0000355811-24-000048 | 10-Q | XBRL Viewer

Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2024

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

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Foreign currency translation adjustments:
Balance at beginning of period	$	(5,994,473)	$	(5,609,783)	$	(4,534,719)	$	(4,032,239)
Other Comprehensive loss before reclassifications	1,776,813		(717,457)		317,059		(2,295,001)

Net current-period change	1,776,813		(717,457)		317,059		(2,295,001)
Balance at end of period	(4,217,660)		(6,327,240)		(4,217,660)		(6,327,240)

Unrealized (losses) gains on available-for-sale debt securities:
Balance at beginning of period	(1,981,180)		(7,632,985)		(2,022,403)		(10,110,695)
Other Comprehensive (loss) income before reclassifications	3,294,853		(1,293,419)		2,465,099		(468,359)
Amounts reclassified from accumulated other comprehensive income	18,063		1,580,904		889,040		3,233,554
Net current-period change	3,312,916		287,485		3,354,139		2,765,195
Balance at end of period	1,331,736		(7,345,500)		1,331,736		(7,345,500)







Accumulated other comprehensive loss, end of period	$	(2,885,924)	$	(13,672,740)	$	(2,885,924)	$	(13,672,740)

The following table presents details of reclassifications out of accumulated other comprehensive loss for the three and nine months ended September 30, 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Unrealized gains (losses) on available-for-sale debt securities
Realized (loss) on sale of securities	$	(22,864)	$	(2,001,144)	$	(1,125,367)	$	(4,093,106)	Other income (loss), net
Provision for income taxes	4,801		420,240		236,327		859,552		Provision for income taxes
Total net reclassifications for the period	$	(18,063)	$	(1,580,904)	$	(889,040)	$	(3,233,554)

Adoption of New Accounting Standards (Policies)	9 Months Ended
Adoption of New Accounting Standards (Policies)	Sep. 30, 2024
Accounting Policies [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 September 30, 2024, and the results of operations and cash flows for the interim periods presented.
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 by the Company. 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 (Details) - USD ($)	3 Months Ended		9 Months Ended
Revenue (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total Revenue	$ 608,525,777	$ 575,848,490	$ 1,771,676,766	$ 1,710,082,647
Automotive Products
Disaggregation of Revenue [Line Items]
Total Revenue	596,519,398	564,510,277	1,733,411,689	1,676,043,013
Automotive Products \| Automotive Segment
Disaggregation of Revenue [Line Items]
Total Revenue	596,519,398	564,510,277	1,733,411,689	1,676,043,013
Automotive Products \| U.S.
Disaggregation of Revenue [Line Items]
Total Revenue	170,939,124	171,312,177	501,028,383	520,034,256
Automotive Products \| Japan
Disaggregation of Revenue [Line Items]
Total Revenue	100,415,089	73,330,091	271,681,510	229,664,642
Automotive Products \| Germany
Disaggregation of Revenue [Line Items]
Total Revenue	69,610,212	72,169,634	216,815,930	226,739,945
Automotive Products \| Korea
Disaggregation of Revenue [Line Items]
Total Revenue	41,644,963	44,257,034	126,797,525	101,655,653
Automotive Products \| Mexico
Disaggregation of Revenue [Line Items]
Total Revenue	57,803,114	38,494,969	143,380,199	109,585,767
Automotive Products \| Other
Disaggregation of Revenue [Line Items]
Total Revenue	156,106,896	164,946,372	473,708,142	488,362,750
Automotive Mirrors & Electronics \| Automotive Segment
Disaggregation of Revenue [Line Items]
Total Revenue	559,477,924	531,423,832	1,640,221,054	1,577,792,206
HomeLink Modules \| Automotive Segment
Disaggregation of Revenue [Line Items]
Total Revenue	37,041,474	33,086,445	93,190,635	98,250,807
Other Products \| Other Segment
Disaggregation of Revenue [Line Items]
Total Revenue	12,006,379	11,338,213	38,265,077	34,039,634
Other Products \| U.S.
Disaggregation of Revenue [Line Items]
Total Revenue	12,006,379	11,338,213	38,265,077	34,039,634
Fire Protection Products \| Other Segment
Disaggregation of Revenue [Line Items]
Total Revenue	6,924,748	5,151,785	21,114,450	20,471,868
Aerospace Products \| Other Segment
Disaggregation of Revenue [Line Items]
Total Revenue	4,272,033	6,186,428	16,329,426	13,567,766
Medical Products \| Other Segment
Disaggregation of Revenue [Line Items]
Total Revenue	$ 809,598	$ 0	$ 821,201	$ 0

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' INVESTMENT (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.120	$ 0.120	$ 0.360	$ 0.360

Revenue

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

The following table shows the Company’s Automotive revenue and Other Products revenue disaggregated by geographical location for Automotive Products for the three and nine month periods ended September 30, 2024 and September 30, 2023, respectively:


	Three Months Ended September 30,				Nine Months Ended September 30,
Revenue	2024		2023		2024		2023
Automotive Products
U.S.	$	170,939,124	$	171,312,177	$	501,028,383	$	520,034,256
Japan	100,415,089		73,330,091		271,681,510		229,664,642
Germany	69,610,212		72,169,634		216,815,930		226,739,945
Korea	41,644,963		44,257,034		126,797,525		101,655,653
Mexico	57,803,114		38,494,969		143,380,199		109,585,767
Other	156,106,896		164,946,372		473,708,142		488,362,750
Total Automotive Products	$	596,519,398	$	564,510,277	$	1,733,411,689	$	1,676,043,013
Other Products (U.S.)	12,006,379		11,338,213		$	38,265,077	$	34,039,634
Total Revenue	$	608,525,777	$	575,848,490	$	1,771,676,766	$	1,710,082,647

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

The following table disaggregates the Company’s Automotive revenue and Other revenue by major source for the three and nine month periods ended September 30, 2024 and September 30, 2023:


	Three Months Ended September 30,				Nine Months Ended September 30,
Revenue	2024		2023		2024		2023
Automotive Segment
Automotive Mirrors & Electronics	$	559,477,924	$	531,423,832	$	1,640,221,054	$	1,577,792,206
HomeLink Modules*	37,041,474		33,086,445		93,190,635		98,250,807
Total Automotive Products	$	596,519,398	$	564,510,277	$	1,733,411,689	$	1,676,043,013

Other Segment
Fire Protection Products	6,924,748		5,151,785		21,114,450		20,471,868
Aerospace Products	4,272,033		6,186,428		16,329,426		13,567,766
Medical Products	809,598		—		$	821,201	$	—
Total Other	$	12,006,379	$	11,338,213	$	38,265,077	$	34,039,634

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

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

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-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

Leases - Narrative (Details)	Sep. 30, 2024
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	4 years
Weighted average discount rate	6.00%
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	5 years

Acquisition (Tables)

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [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

Contingencies	9 Months Ended
Contingencies	Sep. 30, 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, for example, 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.

Investments - Schedule of Unrealized Loss on available-for-sale securities (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Aggregate Unrealized Losses
Loss duration of less than one year	$ 80,165	$ 126,074
Loss duration of greater than one year	1,535,006	4,400,003
Total	1,615,171	4,526,077
Aggregate Fair Value of Investments
Loss duration of less than one year	7,363,296	13,449,592
Loss duration of greater than one year	46,320,380	76,966,258
Total	$ 53,683,676	$ 90,415,850

Stock-Based Compensation Plans

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Plans

As of September 30, 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 $9,590,588 and $31,042,268 for the three and nine months ended September 30, 2024, respectively. The Company recognized compensation expense for share-based payments of $10,948,031 and $29,212,236 for the three and nine months ended September 30, 2023, respectively. A portion of the compensation cost for share based payment awards is capitalized as part of inventory.

2019 Omnibus Incentive Plan

The purpose of the 2019 Omnibus Plan is to attract and retain employees, officers, and directors of the Company and its subsidiaries and to motivate and provide such persons incentives and rewards for performance. Pursuant to the terms of the 2019 Omnibus Plan, each type of award counts against the available shares based on a predetermined conversion rate (shown in the table below). As of September 30, 2024, 11,109,647 share awards have been made under the Plan, resulting in 29,672,008 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	5,043,516	1.00	5,043,516
Restricted Stock	5,049,480	4.06	20,500,889
Performance Shares	1,016,651	4.06	4,127,603
Total	11,109,647		29,672,008

Employee Stock Options

Under the 2019 Omnibus Plan and the Employee Stock Option Plan, the option exercise price equals the stock’s market price on the date of grant. The options vest after one to five years and expire after five to ten years. As of September 30, 2024, there was $5,834,690 of unearned compensation cost associated with stock options granted under the 2019 Omnibus Incentive Plan and the Employee Stock Option Plan, which is expected to be recognized over the remaining vesting periods.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Dividend Yield (1)	1.62	%	1.72	%	1.63	%	1.74	%
Expected volatility (2)	27.92	%	28.66	%	28.07	%	28.89	%
Risk-free interest rate (3)	3.58	%	4.60	%	4.04	%	4.11	%
Expected term of options (years) (4)	4.14		4.14		4.14		4.15
Weighted-avg. grant date fair value	$7.11		$8.40		$8.23		$7.54

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

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

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

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

Restricted Shares

Restricted shares awarded under the 2019 Omnibus Plan and the Second Restricted Stock Plan entitle the shareholder to all rights of common stock ownership, except that the shares may not be sold, transferred, pledged, exchanged or otherwise disposed of during the restriction period. The restriction period is determined by the Compensation Committee, appointed by the Board of Directors, but may not exceed ten years under the terms of such plans. As of September 30, 2024, the Company had unearned stock-based compensation of $52,836,541 associated with the restricted stock grants issued under the 2019 Omnibus Plan and the Second Restricted Stock Plan. The unearned stock-based compensation related to these grants is being amortized to compensation expense over the applicable restriction periods. Compensation expense from restricted stock grants in the three and nine months ended September 30, 2024 was $5,915,930 and $19,487,110, respectively. Compensation expense from restricted stock grants in the three and nine months ended September 30, 2023 was $6,369,348 and $18,178,157, respectively.

Performance Shares

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

As of September 30, 2024, the Company had unearned stock-based compensation of $15,768,739 associated with these performance share grants. The unearned stock-based compensation related to these grants is being amortized to compensation expense over the applicable performance periods. Compensation expense related to these performance share grants in the three and nine months ended September 30, 2024 was $1,573,201 and $5,369,466, respectively. Compensation expense related to these performance share grants in the three and nine months ended September 30, 2023 was $2,463,158 and $4,600,386, respectively.

As part of its objective of attracting and retaining management to fulfill the Company's strategic goals, the Compensation Committee recommended and the Board approved on February 16, 2023, a retention grant of performance share awards ("PSAs"). In addition to the retention of management, the PSAs have been granted to further align management goals with those of the Company's shareholders. For that reason, the PSAs have been granted with performance criteria and will be based upon achievement of the Company's relative total shareholder return ("TSR") over a four year period (2023-2026), against a predetermined peer group. The grant date fair value of PSAs with TSR targets was determined using a Monte Carlo simulation. Compensation expense related to these retention grants in the three and nine months ended September 30, 2024 was $453,393 and $1,342,032, respectively. Compensation expense related to these retention grants in the three and nine months ended September 30, 2023 was $441,115 and $1,082,333, respectively.

Employee Stock Purchase Plan

Prior to July 1, 2022, the Company had in place an employee stock purchase plan covering 2,000,000 shares of common stock. Under that plan, the Company sold shares at 85% of the stock’s market price at date of purchase. Under ASC 718, Compensation - Stock Compensation, the 15% discounted value was recognized as compensation expense. As of September 30, 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 September 30, 2024, the Company has issued 442,718 shares under this plan.

Income Taxes (Details)	9 Months Ended
Income Taxes (Details)	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	15.40%	15.60%

Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Foreign currency translation adjustments:
Balance at beginning of period	$	(5,994,473)	$	(5,609,783)	$	(4,534,719)	$	(4,032,239)
Other Comprehensive loss before reclassifications	1,776,813		(717,457)		317,059		(2,295,001)

Net current-period change	1,776,813		(717,457)		317,059		(2,295,001)
Balance at end of period	(4,217,660)		(6,327,240)		(4,217,660)		(6,327,240)

Unrealized (losses) gains on available-for-sale debt securities:
Balance at beginning of period	(1,981,180)		(7,632,985)		(2,022,403)		(10,110,695)
Other Comprehensive (loss) income before reclassifications	3,294,853		(1,293,419)		2,465,099		(468,359)
Amounts reclassified from accumulated other comprehensive income	18,063		1,580,904		889,040		3,233,554
Net current-period change	3,312,916		287,485		3,354,139		2,765,195
Balance at end of period	1,331,736		(7,345,500)		1,331,736		(7,345,500)







Accumulated other comprehensive loss, end of period	$	(2,885,924)	$	(13,672,740)	$	(2,885,924)	$	(13,672,740)

Schedule of Reclassifications Out of Other Comprehensive Income

The following table presents details of reclassifications out of accumulated other comprehensive loss for the three and nine months ended September 30, 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Unrealized gains (losses) on available-for-sale debt securities
Realized (loss) on sale of securities	$	(22,864)	$	(2,001,144)	$	(1,125,367)	$	(4,093,106)	Other income (loss), net
Provision for income taxes	4,801		420,240		236,327		859,552		Provision for income taxes
Total net reclassifications for the period	$	(18,063)	$	(1,580,904)	$	(889,040)	$	(3,233,554)

Inventories, net (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

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


	September 30, 2024		December 31, 2023
Raw materials	$	317,505,698	$	283,126,566
Work-in-process	47,856,981		46,343,955
Finished goods	83,948,341		73,002,507
Total Inventory	$	449,311,020	$	402,473,028

Adoption of New Accounting Standards	9 Months Ended
Adoption of New Accounting Standards	Sep. 30, 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 by the Company. 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

Earnings Per Share (Details) - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Basic Earnings Per Share

Net income

$ 122,549,041

$ 104,725,412

$ 316,820,194

$ 311,459,076

Less: Dividends and undistributed earnings allocated to participating securities

1,604,095

1,537,105

4,418,133

4,636,523

Net Income available to common shareholders

$ 120,944,946

$ 103,188,307

$ 312,402,061

$ 306,822,553

Basic weighted average shares outstanding (in shares)

226,002,347

230,047,014

226,646,541

229,866,008

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

^[1]

$ 0.54

$ 0.45

$ 1.38

$ 1.33

Diluted Earnings Per Share

Allocation of Net Income used in basic computation

$ 120,944,946

$ 103,188,307

$ 312,402,061

$ 306,822,553

Reallocation of undistributed earnings

1,288

1,978

5,183

4,577

Net Income available to common shareholders - Diluted

$ 120,946,234

$ 103,190,285

$ 312,407,244

$ 306,827,130

Number of shares used in basic computation (in shares)

226,002,347

230,047,014

226,646,541

229,866,008

Additional weighted average dilutive common stock equivalents (in shares)

239,337

410,397

363,391

315,666

Diluted weighted average shares outstanding (in shares)

226,241,684

230,457,411

227,009,932

230,181,674

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

^[1]

$ 0.53

$ 0.45

$ 1.38

$ 1.33

1,619,446

1,384,066

625,410

1,410,341

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

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

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2024

Dec. 31, 2023

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2021

Dec. 31, 2020

Nov. 02, 2023

Dec. 31, 2013

Finite-Lived Intangible Assets [Line Items]

Goodwill

$ 340,105,631

^[1]

$ 340,105,631

Acquisitions

Amortization of intangible assets

4,500,000

$ 5,200,000

13,400,000

$ 15,600,000

Total Patents & Other Intangible Assets

Finite-Lived Intangible Assets [Line Items]

Amortization expense, remainder of 2024

18,000,000

Amortization expense, year 2025

14,000,000

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]

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.

Investments - Schedule of Investments Classified by Contractual Maturity Date (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Total	$ 153,225,300	$ 185,363,223
Fixed Income Securities
Debt Securities, Available-for-sale [Line Items]
Due within one year	14,358,108
Due between one and five years	76,534,624
Due over five years	64,043,830
Total	$ 154,936,562

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

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-Topic 820
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+ Details

- Definition

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

+ References

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+ Details

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2024 and September 30, 2023:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Basic Earnings Per Share
Net Income	$	122,549,041	$	104,725,412	$	316,820,194	$	311,459,076
Less: Dividends and undistributed earnings allocated to participating securities	1,604,095		1,537,105		4,418,133		4,636,523
Net Income available to common shareholders	$	120,944,946	$	103,188,307	$	312,402,061	$	306,822,553

Basic weighted average shares outstanding	226,002,347		230,047,014		226,646,541		229,866,008
Net Income per share - Basic	$	0.54	$	0.45	$	1.38	$	1.33

Diluted Earnings Per Share
Allocation of Net Income used in basic computation	$	120,944,946	$	103,188,307	$	312,402,061	$	306,822,553
Reallocation of undistributed earnings	1,288		1,978		5,183		4,577
Net Income available to common shareholders - Diluted	$	120,946,234	$	103,190,285	$	312,407,244	$	306,827,130

Number of shares used in basic computation	226,002,347		230,047,014		226,646,541		229,866,008
Additional weighted average dilutive common stock equivalents	239,337		410,397		363,391		315,666
Diluted weighted average shares outstanding	226,241,684		230,457,411		227,009,932		230,181,674

Net Income per share - Diluted	$	0.53	$	0.45	$	1.38	$	1.33

Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive	1,619,446		1,384,066		625,410		1,410,341

Inventories, net

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventories, net

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


	September 30, 2024		December 31, 2023
Raw materials	$	317,505,698	$	283,126,566
Work-in-process	47,856,981		46,343,955
Finished goods	83,948,341		73,002,507
Total Inventory	$	449,311,020	$	402,473,028

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Segments

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenue:
Automotive Products	$	596,519,398	$	564,510,277	$	1,733,411,689	$	1,676,043,013
Other	12,006,379		11,338,213		38,265,077		34,039,634
Total	$	608,525,777	$	575,848,490	$	1,771,676,766	$	1,710,082,647

Income (Loss) from operations:
Automotive Products	$	128,375,635	$	121,875,176	$	372,573,948	$	362,044,032
Other	(2,647,483)		541,353		(2,615,462)		912,532
Total	$	125,728,152	$	122,416,529	$	369,958,486	$	362,956,564

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

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

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

Balance at beginning of period

$ 2,400,299,527

$ 2,195,949,326

$ 2,312,517,069

^[1]

$ 2,065,792,821

Other comprehensive (loss) income, net of tax

5,089,729

(429,972)

3,671,198

470,194

Balance at end of period

2,417,627,342

2,268,453,807

2,417,627,342

2,268,453,807

Accumulated Other Comprehensive Income

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

Balance at beginning of period

(7,975,653)

(13,242,768)

(6,557,122)

(14,142,934)

Balance at end of period

(2,885,924)

(13,672,740)

(2,885,924)

(13,672,740)

Foreign currency translation adjustments:

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

Balance at beginning of period

(5,994,473)

(5,609,783)

(4,534,719)

(4,032,239)

Other Comprehensive (loss) income before reclassifications

1,776,813

(717,457)

317,059

(2,295,001)

Other comprehensive (loss) income, net of tax

1,776,813

(717,457)

317,059

(2,295,001)

Balance at end of period

(4,217,660)

(6,327,240)

(4,217,660)

(6,327,240)

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

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

Balance at beginning of period

(1,981,180)

(7,632,985)

(2,022,403)

(10,110,695)

Other Comprehensive (loss) income before reclassifications

3,294,853

(1,293,419)

2,465,099

(468,359)

Amounts reclassified from accumulated other comprehensive income

18,063

1,580,904

889,040

3,233,554

Other comprehensive (loss) income, net of tax

3,312,916

287,485

3,354,139

2,765,195

Balance at end of period

$ 1,331,736

$ (7,345,500)

$ 1,331,736

$ (7,345,500)

[1]

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
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-Paragraph 1
-Subparagraph (SX 210.5-02(30))
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 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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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
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-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (f)
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Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

+ Details

Leases

9 Months Ended

Sep. 30, 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 September 30, 2024 was 4 years, with a weighted average discount rate of 6.0%.

Future minimum lease payments for operating leases as of September 30, 2024 were as follows:


Year ending December 31,

2024 (excluding the nine months ended September 30, 2024)	$	617,160
2025	1,913,864
2026	1,365,479
2027	1,018,929
2028	746,956
Thereafter	86,923
Total future minimum lease payments	5,749,311
Less imputed interest	(385,941)
Total	$	5,363,370


Reported as of September 30, 2024

Accrued Liabilities	$	2,079,966
Other Non-Current Liabilities	3,283,404
Total	$	5,363,370

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Income Statement [Abstract]

NET SALES

$ 608,525,777

$ 575,848,490

$ 1,771,676,766

$ 1,710,082,647

COST OF GOODS SOLD

404,462,142

384,407,857

1,176,812,215

1,150,821,744

Gross profit

204,063,635

191,440,633

594,864,551

559,260,903

OPERATING EXPENSES:

Engineering, research and development

48,225,968

40,197,517

134,411,948

112,825,054

Selling, general & administrative

30,109,515

28,826,587

90,494,117

83,479,285

Total operating expenses

78,335,483

69,024,104

224,906,065

196,304,339

Income from operations

125,728,152

122,416,529

369,958,486

362,956,564

OTHER INCOME

Investment income, net

18,982,629

3,851,967

3,220,333

9,682,096

Other income (loss), net

744,569

(1,788,335)

1,255,438

(3,559,613)

Total other income

19,727,198

2,063,632

4,475,771

6,122,483

INCOME BEFORE PROVISION FOR INCOME TAXES

145,455,350

124,480,161

374,434,257

369,079,047

PROVISION FOR INCOME TAXES

22,906,309

19,754,749

57,614,063

57,619,971

NET INCOME

$ 122,549,041

$ 104,725,412

$ 316,820,194

$ 311,459,076

EARNINGS PER SHARE:

Basic (in dollars per share)

^[1]

$ 0.54

$ 0.45

$ 1.38

$ 1.33

Diluted (in dollars per share)

^[1]

0.53

0.45

1.38

1.33

Cash Dividends Declared per Share (in dollars per share)

$ 0.120

$ 0.360

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

Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Stock repurchased (in shares)			5.8
Common stock issued under stock compensation plan (in shares)			1.8
Net increase (decrease) in common stock (in shares)			(4.0)
Dividends declared (in dollars per share)	$ 0.120	$ 0.120	$ 0.360	$ 0.360
Value of dividends declared	$ 27.3

- Definition

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

+ References + Details

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 122,549,041	$ 104,725,412	$ 316,820,194	$ 311,459,076
Other comprehensive (loss) income before tax:
Foreign currency translation adjustments	1,776,813	(717,457)	317,059	(2,295,001)
Unrealized gains on debt securities, net	4,193,565	363,905	4,245,746	3,500,247
Other comprehensive (loss) income, before tax	5,970,378	(353,552)	4,562,805	1,205,246
Income tax impact related to components of other comprehensive (loss) income	880,649	76,420	891,607	735,052
Other comprehensive (loss) income, net of tax	5,089,729	(429,972)	3,671,198	470,194
Comprehensive income	$ 127,638,770	$ 104,295,440	$ 320,491,392	$ 311,929,270

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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+ Details

- Definition

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

+ References

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+ Details

Stock-Based Compensation Plans - Schedule of Weighted-Average Assumptions for the ESOP (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Dividend yield	1.62%	1.72%	1.63%	1.74%
Expected volatility	27.92%	28.66%	28.07%	28.89%
Risk-free interest rate	3.58%	4.60%	4.04%	4.11%
Expected term of options (years)	4 years 1 month 20 days	4 years 1 month 20 days	4 years 1 month 20 days	4 years 1 month 24 days
Weighted-avg. grant date fair value (in dollars per share)	$ 7.11	$ 8.40	$ 8.23	$ 7.54

Revenue (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue


	Three Months Ended September 30,				Nine Months Ended September 30,
Revenue	2024		2023		2024		2023
Automotive Products
U.S.	$	170,939,124	$	171,312,177	$	501,028,383	$	520,034,256
Japan	100,415,089		73,330,091		271,681,510		229,664,642
Germany	69,610,212		72,169,634		216,815,930		226,739,945
Korea	41,644,963		44,257,034		126,797,525		101,655,653
Mexico	57,803,114		38,494,969		143,380,199		109,585,767
Other	156,106,896		164,946,372		473,708,142		488,362,750
Total Automotive Products	$	596,519,398	$	564,510,277	$	1,733,411,689	$	1,676,043,013
Other Products (U.S.)	12,006,379		11,338,213		$	38,265,077	$	34,039,634
Total Revenue	$	608,525,777	$	575,848,490	$	1,771,676,766	$	1,710,082,647

The following table disaggregates the Company’s Automotive revenue and Other revenue by major source for the three and nine month periods ended September 30, 2024 and September 30, 2023:


	Three Months Ended September 30,				Nine Months Ended September 30,
Revenue	2024		2023		2024		2023
Automotive Segment
Automotive Mirrors & Electronics	$	559,477,924	$	531,423,832	$	1,640,221,054	$	1,577,792,206
HomeLink Modules*	37,041,474		33,086,445		93,190,635		98,250,807
Total Automotive Products	$	596,519,398	$	564,510,277	$	1,733,411,689	$	1,676,043,013

Other Segment
Fire Protection Products	6,924,748		5,151,785		21,114,450		20,471,868
Aerospace Products	4,272,033		6,186,428		16,329,426		13,567,766
Medical Products	809,598		—		$	821,201	$	—
Total Other	$	12,006,379	$	11,338,213	$	38,265,077	$	34,039,634

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

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

Sep. 30, 2024

Dec. 31, 2023

Finite-Lived Intangible Assets [Line Items]

Intangible assets, net

$ 201,604,035

$ 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

39,198,259

39,199,107

Accumulated Amortization

(27,882,575)

(27,769,803)

Net

11,315,684

11,429,304

Total Other Intangible Assets

Finite-Lived Intangible Assets [Line Items]

Accumulated Amortization

(209,151,875)

(196,750,000)

Intangible assets, gross

410,755,910

Intangible assets, net

201,604,035

214,005,910

Technology | HomeLink®

Finite-Lived Intangible Assets [Line Items]

Gross

180,000,000

Accumulated Amortization

(165,000,000)

(153,750,000)

Net

$ 15,000,000

$ 26,250,000

Assumed Useful Life

12 years

Technology | eSight

Finite-Lived Intangible Assets [Line Items]

Gross

$ 12,000,000

Accumulated Amortization

(916,667)

Net

$ 11,083,333

$ 12,000,000

Assumed Useful Life

12 years

Technology | Guardian

Finite-Lived Intangible Assets [Line Items]

Gross

$ 6,800,000

Accumulated Amortization

(141,667)

Net

$ 6,658,333

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

(66,458)

Net

$ 803,542

$ 870,000

Assumed Useful Life

12 years

Trademarks and Trade Names | Guardian

Finite-Lived Intangible Assets [Line Items]

Gross

$ 1,300,000

Accumulated Amortization

(27,083)

Net

$ 1,272,917

Assumed Useful Life

12 years

Total Patents & Other Intangible Assets

Finite-Lived Intangible Assets [Line Items]

Total Patents & Other Intangible Assets, Gross

$ 449,954,169

$ 449,955,017

Total Patents & Other Intangible Assets, Accumulated Amortization

(237,034,450)

(224,519,803)

Total Patents & Other Intangible Assets, Net

$ 212,919,719

$ 225,435,214

[1]

Debt and Financing Arrangements (Details) - USD ($)	Feb. 21, 2023	Sep. 30, 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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+ Details

- Definition

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

+ References + Details

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 25, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		227,431,688
Entity Central Index Key	0000355811
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe effective tax rate was 15.4% in the nine months ended September 30, 2024, compared to an effective tax rate of 15.6% 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 tax.

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+ Details

Debt and Financing Arrangements	9 Months Ended
Debt and Financing Arrangements	Sep. 30, 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 September 30, 2024, there was no outstanding balance on the Revolver. As of September 30, 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.

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+ Details

Acquisition

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [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 accounted for the acquisition under the provisions of FASB ASC Topic 805, Business Combinations. The valuation process was completed during the third quarter of 2024. Approximately $0.8 million of revenue of the business of eSight was included in the Company's consolidated statements of income and comprehensive income for the period ended September 30, 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

Leases - Schedule of Future Minimum Lease Payments and Liabilities (Details)	Sep. 30, 2024 USD ($)
Leases [Abstract]
2024 (excluding the nine months ended September 30, 2024)	$ 617,160
2025	1,913,864
2026	1,365,479
2027	1,018,929
2028	746,956
Thereafter	86,923
Total future minimum lease payments	5,749,311
Less imputed interest	(385,941)
Total	5,363,370
Accrued Liabilities	$ 2,079,966
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities
Other Non-Current Liabilities	$ 3,283,404
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	OTHER NON-CURRENT LIABILITIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 316,820,194	$ 311,459,076
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	70,887,294	71,001,177
(Gain) on disposal of assets	(1,279,049)	(271,510)
Loss on disposal of assets	48,618	250,435
(Gain) on sale of investments and technology investment income	(4,736,312)	(2,747,586)
Loss on sale of investments and technology investment losses	14,839,974	6,840,692
Deferred tax expense	(9,970,207)	(11,870,944)
Stock-based compensation expense related to employee stock options, employee stock purchases and restricted stock	30,936,895	29,212,236
Change in operating assets and liabilities:
Accounts receivable, net	(34,528,140)	(74,648,395)
Inventories	(46,837,992)	8,907,490
Prepaid expenses and other	(2,616,370)	(5,416,624)
Accounts payable	(8,976,998)	27,451,773
Accrued liabilities, excluding dividends declared	19,229,845	7,500,486
Net cash provided by operating activities	343,817,752	367,668,306
Activity in investments:
Sales proceeds	35,059,971	32,839,883
Maturities and calls	10,260,000	14,435,000
Purchases	(83,764,695)	(112,608,739)
Plant and equipment additions	(102,966,564)	(121,393,801)
Proceeds from sale of plant and equipment	142,400	185,610
Increase in other assets	(5,614,129)	(2,533,687)
Net cash used for investing activities	(146,883,017)	(189,075,734)
CASH FLOWS USED FOR FINANCING ACTIVITIES:
Issuance of common stock from stock plan transactions	24,024,353	24,304,861
Cash dividends paid	(83,145,216)	(84,159,105)
Repurchases of common stock	(184,609,148)	(76,859,341)
Net cash used for financing activities	(243,730,011)	(136,713,585)
NET INCREASE IN CASH AND CASH EQUIVALENTS	(46,795,276)	41,878,987
CASH, CASH EQUIVALENTS, and RESTRICTED CASH, beginning of period	226,435,019	218,754,638
CASH, CASH EQUIVALENTS, and RESTRICTED CASH, end of period	179,639,743	260,633,625
Non-cash investing and financing activities:
Change in property and equipment in accounts payable and accrued expenses and other current liabilities	$ (4,115,011)	$ 9,708,125

Comprehensive Income (Loss) - Schedule of Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]
Realized (loss) on sale of securities	$ 744,569	$ (1,788,335)	$ 1,255,438	$ (3,559,613)
Provision for income taxes	(22,906,309)	(19,754,749)	(57,614,063)	(57,619,971)
Total net reclassifications for the period	122,549,041	104,725,412	316,820,194	311,459,076
Amounts Reclassified from Other Comprehensive Loss \| Unrealized gains (losses) on available-for-sale debt securities
Reclassification Out of Accumulated Other Comprehensive Income [Line Items]
Realized (loss) on sale of securities	(22,864)	(2,001,144)	(1,125,367)	(4,093,106)
Provision for income taxes	4,801	420,240	236,327	859,552
Total net reclassifications for the period	$ (18,063)	$ (1,580,904)	$ (889,040)	$ (3,233,554)

- Definition

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

+ References

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+ Details

- Definition

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

+ References

+ Details

Acquisition - Narrative (Details) - eSight Corporation - USD ($) $ in Millions		9 Months Ended
	Nov. 02, 2023	Sep. 30, 2024
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		$ 0.8

Stock-Based Compensation Plans - Narrative (Details)		1 Months Ended	3 Months Ended		9 Months Ended
Stock-Based Compensation Plans - Narrative (Details)	Jun. 30, 2022 shares	May 31, 2022 shares	Sep. 30, 2024 USD ($) plan shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) plan shares	Sep. 30, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense for share-based payments \| $			$ 9,590,588	$ 10,948,031	$ 31,042,268	$ 29,212,236
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)					11,109,647
Shares issued under the omnibus plan (in shares)					29,672,008
Number of shares authorized (in shares)			45,000,000		45,000,000
Employee Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost \| $			$ 5,834,690		$ 5,834,690
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 \| $			52,836,541		$ 52,836,541
Restricted period, maximum					10 years
Amortization expense \| $			$ 5,915,930	6,369,348	$ 19,487,110	18,178,157
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)					442,718
Number of shares authorized (in shares)		2,000,000
ESPP discount rate		85.00%
ESPP discount rate recognized as compensation expense		15.00%
Equity Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of plans \| plan			2		2
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense for share-based payments \| $			$ 1,573,201	2,463,158	$ 5,369,466	4,600,386
Unrecognized compensation cost \| $			15,768,739		$ 15,768,739
Performance Shares \| Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under the omnibus plan (in shares)					4,127,603
Performance Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense for share-based payments \| $			$ 453,393	$ 441,115	$ 1,342,032	$ 1,082,333
Option vesting period					4 years

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

9 Months Ended

Sep. 30, 2024

USD ($)

Carrying Amount

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 asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Future Minimum Lease Payments

Future minimum lease payments for operating leases as of September 30, 2024 were as follows:


Year ending December 31,

2024 (excluding the nine months ended September 30, 2024)	$	617,160
2025	1,913,864
2026	1,365,479
2027	1,018,929
2028	746,956
Thereafter	86,923
Total future minimum lease payments	5,749,311
Less imputed interest	(385,941)
Total	$	5,363,370

Schedule of Lease Liabilities


Reported as of September 30, 2024

Accrued Liabilities	$	2,079,966
Other Non-Current Liabilities	3,283,404
Total	$	5,363,370

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)

Sep. 30, 2024

Dec. 31, 2023

^[1]

CURRENT ASSETS

Cash and cash equivalents

$ 179,639,743

$ 226,435,019

Short-term investments

20,462,581

14,356,476

Accounts receivable, net

356,338,008

321,809,868

Inventories, net

449,311,020

402,473,028

Prepaid expenses and other

39,932,866

32,663,762

Total current assets

1,045,684,218

997,738,153

PLANT AND EQUIPMENT—NET

703,583,489

652,877,672

OTHER ASSETS

Goodwill

340,105,631

Long-term investments

325,561,578

299,080,876

Intangible assets, net

201,604,035

214,005,910

Deferred tax asset

50,192,359

41,113,759

Patents and other assets, net

68,565,533

66,515,551

Total other assets

986,029,136

960,821,727

Total assets

2,735,296,843

2,611,437,552

CURRENT LIABILITIES

Accounts payable

182,606,296

184,398,820

Accrued liabilities

100,558,357

87,210,156

Total current liabilities

283,164,653

271,608,976

OTHER NON-CURRENT LIABILITIES

34,504,848

27,311,507

Total liabilities

317,669,501

298,920,483

SHAREHOLDERS’ INVESTMENT

Common stock

13,646,597

13,887,326

Additional paid-in capital

1,000,948,512

968,245,875

Retained earnings

1,405,918,157

1,336,940,990

Accumulated other comprehensive loss

(2,885,924)

(6,557,122)

Total shareholders’ investment

2,417,627,342

2,312,517,069

Total liabilities and shareholders’ investment

$ 2,735,296,843

$ 2,611,437,552

[1]

Inventories, net (Details) - USD ($)

Sep. 30, 2024

Dec. 31, 2023

Inventory Disclosure [Abstract]

Raw materials

$ 317,505,698

$ 283,126,566

Work-in-process

47,856,981

46,343,955

Finished goods

83,948,341

73,002,507

Total Inventory

$ 449,311,020

$ 402,473,028

^[1]

[1]

Investments - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($) shares	Sep. 30, 2024 USD ($) shares	Aug. 23, 2024 $ / shares shares	Jan. 05, 2024 $ / shares shares	Dec. 31, 2023 USD ($)	Oct. 06, 2023 $ / shares shares	Oct. 04, 2023 tranche shares
Debt and Equity Securities, FV-NI [Line Items]
Technology investments	$ 149.9	$ 149.9			$ 128.0
Long-term Investments
Debt and Equity Securities, FV-NI [Line Items]
Technology investments	144.9	144.9			124.6
Short-Term Investments
Debt and Equity Securities, FV-NI [Line Items]
Technology investments	$ 5.0	$ 5.0			$ 3.4
VOXX International Corporation
Debt and Equity Securities, FV-NI [Line Items]
Shares of investment held (in shares) \| shares	6,463,808	6,463,808
Gain (loss) relating to mark to market adjustment in investment income	$ 14.9	$ (9.0)
VOXX International Corporation
Debt and Equity Securities, FV-NI [Line Items]
Number of tranches \| tranche							2
VOXX International Corporation \| Common Class A
Debt and Equity Securities, FV-NI [Line Items]
Number of shares acquired (in shares) \| shares			3,152,500	1,568,750		1,568,750	3,137,500
Shares purchased, price per share (in dollars per share) \| $ / shares			$ 5	$ 10		$ 10

Stock-Based Compensation Plans - Schedule of Shares Issued Net of Shares Canceled/Expired (Details) - Omnibus Incentive Plan	9 Months Ended
	Sep. 30, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grants in period (in shares)	11,109,647
Shares issued under the omnibus plan (in shares)	29,672,008
Non-Qualified Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted, options (in shares)	5,043,516
Conversion rate, options	1.00
Shares issued under the omnibus plan (in shares)	5,043,516
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	5,049,480
Conversion rate, shares	4.06
Shares issued under the omnibus plan (in shares)	20,500,889
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	1,016,651
Conversion rate, shares	4.06
Shares issued under the omnibus plan (in shares)	4,127,603

Earnings Per Share

9 Months Ended

Sep. 30, 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.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Basic Earnings Per Share
Net Income	$	122,549,041	$	104,725,412	$	316,820,194	$	311,459,076
Less: Dividends and undistributed earnings allocated to participating securities	1,604,095		1,537,105		4,418,133		4,636,523
Net Income available to common shareholders	$	120,944,946	$	103,188,307	$	312,402,061	$	306,822,553

Basic weighted average shares outstanding	226,002,347		230,047,014		226,646,541		229,866,008
Net Income per share - Basic	$	0.54	$	0.45	$	1.38	$	1.33

Diluted Earnings Per Share
Allocation of Net Income used in basic computation	$	120,944,946	$	103,188,307	$	312,402,061	$	306,822,553
Reallocation of undistributed earnings	1,288		1,978		5,183		4,577
Net Income available to common shareholders - Diluted	$	120,946,234	$	103,190,285	$	312,407,244	$	306,827,130

Number of shares used in basic computation	226,002,347		230,047,014		226,646,541		229,866,008
Additional weighted average dilutive common stock equivalents	239,337		410,397		363,391		315,666
Diluted weighted average shares outstanding	226,241,684		230,457,411		227,009,932		230,181,674

Net Income per share - Diluted	$	0.53	$	0.45	$	1.38	$	1.33

Shares related to stock plans not included in diluted average common shares outstanding because their effect would be anti-dilutive	1,619,446		1,384,066		625,410		1,410,341

Segment Reporting (Details)	3 Months Ended		9 Months Ended
Segment Reporting (Details)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Revenue:	$ 608,525,777	$ 575,848,490	$ 1,771,676,766	$ 1,710,082,647
Income (Loss) from operations:	125,728,152	122,416,529	$ 369,958,486	362,956,564
Other
Segment Reporting Information [Line Items]
Number of non-automotive segments \| segment			4
Revenue:	12,006,379	11,338,213	$ 38,265,077	34,039,634
Income (Loss) from operations:	(2,647,483)	541,353	(2,615,462)	912,532
Automotive Products
Segment Reporting Information [Line Items]
Revenue:	596,519,398	564,510,277	1,733,411,689	1,676,043,013
Income (Loss) from operations:	$ 128,375,635	$ 121,875,176	$ 372,573,948	$ 362,044,032

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

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

Sep. 30, 2024

Dec. 31, 2023

^[1]

Nov. 02, 2023

Fair Value

$ 340,105,631

Fair Value

$ 441,228

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 | ESight Technology

Fair Value

Intangible assets

12,000,000

eSight Corporation | Trade Names and Trademarks

Fair Value

Intangible assets

$ 870,000

[1]

Investments (Tables)

9 Months Ended

Sep. 30, 2024

Investments [Abstract]

Schedule of Investment Securities Stated at Fair Value

Assets or liabilities that have recurring fair value measurements are shown below as of September 30, 2024 and December 31, 2023:

As of September 30, 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	September 30, 2024		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	179,639,743	$	179,639,743	$	—	$	—

Short-Term Investments:
Asset-backed Securities	2,784,681		—		2,784,681		—
Certificate of Deposit	752,133		752,133		—		—
Corporate Bonds	3,960,920		—		3,960,920		—
Government Securities	2,479,975		—		2,479,975		—
Municipal Bonds	4,380,400		—		4,380,400		—
Other	1,073,419		1,073,419		—		—
Long-Term Investments:
Asset-backed Securities	40,069,030		—		40,069,030		—

Corporate Bonds	57,754,563		—		57,754,563		—
Government Securities	1,671,215		—		1,671,215		—
Municipal Bonds	41,083,645		—		41,083,645		—
Common Stock	41,109,820		41,109,820		—		—
Total	$	376,759,544	$	222,575,115	$	154,184,429	$	—

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 September 30, 2024 and December 31, 2023:

As of September 30, 2024:


			Unrealized
	Cost		Gains		Losses		Market Value
Short-Term Investments:
Asset-backed Securities	2,834,713		—		(50,032)		2,784,681
Certificate of Deposit	$	750,000	$	2,133	$	—	$	752,133
Corporate Bonds	4,019,696		—		(58,776)		3,960,920
Government Securities	2,474,160		5,815		—		2,479,975
Municipal Bonds	4,393,568		1,697		(14,865)		4,380,400
Other	1,073,419		—		—		1,073,419
Long-Term Investments:
Asset-backed Securities	39,109,728		1,032,389		(73,087)		40,069,030

Corporate Bonds	56,889,910		1,273,030		(408,377)		57,754,563
Government Securities	1,603,846		67,369		—		1,671,215
Municipal Bonds	41,175,200		918,479		(1,010,034)		41,083,645

Total	$	151,489,527	$	3,300,912	$	(1,565,139)	$	153,225,300

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 available-for-sale securities

Unrealized losses on available-for-sale securities as of September 30, 2024, are as follows:


	Aggregate Unrealized Losses		Aggregate Fair Value of Investments
Loss duration of less than one year	$	80,165	$	7,363,296
Loss duration of greater than one year	1,535,006		46,320,380
Total	$	1,615,171	$	53,683,676

Unrealized losses on available-for-sale securities 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 September 30, 2024 have contractual maturities as follows:


Due within one year	$	14,358,108
Due between one and five years	76,534,624
Due over five years	64,043,830
	$	154,936,562

Investments - Schedule of Amortized Cost, Unrealized Gains and Losses, and Market Value of Investment Securities (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Cost	$ 151,489,527	$ 186,637,592
Unrealized Gains	3,300,912	3,251,708
Unrealized Losses	(1,565,139)	(4,526,077)
Market Value	153,225,300	185,363,223
Short-Term Investments \| Asset-backed Securities
Debt Securities, Available-for-sale [Line Items]
Cost	2,834,713
Unrealized Gains	0
Unrealized Losses	(50,032)
Market Value	2,784,681
Short-Term Investments \| Certificate of Deposit
Debt Securities, Available-for-sale [Line Items]
Cost	750,000	1,000,000
Unrealized Gains	2,133	0
Unrealized Losses	0	(5,987)
Market Value	752,133	994,013
Short-Term Investments \| Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	4,019,696	1,976,195
Unrealized Gains	0	0
Unrealized Losses	(58,776)	(32,309)
Market Value	3,960,920	1,943,886
Short-Term Investments \| Government Securities
Debt Securities, Available-for-sale [Line Items]
Cost	2,474,160	4,754,495
Unrealized Gains	5,815	21,141
Unrealized Losses	0	(16,129)
Market Value	2,479,975	4,759,507
Short-Term Investments \| Municipal Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	4,393,568	1,749,038
Unrealized Gains	1,697	0
Unrealized Losses	(14,865)	(22,380)
Market Value	4,380,400	1,726,658
Short-Term Investments \| Other
Debt Securities, Available-for-sale [Line Items]
Cost	1,073,419	1,465,388
Unrealized Gains	0	0
Unrealized Losses	0	0
Market Value	1,073,419	1,465,388
Long-Term Investments \| Asset-backed Securities
Debt Securities, Available-for-sale [Line Items]
Cost	39,109,728	26,923,803
Unrealized Gains	1,032,389	331,847
Unrealized Losses	(73,087)	(109,146)
Market Value	40,069,030	27,146,504
Long-Term Investments \| Certificate of Deposit
Debt Securities, Available-for-sale [Line Items]
Cost		750,000
Unrealized Gains		0
Unrealized Losses		(1,642)
Market Value		748,358
Long-Term Investments \| Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	56,889,910	66,214,398
Unrealized Gains	1,273,030	748,471
Unrealized Losses	(408,377)	(1,558,529)
Market Value	57,754,563	65,404,340
Long-Term Investments \| Government Securities
Debt Securities, Available-for-sale [Line Items]
Cost	1,603,846	6,217,774
Unrealized Gains	67,369	10,675
Unrealized Losses	0	(1,320)
Market Value	1,671,215	6,227,129
Long-Term Investments \| Municipal Bonds
Debt Securities, Available-for-sale [Line Items]
Cost	41,175,200	58,261,615
Unrealized Gains	918,479	811,128
Unrealized Losses	(1,010,034)	(2,735,822)
Market Value	$ 41,083,645	56,336,921
Long-Term Investments \| Common Stock
Debt Securities, Available-for-sale [Line Items]
Cost		17,324,886
Unrealized Gains		1,328,446
Unrealized Losses		(42,813)
Market Value		$ 18,610,519

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 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 September 30, 2024, and the results of operations and cash flows for the interim periods presented.

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The carrying value of Goodwill as of both September 30, 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 September 30, 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 September 30, 2024:


Other Intangible Assets	Gross		Accumulated Amortization		Net		Assumed Useful Life
Gentex Patents	$	39,198,259	$	(27,882,575)	$	11,315,684	Various

Other Intangible Assets
HomeLink® Trade Names and Trademarks	$	52,000,000	$	—	$	52,000,000	Indefinite
HomeLink® Technology	180,000,000		(165,000,000)		15,000,000		12 years
Existing Customer Platforms	43,000,000		(43,000,000)		—		10 years
Exclusive Licensing Agreement	96,000,000		—		96,000,000		Indefinite
eSight Technology	12,000,000		(916,667)		11,083,333		12 years
eSight Trade Names and Trademarks	870,000		(66,458)		803,542		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		(27,083)		1,272,917		12 years
Guardian Technology	6,800,000		(141,667)		6,658,333		12 years
Total Other Intangible Assets	$	410,755,910	$	(209,151,875)	$	201,604,035

Total Patents & Other Intangible Assets	$	449,954,169	$	(237,034,450)	$	212,919,719

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.

+ References

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+ Details

Segment Reporting

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenue:
Automotive Products	$	596,519,398	$	564,510,277	$	1,733,411,689	$	1,676,043,013
Other	12,006,379		11,338,213		38,265,077		34,039,634
Total	$	608,525,777	$	575,848,490	$	1,771,676,766	$	1,710,082,647

Income (Loss) from operations:
Automotive Products	$	128,375,635	$	121,875,176	$	372,573,948	$	362,044,032
Other	(2,647,483)		541,353		(2,615,462)		912,532
Total	$	125,728,152	$	122,416,529	$	369,958,486	$	362,956,564

- 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

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+ Details

Stock-Based Compensation Plans (Tables)

9 Months Ended

Sep. 30, 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	5,043,516	1.00	5,043,516
Restricted Stock	5,049,480	4.06	20,500,889
Performance Shares	1,016,651	4.06	4,127,603
Total	11,109,647		29,672,008

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

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Dividend Yield (1)	1.62	%	1.72	%	1.63	%	1.74	%
Expected volatility (2)	27.92	%	28.66	%	28.07	%	28.89	%
Risk-free interest rate (3)	3.58	%	4.60	%	4.04	%	4.11	%
Expected term of options (years) (4)	4.14		4.14		4.14		4.15
Weighted-avg. grant date fair value	$7.11		$8.40		$8.23		$7.54

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

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

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

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

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

Balance at beginning of period

$ 2,400,299,527

$ 2,195,949,326

$ 2,312,517,069

^[1]

$ 2,065,792,821

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

1,800,000

Issuance of common stock from stock plan transactions

3,782,044

10,422,050

$ 24,024,353

24,304,861

Issuance of common stock related to acquisitions

Repurchases of common stock (in shares)

(5,800,000)

Repurchases of common stock

(96,339,949)

(25,169,378)

$ (187,678,611)

(78,735,501)

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

9,540,105

10,948,031

30,936,895

29,212,236

Dividends declared

(27,293,155)

(27,991,662)

(82,663,756)

(84,049,880)

Net income

122,549,041

104,725,412

316,820,194

311,459,076

Other comprehensive income (loss)

5,089,729

(429,972)

3,671,198

470,194

Balance at end of period

$ 2,417,627,342

$ 2,268,453,807

$ 2,417,627,342

$ 2,268,453,807

Common Stock

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

Balance at beginning of period (in shares)

230,229,539

233,429,994

231,455,443

234,169,335

Balance at beginning of period

$ 13,813,772

$ 14,005,799

$ 13,887,326

$ 14,050,160

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

408,566

605,637

1,786,232

1,833,596

Issuance of common stock from stock plan transactions

$ 24,514

$ 36,338

$ 107,174

$ 110,016

Repurchases of common stock (in shares)

(3,194,815)

(776,488)

(5,798,385)

(2,743,788)

Repurchases of common stock

$ (191,689)

$ (46,589)

$ (347,903)

$ (164,628)

Balance at end of period (in shares)

227,443,290

233,259,143

227,443,290

233,259,143

Balance at end of period

$ 13,646,597

$ 13,995,548

$ 13,646,597

$ 13,995,548

Additional Paid-In Capital

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

Balance at beginning of period

1,000,014,813

942,660,764

968,245,875

917,499,323

Issuance of common stock from stock plan transactions

3,757,530

10,385,712

23,917,179

24,194,845

Repurchases of common stock

(12,363,936)

(2,795,358)

(22,151,437)

(9,707,255)

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

9,540,105

10,948,031

30,936,895

29,212,236

Balance at end of period

1,000,948,512

961,199,149

1,000,948,512

961,199,149

Retained Earnings

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

Balance at beginning of period

1,394,446,595

1,252,525,531

1,336,940,990

1,148,386,272

Repurchases of common stock

(83,784,324)

(22,327,431)

(165,179,271)

(68,863,618)

Dividends declared

(27,293,155)

(27,991,662)

(82,663,756)

(84,049,880)

Net income

122,549,041

104,725,412

316,820,194

311,459,076

Balance at end of period

1,405,918,157

1,306,931,850

1,405,918,157

1,306,931,850

Accumulated Other Comprehensive Income (Loss)

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

Balance at beginning of period

(7,975,653)

(13,242,768)

(6,557,122)

(14,142,934)

Other comprehensive income (loss)

5,089,729

(429,972)

3,671,198

470,194

Balance at end of period

$ (2,885,924)

$ (13,672,740)

$ (2,885,924)

$ (13,672,740)

[1]

Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 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 September 30, 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 September 30, 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 third 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 September 30, 2024:


Other Intangible Assets	Gross		Accumulated Amortization		Net		Assumed Useful Life
Gentex Patents	$	39,198,259	$	(27,882,575)	$	11,315,684	Various

Other Intangible Assets
HomeLink® Trade Names and Trademarks	$	52,000,000	$	—	$	52,000,000	Indefinite
HomeLink® Technology	180,000,000		(165,000,000)		15,000,000		12 years
Existing Customer Platforms	43,000,000		(43,000,000)		—		10 years
Exclusive Licensing Agreement	96,000,000		—		96,000,000		Indefinite
eSight Technology	12,000,000		(916,667)		11,083,333		12 years
eSight Trade Names and Trademarks	870,000		(66,458)		803,542		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		(27,083)		1,272,917		12 years
Guardian Technology	6,800,000		(141,667)		6,658,333		12 years
Total Other Intangible Assets	$	410,755,910	$	(209,151,875)	$	201,604,035

Total Patents & Other Intangible Assets	$	449,954,169	$	(237,034,450)	$	212,919,719

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 and $13.4 million during the three and nine months ended September 30, 2024, respectively, compared to approximately $5.2 million and $15.6 million for the same periods ended September 30, 2023, respectively.

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 $14 million, and for each of the years ending December 31, 2026, December 31, 2027, and December 31, 2028 to be approximately $3 million.

Equity	9 Months Ended
Equity	Sep. 30, 2024
Equity [Abstract]
Equity	Equity The decrease in common stock during the nine months ended September 30, 2024, was primarily due to the repurchases of 5.8 million shares, partially offset by the issuance of 1.8 million shares of the Company’s common stock, net of cancellations, under the Company’s stock-based compensation plans. The total net decrease was 4.0 million shares. The Company recorded a cash dividend of $0.120 per share during the third quarter of 2024 as compared to a cash dividend of $0.120 per share during the third quarter of 2023. The third quarter 2024 dividend of $27.3 million was declared on August 30, 2024 and was paid on October 23, 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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+ Details

Investments

9 Months Ended

Sep. 30, 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 for investment purposes. 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. On August 23, 2024, the Company entered into another Stock Purchase Agreement and acquired an additional 3,152,500 shares of Class A Common Stock on that date at $5 per share for investment purposes. 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 Company has the intention and current ability to hold the VOXX investment, and therefore has recorded the investment within Long-term Investments in the consolidated balance sheet.

As of September 30, 2024, the Company holds a total of 6,463,808 shares of VOXX. As a result of the August 2024 purchase, the Company began accounting for the VOXX investment in accordance with ASC 323 – Investments – Equity Method and Joint Venture, with the election to use the Fair Value Option under ASC 825 - Fair Value. As a result of this election, changes in fair value of the shares are recorded in Investment income, net in the condensed consolidated statements of income. The Company recorded $14.9 million of gain during the three months ended September 30, 2024, and $9.0 million of loss during the nine months ended September 30, 2024 relating to mark to market adjustments in investment income related to VOXX.

Technology Investments

The Company also periodically makes strategic investments in the non-marketable debt or equity securities of other non-consolidated third parties ("Technology Investments"). Such Technology Investments totaled approximately $149.9 million as of September 30, 2024, of which $144.9 million and $5.0 million are recorded in long-term investments and short-term investments, respectively, 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, respectively, 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 income (loss), net in the Company's condensed 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 September 30, 2024 and December 31, 2023:

As of September 30, 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	September 30, 2024		(Level 1)		(Level 2)		(Level 3)
Cash & Cash Equivalents	$	179,639,743	$	179,639,743	$	—	$	—

Short-Term Investments:
Asset-backed Securities	2,784,681		—		2,784,681		—
Certificate of Deposit	752,133		752,133		—		—
Corporate Bonds	3,960,920		—		3,960,920		—
Government Securities	2,479,975		—		2,479,975		—
Municipal Bonds	4,380,400		—		4,380,400		—
Other	1,073,419		1,073,419		—		—
Long-Term Investments:
Asset-backed Securities	40,069,030		—		40,069,030		—

Corporate Bonds	57,754,563		—		57,754,563		—
Government Securities	1,671,215		—		1,671,215		—
Municipal Bonds	41,083,645		—		41,083,645		—
Common Stock	41,109,820		41,109,820		—		—
Total	$	376,759,544	$	222,575,115	$	154,184,429	$	—

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 September 30, 2024 and December 31, 2023:

As of September 30, 2024:


			Unrealized
	Cost		Gains		Losses		Market Value
Short-Term Investments:
Asset-backed Securities	2,834,713		—		(50,032)		2,784,681
Certificate of Deposit	$	750,000	$	2,133	$	—	$	752,133
Corporate Bonds	4,019,696		—		(58,776)		3,960,920
Government Securities	2,474,160		5,815		—		2,479,975
Municipal Bonds	4,393,568		1,697		(14,865)		4,380,400
Other	1,073,419		—		—		1,073,419
Long-Term Investments:
Asset-backed Securities	39,109,728		1,032,389		(73,087)		40,069,030

Corporate Bonds	56,889,910		1,273,030		(408,377)		57,754,563
Government Securities	1,603,846		67,369		—		1,671,215
Municipal Bonds	41,175,200		918,479		(1,010,034)		41,083,645

Total	$	151,489,527	$	3,300,912	$	(1,565,139)	$	153,225,300

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 available-for-sale securities as of September 30, 2024, are as follows:


	Aggregate Unrealized Losses		Aggregate Fair Value of Investments
Loss duration of less than one year	$	80,165	$	7,363,296
Loss duration of greater than one year	1,535,006		46,320,380
Total	$	1,615,171	$	53,683,676

Unrealized losses on available-for-sale securities 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 September 30, 2024 have contractual maturities as follows:


Due within one year	$	14,358,108
Due between one and five years	76,534,624
Due over five years	64,043,830
	$	154,936,562

Investments - Schedule of Assets or Liabilities, Recurring Fair Value Measurements (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash & Cash Equivalents	$ 179,639,743	$ 226,435,019
Total	376,759,544	411,798,242
Short-Term Investments \| Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	2,784,681
Short-Term Investments \| Certificate of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	752,133	994,013
Short-Term Investments \| Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	3,960,920	1,943,886
Short-Term Investments \| Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	2,479,975	4,759,507
Short-Term Investments \| Municipal Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	4,380,400	1,726,658
Short-Term Investments \| Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	1,073,419	1,465,388
Long-Term Investments \| Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	40,069,030	27,146,504
Long-Term Investments \| Certificate of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		748,358
Long-Term Investments \| Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	57,754,563	65,404,340
Long-Term Investments \| Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	1,671,215	6,227,129
Long-Term Investments \| Municipal Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	41,083,645	56,336,921
Long-Term Investments \| Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	41,109,820	18,610,519
(Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash & Cash Equivalents	179,639,743	226,435,019
Total	222,575,115	248,253,297
(Level 1) \| Short-Term Investments \| Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0
(Level 1) \| Short-Term Investments \| Certificate of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	752,133	994,013
(Level 1) \| Short-Term Investments \| Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 1) \| Short-Term Investments \| Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 1) \| Short-Term Investments \| Municipal Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 1) \| Short-Term Investments \| Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	1,073,419	1,465,388
(Level 1) \| Long-Term Investments \| Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 1) \| Long-Term Investments \| Certificate of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		748,358
(Level 1) \| Long-Term Investments \| Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 1) \| Long-Term Investments \| Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 1) \| Long-Term Investments \| Municipal Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 1) \| Long-Term Investments \| Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	41,109,820	18,610,519
(Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash & Cash Equivalents	0	0
Total	154,184,429	163,544,945
(Level 2) \| Short-Term Investments \| Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	2,784,681
(Level 2) \| Short-Term Investments \| Certificate of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 2) \| Short-Term Investments \| Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	3,960,920	1,943,886
(Level 2) \| Short-Term Investments \| Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	2,479,975	4,759,507
(Level 2) \| Short-Term Investments \| Municipal Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	4,380,400	1,726,658
(Level 2) \| Short-Term Investments \| Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 2) \| Long-Term Investments \| Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	40,069,030	27,146,504
(Level 2) \| Long-Term Investments \| Certificate of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		0
(Level 2) \| Long-Term Investments \| Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	57,754,563	65,404,340
(Level 2) \| Long-Term Investments \| Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	1,671,215	6,227,129
(Level 2) \| Long-Term Investments \| Municipal Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	41,083,645	56,336,921
(Level 2) \| Long-Term Investments \| Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash & Cash Equivalents	0	0
Total	0	0
(Level 3) \| Short-Term Investments \| Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0
(Level 3) \| Short-Term Investments \| Certificate of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 3) \| Short-Term Investments \| Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 3) \| Short-Term Investments \| Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 3) \| Short-Term Investments \| Municipal Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 3) \| Short-Term Investments \| Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 3) \| Long-Term Investments \| Asset-backed Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 3) \| Long-Term Investments \| Certificate of Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		0
(Level 3) \| Long-Term Investments \| Corporate Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 3) \| Long-Term Investments \| Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
(Level 3) \| Long-Term Investments \| Municipal Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0
(Level 3) \| Long-Term Investments \| Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 0	$ 0