0000355811-24-000027 | 10-Q | XBRL Viewer

[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

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Plans

As of March 31, 2024, the Company had two equity incentive plans, which include the Gentex Corporation 2019 Omnibus Incentive Plan ("2019 Omnibus Plan"), and an employee stock purchase plan. Those plans and any prior material amendments thereto have previously been approved by shareholders.

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

Readers should refer to Note 5 of the consolidated financial statements in the Company's Annual Report on Form 10-K for the calendar year ended December 31, 2023, for additional information related to the Prior Plans.

The Company recognized total compensation expense for share-based payments of $10,487,261 for the three months ended March 31, 2024. The Company recognized compensation expense for share-based payments of $8,519,535 for the three months ended March 31, 2023. A portion of the compensation cost for share based payment awards is capitalized as part of inventory.

2019 Omnibus Incentive Plan

The purpose of the 2019 Omnibus Plan is to attract and retain employees, officers, and directors of the Company and its subsidiaries and to motivate and provide such persons incentives and rewards for performance. Pursuant to the terms of the 2019 Omnibus Plan, each type of award counts against the available shares based on a predetermined conversion rate (shown in the table below). As of March 31, 2024, 10,390,056 share awards have been made under the Plan, resulting in 27,178,740 shares granted of the 45,000,000 total shares available to be issued under the Plan. The shares issued are presented net of shares from canceled/expired options and shares.


	Shares Granted	Conversion Rate	Total Shares Under 2019 Omnibus Plan
Non-Qualified Stock Options	4,903,558	1.00	4,903,558
Restricted Stock	4,480,985	4.06	18,192,799
Performance Shares	1,005,513	4.06	4,082,383
Total	10,390,056		27,178,740

Employee Stock Options

Under the 2019 Omnibus Plan and the Employee Stock Option Plan, the option exercise price equals the stock’s market price on the date of grant. The options vest after one to five years and expire after five to ten years. As of March 31, 2024, there was $7,042,117 of unearned compensation cost associated with stock options granted under the 2019 Omnibus Incentive Plan and the Employee Stock Option Plan, which is expected to be recognized over the remaining vesting periods.

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


	Three Months Ended March 31,
	2024		2023
Dividend Yield (1)	1.64	%	1.76	%
Expected volatility (2)	28.29	%	29.04	%
Risk-free interest rate (3)	4.21	%	3.60	%
Expected term of options (years) (4)	4.14		4.15
Weighted-avg. grant date fair value	$9.08		$6.84

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

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

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

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

Restricted Shares

Restricted shares awarded under the 2019 Omnibus Plan and the Second Restricted Stock Plan entitle the shareholder to all rights of common stock ownership, except that the shares may not be sold, transferred, pledged, exchanged or otherwise disposed of during the restriction period. The restriction period is determined by the Compensation Committee, appointed by the Board of Directors, but may not exceed ten years under the terms of such plans. As of March 31, 2024, the Company had unearned stock-based compensation of $48,288,792 associated with the restricted stock grants issued under the 2019 Omnibus Plan and the Second Restricted Stock Plan. The unearned stock-based compensation related to these grants is being amortized to compensation expense over the applicable restriction periods. Compensation expense from restricted stock grants in the three months ended March 31, 2024 was $6,687,341. Compensation expense from restricted stock grants in the three months ended March 31, 2023 was $5,946,054.

Performance Shares

Performance shares awarded under the 2019 Omnibus Plan are considered performance condition awards as attainment is based on the Company's performance relative to pre-established metrics. The fair value of such performance share awards was determined using the Company's average closing stock price on the twenty days preceding the date of grant. The expected attainment of the metrics for these awards is then analyzed each reporting period, and the related expense is adjusted based on expected attainment, if the then expected attainment differs from previous expectations. The cumulative effect on current and prior periods of a change in expected attainment is recognized in the period of change.

As of March 31, 2024, the Company had unearned stock-based compensation of $20,603,455 associated with these performance share grants. The unearned stock-based compensation related to these grants is being amortized to compensation expense over the applicable performance periods. Compensation expense related to these performance share grants in the three months ended March 31, 2024 was $1,772,630. Compensation expense related to these performance share grants in the three months ended March 31, 2023 was $502,206.

As part of its objective of attracting and retaining management to fulfill the Company's strategic goals, the Compensation Committee recommended and the Board approved on February 16, 2023, a retention grant of performance share awards ("PSAs"). In addition to the retention of management, the PSAs have been granted to further align management goals with those of the Company's shareholders. For that reason, the PSAs have been granted with performance criteria and will be based upon achievement of the Company's relative total shareholder return ("TSR") over a four year period (2023-2026), against a predetermined peer group. The grant date fair value of PSAs with TSR targets was determined using a Monte Carlo simulation. Compensation expense related to these retention grants in the three months ended March 31, 2024 was $422,846.

Employee Stock Purchase Plan

Prior to July 1, 2022, the Company had in place an employee stock purchase plan covering 2,000,000 shares of common stock. Under that plan, the Company sold shares at 85% of the stock’s market price at date of purchase. Under ASC 718, Compensation - Stock Compensation, the 15% discounted value was recognized as compensation expense. As of March 31, 2024, the Company has issued 1,624,122 shares under this prior plan.

In May 2022, the 2022 Gentex Corporation Employee Stock Purchase Plan covering 2,000,000 shares of common stock was approved by shareholders replacing the above referenced prior plan effective July 1, 2022. Under the plan, the Company sells shares at 85% of the stock's market price at date of purchase. Under ASC 718, the 15% discounted value is recognized as compensation expense. As of March 31, 2024, the Company has issued 321,682 shares under this plan.

Leases - Schedule of Future Minimum Lease Payments (Details)	Mar. 31, 2024 USD ($)
Leases [Abstract]
2024 (excluding the three months ended March 31, 2024)	$ 1,828,676
2025	1,743,522
2026	1,202,399
2027	901,441
2028	662,837
Thereafter	57,651
Total future minimum lease payments	6,396,526
Less imputed interest	(482,318)
Total	5,914,208
Accrued Liabilities	$ 2,310,126
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities
Other Non-Current Liabilities	$ 3,604,082
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	OTHER NON-CURRENT LIABILITIES

Segment Reporting

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

The Company's automotive segment develops and manufactures digital vision and connected car products and electronics, including: automatic-dimming rearview mirrors with and without electronic features; non-auto dimming rearview mirrors with and without electronic features; and other electronics. The Company also develops and manufactures variably dimming windows and laminate products for the aerospace industry and fire protection products for the commercial construction industry. In 2020, the Company acquired Vaporsens, which specializes in nanofiber chemical sensing. In 2023, the Company acquired certain technology assets from eSight, which 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 four non-automotive segments are combined into the "Other" segment as shown below.


	Three Months Ended March 31,
	2024		2023
Revenue:
Automotive Products	$	577,602,196	$	537,422,988
Other	12,623,015		13,338,323
Total	$	590,225,211	$	550,761,311

Income (Loss) from operations:
Automotive Products	$	129,546,140	$	111,439,798
Other	(199,828)		1,810,849
Total	$	129,346,312	$	113,250,647

- 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
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	15.20%	15.90%

Acquisition - Narrative (Details) - eSight Corporation $ in Millions	Nov. 02, 2023 USD ($)
Business Acquisition [Line Items]
Cash paid to acquire business	$ 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	$ 0.1

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Basic and Diluted

The following table sets forth the computation of basic and diluted net income per common share under the two-class method for the three months ended March 31, 2024 and March 31, 2023:


	Three Months Ended March 31,
	2024		2023
Basic Earnings Per Share
Net Income	$	108,230,714	$	97,578,261
Less: Dividends and undistributed earnings allocated to participating securities	1,578,908		1,456,913
Net Income available to common shareholders	$	106,651,806	$	96,121,348

Basic weighted average shares outstanding	227,929,048		230,605,626
Net Income per share - Basic	$	0.47	$	0.42

Diluted Earnings Per Share
Allocation of Net Income used in basic computation	$	106,651,806	$	96,121,348
Reallocation of undistributed earnings	2,425		1,276
Net Income available to common shareholders - Diluted	$	106,654,231	$	96,122,624

Number of shares used in basic computation	227,929,048		230,605,626
Additional weighted average dilutive common stock equivalents	479,090		290,220
Diluted weighted average shares outstanding	228,408,138		230,895,846

Net Income per share - Diluted	$	0.47	$	0.42

Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive	409,297		1,810,685

Acquisition - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($)

Mar. 31, 2024

Dec. 31, 2023

^[1]

Nov. 02, 2023

Business Acquisition [Line Items]

Goodwill

$ 340,105,631

eSight Corporation

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 Corporation | Technology

Business Acquisition [Line Items]

Intangible assets

12,000,000

eSight Corporation | Trademarks and Trade Names

Business Acquisition [Line Items]

Intangible assets

$ 870,000

[1]

The condensed consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Acquisition (Tables)

3 Months Ended

Mar. 31, 2024

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

Revenue (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table shows the Company’s Automotive revenue and Other Products revenue disaggregated by geographical location for Automotive Products for the three month periods ended March 31, 2024 and March 31, 2023:


	Three Months Ended March 31,
Revenue	2024		2023
Automotive Products
U.S.	$	165,140,622	$	170,781,604
Japan	89,004,628		72,155,984
Germany	75,694,888		80,579,465
Korea	53,695,112		23,478,469
Mexico	37,621,163		34,287,544
Other	156,445,783		156,139,922
Total Automotive Products	$	577,602,196	$	537,422,988
Other Products (U.S.)	12,623,015		13,338,323
Total Revenue	$	590,225,211	$	550,761,311

The following table disaggregates the Company’s Automotive revenue and Other revenue by major source for the three month periods ended March 31, 2024 and March 31, 2023:


	Three Months Ended March 31,
Revenue	2024		2023
Automotive Segment
Automotive Mirrors & Electronics	$	550,184,430	$	505,731,576
HomeLink Modules*	27,417,766		31,691,412
Total Automotive Products	$	577,602,196	$	537,422,988

Other Segment
Fire Protection Products	6,836,038		9,301,153
Aerospace Products	5,770,800		4,037,170
Medical Products	16,177		—
Total Other	$	12,623,015	$	13,338,323

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

Investments - Schedule of Amortized Cost, Unrealized Gains and Losses, and Market Value of Investment Securities (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Cost	$ 202,375,016	$ 186,637,592
Unrealized Gains	1,094,685	3,251,708
Unrealized Losses	(9,594,891)	(4,526,077)
Market Value	193,874,810	185,363,223
Short-Term Investments \| Certificate of Deposit
Debt Securities, Available-for-sale [Line Items]
Cost	750,000	1,000,000
Unrealized Gains	0	0
Unrealized Losses	(3,875)	(5,987)
Market Value	746,125	994,013
Short-Term Investments \| Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	1,970,327	1,976,195
Unrealized Gains	0	0
Unrealized Losses	(15,244)	(32,309)
Market Value	1,955,083	1,943,886
Short-Term Investments \| Government Securities
Debt Securities, Available-for-sale [Line Items]
Cost	7,401,456	4,754,495
Unrealized Gains	0	21,141
Unrealized Losses	(18,486)	(16,129)
Market Value	7,382,970
Short-Term Investments \| Municipal Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	1,749,223	1,749,038
Unrealized Gains	0	0
Unrealized Losses	(18,790)	(22,380)
Market Value	1,730,433
Short-Term Investments \| Other
Debt Securities, Available-for-sale [Line Items]
Cost	1,477,288	1,465,388
Unrealized Gains	0	0
Unrealized Losses	0	0
Market Value	1,477,288	1,465,388
Long-Term Investments \| Asset Backed Securities
Debt Securities, Available-for-sale [Line Items]
Cost	32,384,759	26,923,803
Unrealized Gains	363,920	331,847
Unrealized Losses	(186,749)	(109,146)
Market Value	32,561,930	27,146,504
Long-Term Investments \| Certificate of Deposit
Debt Securities, Available-for-sale [Line Items]
Cost	750,000	750,000
Unrealized Gains	0
Unrealized Losses	(1,755)	(1,642)
Market Value	748,245	748,358
Long-Term Investments \| Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	67,027,320	66,214,398
Unrealized Gains	319,188	748,471
Unrealized Losses	(1,250,992)	(1,558,529)
Market Value	66,095,516	65,404,340
Long-Term Investments \| Government Securities
Debt Securities, Available-for-sale [Line Items]
Cost	6,826,404	6,217,774
Unrealized Gains	0	10,675
Unrealized Losses	(44,914)	(1,320)
Market Value	6,781,490	6,227,129
Long-Term Investments \| Municipal Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	49,025,853	58,261,615
Unrealized Gains	287,737	811,128
Unrealized Losses	(1,938,135)	(2,735,822)
Market Value	47,375,455	56,336,921
Long-Term Investments \| Common Stock
Debt Securities, Available-for-sale [Line Items]
Cost	33,012,386	17,324,886
Unrealized Gains	123,840	1,328,446
Unrealized Losses	(6,115,951)	(42,813)
Market Value	$ 27,020,275	$ 18,610,519

Contingencies	3 Months Ended
Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies	ContingenciesThe Company is periodically involved in legal proceedings, legal actions and claims arising in the normal course of business, including proceedings relating to product liability, intellectual property, safety and health, employment, regulatory, and other matters. Such matters are subject to many uncertainties and outcomes are not predictable. The Company does not believe, however, that at the current time any of these matters constitute material pending legal proceedings that will have a material adverse effect on the financial position or future results of operations or cash flows of the Company.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 108,230,714	$ 97,578,261
Other comprehensive (loss) income before tax:
Foreign currency translation adjustments	(950,213)	(121,167)
Unrealized gains (losses) on debt securities, net	51,910	2,581,777
Other comprehensive (loss) income, before tax	(898,303)	2,460,610
Income tax impact related to components of other comprehensive income (loss)	10,901	542,173
Other comprehensive (loss) income, net of tax	(909,204)	1,918,437
Comprehensive income	$ 107,321,510	$ 99,496,698

- Definition

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

+ References

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+ Details

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 12
-SubTopic 10
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482659/740-20-45-2

+ Details

Investments - Schedule of Unrealized Loss on Investment (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Aggregate Unrealized Losses
Loss duration of less than one year	$ 6,442,204	$ 126,074
Loss duration of greater than one year	3,152,687	4,400,003
Total	9,594,891	4,526,077
Aggregate Fair Value of Investments
Loss duration of less than one year	67,460,003	13,449,592
Loss duration of greater than one year	60,198,609	76,966,258
Total	$ 127,658,612	$ 90,415,850

Segment Reporting - Narrative (Details)	3 Months Ended
Segment Reporting - Narrative (Details)	Mar. 31, 2024 segment
Other
Segment Reporting Information [Line Items]
Number of non-automotive combined segments	4

Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Comprehensive Income (Loss)

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

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


	Three Months Ended March 31,
	2024		2023
Foreign currency translation adjustments:
Balance at beginning of period	$	(4,534,719)	$	(4,032,239)
Other Comprehensive loss before reclassifications	(950,213)		(121,167)

Net current-period change	(950,213)		(121,167)
Balance at end of period	(5,484,932)		(4,153,406)

Unrealized (losses) gains on available-for-sale debt securities:
Balance at beginning of period	(2,022,403)		(10,110,695)
Other Comprehensive (loss) income before reclassifications	(548,457)		277,718
Amounts reclassified from accumulated other comprehensive income	589,466		1,761,886
Net current-period change	41,009		2,039,604
Balance at end of period	(1,981,394)		(8,071,091)







Accumulated other comprehensive loss, end of period	$	(7,466,326)	$	(12,224,497)

The following table presents details of reclassifications out of accumulated other comprehensive loss for the three and three months ended March 31, 2024 and 2023:


Details about Accumulated Other Comprehensive Loss Components	Amounts Reclassified from Other Comprehensive Loss				Affected Line item in the Consolidated Statements of Income
	Three Months Ended March 31,
	2024		2023
Unrealized gains (losses) on available-for-sale debt securities
Realized gain (loss) on sale of securities	$	(746,159)	$	(2,230,236)		Investment income
Provision for income taxes	156,693		468,350			Provision for income taxes
Total net reclassifications for the period	$	(589,466)	$	(1,761,886)

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

Mar. 31, 2024

Dec. 31, 2023

Finite-Lived Intangible Assets [Line Items]

Intangible assets, net

$ 209,809,035

$ 214,005,910

^[1]

Trademarks and Trade Names | HomeLink®

Finite-Lived Intangible Assets [Line Items]

Indefinite-lived intangible assets

52,000,000

Trademarks and Trade Names | Guardian

Finite-Lived Intangible Assets [Line Items]

Indefinite-lived intangible assets

1,300,000

Exclusive Licensing Agreement

Finite-Lived Intangible Assets [Line Items]

Indefinite-lived intangible assets

96,000,000

In Process Research and Development | Vaporsens

Finite-Lived Intangible Assets [Line Items]

Indefinite-lived intangible assets

11,000,000

In Process Research and Development | Argil

Finite-Lived Intangible Assets [Line Items]

Indefinite-lived intangible assets

6,278,132

In Process Research and Development | Air-CraftGlass

Finite-Lived Intangible Assets [Line Items]

Indefinite-lived intangible assets

1,507,778

In Process Research and Development | Guardian

Finite-Lived Intangible Assets [Line Items]

Indefinite-lived intangible assets

6,800,000

Gentex Patents

Finite-Lived Intangible Assets [Line Items]

Gross

39,396,881

39,199,107

Accumulated Amortization

(27,838,512)

(27,769,803)

Net

11,558,369

11,429,304

Total Other Intangible Assets

Finite-Lived Intangible Assets [Line Items]

Accumulated Amortization

(200,946,875)

(196,750,000)

Intangible assets, gross

410,755,910

Intangible assets, net

209,809,035

214,005,910

Technology | HomeLink®

Finite-Lived Intangible Assets [Line Items]

Gross

180,000,000

Accumulated Amortization

(157,500,000)

(153,750,000)

Net

$ 22,500,000

$ 26,250,000

Assumed Useful Life

12 years

Technology | eSight

Finite-Lived Intangible Assets [Line Items]

Gross

$ 12,000,000

Accumulated Amortization

(416,667)

Net

$ 11,583,333

$ 12,000,000

Assumed Useful Life

12 years

Existing Customer Platforms

Finite-Lived Intangible Assets [Line Items]

Gross

$ 43,000,000

Accumulated Amortization

(43,000,000)

Net

$ 0

Assumed Useful Life

10 years

Trademarks and Trade Names | eSight

Finite-Lived Intangible Assets [Line Items]

Gross

$ 870,000

Accumulated Amortization

(30,208)

Net

$ 839,792

$ 870,000

Assumed Useful Life

12 years

Total Patents & Other Intangible Assets

Finite-Lived Intangible Assets [Line Items]

Total Patents & Other Intangible Assets, Gross

$ 450,152,791

$ 449,955,017

Total Patents & Other Intangible Assets, Accumulated Amortization

(228,785,387)

(224,519,803)

Total Patents & Other Intangible Assets, Net

$ 221,367,404

$ 225,435,214

[1]

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 108,230,714	$ 97,578,261
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	23,953,768	24,041,648
(Gain) on disposal of assets	(25,671)	(106,743)
Loss on disposal of assets	6,838	41,843
(Gain) on sale of investments and technology investment income	(4,687,471)	(1,199,707)
Loss on sale of investments and technology investment losses	10,384,965	1,671,583
Change in deferred income taxes	(3,638,218)	141,959
Stock-based compensation expense related to employee stock options, employee stock purchases and restricted stock	10,473,792	8,519,535
Change in operating assets and liabilities:
Accounts receivable, net	(19,781,263)	(56,373,376)
Inventories	(34,064,216)	2,590,294
Prepaid expenses and other	4,663,897	(629,502)
Accounts payable	6,080,702	11,112,425
Accrued liabilities, excluding dividends declared	28,279,293	33,525,890
Net cash provided by operating activities	129,877,130	120,914,110
Activity in investments:
Sales proceeds	16,121,684	3,128,110
Maturities and calls	1,420,000	1,465,000
Purchases	(37,537,250)	(32,178,155)
Plant and equipment additions	(31,871,370)	(42,819,075)
Proceeds from sale of plant and equipment	9,500	118,410
Increase in other assets	(3,285,058)	(2,110,935)
Net cash used for investing activities	(55,142,494)	(72,396,645)
CASH FLOWS USED FOR FINANCING ACTIVITIES:
Issuance of common stock from stock plan transactions	16,833,987	5,956,022
Cash dividends paid	(27,774,268)	(28,099,993)
Repurchases of common stock	(41,224,840)	(25,675,972)
Net cash used for financing activities	(52,165,121)	(47,819,943)
NET INCREASE IN CASH AND CASH EQUIVALENTS	22,569,515	697,522
CASH, CASH EQUIVALENTS, and RESTRICTED CASH, beginning of period	226,435,019	218,754,638
CASH, CASH EQUIVALENTS, and RESTRICTED CASH, end of period	249,004,534	219,452,160
Non-cash investing and financing activities:
Change in property and equipment in accounts payable and accrued expenses and other current liabilities	$ 557,154	$ (1,283,303)

Stock-Based Compensation Plans - Schedule of Weighted-Average Assumptions for the ESOP (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Dividend yield	1.64%	1.76%
Expected volatility	28.29%	29.04%
Risk-free interest rate	4.21%	3.60%
Expected term of options (years)	4 years 1 month 20 days	4 years 1 month 24 days
Weighted average grant-date fair value (in dollars per share)	$ 9.08	$ 6.84

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

The Company has operating leases for certain sales, manufacturing, and engineering offices, as well as other vehicles and equipment, which are included within "Plant and Equipment - Net" section of the condensed consolidated balance sheets. The leases have remaining lease terms of 1 year to 5 years. The weighted average remaining lease term for operating leases as of March 31, 2024 was 4 years, with a weighted average discount rate of 6.3%.

Future minimum lease payments for operating leases as of March 31, 2024 were as follows:


Year ending December 31,

2024 (excluding the three months ended March 31, 2024)	$	1,828,676
2025	1,743,522
2026	1,202,399
2027	901,441
2028	662,837
Thereafter	57,651
Total future minimum lease payments	6,396,526
Less imputed interest	(482,318)
Total	$	5,914,208


Reported as of March 31, 2024

Accrued Liabilities	$	2,310,126
Other Non-Current Liabilities	3,604,082
Total	$	5,914,208

Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of AOCI

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


	Three Months Ended March 31,
	2024		2023
Foreign currency translation adjustments:
Balance at beginning of period	$	(4,534,719)	$	(4,032,239)
Other Comprehensive loss before reclassifications	(950,213)		(121,167)

Net current-period change	(950,213)		(121,167)
Balance at end of period	(5,484,932)		(4,153,406)

Unrealized (losses) gains on available-for-sale debt securities:
Balance at beginning of period	(2,022,403)		(10,110,695)
Other Comprehensive (loss) income before reclassifications	(548,457)		277,718
Amounts reclassified from accumulated other comprehensive income	589,466		1,761,886
Net current-period change	41,009		2,039,604
Balance at end of period	(1,981,394)		(8,071,091)







Accumulated other comprehensive loss, end of period	$	(7,466,326)	$	(12,224,497)

Schedule of Reclassifications Out of Other Comprehensive Income

The following table presents details of reclassifications out of accumulated other comprehensive loss for the three and three months ended March 31, 2024 and 2023:


Details about Accumulated Other Comprehensive Loss Components	Amounts Reclassified from Other Comprehensive Loss				Affected Line item in the Consolidated Statements of Income
	Three Months Ended March 31,
	2024		2023
Unrealized gains (losses) on available-for-sale debt securities
Realized gain (loss) on sale of securities	$	(746,159)	$	(2,230,236)		Investment income
Provision for income taxes	156,693		468,350			Provision for income taxes
Total net reclassifications for the period	$	(589,466)	$	(1,761,886)

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe effective tax rate was 15.2% in the three months ended March 31, 2024, compared to an effective tax rate of 15.9% for the same period in 2023. Generally, effective tax rates for these periods differ from statutory federal income tax rates, due to provisions for state and local income taxes, permanent tax differences, the foreign-derived intangible income tax deduction, and research and development tax credits.

- Definition

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

+ References

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

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

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

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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

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-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

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-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Adoption of New Accounting Standards	3 Months Ended
Adoption of New Accounting Standards	Mar. 31, 2024
Accounting Policies [Abstract]
Adoption of New Accounting Standards	Adoption of New 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.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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+ Details

Debt and Financing Arrangements	3 Months Ended
Debt and Financing Arrangements	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt and Financing Arrangements	Debt and Financing Arrangements On October 15, 2018, the Company entered into a credit agreement with PNC as the administrative agent and sole lender, which has now been amended and restated as discussed below. On February 21, 2023, as previously disclosed, the Company entered into an amended and restated credit agreement ("Credit Agreement") that provides for, among other things, a three-year unsecured revolving credit facility with a borrowing capacity of up to $250.0 million ("Revolver") that matures on February 21, 2026, replacing in its entirety the Company's above referenced prior $150.0 million revolving credit facility scheduled to mature on October 15, 2023. Included in the Revolver is a $20.0 million sublimit for standby letters of credit and a $35.0 million sublimit for swingline loans, each subject to certain conditions. Funds are available under the Revolver for working capital, capital expenditures, and other lawful corporate purposes, including, but not limited to, acquisitions and common stock repurchases, subject in each case to compliance with certain financial covenants, as defined in the Credit Agreement. As of March 31, 2024, there was no outstanding balance on the Revolver. As of March 31, 2024, the Company is in compliance with its covenants under the Credit Agreement.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Section 50
-Paragraph 1B
-Subparagraph (h)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S99
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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

Acquisition

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

Acquisition

On November 2, 2023, the Company, in the ordinary course of business, 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 are 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 2024. 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 quarter ended March 31, 2024.

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

Revenue (Details) - USD ($)	3 Months Ended
Revenue (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total Revenue	$ 590,225,211	$ 550,761,311
Other Segment
Disaggregation of Revenue [Line Items]
Total Revenue	12,623,015	13,338,323
Automotive Products
Disaggregation of Revenue [Line Items]
Total Revenue	577,602,196	537,422,988
Automotive Products \| Automotive Segment
Disaggregation of Revenue [Line Items]
Total Revenue	577,602,196	537,422,988
Automotive Products \| U.S.
Disaggregation of Revenue [Line Items]
Total Revenue	165,140,622	170,781,604
Automotive Products \| Japan
Disaggregation of Revenue [Line Items]
Total Revenue	89,004,628	72,155,984
Automotive Products \| Germany
Disaggregation of Revenue [Line Items]
Total Revenue	75,694,888	80,579,465
Automotive Products \| Korea
Disaggregation of Revenue [Line Items]
Total Revenue	53,695,112	23,478,469
Automotive Products \| Mexico
Disaggregation of Revenue [Line Items]
Total Revenue	37,621,163	34,287,544
Automotive Products \| Other
Disaggregation of Revenue [Line Items]
Total Revenue	156,445,783	156,139,922
Automotive Mirrors & Electronics \| Automotive Segment
Disaggregation of Revenue [Line Items]
Total Revenue	550,184,430	505,731,576
HomeLink Modules \| Automotive Segment
Disaggregation of Revenue [Line Items]
Total Revenue	27,417,766	31,691,412
Other Products \| U.S.
Disaggregation of Revenue [Line Items]
Total Revenue	12,623,015	13,338,323
Fire Protection Products \| Other Segment
Disaggregation of Revenue [Line Items]
Total Revenue	6,836,038	9,301,153
Aerospace Products \| Other Segment
Disaggregation of Revenue [Line Items]
Total Revenue	5,770,800	4,037,170
Medical Products \| Other Segment
Disaggregation of Revenue [Line Items]
Total Revenue	$ 16,177	$ 0

Inventories

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventories

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


	March 31, 2024		December 31, 2023
Raw materials	$	307,222,769	$	283,126,566
Work-in-process	45,325,627		46,343,955
Finished goods	83,988,848		73,002,507
Total Inventory	$	436,537,244	$	402,473,028

Earnings Per Share (Details) - USD ($)

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Basic Earnings Per Share

Net income

$ 108,230,714

$ 97,578,261

Less: Dividends and undistributed earnings allocated to participating securities

1,578,908

1,456,913

Net Income available to common shareholders

$ 106,651,806

$ 96,121,348

Basic weighted average shares outstanding (in shares)

227,929,048

230,605,626

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

^[1]

$ 0.47

$ 0.42

Diluted Earnings Per Share

Allocation of Net Income used in basic computation

$ 106,651,806

$ 96,121,348

Reallocation of undistributed earnings

2,425

1,276

Net Income available to common shareholders - Diluted

$ 106,654,231

$ 96,122,624

Number of shares used in basic computation (in shares)

227,929,048

230,605,626

Additional weighted average dilutive common stock equivalents (in shares)

479,090

290,220

Diluted weighted average shares outstanding (in shares)

228,408,138

230,895,846

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

^[1]

$ 0.47

$ 0.42

409,297

1,810,685

[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.

Leases - Narrative (Details)	Mar. 31, 2024
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	4 years
Weighted average discount rate	6.30%
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	5 years

Investments - Narrative (Details) $ / shares in Units, $ in Millions	Mar. 31, 2024 USD ($)	Jan. 05, 2024 $ / shares shares	Dec. 31, 2023 USD ($)	Oct. 06, 2023 $ / shares shares	Oct. 04, 2023 tranche shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Technology investments	$ 133.9		$ 128.0
Long-term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Technology investments	130.4		124.6
Short-Term Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Technology investments	$ 3.5		$ 3.4
VOXX International Corporation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of tranches \| tranche					2
VOXX International Corporation \| Common Class A
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of shares acquired (in shares) \| shares		1,568,750		1,568,750	3,137,500
Shares purchased, price per share (in dollars per share) \| $ / shares		$ 10		$ 10

Stock-Based Compensation Plans - Schedule of Shares Issued Net of Shares Canceled/Expired (Details) - Omnibus Incentive Plan	3 Months Ended
	Mar. 31, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grants in period (in shares)	10,390,056
Shares issued under the omnibus plan (in shares)	27,178,740
Non-Qualified Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Shares, granted (in shares)	4,903,558
Conversion rate, options	1.00
Shares issued under the omnibus plan (in shares)	4,903,558
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	4,480,985
Conversion rate, shares	4.06
Shares issued under the omnibus plan (in shares)	18,192,799
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	1,005,513
Conversion rate, shares	4.06
Shares issued under the omnibus plan (in shares)	4,082,383

Stock-Based Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

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

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


	Shares Granted	Conversion Rate	Total Shares Under 2019 Omnibus Plan
Non-Qualified Stock Options	4,903,558	1.00	4,903,558
Restricted Stock	4,480,985	4.06	18,192,799
Performance Shares	1,005,513	4.06	4,082,383
Total	10,390,056		27,178,740

Schedule of Weighted-Average Assumptions For The Employee Stock Option Plan

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


	Three Months Ended March 31,
	2024		2023
Dividend Yield (1)	1.64	%	1.76	%
Expected volatility (2)	28.29	%	29.04	%
Risk-free interest rate (3)	4.21	%	3.60	%
Expected term of options (years) (4)	4.14		4.15
Weighted-avg. grant date fair value	$9.08		$6.84

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.

Adoption of New Accounting Standards (Policies)	3 Months Ended
Adoption of New Accounting Standards (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Adoption of New Accounting Standards	Adoption of New 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.

Revenue

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue


	Three Months Ended March 31,
Revenue	2024		2023
Automotive Products
U.S.	$	165,140,622	$	170,781,604
Japan	89,004,628		72,155,984
Germany	75,694,888		80,579,465
Korea	53,695,112		23,478,469
Mexico	37,621,163		34,287,544
Other	156,445,783		156,139,922
Total Automotive Products	$	577,602,196	$	537,422,988
Other Products (U.S.)	12,623,015		13,338,323
Total Revenue	$	590,225,211	$	550,761,311

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

The following table disaggregates the Company’s Automotive revenue and Other revenue by major source for the three month periods ended March 31, 2024 and March 31, 2023:


	Three Months Ended March 31,
Revenue	2024		2023
Automotive Segment
Automotive Mirrors & Electronics	$	550,184,430	$	505,731,576
HomeLink Modules*	27,417,766		31,691,412
Total Automotive Products	$	577,602,196	$	537,422,988

Other Segment
Fire Protection Products	6,836,038		9,301,153
Aerospace Products	5,770,800		4,037,170
Medical Products	16,177		—
Total Other	$	12,623,015	$	13,338,323

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

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 12
-Subparagraph (c)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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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
-Topic 606
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-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

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

+ Details

Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

The Company has unvested share-based payment awards with a right to receive non-forfeitable dividends, which are considered participating securities under ASC 260, Earnings Per Share. The Company allocates earnings to participating securities and computes earnings per share using the two-class method. Under the two-class method, net income per share is computed by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, net income is allocated to both common shares and participating securities based on their respective weighted average shares outstanding for the period. For a period of net loss, net loss is not allocated to participating securities.

The following table sets forth the computation of basic and diluted net income per common share under the two-class method for the three months ended March 31, 2024 and March 31, 2023:


	Three Months Ended March 31,
	2024		2023
Basic Earnings Per Share
Net Income	$	108,230,714	$	97,578,261
Less: Dividends and undistributed earnings allocated to participating securities	1,578,908		1,456,913
Net Income available to common shareholders	$	106,651,806	$	96,121,348

Basic weighted average shares outstanding	227,929,048		230,605,626
Net Income per share - Basic	$	0.47	$	0.42

Diluted Earnings Per Share
Allocation of Net Income used in basic computation	$	106,651,806	$	96,121,348
Reallocation of undistributed earnings	2,425		1,276
Net Income available to common shareholders - Diluted	$	106,654,231	$	96,122,624

Number of shares used in basic computation	227,929,048		230,605,626
Additional weighted average dilutive common stock equivalents	479,090		290,220
Diluted weighted average shares outstanding	228,408,138		230,895,846

Net Income per share - Diluted	$	0.47	$	0.42

Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive	409,297		1,810,685

Investments - Schedule of Investments Classified by Contractual Maturity Date (Details) - Fixed Income Securities	Mar. 31, 2024 USD ($)
Debt Securities, Available-for-sale [Line Items]
Due within one year	$ 11,814,611
Due between one and five years	87,792,966
Due over five years	65,769,670
Total	$ 165,377,247

- 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
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (aa)
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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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
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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-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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-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

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of Future Minimum Lease Payments

Future minimum lease payments for operating leases as of March 31, 2024 were as follows:


Year ending December 31,

2024 (excluding the three months ended March 31, 2024)	$	1,828,676
2025	1,743,522
2026	1,202,399
2027	901,441
2028	662,837
Thereafter	57,651
Total future minimum lease payments	6,396,526
Less imputed interest	(482,318)
Total	$	5,914,208

Schedule of Lease Liabilities


Reported as of March 31, 2024

Accrued Liabilities	$	2,310,126
Other Non-Current Liabilities	3,604,082
Total	$	5,914,208

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements included herein have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these unaudited condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company's 2023 annual report on Form 10-K. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only a normal and recurring nature, necessary to present fairly the financial position of the Company as of March 31, 2024, and the results of operations and cash flows for the interim periods presented.

Investments

3 Months Ended

Mar. 31, 2024

Investments [Abstract]

Investments

Available for sale securities

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

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

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

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.

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 $133.9 million as of March 31, 2024, of which $130.4 million and $3.5 million are recorded in long-term investments and short-term investments on the consolidated balance sheet, and $128.0 million as of 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. 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.

Assets or liabilities that have recurring fair value measurements are shown below as of March 31, 2024 and December 31, 2023:

As of March 31, 2024:


			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	March 31, 2024		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	249,004,534	$	249,004,534	$	—	$	—

Short-Term Investments:
Certificate of Deposit	746,125		746,125		—		—
Corporate Bonds	1,955,083		—		1,955,083		—
Government Securities	7,382,970		—		7,382,970		—
Municipal Bonds	1,730,433		—		1,730,433		—
Other	1,477,288		1,477,288		—		—
Long-Term Investments:
Asset Backed Securities	32,561,930		—		32,561,930		—
Certificate of Deposit	748,245		748,245		—		—
Corporate Bonds	66,095,516		—		66,095,516		—
Government Securities	6,781,490		—		6,781,490		—
Municipal Bonds	47,375,455		—		47,375,455		—
Common Stock	27,020,275		27,020,275		—		—
Total	$	442,879,344	$	278,996,467	$	163,882,877	$	—

As of December 31, 2023:


			Fair Value Measurements at Reporting Date Using
	Total as of		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	December 31, 2023		(Level 1)		(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		—
Governmental 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	$	—

The amortized cost, unrealized gains and losses, and market value of investment securities are shown as of March 31, 2024 and December 31, 2023:

As of March 31, 2024:


			Unrealized
	Cost		Gains		Losses		Market Value
Short-Term Investments:
Certificate of Deposit	$	750,000	$	—	$	(3,875)	$	746,125
Corporate Bonds	1,970,327		—		(15,244)		1,955,083
Government Securities	7,401,456		—		(18,486)		7,382,970
Municipal Bonds	1,749,223		—		(18,790)		1,730,433
Other	1,477,288		—		—		1,477,288
Long-Term Investments:
Asset Backed Securities	32,384,759		363,920		(186,749)		32,561,930
Certificate of Deposit	750,000		—		(1,755)		748,245
Corporate Bonds	67,027,320		319,188		(1,250,992)		66,095,516
Government Securities	6,826,404		—		(44,914)		6,781,490
Municipal Bonds	49,025,853		287,737		(1,938,135)		47,375,455
Common Stock	33,012,386		123,840		(6,115,951)		27,020,275
Total	$	202,375,016	$	1,094,685	$	(9,594,891)	$	193,874,810

As of December 31, 2023:


			Unrealized
	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 losses on investments as of March 31, 2024, are as follows:


	Aggregate Unrealized Losses		Aggregate Fair Value of Investments
Loss duration of less than one year	$	6,442,204	$	67,460,003
Loss duration of greater than one year	3,152,687		60,198,609
Total	$	9,594,891	$	127,658,612

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


	Aggregate Unrealized Losses		Aggregate Fair Value of Investments
Loss duration of less than one year	$	126,074	$	13,449,592
Loss duration of greater than one year	4,400,003		76,966,258
Total	$	4,526,077	$	90,415,850

Effective January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. The guidance modifies the impairment model for available-for-sale debt securities and provides a simplified accounting model for purchased financial assets with credit deterioration since their origination. The Company utilized the guidance provided by ASC 326 to determine whether any of the available-for-sale debt securities held by the Company were impaired. No investments were considered to be impaired during the periods presented. The Company has the intention and current ability to hold its debt investments until any amortized cost basis has been recovered.

Fixed income securities as of March 31, 2024 have contractual maturities as follows:


Due within one year	$	11,814,611
Due between one and five years	87,792,966
Due over five years	65,769,670
	$	165,377,247

- Definition

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

+ References + Details

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' INVESTMENT (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.120	$ 0.120

Investments (Tables)

3 Months Ended

Mar. 31, 2024

Investments [Abstract]

Schedule of Investment Securities Stated at Fair Value

As of March 31, 2024:


			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	March 31, 2024		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	249,004,534	$	249,004,534	$	—	$	—

Short-Term Investments:
Certificate of Deposit	746,125		746,125		—		—
Corporate Bonds	1,955,083		—		1,955,083		—
Government Securities	7,382,970		—		7,382,970		—
Municipal Bonds	1,730,433		—		1,730,433		—
Other	1,477,288		1,477,288		—		—
Long-Term Investments:
Asset Backed Securities	32,561,930		—		32,561,930		—
Certificate of Deposit	748,245		748,245		—		—
Corporate Bonds	66,095,516		—		66,095,516		—
Government Securities	6,781,490		—		6,781,490		—
Municipal Bonds	47,375,455		—		47,375,455		—
Common Stock	27,020,275		27,020,275		—		—
Total	$	442,879,344	$	278,996,467	$	163,882,877	$	—

As of December 31, 2023:


			Fair Value Measurements at Reporting Date Using
	Total as of		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	December 31, 2023		(Level 1)		(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		—
Governmental 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	$	—

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 March 31, 2024 and December 31, 2023:

As of March 31, 2024:


			Unrealized
	Cost		Gains		Losses		Market Value
Short-Term Investments:
Certificate of Deposit	$	750,000	$	—	$	(3,875)	$	746,125
Corporate Bonds	1,970,327		—		(15,244)		1,955,083
Government Securities	7,401,456		—		(18,486)		7,382,970
Municipal Bonds	1,749,223		—		(18,790)		1,730,433
Other	1,477,288		—		—		1,477,288
Long-Term Investments:
Asset Backed Securities	32,384,759		363,920		(186,749)		32,561,930
Certificate of Deposit	750,000		—		(1,755)		748,245
Corporate Bonds	67,027,320		319,188		(1,250,992)		66,095,516
Government Securities	6,826,404		—		(44,914)		6,781,490
Municipal Bonds	49,025,853		287,737		(1,938,135)		47,375,455
Common Stock	33,012,386		123,840		(6,115,951)		27,020,275
Total	$	202,375,016	$	1,094,685	$	(9,594,891)	$	193,874,810

As of December 31, 2023:


			Unrealized
	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

Schedule of Unrealized Loss on Investments

Unrealized losses on investments as of March 31, 2024, are as follows:


	Aggregate Unrealized Losses		Aggregate Fair Value of Investments
Loss duration of less than one year	$	6,442,204	$	67,460,003
Loss duration of greater than one year	3,152,687		60,198,609
Total	$	9,594,891	$	127,658,612

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


	Aggregate Unrealized Losses		Aggregate Fair Value of Investments
Loss duration of less than one year	$	126,074	$	13,449,592
Loss duration of greater than one year	4,400,003		76,966,258
Total	$	4,526,077	$	90,415,850

Schedule of Investments Classified by Contractual Maturity Date

Fixed income securities as of March 31, 2024 have contractual maturities as follows:


Due within one year	$	11,814,611
Due between one and five years	87,792,966
Due over five years	65,769,670
	$	165,377,247

Inventories (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

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


	March 31, 2024		December 31, 2023
Raw materials	$	307,222,769	$	283,126,566
Work-in-process	45,325,627		46,343,955
Finished goods	83,988,848		73,002,507
Total Inventory	$	436,537,244	$	402,473,028

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

3 Months Ended

Mar. 31, 2024

USD ($)

Goodwill [Roll Forward]

Balance at beginning of period

$ 340,105,631

^[1]

Balance at end of period

$ 340,105,631

[1]

- Definition

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

+ References + Details

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

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

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

Beginning Balance

$ 2,312,517,069

^[1]

$ 2,065,792,821

Issuance of common stock from stock plan transactions

$ 16,833,986

5,956,022

Repurchases of common stock (in shares)

(1,200,000)

Repurchases of common stock

$ (43,039,087)

(28,462,632)

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

10,473,792

8,519,535

Dividends declared

(27,743,481)

(28,046,798)

Net income

108,230,714

97,578,261

Other comprehensive loss

(909,204)

1,918,437

Ending Balance

$ 2,376,363,789

$ 2,123,255,646

Common Stock

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

Beginning balance (in shares)

231,455,443

234,169,335

Beginning Balance

$ 13,887,326

$ 14,050,160

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

944,345

603,636

Issuance of common stock from stock plan transactions

$ 56,661

$ 36,218

Repurchases of common stock (in shares)

(1,200,903)

(1,046,926)

Repurchases of common stock

$ (72,054)

$ (62,815)

Ending balance (in shares)

231,198,885

233,726,045

Ending Balance

$ 13,871,933

$ 14,023,563

Additional Paid-In Capital

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

Beginning Balance

968,245,875

917,499,323

Issuance of common stock from stock plan transactions

16,777,325

5,919,804

Repurchases of common stock

(4,443,340)

(3,653,772)

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

10,473,792

8,519,535

Ending Balance

991,053,652

928,284,890

Retained Earnings

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

Beginning Balance

1,336,940,990

1,148,386,272

Repurchases of common stock

(38,523,693)

(24,746,045)

Dividends declared

(27,743,481)

(28,046,798)

Net income

108,230,714

97,578,261

Ending Balance

1,378,904,530

1,193,171,690

Accumulated Other Comprehensive Income (Loss)

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

Beginning Balance

(6,557,122)

(14,142,934)

Other comprehensive loss

(909,204)

1,918,437

Ending Balance

$ (7,466,326)

$ (12,224,497)

[1]

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Automotive and Other Segment Reporting

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


	Three Months Ended March 31,
	2024		2023
Revenue:
Automotive Products	$	577,602,196	$	537,422,988
Other	12,623,015		13,338,323
Total	$	590,225,211	$	550,761,311

Income (Loss) from operations:
Automotive Products	$	129,546,140	$	111,439,798
Other	(199,828)		1,810,849
Total	$	129,346,312	$	113,250,647

Equity	3 Months Ended
Equity	Mar. 31, 2024
Equity [Abstract]
Equity	Equity The decrease in common stock during the three months ended March 31, 2024, was primarily due to the repurchases of 1.2 million shares, partially offset by the issuance of 0.9 million shares of the Company’s common stock, net of cancellations, under the Company’s stock-based compensation plans. The total net decrease was 0.3 million shares. The Company recorded a cash dividend of $0.120 per share during the first quarter of 2024 as compared to a cash dividend of $0.120 per share during the first quarter of 2023. The first quarter 2024 dividend of $27.7 million was declared on March 5, 2024 and was paid on April 17, 2024.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Inventories (Details) - USD ($)

Mar. 31, 2024

Dec. 31, 2023

Inventory Disclosure [Abstract]

Raw materials

$ 307,222,769

$ 283,126,566

Work-in-process

45,325,627

46,343,955

Finished goods

83,988,848

73,002,507

Total Inventory

$ 436,537,244

$ 402,473,028

^[1]

[1]

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill represents the cost of an acquisition in excess of the fair values assigned to identifiable net assets acquired. The Company recorded Goodwill of: $307.4 million as part of the HomeLink® acquisition in 2013; $3.7 million as part of the acquisition of Vaporsens, Inc. ("Vaporsens") in 2020; $0.2 million as part of the acquisition of Air-Craftglass Production BV ("Air-Craftglass") in 2020; $1.0 million as a 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. The carrying value of Goodwill as of both March 31, 2024 and December 31, 2023 was $340.1 million, as set forth in the table below:


	Carrying Amount
Balance as of December 31, 2023	$	340,105,631
Acquisitions	—
Divestitures	—
Impairments	—
Other	—
Balance as of March 31, 2024	$	340,105,631

In addition to annual impairment testing, which is performed as of the first day of the fourth quarter, the Company continuously monitors for events and circumstances that could negatively impact the key assumptions in determining fair value of goodwill or other intangible assets thus resulting in the need for interim impairment testing, including long-term revenue growth projections, profitability, discount rates, recent market valuations from transactions by comparable companies, volatility in the Company's market capitalization, and general industry, market and macroeconomic conditions. No such events or circumstances that might negatively impact the key assumptions were observed in the first quarter of 2024 and, as such, nothing indicated the need for interim impairment testing.

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

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

As of March 31, 2024:


Other Intangible Assets	Gross		Accumulated Amortization		Net		Assumed Useful Life
Gentex Patents	$	39,396,881	$	(27,838,512)	$	11,558,369	Various

Other Intangible Assets
HomeLink® Trade Names and Trademarks	$	52,000,000	$	—	$	52,000,000	Indefinite
HomeLink® Technology	180,000,000		(157,500,000)		22,500,000		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		(416,667)		11,583,333		12 years
eSight Trade Names and Trademarks	870,000		(30,208)		839,792		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 Intangible Assets	$	410,755,910	$	(200,946,875)	$	209,809,035

Total Patents & Other Intangible Assets	$	450,152,791	$	(228,785,387)	$	221,367,404

As of December 31, 2023:


Other Intangible Assets	Gross		Accumulated Amortization		Net		Assumed Useful Life
Gentex Patents	$	39,199,107	$	(27,769,803)	$	11,429,304	Various

Other Intangible Assets
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 Intangible Assets	$	410,755,910	$	(196,750,000)	$	214,005,910

Total Patents & Other Intangible Assets	$	449,955,017	$	(224,519,803)	$	225,435,214

Amortization expense on patents and intangible assets was approximately $4.5 million during the three months ended March 31, 2024, compared to approximately $5.3 million for the same period ended March 31, 2023.

Excluding the impact of any future acquisitions, the Company estimates amortization expense for the year ending December 31, 2024 to be approximately $18 million, for the year ending December 31, 2025 to be approximately $15 million, and for each of the years ending December 31, 2026, December 31, 2027, and December 31, 2028 to be approximately $3 million.

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The carrying value of Goodwill as of both March 31, 2024 and December 31, 2023 was $340.1 million, as set forth in the table below:


	Carrying Amount
Balance as of December 31, 2023	$	340,105,631
Acquisitions	—
Divestitures	—
Impairments	—
Other	—
Balance as of March 31, 2024	$	340,105,631

Schedule of Intangible Assets

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

As of March 31, 2024:


Other Intangible Assets	Gross		Accumulated Amortization		Net		Assumed Useful Life
Gentex Patents	$	39,396,881	$	(27,838,512)	$	11,558,369	Various

Other Intangible Assets
HomeLink® Trade Names and Trademarks	$	52,000,000	$	—	$	52,000,000	Indefinite
HomeLink® Technology	180,000,000		(157,500,000)		22,500,000		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		(416,667)		11,583,333		12 years
eSight Trade Names and Trademarks	870,000		(30,208)		839,792		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 Intangible Assets	$	410,755,910	$	(200,946,875)	$	209,809,035

Total Patents & Other Intangible Assets	$	450,152,791	$	(228,785,387)	$	221,367,404

As of December 31, 2023:


Other Intangible Assets	Gross		Accumulated Amortization		Net		Assumed Useful Life
Gentex Patents	$	39,199,107	$	(27,769,803)	$	11,429,304	Various

Other Intangible Assets
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 Intangible Assets	$	410,755,910	$	(196,750,000)	$	214,005,910

Total Patents & Other Intangible Assets	$	449,955,017	$	(224,519,803)	$	225,435,214

- Definition

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

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+ Details

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	Apr. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	0-10235
Entity Registrant Name	GENTEX CORPORATION
Entity Incorporation, State or Country Code	MI
Entity Tax Identification Number	38-2030505
Entity Address, Address Line One	600 N. Centennial
Entity Address, City or Town	Zeeland
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	49464
City Area Code	616
Local Phone Number	772-1800
Title of 12(b) Security	Common Stock, par value $0.06 per share
Trading Symbol	GNTX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		231,184,476
Entity Central Index Key	0000355811
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Comprehensive Income (Loss) - Schedule of Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]
Realized gain (loss) on sale of securities	$ 1,670,139	$ (194,740)
Provision for income taxes	(19,417,213)	(18,416,841)
Total net reclassifications for the period	108,230,714	97,578,261
Amounts Reclassified from Other Comprehensive Loss \| Unrealized (losses) gains on available-for-sale debt securities:
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]
Realized gain (loss) on sale of securities	(746,159)	(2,230,236)
Provision for income taxes	156,693	468,350
Total net reclassifications for the period	$ (589,466)	$ (1,761,886)

- 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

Debt and Financing Arrangements (Details) - USD ($)	Feb. 21, 2023	Mar. 31, 2024
Revolving Facility
Debt Instrument [Line Items]
Debt instrument, term	3 years
Principal amount	$ 250,000,000
Additional borrowings available	150,000,000
Long-term debt		$ 0
Letter of Credit
Debt Instrument [Line Items]
Additional borrowings available	20,000,000
Swing Loans
Debt Instrument [Line Items]
Additional borrowings available	$ 35,000,000

- Definition

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

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

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Segment Reporting - Schedule of Segment Reporting (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Revenue:	$ 590,225,211	$ 550,761,311
Income (Loss) from operations:	129,346,312	113,250,647
Automotive Products
Segment Reporting Information [Line Items]
Revenue:	577,602,196	537,422,988
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Segment Reporting Information [Line Items]
Revenue:	12,623,015	13,338,323
Income (Loss) from operations:	$ (199,828)	$ 1,810,849

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

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

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

Beginning Balance

$ 2,312,517,069

^[1]

$ 2,065,792,821

Other comprehensive (loss) income, net of tax

(909,204)

1,918,437

Ending Balance

2,376,363,789

2,123,255,646

Accumulated Other Comprehensive Income

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

Beginning Balance

(6,557,122)

(14,142,934)

Ending Balance

(7,466,326)

(12,224,497)

Foreign currency translation adjustments:

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

Beginning Balance

(4,534,719)

(4,032,239)

Other Comprehensive (loss) income before reclassifications

(950,213)

(121,167)

Other comprehensive (loss) income, net of tax

(950,213)

(121,167)

Ending Balance

(5,484,932)

(4,153,406)

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

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

Beginning Balance

(2,022,403)

(10,110,695)

Other Comprehensive (loss) income before reclassifications

(548,457)

277,718

Amounts reclassified from accumulated other comprehensive income

589,466

1,761,886

Other comprehensive (loss) income, net of tax

41,009

2,039,604

Ending Balance

$ (1,981,394)

$ (8,071,091)

[1]

- Definition

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

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+ Details

Stock-Based Compensation Plans - Narrative (Details)		1 Months Ended	3 Months Ended
Stock-Based Compensation Plans - Narrative (Details)	Jun. 30, 2022 shares	May 31, 2022 shares	Mar. 31, 2024 USD ($) plan shares	Mar. 31, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense for share-based payments \| $			$ 10,487,261	$ 8,519,535
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under the omnibus plan (in shares)			1,624,122
Number of shares authorized (in shares)	2,000,000
ESPP discount rate	85.00%
ESPP discount rate recognized as compensation expense	15.00%
Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grants in period (in shares)			10,390,056
Shares issued under the omnibus plan (in shares)			27,178,740
Number of shares authorized (in shares)			45,000,000
Employee Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost \| $			$ 7,042,117
Employee Stock Option Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option vesting period			1 year
Option expiration period			5 years
Employee Stock Option Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option vesting period			5 years
Option expiration period			10 years
Restricted Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost \| $			$ 48,288,792
Restricted period, maximum			10 years
Amortization expense \| $			$ 6,687,341	5,946,054
Gentex Corporation Employee Stock Purchase Plan \| Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under the omnibus plan (in shares)			321,682
Number of shares authorized (in shares)		2,000,000
ESPP discount rate		85.00%
ESPP discount rate recognized as compensation expense		15.00%
Equity Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of plans \| plan			2
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense for share-based payments \| $			$ 1,772,630	$ 502,206
Unrecognized compensation cost \| $			$ 20,603,455
Performance Shares \| Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under the omnibus plan (in shares)			4,082,383
Performance Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense for share-based payments \| $			$ 422,846
Option vesting period			4 years

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

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Mar. 31, 2023

Dec. 31, 2021

Dec. 31, 2020

Nov. 02, 2023

Dec. 31, 2013

Finite-Lived Intangible Assets [Line Items]

Goodwill

$ 340,105,631

^[1]

Acquisitions

Amortization of intangible assets

4,500,000

$ 5,300,000

Total Patents & Other Intangible Assets

Finite-Lived Intangible Assets [Line Items]

Amortization expense, remainder of fiscal year

18,000,000

Amortization expense, year 2025

15,000,000

Amortization expense, year 2026

3,000,000

Amortization expense, year 2027

3,000,000

Amortization expense, year 2028

$ 3,000,000

HomeLink®

Finite-Lived Intangible Assets [Line Items]

Goodwill

$ 307,400,000

Vaporsens

Finite-Lived Intangible Assets [Line Items]

Acquisitions

$ 3,700,000

Air-CraftGlass

Finite-Lived Intangible Assets [Line Items]

Acquisitions

200,000

Argil

Finite-Lived Intangible Assets [Line Items]

Acquisitions

$ 1,000,000

Guardian

Finite-Lived Intangible Assets [Line Items]

Acquisitions

$ 2,000,000

eSight

Finite-Lived Intangible Assets [Line Items]

Goodwill

$ 26,696,012

Acquisitions

$ 26,700,000

[1]

Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended
	Mar. 05, 2024	Mar. 31, 2024	Mar. 31, 2023
Equity [Abstract]
Stock repurchased (in shares)		1.2
Common stock issued under stock compensation plan (in shares)		0.9
Net decrease in period (in shares)		0.3
Dividends declared (in dollars per share)		$ 0.120	$ 0.120
Dividends	$ 27.7

- Definition

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