Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 01, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 000-10235 | ||
Entity Registrant Name | GENTEX CORPORATION | ||
Entity Central Index Key | 0000355811 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Incorporation, State or Country Code | MI | ||
Entity Tax Identification Number | 38-2030505 | ||
Entity Address, Address Line One | 600 N. Centennial Street, | ||
Entity Address, City or Town | Zeeland, | ||
Entity Address, State or Province | MI | ||
Entity Address, Postal Zip Code | 49464 | ||
City Area Code | 616 | ||
Local Phone Number | 772-1800 | ||
Title of 12(b) Security | Common Stock, par value $.06 per share | ||
Trading Symbol | GNTX | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 6,346,040,545 | ||
Entity Common Stock, Shares Outstanding | 243,666,492 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 423,371,036 | $ 296,321,622 |
Short-term investments | 27,164,369 | 140,384,053 |
Accounts receivable, net | 284,925,335 | 235,410,326 |
Inventories, net | 226,291,843 | 248,941,855 |
Prepaid expenses and other | 17,577,981 | 29,319,036 |
Total current assets | 979,330,564 | 950,376,892 |
PLANT AND EQUIPMENT: | ||
Land, buildings and improvements | 350,574,243 | 344,231,180 |
Machinery and equipment | 857,583,647 | 843,439,691 |
Construction-in-process | 49,048,555 | 39,456,490 |
Total Plant and Equipment | 1,257,206,445 | 1,227,127,361 |
Less- Accumulated depreciation | (789,071,310) | (728,811,261) |
Net Plant and Equipment | 468,135,135 | 498,316,100 |
OTHER ASSETS: | ||
Goodwill | 311,922,787 | 307,365,845 |
Long-term investments | 162,028,068 | 139,909,323 |
Intangible assets, net | 249,748,127 | 250,375,000 |
Patents and other assets, net | 26,776,489 | 22,460,033 |
Total Other Assets | 750,475,471 | 720,110,201 |
TOTAL ASSETS | 2,197,941,170 | 2,168,803,193 |
CURRENT LIABILITIES: | ||
Accounts payable | 84,784,423 | 97,553,917 |
Accrued liabilities: | ||
Salaries, wages and vacation | 18,557,799 | 16,385,833 |
Income taxes | 3,790,219 | 24,952 |
Royalties | 21,056,412 | 17,371,829 |
Dividends payable | 29,243,144 | 28,896,914 |
Other | 20,304,860 | 11,613,355 |
Total current liabilities | 177,736,857 | 171,846,800 |
OTHER NON-CURRENT LIABILITIES | 17,300,442 | 7,414,424 |
DEFERRED INCOME TAXES | 38,960,743 | 51,454,149 |
TOTAL LIABILITIES | 233,998,042 | 230,715,373 |
SHAREHOLDERS’ INVESTMENT: | ||
Common stock, par value 0.06 per share; 400,000,000 shares authorized; 243,692,869 and 251,277,515 shares issued and outstanding in 2020 and 2019 respectively. | 14,621,572 | 15,076,651 |
Additional paid-in capital | 852,771,508 | 807,928,139 |
Retained earnings | 1,089,698,996 | 1,116,372,133 |
Accumulated other comprehensive income: | ||
Unrealized gain on investments, net | 6,082,007 | 1,095,486 |
Cumulative translation adjustment | 769,045 | (2,384,589) |
Total shareholders’ investment | 1,963,943,128 | 1,938,087,820 |
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT | $ 2,197,941,170 | $ 2,168,803,193 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.06 | $ 0.06 |
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 243,692,869 | 251,277,515 |
Common stock, shares outstanding (in shares) | 243,692,869 | 251,277,515 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Income Statement [Abstract] | ||||
NET SALES | $ 1,688,189,405 | $ 1,858,897,406 | $ 1,834,063,697 | |
COST OF GOODS SOLD | 1,082,745,885 | 1,170,589,437 | 1,143,597,005 | |
Gross profit | 605,443,520 | 688,307,969 | 690,466,692 | |
OPERATING EXPENSES: | ||||
Engineering, research and development | 115,935,047 | 114,687,309 | 107,134,862 | |
Selling, general and administrative | 89,952,381 | 85,083,056 | 75,206,283 | |
Total operating expenses | 205,887,428 | 199,770,365 | 182,341,145 | |
Income from operations | 399,556,092 | 488,537,604 | 508,125,547 | |
OTHER INCOME: | ||||
Investment income | 6,986,303 | 11,230,696 | 11,262,385 | |
Other income, net | 5,270,534 | 647,034 | 2,659,015 | |
Total other income | 12,256,837 | 11,877,730 | 13,921,400 | |
Income before provision for income taxes | 411,812,929 | 500,415,334 | 522,046,947 | |
PROVISION FOR INCOME TAXES | 64,249,308 | 75,731,395 | 84,163,850 | |
NET INCOME | $ 347,563,621 | $ 424,683,939 | $ 437,883,097 | |
EARNINGS PER SHARE: | ||||
Basic (in dollars per share) | [1] | $ 1.41 | $ 1.67 | $ 1.64 |
Diluted (in dollars per share) | [1] | 1.41 | 1.66 | 1.62 |
Cash Dividends Declared per Share (in dollars per share) | $ 0.48 | $ 0.460 | $ 0.44 | |
[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 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 347,563,621 | $ 424,683,939 | $ 437,883,097 |
Other comprehensive income (loss) before tax: | |||
Foreign currency translation adjustments | 3,153,634 | (709,702) | (2,319,917) |
Unrealized gains on derivatives | 0 | 0 | 98,767 |
Unrealized gains on available-for-sale securities, net | 6,312,051 | 1,292,325 | 115,059 |
Other comprehensive income (loss), before tax | 9,465,685 | 582,623 | (2,106,091) |
Expense for income taxes related to components of other comprehensive income (loss) | 1,325,530 | 271,388 | 44,903 |
Other comprehensive income (loss), net of tax | 8,140,155 | 311,235 | (2,150,994) |
Comprehensive income | $ 355,703,776 | $ 424,995,174 | $ 435,732,103 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Investment - USD ($) | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Beginning balance (in shares) | 251,277,515 | 251,277,515 | ||||||
Beginning balance | $ 1,938,087,820 | $ 1,861,751,660 | $ 1,938,087,820 | $ 1,861,751,660 | $ 2,049,518,261 | |||
Issuance of common stock from stock plan transactions | 41,803,640 | 77,821,151 | 66,837,820 | |||||
Issuance of common stock related to acquisitions | 3,559,229 | |||||||
Repurchases of common stock | (288,480,506) | (331,471,392) | (591,577,851) | |||||
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock | 30,797,327 | 21,671,192 | 18,305,981 | |||||
Accounting standards update | us-gaap:AccountingStandardsUpdate201601Member | |||||||
Dividends declared | (117,528,158) | (116,679,965) | (117,064,654) | |||||
Net income | $ 143,339,000 | $ 89,506,000 | $ 99,547,000 | $ 104,280,000 | 347,563,621 | 424,683,939 | 437,883,097 | |
Other comprehensive income | $ 8,140,155 | $ 311,235 | (2,150,994) | |||||
Ending balance (in shares) | 243,692,869 | 251,277,515 | 243,692,869 | 251,277,515 | ||||
Ending balance | $ 1,963,943,128 | $ 1,938,087,820 | $ 1,963,943,128 | $ 1,938,087,820 | 1,861,751,660 | $ 2,049,518,261 | ||
Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Beginning balance | $ 0 | |||||||
Ending balance | $ 0 | |||||||
Common Stocks | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Beginning balance (in shares) | 251,277,515 | 259,328,613 | 251,277,515 | 259,328,613 | 280,281,321 | |||
Beginning balance | $ 15,076,651 | $ 15,559,717 | $ 15,076,651 | $ 15,559,717 | $ 16,816,879 | |||
Issuance of common stock from stock plan transactions (in shares) | 2,897,689 | 5,724,840 | 5,496,659 | |||||
Issuance of common stock from stock plan transactions | $ 173,861 | $ 343,490 | $ 329,801 | |||||
Issuance of common stock related to acquisitions (in shares) | 163,718 | |||||||
Issuance of common stock related to acquisitions | $ 9,823 | |||||||
Repurchases of common stock (in shares) | (10,646,053) | (13,775,938) | (26,449,367) | |||||
Repurchases of common stock | $ (638,763) | $ (826,556) | $ (1,586,963) | |||||
Ending balance (in shares) | 243,692,869 | 251,277,515 | 243,692,869 | 251,277,515 | 259,328,613 | 280,281,321 | ||
Ending balance | $ 14,621,572 | $ 15,076,651 | $ 14,621,572 | $ 15,076,651 | $ 15,559,717 | $ 16,816,879 | ||
Additional Paid-In Capital | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Beginning balance | 807,928,139 | 745,324,144 | 807,928,139 | 745,324,144 | 723,510,672 | |||
Issuance of common stock from stock plan transactions | 41,629,779 | 77,477,661 | 66,508,019 | |||||
Issuance of common stock related to acquisitions | 3,549,406 | |||||||
Repurchases of common stock | (31,133,143) | (36,544,858) | (63,000,528) | |||||
Stock-based compensation expense related to stock options, employee stock purchases and restricted stock | 30,797,327 | 21,671,192 | 18,305,981 | |||||
Ending balance | 852,771,508 | 807,928,139 | 852,771,508 | 807,928,139 | 745,324,144 | 723,510,672 | ||
Retained Earnings | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Beginning balance | 1,116,372,133 | 1,102,468,137 | 1,116,372,133 | 1,102,468,137 | 1,301,997,327 | |||
Repurchases of common stock | (256,708,600) | (294,099,978) | (526,990,360) | |||||
Dividends declared | (117,528,158) | (116,679,965) | (117,064,654) | |||||
Net income | 347,563,621 | 424,683,939 | 437,883,097 | |||||
Ending balance | 1,089,698,996 | 1,116,372,133 | 1,089,698,996 | 1,116,372,133 | 1,102,468,137 | 1,301,997,327 | ||
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Beginning balance | 6,642,727 | |||||||
Ending balance | 6,642,727 | |||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Beginning balance | $ (1,289,103) | $ (1,600,338) | (1,289,103) | (1,600,338) | 7,193,383 | |||
Other comprehensive income | 8,140,155 | 311,235 | (2,150,994) | |||||
Ending balance | $ 6,851,052 | $ (1,289,103) | $ 6,851,052 | $ (1,289,103) | (1,600,338) | 7,193,383 | ||
Accumulated Other Comprehensive Income (Loss) | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Beginning balance | $ (6,642,727) | |||||||
Ending balance | $ (6,642,727) |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Investment (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared per share (in dollars per share) | $ 0.48 | $ 0.460 | $ 0.44 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | |||
Net income | $ 347,563,621 | $ 424,683,939 | $ 437,883,097 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 104,739,900 | 104,702,974 | 102,186,814 |
Gain on disposal of assets | (311,510) | (155,150) | (577,200) |
Loss on disposal of assets | 162,553 | 588,941 | 108,927 |
Gain on sale of investments | (3,163,164) | (660,643) | (2,538,729) |
Loss on sale of investments | 1,064,508 | 176,360 | 532,494 |
Deferred income taxes | (15,419,722) | (3,358,537) | (4,414,739) |
Stock based compensation expense related to employee stock options, employee stock purchases and restricted stock | 30,797,327 | 21,671,192 | 18,305,981 |
Change in operating assets and liabilities: | |||
Accounts receivable | (49,290,457) | (21,872,527) | 17,583,989 |
Inventories | 22,725,798 | (23,660,256) | (8,516,016) |
Prepaid expenses and other | 10,493,993 | (3,646,457) | (11,268,677) |
Accounts payable | (12,854,038) | 4,743,601 | 2,911,849 |
Accrued liabilities | 27,982,962 | 2,753,427 | 220,856 |
Net cash flows from operating activities | 464,491,771 | 505,966,864 | 552,418,646 |
Activity in available-for-sale securities: | |||
Sales proceeds | 24,455,695 | 57,139,135 | 55,248,551 |
Maturities and calls | 142,547,368 | 125,013,589 | 181,892,136 |
Purchases | (73,719,189) | (153,257,603) | (332,106,362) |
Plant and equipment additions | (51,706,541) | (84,580,255) | (85,990,570) |
Proceeds from sale of plant and equipment | 383,429 | 2,001,315 | 738,093 |
Acquisition of businesses, net of cash acquired | (11,216,927) | 0 | 0 |
Increase in other assets | (4,327,398) | (3,027,263) | (5,603,042) |
Net cash from (used for) investing activities | 26,416,437 | (56,711,082) | (185,821,194) |
CASH FLOWS USED FOR FINANCING ACTIVITIES: | |||
Proceeds from borrowings on Credit Agreement | 75,000,000 | 0 | 0 |
Repayment of borrowings on Credit Agreement | (75,000,000) | 0 | (78,000,000) |
Issuance of common stock from stock plan transactions | 41,803,640 | 77,821,151 | 66,837,820 |
Cash dividends paid | (117,181,928) | (116,309,197) | (116,566,639) |
Repurchases of common stock | (288,480,506) | (331,471,392) | (591,577,851) |
Net cash used for financing activities | (363,858,794) | (369,959,438) | (719,306,670) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 127,049,414 | 79,296,344 | (352,709,218) |
CASH AND CASH EQUIVALENTS, Beginning of year | 296,321,622 | 217,025,278 | 569,734,496 |
CASH AND CASH EQUIVALENTS, End of year | $ 423,371,036 | $ 296,321,622 | $ 217,025,278 |
Summary of Significant Accounti
Summary of Significant Accounting and Reporting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting and Reporting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES The Company Gentex Corporation, including its wholly-owned subsidiaries (the "Company"), is a leading supplier of digital vision, connected car, dimmable glass, and fire protection products. The Company’s largest business segment involves designing, developing, manufacturing, marketing, and supplying automatic-dimming rearview and non-dimming mirrors and various electronic modules for the automotive industry. The Company ships its product to all of the major automotive producing regions worldwide, which it supports with numerous sales, engineering and distribution locations worldwide. A substantial portion of the Company’s net sales and accounts receivable result from transactions with domestic and foreign automotive manufacturers and Tier 1 suppliers. The Company also designs, develops, manufactures, markets, and supplies dimmable aircraft windows for the aviation industry and commercial smoke alarms and signaling devices for the fire protection products industry. The Company does not require collateral or other security for trade accounts receivable. Significant accounting policies of the Company not described elsewhere are as follows: Consolidation The consolidated financial statements include the accounts of Gentex Corporation and all of its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. Cash Equivalents Cash equivalents consist of funds invested in bank accounts and money market funds that have daily liquidity. Allowance For Doubtful Accounts The Company reviews a monthly aging report of all accounts receivable balances starting with invoices outstanding over sixty days. In addition, the Company monitors information about its customers through a variety of sources including the media, and information obtained through on-going interaction between Company personnel and the customer. Based on the evaluation of the above information, the Company estimates its allowances related to customer receivables on historical credit and collections experience, customers current financial condition and the specific identification of other potential problems, including the economic climate and impact the COVID-19 pandemic has had on specific customers. Actual collections can differ, requiring adjustments to the allowances, but historically such adjustments have not been material. The following table presents the activity in the Company’s allowance for doubtful accounts: Beginning Net Net Additions/Deductions Ending Year Ended December 31, 2020: Allowance for Doubtful Accounts $ 2,451,293 $ 1,000,000 $ 13,454 $ 3,464,747 Year Ended December 31, 2019: Allowance for Doubtful Accounts $ 2,746,647 $ — $ (295,354) $ 2,451,293 Year Ended December 31, 2018: Allowance for Doubtful Accounts $ 2,714,533 $ — $ 32,114 $ 2,746,647 The Company’s allowance for doubtful accounts primarily relates to financially distressed automotive customers. The Company continues to work with these financially distressed customers in collecting past due balances. Investments The Company follows the provisions of ASC 820, Fair Value Measurements and Disclosures, for its financial assets and liabilities, and for its non-financial assets and liabilities subject to fair value measurements. ASC 820 provides a framework for measuring the fair value of assets and liabilities. This framework is intended to provide increased consistency in how fair value determinations are made under various existing accounting standards that permit, or in some cases, require estimates of fair-market value. This standard also expanded financial statement disclosure requirements about a company’s use of fair-value measurements, including the effect of such measurement on earnings. The cost of securities sold is based on the specific identification method. The Company determines the fair value of its government securities, asset-backed securities, corporate bonds, and certain mutual funds by utilizing monthly valuation statements that are provided by its broker. The broker determines the investment valuation by utilizing the bid price in the market and also refers to third party sources to validate valuations, and as such are classified as Level 2 assets. The Company's certificates of deposit are classified as available for sale, and are considered as Level 1 assets. These investments are carried at cost, which approximates fair value. The Company will also periodically make technology investments in certain non-consolidated third-parties. These equity investments are accounted for in accordance with ASC 321, Investments - Equity Securities . Equity investments that do not have readily determinable fair values, and where the Company has not identified any observable events that would cause adjustment of the valuation to date, are held at cost. These technology investments totaled $4.0 million and $9.0 million as of December 31, 2020 and December 31, 2019, respectively. These investments are classified within Long-Term Investments in the consolidated balance sheet and are not included within the tables below. The $5.0 million decrease in the balance of these technology investments are a result of the acquisitions of the remaining equity of Vaporsens and Argil during the year. Refer to Note 12, "Acquisitions" , for further information. Assets or liabilities that have recurring fair value measurements are shown below as of December 31, 2020 and December 31, 2019: Fair Value Measurements at Reporting Date Using Total as of Quoted Prices in Significant Other Significant Description December 31, 2020 (Level I) (Level 2) (Level 3) Cash & Cash Equivalents $ 423,371,036 $ 423,371,036 $ — $ — Short-Term Investments: Certificate of Deposit 1,516,693 1,516,693 — — Corporate Bonds 7,155,600 — 7,155,600 — Government Securities 6,678,450 — 6,678,450 — Municipal Bonds 10,284,765 — 10,284,765 — Other 1,528,861 1,528,861 — — Long-Term Investments: Asset-backed Securities 37,924,537 — 37,924,537 — Certificate of Deposit 3,645,520 3,645,520 — — Corporate Bonds 9,024,035 — 9,024,035 — Municipal Bonds 107,407,831 — 107,407,831 — Total $ 608,537,328 $ 430,062,110 $ 178,475,218 $ — Fair Value Measurements at Reporting Date Using Total as of Quoted Prices in Significant Other Significant Description December 31, 2019 (Level I) (Level 2) (Level 3) Cash & Cash Equivalents 296,321,622 $ 296,321,622 $ — $ — Short-Term Investments: Certificate of Deposit 50,099,795 50,099,795 — — Corporate Bonds 29,219,685 — 29,219,685 — Government Securities 58,432,823 — 58,432,823 — Other 2,631,750 2,631,750 — — Long-Term Investments: Asset-backed Securities 25,791,029 — 25,791,029 — Certificate of Deposit 3,557,798 3,557,798 — — Corporate Bonds 22,815,998 — 22,815,998 — Government Securities 6,088,190 — 6,088,190 — Municipal Bonds 72,638,690 — 72,638,690 — Total $ 567,597,380 $ 352,610,965 $ 214,986,415 $ — The amortized cost, unrealized gains and losses, and market value of investment securities are shown as of December 31, 2020 and 2019: Unrealized 2020 Cost Gains Losses Market Value Short-Term Investments: Certificate of Deposit $ 1,502,187 $ 14,506 $ — $ 1,516,693 Corporate Bonds 7,084,638 70,962 — 7,155,600 Government Securities 6,635,132 43,318 — 6,678,450 Municipal Bonds 10,160,376 124,389 — 10,284,765 Other 1,528,861 — — 1,528,861 Long-Term Investments: Asset-backed Securities 37,681,113 800,802 (557,378) 37,924,537 Certificate of Deposit 3,503,898 141,622 — 3,645,520 Corporate Bonds 8,595,020 429,015 — 9,024,035 Municipal Bonds 100,776,325 6,635,428 (3,922) 107,407,831 Total $ 177,467,550 $ 8,260,042 $ (561,300) $ 185,166,292 Unrealized 2019 Cost Gains Losses Market Value Short-Term Investments: Certificate of Deposit $ 50,099,795 $ — $ — $ 50,099,795 Corporate Bonds 29,025,624 194,061 — 29,219,685 Governmental Securities 58,343,911 99,917 (11,005) 58,432,823 Other 2,631,750 — — 2,631,750 Long-Term Investments: Asset-backed Securities 25,971,156 — (180,127) 25,791,029 Certificate of Deposit 3,500,000 58,808 (1,010) 3,557,798 Corporate Bonds 22,306,130 509,868 — 22,815,998 Governmental Securities 6,012,705 — 75,485 — 6,088,190 Municipal Bonds 71,997,996 1,036,116 (395,422) 72,638,690 Total $ 269,889,067 $ 1,974,255 $ (587,564) $ 271,275,758 Unrealized losses on investments as of December 31, 2020 are as follows: Aggregate Unrealized Losses Aggregate Fair Value Less than one year $ 561,300 $ 12,317,187 Greater than one year — — Total $ 561,300 $ 12,317,187 Unrealized losses on investments as of December 31, 2019 are as follows: Aggregate Unrealized Losses Aggregate Fair Value Less than one year $ 587,564 $ 90,721,081 Greater than one year — — Total $ 587,564 $ 90,721,081 Effective January 1, 2020, the Company adopted Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments . The guidance modifies the impairment model for available-for-sale debt securities and provides a simplified accounting model for purchased financial assets with credit deterioration since their origination. The Company utilized the guidance provided by ASC 326 to determine whether any of the available-for-sale debt securities held by the Company were impaired. No investments were considered to be impaired during the years presented. The Company has the intention and current ability to hold its debt investments until the amortized cost basis has been recovered. If market, industry, and/or investee conditions deteriorate, the Company may incur future impairments. No investments were considered to be other-than-temporarily impaired in 2020 and 2019. Fixed income securities as of December 31, 2020, have contractual maturities as follows: Due within one year $ 25,635,507 Due between one and five years 50,872,174 Due over five years 107,129,749 $ 183,637,430 Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, investments, accounts receivable, accounts payable, and short and long-term debt. The Company’s estimate of the fair values of these financial instruments approximates their carrying amounts at December 31, 2020 and 2019. Inventories Inventories include material, direct labor and manufacturing overhead and are valued at the lower of first-in, first-out (FIFO) cost or net realizable value. Inventories consisted of the following as of December 31, 2020 and 2019: 2020 2019 Raw materials $ 151,688,455 $ 164,974,553 Work-in-process 32,791,675 33,069,255 Finished goods 41,811,713 50,898,047 Total Inventory $ 226,291,843 $ 248,941,855 Estimated inventory allowances for slow-moving and obsolete inventories are based on current assessments of future demands, market conditions, evaluation of longer lead times for certain electronic components and related management initiatives. If market conditions or customer requirements change and are less favorable than those projected by management, inventory allowances are adjusted accordingly. Allowances for slow-moving and obsolete inventories (which are included, net, in the above inventory values) were $10.4 million and $7.6 million at December 31, 2020 and 2019, respectively. Plant and Equipment Plant and equipment is stated at cost. Depreciation and amortization are computed for financial reporting purposes using the straight-line method, with estimated useful lives of 7 to 30 years for buildings and improvements, and 3 to 10 years for machinery and equipment. Depreciation expense was approximately $82.4 million, $82.3 million and $79.7 million in 2020, 2019 and 2018, respectively. Impairment or Disposal of Long-Lived Assets The Company reviews long-lived assets, including property, plant and equipment and other intangible assets with definite lives, for impairment whenever events or changes in circumstances indicate that the asset’s carrying amount may not be recoverable. The Company conducts its long-lived asset impairment analysis in accordance with ASC 360-10-15, Impairment or Disposal of Long-Lived Assets . ASC 360-10-15 requires the Company to group assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities and evaluate the asset group against the sum of the undiscounted future cash flows. If the undiscounted cash flows do not indicate the carrying amount of the asset is recoverable, an impairment charge is measured as the amount by which the carrying amount of the asset group exceeds its fair value based on discounted cash flow analysis or appraisals. Patents The Company’s policy is to capitalize costs incurred to obtain patents. The cost of patents is amortized over their useful lives. The cost of patents in process is not amortized until issuance. The Company periodically obtains intellectual property rights, in the ordinary course of business, and the cost of the rights are amortized over their useful lives. Goodwill and Intangible Assets Goodwill reflects the cost of an acquisition in excess of the fair values assigned to identifiable net assets acquired. The Company reviews goodwill for impairment during the fourth quarter on an annual basis or more frequently if events or changes in circumstances indicate that goodwill might be impaired. The Company performs an impairment review for its automotive reporting unit, which has been determined to be one of the Company’s reportable segments, using either a qualitative approach or quantitative approach which utilizes a fair value method that incorporates certain assumptions and judgments. The fair value of a reporting unit refers to the price that would be received to sell the unit as a whole in an orderly transaction between market participants at the measurement date. The Company performs a qualitative assessment (step 0) to determine whether it is more likely than not that a reporting unit's fair value is less than its carrying amount. If not, no further goodwill impairment testing is performed. If so, we perform a step 1 test to determine the fair value of the reporting unit using an income approach to estimate the fair value of each of its reporting units and a market valuation approach to further support this analysis. If the fair value of the reporting unit is greater than its carrying amount, goodwill is not considered to be impaired. However, if the fair value of the reporting unit is less than its carrying amount, an impairment change is recorded as the excess of the reporting units carrying value over its fair value. The assumptions included in the impairment tests require judgment and changes to these inputs could impact the results of the calculations which could result in an impairment charge in future periods if the carrying amount of the reporting unit exceeds its calculated fair value. For the qualitative assessment performed, management considers factors such as macro-economic conditions, industry and market considerations, overall financial performance, and other company-specific events, amongst other factors, in making the determination as to whether it is more likely than not that a reporting unit's fair value is less than its carrying amount. Other than management's internal projections of future cash flows, the primary assumptions used in the step 1 impairment test is the weighted-average cost of capital and long-term growth rates. Although the Company's cash flow forecasts are based on assumptions that are considered reasonable by management and consistent with the plans and estimates management is using to operate the underlying business, there are significant judgments in determining the expected future cash flows attributable to a reporting unit. There have been no impairment charges recorded currently or in prior periods in which goodwill existed. Indefinite lived intangible assets are also subject to annual impairment testing or more frequently if indicators of impairment are identified. Management judgment and assumptions are required in determining the underlying fair value of the indefinite lived intangible assets. While the Company believes the judgments and assumptions used in determining fair value are reasonable, different assumptions could change the estimated fair values and, therefore, impairment charges could be required, which could be material to the consolidated financial statements. The indefinite lived intangible assets were not impaired as a result of the annual test prepared by management for either period presented. During the current year, the Company acquired Indefinite lived in-process research and development ("IPR&D") intangible assets. These IPR&D assets are not amortized, but are tested for impairment annually, or more frequently when indicators of potential impairment exist, until the completion or abandonment of the associated research and development efforts. Upon completion of the projects, the assets will be amortized over the expected economic life of the asset, which will be determined on that date. Should the project be determined to be abandoned, and if the asset developed has no alternative use, the full value of the asset will be charged to expense. Refer to Note 10, "Goodwill and Intangible Assets" for information regarding the impairment testing performed in calendar year 2020. Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers . Accordingly, revenue is recognized in an amount that reflects the consideration to which the Company expects to be entitled in exchange for promised goods or services when it transfers those goods or services to customers. Sales are shown net of returns, which have not historically been significant. The Company does not generate sales from arrangements with multiple deliverables. The Company generally receives purchase orders from customers on an annual basis. Typically, such purchase order provide the annual terms, including pricing, related to a particular vehicle model. Purchase orders generally do not specify quantities. The Company recognizes revenue based on the pricing terms included in our annual purchase orders. As part of certain agreements, entered into in the ordinary course of business, the Company is asked to provide customers with annual price reductions. Such amounts are subject to estimate and are accrued as a reduction of revenue as products are shipped to those customers. For any shipments of product that may be subject to retroactive price adjustments that are then being negotiated, the Company records revenue based on the Company’s best estimate of the amount of consideration to which the entity will be entitled in exchange for transferring the promised goods to the customer. The Company's best estimate requires significant judgment based on historical results and expected outcomes of ongoing negotiations with customers. The Company's approach is to consider these adjustments to the contract price as variable consideration which is estimated based on the then most likely price amount. In addition, the Company has ongoing adjustments to our pricing arrangements with customers based on the related content, the cost of our products and other commercial factors. Such pricing accruals are adjusted as they are settled with our customers. Refer to Note 11, "Revenue" , for further information. Advertising and Promotional Materials All advertising and promotional costs are expensed as incurred and amounted to approximately $2.0 million, $3.0 million and $2.5 million, in 2020, 2019 and 2018, respectively. Repairs and Maintenance Major renewals and improvements of property and equipment are capitalized, and repairs and maintenance are expensed as incurred. The Company incurred expenses relating to the repair and maintenance of plant and equipment of approximately $22.6 million, $28.9 million and $28.9 million, in 2020, 2019 and 2018, respectively. Self-Insurance The Company is self-insured for a portion of its risk on workers’ compensation and employee medical costs. The arrangements provide for stop loss insurance to manage the Company’s risk. Such costs are accrued based on known claims and an estimate of incurred, but not reported (IBNR) claims. IBNR claims are estimated using historical lag information and other data provided by claims administrators. This estimation process is subjective, and to the extent that future results differ from original estimates, adjustments to recorded accruals may be necessary. Product Warranty The Company periodically incurs product warranty costs. Any liabilities associated with product warranty are estimated based on known facts and circumstances and are not significant at December 31, 2020, 2019 and 2018. The Company does not offer extended warranties on its products. Income Taxes The provision for income taxes is based on the earnings reported in the consolidated financial statements. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax basis of assets and liabilities that will result in deductible or taxable amounts in the future. Such deferred income tax asset and liability computations are based on enacted tax laws and rates. The Company applies the provisions of ASC 740, Income Taxes , as it relates to uncertainty in income taxes recognized in the Company’s consolidated financial statements. A threshold of more likely than not to be sustained upon examination is applied to uncertain tax positions. The Company deems the estimates related to this provision to be reasonable, however, no assurance can be given that the final outcome of these matters will not vary from what is reflected in the historical income tax provisions and accruals. Leases The Company has operating leases for corporate offices, warehouses, vehicles, and other equipment, which are included within "Plant and Equipment" section of the Consolidated Balance Sheets. The leases have remaining lease terms of 1 year to 5 years. The weighted average remaining lease term for operating leases as of December 31, 2020 was 2 years, with a weighted average discount rate of 1.2%. Future minimum lease payments for operating leases as of December 31, 2020 were as follows: Year ending December 31, 2021 $ 1,666,680 2022 1,086,084 2023 447,583 2024 39,246 Thereafter 6,173 Total future minimum lease payments $ 3,245,766 Less imputed interest (25,303) Total $ 3,220,463 Earnings Per Share The Company has unvested share-based payment awards with a right to receive non-forfeitable dividends, which are considered participating securities under ASC 260, Earnings Per Share . The Company allocates earnings to participating securities and computes earnings per share using the two-class method. Under the two-class method, net income per share is computed by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, net income is allocated to both common shares and participating securities based on their respective weighted average shares outstanding for the period. The following table sets forth the computation of basic and diluted net income per common share under the two-class method for each of the last three years: 2020 2019 2018 Basic Earnings Per Share Net Income $ 347,563,621 $ 424,683,939 $ 437,883,097 Less: Allocated to participating securities (1) 4,964,928 5,028,813 — Net Income available to common shareholders $ 342,598,693 $ 419,655,126 $ 437,883,097 Basic weighted average shares outstanding 242,599,923 251,766,382 267,794,786 Net Income per share - Basic $ 1.41 $ 1.67 $ 1.64 Diluted Earnings Per Share Allocation of Net Income used in basic computation $ 342,598,693 $ 419,655,126 $ 437,883,097 Reallocation of undistributed earnings 14,232 21,104 21,007 Net Income available to common shareholders - Diluted $ 342,612,925 $ 419,676,230 $ 437,904,104 Number of shares used in basic computation 242,599,923 251,766,382 267,794,786 Additional weighted average dilutive common stock equivalents 1,082,069 1,506,608 2,082,563 Diluted weighted average shares outstanding 243,681,992 253,272,990 269,877,349 Net income per share - Diluted $ 1.41 $ 1.66 $ 1.62 (1) While there were participating securities in 2018, they did not have a material impact on the two-class EPS calculation. Net income allocated to participating securities in 2018 was $3,836,536. For the years ended December 31, 2020, 2019 and 2018, 403,071 shares, 247,855 shares, and 698,019 shares, respectively, related to stock option plans were not included in diluted average common shares outstanding because they were anti-dilutive. Other Comprehensive Income (Loss) Comprehensive income (loss) reflects the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. For the Company, comprehensive income represents net income adjusted for unrealized gains and losses on certain investments, derivatives, and foreign currency translation adjustments that are further detailed in Note 9 to the Consolidated Financial Statements. Foreign Currency Translation The financial position and results of operations of the Company’s foreign subsidiaries are measured using the local currency as the functional currency. Assets and liabilities are translated at the exchange rate in effect at year-end. Income statement accounts are translated at the average rate of exchange in effect during the year. The resulting translation adjustment is recorded as a separate component of shareholders’ investment. Gains and losses arising from re-measuring foreign currency transactions into the appropriate currency are included in the determination of net income. Stock-Based Compensation Plans The Company accounts for stock-based compensation using the fair value recognition provisions of ASC 718, Compensation - Stock Compensation . As described more fully in Note 5 to the Consolidated Fina ncial Statements , the Company provides compensation benefits under an omnibus incentive plan, two other stock option plans, another restricted stock plan, and an employee stock purchase plan. The Company utilizes the Black-Scholes model to estimate the value of the stock options, which requires the input of assumptions. These assumptions include estimating (a) the length of time employees will retain their vested stock options before exercising them (“expected term”), (b) the volatility of the Company’s common stock price over the expected term, (c) the number of options that will ultimately not complete their vesting requirements (“forfeitures”) and (d) expected dividends. Changes in the assumptions can materially affect the estimate of fair value of stock-based compensation and consequently, the related amounts recognized on the consolidated condensed statements of operations. Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recent Accounting Standards Effective January 1, 2020, the Company adopted Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments . This guidance must be adopted using a modified retrospective transition method through a cumulative-effect adjustment to retained earnings in the period of adoption. Based on the insignificant impact of this ASU on the Company's financial statements, a cumulative-effect adjustment to retained earnings was not deemed necessary. The standard requires a change in the measurement approach for credit losses on financial assets measured on an amortized cost basis from an incurred loss method to an expected loss method, thereby eliminating the requirement that a credit loss be considered probable to impact the valuation of a financial asset measured on an amortized cost basis. The standard requires the measurement of expected credit losses to be based on relevant information about past events, including historical experience, current conditions, and a reasonable and supportable forecast that affects the collectability of the related financial asset. It also 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 adoption of this standard did not have a material impact on the Company's consolidated balance sheet, consolidated income statement, or consolidated statement of cash flows. |
Debt and Financing Arrangements
Debt and Financing Arrangements | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt and Financing Arrangements | DEBT AND FINANCING ARRANGEMENTS On October 15, 2018, the Company entered into a Credit Agreement ("Credit Agreement") with PNC as the administrative agent and sole lender. Pursuant to this Credit Agreement, the Company has access to a $150 million senior revolving credit facility (“Revolver”). Under the terms of the Credit Agreement, the Company is entitled to further request an additional aggregate principal amount of up to $100 million, subject to the satisfaction of certain conditions. In addition, the Company is entitled to the benefit of Swing Loans from amounts otherwise available under the Revolver in the aggregate principal amount of up to $20 million and to request Letters of Credit from amounts otherwise available under the Revolver in the aggregate principle amount up to $20 million, both subject to certain conditions. During the first quarter of 2020, the Company had a draw-down of $75 million on the Company's Revolver, of which $50 million was paid off during the third quarter and the remaining $25 million was paid off during the fourth quarter. During the year ended December 31, 2020, interest expense was $0.6 million, which was recorded with the "Other income, net" section of the Consolidated Statements of Income . The obligations of the Company under the Credit Agreement are not secured, but are subject to certain covenants. As of December 31, 2020 and 2019, there were no outstanding balances on the Revolver. The Revolver expires on October 15, 2023. The Credit Agreement contains customary representations and warranties and certain covenants that place certain limitations on the Company. As of December 31, 2020, the Company was in compliance with its covenants under the Credit Agreement. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The provision for income taxes is based on the earnings reported in the accompanying consolidated financial statements. The Company recognizes deferred income tax liabilities and assets for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Under this method, deferred income tax liabilities and assets are determined based on the cumulative temporary differences between the financial statement and tax basis of assets and liabilities using enacted tax rates expected to be applied to taxable income in years which those temporary differences are expected to be recovered or settled. Deferred income tax expense is measured by the net change in deferred income tax assets and liabilities during the year. The foreign components of income before the provision for income taxes were not material for the years ended December 31, 2020, 2019 and 2018. The components of the provision for income taxes are as follows: 2020 2019 2018 Currently payable: Federal $ 67,606,617 $ 73,563,685 $ 83,010,387 State 10,180,218 3,765,929 3,743,781 Foreign 1,882,195 1,468,018 1,776,837 Total 79,669,030 78,797,632 88,531,005 Deferred income tax benefit: Primarily federal (15,419,722) (3,066,237) (4,367,155) Provision for income taxes $ 64,249,308 $ 75,731,395 $ 84,163,850 The effective income tax rates are different from the statutory federal income tax rates for the following reasons: 2020 2019 2018 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal income tax benefit 2.1 0.6 0.6 Research tax credit (1.4) (1.1) (0.8) (Decrease) Increase in reserve for uncertain tax provisions (0.1) 0.3 0.1 Change in tax rate on deferred taxes — — 0.5 Foreign tax credit (0.1) (0.1) (0.1) Foreign derived intangible income deduction (5.2) (4.8) (4.6) Stock compensation (1.0) (1.1) (1.0) Other 0.3 0.3 0.4 Effective income tax rate 15.6 % 15.1 % 16.1 % The tax effect of temporary differences which give rise to deferred income tax assets and liabilities at December 31, 2020 and 2019, are as follows: December 31, 2020 2019 Assets: Accruals not currently deductible $ 13,135,048 $ 6,478,146 Stock based compensation 11,983,900 9,100,745 Other 1,163,204 66,830 Total deferred income tax assets $ 26,282,152 $ 15,645,721 Liabilities: Excess tax over book depreciation $ (16,606,068) $ (30,725,471) Goodwill (33,427,901) (27,799,640) Intangible assets (11,237,588) (6,171,628) Other (3,971,338) (2,403,131) Total deferred income tax liability $ (65,242,895) $ (67,099,870) Net deferred income taxes $ (38,960,743) $ (51,454,149) Income taxes paid in cash were approximately $61.9 million, $74.9 million and $86.9 million in 2020, 2019 and 2018, respectively. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2020 2019 2018 Beginning of year $ 6,392,000 $ 4,678,000 $ 4,435,000 Additions based on tax positions related to the current year 918,000 1,695,000 1,677,000 Additions for tax positions in prior years 770,000 657,000 283,000 Reductions for tax positions in prior years (2,907,000) (38,000) (163,000) Reductions as a result of completed audit examinations — — (1,554,000) Reductions as a result of a lapse of the applicable statute of limitations (309,000) (600,000) — End of year $ 4,864,000 $ 6,392,000 $ 4,678,000 If recognized, unrecognized tax benefits would affect the effective tax rate. The Company recognizes interest and penalties related to unrecognized tax benefits through the provision for income taxes. The Company has accrued approximately $577,000, $574,000, and $315,000 for interest as of December 31, 2020, 2019, and 2018, respectively. Interest expensed during 2020, 2019 and 2018 was not considered significant. The Company is also subject to periodic and routine audits in both domestic and foreign tax jurisdictions, and it is reasonably possible that the amounts of unrecognized tax benefits could change as a result of an audit. Based on the current audits in process, the payment of taxes as a result of audit settlements, and the completion of tax examinations, the Company does not expect these to have a material impact on the Company’s financial position or results of operations. For the majority of tax jurisdictions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2016. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANSThe Company has a 401(k) retirement savings plan in which substantially all of its employees may participate. The plan includes a provision for the Company to match a percentage of the employee’s contributions at a rate determined by the Company’s Board of Directors. In 2020, 2019 and 2018 the Company’s contributions were approximately $8.9 million, $8.7 million and $8.2 million, respectively. The increase in each of the years was due to increased employee participation in the plan. The Company does not provide health care benefits to retired employees. The Gentex Corporation Non-Qualified Deferred Compensation Plan (the "Deferred Compensation Plan") is intended to enhance retirement savings among a select group of management or highly compensated employees who contribute significantly to the success of the Company. It is also intended to constitute an unfunded non-qualified deferred compensation plan described in Sections 201(2), 301(a)(3), and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). Only select management and highly compensated employees, including executive officers, are eligible to participate. The Deferred Compensation Plan is administered by a committee who shall approve designation of any participants and may also remove participants. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation Plans | STOCK-BASED COMPENSATION PLANS At December 31, 2020, the Company had two equity incentive plans under which awards are made, which include the Gentex Corporation 2019 Omnibus Incentive Plan ("2019 Omnibus Plan"), and an employee stock purchase plan. Those plans and any material amendments thereto have previously been approved by shareholders. The 2019 Omnibus Plan provides for the potential awards to: i) employees; and ii) non-employee directors of the Company or its subsidiaries, which potential awards may be stock options, both incentive stock options and non-qualified stock options, appreciation rights, restricted stock, restricted stock units, performance share awards and performance units, and other awards that are stock-based, cash-based or a combination of both. The 2019 Omnibus Plan replaced the Company's Employee Stock Option Plan, Second Restricted Stock Plan, and Amended and Restated Non-Employee Director Stock Option Plan (the "Prior Plans"), which were also approved by shareholders. Any existing awards previously granted under the Prior Plans remain outstanding in accordance with their terms and are governed by the Prior Plans as applicable. 2019 Omnibus Incentive Plan The 2019 Omnibus Plan covers 45,000,000 shares of common stock. The purpose of the 2019 Omnibus Plan is to attract and retain employees, officers, and directors of the Company and its subsidiaries and to motivate and provide such persons incentives and rewards for performance. As of December 31, 2020, 9,868,580 shares (net of shares from canceled/expired options) have been issued under the 2019 Omnibus Plan, which includes stock options (at a set conversion rate), restricted shares, and performance share awards. Employee Stock Options The Employee Stock Option Plan allowed the Company to grant up to 24,000,000 shares of common stock under the plan, prior to its replacement by the 2019 Omnibus Plan. The Company has granted options on 2,212,301 shares (net of shares from canceled/expired options) under the 2019 Omnibus Plan and 12,778,967 shares (net of shares from canceled/expired options) under the prior plan (prior to its replacement) through December 31, 2020. Under each of such plans, the option exercise price equals the stock’s market price on date of grant. The options vest after one five 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: 2020 2019 2018 Dividend yield (1) 2.0 % 2.0 % 2.1 % Expected volatility (2) 27.5 % 23.9 % 26.0 % Risk-free interest rate (3) 0.3 % 1.8 % 2.7 % Expected term of options (in years) (4) 4.2 4.2 4.2 Weighted-average grant-date fair value $ 5 $ 4 $ 5 (1) Represents the Company's estimated cash dividend yield over the expected term of option grant. (2) Amount is determined based on analysis of historical price volatility of the Company's common stock. The expected volatility is based on the daily percentage change in the price of the stock over a period equal to the expected term of the option grant. (3) Represents the U.S. Treasury yield over the expected term of the option grant. (4) Represents the period of time that options granted are expected to be outstanding. Based on analysis of historical option exercise activity, the Company has determined that all employee groups exhibit similar exercise and post-vesting termination behavior. As of December 31, 2020, there was $7,220,109 of unrecognized compensation cost related to stock option awards which is expected to be recognized over the remaining vesting periods, with a weighted-average period of 2.05 years. Stock option expense for the years ended December 31, 2020, 2019 and 2018 was $4,935,527, $6,345,147, and $8,582,489 respectively. A summary of the status of the Company’s stock option plans at December 31, 2020, 2019 and 2018, and changes during the same periods are presented in the tables below. 2020 Shares Wtd. Avg. Wtd. Avg. Aggregate Outstanding at Beginning of Year 5,435 $ 20 Granted 1,571 26 Exercised (2,077) 18 $ 23,861 Forfeited (396) 22 Outstanding at End of Year 4,533 23 3.4 years $ 48,501 Exercisable at End of Year 1,358 $ 20 2.3 years $ 18,334 2019 Shares Wtd. Avg. Wtd. Avg. Aggregate Outstanding at Beginning of Year 8,944 $ 18 Granted 1,049 25 Exercised (4,402) 16 $ 36,294 Forfeited (156) 20 Outstanding at End of Year 5,435 20 3.1 years $ 47,170 Exercisable at End of Year 1,859 $ 18 2.2 years $ 20,484 2018 Shares Wtd. Avg. Wtd. Avg. Aggregate Outstanding at Beginning of Year 11,837 $ 16 Granted 1,613 22 Exercised (4,278) 15 $ 38,097 Forfeited (228) 18 Outstanding at End of Year 8,944 18 2.8 years $ 24,881 Exercisable at End of Year 4,101 $ 16 1.7 years $ 16,162 A summary of the status of the Company’s non-vested employee stock option activity for the years ended December 31, 2020, 2019, and 2018, are presented in the table below: 2020 2019 2018 Shares Wtd. Avg Shares Wtd. Avg Shares Wtd. Avg Nonvested Stock Options at Beginning of Year 3,575 $ 4 4,842 $ 4 6,540 $ 4 Granted 1,571 5 1,049 4 1,613 5 Vested (1,585) 4 (2,165) 4 (3,089) 4 Forfeited (386) 4 (151) 4 (222) 4 Nonvested Stock Options at End of Year 3,175 $ 5 3,575 $ 4 4,842 $ 4 Restricted Shares The Company’s Second Restricted Stock Plan provided for a maximum number of shares that may be subject to awards of 9,000,000 shares, prior to its replacement by the 2019 Omnibus Plan. Restricted shares awarded under either that plan or the 2019 Omnibus Plan entitle the shareholder to all rights of common stock ownership except that the shares may not be sold, transferred, pledged, exchanged or otherwise disposed of during the restriction period. The restriction period is determined by a committee, appointed by the Board of Directors, but may not exceed ten years. The Company has issued 1,603,118 shares under the 2019 Omnibus Plan and 5,688,309 shares under the prior plan (prior to its replacement) as of December 31, 2020, and has 3,598,778 shares outstanding under such plans. 2020 2019 2018 Vesting Period (1) Shares Granted Market Price at Grant Date Shares Granted Market Price at Grant Date Shares Granted Market Price at Grant Date 1 Year 42,074 22.16 - 26.94 39,627 $ 22.19 — $ — 2 Year 21,669 23.88 - 26.94 — — — — 3 Years 119,504 23.88 - 31.08 64,718 20.40 — — 4 Years 479,346 20.68 - 28.98 773,698 20.68 - 28.98 762,749 20.21 - 23.14 5 Years 170,355 20.68 - 28.98 254,988 20.68 - 28.98 279,420 20.21 - 23.14 832,948 $20.68 - 31.08 1,133,031 $20.40 - 28.98 1,042,169 $20.21 - 23.14 (1) Each of these awards cliff vest after the restriction period with no additional restrictions. A summary of restricted share award activity, including award grants, vesting, and forfeitures for the years ended December 31, 2020, 2019, and 2018, are presented in the table below: 2020 2019 2018 Shares Shares Shares Nonvested, Beginning of Year 3,315 2,638 2,019 Granted 833 1,133 1,042 Vested (303) (361) (321) Forfeited (246) (95) (102) Nonvested, End of Year 3,599 3,315 2,638 As of December 31, 2020, there was unearned stock-based compensation of $39,291,347 associated with these restricted stock grants. The unearned stock-based compensation related to these grants is being amortized to compensation expense over the applicable restriction periods. Amortization expense of restricted stock for the years ended December 31, 2020, 2019 and 2018 was $20,675,447, $13,770,917, and $8,841,985 respectively. Performance Shares Performance shares awarded under the 2019 Omnibus Plan are considered performance condition awards as attainment is based on the Company's performance relative to pre-established metrics. The fair value of such performance share awards was determined using the Company's closing stock price on the date of grant. The expected attainment of the metrics for these awards is then analyzed each reporting period, and the related expense is adjusted based on expected attainment, if the then expected attainment differs from previous expectations. The cumulative effect on current and prior periods of a change in expected attainment is recognized in the period of change. As of December 31, 2020, the Company had unearned stock-based compensation of $6,062,139 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. Amortization expense from performance share grants for the years ended December 31, 2020 and 2019 was $4,424,678, and $897,136, respectively. No amortization expense for performance share grants was incurred in 2018, as no such awards were issued or outstanding. Employee Stock Purchase Plan In 2013, the Gentex Corporation Employee Stock Purchase Plan covering 2,000,000 shares of common stock was approved by the shareholders, replacing a prior plan. Under such plan, the Company sells shares at 85% of the stock’s market price at the date of purchase. Under ASC 718, the 15% discounted value is recognized as compensation expense. The following table summarizes shares sold to employees under the 2013 Plan in the years ended December 31, 2020, 2019 and 2018: Plan 2020 2019 2018 Cumulative Shares Issued Weighted Average Fair Value 2020 2013 Employee Stock Purchase Plan 208,273 173,013 177,846 1,354,129 $ 21.38 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | CONTINGENCIESThe Company is periodically involved in legal proceedings, legal actions and claims arising in the normal course of business, including proceedings relating to product liability, intellectual property, safety and health, employment and other matters. Such matters are subject to many uncertainties and outcomes are not predictable. The Company does not believe, however, that at the current time there are matters that constitute material pending legal proceedings that will have a material adverse effect on the financial position, future results of operations, or cash flows of the Company. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | SEGMENT REPORTING ASC 280, Segment Reporting, requires that a public enterprise report financial and descriptive information about its reportable operating segments subject to certain aggregation criteria and quantitative thresholds. Operating segments are defined by ASC 280 as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-makers in deciding how to allocate resources and in assessing performance. 2020 2019 2018 Revenue: Automotive Products United States $ 519,337,271 $ 569,939,756 $ 583,672,971 Germany 228,652,827 296,276,971 333,002,878 Japan 216,100,530 225,577,146 209,311,790 Mexico 127,157,684 160,967,900 106,111,515 Other Countries 556,949,831 557,775,114 559,099,142 Other 39,991,262 48,360,519 42,865,401 Total $ 1,688,189,405 $ 1,858,897,406 $ 1,834,063,697 Income (Loss) from Operations: Automotive Products $ 393,979,860 $ 473,546,112 $ 495,471,799 Other 5,576,232 14,991,492 12,653,748 Total $ 399,556,092 $ 488,537,604 $ 508,125,547 Assets: Automotive Products $ 1,436,374,596 $ 1,463,030,286 $ 1,449,910,935 Other 33,317,668 16,000,669 14,333,098 Corporate 728,248,906 689,772,238 621,190,035 Total $ 2,197,941,170 $ 2,168,803,193 $ 2,085,434,068 Depreciation & Amortization: Automotive Products $ 97,530,191 $ 97,520,972 $ 97,279,052 Other 689,894 481,861 422,844 Corporate 6,519,815 6,700,141 4,484,918 Total $ 104,739,900 $ 104,702,974 $ 102,186,814 Capital Expenditures: Automotive Products $ 34,926,686 $ 63,537,512 $ 84,337,455 Other 1,470,705 1,704,045 1,447,494 Corporate 15,309,150 19,338,698 205,621 Total $ 51,706,541 $ 84,580,255 $ 85,990,570 Other includes Dimmable Aircraft Windows, Fire Protection Products, and Nanofiber. Major product line revenues included within the Automotive Products segment are as follows: 2020 2019 2018 Automotive Products Automotive Mirrors $ 1,520,628,604 $ 1,638,600,272 $ 1,598,589,777 HomeLink ® Modules* 127,569,539 171,936,615 192,608,519 Total Automotive Products $ 1,648,198,143 $ 1,810,536,887 $ 1,791,198,296 Other Products Revenue $ 39,991,262 $ 48,360,519 $ 42,865,401 Total Revenue $ 1,688,189,405 $ 1,858,897,406 $ 1,834,063,697 *Excludes HomeLink ® revenue integrated into automotive mirrors. Corporate assets are principally cash and cash equivalents, investments, deferred income taxes and corporate fixed assets. Depreciation & Amortization on corporate fixed assets are allocated as appropriate to the Automotive and Other segments when reviewing operating results. Substantially all long-lived assets are located in the U.S. Automotive Products revenues in the “Other countries” category are sales to customer automotive manufacturing plants in Korea, Canada, Hungary, China, and the United Kingdom as well as other foreign automotive customers. Most of the Company’s non-U.S. sales are invoiced and paid in U.S. dollars. During the years ended December 31, 2020, 2019 and 2018, approximately 7%, 7% and 8% of the Company’s net sales were invoiced and paid in foreign currencies, respectively. In 2020, the Company had three automotive customers (including direct sales to OEM customers and sales through their Tier 1 suppliers), which individually accounted for 10% or more of net sales as follows: Toyota Motor Company Volkswagen Group General Motors Daimler Group 2020 14% 14% 12% # 2019 13% 14% 11% # 2018 13% 15% # 10% # - Less than 10 percent. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) The following table sets forth selected financial information for all of the quarters during the years ended December 31, 2020 and 2019 (in thousands, except per share data): First Second Third Fourth 2020 2019 2020 2019 2020 2019 2020 2019 Net Sales $ 453,762 $ 468,589 $ 229,926 $ 468,711 $ 474,639 $ 477,761 $ 529,864 $ 443,836 Gross Profit 156,587 169,645 43,945 176,538 188,237 180,321 216,675 161,805 Operating Income (Loss) 105,027 121,596 (6,738) 127,905 138,853 128,136 162,414 110,901 Net Income (Loss) 89,506 104,280 (2,374) 108,959 117,093 111,898 143,339 99,547 Earnings (Loss) Per Share (Basic) (1) $ 0.36 $ 0.40 $ (0.01) $ 0.42 $ 0.48 $ 0.44 $ 0.59 $ 0.39 Earnings (Loss) Per Share (Diluted) (1) $ 0.36 $ 0.40 $ (0.01) $ 0.42 $ 0.48 $ 0.44 $ 0.58 $ 0.39 (1) Basic and diluted earnings (loss) per share are computed independently for each quarter presented. Therefore the sum of quarterly basic and diluted per share information may not equal annual basis and diluted earnings per share. |
Comprehensive Income
Comprehensive Income | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Comprehensive Income | COMPREHENSIVE INCOME Comprehensive income reflects the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. For the Company, comprehensive income represents net income adjusted for unrealized gains and losses on certain investments, foreign currency translation adjustments, and unrealized movement in derivative financial instruments designated as hedges. For the Twelve Months ended December 31, 2020 2019 2018 Foreign currency translation adjustments: Balance at beginning of period $ (2,384,589) $ (1,674,887) $ 645,030 Other comprehensive income (loss) before reclassifications 3,153,634 (709,702) (2,319,917) Net current-period change 3,153,634 (709,702) (2,319,917) Balance at end of period 769,045 (2,384,589) (1,674,887) Unrealized gains (losses) on available-for-sale securities: Balance at beginning of period 1,095,486 74,549 6,626,379 ASU 2016-01 adoption impact — — (6,642,727) Other comprehensive income before reclassifications 6,644,459 1,403,521 1,675,823 Amounts reclassified from accumulated other comprehensive income (1,657,938) (382,584) (1,584,926) Net current-period change 4,986,521 1,020,937 (6,551,830) Balance at end of period 6,082,007 1,095,486 74,549 Unrealized gains (losses) on derivatives: Balance at beginning of period — — (78,026) Other comprehensive income before reclassifications — — 175,308 Amounts reclassified from accumulated other comprehensive income — — (97,282) Net current-period change — — 78,026 Balance at end of period — — — Accumulated other comprehensive (loss) income, end of period $ 6,851,052 $ (1,289,103) $ (1,600,338) All amounts are shown net of tax. Amounts in parentheses indicate debits. The following table presents details of reclassifications out of accumulated other comprehensive income for the twelve months ended December 31, 2020, 2019 and 2018: Details about Accumulated Other Comprehensive Income Components Affected Line item in the Statement of Consolidated Income For the Twelve Months ended December 31, 2020 2019 2018 Unrealized gains on available-for-sale debt securities Realized gain on sale of securities $ 2,098,656 $ 484,283 $ 2,006,235 Other income, net Provision for income taxes (440,718) (101,699) (421,309) Provision for Income Taxes Total reclassifications for the period $ 1,657,938 $ 382,584 $ 1,584,926 Net of tax Unrealized gains (losses) on derivatives Realized loss on interest rate swap $ — $ — $ 123,142 Other income, net Provision for income taxes — — (25,860) Provision for Income Taxes $ — $ — $ 97,282 Net of tax Total reclassifications for the period $ 1,657,938 $ 382,584 $ 1,682,208 Net of tax |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS The Company recorded Goodwill of $307.4 million related to the HomeLink ® acquisition, which occurred in September 2013. The Company also recorded an additional $3.7 million in Goodwill as part of the acquisition of Vaporsens, Inc. ("Vaporsens") in the second quarter of 2020, and an additional $0.9 million in Goodwill as part of the acquisition of Argil, Inc. ("Argil") during the fourth quarter of 2020. Refer to Note 12, "Acquisitions" , for further information on these acquisitions. The carrying value of Goodwill as of December 31, 2020 and December 31, 2019 was $311.9 million and $307.4 million, respectively, as set forth in the table below. Carrying Amount Balance as of December 31, 2019 $ 307,365,845 Acquisitions 4,556,942 Divestitures — Impairments — Other — Balance as of December 31, 2020 $ 311,922,787 The Intangible Assets and related change in carrying values are set forth in the table below as of December 31, 2020 and December 31, 2019. As of December 31, 2020: Other Intangible Assets Gross Accumulated Amortization Net Assumed Useful Life HomeLink ® Trade Names and Trademarks $ 52,000,000 $ — $ 52,000,000 Indefinite HomeLink ® Technology 180,000,000 (108,750,000) $ 71,250,000 12 years Existing Customer Platforms 43,000,000 (31,175,000) $ 11,825,000 10 years Exclusive Licensing Agreement 96,000,000 — $ 96,000,000 Indefinite Vaporsens In-Process R&D 11,000,000 — $ 11,000,000 Indefinite Argil In-Process R&D 6,278,132 — $ 6,278,132 Indefinite Air-Craftglass In-Process R&D 1,394,995 — $ 1,394,995 Indefinite Total other identifiable intangible assets $ 389,673,127 $ (139,925,000) $ 249,748,127 As of December 31, 2019: Other Intangible Assets Gross Accumulated Amortization Net Assumed Useful Life HomeLink ® Trade Names and Trademarks $ 52,000,000 $ — $ 52,000,000 Indefinite HomeLink ® Technology 180,000,000 (93,750,000) $ 86,250,000 12 years Existing Customer Platforms 43,000,000 (26,875,000) $ 16,125,000 10 years Exclusive Licensing Agreement 96,000,000 — $ 96,000,000 Indefinite Total other identifiable intangible assets 371,000,000 (120,625,000) 250,375,000 Accumulated amortization on patents and intangible assets was approximately $164.5 million and $143.1 million at December 31, 2020 and 2019, respectively. Amortization expense on patents and other intangible assets was approximately $22.4 million, $22.4 million, and $22.5 million in calendar years 2020, 2019 and 2018, respectively. At December 31, 2020, patents had a weighted average amortized life of 10 years. Excluding the impact of any future acquisitions, the Company anticipates amortization expense including patents and other intangible assets for each of the years ended December 31, 2021 and 2022 to be approximately $22 million annually, approximately $19 million for the year ended December 31, 2023, approximately $16 million for the year ended December 31, 2024, and approximately $12 million for the year ended December 31, 2025. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE The following table shows the Company’s Automotive and Other Products revenue disaggregated by geographical location for Automotive Products for the twelve month periods ended December 31, 2020, 2019, and 2018: For the Twelve Months ended December 31, Revenue 2020 2019 2018 Automotive Products U.S. $ 519,337,271 $ 569,939,756 $ 583,672,971 Germany 228,652,827 296,276,971 333,002,878 Japan 216,100,530 225,577,146 209,311,790 Mexico 127,157,684 160,967,900 106,111,515 Other 556,949,831 557,775,114 559,099,142 Total Automotive Products $ 1,648,198,143 $ 1,810,536,887 $ 1,791,198,296 Other Products (U.S.) 39,991,262 48,360,519 42,865,401 Total Revenue $ 1,688,189,405 $ 1,858,897,406 $ 1,834,063,697 Revenue by geographic area may fluctuate based on many factors, including: exposure to local economic, political and labor conditions; unexpected changes in laws, regulations, trade or monetary or fiscal policy, including interest rates, foreign currency exchange rates and changes in the rate of inflation in the U.S. and other foreign countries; and tariffs, quotas, customs and other import or export restrictions and other trade barriers. The following table disaggregates the Company’s Automotive and Other revenue by major source for the twelve month periods ended December 31, 2020 and 2019: For the Twelve Months Ended December 31, Revenue 2020 2019 Automotive Segment Automotive Mirrors & Electronics $ 1,520,628,604 $ 1,638,600,272 HomeLink Modules* 127,569,539 171,936,615 Total Automotive Products $ 1,648,198,143 $ 1,810,536,887 Other Segment Fire Protection Products $ 22,716,985 $ 23,740,261 Windows Products 17,274,277 24,620,258 Total Other $ 39,991,262 $ 48,360,519 *Excludes HomeLink revenue related to HomeLink modules integrated into automotive mirrors. Revenue is recognized when obligations under the terms of a contract with the customer are satisfied. Such recognition generally occurs with the transfer of control of the products at a point in time. The Company's automotive OEM contracts generally include Long Term Supply Agreements ("LTSA") entered into in the ordinary course of business and Purchase Orders ("PO") whereby the LTSA sometimes stipulates the pricing and delivery terms and is evaluated together with a PO, which identifies the quantity, timing, and the type of product to be transferred. Certain customer contracts do not always have an LTSA, in which case, the contracts are governed by the PO from the customer in conjunction with other mutually agreed upon terms and conditions. The Company does not generate revenue from arrangements with multiple deliverables. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods excluding revenue amounts that are transferred to third parties, such as sales, value add, and other taxes the Company collects concurrently with revenue-producing activities. The Company does not incur any incremental cost to obtain contracts. Costs are incurred to fulfill contracts with the OEM. However, such costs are accounted for under ASC 340-10, and are not treated as fulfillment costs under ASC 340-40. Automotive Products Segment Automotive Rearview Mirrors and Electronics The Company manufactures interior electrochromic automatic-dimming rearview mirrors that darken to reduce glare and improve visibility for the driver. These electronic interior mirrors can also include additional electronic features such as compass, microphones, HomeLink ® , lighting assist and driver assist forward safety camera systems, various lighting systems, various telematics systems, ITM ® systems, and a wide variety of displays. The Company also ships interior non-automatic-dimming rearview mirrors with features. The Company’s interior electrochromic automatic-dimming rearview mirrors also power the application of the Company’s exterior electrochromic automatic-dimming rearview mirrors that darken to reduce glare and improve visibility for the driver. These electronic exterior mirrors typically range in size and shape per automaker specification, but also include additional features such as turn signal indicators, side blind zone indicators, and courtesy lighting. The Company also ships exterior non-automatic-dimming rearview mirrors with similar electronic features as what is available in its automatic-dimming applications. The Company manufactures other automotive electronics products both inside and outside of the rearview mirror through HomeLink ® applications in the vehicle including the rearview mirror, interior visor, overhead console, or center console. For the majority of automotive products, transfer of control and revenue recognition occurs when the Company ships the product from the manufacturing facility to the customer. The Company generally receives payment equal to the price that applies at the time of invoice for most automotive product sales. For any shipments of product that may be subject to retroactive price adjustments that are then being negotiated, the Company records revenue based on the Company’s best estimate of the amount of consideration to which the entity will be entitled in exchange for transferring the promised goods to the customer. The Company's best estimate requires significant judgment based on historical results and expected outcomes of ongoing negotiations with customers. The Company's approach is to consider these adjustments to the contract price as variable consideration which is estimated based on the then most likely price amount. Payment terms on automotive part sales to customers range from 15 days to 90 days. Estimated revenue is adjusted at the earlier of when the most likely amount of consideration expected to be received changes or when the consideration becomes fixed. HomeLink ® Modules The Company manufactures and sells HomeLink® Modules individually, as well as in combination with the automotive mirrors and other advanced features, as described above. For the majority of automotive products, transfer of control and revenue recognition occurs when the Company ships the product from the manufacturing facility to the customer. Other Segment Dimmable Aircraft Windows The Company supplies variable dimmable windows for the passenger compartment on the Boeing 787 Dreamliner Series of Aircraft. For dimmable aircraft windows, transfer of control and revenue recognition occurs when the Company ships the product from the manufacturing facility to the customer. Payment terms on dimmable aircraft window sales range from 30 days to 45 days. Fire Protection Products The Company manufactures photoelectric smoke detectors and alarms, visual signaling alarms, electrochemical carbon monoxide detectors and alarms, audible and visual signaling alarms, and bells and speakers for use in fire detection systems in office buildings, hotels, and other commercial and residential buildings. For fire protection parts, transfer of control and revenue recognition occurs when the Company ships the product from the manufacturing facility to the customer. Payment terms on fire protection part sales to customers range from 30 days to 75 days. Nanofiber The Company acquired Vaporsens in early 2020, which specializes in nanofiber chemical sensing research and development. Vaporsens is primarily involved with research and development of technology related to nanofibers sensing a variety of chemicals and/or compounds. No revenue was recognized related to Nanofiber during 2020. Refer to Note 12, "Acquisitions" |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONSOn April 3, 2020, the Company acquired Vaporsens for $10.6 million in a stock purchase deal, which was in addition to the previous $3.0 million equity investment by the Company in Vaporsens. The Company funded the acquisition with $7.1 million in cash payments, with the remaining $3.5 million of consideration paid with common stock of the Company. Vaporsens specializes in nanofiber chemical sensing research and development, which the Company anticipates using to complement and expand its product offerings. Vaporsens is now a 100% owned subsidiary of the Company, and has been classified within the “Other” segment. The assets acquired and liabilities assumed were recorded at fair value on the acquisition date. The Company accounted for the acquisition under the provisions of FASB ASC Topic 805, Business Combinations . There were no revenues of the business of Vaporsens which were included in the Company’s consolidated statement of income and comprehensive income for the year ended December 31, 2020. The valuation process was completed during the fourth quarter of 2020. The following table summarizes the fair values of the assets acquired, and the liabilities assumed, as of the acquisition date of April 3, 2020: Fair Value Current Assets $ 435,722 Personal Property 562,840 Technology Licenses 245,335 In-Process R&D 11,000,000 Goodwill 3,664,704 Total Assets Acquired 15,908,601 Current Liabilities 255,522 Deferred Tax Liability 2,034,079 Total Liabilities Assumed 2,289,601 Net Assets Acquired $ 13,619,000 On September 18, 2020, the Company acquired Air-Craftglass, a Belgian company specializing in research and development for aircraft windows, for an initial payment of $1.1 million in a stock purchase deal. The Company funded the acquisition with a cash payment from cash on hand. The transaction also included contingent consideration based on future revenues. The Company is still in the process of verifying data and finalizing information related to the valuation and recording of identifiable intangible assets, deferred taxes, net working capital, contingent consideration liability, and the resulting effects on the amount of recorded goodwill. The Company expects to finalize these matters within the measurement period, which is currently expected to remain open through the second quarter of 2021. Air-Craftglass is now a 100% owned subsidiary of the Company, and will be classified within the “Other” segment. The assets acquired and liabilities assumed were recorded at fair value on the acquisition date. The Company accounted for the acquisition under the provisions of FASB ASC Topic 805, Business Combinations . There were no revenues of the business of Air-Craftglass which were included in the Company’s consolidated statement of income and comprehensive income for the year ended December 31, 2020. On December 14, 2020, the Company acquired Argil for $3.7 million in a stock purchase deal, which was in addition to the previous $4.2 million equity investment by the Company in Argil. The Company funded the acquisition with a cash payment from cash on hand. Argil specializes in electrochromic technology and research and development, which the Company anticipates using to complement and expand its product offerings and leverage for manufacturing efficiencies. The Company is still in the process of verifying data and finalizing information related to the valuation and recording of identifiable intangible assets, deferred taxes, net working capital, and the resulting effects on the amount of recorded goodwill. The Company expects to finalize these matters within the measurement period, which is currently expected to remain open through the third quarter of 2021. Argil is now a 100% owned subsidiary of the Company, and has been classified within the “Automotive” segment. The assets acquired and liabilities assumed were recorded at fair value on the acquisition date. The Company accounted for the acquisition under the provisions of FASB ASC Topic 805, Business Combinations . There were no revenues of the business of Argil which were included in the Company’s consolidated statement of income and comprehensive income for the year ended December 31, 2020. Through December 31, 2020, the Company has incurred acquisition-related costs of approximately $650,000, which has been expensed as incurred in the "Selling, general & administrative" section of its Condensed Consolidated Income Statement. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Event | SUBSEQUENT EVENT On January 6, 2021, the Company entered into an agreement and plan of merger to acquire Guardian Optical Technologies ("Guardian") for approximately $12.0 million. Guardian is an Israeli research and development company that specializes in in-cabin sensing technologies for the automotive industry. The proposed transaction is expected to close in the first quarter of 2021, subject to customary closing conditions, including regulatory approval of the Israeli government. The Company is in the process of gathering relevant information needed to complete the initial accounting of the acquisition and is currently evaluating the financial statement impacts of the transaction. |
Summary of Significant Accoun_2
Summary of Significant Accounting and Reporting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation The consolidated financial statements include the accounts of Gentex Corporation and all of its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. |
Cash Equivalents | Cash Equivalents Cash equivalents consist of funds invested in bank accounts and money market funds that have daily liquidity. |
Allowance For Doubtful Accounts | Allowance For Doubtful AccountsThe Company reviews a monthly aging report of all accounts receivable balances starting with invoices outstanding over sixty days. In addition, the Company monitors information about its customers through a variety of sources including the media, and information obtained through on-going interaction between Company personnel and the customer. Based on the evaluation of the above information, the Company estimates its allowances related to customer receivables on historical credit and collections experience, customers current financial condition and the specific identification of other potential problems, including the economic climate and impact the COVID-19 pandemic has had on specific customers. Actual collections can differ, requiring adjustments to the allowances, but historically such adjustments have not been materialThe Company’s allowance for doubtful accounts primarily relates to financially distressed automotive customers. The Company continues to work with these financially distressed customers in collecting past due balances. |
Investments | Investments The Company follows the provisions of ASC 820, Fair Value Measurements and Disclosures, for its financial assets and liabilities, and for its non-financial assets and liabilities subject to fair value measurements. ASC 820 provides a framework for measuring the fair value of assets and liabilities. This framework is intended to provide increased consistency in how fair value determinations are made under various existing accounting standards that permit, or in some cases, require estimates of fair-market value. This standard also expanded financial statement disclosure requirements about a company’s use of fair-value measurements, including the effect of such measurement on earnings. The cost of securities sold is based on the specific identification method. The Company determines the fair value of its government securities, asset-backed securities, corporate bonds, and certain mutual funds by utilizing monthly valuation statements that are provided by its broker. The broker determines the investment valuation by utilizing the bid price in the market and also refers to third party sources to validate valuations, and as such are classified as Level 2 assets. The Company's certificates of deposit are classified as available for sale, and are considered as Level 1 assets. These investments are carried at cost, which approximates fair value. The Company will also periodically make technology investments in certain non-consolidated third-parties. These equity investments are accounted for in accordance with ASC 321, Investments - Equity Securities . Equity investments that do not have readily determinable fair values, and where the Company has not identified any observable events that would cause adjustment of the valuation to date, are held at cost. These technology investments totaled $4.0 million and $9.0 million as of December 31, 2020 and December 31, 2019, respectively. These investments are classified within Long-Term Investments in the consolidated balance sheet and are not included within the tables below. The $5.0 million decrease in the balance of these technology investments are a result of the acquisitions of the remaining equity of Vaporsens and Argil during the year. Refer to Note 12, "Acquisitions" , for further information. Effective January 1, 2020, the Company adopted Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments . The |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, investments, accounts receivable, accounts payable, and short and long-term debt. The Company’s estimate of the fair values of these financial instruments approximates their carrying amounts at December 31, 2020 and 2019. |
Inventories | InventoriesInventories include material, direct labor and manufacturing overhead and are valued at the lower of first-in, first-out (FIFO) cost or net realizable value.Estimated inventory allowances for slow-moving and obsolete inventories are based on current assessments of future demands, market conditions, evaluation of longer lead times for certain electronic components and related management initiatives. If market conditions or customer requirements change and are less favorable than those projected by management, inventory allowances are adjusted accordingly. |
Plant and Equipment | Plant and EquipmentPlant and equipment is stated at cost. Depreciation and amortization are computed for financial reporting purposes using the straight-line method, with estimated useful lives of 7 to 30 years for buildings and improvements, and 3 to 10 years for machinery and equipment. |
Impairment or Disposal of Long-Lived Assets | Impairment or Disposal of Long-Lived Assets The Company reviews long-lived assets, including property, plant and equipment and other intangible assets with definite lives, for impairment whenever events or changes in circumstances indicate that the asset’s carrying amount may not be recoverable. The Company conducts its long-lived asset impairment analysis in accordance with ASC 360-10-15, Impairment or Disposal of Long-Lived Assets . ASC 360-10-15 requires the Company to group assets and liabilities at the lowest level for which identifiable cash flows are |
Patents | PatentsThe Company’s policy is to capitalize costs incurred to obtain patents. The cost of patents is amortized over their useful lives. The cost of patents in process is not amortized until issuance. The Company periodically obtains intellectual property rights, in the ordinary course of business, and the cost of the rights are amortized over their useful lives. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill reflects the cost of an acquisition in excess of the fair values assigned to identifiable net assets acquired. The Company reviews goodwill for impairment during the fourth quarter on an annual basis or more frequently if events or changes in circumstances indicate that goodwill might be impaired. The Company performs an impairment review for its automotive reporting unit, which has been determined to be one of the Company’s reportable segments, using either a qualitative approach or quantitative approach which utilizes a fair value method that incorporates certain assumptions and judgments. The fair value of a reporting unit refers to the price that would be received to sell the unit as a whole in an orderly transaction between market participants at the measurement date. The Company performs a qualitative assessment (step 0) to determine whether it is more likely than not that a reporting unit's fair value is less than its carrying amount. If not, no further goodwill impairment testing is performed. If so, we perform a step 1 test to determine the fair value of the reporting unit using an income approach to estimate the fair value of each of its reporting units and a market valuation approach to further support this analysis. If the fair value of the reporting unit is greater than its carrying amount, goodwill is not considered to be impaired. However, if the fair value of the reporting unit is less than its carrying amount, an impairment change is recorded as the excess of the reporting units carrying value over its fair value. The assumptions included in the impairment tests require judgment and changes to these inputs could impact the results of the calculations which could result in an impairment charge in future periods if the carrying amount of the reporting unit exceeds its calculated fair value. For the qualitative assessment performed, management considers factors such as macro-economic conditions, industry and market considerations, overall financial performance, and other company-specific events, amongst other factors, in making the determination as to whether it is more likely than not that a reporting unit's fair value is less than its carrying amount. Other than management's internal projections of future cash flows, the primary assumptions used in the step 1 impairment test is the weighted-average cost of capital and long-term growth rates. Although the Company's cash flow forecasts are based on assumptions that are considered reasonable by management and consistent with the plans and estimates management is using to operate the underlying business, there are significant judgments in determining the expected future cash flows attributable to a reporting unit. There have been no impairment charges recorded currently or in prior periods in which goodwill existed. Indefinite lived intangible assets are also subject to annual impairment testing or more frequently if indicators of impairment are identified. Management judgment and assumptions are required in determining the underlying fair value of the indefinite lived intangible assets. While the Company believes the judgments and assumptions used in determining fair value are reasonable, different assumptions could change the estimated fair values and, therefore, impairment charges could be required, which could be material to the consolidated financial statements. The indefinite lived intangible assets were not impaired as a result of the annual test prepared by management for either period presented. During the current year, the Company acquired Indefinite lived in-process research and development ("IPR&D") intangible assets. These IPR&D assets are not amortized, but are tested for impairment annually, or more frequently when indicators of potential impairment exist, until the completion or abandonment of the associated research and development efforts. Upon completion of the projects, the |
Revenue Recognition | Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers . Accordingly, revenue is recognized in an amount that reflects the consideration to which the Company expects to be entitled in exchange for promised goods or services when it transfers those goods or services to customers. Sales are shown net of returns, which have not historically been significant. The Company does not generate sales from arrangements with multiple deliverables. The Company generally receives purchase orders from customers on an annual basis. Typically, such purchase order provide the annual terms, including pricing, related to a particular vehicle model. Purchase orders generally do not specify quantities. The Company recognizes revenue based on the pricing terms included in our annual purchase orders. |
Advertising and Promotional Materials | Advertising and Promotional MaterialsAll advertising and promotional costs are expensed as incurred |
Repairs and Maintenance | Repairs and MaintenanceMajor renewals and improvements of property and equipment are capitalized, and repairs and maintenance are expensed as incurred. |
Self-Insurance | Self-Insurance The Company is self-insured for a portion of its risk on workers’ compensation and employee medical costs. The arrangements provide for stop loss insurance to manage the Company’s risk. Such costs are accrued based on known claims and an estimate of incurred, but not reported (IBNR) claims. IBNR claims are estimated using historical lag information and other data provided by claims administrators. This estimation process is subjective, and to the extent that future results differ from original estimates, adjustments to recorded accruals may be necessary. |
Product Warranty | Product Warranty The Company periodically incurs product warranty costs. Any liabilities associated with product warranty are estimated based on known facts and circumstances and are not significant at December 31, 2020, 2019 and 2018. The Company does not offer extended warranties on its products. |
Income Taxes | Income Taxes The provision for income taxes is based on the earnings reported in the consolidated financial statements. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax basis of assets and liabilities that will result in deductible or taxable amounts in the future. Such deferred income tax asset and liability computations are based on enacted tax laws and rates. The Company applies the provisions of ASC 740, Income Taxes , as it relates to uncertainty in income taxes recognized in the Company’s consolidated financial statements. A threshold of more likely than not to be sustained upon examination is applied to uncertain tax positions. The Company deems the estimates related to this provision to be reasonable, however, no assurance can be given that the final outcome of these matters will not vary from what is reflected in the historical income tax provisions and accruals. |
Leases | LeasesThe Company has operating leases for corporate offices, warehouses, vehicles, and other equipment, which are included within "Plant and Equipment" section of the Consolidated Balance Sheets. The leases have remaining lease terms of 1 year to 5 years. The weighted average remaining lease term for operating leases as of December 31, 2020 was 2 years, with a weighted average discount rate of 1.2%. |
Earnings Per Share | Earnings Per Share The Company has unvested share-based payment awards with a right to receive non-forfeitable dividends, which are considered participating securities under ASC 260, Earnings Per Share |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) Comprehensive income (loss) reflects the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. For the Company, comprehensive income represents net income adjusted for unrealized gains and losses on certain investments, derivatives, and foreign currency translation adjustments that are further detailed in Note 9 to the Consolidated Financial Statements. |
Foreign Currency Translation | Foreign Currency Translation The financial position and results of operations of the Company’s foreign subsidiaries are measured using the local currency as the functional currency. Assets and liabilities are translated at the exchange rate in effect at year-end. Income statement accounts are translated at the average rate of exchange in effect during the year. The resulting translation adjustment is recorded as a separate component of shareholders’ investment. Gains and losses arising from re-measuring foreign currency transactions into the appropriate currency are included in the determination of net income. |
Stock-Based Compensation Plans | Stock-Based Compensation Plans The Company accounts for stock-based compensation using the fair value recognition provisions of ASC 718, Compensation - Stock Compensation . As described more fully in Note 5 to the Consolidated Fina ncial Statements , the Company provides compensation benefits under an omnibus incentive plan, two other stock option plans, another restricted stock plan, and an employee stock purchase plan. The Company utilizes the Black-Scholes model to estimate the value of the stock options, which requires the input of assumptions. These assumptions include estimating (a) the length of time employees will retain their vested |
Estimates | Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Recent Accounting Standards | Recent Accounting Standards Effective January 1, 2020, the Company adopted Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments . This guidance must be adopted using a modified retrospective transition method through a cumulative-effect adjustment to retained earnings in the period of adoption. Based on the insignificant impact of this ASU on the Company's financial statements, a cumulative-effect adjustment to retained earnings was not deemed necessary. The standard requires a change in the measurement approach for credit losses on financial assets measured on an amortized cost basis from an incurred loss method to an expected loss method, thereby eliminating the requirement that a credit loss be considered probable to impact the valuation of a financial asset measured on an amortized cost basis. The standard requires the measurement of expected credit losses to be based on relevant information about past events, including historical experience, current conditions, and a reasonable and supportable forecast that affects the collectability of the related financial asset. It also 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 adoption of this standard did not have a material impact on the Company's consolidated balance sheet, consolidated income statement, or consolidated statement of cash flows. |
Summary of Significant Accoun_3
Summary of Significant Accounting and Reporting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Allowance For Doubtful Accounts | The following table presents the activity in the Company’s allowance for doubtful accounts: Beginning Net Net Additions/Deductions Ending Year Ended December 31, 2020: Allowance for Doubtful Accounts $ 2,451,293 $ 1,000,000 $ 13,454 $ 3,464,747 Year Ended December 31, 2019: Allowance for Doubtful Accounts $ 2,746,647 $ — $ (295,354) $ 2,451,293 Year Ended December 31, 2018: Allowance for Doubtful Accounts $ 2,714,533 $ — $ 32,114 $ 2,746,647 |
Schedule of Assets or Liabilities Having Recurring Measurements | Assets or liabilities that have recurring fair value measurements are shown below as of December 31, 2020 and December 31, 2019: Fair Value Measurements at Reporting Date Using Total as of Quoted Prices in Significant Other Significant Description December 31, 2020 (Level I) (Level 2) (Level 3) Cash & Cash Equivalents $ 423,371,036 $ 423,371,036 $ — $ — Short-Term Investments: Certificate of Deposit 1,516,693 1,516,693 — — Corporate Bonds 7,155,600 — 7,155,600 — Government Securities 6,678,450 — 6,678,450 — Municipal Bonds 10,284,765 — 10,284,765 — Other 1,528,861 1,528,861 — — Long-Term Investments: Asset-backed Securities 37,924,537 — 37,924,537 — Certificate of Deposit 3,645,520 3,645,520 — — Corporate Bonds 9,024,035 — 9,024,035 — Municipal Bonds 107,407,831 — 107,407,831 — Total $ 608,537,328 $ 430,062,110 $ 178,475,218 $ — Fair Value Measurements at Reporting Date Using Total as of Quoted Prices in Significant Other Significant Description December 31, 2019 (Level I) (Level 2) (Level 3) Cash & Cash Equivalents 296,321,622 $ 296,321,622 $ — $ — Short-Term Investments: Certificate of Deposit 50,099,795 50,099,795 — — Corporate Bonds 29,219,685 — 29,219,685 — Government Securities 58,432,823 — 58,432,823 — Other 2,631,750 2,631,750 — — Long-Term Investments: Asset-backed Securities 25,791,029 — 25,791,029 — Certificate of Deposit 3,557,798 3,557,798 — — Corporate Bonds 22,815,998 — 22,815,998 — Government Securities 6,088,190 — 6,088,190 — Municipal Bonds 72,638,690 — 72,638,690 — Total $ 567,597,380 $ 352,610,965 $ 214,986,415 $ — |
Schedule of Amortized Cost, Unrealized Gains And Losses, And Market Value of Investment Securities | The amortized cost, unrealized gains and losses, and market value of investment securities are shown as of December 31, 2020 and 2019: Unrealized 2020 Cost Gains Losses Market Value Short-Term Investments: Certificate of Deposit $ 1,502,187 $ 14,506 $ — $ 1,516,693 Corporate Bonds 7,084,638 70,962 — 7,155,600 Government Securities 6,635,132 43,318 — 6,678,450 Municipal Bonds 10,160,376 124,389 — 10,284,765 Other 1,528,861 — — 1,528,861 Long-Term Investments: Asset-backed Securities 37,681,113 800,802 (557,378) 37,924,537 Certificate of Deposit 3,503,898 141,622 — 3,645,520 Corporate Bonds 8,595,020 429,015 — 9,024,035 Municipal Bonds 100,776,325 6,635,428 (3,922) 107,407,831 Total $ 177,467,550 $ 8,260,042 $ (561,300) $ 185,166,292 Unrealized 2019 Cost Gains Losses Market Value Short-Term Investments: Certificate of Deposit $ 50,099,795 $ — $ — $ 50,099,795 Corporate Bonds 29,025,624 194,061 — 29,219,685 Governmental Securities 58,343,911 99,917 (11,005) 58,432,823 Other 2,631,750 — — 2,631,750 Long-Term Investments: Asset-backed Securities 25,971,156 — (180,127) 25,791,029 Certificate of Deposit 3,500,000 58,808 (1,010) 3,557,798 Corporate Bonds 22,306,130 509,868 — 22,815,998 Governmental Securities 6,012,705 — 75,485 — 6,088,190 Municipal Bonds 71,997,996 1,036,116 (395,422) 72,638,690 Total $ 269,889,067 $ 1,974,255 $ (587,564) $ 271,275,758 |
Schedule of Unrealized Losses on Investments | Unrealized losses on investments as of December 31, 2020 are as follows: Aggregate Unrealized Losses Aggregate Fair Value Less than one year $ 561,300 $ 12,317,187 Greater than one year — — Total $ 561,300 $ 12,317,187 Unrealized losses on investments as of December 31, 2019 are as follows: Aggregate Unrealized Losses Aggregate Fair Value Less than one year $ 587,564 $ 90,721,081 Greater than one year — — Total $ 587,564 $ 90,721,081 |
Investments Classified by Contractual Maturity Date | Fixed income securities as of December 31, 2020, have contractual maturities as follows: Due within one year $ 25,635,507 Due between one and five years 50,872,174 Due over five years 107,129,749 $ 183,637,430 |
Schedule of Inventories | Inventories consisted of the following as of December 31, 2020 and 2019: 2020 2019 Raw materials $ 151,688,455 $ 164,974,553 Work-in-process 32,791,675 33,069,255 Finished goods 41,811,713 50,898,047 Total Inventory $ 226,291,843 $ 248,941,855 |
Schedule of Future Minimum Lease Payments | Future minimum lease payments for operating leases as of December 31, 2020 were as follows: Year ending December 31, 2021 $ 1,666,680 2022 1,086,084 2023 447,583 2024 39,246 Thereafter 6,173 Total future minimum lease payments $ 3,245,766 Less imputed interest (25,303) Total $ 3,220,463 |
Schedule of Earnings Per Share Basic and Diluted | The following table sets forth the computation of basic and diluted net income per common share under the two-class method for each of the last three years: 2020 2019 2018 Basic Earnings Per Share Net Income $ 347,563,621 $ 424,683,939 $ 437,883,097 Less: Allocated to participating securities (1) 4,964,928 5,028,813 — Net Income available to common shareholders $ 342,598,693 $ 419,655,126 $ 437,883,097 Basic weighted average shares outstanding 242,599,923 251,766,382 267,794,786 Net Income per share - Basic $ 1.41 $ 1.67 $ 1.64 Diluted Earnings Per Share Allocation of Net Income used in basic computation $ 342,598,693 $ 419,655,126 $ 437,883,097 Reallocation of undistributed earnings 14,232 21,104 21,007 Net Income available to common shareholders - Diluted $ 342,612,925 $ 419,676,230 $ 437,904,104 Number of shares used in basic computation 242,599,923 251,766,382 267,794,786 Additional weighted average dilutive common stock equivalents 1,082,069 1,506,608 2,082,563 Diluted weighted average shares outstanding 243,681,992 253,272,990 269,877,349 Net income per share - Diluted $ 1.41 $ 1.66 $ 1.62 (1) While there were participating securities in 2018, they did not have a material impact on the two-class EPS calculation. Net income allocated to participating securities in 2018 was $3,836,536. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Provision For Income Taxes | The components of the provision for income taxes are as follows: 2020 2019 2018 Currently payable: Federal $ 67,606,617 $ 73,563,685 $ 83,010,387 State 10,180,218 3,765,929 3,743,781 Foreign 1,882,195 1,468,018 1,776,837 Total 79,669,030 78,797,632 88,531,005 Deferred income tax benefit: Primarily federal (15,419,722) (3,066,237) (4,367,155) Provision for income taxes $ 64,249,308 $ 75,731,395 $ 84,163,850 |
Schedule of Effective Income Tax Rates Different From Statutory Federal Income Tax Rates | The effective income tax rates are different from the statutory federal income tax rates for the following reasons: 2020 2019 2018 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal income tax benefit 2.1 0.6 0.6 Research tax credit (1.4) (1.1) (0.8) (Decrease) Increase in reserve for uncertain tax provisions (0.1) 0.3 0.1 Change in tax rate on deferred taxes — — 0.5 Foreign tax credit (0.1) (0.1) (0.1) Foreign derived intangible income deduction (5.2) (4.8) (4.6) Stock compensation (1.0) (1.1) (1.0) Other 0.3 0.3 0.4 Effective income tax rate 15.6 % 15.1 % 16.1 % |
Schedule of Deferred Income Tax Assets And Liabilities | The tax effect of temporary differences which give rise to deferred income tax assets and liabilities at December 31, 2020 and 2019, are as follows: December 31, 2020 2019 Assets: Accruals not currently deductible $ 13,135,048 $ 6,478,146 Stock based compensation 11,983,900 9,100,745 Other 1,163,204 66,830 Total deferred income tax assets $ 26,282,152 $ 15,645,721 Liabilities: Excess tax over book depreciation $ (16,606,068) $ (30,725,471) Goodwill (33,427,901) (27,799,640) Intangible assets (11,237,588) (6,171,628) Other (3,971,338) (2,403,131) Total deferred income tax liability $ (65,242,895) $ (67,099,870) Net deferred income taxes $ (38,960,743) $ (51,454,149) |
Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2020 2019 2018 Beginning of year $ 6,392,000 $ 4,678,000 $ 4,435,000 Additions based on tax positions related to the current year 918,000 1,695,000 1,677,000 Additions for tax positions in prior years 770,000 657,000 283,000 Reductions for tax positions in prior years (2,907,000) (38,000) (163,000) Reductions as a result of completed audit examinations — — (1,554,000) Reductions as a result of a lapse of the applicable statute of limitations (309,000) (600,000) — End of year $ 4,864,000 $ 6,392,000 $ 4,678,000 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Weighted-Average Assumptions | The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions for the indicated periods: 2020 2019 2018 Dividend yield (1) 2.0 % 2.0 % 2.1 % Expected volatility (2) 27.5 % 23.9 % 26.0 % Risk-free interest rate (3) 0.3 % 1.8 % 2.7 % Expected term of options (in years) (4) 4.2 4.2 4.2 Weighted-average grant-date fair value $ 5 $ 4 $ 5 (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. |
Summary of Stock Option Activity | A summary of the status of the Company’s stock option plans at December 31, 2020, 2019 and 2018, and changes during the same periods are presented in the tables below. 2020 Shares Wtd. Avg. Wtd. Avg. Aggregate Outstanding at Beginning of Year 5,435 $ 20 Granted 1,571 26 Exercised (2,077) 18 $ 23,861 Forfeited (396) 22 Outstanding at End of Year 4,533 23 3.4 years $ 48,501 Exercisable at End of Year 1,358 $ 20 2.3 years $ 18,334 2019 Shares Wtd. Avg. Wtd. Avg. Aggregate Outstanding at Beginning of Year 8,944 $ 18 Granted 1,049 25 Exercised (4,402) 16 $ 36,294 Forfeited (156) 20 Outstanding at End of Year 5,435 20 3.1 years $ 47,170 Exercisable at End of Year 1,859 $ 18 2.2 years $ 20,484 2018 Shares Wtd. Avg. Wtd. Avg. Aggregate Outstanding at Beginning of Year 11,837 $ 16 Granted 1,613 22 Exercised (4,278) 15 $ 38,097 Forfeited (228) 18 Outstanding at End of Year 8,944 18 2.8 years $ 24,881 Exercisable at End of Year 4,101 $ 16 1.7 years $ 16,162 |
Schedule of Non-Vested Stock Option Activity | A summary of the status of the Company’s non-vested employee stock option activity for the years ended December 31, 2020, 2019, and 2018, are presented in the table below: 2020 2019 2018 Shares Wtd. Avg Shares Wtd. Avg Shares Wtd. Avg Nonvested Stock Options at Beginning of Year 3,575 $ 4 4,842 $ 4 6,540 $ 4 Granted 1,571 5 1,049 4 1,613 5 Vested (1,585) 4 (2,165) 4 (3,089) 4 Forfeited (386) 4 (151) 4 (222) 4 Nonvested Stock Options at End of Year 3,175 $ 5 3,575 $ 4 4,842 $ 4 |
Schedule of Restricted Shares | 2020 2019 2018 Vesting Period (1) Shares Granted Market Price at Grant Date Shares Granted Market Price at Grant Date Shares Granted Market Price at Grant Date 1 Year 42,074 22.16 - 26.94 39,627 $ 22.19 — $ — 2 Year 21,669 23.88 - 26.94 — — — — 3 Years 119,504 23.88 - 31.08 64,718 20.40 — — 4 Years 479,346 20.68 - 28.98 773,698 20.68 - 28.98 762,749 20.21 - 23.14 5 Years 170,355 20.68 - 28.98 254,988 20.68 - 28.98 279,420 20.21 - 23.14 832,948 $20.68 - 31.08 1,133,031 $20.40 - 28.98 1,042,169 $20.21 - 23.14 (1) Each of these awards cliff vest after the restriction period with no additional restrictions. |
Schedule of Restricted Share Award Activity | A summary of restricted share award activity, including award grants, vesting, and forfeitures for the years ended December 31, 2020, 2019, and 2018, are presented in the table below: 2020 2019 2018 Shares Shares Shares Nonvested, Beginning of Year 3,315 2,638 2,019 Granted 833 1,133 1,042 Vested (303) (361) (321) Forfeited (246) (95) (102) Nonvested, End of Year 3,599 3,315 2,638 |
Schedule of Employee Stock Purchase Plan | The following table summarizes shares sold to employees under the 2013 Plan in the years ended December 31, 2020, 2019 and 2018: Plan 2020 2019 2018 Cumulative Shares Issued Weighted Average Fair Value 2020 2013 Employee Stock Purchase Plan 208,273 173,013 177,846 1,354,129 $ 21.38 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Automotive and Other Segment Reporting | 2020 2019 2018 Revenue: Automotive Products United States $ 519,337,271 $ 569,939,756 $ 583,672,971 Germany 228,652,827 296,276,971 333,002,878 Japan 216,100,530 225,577,146 209,311,790 Mexico 127,157,684 160,967,900 106,111,515 Other Countries 556,949,831 557,775,114 559,099,142 Other 39,991,262 48,360,519 42,865,401 Total $ 1,688,189,405 $ 1,858,897,406 $ 1,834,063,697 Income (Loss) from Operations: Automotive Products $ 393,979,860 $ 473,546,112 $ 495,471,799 Other 5,576,232 14,991,492 12,653,748 Total $ 399,556,092 $ 488,537,604 $ 508,125,547 Assets: Automotive Products $ 1,436,374,596 $ 1,463,030,286 $ 1,449,910,935 Other 33,317,668 16,000,669 14,333,098 Corporate 728,248,906 689,772,238 621,190,035 Total $ 2,197,941,170 $ 2,168,803,193 $ 2,085,434,068 Depreciation & Amortization: Automotive Products $ 97,530,191 $ 97,520,972 $ 97,279,052 Other 689,894 481,861 422,844 Corporate 6,519,815 6,700,141 4,484,918 Total $ 104,739,900 $ 104,702,974 $ 102,186,814 Capital Expenditures: Automotive Products $ 34,926,686 $ 63,537,512 $ 84,337,455 Other 1,470,705 1,704,045 1,447,494 Corporate 15,309,150 19,338,698 205,621 Total $ 51,706,541 $ 84,580,255 $ 85,990,570 |
Schedule of Major Product Line Revenues | Other includes Dimmable Aircraft Windows, Fire Protection Products, and Nanofiber. Major product line revenues included within the Automotive Products segment are as follows: 2020 2019 2018 Automotive Products Automotive Mirrors $ 1,520,628,604 $ 1,638,600,272 $ 1,598,589,777 HomeLink ® Modules* 127,569,539 171,936,615 192,608,519 Total Automotive Products $ 1,648,198,143 $ 1,810,536,887 $ 1,791,198,296 Other Products Revenue $ 39,991,262 $ 48,360,519 $ 42,865,401 Total Revenue $ 1,688,189,405 $ 1,858,897,406 $ 1,834,063,697 *Excludes HomeLink ® |
Schedule of Automotive Customers Individually Accounted For 10% or More of Net Sales | In 2020, the Company had three automotive customers (including direct sales to OEM customers and sales through their Tier 1 suppliers), which individually accounted for 10% or more of net sales as follows: Toyota Motor Company Volkswagen Group General Motors Daimler Group 2020 14% 14% 12% # 2019 13% 14% 11% # 2018 13% 15% # 10% # - Less than 10 percent. |
Quarterly Financial Informati_2
Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following table sets forth selected financial information for all of the quarters during the years ended December 31, 2020 and 2019 (in thousands, except per share data): First Second Third Fourth 2020 2019 2020 2019 2020 2019 2020 2019 Net Sales $ 453,762 $ 468,589 $ 229,926 $ 468,711 $ 474,639 $ 477,761 $ 529,864 $ 443,836 Gross Profit 156,587 169,645 43,945 176,538 188,237 180,321 216,675 161,805 Operating Income (Loss) 105,027 121,596 (6,738) 127,905 138,853 128,136 162,414 110,901 Net Income (Loss) 89,506 104,280 (2,374) 108,959 117,093 111,898 143,339 99,547 Earnings (Loss) Per Share (Basic) (1) $ 0.36 $ 0.40 $ (0.01) $ 0.42 $ 0.48 $ 0.44 $ 0.59 $ 0.39 Earnings (Loss) Per Share (Diluted) (1) $ 0.36 $ 0.40 $ (0.01) $ 0.42 $ 0.48 $ 0.44 $ 0.58 $ 0.39 (1) Basic and diluted earnings (loss) per share are computed independently for each quarter presented. Therefore the sum of quarterly basic and diluted per share information may not equal annual basis and diluted earnings per share. |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | For the Twelve Months ended December 31, 2020 2019 2018 Foreign currency translation adjustments: Balance at beginning of period $ (2,384,589) $ (1,674,887) $ 645,030 Other comprehensive income (loss) before reclassifications 3,153,634 (709,702) (2,319,917) Net current-period change 3,153,634 (709,702) (2,319,917) Balance at end of period 769,045 (2,384,589) (1,674,887) Unrealized gains (losses) on available-for-sale securities: Balance at beginning of period 1,095,486 74,549 6,626,379 ASU 2016-01 adoption impact — — (6,642,727) Other comprehensive income before reclassifications 6,644,459 1,403,521 1,675,823 Amounts reclassified from accumulated other comprehensive income (1,657,938) (382,584) (1,584,926) Net current-period change 4,986,521 1,020,937 (6,551,830) Balance at end of period 6,082,007 1,095,486 74,549 Unrealized gains (losses) on derivatives: Balance at beginning of period — — (78,026) Other comprehensive income before reclassifications — — 175,308 Amounts reclassified from accumulated other comprehensive income — — (97,282) Net current-period change — — 78,026 Balance at end of period — — — Accumulated other comprehensive (loss) income, end of period $ 6,851,052 $ (1,289,103) $ (1,600,338) |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents details of reclassifications out of accumulated other comprehensive income for the twelve months ended December 31, 2020, 2019 and 2018: Details about Accumulated Other Comprehensive Income Components Affected Line item in the Statement of Consolidated Income For the Twelve Months ended December 31, 2020 2019 2018 Unrealized gains on available-for-sale debt securities Realized gain on sale of securities $ 2,098,656 $ 484,283 $ 2,006,235 Other income, net Provision for income taxes (440,718) (101,699) (421,309) Provision for Income Taxes Total reclassifications for the period $ 1,657,938 $ 382,584 $ 1,584,926 Net of tax Unrealized gains (losses) on derivatives Realized loss on interest rate swap $ — $ — $ 123,142 Other income, net Provision for income taxes — — (25,860) Provision for Income Taxes $ — $ — $ 97,282 Net of tax Total reclassifications for the period $ 1,657,938 $ 382,584 $ 1,682,208 Net of tax |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The carrying value of Goodwill as of December 31, 2020 and December 31, 2019 was $311.9 million and $307.4 million, respectively, as set forth in the table below. Carrying Amount Balance as of December 31, 2019 $ 307,365,845 Acquisitions 4,556,942 Divestitures — Impairments — Other — Balance as of December 31, 2020 $ 311,922,787 |
Schedule of Intangible Assets | The Intangible Assets and related change in carrying values are set forth in the table below as of December 31, 2020 and December 31, 2019. As of December 31, 2020: Other Intangible Assets Gross Accumulated Amortization Net Assumed Useful Life HomeLink ® Trade Names and Trademarks $ 52,000,000 $ — $ 52,000,000 Indefinite HomeLink ® Technology 180,000,000 (108,750,000) $ 71,250,000 12 years Existing Customer Platforms 43,000,000 (31,175,000) $ 11,825,000 10 years Exclusive Licensing Agreement 96,000,000 — $ 96,000,000 Indefinite Vaporsens In-Process R&D 11,000,000 — $ 11,000,000 Indefinite Argil In-Process R&D 6,278,132 — $ 6,278,132 Indefinite Air-Craftglass In-Process R&D 1,394,995 — $ 1,394,995 Indefinite Total other identifiable intangible assets $ 389,673,127 $ (139,925,000) $ 249,748,127 As of December 31, 2019: Other Intangible Assets Gross Accumulated Amortization Net Assumed Useful Life HomeLink ® Trade Names and Trademarks $ 52,000,000 $ — $ 52,000,000 Indefinite HomeLink ® Technology 180,000,000 (93,750,000) $ 86,250,000 12 years Existing Customer Platforms 43,000,000 (26,875,000) $ 16,125,000 10 years Exclusive Licensing Agreement 96,000,000 — $ 96,000,000 Indefinite Total other identifiable intangible assets 371,000,000 (120,625,000) 250,375,000 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table shows the Company’s Automotive and Other Products revenue disaggregated by geographical location for Automotive Products for the twelve month periods ended December 31, 2020, 2019, and 2018: For the Twelve Months ended December 31, Revenue 2020 2019 2018 Automotive Products U.S. $ 519,337,271 $ 569,939,756 $ 583,672,971 Germany 228,652,827 296,276,971 333,002,878 Japan 216,100,530 225,577,146 209,311,790 Mexico 127,157,684 160,967,900 106,111,515 Other 556,949,831 557,775,114 559,099,142 Total Automotive Products $ 1,648,198,143 $ 1,810,536,887 $ 1,791,198,296 Other Products (U.S.) 39,991,262 48,360,519 42,865,401 Total Revenue $ 1,688,189,405 $ 1,858,897,406 $ 1,834,063,697 The following table disaggregates the Company’s Automotive and Other revenue by major source for the twelve month periods ended December 31, 2020 and 2019: For the Twelve Months Ended December 31, Revenue 2020 2019 Automotive Segment Automotive Mirrors & Electronics $ 1,520,628,604 $ 1,638,600,272 HomeLink Modules* 127,569,539 171,936,615 Total Automotive Products $ 1,648,198,143 $ 1,810,536,887 Other Segment Fire Protection Products $ 22,716,985 $ 23,740,261 Windows Products 17,274,277 24,620,258 Total Other $ 39,991,262 $ 48,360,519 *Excludes HomeLink revenue related to HomeLink modules integrated into automotive mirrors. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The valuation process was completed during the fourth quarter of 2020. The following table summarizes the fair values of the assets acquired, and the liabilities assumed, as of the acquisition date of April 3, 2020: Fair Value Current Assets $ 435,722 Personal Property 562,840 Technology Licenses 245,335 In-Process R&D 11,000,000 Goodwill 3,664,704 Total Assets Acquired 15,908,601 Current Liabilities 255,522 Deferred Tax Liability 2,034,079 Total Liabilities Assumed 2,289,601 Net Assets Acquired $ 13,619,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting and Reporting Policies (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)planshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | |
Summary Of Significant Accounting And Reporting Policies [Line Items] | |||
Technology investments | $ 4,000,000 | $ 9,000,000 | |
Decrease in the balance of technology investments | 5,000,000 | ||
Equity Investment losses were considered to be other than temporary | 0 | 0 | |
Allowance for obsolete and slow moving inventories | 10,400,000 | 7,600,000 | |
Depreciation expense | 82,400,000 | 82,300,000 | $ 79,700,000 |
Advertising and promotional costs | 2,000,000 | 3,000,000 | 2,500,000 |
Repair and maintenance of plant and equipment | $ 22,600,000 | $ 28,900,000 | $ 28,900,000 |
Weighted average remaining lease term | 2 years | ||
Weighted average discount rate | 1.20% | ||
Number of shares related to stock plans not included in diluted average common shares outstanding because their effect would be antidilutive | shares | 403,071 | 247,855 | 698,019 |
Employee Stock Option | |||
Summary Of Significant Accounting And Reporting Policies [Line Items] | |||
Number of plans | plan | 2 | ||
Minimum | |||
Summary Of Significant Accounting And Reporting Policies [Line Items] | |||
Remaining lease term | 1 year | ||
Maximum | |||
Summary Of Significant Accounting And Reporting Policies [Line Items] | |||
Remaining lease term | 5 years | ||
Buildings and improvements | Minimum | |||
Summary Of Significant Accounting And Reporting Policies [Line Items] | |||
Minimum estimated useful life, in years | 7 years | ||
Buildings and improvements | Maximum | |||
Summary Of Significant Accounting And Reporting Policies [Line Items] | |||
Minimum estimated useful life, in years | 30 years | ||
Machinery and equipment | Minimum | |||
Summary Of Significant Accounting And Reporting Policies [Line Items] | |||
Minimum estimated useful life, in years | 3 years | ||
Machinery and equipment | Maximum | |||
Summary Of Significant Accounting And Reporting Policies [Line Items] | |||
Minimum estimated useful life, in years | 10 years |
Summary of Significant Accoun_5
Summary of Significant Accounting and Reporting Policies (Schedule Of Allowance For Doubtful Accounts) (Details) - Allowance for Doubtful Accounts - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Activity in the Company’s allowance for doubtful accounts | |||
Beginning Balance | $ 2,451,293 | $ 2,746,647 | $ 2,714,533 |
Net Additions/ (Reductions) to Costs and Expenses | 1,000,000 | 0 | 0 |
Net Additions/Deductions and Other Adjustments | 13,454 | (295,354) | 32,114 |
Ending Balance | $ 3,464,747 | $ 2,451,293 | $ 2,746,647 |
Summary of Significant Accoun_6
Summary of Significant Accounting and Reporting Policies (Schedule of Assets or Liabilities Having Recurring Measurements) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash & Cash Equivalents | $ 423,371,036 | $ 296,321,622 |
Total | 608,537,328 | 567,597,380 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash & Cash Equivalents | 423,371,036 | 296,321,622 |
Total | 430,062,110 | 352,610,965 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash & Cash Equivalents | 0 | 0 |
Total | 178,475,218 | 214,986,415 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash & Cash Equivalents | 0 | 0 |
Total | 0 | 0 |
Short-term Investments | Certificate of Deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 1,516,693 | 50,099,795 |
Short-term Investments | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 7,155,600 | 29,219,685 |
Short-term Investments | Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 6,678,450 | 58,432,823 |
Short-term Investments | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 1,528,861 | 2,631,750 |
Short-term Investments | Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 10,284,765 | |
Short-term Investments | Level 1 | Certificate of Deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 1,516,693 | 50,099,795 |
Short-term Investments | Level 1 | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 0 | 0 |
Short-term Investments | Level 1 | Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 0 | 0 |
Short-term Investments | Level 1 | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 1,528,861 | 2,631,750 |
Short-term Investments | Level 1 | Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 0 | |
Short-term Investments | Level 2 | Certificate of Deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 0 | 0 |
Short-term Investments | Level 2 | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 7,155,600 | 29,219,685 |
Short-term Investments | Level 2 | Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 6,678,450 | 58,432,823 |
Short-term Investments | Level 2 | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 0 | 0 |
Short-term Investments | Level 2 | Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 10,284,765 | |
Short-term Investments | Level 3 | Certificate of Deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 0 | 0 |
Short-term Investments | Level 3 | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 0 | 0 |
Short-term Investments | Level 3 | Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 0 | 0 |
Short-term Investments | Level 3 | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 0 | 0 |
Short-term Investments | Level 3 | Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 0 | |
Long-term Investments | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 37,924,537 | 25,791,029 |
Long-term Investments | Certificate of Deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 3,645,520 | 3,557,798 |
Long-term Investments | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 9,024,035 | 22,815,998 |
Long-term Investments | Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 6,088,190 | |
Long-term Investments | Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 107,407,831 | 72,638,690 |
Long-term Investments | Level 1 | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 0 | 0 |
Long-term Investments | Level 1 | Certificate of Deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 3,645,520 | 3,557,798 |
Long-term Investments | Level 1 | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 0 | 0 |
Long-term Investments | Level 1 | Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 0 | |
Long-term Investments | Level 1 | Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 0 | 0 |
Long-term Investments | Level 2 | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 37,924,537 | 25,791,029 |
Long-term Investments | Level 2 | Certificate of Deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 0 | 0 |
Long-term Investments | Level 2 | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 9,024,035 | 22,815,998 |
Long-term Investments | Level 2 | Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 6,088,190 | |
Long-term Investments | Level 2 | Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 107,407,831 | 72,638,690 |
Long-term Investments | Level 3 | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 0 | 0 |
Long-term Investments | Level 3 | Certificate of Deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 0 | 0 |
Long-term Investments | Level 3 | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 0 | 0 |
Long-term Investments | Level 3 | Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | 0 | |
Long-term Investments | Level 3 | Municipal Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of investments | $ 0 | $ 0 |
Summary of Significant Accoun_7
Summary of Significant Accounting and Reporting Policies (Schedule of Amortized Cost, Unrealized Gains And Losses, And Market Value Of Investment Securities) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Cost | $ 177,467,550 | $ 269,889,067 |
Unrealized gains | 8,260,042 | 1,974,255 |
Unrealized losses | (561,300) | (587,564) |
Market Value | 185,166,292 | 271,275,758 |
Certificate of Deposit | Short-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 1,502,187 | 50,099,795 |
Unrealized gains | 14,506 | 0 |
Unrealized losses | 0 | 0 |
Market Value | 1,516,693 | 50,099,795 |
Certificate of Deposit | Long-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 3,503,898 | 3,500,000 |
Unrealized gains | 141,622 | 58,808 |
Unrealized losses | 0 | (1,010) |
Market Value | 3,645,520 | 3,557,798 |
Asset-backed Securities | Long-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 37,681,113 | 25,971,156 |
Unrealized gains | 800,802 | 0 |
Unrealized losses | (557,378) | (180,127) |
Market Value | 37,924,537 | 25,791,029 |
Corporate Bonds | Short-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 7,084,638 | 29,025,624 |
Unrealized gains | 70,962 | 194,061 |
Unrealized losses | 0 | 0 |
Market Value | 7,155,600 | 29,219,685 |
Corporate Bonds | Long-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 8,595,020 | 22,306,130 |
Unrealized gains | 429,015 | 509,868 |
Unrealized losses | 0 | 0 |
Market Value | 9,024,035 | 22,815,998 |
Government Securities | Short-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 6,635,132 | 58,343,911 |
Unrealized gains | 43,318 | 99,917 |
Unrealized losses | 0 | (11,005) |
Market Value | 6,678,450 | 58,432,823 |
Government Securities | Long-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 6,012,705 | |
Unrealized gains | 75,485 | |
Unrealized losses | 0 | |
Market Value | 6,088,190 | |
Municipal Bonds | Short-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 10,160,376 | |
Unrealized gains | 124,389 | |
Unrealized losses | 0 | |
Market Value | 10,284,765 | |
Municipal Bonds | Long-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 100,776,325 | 71,997,996 |
Unrealized gains | 6,635,428 | 1,036,116 |
Unrealized losses | (3,922) | (395,422) |
Market Value | 107,407,831 | 72,638,690 |
Other | Short-term Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 1,528,861 | 2,631,750 |
Unrealized gains | 0 | 0 |
Unrealized losses | 0 | 0 |
Market Value | $ 1,528,861 | $ 2,631,750 |
Summary of Significant Accoun_8
Summary of Significant Accounting and Reporting Policies (Schedule of Unrealized Losses on Investments) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||
Aggregate Unrealized Losses, Less than one year | $ 561,300 | $ 587,564 |
Aggregate Fair Value, Less than one year | 12,317,187 | 90,721,081 |
Aggregate Unrealized Losses, Greater than one year | 0 | 0 |
Aggregate Fair Value, Greater than one year | 0 | 0 |
Aggregate Unrealized Losses, Total | 561,300 | 587,564 |
Aggregate Fair Value, Total | $ 12,317,187 | $ 90,721,081 |
Summary of Significant Accoun_9
Summary of Significant Accounting and Reporting Policies (Fixed Income Securities Contractual Maturity) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Total | $ 185,166,292 | $ 271,275,758 |
Fixed Income Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Due within one year | 25,635,507 | |
Due between one and five years | 50,872,174 | |
Due over five years | 107,129,749 | |
Total | $ 183,637,430 |
Summary of Significant Accou_10
Summary of Significant Accounting and Reporting Policies (Inventories) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||
Raw materials | $ 151,688,455 | $ 164,974,553 |
Work-in-process | 32,791,675 | 33,069,255 |
Finished goods | 41,811,713 | 50,898,047 |
Total Inventory | $ 226,291,843 | $ 248,941,855 |
Summary of Significant Accou_11
Summary of Significant Accounting and Reporting Policies (Leases) (Details) | Dec. 31, 2020USD ($) |
Accounting Policies [Abstract] | |
2021 | $ 1,666,680 |
2022 | 1,086,084 |
2023 | 447,583 |
2024 | 39,246 |
Thereafter | 6,173 |
Total future minimum lease payments | 3,245,766 |
Less imputed interest | (25,303) |
Total | $ 3,220,463 |
Operating lease, liability, statement of financial position | us-gaap:PropertyPlantAndEquipmentGross |
Summary of Significant Accou_12
Summary of Significant Accounting and Reporting Policies (Schedule of Earnings Per Share, Basic And Diluted) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Basic Earnings Per Share | ||||||||||||||
Net income | $ 143,339,000 | $ 117,093,000 | $ (2,374,000) | $ 89,506,000 | $ 99,547,000 | $ 111,898,000 | $ 108,959,000 | $ 104,280,000 | $ 347,563,621 | $ 424,683,939 | $ 437,883,097 | |||
Less: Allocated to participating securities | 4,964,928 | 5,028,813 | 3,836,536 | |||||||||||
Net Income available to common shareholders | $ 342,598,693 | $ 419,655,126 | $ 437,883,097 | |||||||||||
Basic weighted average shares outstanding (in shares) | 242,599,923 | 251,766,382 | 267,794,786 | |||||||||||
Net Income per share - Basic (in dollars per share) | $ 0.58 | $ 0.48 | $ (0.01) | $ 0.36 | $ 0.39 | $ 0.44 | $ 0.42 | $ 0.40 | $ 1.41 | [1] | $ 1.67 | [1] | $ 1.64 | [1] |
Diluted Earnings Per Share | ||||||||||||||
Allocation of Net Income used in basic computation | $ 342,598,693 | $ 419,655,126 | $ 437,883,097 | |||||||||||
Reallocation of undistributed earnings | 14,232 | 21,104 | 21,007 | |||||||||||
Net Income available to common shareholders - Diluted | $ 342,612,925 | $ 419,676,230 | $ 437,904,104 | |||||||||||
Number of shares used in basic computation (in shares) | 242,599,923 | 251,766,382 | 267,794,786 | |||||||||||
Additional weighted average dilutive common stock equivalents (in shares) | 1,082,069 | 1,506,608 | 2,082,563 | |||||||||||
Diluted weighted average shares outstanding (in shares) | 243,681,992 | 253,272,990 | 269,877,349 | |||||||||||
Net income per share - Diluted (in dollars per share) | $ 0.59 | $ 0.48 | $ (0.01) | $ 0.36 | $ 0.39 | $ 0.44 | $ 0.42 | $ 0.40 | $ 1.41 | [1] | $ 1.66 | [1] | $ 1.62 | [1] |
[1] | (1) Earnings Per Share has been adjusted to exclude the portion of net income allocated to participating securities as a result of share-based payment awards |
Debt and Financing Arrangemen_2
Debt and Financing Arrangements (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2020 | Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 15, 2018 | |
Debt Instrument [Line Items] | |||||||
Proceeds from borrowings on Credit Agreement | $ 75,000,000 | $ 0 | $ 0 | ||||
Repayment of borrowings on Credit Agreement | 75,000,000 | 0 | $ 78,000,000 | ||||
Revolver | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | $ 150,000,000 | ||||||
Additional principal amount available (up to) | 100,000,000 | ||||||
Proceeds from borrowings on Credit Agreement | $ 75,000,000 | ||||||
Repayment of borrowings on Credit Agreement | $ 25,000,000 | $ 50,000,000 | |||||
Interest expense | 600,000 | ||||||
Amount outstanding | $ 0 | $ 0 | $ 0 | ||||
Swing loans | |||||||
Debt Instrument [Line Items] | |||||||
Additional principal amount available (up to) | 20,000,000 | ||||||
Letters of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Additional principal amount available (up to) | $ 20,000,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Income taxes paid | $ 61,900 | $ 74,900 | $ 86,900 |
Unrecognized tax benefits accrued interest | $ 577 | $ 574 | $ 315 |
Income Taxes (Schedule Of Compo
Income Taxes (Schedule Of Components Of Provision For Income Taxes) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Currently payable: | |||
Federal | $ 67,606,617 | $ 73,563,685 | $ 83,010,387 |
State | 10,180,218 | 3,765,929 | 3,743,781 |
Foreign | 1,882,195 | 1,468,018 | 1,776,837 |
Total | 79,669,030 | 78,797,632 | 88,531,005 |
Deferred income tax benefit: | |||
Primarily federal | (15,419,722) | (3,066,237) | (4,367,155) |
Provision for income taxes | $ 64,249,308 | $ 75,731,395 | $ 84,163,850 |
Income Taxes (Schedule Of Effec
Income Taxes (Schedule Of Effective Income Tax Rates Different From Statutory Federal Income Tax Rates) (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 21.00% | 21.00% | 21.00% |
State income taxes, net of federal income tax benefit | 2.10% | 0.60% | 0.60% |
Research tax credit | (1.40%) | (1.10%) | (0.80%) |
(Decrease) Increase in reserve for uncertain tax provisions | (0.10%) | 0.30% | 0.10% |
Change in tax rate on deferred taxes | 0.00% | 0.00% | 0.50% |
Foreign tax credit | (0.10%) | (0.10%) | (0.10%) |
Foreign derived intangible income deduction | (5.20%) | (4.80%) | (4.60%) |
Stock compensation | (1.00%) | (1.10%) | (1.00%) |
Other | 0.30% | 0.30% | 0.40% |
Effective income tax rate | 15.60% | 15.10% | 16.10% |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Income Tax Assets And Liabilities) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Accruals not currently deductible | $ 13,135,048 | $ 6,478,146 |
Stock based compensation | 11,983,900 | 9,100,745 |
Other | 1,163,204 | 66,830 |
Total deferred income tax assets | 26,282,152 | 15,645,721 |
Liabilities: | ||
Excess tax over book depreciation | (16,606,068) | (30,725,471) |
Goodwill | (33,427,901) | (27,799,640) |
Intangible assets | (11,237,588) | (6,171,628) |
Other | (3,971,338) | (2,403,131) |
Total deferred income tax liability | (65,242,895) | (67,099,870) |
Net deferred income taxes | $ (38,960,743) | $ (51,454,149) |
Income Taxes (Schedule Of Recon
Income Taxes (Schedule Of Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits ) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of the beginning and ending amount of unrecognized tax benefits | |||
Beginning of year | $ 6,392 | $ 4,678 | $ 4,435 |
Additions based on tax positions related to the current year | 918 | 1,695 | 1,677 |
Additions for tax positions in prior years | 770 | 657 | 283 |
Reductions for tax positions in prior years | (2,907) | (38) | (163) |
Reductions as a result of completed audit examinations | 0 | 0 | (1,554) |
Reductions as a result of a lapse of the applicable statute of limitations | (309) | (600) | 0 |
End of year | $ 4,864 | $ 6,392 | $ 4,678 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Company's contributions under 401(k) retirement savings plan | $ 8.9 | $ 8.7 | $ 8.2 |
Deferred Compensation Arrangement With Individual, Tranche One | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Deferred compensation arrangement vesting percentage | 50.00% | ||
Deferred Compensation Arrangement With Individual, Tranche One | Minimum | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Deferred compensation arrangement, service period | 2 years | ||
Deferred Compensation Arrangement With Individual, Tranche One | Maximum | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Deferred compensation arrangement, service period | 3 years | ||
Deferred Compensation Arrangement With Individual, Tranche Two | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Deferred compensation arrangement vesting percentage | 100.00% | ||
Deferred compensation arrangement, service period | 3 years |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Narrative) (Details) | 12 Months Ended | 23 Months Ended | 60 Months Ended | 84 Months Ended | 96 Months Ended | ||||
Dec. 31, 2020USD ($)planshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2013shares | Dec. 31, 2020USD ($)planshares | Dec. 31, 2019shares | Dec. 31, 2020USD ($)planshares | Dec. 31, 2020USD ($)planshares | Dec. 31, 2017shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares, granted (in shares) | 833,000 | 1,133,000 | 1,042,000 | ||||||
Number of shares outstanding | 3,599,000 | 3,315,000 | 2,638,000 | 3,599,000 | 3,315,000 | 3,599,000 | 3,599,000 | 2,019,000 | |
Employee Stock Purchase Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares approved (in shares) | 2,000,000 | ||||||||
Shares, granted (in shares) | 208,273 | 173,013 | 177,846 | 1,354,129 | |||||
ESPP discount rate | 85.00% | ||||||||
Discount recognized as compensation expense | 15.00% | ||||||||
Stock Compensation Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of plans | plan | 2 | 2 | 2 | 2 | |||||
Employee Stock Option | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of plans | plan | 2 | 2 | 2 | 2 | |||||
Stock option expense | $ | $ 4,935,527 | $ 6,345,147 | $ 8,582,489 | ||||||
Performance Shares | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Unrecognized compensation cost | $ | 6,062,139 | $ 6,062,139 | $ 6,062,139 | $ 6,062,139 | |||||
Shares, granted (in shares) | 0 | ||||||||
Amortization expense | $ | $ 4,424,678 | $ 897,136 | $ 0 | ||||||
Number of shares outstanding | 0 | ||||||||
Omnibus Incentive Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares approved (in shares) | 45,000,000 | 45,000,000 | |||||||
Shares issued under plan (in shares) | 9,868,580 | 9,868,580 | 9,868,580 | 9,868,580 | |||||
Options granted net of shares from canceled/expired options (in shares) | 2,212,301 | ||||||||
Restricted period, maximum, in years | 10 years | ||||||||
Shares, granted (in shares) | 1,603,118 | ||||||||
Shares outstanding | 3,598,778 | ||||||||
Omnibus Incentive Plan | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Option vesting period | 1 year | ||||||||
Award expiration period | 5 years | ||||||||
Omnibus Incentive Plan | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Option vesting period | 5 years | ||||||||
Award expiration period | 10 years | ||||||||
Employee Stock Option Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares approved (in shares) | 24,000,000 | 24,000,000 | 24,000,000 | 24,000,000 | |||||
Options granted net of shares from canceled/expired options (in shares) | 12,778,967 | ||||||||
Unrecognized compensation cost | $ | $ 7,220,109 | $ 7,220,109 | $ 7,220,109 | $ 7,220,109 | |||||
Weighted-average period for unrecognized compensation cost expected to be recognized | 2 years 18 days | ||||||||
Restricted Stock Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares approved (in shares) | 9,000,000 | 9,000,000 | 9,000,000 | 9,000,000 | |||||
Shares, granted (in shares) | 5,688,309 | ||||||||
Unearned stock-based compensation | $ | $ 39,291,347 | $ 39,291,347 | $ 39,291,347 | $ 39,291,347 | |||||
Amortization expense | $ | $ 20,675,447 | $ 13,770,917 | $ 8,841,985 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans (Schedule of Weighted-Average Assumptions) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement [Abstract] | |||
Dividend yield | 2.00% | 2.00% | 2.10% |
Expected volatility | 27.50% | 23.90% | 26.00% |
Risk-free interest rate | 0.30% | 1.80% | 2.70% |
Expected term of options (in years) | 4 years 2 months 12 days | 4 years 2 months 12 days | 4 years 2 months 12 days |
Weighted-average grant-date fair value (in dollars per share) | $ 5 | $ 4 | $ 5 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Shares | |||
Shares, Outstanding at Beginning of Year (in shares) | 5,435 | 8,944 | 11,837 |
Shares, Granted (in shares) | 1,571 | 1,049 | 1,613 |
Shares, Exercised (in shares) | (2,077) | (4,402) | (4,278) |
Shares, Forfeited (in shares) | (396) | (156) | (228) |
Shares, Outstanding at End of Year (in shares) | 4,533 | 5,435 | 8,944 |
Shares, Exercisable at End of Year (in shares) | 1,358 | 1,859 | 4,101 |
Wtd. Avg Grant Date Fair Value | |||
Wtd. Avg. Ex. Price, Outstanding at Beginning of Year (in dollars per share) | $ 20 | $ 18 | $ 16 |
Wtd. Avg. Ex. Price, Granted (in dollars per share) | 26 | 25 | 22 |
Wtd. Avg. Ex. Price, Exercised (in dollars per share) | 18 | 16 | 15 |
Wtd. Avg. Ex. Price, Forfeited (in dollars per share) | 22 | 20 | 18 |
Wtd. Avg. Ex. Price, Outstanding at End of Year (in dollars per share) | 23 | 20 | 18 |
Wtd. Avg. Ex. Price, Exercisable at End of Year (in dollars per share) | $ 20 | $ 18 | $ 16 |
Option expiration period, years | 3 years 4 months 24 days | 3 years 1 month 6 days | 2 years 9 months 18 days |
Wtd. Avg. Remaining Contract Life, Exercisable at End of Year | 2 years 3 months 18 days | 2 years 2 months 12 days | 1 year 8 months 12 days |
Aggregate Intrinsic Value, Exercised | $ 23,861 | $ 36,294 | $ 38,097 |
Aggregate Intrinsic Value, Outstanding at End of Year | 48,501 | 47,170 | 24,881 |
Aggregate Intrinsic Value, Exercisable at End of Year | $ 18,334 | $ 20,484 | $ 16,162 |
Stock-Based Compensation Plan_5
Stock-Based Compensation Plans (Schedule of Non-Vested Stock Option Activity) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Shares | |||
Shares, Nonvested restricted shares at Beginning of Year (in shares) | 3,575 | 4,842 | 6,540 |
Shares, granted (in shares) | 1,571 | 1,049 | 1,613 |
Shares, vested (in shares) | 1,585 | 2,165 | 3,089 |
Shares, forfeited (in shares) | 386 | 151 | 222 |
Shares, Nonvested restricted shares at End of Year (in shares) | 3,175 | 3,575 | 4,842 |
Wtd. Avg Grant Date Fair Value | |||
Wtd. Avg Grant Date Fair Value, Nonvested stock options at Beginning of Year (in dollars per share) | $ 4 | $ 4 | $ 4 |
Wtd. Avg Grant Date Fair Value, Granted (in dollars per share) | 5 | 4 | 5 |
Wtd. Avg Grant Date Fair Value, Vested (in dollars per share) | 4 | 4 | 4 |
Wtd. Avg Grant Date Fair Value, Forfeited (in dollars per share) | 4 | 4 | 4 |
Wtd. Avg Grant Date Fair Value, Nonvested stock options at End of Year (in dollars per share) | $ 5 | $ 4 | $ 4 |
Stock-Based Compensation Plan_6
Stock-Based Compensation Plans (Vested Restricted Stocks) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market price at vesting date (in dollars per share) | $ 26 | $ 25 | $ 22 |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted (in shares) | 832,948 | 1,133,031 | 1,042,169 |
Restricted Stock | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market price at vesting date (in dollars per share) | $ 20.68 | $ 20.40 | |
Restricted Stock | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market price at vesting date (in dollars per share) | $ 31.08 | $ 28.98 | |
Restricted Stock | 1 Year | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted (in shares) | 42,074 | 39,627 | 0 |
Market price at vesting date (in dollars per share) | $ 22.19 | $ 0 | |
Restricted Stock | 1 Year | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market price at vesting date (in dollars per share) | $ 22.16 | ||
Restricted Stock | 1 Year | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market price at vesting date (in dollars per share) | $ 26.94 | ||
Restricted Stock | 2 Year | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted (in shares) | 21,669 | 0 | 0 |
Market price at vesting date (in dollars per share) | $ 0 | $ 0 | |
Restricted Stock | 2 Year | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market price at vesting date (in dollars per share) | $ 23.88 | ||
Restricted Stock | 2 Year | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market price at vesting date (in dollars per share) | $ 26.94 | ||
Restricted Stock | 3 Years | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted (in shares) | 119,504 | 64,718 | 0 |
Market price at vesting date (in dollars per share) | $ 20.40 | $ 0 | |
Restricted Stock | 3 Years | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market price at vesting date (in dollars per share) | $ 23.88 | 20.21 | |
Restricted Stock | 3 Years | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market price at vesting date (in dollars per share) | $ 31.08 | $ 23.14 | |
Restricted Stock | 4 Years | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted (in shares) | 479,346 | 773,698 | 762,749 |
Restricted Stock | 4 Years | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market price at vesting date (in dollars per share) | $ 20.68 | $ 20.68 | $ 20.21 |
Restricted Stock | 4 Years | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market price at vesting date (in dollars per share) | $ 28.98 | $ 28.98 | $ 23.14 |
Restricted Stock | 5 Years | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted (in shares) | 170,355 | 254,988 | 279,420 |
Restricted Stock | 5 Years | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market price at vesting date (in dollars per share) | $ 20.68 | $ 20.68 | $ 20.21 |
Restricted Stock | 5 Years | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market price at vesting date (in dollars per share) | $ 28.98 | $ 28.98 | $ 23.14 |
Stock-Based Compensation Plan_7
Stock-Based Compensation Plans (Restricted Share Award Activity) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Shares | |||
Shares, Nonvested restricted shares at Beginning of Year (in shares) | 3,315 | 2,638 | 2,019 |
Shares, granted (in shares) | 833 | 1,133 | 1,042 |
Shares, vested (in shares) | (303) | (361) | (321) |
Shares, forfeited (in shares) | (246) | (95) | (102) |
Shares, Nonvested restricted shares at End of Year (in shares) | 3,599 | 3,315 | 2,638 |
Stock-Based Compensation Plan_8
Stock-Based Compensation Plans (Employee Stock Purchase Plan) (Details) - $ / shares | 12 Months Ended | 96 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares, granted (in shares) | 833,000 | 1,133,000 | 1,042,000 | |
Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares, granted (in shares) | 208,273 | 173,013 | 177,846 | 1,354,129 |
Weighted average fair value (in dollars per share) | $ 21.38 |
Segment Reporting (Schedule of
Segment Reporting (Schedule of Automotive and Other Segment Reporting) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 529,864,000 | $ 474,639,000 | $ 229,926,000 | $ 453,762,000 | $ 443,836,000 | $ 477,761,000 | $ 468,711,000 | $ 468,589,000 | $ 1,688,189,405 | $ 1,858,897,406 | $ 1,834,063,697 |
Income (Loss) from Operations | 162,414,000 | $ 138,853,000 | $ (6,738,000) | $ 105,027,000 | 110,901,000 | $ 128,136,000 | $ 127,905,000 | $ 121,596,000 | 399,556,092 | 488,537,604 | 508,125,547 |
Assets | 2,197,941,170 | 2,168,803,193 | 2,197,941,170 | 2,168,803,193 | 2,085,434,068 | ||||||
Depreciation & Amortization | 104,739,900 | 104,702,974 | 102,186,814 | ||||||||
Capital Expenditures | 51,706,541 | 84,580,255 | 85,990,570 | ||||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | 728,248,906 | 689,772,238 | 728,248,906 | 689,772,238 | 621,190,035 | ||||||
Depreciation & Amortization | 6,519,815 | 6,700,141 | 4,484,918 | ||||||||
Capital Expenditures | 15,309,150 | 19,338,698 | 205,621 | ||||||||
Automotive Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,648,198,143 | 1,810,536,887 | 1,791,198,296 | ||||||||
Income (Loss) from Operations | 393,979,860 | 473,546,112 | 495,471,799 | ||||||||
Automotive Products | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | 1,436,374,596 | 1,463,030,286 | 1,436,374,596 | 1,463,030,286 | 1,449,910,935 | ||||||
Depreciation & Amortization | 97,530,191 | 97,520,972 | 97,279,052 | ||||||||
Capital Expenditures | 34,926,686 | 63,537,512 | 84,337,455 | ||||||||
Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 39,991,262 | 48,360,519 | 42,865,401 | ||||||||
Income (Loss) from Operations | 5,576,232 | 14,991,492 | 12,653,748 | ||||||||
Other | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | $ 33,317,668 | $ 16,000,669 | 33,317,668 | 16,000,669 | 14,333,098 | ||||||
Depreciation & Amortization | 689,894 | 481,861 | 422,844 | ||||||||
Capital Expenditures | 1,470,705 | 1,704,045 | 1,447,494 | ||||||||
United States | Automotive Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 519,337,271 | 569,939,756 | 583,672,971 | ||||||||
Germany | Automotive Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 228,652,827 | 296,276,971 | 333,002,878 | ||||||||
Japan | Automotive Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 216,100,530 | 225,577,146 | 209,311,790 | ||||||||
Mexico | Automotive Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 127,157,684 | 160,967,900 | 106,111,515 | ||||||||
Other Countries | Automotive Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 556,949,831 | $ 557,775,114 | $ 559,099,142 |
Segment Reporting (Schedule o_2
Segment Reporting (Schedule of Major Product Line Revenues) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 529,864,000 | $ 474,639,000 | $ 229,926,000 | $ 453,762,000 | $ 443,836,000 | $ 477,761,000 | $ 468,711,000 | $ 468,589,000 | $ 1,688,189,405 | $ 1,858,897,406 | $ 1,834,063,697 |
Automotive Products | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 1,648,198,143 | 1,810,536,887 | 1,791,198,296 | ||||||||
Automotive Products | Automotive Mirrors | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 1,520,628,604 | 1,638,600,272 | 1,598,589,777 | ||||||||
Automotive Products | HomeLink Modules | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 127,569,539 | 171,936,615 | 192,608,519 | ||||||||
Other | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 39,991,262 | 48,360,519 | 42,865,401 | ||||||||
Other | Other Products Revenue | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 39,991,262 | $ 48,360,519 | $ 42,865,401 |
Segment Reporting (Schedule o_3
Segment Reporting (Schedule of Automotive Customers Individually Accounted For 10% or More of Net Sales) (Details) - automotiveCustomer | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue, Major Customer [Line Items] | |||
Percentage net sales invoiced and paid in foreign currencies | 7.00% | 7.00% | 8.00% |
Number of customers which individually accounted for 10% or more of net sales | 3 | ||
Customer concentration risk | Toyota Motor Company | |||
Revenue, Major Customer [Line Items] | |||
Percentage of revenue individually accounted by customers | 14.00% | 13.00% | 13.00% |
Customer concentration risk | Volkswagen Group | |||
Revenue, Major Customer [Line Items] | |||
Percentage of revenue individually accounted by customers | 14.00% | 14.00% | 15.00% |
Customer concentration risk | General Motors | |||
Revenue, Major Customer [Line Items] | |||
Percentage of revenue individually accounted by customers | 12.00% | 11.00% | 10.00% |
Customer concentration risk | Daimler Group | |||
Revenue, Major Customer [Line Items] | |||
Percentage of revenue individually accounted by customers | 10.00% | 10.00% | 10.00% |
Customer concentration risk | Ford Motor Company | |||
Revenue, Major Customer [Line Items] | |||
Percentage of revenue individually accounted by customers | 10.00% | 10.00% | 10.00% |
Quarterly Financial Informati_3
Quarterly Financial Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Net Sales | $ 529,864,000 | $ 474,639,000 | $ 229,926,000 | $ 453,762,000 | $ 443,836,000 | $ 477,761,000 | $ 468,711,000 | $ 468,589,000 | $ 1,688,189,405 | $ 1,858,897,406 | $ 1,834,063,697 | |||
Gross Profit | 216,675,000 | 188,237,000 | 43,945,000 | 156,587,000 | 161,805,000 | 180,321,000 | 176,538,000 | 169,645,000 | 605,443,520 | 688,307,969 | 690,466,692 | |||
Operating Income (Loss) | 162,414,000 | 138,853,000 | (6,738,000) | 105,027,000 | 110,901,000 | 128,136,000 | 127,905,000 | 121,596,000 | 399,556,092 | 488,537,604 | 508,125,547 | |||
Net income | $ 143,339,000 | $ 117,093,000 | $ (2,374,000) | $ 89,506,000 | $ 99,547,000 | $ 111,898,000 | $ 108,959,000 | $ 104,280,000 | $ 347,563,621 | $ 424,683,939 | $ 437,883,097 | |||
Earnings (Loss) Per Share (Basic) (in dollars per share) | $ 0.58 | $ 0.48 | $ (0.01) | $ 0.36 | $ 0.39 | $ 0.44 | $ 0.42 | $ 0.40 | $ 1.41 | [1] | $ 1.67 | [1] | $ 1.64 | [1] |
Earnings (Loss) Per Share (Diluted) (in dollars per share) | $ 0.59 | $ 0.48 | $ (0.01) | $ 0.36 | $ 0.39 | $ 0.44 | $ 0.42 | $ 0.40 | $ 1.41 | [1] | $ 1.66 | [1] | $ 1.62 | [1] |
[1] | (1) Earnings Per Share has been adjusted to exclude the portion of net income allocated to participating securities as a result of share-based payment awards |
Comprehensive Income (AOCI Roll
Comprehensive Income (AOCI Rollforward) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | $ 1,938,087,820 | $ 1,861,751,660 | $ 2,049,518,261 |
Other comprehensive income (loss), net of tax | 8,140,155 | 311,235 | (2,150,994) |
Ending balance | 1,963,943,128 | 1,938,087,820 | 1,861,751,660 |
Cumulative Effect, Period of Adoption, Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | 0 | ||
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (1,289,103) | (1,600,338) | 7,193,383 |
Ending balance | 6,851,052 | (1,289,103) | (1,600,338) |
Accumulated Other Comprehensive Income (Loss) | Cumulative Effect, Period of Adoption, Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (6,642,727) | ||
Foreign currency translation adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (2,384,589) | (1,674,887) | 645,030 |
Other comprehensive income before reclassifications | 3,153,634 | (709,702) | (2,319,917) |
Other comprehensive income (loss), net of tax | 3,153,634 | (709,702) | (2,319,917) |
Ending balance | 769,045 | (2,384,589) | (1,674,887) |
Unrealized gains (losses) on available-for-sale securities | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | 1,095,486 | 74,549 | 6,626,379 |
Other comprehensive income before reclassifications | 6,644,459 | 1,403,521 | 1,675,823 |
Amounts reclassified from accumulated other comprehensive income | (1,657,938) | (382,584) | (1,584,926) |
Other comprehensive income (loss), net of tax | 4,986,521 | 1,020,937 | (6,551,830) |
Ending balance | 6,082,007 | 1,095,486 | 74,549 |
Unrealized gains (losses) on available-for-sale securities | Cumulative Effect, Period of Adoption, Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (6,642,727) | ||
Unrealized gains (losses) on derivatives: | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | 0 | 0 | (78,026) |
Other comprehensive income before reclassifications | 0 | 0 | 175,308 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | (97,282) |
Other comprehensive income (loss), net of tax | 0 | 0 | 78,026 |
Ending balance | $ 0 | $ 0 | $ 0 |
Comprehensive Income (Reclassif
Comprehensive Income (Reclassification Out of Accumulated Other Comprehensive Income) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Provision for income taxes | $ (64,249,308) | $ (75,731,395) | $ (84,163,850) | ||||||||
Total reclassifications for the period | $ 143,339,000 | $ 117,093,000 | $ (2,374,000) | $ 89,506,000 | $ 99,547,000 | $ 111,898,000 | $ 108,959,000 | $ 104,280,000 | 347,563,621 | 424,683,939 | 437,883,097 |
Amounts Reclassified from Other Comprehensive Income | |||||||||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total reclassifications for the period | 1,657,938 | 382,584 | 1,682,208 | ||||||||
Amounts Reclassified from Other Comprehensive Income | Unrealized gains on available-for-sale debt securities | |||||||||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Realized gain (loss) | 2,098,656 | 484,283 | 2,006,235 | ||||||||
Provision for income taxes | (440,718) | (101,699) | (421,309) | ||||||||
Total reclassifications for the period | 1,657,938 | 382,584 | 1,584,926 | ||||||||
Amounts Reclassified from Other Comprehensive Income | Unrealized gains (losses) on derivatives: | |||||||||||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Realized gain (loss) | 0 | 0 | (123,142) | ||||||||
Provision for income taxes | 0 | 0 | (25,860) | ||||||||
Total reclassifications for the period | $ 0 | $ 0 | $ 97,282 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 03, 2020 | Sep. 30, 2013 | |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||||||
Goodwill | $ 311,922,787 | $ 311,922,787 | $ 307,365,845 | ||||
Acquisitions | 4,556,942 | ||||||
Amortization expense | 22,400,000 | 22,400,000 | $ 22,500,000 | ||||
Patents and Other Intangible Assets | |||||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||||||
Accumulated amortization | 164,500,000 | $ 164,500,000 | 143,100,000 | ||||
Finite-lived intangible asset, useful life | 10 years | ||||||
Amortization expense, year one | 22,000,000 | $ 22,000,000 | |||||
Amortization expense, year two | 22,000,000 | 22,000,000 | |||||
Amortization expense, year three | 19,000,000 | 19,000,000 | |||||
Amortization expense, year four | 16,000,000 | 16,000,000 | |||||
Amortization expense, year five | 12,000,000 | 12,000,000 | |||||
HomeLink® | |||||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||||||
Goodwill | $ 307,400,000 | ||||||
Accumulated amortization | 139,925,000 | $ 139,925,000 | $ 120,625,000 | ||||
Vaporsens Inc | |||||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||||||
Goodwill | $ 3,664,704 | ||||||
Acquisitions | $ 3,700,000 | ||||||
Argil | |||||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||||||
Acquisitions | $ 900,000 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2019 | $ 307,365,845 |
Acquisitions | 4,556,942 |
Divestitures | 0 |
Impairments | 0 |
Other | 0 |
Balance as of December 31, 2020 | $ 311,922,787 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Intangible assets, net | $ 249,748,127 | $ 250,375,000 |
HomeLink® | ||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, accumulated amortization | (139,925,000) | (120,625,000) |
Intangible assets, gross | 389,673,127 | 371,000,000 |
Intangible assets, net | 249,748,127 | 250,375,000 |
HomeLink® | Homelink Technology | ||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 180,000,000 | 180,000,000 |
Finite-lived intangible assets, accumulated amortization | (108,750,000) | (93,750,000) |
Finite-lived intangible assets, net | $ 71,250,000 | $ 86,250,000 |
Finite-lived intangible asset, useful life | 12 years | 12 years |
HomeLink® | Existing Customer Platforms | ||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | $ 43,000,000 | $ 43,000,000 |
Finite-lived intangible assets, accumulated amortization | (31,175,000) | (26,875,000) |
Finite-lived intangible assets, net | $ 11,825,000 | $ 16,125,000 |
Finite-lived intangible asset, useful life | 10 years | 10 years |
HomeLink® | HomeLink Trade Names and Trademarks | ||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | $ 52,000,000 | $ 52,000,000 |
HomeLink® | Exclusive Licensing Agreement | ||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 96,000,000 | $ 96,000,000 |
Vaporsens Inc | In Process Research and Development | ||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 11,000,000 | |
Argil | In Process Research and Development | ||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 6,278,132 | |
Air-Craftglass | In Process Research and Development | ||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | $ 1,394,995 |
Revenue (Details)
Revenue (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 529,864,000 | $ 474,639,000 | $ 229,926,000 | $ 453,762,000 | $ 443,836,000 | $ 477,761,000 | $ 468,711,000 | $ 468,589,000 | $ 1,688,189,405 | $ 1,858,897,406 | $ 1,834,063,697 |
Automotive Segment | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,648,198,143 | 1,810,536,887 | |||||||||
Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 39,991,262 | 48,360,519 | 42,865,401 | ||||||||
Automotive Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,648,198,143 | 1,810,536,887 | 1,791,198,296 | ||||||||
Automotive Mirrors & Electronics | Automotive Segment | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 1,520,628,604 | 1,638,600,272 | |||||||||
Automotive Mirrors & Electronics | Automotive Segment | Minimum | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Payment terms | 15 days | ||||||||||
Automotive Mirrors & Electronics | Automotive Segment | Maximum | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Payment terms | 90 days | ||||||||||
HomeLink Modules | Automotive Segment | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 127,569,539 | 171,936,615 | |||||||||
Other Products (U.S.) | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 39,991,262 | 48,360,519 | 42,865,401 | ||||||||
Fire Protection Products | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 22,716,985 | 23,740,261 | |||||||||
Fire Protection Products | Other | Minimum | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Payment terms | 30 days | ||||||||||
Fire Protection Products | Other | Maximum | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Payment terms | 75 days | ||||||||||
Windows Products | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 17,274,277 | 24,620,258 | |||||||||
Dimmable Aircraft Windows | Other | Minimum | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Payment terms | 30 days | ||||||||||
Dimmable Aircraft Windows | Other | Maximum | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Payment terms | 45 days | ||||||||||
United States | Automotive Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 519,337,271 | 569,939,756 | 583,672,971 | ||||||||
United States | Other Products (U.S.) | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 39,991,262 | 48,360,519 | 42,865,401 | ||||||||
Germany | Automotive Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 228,652,827 | 296,276,971 | 333,002,878 | ||||||||
Japan | Automotive Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 216,100,530 | 225,577,146 | 209,311,790 | ||||||||
Mexico | Automotive Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 127,157,684 | 160,967,900 | 106,111,515 | ||||||||
Other Countries | Automotive Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 556,949,831 | $ 557,775,114 | $ 559,099,142 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) | Dec. 14, 2020 | Sep. 18, 2020 | Apr. 03, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||||||||||||||
Revenues | $ 529,864,000 | $ 474,639,000 | $ 229,926,000 | $ 453,762,000 | $ 443,836,000 | $ 477,761,000 | $ 468,711,000 | $ 468,589,000 | $ 1,688,189,405 | $ 1,858,897,406 | $ 1,834,063,697 | |||
Selling, General and Administrative Expenses | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquisition-related costs | $ 650,000 | 650,000 | ||||||||||||
Vaporsens Inc | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Initial investment in Vaporsens | $ 3,000,000 | |||||||||||||
Argil | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Initial investment in Vaporsens | 4,200,000 | |||||||||||||
Vaporsens Inc | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Purchase price | $ 10,600,000 | |||||||||||||
Cash paid to acquire business | $ 7,100,000 | |||||||||||||
Ownership percentage of business acquisition | 100.00% | |||||||||||||
Vaporsens Inc | Common Stocks | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Equity interest investment | $ 3,500,000 | |||||||||||||
Air-CraftGlass | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Purchase price | $ 1,100,000 | |||||||||||||
Ownership percentage of business acquisition | 100.00% | |||||||||||||
Revenues | $ 0 | |||||||||||||
Argil | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Purchase price | $ 3,700,000 | |||||||||||||
Ownership percentage of business acquisition | 100.00% |
Acquisitions - Schedule of Asse
Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) | Dec. 31, 2020 | Apr. 03, 2020 | Dec. 31, 2019 |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 311,922,787 | $ 307,365,845 | |
Vaporsens Inc | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Current Assets | $ 435,722 | ||
Personal Property | 562,840 | ||
Goodwill | 3,664,704 | ||
Total assets acquired | 15,908,601 | ||
Current liabilities | 255,522 | ||
Deferred Tax Liability | 2,034,079 | ||
Total Liabilities assumed | 2,289,601 | ||
Net Assets Acquired | 13,619,000 | ||
Technology Licenses | Vaporsens Inc | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite lived intangible assets | 245,335 | ||
In Process Research and Development | Vaporsens Inc | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Finite lived intangible assets | $ 11,000,000 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | Jan. 06, 2021USD ($) |
Guardian Optical Technologies | Subsequent Event | |
Subsequent Event [Line Items] | |
Value of agreement and plan of merger | $ 12 |