754,638	262,311,670	423,371,036
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, End of year	226,435,019	218,754,638	262,311,670
Non-cash investing and financing activities:
Change in Property and equipment in accounts payable and accrued expenses and other current liabilities	$ 6,927,750	$ 14,608,665	$ 6,292,196

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Nov. 02, 2023	Dec. 31, 2013
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Goodwill	$ 340,105,631	$ 340,105,631	$ 313,807,494
Acquisitions		26,696,012
Accumulated amortization	196,750,000	196,750,000	178,525,000
Amortization of intangible assets		19,700,000	21,700,000	$ 22,200,000
Patents and Other Intangible Assets
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ 224,700,000	$ 224,700,000	$ 206,300,000
Assumed Useful Life	11 years	11 years
Amortization expense, year 2024	$ 17,000,000	$ 17,000,000
Amortization expense, year 2025	14,000,000	14,000,000
Amortization expense, year 2026	3,000,000	3,000,000
Amortization expense, year 2027	3,000,000	3,000,000
Amortization expense, year 2028	3,000,000	3,000,000
Other Segment
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Goodwill	30,600,000	30,600,000
Automotive Segment
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Goodwill	309,500,000	$ 309,500,000
HomeLink®
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Goodwill							$ 307,400,000
Vaporsens
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Acquisitions					$ 3,700,000
Air-CraftGlass
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Acquisitions					200,000
Argil
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Acquisitions					$ 1,000,000
Guardian
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Acquisitions				$ 2,000,000
eSight
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Goodwill						$ 26,696,012
Acquisitions	$ 26,700,000

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES On October 4, 2023, the Company entered into a Stock Purchase Agreement to acquire up to 3,137,500 shares of VOXX Class A Common Stock. As part of this agreement, the Company agreed to purchase 1,568,750 shares of Class A Common Stock at a price of $10 per share on January 5, 2024. The Company is periodically involved in legal proceedings, legal actions and claims arising in the normal course of business, including proceedings relating to product liability, intellectual property, safety and health, employment and other matters. Such matters are subject to many uncertainties and outcomes are not predictable. The Company does not believe, however, that at the current time there are matters that constitute material pending legal proceedings that will have a material adverse effect on the financial position, future results of operations, or cash flows of the Company.

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The carrying value of Goodwill as of December 31, 2023 and December 31, 2022 was $340.1 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	26,696,012
Divestitures	—
Impairments	—
Other	(397,875)
Balance as of December 31, 2023	340,105,631

Schedule of Intangible Assets

The Intangible Assets and related change in carrying values are set forth in the table below as of December 31, 2023 and December 31, 2022.

As of December 31, 2023:


Other Intangible Assets	Gross		Accumulated Amortization		Net		Assumed Useful Life
HomeLink® Trade Names and Trademarks	$	52,000,000	$	—	$	52,000,000	Indefinite
HomeLink® Technology	180,000,000		(153,750,000)		26,250,000		12 years
Existing Customer Platforms	43,000,000		(43,000,000)		—		10 years
Exclusive Licensing Agreement	96,000,000		—		96,000,000		Indefinite
eSight Technology	12,000,000		—		12,000,000		12 years
eSight Trade Names and Trademarks	870,000		—		870,000		12 years
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 identifiable intangible assets	$	410,755,910	$	(196,750,000)	$	214,005,910

As of December 31, 2022:


Other Intangible Assets	Gross		Accumulated Amortization		Net		Assumed Useful Life
HomeLink® Trade Names and Trademarks	$	52,000,000	$	—	$	52,000,000	Indefinite
HomeLink® Technology	180,000,000		(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 identifiable intangible assets	$	397,885,910	$	(178,525,000)	$	219,360,910

- 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
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

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-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES - Schedule of Amortized Cost, Unrealized Gains and Losses, and Market Value of Investment Securities (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Cost	$ 186,637,592	$ 172,587,805
Unrealized gains	3,251,708	236,375
Unrealized losses	(4,526,077)	(13,034,062)
Market Value	185,363,223	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	(5,987)	(14,093)
Market Value	994,013	1,736,163
Short-term Investments \| Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	1,976,195	5,571,417
Unrealized gains	0	0
Unrealized losses	(32,309)	(98,076)
Market Value	1,943,886	5,473,341
Short-term Investments \| Government Securities
Debt Securities, Available-for-sale [Line Items]
Cost	4,754,495	4,476,613
Unrealized gains	21,141	0
Unrealized losses	(16,129)	(53,572)
Market Value	4,759,507	4,423,041
Short-term Investments \| Municipal Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	1,749,038	5,223,500
Unrealized gains	0	0
Unrealized losses	(22,380)	(48,727)
Market Value	1,726,658	5,174,773
Short-term Investments \| Other
Debt Securities, Available-for-sale [Line Items]
Cost	1,465,388	2,347,602
Unrealized gains	0	0
Unrealized losses	0	0
Market Value	1,465,388	2,347,602
Long-term Investments \| Asset-backed Securities
Debt Securities, Available-for-sale [Line Items]
Cost	26,923,803	19,151,229
Unrealized gains	331,847	0
Unrealized losses	(109,146)	(321,533)
Market Value	27,146,504	18,829,696
Long-term Investments \| Certificate of Deposit
Debt Securities, Available-for-sale [Line Items]
Cost	750,000	250,000
Unrealized gains		0
Unrealized losses	(1,642)	(11,075)
Market Value	748,358	238,925
Long-term Investments \| Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	66,214,398	40,410,206
Unrealized gains	748,471	0
Unrealized losses	(1,558,529)	(4,099,729)
Market Value	65,404,340	36,310,477
Long-term Investments \| Government Securities
Debt Securities, Available-for-sale [Line Items]
Cost	6,217,774	39,637,461
Unrealized gains	10,675	0
Unrealized losses	(1,320)	(3,104,827)
Market Value	6,227,129	36,532,634
Long-term Investments \| Municipal Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	58,261,615	53,476,883
Unrealized gains	811,128	235,713
Unrealized losses	(2,735,822)	(5,282,430)
Market Value	56,336,921	48,430,166
Long-term Investments \| Common Stock
Debt Securities, Available-for-sale [Line Items]
Cost	17,324,886	292,638
Unrealized gains	1,328,446	662
Unrealized losses	(42,813)	0
Market Value	$ 18,610,519	$ 293,300

COMPREHENSIVE INCOME

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

COMPREHENSIVE INCOME

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


	For the Years ended December 31,
	2023		2022		2021
Foreign currency translation adjustments:
Balance at beginning of period	$	(4,032,239)	$	920,589	$	769,045
Other comprehensive (loss) income before reclassifications	(502,480)		(4,952,828)		151,544

Net current-period change	(502,480)		(4,952,828)		151,544
Balance at end of period	(4,534,719)		(4,032,239)		920,589

Unrealized gains (losses) on available-for-sale securities:
Balance at beginning of period	(10,110,695)		1,006,655		6,082,007
Other comprehensive income (loss) before reclassifications	3,360,396		(12,470,515)		(4,228,434)
Amounts reclassified from accumulated other comprehensive income (loss)	4,727,896		1,353,165		(846,918)
Net current-period change	8,088,292		(11,117,350)		(5,075,352)
Balance at end of period	(2,022,403)		(10,110,695)		1,006,655







Accumulated other comprehensive (loss) income, end of period	$	(6,557,122)	$	(14,142,934)	$	1,927,244

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

The following table presents details of reclassifications from accumulated other comprehensive (loss) income for the years ended December 31, 2023, 2022 and 2021:


Details about Accumulated Other Comprehensive (Loss) Income Components							Affected Line item in the Statement of Consolidated Income
	For the Years ended December 31,
	2023		2022		2021
Unrealized (losses) gains on available-for-sale securities
Realized (loss) gain on sale of securities	$	(5,984,678)	$	(1,712,867)	$	1,072,048	Other (loss) income, net
Provision for income taxes	1,256,782		359,702		(225,130)		Provision for Income Taxes







Total reclassifications for the period	$	(4,727,896)	$	(1,353,165)	$	846,918	Net of tax

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2023

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

The following table sets forth selected financial information for all of the quarters during the years ended December 31, 2023 and 2022 (in thousands, except per share data):



	First				Second				Third				Fourth
	2023		2022		2023		2022		2023		2022		2023		2022
Net Sales	$	550,761	$	468,251	$	583,473	$	463,423	$	575,848	$	493,637	$	589,132	$	493,648
Gross Profit	174,737		160,412		193,083		148,367		191,441		147,201		203,369		153,834
Operating Income	113,251		103,306		127,289		85,791		122,417		86,792		132,774		94,118
Net Income	97,578		87,529		109,155		72,404		104,725		72,656		116,944		86,168
Earnings Per Share (Basic)(1)	$	0.42	$	0.37	$	0.47	$	0.31	$	0.45	$	0.31	$	0.50	$	0.37
Earnings Per Share (Diluted)(1)	$	0.42	$	0.37	$	0.47	$	0.31	$	0.45	$	0.31	$	0.50	$	0.37
(1)Basic and diluted earnings per share are computed independently for each quarter presented. Therefore the sum of quarterly basic and diluted per share information may not equal annual basis and diluted earnings per share.

REVENUE - Schedule of Revenue (Details) - USD ($)	3 Months Ended								12 Months Ended
REVENUE - Schedule of Revenue (Details) - USD ($)	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue:	$ 589,132,000	$ 575,848,000	$ 583,473,000	$ 550,761,000	$ 493,648,000	$ 493,637,000	$ 463,423,000	$ 468,251,000	$ 2,299,215,044	$ 1,918,958,043	$ 1,731,169,929
Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue:									2,254,660,291	1,874,742,458	1,697,188,034
Other Segment
Disaggregation of Revenue [Line Items]
Revenue:									44,554,753	44,215,585	33,981,895
Automotive Products
Disaggregation of Revenue [Line Items]
Revenue:									2,254,660,291	1,874,742,458	1,697,188,034
Automotive Mirrors & Electronics \| Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue:									2,128,473,563	1,742,196,401	1,563,424,443
HomeLink Modules \| Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue:									126,186,728	132,546,057	133,763,591
Fire Protection Products \| Other Segment
Disaggregation of Revenue [Line Items]
Revenue:									25,927,018	38,238,092	25,048,697
Windows Products \| Other Segment
Disaggregation of Revenue [Line Items]
Revenue:									18,582,949	5,977,493	8,914,798
Nanofiber Products \| Other Segment
Disaggregation of Revenue [Line Items]
Revenue:									0	0	18,400
Medical \| Other Segment
Disaggregation of Revenue [Line Items]
Revenue:									44,786	0	0
United States \| Automotive Products
Disaggregation of Revenue [Line Items]
Revenue:									688,164,335	579,531,611	542,690,346
United States \| Other Products (U.S.)
Disaggregation of Revenue [Line Items]
Revenue:									44,554,753	44,215,585	33,981,895
Germany \| Automotive Products
Disaggregation of Revenue [Line Items]
Revenue:									294,529,611	266,498,398	234,994,551
Japan \| Automotive Products
Disaggregation of Revenue [Line Items]
Revenue:									323,872,022	234,888,653	211,417,475
Mexico \| Automotive Products
Disaggregation of Revenue [Line Items]
Revenue:									142,082,011	121,553,711	111,761,245
Republic of Korea \| Automotive Products
Disaggregation of Revenue [Line Items]
Revenue:									149,554,788	95,395,479	67,219,836
Other \| Automotive Products
Disaggregation of Revenue [Line Items]
Revenue:									$ 656,457,524	$ 576,874,606	$ 529,104,581

SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Allowance for Doubtful Accounts

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


	Beginning Balance		Net Additions/ (Reductions) to Costs and Expenses		Net Additions/Deductions and Other Adjustments		Ending Balance
Year Ended December 31, 2023:
Allowance for Doubtful Accounts	$	2,967,095	$	—	$	(301,892)	$	2,665,203
Year Ended December 31, 2022:
Allowance for Doubtful Accounts	$	3,176,205	$	—	$	(209,110)	$	2,967,095
Year Ended December 31, 2021:
Allowance for Doubtful Accounts	$	3,464,747	$	—	$	(288,542)	$	3,176,205

Schedule of Assets or Liabilities Having Recurring Measurements

Assets or liabilities that have recurring fair value measurements are shown below as of December 31, 2023 and 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, 2023		(Level I)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	226,435,019	$	226,435,019	$	—	$	—

Short-Term Investments:
Certificate of Deposit	994,013		$	994,013	—		—
Corporate Bonds	1,943,886		—		1,943,886		—
Government Securities	4,759,507		—		4,759,507		—
Municipal Bonds	1,726,658		—		1,726,658		—
Other	1,465,388		1,465,388		—		—
Long-Term Investments:
Asset-backed Securities	27,146,504		—		27,146,504		—
Certificate of Deposit	748,358		748,358		—		—
Corporate Bonds	65,404,340		—		65,404,340		—
Government Securities	6,227,129		—		6,227,129		—
Municipal Bonds	56,336,921		—		56,336,921
Common Stock	18,610,519		18,610,519		—		—
Total	$	411,798,242	$	248,253,297	$	163,544,945	$	—


			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 I)		(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		—
Government 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 December 31, 2023 and 2022:


	Unrealized
2023	Cost		Gains		Losses		Market Value
Short-Term Investments:
Certificate of Deposit	$	1,000,000	$	—	$	(5,987)	$	994,013
Corporate Bonds	1,976,195		—		(32,309)		1,943,886
Government Securities	4,754,495		21,141		(16,129)		4,759,507
Municipal Bonds	1,749,038		—		(22,380)		1,726,658
Other	1,465,388		—		—		1,465,388
Long-Term Investments:
Asset-backed Securities	26,923,803		331,847		(109,146)		27,146,504
Certificate of Deposit	750,000				(1,642)		748,358
Corporate Bonds	66,214,398		748,471		(1,558,529)		65,404,340
Government Securities	6,217,774		10,675		(1,320)		6,227,129
Municipal Bonds	58,261,615		811,128		(2,735,822)		56,336,921
Common Stock	17,324,886		1,328,446		(42,813)		18,610,519
Total	$	186,637,592	$	3,251,708	$	(4,526,077)	$	185,363,223


	Unrealized
2022	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

Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value

Unrealized losses on investments as of December 31, 2023 are as follows:


	Aggregate Unrealized Losses		Aggregate Fair Value
Less than one year	$	126,074	$	13,449,592
Greater than one year	4,400,003		76,966,258
Total	$	4,526,077	$	90,415,850

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


	Aggregate Unrealized Losses		Aggregate Fair Value
Less than one year	$	4,816,103	$	77,701,146
Greater than one year	8,217,959		76,643,586
Total	$	13,034,062	$	154,344,732

Investments Classified by Contractual Maturity Date

Fixed income securities as of December 31, 2023, have contractual maturities as follows:


Due within one year	$	9,953,308
Due between one and five years	94,519,794
Due over five years	60,814,214
	$	165,287,316

Schedule of Inventories

Inventories consisted of the following as of December 31, 2023 and 2022:


	2023		2022
Raw materials	$	283,126,566	$	304,184,004
Work-in-process	46,343,955		45,512,275
Finished goods	73,002,507		54,663,991
Total Inventory	$	402,473,028	$	404,360,270

Schedule of Future Minimum Lease Payments

Future minimum lease payments for operating leases are as follows:


Year ending December 31,

2024	$	1,857,325
2025	1,091,917
2026	545,291
2027	242,712
Thereafter	3,846
Total future minimum lease payments	$	3,741,091
Less imputed interest	(170,876)
Total	$	3,570,215

Schedule of Earnings Per Share Basic and Diluted

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


	2023		2022		2021
Basic Earnings Per Share
Net Income	$	428,403,272	$	318,757,352	$	360,797,232
Less: Allocated to participating securities	6,352,424		4,875,057		5,591,992
Net Income available to common shareholders	$	422,050,848	$	313,882,295	$	355,205,240

Basic weighted average shares outstanding	229,405,479		230,825,293		235,526,911
Net Income per share - Basic	$	1.84	$	1.36	$	1.51

Diluted Earnings Per Share
Allocation of Net Income used in basic computation	$	422,050,848	$	313,882,295	$	355,205,240
Reallocation of undistributed earnings	6,341		5,299		17,014
Net Income available to common shareholders — Diluted	$	422,057,189	$	313,887,594	$	355,222,254

Number of shares used in basic computation	229,405,479		230,825,293		235,526,911
Additional weighted average dilutive common stock equivalents	314,719		394,196		1,077,103
Diluted weighted average shares outstanding	229,720,198		231,219,489		236,604,014

Net income per share — Diluted	$	1.84	$	1.36	$	1.50

SEGMENT REPORTING

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

SEGMENT REPORTING

ASC 280, Segment Reporting, requires that a public enterprise report financial and descriptive information about its reportable operating segments subject to certain aggregation criteria and quantitative thresholds. Operating segments are defined by ASC 280 as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-makers in deciding how to allocate resources and in assessing performance.


	2023		2022		2021
Revenue:
Automotive Products
United States	$	688,164,335	$	579,531,611	$	542,690,346
Germany	294,529,611		266,498,398		234,994,551
Japan	323,872,022		234,888,653		211,417,475
Mexico	142,082,011		121,553,711		111,761,245
Republic of Korea	149,554,788		95,395,479		67,219,836
Other Countries	656,457,524		576,874,606		529,104,581
Other	44,554,753		44,215,585		33,981,895
Total	$	2,299,215,044	$	1,918,958,043	$	1,731,169,929
Income (Loss) from Operations:
Automotive Products	$	495,650,700	$	372,490,748	$	414,185,075
Other	80,353		(2,484,622)		(4,403,097)
Total	$	495,731,053	$	370,006,126	$	409,781,978
Assets:
Automotive Products	$	1,782,342,705	$	1,670,634,277	$	1,495,298,453
Other	85,610,250		43,025,905		34,760,744
Corporate	743,484,597		613,569,742		601,331,969
Total	$	2,611,437,552	$	2,327,229,924	$	2,131,391,166
Depreciation & Amortization:
Automotive Products	$	87,123,055	$	90,030,087	$	92,516,347
Other	1,231,061		1,056,510		913,451
Corporate	4,967,076		5,481,846		5,682,221
Total	$	93,321,192	$	96,568,443	$	99,112,019
Capital Expenditures:
Automotive Products	$	163,070,404	$	141,166,506	$	58,415,887
Other	3,827,880		2,356,910		1,467,962
Corporate	16,780,176		2,909,707		8,951,198
Total	$	183,678,460	$	146,433,123	$	68,835,047

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


	2023		2022		2021
Automotive Products
Automotive Mirrors	$	2,128,473,563	$	1,742,196,401	$	1,563,424,443
HomeLink® Modules*	126,186,728		132,546,057		133,763,591
Total Automotive Products	$	2,254,660,291	$	1,874,742,458	$	1,697,188,034



Other Products Revenue	$	44,554,753	$	44,215,585	$	33,981,895

Total Revenue	$	2,299,215,044	$	1,918,958,043	$	1,731,169,929

*Excludes HomeLink® revenue integrated into automotive mirrors.

Corporate assets are principally cash and cash equivalents, investments, deferred income taxes and corporate fixed assets. Depreciation & Amortization on corporate fixed assets are allocated as appropriate

to the Automotive and Other segments when reviewing operating results. Substantially all long-lived assets are located in the U.S.

Automotive Products revenues in the “Other countries” category are sales to customer automotive manufacturing plants in Korea, Canada, Hungary, China, and the United Kingdom, as well as other foreign automotive customers. Most of the Company’s non-U.S. sales are invoiced and paid in U.S. dollars. During the years ended December 31, 2023, 2022 and 2021, approximately 8%, 7% and 8% of the Company’s net sales were invoiced and paid in foreign currencies, respectively.


	Toyota Motor Company	Volkswagen Group	General Motors
2023	18%	14%	10%
2022	16%	13%	10%
2021	15%	13%	11%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: 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 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

DEBT AND FINANCING ARRANGEMENTS (Details) - USD ($)	Feb. 21, 2023	Dec. 31, 2023	Dec. 31, 2022
Revolving Credit 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	$ 0
Letters 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

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+ Details

- Definition

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

+ References + Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 428,403,272	$ 318,757,352	$ 360,797,232
Other comprehensive (loss) income before tax:
Foreign currency translation adjustments	(502,480)	(4,952,828)	151,544
Unrealized gains (losses) on available-for-sale securities, net	10,238,344	(14,072,595)	(6,424,496)
Other comprehensive income (loss), before tax	9,735,864	(19,025,423)	(6,272,952)
(Benefit) expense for income taxes related to components of other comprehensive (loss) income	2,150,052	(2,955,245)	(1,349,144)
Other comprehensive income (loss), net of tax	7,585,812	(16,070,178)	(4,923,808)
Comprehensive income	$ 435,989,084	$ 302,687,174	$ 355,873,424

- Definition

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

+ References

+ Details

- Definition

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

+ References

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+ Details

CONSOLIDATED STATEMENTS OF INCOME - USD ($)

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Income Statement [Abstract]

NET SALES

$ 2,299,215,044

$ 1,918,958,043

$ 1,731,169,929

COST OF GOODS SOLD

1,536,585,036

1,309,143,858

1,111,462,082

Gross profit

762,630,008

609,814,185

619,707,847

OPERATING EXPENSES:

Engineering, research and development

154,359,700

133,308,804

117,763,676

Selling, general and administrative

112,539,255

106,499,255

92,162,193

Total operating expenses

266,898,955

239,808,059

209,925,869

Income from operations

495,731,053

370,006,126

409,781,978

OTHER INCOME:

Investment income, net

13,498,351

4,795,823

3,589,798

Other (loss) income, net

(4,248,230)

(5,078,873)

2,979,960

Total other (loss) income

9,250,121

(283,050)

6,569,758

Income before provision for income taxes

504,981,174

369,723,076

416,351,736

PROVISION FOR INCOME TAXES

76,577,902

50,965,724

55,554,504

NET INCOME

$ 428,403,272

$ 318,757,352

$ 360,797,232

EARNINGS PER SHARE:

Basic (in dollars per share)

^[1]

$ 1.84

$ 1.36

$ 1.51

Diluted (in dollars per share)

^[1]

1.84

1.36

1.50

Cash Dividends Declared per Share (in dollars per share)

$ 0.480

[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 - Schedule of Vested Restricted Stocks (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market price at vesting date (in dollars per share)	$ 30	$ 27	$ 34
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	1,000,064	949,089	1,098,611
Restricted Stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market price at vesting date (in dollars per share)	$ 28.03	$ 23.84	$ 32.98
Restricted Stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market price at vesting date (in dollars per share)	$ 32.66	$ 30.85	$ 35.67
Restricted Stock \| 1 Year
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	142,314	119,849	24,634
Restricted Stock \| 1 Year \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market price at vesting date (in dollars per share)	$ 28.03	$ 23.84	$ 32.98
Restricted Stock \| 1 Year \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market price at vesting date (in dollars per share)	$ 32.66	$ 29.89	$ 34.37
Restricted Stock \| 2 Year
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	104,562	82,538	0
Restricted Stock \| 2 Year \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market price at vesting date (in dollars per share)	$ 28.03	$ 23.84
Restricted Stock \| 2 Year \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market price at vesting date (in dollars per share)	$ 32.66	$ 29.17
Restricted Stock \| 3 Years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	302,569	261,493	606,853
Restricted Stock \| 3 Years \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market price at vesting date (in dollars per share)	$ 28.03	$ 23.84	$ 32.98
Restricted Stock \| 3 Years \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market price at vesting date (in dollars per share)	$ 32.66	$ 30.85	$ 35.67
Restricted Stock \| 4 Years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	265,719	260,149	309,955
Restricted Stock \| 4 Years \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market price at vesting date (in dollars per share)	$ 28.03	$ 23.84	$ 32.98
Restricted Stock \| 4 Years \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market price at vesting date (in dollars per share)	$ 32.66	$ 29.17	$ 35.67
Restricted Stock \| 5 Years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	184,900	225,060	157,169
Restricted Stock \| 5 Years \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market price at vesting date (in dollars per share)	$ 28.03	$ 23.84	$ 32.98
Restricted Stock \| 5 Years \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market price at vesting date (in dollars per share)	$ 32.66	$ 29.17	$ 35.67

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 226,435,019	$ 214,754,638
Restricted cash	0	4,000,000
Short-term investments	14,356,476	23,007,385
Accounts receivable, net	321,809,868	276,493,752
Inventories, net	402,473,028	404,360,270
Prepaid expenses and other	32,663,762	26,036,331
Total current assets	997,738,153	948,652,376
PLANT AND EQUIPMENT:
Land, buildings and improvements	472,112,320	376,934,354
Machinery and equipment	1,011,930,699	935,848,288
Construction-in-process	158,327,247	165,574,867
Total Plant and Equipment	1,642,370,266	1,478,357,509
Less- Accumulated depreciation	(989,492,594)	(928,324,473)
Net Plant and Equipment	652,877,672	550,033,036
OTHER ASSETS:
Goodwill	340,105,631	313,807,494
Long-term investments	299,080,876	202,331,983
Intangible assets, net	214,005,910	219,360,910
Deferred tax asset	41,113,759	25,528,700
Patents and other assets, net	66,515,551	67,515,425
Total Other Assets	960,821,727	828,544,512
TOTAL ASSETS	2,611,437,552	2,327,229,924
CURRENT LIABILITIES:
Accounts payable	184,398,820	151,740,046
Accrued liabilities:
Salaries, wages and vacation	22,725,631	17,517,580
Income taxes	693,391	18,726,857
Royalties	20,898,949	19,208,411
Dividends payable	27,774,653	28,100,320
Other	15,117,532	15,259,538
Total current liabilities	271,608,976	250,552,752
OTHER NON-CURRENT LIABILITIES	27,311,507	10,884,351
TOTAL LIABILITIES	298,920,483	261,437,103
SHAREHOLDERS’ INVESTMENT:
Common stock, par value 0.06 per share; 400,000,000 shares authorized; 231,455,443 and 234,169,335 shares issued and outstanding in 2023 and 2022 respectively.	13,887,326	14,050,160
Additional paid-in capital	968,245,875	917,499,323
Retained earnings	1,336,940,990	1,148,386,272
Accumulated other comprehensive (loss) income:
Unrealized loss on investments, net	(2,022,403)	(10,110,695)
Cumulative translation adjustment	(4,534,719)	(4,032,239)
Total shareholders’ investment	2,312,517,069	2,065,792,821
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT	$ 2,611,437,552	$ 2,327,229,924

EMPLOYEE BENEFIT PLANS	12 Months Ended
EMPLOYEE BENEFIT PLANS	Dec. 31, 2023
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS The Company has a 401(k) retirement savings plan in which substantially all of its employees may participate. The plan includes a provision for the Company to match a percentage of the employee’s contributions at a rate determined by the Company’s Board of Directors. In 2023, 2022 and 2021 the Company’s contributions were approximately $13.8 million, $12.9 million and $9.0 million, respectively. The increase in the Company's matching contributions in 2023 was due to increased employee participation in the plan. The increase in 2022 was due to changes, approved by the Company's Board of Directors, to the rate of Company match, as well as increased participation in the plan. The Company does not provide health care benefits to retired employees. The Gentex Corporation Non-Qualified Deferred Compensation Plan (the "Deferred Compensation Plan") is intended to enhance retirement savings among a select group of management or highly compensated employees who contribute significantly to the success of the Company. It is also intended to constitute an unfunded non-qualified deferred compensation plan described in Sections 201(2), 301(a)(3), and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). Only select management and highly compensated employees, including executive officers, are eligible to participate. The Deferred Compensation Plan is administered by a committee who shall approve designation of any participants and may also remove participants. Participants may elect, on a pre-tax basis, to defer receipt of compensation by making an election in accordance with the terms of the Deferred Compensation Plan. Participants are immediately vested in their own deferrals and related earnings. The Company may, but is not required, to match participant deferrals. Participants are generally vested in any such matching contributions 50% after two years, but before three years, of service and 100% after three years of service. A participant's vested credit balance under the Deferred Compensation Plan will generally be paid on the earliest to occur of: a separation from service; a fixed date or event; a change of control; or a plan termination. Subject to applicable rules, a participant can elect whether to receive his or her vested credit balance in a lump sum on the relevant payment date or in installments thereafter. The deferrals are held in a separate irrevocable rabbi trust ("the Rabbi Trust"), which has been established pursuant to the Deferred Compensation Plan. The Rabbi Trust is intended to be used to hold funds, including matching contributions. The assets of the trust are subject to the claims of the Company's creditors in the event that the Company becomes insolvent. Consequently, the Rabbi Trust qualifies as a grantor trust for income tax purposes. The Company also makes periodic payments into Company-owned life insurance policies held in this Rabbi Trust to fund the expected obligations arising under this plan. At December 31, 2023, total assets held by the trustee were $8.9 million, which are recorded in Other Assets, with an associated liability of $9.0 million recorded in Other Non-Current Liabilities in the Company's consolidated balance sheets. The $8.9 million of assets held by the trustee is invested in Company-owned life insurance policies.

- Definition

The entire disclosure for retirement benefits.

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+ Details

ACQUISITIONS

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

ACQUISITIONS

On November 2, 2023, the Company acquired certain technology assets from eSight for approximately $18.9 million in cash, the assumption of a $9.4 million promissory note given in exchange for the 20% equity the Company previously held in the assets, as well as an earn out provision over a ten year period. The earn out provision consists of multiple potential payments based on the revenue over the next ten calendar years, with the total earn out not to exceed $70 million. The Company funded the acquisition with cash on hand. The technology acquired from eSight provides advanced and versatile low-vision smart glasses 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. The Company is still in the process of verifying data and finalizing information related to the valuation and recording of identifiable intangible assets, net working capital, contingent liabilities, and the resulting effects on the amount of recorded goodwill. The Company expects to finalize these matters within the measurement period, which is currently expected to remain open through the third quarter of 2023. Less than $0.1 million of revenue of the business of eSight was included in the Company's consolidated statement of income and comprehensive income for the year ended December 31, 2023.

The following table summarizes the fair values of the assets acquired, and the liabilities assumed, as of the acquisition date of November 2, 2023:


	Fair Value
Current Assets	$	441,228
Personal Property	75,000
Right of Use Asset (Lease)	116,562
ESight Technology	12,000,000
Trade Names and Trademarks	870,000
Goodwill	26,696,012
Total Assets	$	40,198,802

Lease Liability	$	116,562
Contingent Earn Out Liability	12,000,000
Total Liabilities	$	12,116,562

GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (196,750,000)	$ (178,525,000)
Intangible assets, gross	410,755,910	397,885,910
Intangible assets, net	214,005,910	219,360,910
Existing Customer Platforms
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	43,000,000	43,000,000
Accumulated Amortization	(43,000,000)	(39,775,000)
Finite-lived intangible assets, net	$ 0	$ 3,225,000
Assumed Useful Life	10 years	10 years
Exclusive Licensing Agreement
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 96,000,000	$ 96,000,000
HomeLink® \| Technology
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	180,000,000	180,000,000
Accumulated Amortization	(153,750,000)	(138,750,000)
Finite-lived intangible assets, net	$ 26,250,000	$ 41,250,000
Assumed Useful Life	12 years	12 years
HomeLink® \| Trademarks and Trade Names
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 52,000,000	$ 52,000,000
eSight \| Technology
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	12,000,000
Finite-lived intangible assets, net	$ 12,000,000
Assumed Useful Life	12 years
eSight \| Trademarks and Trade Names
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross	$ 870,000
Finite-lived intangible assets, net	$ 870,000
Assumed Useful Life	12 years
Vaporsens \| In Process Research and Development
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 11,000,000	11,000,000
Argil \| In Process Research and Development
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	6,278,132	6,278,132
Air-CraftGlass \| In Process Research and Development
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	1,507,778	1,507,778
Guardian \| Trademarks and Trade Names
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	1,300,000	1,300,000
Guardian \| In Process Research and Development
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 6,800,000	$ 6,800,000

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2023	Feb. 01, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	000-10235
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 Street,
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 $.06 per share
Trading Symbol	GNTX
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 6,816,999,891
Entity Common Stock, Shares Outstanding		231,491,896
Documents Incorporated by Reference	Portions of the Company’s Proxy Statement for its 2024 Annual Meeting of Shareholders are incorporated by reference into Part III.
Entity Central Index Key	0000355811
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

COMPREHENSIVE INCOME - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 2,065,792,821	$ 1,937,988,467	$ 1,963,943,128
Net current-period change	7,585,812	(16,070,178)	(4,923,808)
Ending balance	2,312,517,069	2,065,792,821	1,937,988,467
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(14,142,934)	1,927,244	6,851,052
Net current-period change	7,585,812	(16,070,178)	(4,923,808)
Ending balance	(6,557,122)	(14,142,934)	1,927,244
Foreign currency translation adjustments:
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(4,032,239)	920,589	769,045
Other comprehensive (loss) income before reclassifications	(502,480)	(4,952,828)	151,544
Net current-period change	(502,480)	(4,952,828)	151,544
Ending balance	(4,534,719)	(4,032,239)	920,589
Unrealized gains (losses) on available-for-sale securities:
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(10,110,695)	1,006,655	6,082,007
Other comprehensive (loss) income before reclassifications	3,360,396	(12,470,515)	(4,228,434)
Amounts reclassified from accumulated other comprehensive income (loss)	4,727,896	1,353,165	(846,918)
Net current-period change	8,088,292	(11,117,350)	(5,075,352)
Ending balance	$ (2,022,403)	$ (10,110,695)	$ 1,006,655

- 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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+ Details

REVENUE - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
REVENUE - Narrative (Details) - USD ($) $ in Millions	Nov. 02, 2023	Dec. 31, 2023
eSight
Disaggregation of Revenue [Line Items]
Cash purchase price of acquisition	$ 18.9
Equity interest percentage in acquiree previously held	20.00%
Automotive Segment \| Automotive Mirrors & Electronics \| Minimum
Disaggregation of Revenue [Line Items]
Payment terms		15 days
Automotive Segment \| Automotive Mirrors & Electronics \| Maximum
Disaggregation of Revenue [Line Items]
Payment terms		90 days
Other \| Dimmable Aircraft Windows \| Minimum
Disaggregation of Revenue [Line Items]
Payment terms		30 days
Other \| Dimmable Aircraft Windows \| Maximum
Disaggregation of Revenue [Line Items]
Payment terms		45 days
Other \| Fire Protection Products \| Minimum
Disaggregation of Revenue [Line Items]
Payment terms		30 days
Other \| Fire Protection Products \| Maximum
Disaggregation of Revenue [Line Items]
Payment terms		75 days

INCOME TAXES - Schedule of Effective Income Tax Rates Different from Statutory Federal Income Tax Rates (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Statutory federal income tax rate	21.00%	21.00%	21.00%
State income taxes, net of federal income tax benefit	0.80%	0.90%	0.70%
Research tax credit	(1.30%)	(1.80%)	(1.00%)
(Decrease) Increase in reserve for uncertain tax provisions	0.00%	(0.20%)	0.10%
Non-deductible executive compensation	0.10%	0.30%	0.10%
Non-deductible expenses	0.10%	0.30%	0.00%
Foreign tax credit	(0.50%)	(0.30%)	(0.20%)
Foreign derived intangible income deduction	(5.10%)	(6.20%)	(6.30%)
Stock compensation	(0.40%)	(0.60%)	(1.30%)
Other	0.50%	0.40%	0.20%
Effective income tax rate	15.20%	13.80%	13.30%

REVENUE (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Revenue

The following table shows the Company’s Automotive and Other Products revenue disaggregated by geographical location for Automotive Products for the years ended December 31, 2023, 2022, and 2021:


	For the Years ended December 31,
Revenue	2023		2022		2021
Automotive Products
U.S.	$	688,164,335	$	579,531,611	$	542,690,346
Germany	294,529,611		266,498,398		234,994,551
Japan	323,872,022		234,888,653		211,417,475
Mexico	142,082,011		121,553,711		111,761,245
Republic of Korea	149,554,788		95,395,479		67,219,836
Other	656,457,524		576,874,606		529,104,581
Total Automotive Products	$	2,254,660,291	$	1,874,742,458	$	1,697,188,034
Other Products (U.S.)	44,554,753		44,215,585		33,981,895
Total Revenue	$	2,299,215,044	$	1,918,958,043	$	1,731,169,929

The following table disaggregates the Company’s Automotive and Other revenue by major source for the years ended December 31, 2023, 2022, and 2021:


	For the Years Ended December 31,
Revenue	2023		2022		2021
Automotive Segment
Automotive Mirrors & Electronics	$	2,128,473,563	$	1,742,196,401	$	1,563,424,443
HomeLink Modules*	126,186,728		132,546,057		133,763,591
Total Automotive Products	$	2,254,660,291	$	1,874,742,458	$	1,697,188,034

Other Segment
Fire Protection Products	$	25,927,018	$	38,238,092	$	25,048,697
Windows Products	18,582,949		5,977,493		8,914,798
Nanofiber Products	—		—		18,400
Medical	44,786		—		—
Total Other	$	44,554,753	$	44,215,585	$	33,981,895

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

SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES - Schedule of Leases (Details)	Dec. 31, 2023 USD ($)
Accounting Policies [Abstract]
2024	$ 1,857,325
2025	1,091,917
2026	545,291
2027	242,712
Thereafter	3,846
Total future minimum lease payments	3,741,091
Less imputed interest	(170,876)
Total	$ 3,570,215

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Operating loss carryforwards	$ 6,000
Income taxes paid	110,300	$ 35,200	$ 105,800
Unrecognized tax benefits accrued interest	$ 365	$ 379	$ 605

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	12 Months Ended
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Company's contributions under 401(k) retirement savings plan	$ 13.8	$ 12.9	$ 9.0
Assets held-in-trust	8.9
Deferred compensation liability	$ 9.0
Deferred Compensation Arrangement With Individual, Tranche One
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Deferred compensation arrangement vesting percentage	50.00%
Deferred Compensation Arrangement With Individual, Tranche One \| Minimum
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Deferred compensation arrangement, service period	2 years
Deferred Compensation Arrangement With Individual, Tranche One \| Maximum
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Deferred compensation arrangement, service period	3 years
Deferred Compensation Arrangement With Individual, Tranche Two
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Deferred compensation arrangement vesting percentage	100.00%
Deferred compensation arrangement, service period	3 years

SEGMENT REPORTING - Schedule of Major Product Line Revenues (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from External Customer [Line Items]
Revenue:	$ 589,132,000	$ 575,848,000	$ 583,473,000	$ 550,761,000	$ 493,648,000	$ 493,637,000	$ 463,423,000	$ 468,251,000	$ 2,299,215,044	$ 1,918,958,043	$ 1,731,169,929
Automotive Products
Revenue from External Customer [Line Items]
Revenue:									2,254,660,291	1,874,742,458	1,697,188,034
Automotive Products \| Automotive Mirrors
Revenue from External Customer [Line Items]
Revenue:									2,128,473,563	1,742,196,401	1,563,424,443
Automotive Products \| HomeLink Modules
Revenue from External Customer [Line Items]
Revenue:									126,186,728	132,546,057	133,763,591
Other Products Revenue
Revenue from External Customer [Line Items]
Revenue:									44,554,753	44,215,585	33,981,895
Other Products Revenue \| Other Products Revenue
Revenue from External Customer [Line Items]
Revenue:									$ 44,554,753	$ 44,215,585	$ 33,981,895

- Definition

+ References

+ Details

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

12 Months Ended

Dec. 31, 2023

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (Unaudited)

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

The following table sets forth selected financial information for all of the quarters during the years ended December 31, 2023 and 2022 (in thousands, except per share data):



	First				Second				Third				Fourth
	2023		2022		2023		2022		2023		2022		2023		2022
Net Sales	$	550,761	$	468,251	$	583,473	$	463,423	$	575,848	$	493,637	$	589,132	$	493,648
Gross Profit	174,737		160,412		193,083		148,367		191,441		147,201		203,369		153,834
Operating Income	113,251		103,306		127,289		85,791		122,417		86,792		132,774		94,118
Net Income	97,578		87,529		109,155		72,404		104,725		72,656		116,944		86,168
Earnings Per Share (Basic)(1)	$	0.42	$	0.37	$	0.47	$	0.31	$	0.45	$	0.31	$	0.50	$	0.37
Earnings Per Share (Diluted)(1)	$	0.42	$	0.37	$	0.47	$	0.31	$	0.45	$	0.31	$	0.50	$	0.37
(1)Basic and diluted earnings per share are computed independently for each quarter presented. Therefore the sum of quarterly basic and diluted per share information may not equal annual basis and diluted earnings per share.

ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Assets Acquired and Liabilities Assumed

The following table summarizes the fair values of the assets acquired, and the liabilities assumed, as of the acquisition date of November 2, 2023:


	Fair Value
Current Assets	$	441,228
Personal Property	75,000
Right of Use Asset (Lease)	116,562
ESight Technology	12,000,000
Trade Names and Trademarks	870,000
Goodwill	26,696,012
Total Assets	$	40,198,802

Lease Liability	$	116,562
Contingent Earn Out Liability	12,000,000
Total Liabilities	$	12,116,562

STOCK-BASED COMPENSATION PLANS - Schedule Employee Stock Purchase Plan (Details) - $ / shares	12 Months Ended			132 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, granted (in shares)	1,027,000	949,000	1,099,000
2022 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, granted (in shares)	194,241	94,111	0	288,352
Weighted average fair value (in dollars per share)				$ 30.29
Prior Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, granted (in shares)	0	126,101	143,892	1,624,122
Weighted average fair value (in dollars per share)				$ 0

- 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

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-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
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+ Details

STOCK-BASED COMPENSATION PLANS

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION PLANS

At December 31, 2023, the Company had two equity incentive plans under which awards are made, which include the Gentex Corporation 2019 Omnibus Incentive Plan ("2019 Omnibus Plan"), and an employee stock purchase plan. Those plans and any material amendments thereto have previously been approved by shareholders.

The 2019 Omnibus Plan provides for the potential awards to: i) employees; and ii) non-employee directors of the Company or its subsidiaries, which potential awards may be stock options, both incentive stock options and non-qualified stock options, appreciation rights, restricted stock, restricted stock units, performance share awards and performance units, and other awards that are stock-based, cash-based or a combination of both. The 2019 Omnibus Plan replaced the Company's Employee Stock Option Plan, Second Restricted Stock Plan, and Amended and Restated Non-Employee Director Stock Option Plan (the

"Prior Plans"), which were also approved by shareholders. Any existing awards previously granted under the Prior Plans remain outstanding in accordance with their terms and are governed by the Prior Plans as applicable.

2019 Omnibus Incentive Plan

The 2019 Omnibus Plan covers 45,000,000 shares of common stock. The purpose of the 2019 Omnibus Plan is to attract and retain employees, officers, and directors of the Company and its subsidiaries and to motivate and provide such persons incentives and rewards for performance. As of December 31, 2023, 25,611,657 shares (net of shares from canceled/expired options) have been issued under the 2019 Omnibus Plan, which includes stock options (at a set conversion rate), restricted shares, and performance share awards.


	Shares Granted	Conversion Rate	Total Shares Under 2019 Omnibus Plan
Non-Qualified Stock Options	4,908,950	1.00	4,908,950
Restricted Stock	4,231,194	4.06	17,178,648
Performance Shares	867,995	4.06	3,524,059
Total	10,008,139		25,611,657

Employee Stock Options

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

The Company has granted options on 4,908,950 shares (net of shares from canceled/expired options) under the 2019 Omnibus Plan and 12,674,639 shares (net of shares from canceled/expired options) under the prior plan (prior to its replacement) through December 31, 2023. Under each of such plans, the option exercise price equals the stock’s market price on date of grant. The options vest after one to five years, and expire after five to ten years.

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


	2023			2022			2021
Dividend yield (1)	1.7		%	1.8		%	1.8		%
Expected volatility (2)	28.8		%	28.8		%	27.6		%
Risk-free interest rate (3)	4.0		%	3.4		%	1.3		%
Expected term of options (in years) (4)	4.2			4.2			4.1
Weighted-average grant-date fair value	$	7.66		$	6.42		$	6.59

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

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

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

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

As of December 31, 2023, there was $7,993,783 of unrecognized compensation cost related to stock option awards which is expected to be recognized over the remaining vesting periods, with a weighted-average period of 2.09 years. Stock option expense for the years ended December 31, 2023, 2022 and 2021 was $6,095,854, $6,302,581, and $5,780,959 respectively.

A summary of the status of the Company’s stock option plans at December 31, 2023, 2022 and 2021, and changes during the same periods are presented in the tables below.


	2023
	Shares (000)	Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contract Life	Aggregate Intrinsic Value (000)
Outstanding at Beginning of Year	4,872	$	28
Granted	768	30
Exercised	(1,023)	31			$	7,847
Forfeited	(230)	29
Outstanding at End of Year	4,387	29		2.9 years	$	17,491
Exercisable at End of Year	1,942	$	29	2.3 years	$	8,916


	2022
	Shares (000)	Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contract Life	Aggregate Intrinsic Value (000)
Outstanding at Beginning of Year	4,535	$	27
Granted	1,219	27
Exercised	(530)	21			$	4,065
Forfeited	(352)	28
Outstanding at End of Year	4,872	28		3.1 years	$	8,928
Exercisable at End of Year	1,960	$	26	2.4 years	$	5,864


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

A summary of the status of the Company’s non-vested employee stock option activity for the years ended December 31, 2023, 2022, and 2021, are presented in the table below:


	2023			2022			2021
	Shares (000)	Wtd. Avg Grant Date Fair Value		Shares (000)	Wtd. Avg Grant Date Fair Value		Shares (000)	Wtd. Avg Grant Date Fair Value
Nonvested Stock Options at Beginning of Year	2,913	$	6	3,156	$	5	3,175	$	5
Granted	768	8		1,219	6		1,434	7
Vested	(1,056)	6		(1,153)	4		(1,212)	4
Forfeited	(180)	6		(309)	6		(241)	5
Nonvested Stock Options at End of Year	2,445	$	7	2,913	$	6	3,156	$	5

Restricted Shares

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

Restricted shares awarded under either that plan or the 2019 Omnibus Plan entitle the shareholder to all rights of common stock ownership, except that the shares may not be sold, transferred, pledged, exchanged or otherwise disposed of during the restriction period. The restriction period is determined by a committee, appointed by the Board of Directors, but may not exceed ten years. The Company has issued 4,231,194 shares under the 2019 Omnibus Plan and 5,630,019 shares under the prior plan (prior to its replacement) as of December 31, 2023, and has 3,377,863 shares outstanding under such plans.


	2023		2022		2021
Vesting Period(1)	Shares Granted	Market Price at Grant Date	Shares Granted	Market Price at Grant Date	Shares Granted	Market Price at Grant Date
1 Year	142,314	28.03 - 32.66	119,849	23.84 - 29.89	24,634	32.98 - 34.37
2 Year	104,562	28.03 - 32.66	82,538	23.84 - 29.17	—	-
3 Years	302,569	28.03 - 32.66	261,493	23.84 - 30.85	606,853	32.98 - 35.67
4 Years	265,719	28.03 - 32.66	260,149	23.84 - 29.17	309,955	32.98 - 35.67
5 Years	184,900	28.03 - 32.66	225,060	23.84 - 29.17	157,169	32.98 - 35.67
	1,000,064	$28.03 - 32.66	949,089	$23.84 - 30.85	1,098,611	$32.98 - 35.67
(1) Each of these awards cliff vest after the restriction period with no additional restrictions.

A summary of restricted share award activity, including award grants, vesting, and forfeitures for the years ended December 31, 2023, 2022, and 2021, are presented in the table below:


	2023	2022	2021
	Shares (000)	Shares (000)	Shares (000)
Nonvested, Beginning of Year	3,553	3,760	3,599
Granted	1,027	949	1,099
Vested	(1,058)	(935)	(759)
Forfeited	(144)	(221)	(179)
Nonvested, End of Year	3,378	3,553	3,760

As of December 31, 2023, there was unearned stock-based compensation of $45,797,227 associated with these restricted stock grants. The unearned stock-based compensation related to these grants is being amortized to compensation expense over the applicable restriction periods. Compensation expense related to restricted stock for the years ended December 31, 2023, 2022 and 2021 was $24,809,834, $21,773,179, and $19,304,013 respectively.

Performance Shares

Performance shares awarded under the 2019 Omnibus Plan are considered performance condition awards as attainment is based on the Company's performance relative to pre-established metrics. The fair value of such performance share awards was determined using the Company's closing stock price on the date of grant. The expected attainment of the metrics for these awards is then analyzed each reporting period, and the related expense is adjusted based on expected attainment, if the then expected attainment differs from previous expectations. The cumulative effect on current and prior periods of a change in expected attainment is recognized in the period of change. As of December 31, 2023, the Company had unearned stock-based compensation of $16,118,617 associated with these performance share grants. The unearned stock-based compensation related to these grants is being amortized to compensation expense over the applicable performance periods. Compensation expense related to performance share grants for the years ended December 31, 2023, 2022, and 2021 was $5,882,458, $1,246,369, and $1,573,831, 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 for the year ended December 31, 2023 was $1,526,983.

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, which was approved by shareholders including amendments thereto. 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 such plans, the Company sold or sells shares at 85% of the stock’s market price at the date of purchase. In accordance with ASC 718, the 15% discounted value is recognized as compensation expense.

Compensation expense related to the employee stock purchase plans for the years ended December 31, 2023, 2022, and 2021 was $882,294, $906,478, and $713,912, respectively. The following table summarizes shares sold to employees under the 2022 and prior plan in the years ended December 31, 2023, 2022 and 2021:


Plan	2023	2022	2021	Cumulative Shares Issued	Weighted Average Fair Value 2023
2022 Employee Stock Purchase Plan	194,241	94,111	—	288,352	$	30.29
Prior Employee Stock Purchase Plan	—	126,101	143,892	1,624,122	$	—

STOCK-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Shares Under 2019 Omnibus Incentive Plan


	Shares Granted	Conversion Rate	Total Shares Under 2019 Omnibus Plan
Non-Qualified Stock Options	4,908,950	1.00	4,908,950
Restricted Stock	4,231,194	4.06	17,178,648
Performance Shares	867,995	4.06	3,524,059
Total	10,008,139		25,611,657

Schedule of Weighted-Average Assumptions

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


	2023			2022			2021
Dividend yield (1)	1.7		%	1.8		%	1.8		%
Expected volatility (2)	28.8		%	28.8		%	27.6		%
Risk-free interest rate (3)	4.0		%	3.4		%	1.3		%
Expected term of options (in years) (4)	4.2			4.2			4.1
Weighted-average grant-date fair value	$	7.66		$	6.42		$	6.59

(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.

Schedule of Stock Option Activity

A summary of the status of the Company’s stock option plans at December 31, 2023, 2022 and 2021, and changes during the same periods are presented in the tables below.


	2023
	Shares (000)	Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contract Life	Aggregate Intrinsic Value (000)
Outstanding at Beginning of Year	4,872	$	28
Granted	768	30
Exercised	(1,023)	31			$	7,847
Forfeited	(230)	29
Outstanding at End of Year	4,387	29		2.9 years	$	17,491
Exercisable at End of Year	1,942	$	29	2.3 years	$	8,916


	2022
	Shares (000)	Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contract Life	Aggregate Intrinsic Value (000)
Outstanding at Beginning of Year	4,535	$	27
Granted	1,219	27
Exercised	(530)	21			$	4,065
Forfeited	(352)	28
Outstanding at End of Year	4,872	28		3.1 years	$	8,928
Exercisable at End of Year	1,960	$	26	2.4 years	$	5,864


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

Schedule of Non-Vested Stock Option Activity

A summary of the status of the Company’s non-vested employee stock option activity for the years ended December 31, 2023, 2022, and 2021, are presented in the table below:


	2023			2022			2021
	Shares (000)	Wtd. Avg Grant Date Fair Value		Shares (000)	Wtd. Avg Grant Date Fair Value		Shares (000)	Wtd. Avg Grant Date Fair Value
Nonvested Stock Options at Beginning of Year	2,913	$	6	3,156	$	5	3,175	$	5
Granted	768	8		1,219	6		1,434	7
Vested	(1,056)	6		(1,153)	4		(1,212)	4
Forfeited	(180)	6		(309)	6		(241)	5
Nonvested Stock Options at End of Year	2,445	$	7	2,913	$	6	3,156	$	5

Schedule of Restricted Shares


	2023		2022		2021
Vesting Period(1)	Shares Granted	Market Price at Grant Date	Shares Granted	Market Price at Grant Date	Shares Granted	Market Price at Grant Date
1 Year	142,314	28.03 - 32.66	119,849	23.84 - 29.89	24,634	32.98 - 34.37
2 Year	104,562	28.03 - 32.66	82,538	23.84 - 29.17	—	-
3 Years	302,569	28.03 - 32.66	261,493	23.84 - 30.85	606,853	32.98 - 35.67
4 Years	265,719	28.03 - 32.66	260,149	23.84 - 29.17	309,955	32.98 - 35.67
5 Years	184,900	28.03 - 32.66	225,060	23.84 - 29.17	157,169	32.98 - 35.67
	1,000,064	$28.03 - 32.66	949,089	$23.84 - 30.85	1,098,611	$32.98 - 35.67
(1) Each of these awards cliff vest after the restriction period with no additional restrictions.

Schedule of Restricted Share Award Activity

A summary of restricted share award activity, including award grants, vesting, and forfeitures for the years ended December 31, 2023, 2022, and 2021, are presented in the table below:


	2023	2022	2021
	Shares (000)	Shares (000)	Shares (000)
Nonvested, Beginning of Year	3,553	3,760	3,599
Granted	1,027	949	1,099
Vested	(1,058)	(935)	(759)
Forfeited	(144)	(221)	(179)
Nonvested, End of Year	3,378	3,553	3,760

Schedule of Employee Stock Purchase Plan

The following table summarizes shares sold to employees under the 2022 and prior plan in the years ended December 31, 2023, 2022 and 2021:


Plan	2023	2022	2021	Cumulative Shares Issued	Weighted Average Fair Value 2023
2022 Employee Stock Purchase Plan	194,241	94,111	—	288,352	$	30.29
Prior Employee Stock Purchase Plan	—	126,101	143,892	1,624,122	$	—

SEGMENT REPORTING - Schedule of Automotive and Other Segment Reporting (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenue:	$ 589,132,000	$ 575,848,000	$ 583,473,000	$ 550,761,000	$ 493,648,000	$ 493,637,000	$ 463,423,000	$ 468,251,000	$ 2,299,215,044	$ 1,918,958,043	$ 1,731,169,929
Income (Loss) from Operations:	132,774,000	$ 122,417,000	$ 127,289,000	$ 113,251,000	94,118,000	$ 86,792,000	$ 85,791,000	$ 103,306,000	495,731,053	370,006,126	409,781,978
Assets:	2,611,437,552				2,327,229,924				2,611,437,552	2,327,229,924	2,131,391,166
Depreciation & Amortization:									93,321,192	96,568,443	99,112,019
Capital Expenditures:									183,678,460	146,433,123	68,835,047
Automotive Products
Segment Reporting Information [Line Items]
Revenue:									2,254,660,291	1,874,742,458	1,697,188,034
Income (Loss) from Operations:									495,650,700	372,490,748	414,185,075
Automotive Products \| United States
Segment Reporting Information [Line Items]
Revenue:									688,164,335	579,531,611	542,690,346
Automotive Products \| Germany
Segment Reporting Information [Line Items]
Revenue:									294,529,611	266,498,398	234,994,551
Automotive Products \| Japan
Segment Reporting Information [Line Items]
Revenue:									323,872,022	234,888,653	211,417,475
Automotive Products \| Mexico
Segment Reporting Information [Line Items]
Revenue:									142,082,011	121,553,711	111,761,245
Automotive Products \| Republic of Korea
Segment Reporting Information [Line Items]
Revenue:									149,554,788	95,395,479	67,219,836
Automotive Products \| Other Countries
Segment Reporting Information [Line Items]
Revenue:									656,457,524	576,874,606	529,104,581
Other
Segment Reporting Information [Line Items]
Revenue:									44,554,753	44,215,585	33,981,895
Income (Loss) from Operations:									80,353	(2,484,622)	(4,403,097)
Operating Segments \| Automotive Products
Segment Reporting Information [Line Items]
Assets:	1,782,342,705				1,670,634,277				1,782,342,705	1,670,634,277	1,495,298,453
Depreciation & Amortization:									87,123,055	90,030,087	92,516,347
Capital Expenditures:									163,070,404	141,166,506	58,415,887
Operating Segments \| Other
Segment Reporting Information [Line Items]
Assets:	85,610,250				43,025,905				85,610,250	43,025,905	34,760,744
Depreciation & Amortization:									1,231,061	1,056,510	913,451
Capital Expenditures:									3,827,880	2,356,910	1,467,962
Corporate
Segment Reporting Information [Line Items]
Assets:	$ 743,484,597				$ 613,569,742				743,484,597	613,569,742	601,331,969
Depreciation & Amortization:									4,967,076	5,481,846	5,682,221
Capital Expenditures:									$ 16,780,176	$ 2,909,707	$ 8,951,198

SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES - Schedule of Fixed Income Securities Contractual Maturity (Details) - Fixed Income Securities	Dec. 31, 2023 USD ($)
Debt Securities, Available-for-sale [Line Items]
Due within one year	$ 9,953,308
Due between one and five years	94,519,794
Due over five years	60,814,214
Total	$ 165,287,316

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

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

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

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

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

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

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

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

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

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

INCOME TAXES - Schedule of Deferred Income Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Assets:
Accruals not currently deductible	$ 10,989,677	$ 9,778,184
Research and development costs	70,252,363	58,501,232
Stock based compensation	15,536,416	14,670,250
Excess tax over book depreciation	7,060,777	0
Other	4,025,082	4,722,513
Total deferred income tax assets	107,864,315	87,672,179
Liabilities:
Excess tax over book depreciation	0	(3,460,485)
Goodwill	(47,185,855)	(42,580,026)
Intangible assets	(15,235,639)	(13,268,772)
Other	(4,329,062)	(2,834,196)
Total deferred income tax liabilities	(66,750,556)	(62,143,479)
Net deferred income taxes	$ 41,113,759	$ 25,528,700

SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES - Inventories (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Raw materials	$ 283,126,566	$ 304,184,004
Work-in-process	46,343,955	45,512,275
Finished goods	73,002,507	54,663,991
Total Inventory	$ 402,473,028	$ 404,360,270

GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)
Goodwill [Roll Forward]
Balance as of December 31, 2022	$ 313,807,494
Acquisitions	26,696,012
Divestitures	0
Impairments	0
Other	(397,875)
Balance as of December 31, 2023	$ 340,105,631

- 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

INCOME TAXES

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

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

The foreign components of income before the provision for income taxes were not material for the years ended December 31, 2023, 2022 and 2021. The components of the provision for income taxes are as follows:


	2023		2022		2021
Currently payable:
Federal	$	85,978,954	$	62,670,986	$	89,507,896
State	6,242,525		4,310,783		5,642,926
Foreign	2,091,533		1,761,732		2,098,433
Total	94,313,012		68,743,501		97,249,255
Deferred income tax benefit:
Primarily federal	(17,735,110)		(17,777,777)		(41,694,751)
Provision for income taxes	$	76,577,902	$	50,965,724	$	55,554,504

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


	2023		2022		2021
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal income tax benefit	0.8		0.9		0.7

Research tax credit	(1.3)		(1.8)		(1.0)
(Decrease) Increase in reserve for uncertain tax provisions	—		(0.2)		0.1
Non-deductible executive compensation	0.1		0.3		0.1
Non-deductible expenses	0.1		0.3		—
Foreign tax credit	(0.5)		(0.3)		(0.2)
Foreign derived intangible income deduction	(5.1)		(6.2)		(6.3)
Stock compensation	(0.4)		(0.6)		(1.3)
Other	0.5		0.4		0.2
Effective income tax rate	15.2	%	13.8	%	13.3	%

The tax effect of temporary differences which give rise to deferred income tax assets and liabilities at December 31, 2023 and 2022, are as follows:


	December 31,
	2023		2022
Assets:
Accruals not currently deductible	$	10,989,677	$	9,778,184
Research and development costs	70,252,363		58,501,232
Stock based compensation	15,536,416		14,670,250
Excess tax over book depreciation	7,060,777		—


Other	4,025,082		4,722,513
Total deferred income tax assets	$	107,864,315	$	87,672,179
Liabilities:
Excess tax over book depreciation	$	—	$	(3,460,485)
Goodwill	(47,185,855)		(42,580,026)
Intangible assets	(15,235,639)		(13,268,772)
Other	(4,329,062)		(2,834,196)
Total deferred income tax liabilities	$	(66,750,556)	$	(62,143,479)
Net deferred income taxes	$	41,113,759	$	25,528,700

Net operating loss carryforwards with no expiration totaling $6.0 million are available to reduce future taxable earnings of certain domestic and foreign subsidiaries.

Income taxes paid in cash were approximately $110.3 million, $35.2 million and $105.8 million in 2023, 2022 and 2021, respectively.

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


	2023		2022		2021
Beginning of year	$	4,630,000	$	5,275,000	$	4,864,000
Additions based on tax positions related to the current year	1,046,000		951,000		1,023,000
Additions for tax positions in prior years	671,000		353,000		364,000
Reductions for tax positions in prior years	(31,000)		(26,000)		(51,000)

Reductions as a result of a lapse of the applicable statute of limitations	(1,538,000)		(1,923,000)		(925,000)
End of year	$	4,778,000	$	4,630,000	$	5,275,000

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

The Company recognizes interest and penalties related to unrecognized tax benefits through the provision for income taxes. The Company has accrued approximately $365,000, $379,000, and $605,000 for interest as of December 31, 2023, 2022, and 2021, respectively. Interest expensed during 2023, 2022 and 2021 was not considered significant.

The Company is also subject to periodic and routine audits in both domestic and foreign tax jurisdictions. It is reasonably possible that the amounts of unrecognized tax benefits could change as a result of an audit, new positions taken on income tax returns, settlement of tax positions and the closing of statute of limitations. It is not expected that any change will be material to the Company’s consolidated financial statements.

For the majority of tax jurisdictions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2018.

- 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
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-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
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

REVENUE

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

REVENUE

The following table shows the Company’s Automotive and Other Products revenue disaggregated by geographical location for Automotive Products for the years ended December 31, 2023, 2022, and 2021:


	For the Years ended December 31,
Revenue	2023		2022		2021
Automotive Products
U.S.	$	688,164,335	$	579,531,611	$	542,690,346
Germany	294,529,611		266,498,398		234,994,551
Japan	323,872,022		234,888,653		211,417,475
Mexico	142,082,011		121,553,711		111,761,245
Republic of Korea	149,554,788		95,395,479		67,219,836
Other	656,457,524		576,874,606		529,104,581
Total Automotive Products	$	2,254,660,291	$	1,874,742,458	$	1,697,188,034
Other Products (U.S.)	44,554,753		44,215,585		33,981,895
Total Revenue	$	2,299,215,044	$	1,918,958,043	$	1,731,169,929

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

The following table disaggregates the Company’s Automotive and Other revenue by major source for the years ended December 31, 2023, 2022, and 2021:


	For the Years Ended December 31,
Revenue	2023		2022		2021
Automotive Segment
Automotive Mirrors & Electronics	$	2,128,473,563	$	1,742,196,401	$	1,563,424,443
HomeLink Modules*	126,186,728		132,546,057		133,763,591
Total Automotive Products	$	2,254,660,291	$	1,874,742,458	$	1,697,188,034

Other Segment
Fire Protection Products	$	25,927,018	$	38,238,092	$	25,048,697
Windows Products	18,582,949		5,977,493		8,914,798
Nanofiber Products	—		—		18,400
Medical	44,786		—		—
Total Other	$	44,554,753	$	44,215,585	$	33,981,895

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

Revenue is recognized when obligations under the terms of a contract with the customer are satisfied. Such recognition generally occurs with the transfer of control of the products at a point in time. The

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

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

Automotive Products Segment

Automotive Rearview Mirrors and Electronics

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

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

HomeLink® Modules

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

Other Segment

Dimmable Aircraft Windows

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

Fire Protection Products

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

Nanofiber

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

Medical

In January 2020 the Company unveiled an innovative lighting technology for medical applications that was co-developed with Mayo Clinic. This new lighting concept represents the collaboration of a global, high-technology electronics company with a world leader in health care. The Company's new intelligent lighting system combines ambient room lighting with camera-controlled, adaptive task lighting to optimize illumination for surgical and patient-care environments. The system was developed over an 18 month period of collaboration between Company engineers and Mayo Clinic surgeons, scientists, and operating room staff. The teams researched, designed, and rapidly iterated multiple prototypes in order to develop unique features intended to address major gaps in current surgical lighting solutions. The Company continues to further develop and work on the intelligent medical lighting system in order to assess system performance and work toward obtaining any necessary approvals.

On November 2, 2023, the Company acquired certain technology assets from eSight 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. The technology acquired from eSight provides advanced and versatile low-vision smart glasses for those with visual impairments and is compatible with more than 20 eye conditions including Macular Degeneration, Diabetic Retinopathy, and Stargardt disease.

Refer to Note 12, "Acquisitions", for further information.

- Definition

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

+ References

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Consolidation	Consolidation The consolidated financial statements include the accounts of Gentex Corporation and all of its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated.
Cash Equivalents	Cash Equivalents Cash equivalents consist of funds invested in bank accounts and money market funds that have daily liquidity.
Allowance For Doubtful Accounts	Allowance For Doubtful Accounts The Company reviews a monthly aging report of all accounts receivable balances starting with invoices outstanding over sixty days. In addition, the Company monitors information about its customers through a variety of sources including the media, and information obtained through ongoing interaction between Company personnel and the customer. Based on the evaluation of the above information, the Company estimates its allowances related to customer receivables on historical credit and collections experience, customers current financial condition and the specific identification of other potential problems, including the economic climate and impact the supply chain constraints has had on specific customers. Actual collections can differ, requiring adjustments to the allowances, but historically such adjustments have not been material. The Company’s allowance for doubtful accounts primarily relates to financially distressed automotive customers. The Company continues to work with these financially distressed customers in collecting past due balances.
Investments	Investments Available for sale securities The Company follows the provisions of ASC 820, Fair Value Measurements and Disclosures, for its financial assets and liabilities, and for its non-financial assets and liabilities subject to fair value measurements. ASC 820 provides a framework for measuring the fair value of assets and liabilities. This framework is intended to provide increased consistency in how fair value determinations are made under various existing accounting standards that permit, or in some cases, require estimates of fair-market value. This standard also expanded financial statement disclosure requirements about a company’s use of fair-value measurements, including the effect of such measurement on earnings. The cost of securities sold is based on the specific identification method. The Company determines the fair value of its government securities, asset-backed securities, corporate bonds, and certain municipal bonds by utilizing monthly valuation statements that are provided by its broker. The broker determines the investment valuation by utilizing the bid price in the market and also refers to third party sources to validate valuations, and as such are classified as Level 2 assets. The Company's certificates of deposit are classified as available for sale, and are considered as Level 1 assets. These investments are carried at amortized cost, which approximates fair value. On October 4, 2023, the Company entered into a Stock Purchase Agreement to acquire up to 3,137,500 shares of VOXX International Corporation ("VOXX") Class A Common Stock. The Company agreed to purchase the shares in two tranches: (1) on October 6, 2023, the Company purchased 1,568,750 shares of Class A Common Stock at a price of $10 per share, and (2) on January 5, 2024, the Company purchased 1,568,750 shares of Class A Common Stock at a price of $10 per share. The VOXX shares held by the Company are publicly traded and have a readily determinable fair market value and are considered Level 1 assets. The investment is accounted for in accordance with ASC 321, Investments - Equity Securities, with changes in fair value recorded in Investment income, net in consolidated statements of income. No significant changes in fair value related to the commitment to purchase the second tranche occurred between October 4, 2023 and December 31, 2023. Technology Investments The Company also periodically makes strategic investments in the non-marketable debt or equity securities of non-consolidated third parties ("technology investments"). Such technology investments totaled approximately $128.0 million at December 31, 2023, of which $124.6 million and $3.4 million are recorded in long-term investments and short-term investments on the consolidated balance sheet, and $65.5 million as of December 31, 2022, of which $61.7 million and $3.8 million are recorded in long-term investments and short-term investments on the consolidated balance sheet. Depending on the form of investment, and the degree of influence the Company has over the investee, the Company primarily accounts for the technology investments in accordance with ASC 321, Investments- Equity Securities or ASC 323 – Investments – Equity Method and Joint Venture. The Company accounts for equity securities in non-controlled affiliates through which the Company exercises significant influence but do not have control over the investee under the equity method, with the Company’s share of the earnings or losses of non-controlled affiliates recognized within Other (loss) income, net in the Company's consolidated statement of income. All other technology investments that the Company holds are primarily accounted for under the measurement alternative of ASC 321. Under the measurement alternative, the carrying value is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. A summary of the Company’s most significant technology investments is below: Adasky - Adasky is an Israeli based leading developer and manufacturer of intelligent, high-resolution thermal sensing systems for vehicle safety and perception applications and smart city roadway solutions. During 2023, the Company invested approximately $46.5 million in Adasky, which resulted in an approximately 27% ownership stake in Adasky. These investments included approximately $25 million related to preferred shares of Adasky accounted for using the measurement alternative and $21.5 million for common shares of Adasky accounted for using the equity method. As of December 31, 2023, the carrying value of the Company’s investments in Adasky was $45.8 million. Green Marbles - GreenMarbles is a leading provider of sustainable solutions for integration into properties. On June 3, 2022, the Company obtained an approximate 20% equity share in GreenMarbles for $25.0 million, consisting of $20.0 million of cash investment and the issuance of $5.0 million worth of Gentex common stock. The Company accounts for its investment in GreenMarbles using the equity method. As of December 31, 2023 and 2022, the carrying value of the investment in GreenMarbles was $22.6 million and $24.4 million, respectively. Simplenight - Simplenight provides drivers and vehicle occupants with access to enhanced mobile capability for booking personalized entertainment and lifestyle experiences in addition to everyday purchases. During the years ended December 31, 2023 and 2022, the Company made investments of $7.5 million and $7.5 million in Simplenight, respectively, and as of December 31, 2023, the Company has an approximately 30% ownership interest in Simplenight primarily accounted for using the measurement alternative. As of December 31, 2023 and 2022, the carrying value of the Company’s investments in Simplenight was $20.9 million and $12.9 million. Solace Power - Solace Power is a Canada-based company specializing in wireless power solutions. On December 12, 2023, the Company purchased a 13% equity interest in Solace Power, which is accounted for using the measurement alternative. Effective January 1, 2020, the Company adopted Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The guidance modifies the impairment model for available-for-sale debt securities and provides a simplified accounting model for purchased financial assets with credit deterioration since their origination. The Company utilized the guidance provided by ASC 326 to determine whether any of the available-for-sale debt securities held by the Company were impaired. No investments were considered to be impaired during the years presented. The Company has the intention and current ability to hold its debt investments until the amortized cost basis has been recovered. If market, industry, and/or investee conditions deteriorate, the Company may incur future impairments.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, investments, accounts receivable, accounts payable, and short and long-term debt. The Company’s estimate of the fair values of these financial instruments approximates their carrying amounts at December 31, 2023 and 2022.
Inventories	Inventories Inventories include material, direct labor and manufacturing overhead and are valued at the lower of cost or net realizable value. Cost is determined on a standard cost basis that approximates the first-in, first-out (FIFO) method.Estimated inventory allowances for slow-moving and obsolete inventories are based on current assessments of future demands, market conditions, evaluation of longer lead times for certain electronic components and related management initiatives. If market conditions or customer requirements change and are less favorable than those projected by management, inventory allowances are adjusted accordingly.
Plant and Equipment	Plant and Equipment Plant and equipment is stated at cost. Depreciation and amortization are computed for financial reporting purposes using the straight-line method, with estimated useful lives of 7 to 30 years for buildings and improvements, and 3 to 10 years for machinery and equipment.
Impairment or Disposal of Long-Lived Assets	Impairment or Disposal of Long-Lived Assets The Company reviews long-lived assets, including property, plant and equipment and other intangible assets with definite lives, for impairment whenever events or changes in circumstances indicate that the asset’s carrying amount may not be recoverable. The Company conducts its long-lived asset impairment analysis in accordance with ASC 360-10-15, Impairment or Disposal of Long-Lived Assets. ASC 360-10-15 requires the Company to group assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and evaluate the asset group against the sum of the undiscounted future cash flows. If the undiscounted cash flows do not indicate the carrying amount of the asset is recoverable, an impairment charge is measured as the amount by which the carrying amount of the asset group exceeds its fair value based on discounted cash flow analysis or appraisals.
Patents	Patents The Company’s policy is to capitalize costs incurred to obtain patents. The cost of patents is amortized over their useful lives. The cost of patents in process is not amortized until issuance. The Company periodically obtains intellectual property rights, in the ordinary course of business, and the cost of the rights are amortized over their useful lives.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill reflects the cost of an acquisition in excess of the fair values assigned to identifiable net assets acquired. The Company reviews goodwill for impairment during the fourth quarter on an annual basis or more frequently if events or changes in circumstances indicate that goodwill might be impaired. The Company performs an impairment review for its Automotive and Other reporting units, which have been determined to be the Company’s reportable segments, using either a qualitative approach or quantitative approach which utilizes a fair value method that incorporates certain assumptions and judgments. The fair value of a reporting unit refers to the price that would be received to sell the unit as a whole in an orderly transaction between market participants at the measurement date. The Company performs a qualitative assessment (step 0) to determine whether it is more likely than not that a reporting unit's fair value is less than its carrying amount. If not, no further goodwill impairment testing is performed. If so, the Company performs a step 1 test to determine the fair value of the reporting unit using an income approach to estimate the fair value of each of its reporting units and a market valuation approach to further support this analysis. If the fair value of the reporting unit is greater than its carrying amount, goodwill is not considered to be impaired. However, if the fair value of the reporting unit is less than its carrying amount, an impairment change is recorded as the excess of the reporting unit's carrying value over its fair value. The assumptions included in the impairment tests require judgment and changes to these inputs could impact the results of the calculations which could result in an impairment charge in future periods if the carrying amount of the reporting unit exceeds its calculated fair value. For the qualitative assessment performed, management considers factors such as macro-economic conditions, industry and market considerations, overall financial performance, and other Company-specific events, amongst other factors, in making the determination as to whether it is more likely than not that a reporting unit's fair value is less than its carrying amount. Other than management's internal projections of future cash flows, the primary assumptions used in the step 1 impairment test is the weighted-average cost of capital and long-term growth rates. Although the Company's cash flow forecasts are based on assumptions that are considered reasonable by management and consistent with the plans and estimates management is using to operate the underlying business, there are significant judgments in determining the expected future cash flows attributable to a reporting unit. There have been no impairment charges recorded currently or in prior periods in which goodwill existed. Indefinite lived intangible assets are also subject to annual impairment testing or more frequently if indicators of impairment are identified. Management's judgment and assumptions are required in determining the underlying fair value of the indefinite lived intangible assets. While the Company believes the judgments and assumptions used in determining fair value are reasonable, different assumptions could change the estimated fair values and, therefore, impairment charges could be required, which could be material to the consolidated financial statements. The Company performs a qualitative assessment (step 0) to determine whether it is more likely than not that an intangible asset's fair value is less than its carrying amount. If not, no further impairment testing over the indefinite lived intangible assets is performed. The indefinite lived intangible assets were not impaired as a result of the annual test prepared by management for either period presented. As part of recent acquisitions, the Company acquired Indefinite lived in-process research and development ("IPR&D") intangible assets. These IPR&D assets are not amortized, but are tested for impairment annually, or more frequently when indicators of potential impairment exist, until the completion or abandonment of the associated research and development efforts. Upon completion of the projects, the assets will be amortized over the expected economic life of the asset, which will be determined on that date. Should the project be determined to be abandoned, and if the asset developed has no alternative use, the full value of the asset will be charged to expense.
Revenue Recognition	Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers. Accordingly, revenue is recognized in an amount that reflects the consideration to which the Company expects to be entitled in exchange for promised goods or services when it transfers those goods or services to customers. Sales are shown net of returns, which have not historically been significant. The Company does not generate sales from arrangements with multiple deliverables. The Company generally receives purchase orders from customers on an annual basis in the ordinary course of business. Typically, such purchase orders provide the annual terms, including pricing, related to a particular vehicle model. Purchase orders generally do not specify quantities. The Company recognizes revenue based on the pricing terms included in such annual purchase orders. As part of certain agreements, entered into in the ordinary course of business, the Company is asked to provide customers with annual price reductions. Such amounts are subject to estimate and are accrued as a reduction of revenue as control of the products is transferred to the customer under standard commercial terms. For any shipments of product that may be subject to retroactive price adjustments that are then being negotiated, the Company records revenue based on the Company’s best estimate of the amount of consideration to which the entity will be entitled in exchange for transferring the promised goods to the customer. The Company's best estimate requires significant judgment based on historical results and expected outcomes of ongoing negotiations with customers. The Company's approach is to consider these adjustments to the contract price as variable consideration which is estimated based on the then most likely price amount. In addition, the Company has ongoing adjustments to pricing arrangements with customers based on the related content, the cost of Company products and other commercial factors. Such pricing accruals are adjusted as they are settled with customers.
Advertising and Promotional Materials	Advertising and Promotional Materials All advertising and promotional costs are expensed as incurred
Repairs and Maintenance	Repairs and Maintenance Major renewals and improvements of property and equipment are capitalized, and repairs and maintenance are expensed as incurred.
Self-Insurance	Self-Insurance The Company is self-insured for a portion of its risk on workers’ compensation and employee medical costs. The arrangements provide for stop loss insurance to manage the Company’s risk. Such costs are accrued based on known claims and an estimate of incurred, but not reported ("IBNR") claims. IBNR claims are estimated using historical lag information and other data provided by claims administrators. This estimation process is subjective, and to the extent that future results differ from original estimates, adjustments to recorded accruals may be necessary.
Product Warranty	Product Warranty The Company periodically incurs product warranty costs. Any liabilities associated with product warranty are estimated based on known facts and circumstances and are not significant at December 31, 2023, 2022 and 2021. The Company does not offer extended warranties on its products.
Income Taxes	Income Taxes The provision for income taxes is based on the earnings reported in the consolidated financial statements. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax basis of assets and liabilities that will result in deductible or taxable amounts in the future. Such deferred income tax asset and liability computations are based on enacted tax laws and rates. The Company applies the provisions of ASC 740, Income Taxes, as it relates to uncertainty in income taxes recognized in the Company’s consolidated financial statements. A threshold of more likely than not to be sustained upon examination is applied to uncertain tax positions. The Company deems the estimates related to this provision to be reasonable, however, no assurance can be given that the final outcome of these matters will not vary from what is reflected in the historical income tax provisions and accruals.
Leases	Leases The Company has operating leases for corporate offices, warehouses, vehicles, and other equipment
Earnings Per Share	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.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) reflects the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. For the Company, comprehensive income represents net income adjusted for unrealized gains and losses on available for sale investments and foreign currency translation adjustments
Foreign Currency Translation	Foreign Currency Translation The financial position and results of operations of the Company’s foreign subsidiaries are measured using the local currency as the functional currency. Assets and liabilities are translated at the exchange rate in effect at year-end. Income statement accounts are translated at the average rate of exchange in effect during the year. The resulting translation adjustment is recorded as a separate component of shareholders’ investment. Gains and losses arising from re-measuring foreign currency transactions into the appropriate currency are included in the determination of net income.
Stock-Based Compensation Plans	Stock-Based Compensation Plans The Company accounts for stock-based compensation using the fair value recognition provisions of ASC 718, Compensation - Stock Compensation. As described more fully in Note 5, "Stock-Based Compensation Plans", the Company provides, or has provided, compensation benefits under an omnibus incentive plan, two other stock option plans, another restricted stock plan, and two employee stock purchase plans. The Company utilizes the Black-Scholes model to estimate the value of the stock options, which requires the input of assumptions. These assumptions include estimating (a) the length of time employees will retain their vested stock options before exercising them (“expected term”), (b) the volatility of the Company’s common stock price over the expected term, (c) the number of options that will ultimately not complete their vesting requirements (“forfeitures”) and (d) expected dividends. Changes in the assumptions can materially affect the estimate of fair value of stock-based compensation and consequently, the related amounts recognized on the consolidated statements of operations.
Estimates	Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Reclassifications	Reclassifications Certain prior year amounts have been reclassified to conform to current year presentation.
Recent Accounting Standards	Recent Accounting Standards In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2023-07, Improvements to Reportable Segment Disclosures. This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment's profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted. The Company will likely include additional disclosures when this ASU is adopted. The Company is currently evaluating the provisions of this ASU and expects to adopt the ASU for the year ending December 31, 2024. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. Under this ASU, public benefit entities must annually “(1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate).” This ASU is effective on a prospective basis for the Company in the fiscal year ending December 31, 2025. This ASU will result in additional disclosures being included in the consolidated financial statements once adopted.

INCOME TAXES - Schedule of Components of Provision for Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Currently payable:
Federal	$ 85,978,954	$ 62,670,986	$ 89,507,896
State	6,242,525	4,310,783	5,642,926
Foreign	2,091,533	1,761,732	2,098,433
Total	94,313,012	68,743,501	97,249,255
Deferred income tax benefit:
Primarily federal	(17,735,110)	(17,777,777)	(41,694,751)
Provision for income taxes	$ 76,577,902	$ 50,965,724	$ 55,554,504

- Definition

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

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES

The Company

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

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

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

Consolidation

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

Cash Equivalents

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

Allowance For Doubtful Accounts

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

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


	Beginning Balance		Net Additions/ (Reductions) to Costs and Expenses		Net Additions/Deductions and Other Adjustments		Ending Balance
Year Ended December 31, 2023:
Allowance for Doubtful Accounts	$	2,967,095	$	—	$	(301,892)	$	2,665,203
Year Ended December 31, 2022:
Allowance for Doubtful Accounts	$	3,176,205	$	—	$	(209,110)	$	2,967,095
Year Ended December 31, 2021:
Allowance for Doubtful Accounts	$	3,464,747	$	—	$	(288,542)	$	3,176,205

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

Investments

Available for sale securities

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

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

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

On October 4, 2023, the Company entered into a Stock Purchase Agreement to acquire up to 3,137,500 shares of VOXX International Corporation ("VOXX") Class A Common Stock. The Company agreed to purchase the shares in two tranches: (1) on October 6, 2023, the Company purchased 1,568,750 shares of Class A Common Stock at a price of $10 per share, and (2) on January 5, 2024, the Company purchased 1,568,750 shares of Class A Common Stock at a price of $10 per share. The VOXX shares held by the Company are publicly traded and have a readily determinable fair market value and are considered Level 1 assets. The investment is accounted for in accordance with ASC 321, Investments - Equity Securities, with changes in fair value recorded in Investment income, net in consolidated statements of income. No significant changes in fair value related to the commitment to purchase the second tranche occurred between October 4, 2023 and December 31, 2023.

Technology Investments

The Company also periodically makes strategic investments in the non-marketable debt or equity securities of non-consolidated third parties ("technology investments"). Such technology investments totaled approximately $128.0 million at December 31, 2023, of which $124.6 million and $3.4 million are recorded in long-term investments and short-term investments on the consolidated balance sheet, and $65.5 million as of December 31, 2022, of which $61.7 million and $3.8 million are recorded in long-term investments and short-term investments on the consolidated balance sheet.

Depending on the form of investment, and the degree of influence the Company has over the investee, the Company primarily accounts for the technology investments in accordance with ASC 321, Investments- Equity Securities or ASC 323 – Investments – Equity Method and Joint Venture. The Company accounts for equity securities in non-controlled affiliates through which the Company exercises significant influence but do not have control over the investee under the equity method, with the Company’s share of the earnings or losses of non-controlled affiliates recognized within Other (loss) income, net in the Company's consolidated statement of income. All other technology investments that the Company holds are primarily accounted for under the measurement alternative of ASC 321. Under the measurement alternative, the carrying value is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer.

A summary of the Company’s most significant technology investments is below:

Adasky - Adasky is an Israeli based leading developer and manufacturer of intelligent, high-resolution thermal sensing systems for vehicle safety and perception applications and smart city roadway solutions. During 2023, the Company invested approximately $46.5 million in Adasky, which resulted in an approximately 27% ownership stake in Adasky. These investments included approximately $25 million related to preferred shares of Adasky accounted for using the measurement alternative and $21.5 million for common shares of Adasky accounted for using the equity method. As of December 31, 2023, the carrying value of the Company’s investments in Adasky was $45.8 million.

Green Marbles - GreenMarbles is a leading provider of sustainable solutions for integration into properties. On June 3, 2022, the Company obtained an approximate 20% equity share in GreenMarbles for $25.0 million, consisting of $20.0 million of cash investment and the issuance of $5.0 million worth of Gentex common stock. The Company accounts for its investment in GreenMarbles using the equity method. As of December 31, 2023 and 2022, the carrying value of the investment in GreenMarbles was $22.6 million and $24.4 million, respectively.

Simplenight - Simplenight provides drivers and vehicle occupants with access to enhanced mobile capability for booking personalized entertainment and lifestyle experiences in addition to everyday purchases. During the years ended December 31, 2023 and 2022, the Company made investments of $7.5 million and $7.5 million in Simplenight, respectively, and as of December 31, 2023, the Company has an approximately 30% ownership interest in Simplenight primarily accounted for using the measurement alternative. As of December 31, 2023 and 2022, the carrying value of the Company’s investments in Simplenight was $20.9 million and $12.9 million.

Solace Power - Solace Power is a Canada-based company specializing in wireless power solutions. On December 12, 2023, the Company purchased a 13% equity interest in Solace Power, which is accounted for using the measurement alternative.

Assets or liabilities that have recurring fair value measurements are shown below as of December 31, 2023 and 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, 2023		(Level I)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	226,435,019	$	226,435,019	$	—	$	—

Short-Term Investments:
Certificate of Deposit	994,013		$	994,013	—		—
Corporate Bonds	1,943,886		—		1,943,886		—
Government Securities	4,759,507		—		4,759,507		—
Municipal Bonds	1,726,658		—		1,726,658		—
Other	1,465,388		1,465,388		—		—
Long-Term Investments:
Asset-backed Securities	27,146,504		—		27,146,504		—
Certificate of Deposit	748,358		748,358		—		—
Corporate Bonds	65,404,340		—		65,404,340		—
Government Securities	6,227,129		—		6,227,129		—
Municipal Bonds	56,336,921		—		56,336,921
Common Stock	18,610,519		18,610,519		—		—
Total	$	411,798,242	$	248,253,297	$	163,544,945	$	—


			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 I)		(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		—
Government 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 December 31, 2023 and 2022:


	Unrealized
2023	Cost		Gains		Losses		Market Value
Short-Term Investments:
Certificate of Deposit	$	1,000,000	$	—	$	(5,987)	$	994,013
Corporate Bonds	1,976,195		—		(32,309)		1,943,886
Government Securities	4,754,495		21,141		(16,129)		4,759,507
Municipal Bonds	1,749,038		—		(22,380)		1,726,658
Other	1,465,388		—		—		1,465,388
Long-Term Investments:
Asset-backed Securities	26,923,803		331,847		(109,146)		27,146,504
Certificate of Deposit	750,000				(1,642)		748,358
Corporate Bonds	66,214,398		748,471		(1,558,529)		65,404,340
Government Securities	6,217,774		10,675		(1,320)		6,227,129
Municipal Bonds	58,261,615		811,128		(2,735,822)		56,336,921
Common Stock	17,324,886		1,328,446		(42,813)		18,610,519
Total	$	186,637,592	$	3,251,708	$	(4,526,077)	$	185,363,223


	Unrealized
2022	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 December 31, 2023 are as follows:


	Aggregate Unrealized Losses		Aggregate Fair Value
Less than one year	$	126,074	$	13,449,592
Greater than one year	4,400,003		76,966,258
Total	$	4,526,077	$	90,415,850

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


	Aggregate Unrealized Losses		Aggregate Fair Value
Less than one year	$	4,816,103	$	77,701,146
Greater than one year	8,217,959		76,643,586
Total	$	13,034,062	$	154,344,732

Effective January 1, 2020, the Company adopted Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The guidance modifies the impairment model for available-for-sale debt securities and provides a simplified accounting model for purchased financial assets with credit deterioration since their origination. The Company utilized the guidance provided by ASC 326 to determine whether any of the available-for-sale debt securities held by the Company were impaired. No investments were considered to be impaired during the years presented. The Company has the intention and current ability to hold its debt investments until the amortized cost basis has been recovered. If market, industry, and/or investee conditions deteriorate, the Company may incur future impairments. No investments were considered to be other-than-temporarily impaired in 2023 and 2022.

Fixed income securities as of December 31, 2023, have contractual maturities as follows:


Due within one year	$	9,953,308
Due between one and five years	94,519,794
Due over five years	60,814,214
	$	165,287,316

Fair Value of Financial Instruments

The Company’s financial instruments consist of cash and cash equivalents, investments, accounts receivable, accounts payable, and short and long-term debt. The Company’s estimate of the fair values of these financial instruments approximates their carrying amounts at December 31, 2023 and 2022.

Inventories

Inventories include material, direct labor and manufacturing overhead and are valued at the lower of cost or net realizable value. Cost is determined on a standard cost basis that approximates the first-in, first-out (FIFO) method. Inventories consisted of the following as of December 31, 2023 and 2022:


	2023		2022
Raw materials	$	283,126,566	$	304,184,004
Work-in-process	46,343,955		45,512,275
Finished goods	73,002,507		54,663,991
Total Inventory	$	402,473,028	$	404,360,270

Estimated inventory allowances for slow-moving and obsolete inventories are based on current assessments of future demands, market conditions, evaluation of longer lead times for certain electronic components and related management initiatives. If market conditions or customer requirements change and are less favorable than those projected by management, inventory allowances are adjusted accordingly. Allowances for slow-moving and obsolete inventories (which are included, net, in the above inventory values) were $10.3 million and $10.0 million at December 31, 2023 and 2022, respectively.

Plant and Equipment

Plant and equipment is stated at cost. Depreciation and amortization are computed for financial reporting purposes using the straight-line method, with estimated useful lives of 7 to 30 years for buildings and improvements, and 3 to 10 years for machinery and equipment. Depreciation expense was approximately $73.6 million, $74.9 million and $76.8 million in 2023, 2022 and 2021, respectively.

Impairment or Disposal of Long-Lived Assets

The Company reviews long-lived assets, including property, plant and equipment and other intangible assets with definite lives, for impairment whenever events or changes in circumstances indicate that the asset’s carrying amount may not be recoverable. The Company conducts its long-lived asset impairment analysis in accordance with ASC 360-10-15, Impairment or Disposal of Long-Lived Assets. ASC 360-10-15 requires the Company to group assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and evaluate the asset group against the sum of the undiscounted future cash flows. If the undiscounted cash flows do not indicate the carrying amount of the asset is recoverable, an impairment charge is measured as the amount by which the carrying amount of the asset group exceeds its fair value based on discounted cash flow analysis or appraisals.

Patents

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

Goodwill and Intangible Assets

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

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

Indefinite lived intangible assets are also subject to annual impairment testing or more frequently if indicators of impairment are identified. Management's judgment and assumptions are required in determining the underlying fair value of the indefinite lived intangible assets. While the Company believes the judgments and assumptions used in determining fair value are reasonable, different assumptions could change the estimated fair values and, therefore, impairment charges could be required, which could be material to the consolidated financial statements. The Company performs a qualitative assessment (step 0) to determine whether it is more likely than not that an intangible asset's fair value is less than its carrying amount. If not, no further impairment testing over the indefinite lived intangible assets is performed. The indefinite lived intangible assets were not impaired as a result of the annual test prepared by management for either period presented.

As part of recent acquisitions, the Company acquired Indefinite lived in-process research and development ("IPR&D") intangible assets. These IPR&D assets are not amortized, but are tested for impairment annually, or more frequently when indicators of potential impairment exist, until the completion or abandonment of the associated research and development efforts. Upon completion of the projects, the assets will be amortized over the expected economic life of the asset, which will be determined on that date. Should the project be determined to be abandoned, and if the asset developed has no alternative use, the full value of the asset will be charged to expense.

Refer to Note 10, "Goodwill and Intangible Assets" for information regarding the impairment testing performed in calendar year 2023.

Revenue Recognition

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

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

Advertising and Promotional Materials

All advertising and promotional costs are expensed as incurred and amounted to approximately $3.4 million, $3.3 million and $1.8 million, in 2023, 2022 and 2021, respectively.

Repairs and Maintenance

Major renewals and improvements of property and equipment are capitalized, and repairs and maintenance are expensed as incurred. The Company incurred expenses relating to the repair and maintenance of plant and equipment of approximately $31.0 million, $27.9 million and $24.2 million, in 2023, 2022 and 2021, respectively.

Self-Insurance

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

Product Warranty

The Company periodically incurs product warranty costs. Any liabilities associated with product warranty are estimated based on known facts and circumstances and are not significant at December 31, 2023, 2022 and 2021. The Company does not offer extended warranties on its products.

Income Taxes

The provision for income taxes is based on the earnings reported in the consolidated financial statements. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax basis of assets and liabilities that will result in deductible or taxable amounts in the future. Such deferred income tax asset and liability computations are based on enacted tax laws and rates. The Company applies the provisions of ASC 740, Income Taxes, as it relates to uncertainty in income taxes recognized in the Company’s consolidated financial statements. A threshold of more likely than not to be sustained upon

examination is applied to uncertain tax positions. The Company deems the estimates related to this provision to be reasonable, however, no assurance can be given that the final outcome of these matters will not vary from what is reflected in the historical income tax provisions and accruals.

Leases

The Company has operating leases for corporate offices, warehouses, vehicles, and other equipment, which are included within "Patents and other assets" section of the Consolidated Balance Sheets. The leases have remaining lease terms of 1 year to 5 years. The weighted average remaining lease term for operating leases as of December 31, 2023 was 3 years, with a weighted average discount rate of 6.4%. Future minimum lease payments for operating leases are as follows:


Year ending December 31,

2024	$	1,857,325
2025	1,091,917
2026	545,291
2027	242,712
Thereafter	3,846
Total future minimum lease payments	$	3,741,091
Less imputed interest	(170,876)
Total	$	3,570,215

Earnings Per Share

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

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


	2023		2022		2021
Basic Earnings Per Share
Net Income	$	428,403,272	$	318,757,352	$	360,797,232
Less: Allocated to participating securities	6,352,424		4,875,057		5,591,992
Net Income available to common shareholders	$	422,050,848	$	313,882,295	$	355,205,240

Basic weighted average shares outstanding	229,405,479		230,825,293		235,526,911
Net Income per share - Basic	$	1.84	$	1.36	$	1.51

Diluted Earnings Per Share
Allocation of Net Income used in basic computation	$	422,050,848	$	313,882,295	$	355,205,240
Reallocation of undistributed earnings	6,341		5,299		17,014
Net Income available to common shareholders — Diluted	$	422,057,189	$	313,887,594	$	355,222,254

Number of shares used in basic computation	229,405,479		230,825,293		235,526,911
Additional weighted average dilutive common stock equivalents	314,719		394,196		1,077,103
Diluted weighted average shares outstanding	229,720,198		231,219,489		236,604,014

Net income per share — Diluted	$	1.84	$	1.36	$	1.50

For the years ended December 31, 2023, 2022 and 2021, 1,441,812 shares, 1,842,602 shares, and 200,037 shares, respectively, related to stock option plans were not included in diluted average common shares outstanding because they were anti-dilutive.

Comprehensive Income (Loss)

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

Foreign Currency Translation

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

Stock-Based Compensation Plans

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

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

Estimates

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

Reclassifications

Certain prior year amounts have been reclassified to conform to current year presentation.

Recent Accounting Standards

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2023-07, Improvements to Reportable Segment Disclosures. This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment's profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted. The Company will likely include additional disclosures when this ASU is adopted. The Company is currently evaluating the provisions of this ASU and expects to adopt the ASU for the year ending December 31, 2024.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. Under this ASU, public benefit entities must annually “(1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate).” This ASU is effective on a prospective basis for the Company in the fiscal year ending December 31, 2025. This ASU will result in additional disclosures being included in the consolidated financial statements once adopted.

STOCK-BASED COMPENSATION PLANS -Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Shares
Shares, outstanding at beginning of year (in shares)	4,872	4,535	4,533
Shares, granted (in shares)	768	1,219	1,434
Shares, exercised (in shares)	(1,023)	(530)	(1,184)
Shares, forfeited (in shares)	(230)	(352)	(248)
Shares, outstanding at end of year (in shares)	4,387	4,872	4,535
Shares, exercisable at end of year (in shares)	1,942	1,960	1,380
Wtd. Avg Grant Date Fair Value
Wtd. avg. ex. price, outstanding at beginning of year (in dollars per share)	$ 28	$ 27	$ 23
Wtd. avg. ex. price, granted (in dollars per share)	30	27	34
Wtd. avg. ex. price, exercised (in dollars per share)	31	21	20
Wtd. avg. ex. price, forfeited (in dollars per share)	29	28	27
Wtd. avg. ex. price, outstanding at end of year (in dollars per share)	29	28	27
Wtd. avg. ex. price, exercisable at end of year (in dollars per share)	$ 29	$ 26	$ 23
Wtd. avg. remaining contract life, outstanding at end of year	2 years 10 months 24 days	3 years 1 month 6 days	3 years 4 months 24 days
Wtd. avg. remaining contract life, exercisable at end of year	2 years 3 months 18 days	2 years 4 months 24 days	2 years 6 months
Aggregate intrinsic value, exercised	$ 7,847	$ 4,065	$ 17,289
Aggregate intrinsic value, outstanding at end of year	17,491	8,928	35,283
Aggregate intrinsic value, exercisable at end of year	$ 8,916	$ 5,864	$ 16,433

SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES - Narrative (Details)		12 Months Ended
	Jun. 03, 2022 USD ($)	Dec. 31, 2023 USD ($) plan shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Jan. 05, 2024 $ / shares shares	Dec. 12, 2023	Oct. 06, 2023 $ / shares shares	Oct. 04, 2023 tranche shares
Summary Of Significant Accounting And Reporting Policies [Line Items]
Technology investments		$ 128,000,000	$ 65,500,000
Purchase of equity method investments		71,083,511	45,743,460	$ 12,902,500
Allowance for obsolete and slow moving inventories		10,300,000	10,000,000
Depreciation expense		73,600,000	74,900,000	76,800,000
Advertising and promotional costs		3,400,000	3,300,000	1,800,000
Repair and maintenance of plant and equipment		$ 31,000,000	$ 27,900,000	$ 24,200,000
Operating lease, liability, statement of financial position		Patents and other assets, net
Weighted average remaining lease term		3 years
Weighted average discount rate		6.40%
Number of shares related to stock plans not included in diluted average common shares outstanding because their effect would be antidilutive (in shares) \| shares		1,441,812	1,842,602	200,037
Employee Stock Option
Summary Of Significant Accounting And Reporting Policies [Line Items]
Number of plans \| plan		2
Employee Stock Purchase Plan
Summary Of Significant Accounting And Reporting Policies [Line Items]
Number of plans \| plan		2
Minimum
Summary Of Significant Accounting And Reporting Policies [Line Items]
Remaining lease term		1 year
Minimum \| Buildings and improvements
Summary Of Significant Accounting And Reporting Policies [Line Items]
Minimum estimated useful life, in years		7 years
Minimum \| Machinery and equipment
Summary Of Significant Accounting And Reporting Policies [Line Items]
Minimum estimated useful life, in years		3 years
Maximum
Summary Of Significant Accounting And Reporting Policies [Line Items]
Remaining lease term		5 years
Maximum \| Buildings and improvements
Summary Of Significant Accounting And Reporting Policies [Line Items]
Minimum estimated useful life, in years		30 years
Maximum \| Machinery and equipment
Summary Of Significant Accounting And Reporting Policies [Line Items]
Minimum estimated useful life, in years		10 years
Adasky
Summary Of Significant Accounting And Reporting Policies [Line Items]
Purchase of equity method investments		$ 46,500,000
Equity method investment, ownership percentage		27.00%
Equity method investments		$ 45,800,000
Preferred Shares
Summary Of Significant Accounting And Reporting Policies [Line Items]
Purchase of equity method investments		25,000,000
Common Shares
Summary Of Significant Accounting And Reporting Policies [Line Items]
Purchase of equity method investments		21,500,000
GreenMarbles
Summary Of Significant Accounting And Reporting Policies [Line Items]
Purchase of equity method investments	$ 25,000,000
Equity method investment, ownership percentage	20.00%
Equity method investments		22,600,000	$ 24,400,000
Cash investment in purchase of equity method investments	$ 20,000,000
Issuance of common stock in purchase of equity method investments	$ 5,000,000
Simplenight
Summary Of Significant Accounting And Reporting Policies [Line Items]
Purchase of equity method investments		$ 7,500,000	7,500,000
Equity method investment, ownership percentage		30.00%
Equity method investments		$ 20,900,000	12,900,000
Solace Power
Summary Of Significant Accounting And Reporting Policies [Line Items]
Equity method investment, ownership percentage						13.00%
Long-Term Investments
Summary Of Significant Accounting And Reporting Policies [Line Items]
Technology investments		124,600,000	61,700,000
Short-term Investments
Summary Of Significant Accounting And Reporting Policies [Line Items]
Technology investments		$ 3,400,000	$ 3,800,000
VOXX
Summary Of Significant Accounting And Reporting Policies [Line Items]
Number of tranches \| tranche								2
VOXX \| Common Class A
Summary Of Significant Accounting And Reporting Policies [Line Items]
Number of shares acquired (in shares) \| shares							1,568,750	3,137,500
Shares purchased, price per share (in dollars per share) \| $ / shares							$ 10
VOXX \| Common Class A \| Subsequent Event
Summary Of Significant Accounting And Reporting Policies [Line Items]
Number of shares acquired (in shares) \| shares					1,568,750
Shares purchased, price per share (in dollars per share) \| $ / shares					$ 10

SEGMENT REPORTING - Schedule of Automotive Customers Individually Accounted for 10% or More of Net Sales (Details) - automotiveCustomer	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue, Major Customer [Line Items]
Percentage net sales invoiced and paid in foreign currencies	8.00%	7.00%	8.00%
Customer concentration risk \| Revenue Benchmark
Revenue, Major Customer [Line Items]
Number of customers which individually accounted for 10% or more of net sales	3
Customer concentration risk \| Revenue Benchmark \| Toyota Motor Company
Revenue, Major Customer [Line Items]
Percentage of revenue individually accounted by customers	18.00%	16.00%	15.00%
Customer concentration risk \| Revenue Benchmark \| Volkswagen Group
Revenue, Major Customer [Line Items]
Percentage of revenue individually accounted by customers	14.00%	13.00%	13.00%
Customer concentration risk \| Revenue Benchmark \| General Motors
Revenue, Major Customer [Line Items]
Percentage of revenue individually accounted by customers	10.00%	10.00%	11.00%

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

The Company recorded Goodwill of: $307.4 million related to the HomeLink® acquisition in 2013; $3.7 million as part of the acquisition of Vaporsens, Inc. ("Vaporsens") in 2020; $0.2 million as part of the acquisition of Air-Craftglass Production BV ("Air-Craftglass") in 2020; $1.0 million as part of the acquisition of Argil, Inc. ("Argil") in 2020; $2.0 million as part of the acquisition of Guardian Optical Technologies ("Guardian") in 2021; and $26.7 million as part of the acquisition of eSight in the fourth quarter of 2023. Refer to Note 12, "Acquisitions", for further information on the eSight acquisition. The carrying value of Goodwill as of December 31, 2023 and December 31, 2022 was $340.1 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	26,696,012
Divestitures	—
Impairments	—
Other	(397,875)
Balance as of December 31, 2023	340,105,631

As of December 31, 2023, $30.6 million of goodwill was recorded within the Other segment as a result of the Vaporsens, Air-Craftglass, and the eSight acquisitions, and $309.5 million of goodwill was recorded within the Automotive segment.

The Company reviews goodwill and IPR&D for impairment during the fourth quarter on an annual basis or more frequently if events or changes in circumstances indicate that goodwill might be impaired. The Company performed a qualitative assessment (step 0) to determine whether it is more likely than not that a reporting unit or intangible asset's fair value is less than its carrying amount. Based on this test, the Company determined they were not and that no additional impairment testing was needed. The Company has not recognized any impairment of goodwill or IPR&D in the current or prior periods. The Company continuously monitors for events and circumstances that could negatively impact the key assumptions in determining fair value thus resulting in the need for interim testing, including long-term revenue growth projections, profitability, discount rates, recent market valuations from transactions by comparable companies, volatility in the Company's market capitalization, and certain general industry, market and macro-economic conditions. No such events or circumstances that might negatively impact the key assumptions were observed in 2023 and, as such, nothing indicated the need for interim impairment testing.

The Intangible Assets and related change in carrying values are set forth in the table below as of December 31, 2023 and December 31, 2022.

As of December 31, 2023:


Other Intangible Assets	Gross		Accumulated Amortization		Net		Assumed Useful Life
HomeLink® Trade Names and Trademarks	$	52,000,000	$	—	$	52,000,000	Indefinite
HomeLink® Technology	180,000,000		(153,750,000)		26,250,000		12 years
Existing Customer Platforms	43,000,000		(43,000,000)		—		10 years
Exclusive Licensing Agreement	96,000,000		—		96,000,000		Indefinite
eSight Technology	12,000,000		—		12,000,000		12 years
eSight Trade Names and Trademarks	870,000		—		870,000		12 years
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 identifiable intangible assets	$	410,755,910	$	(196,750,000)	$	214,005,910

As of December 31, 2022:


Other Intangible Assets	Gross		Accumulated Amortization		Net		Assumed Useful Life
HomeLink® Trade Names and Trademarks	$	52,000,000	$	—	$	52,000,000	Indefinite
HomeLink® Technology	180,000,000		(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 identifiable intangible assets	$	397,885,910	$	(178,525,000)	$	219,360,910

Accumulated amortization on patents and intangible assets was approximately $224.7 million and $206.3 million at December 31, 2023 and 2022, respectively. Amortization expense on patents and other intangible assets was approximately $19.7 million, $21.7 million, and $22.2 million in calendar years 2023, 2022 and 2021, respectively. At December 31, 2023, patents had a weighted average amortized life of 11 years.

Excluding the impact of any future acquisitions, the Company anticipates amortization expense including patents and other intangible assets to be approximately: $17 million for the year ended December 31, 2024; $14 million for the year ended December 31, 2025; $3 million for each of the years ended December 31, 2026, December 2027, and December 31, 2028.

SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES - Schedule of Allowance for Doubtful Accounts (Details) - Allowance for Doubtful Accounts - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Activity in the Company’s allowance for doubtful accounts
Beginning Balance	$ 2,967,095	$ 3,176,205	$ 3,464,747
Net Additions/ (Reductions) to Costs and Expenses	0	0	0
Net Additions/Deductions and Other Adjustments	(301,892)	(209,110)	(288,542)
Ending Balance	$ 2,665,203	$ 2,967,095	$ 3,176,205

SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES - Schedule of Assets or Liabilities Having Recurring Measurements (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash & Cash Equivalents	$ 226,435,019	$ 214,754,638
Restricted Cash		4,000,000
Market Value	185,363,223	159,790,118
Total	411,798,242	378,544,756
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash & Cash Equivalents	226,435,019	214,754,638
Restricted Cash		4,000,000
Total	248,253,297	222,116,628
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash & Cash Equivalents	0	0
Restricted Cash		0
Total	163,544,945	156,428,128
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash & Cash Equivalents	0	0
Restricted Cash		0
Total	0	0
Short-term Investments \| Certificate of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	994,013	1,736,163
Short-term Investments \| Certificate of Deposit \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	994,013	1,736,163
Short-term Investments \| Certificate of Deposit \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Short-term Investments \| Certificate of Deposit \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Short-term Investments \| Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	1,943,886	5,473,341
Short-term Investments \| Corporate Bonds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Short-term Investments \| Corporate Bonds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	1,943,886	5,473,341
Short-term Investments \| Corporate Bonds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Short-term Investments \| Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	4,759,507	4,423,041
Short-term Investments \| Government Securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Short-term Investments \| Government Securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	4,759,507	4,423,041
Short-term Investments \| Government Securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Short-term Investments \| Municipal Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	1,726,658	5,174,773
Short-term Investments \| Municipal Bonds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Short-term Investments \| Municipal Bonds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	1,726,658	5,174,773
Short-term Investments \| Municipal Bonds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Short-term Investments \| Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	1,465,388	2,347,602
Short-term Investments \| Other \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	1,465,388	1,093,602
Short-term Investments \| Other \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	1,254,000
Short-term Investments \| Other \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Long-term Investments \| Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	27,146,504	18,829,696
Long-term Investments \| Asset-backed Securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Long-term Investments \| Asset-backed Securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	27,146,504	18,829,696
Long-term Investments \| Asset-backed Securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Long-term Investments \| Certificate of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	748,358	238,925
Long-term Investments \| Certificate of Deposit \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	748,358	238,925
Long-term Investments \| Certificate of Deposit \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Long-term Investments \| Certificate of Deposit \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Long-term Investments \| Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	65,404,340	36,310,477
Long-term Investments \| Corporate Bonds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Long-term Investments \| Corporate Bonds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	65,404,340	36,310,477
Long-term Investments \| Corporate Bonds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Long-term Investments \| Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	6,227,129	36,532,634
Long-term Investments \| Government Securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Long-term Investments \| Government Securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	6,227,129	36,532,634
Long-term Investments \| Government Securities \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Long-term Investments \| Municipal Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	56,336,921	48,430,166
Long-term Investments \| Municipal Bonds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0
Long-term Investments \| Municipal Bonds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	56,336,921	48,430,166
Long-term Investments \| Municipal Bonds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value		0
Long-term Investments \| Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	18,610,519	293,300
Long-term Investments \| Common Stock \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	18,610,519	293,300
Long-term Investments \| Common Stock \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	0	0
Long-term Investments \| Common Stock \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Value	$ 0	$ 0